/raid1/www/Hosts/bankrupt/TCR_Public/250227.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, February 27, 2025, Vol. 29, No. 57
Headlines
1031 SOLUTIONS: Case Summary & Three Unsecured Creditors
10964 TWIN CITY: Sec. 341(a) Meeting of Creditors on March 19
13950 FERRY DR: Seeks Chapter 11 Bankruptcy in Texas
1804 SHACKLEFORD: Case Summary & One Unsecured Creditor
1MONARK LLC: Seeks to Hire Matthew T. Desrochers as Counsel
4324 S. VERMONT: Case Summary & Two Unsecured Creditors
A.B.O.D.E. TREATMENT: Hires Wiley Law Group as Legal Counsel
ADVANCED CARE: Seeks to Extend Plan Exclusivity to March 28
AL GCX HOLDINGS: S&P Affirms 'BB' ICR, Outlook Stable
AL GCX VIII: S&P Affirms 'BB' ICR, Outlook Stable
ALCHEMY 365: Gets Interim OK to Use Cash Collateral Until March 24
AMTECH SYSTEMS: Pacific Ridge Holds 4.6% Equity Stake
ARIS WATER: S&P Affirms 'B+' ICR on Upcoming Maturity
AVIS BUDGET: S&P Alters Outlook to Negative, Affirms 'BB' ICR
BAUDAX BIO: Seeks to Extend Plan Exclusivity to April 17
BIOLASE INC: Court Approves Chapter 11 Plan
BIORA THERAPEUTICS: Court Approves $30MM Asset Bid
BLUEBIRD BIO: To Be Acquired by Carlyle and SK Capital
CANDE HOFFMAN: Hires Bakke Norman as General Bankruptcy Counsel
CARVANA CO: FMR LLC Holds 7.5% Equity Stake
CHANNELSIDE BREWING: Gets Extension to Access Cash Collateral
CHILDREN'S HOSPITAL: S&P Lowers Bond Rating to 'BB+', Outlook Neg.
CMS ENERGY: Fitch Assigns 'BB+' Rating on Jr. Subordinated Notes
CONFLUENCE TECHNOLOGIES: S&P Raises ICR to 'CCC+' on Debt Exchange
CURIS INC: T. Satterfield Holds 9.1% Equity Stake
DATAVAULT AI: Closes $5.4 Million Direct Offering
DATAVAULT AI: Gregory Castaldo Holds 4% Equity Stake
DATAVAULT AI: Joseph Reda, SEG Opportunity Hold 3.9% Stake
DCA OUTDOOR: Files Chapter 11 Bankruptcy in Missouri
DIAMOND COMIC: Hires Stephenson Harwood LLP as Special Counsel
DRIVEHUB AUTO: Court Extends Cash Collateral Access to March 13
DVC3 LLC: Gets Extension to Access Cash Collateral
ECHOSTAR CORP: FMR Holds 9.1% Equity Stake
ECHOSTAR CORP: Loomis, Sayles Holds 5.98% Equity Stake
EL DORADO: Seeks to Sell Equipment in Virtual Auction
EL PASO EDUCATION: Moody's Alters Outlook on Ba2 Rating to Stable
ELITA 7 LLC: Patient Care Ombudsman Hires Rimon P.C. as Counsel
EURASIA LLC: Seeks Subchapter V Bankruptcy in Arizona
EUREKA REALTY: Seeks Subchapter V Bankruptcy in New York
EXPEDITED TAXI: Seeks Chapter 11 Bankruptcy in New York
FAMILY SOLUTIONS: Trustee Seeks to Hire Levy Tax as Accountant
FIRST COAST ROLL OFFS: Gets Extension to Access Cash Collateral
FIRST QUANTUM: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
FLYING STAR: Case Summary & 20 Largest Unsecured Creditors
FREE SPEECH: Alex Jones Seeks to Extend Sandy Hook Settlement Stay
FREEDOM RAVE: Case Summary & 20 Largest Unsecured Creditors
FRISCO BAKING: Case Summary & 20 Largest Unsecured Creditors
GAP INC: Moody's Raises CFR to Ba2, Outlook Remains Stable
GARCIA DEARING: Hires LP 2 Partners as Financial Advisor
GARCIA DEARING: Seeks to Hire Tittle Law Group as Counsel
GAUCHO GROUP: 3i, Others Hold 9.9% Equity Stake at Dec. 31
GAUCHO GROUP: Hires McCarter & English LLP as Special Counsel
GOTO GROUP: Moody's Affirms 'Caa1' CFR & Alters Outlook to Negative
HAYDALE CERAMIC: Court Extends Cash Collateral Access to March 13
HERC HOLDINGS: H&E Equipment Deal No Impact on Moody's 'Ba3' CFR
HEXION INC: Moody's Affirms 'B3' CFR, Outlook Stable
HOOTERS OF AMERICA: Ch. 11 Plan to Return Brand to Ex-Owner
IMAGEFIRST HOLDINGS: Moody's Affirms B2 CFR, Outlook Remains Stable
IMERI ENTERPRISES: Files Emergency Bid to Use Cash Collateral
INTEGRATED CARE: Seeks Chapter 11 Bankruptcy in North Carolina
ISOR TAXI: Sec. 341(a) Meeting of Creditors on March 24
LAVISSANI LLC: Case Summary & Two Unsecured Creditors
LE CONTE: Seeks to Tap Levene Neale Bender as Bankruptcy Counsel
LEFEVER MATTSON: Committee Hires PwC US as Financial Advisor
LIGHTHOUSE LAND: Case Summary & Three Unsecured Creditors
LOOP MEDIA: Running Wind LLC Holds 4.68% Equity Stake
LOTUS OASIS: Hires Schreeder Wheeler as Legal Counsel
MACON ARTS: Seeks to Hire Boyer Terry LLC as Attorney
MANNING LAND: Hires Claude Etinoff & Associates as Accountant
MEDICAL PROPERTIES: Yet Daniel Holds 8.69% Equity Stake
METATRON HEALTH: Seeks Chapter 11 Bankruptcy in Oregon
MODEL TOBACCO: Trustee Hires Tavenner & Beran PLC as Counsel
MOSAIC SWNG: Gets Extension to Access Cash Collateral
MPGF INC: Unsecureds Owed $104K Will Get 100% of Claims in Plan
MVL INVESTMENTS: Hires Seeks to Hire Mark S. Roher as Counsel
MY SIZE: Avatar Securities Owns 151K Shares
NANOVIBRONIX INC: Armistice Capital Holds 9.99% Stake as of Dec. 31
NANOVIBRONIX INC: Completes Merger With ENvue Medical Holdings
NASH ENGINEERING: Settlement Approval Hearing Scheduled for April 9
NASH ENGINEERING: Trustee Wants Court's OK on $9M Settlement Deal
NETCAPITAL INC: Lind Global Fund II, 2 Others Hold 9.9% Stake
NEUROONE MEDICAL: All Five Proposals Approved at Annual Meeting
NEUROONE MEDICAL: Manchester Management, 4 Others Report Stakes
NEWFOLD DIGITAL: In Talks with Lenders to Overhaul Debt
NORTHERN DYNASTY: Kopernik Global Holds 13.9% Equity Stake
NORTHVOLT AB: Claims Filing Deadline Set for April 1, 2025
NOSREDNA REAL: Hires Ballstaedt Law Firm as Legal Counsel
NUNO MANSION: Seeks Chapter 11 Bankruptcy in California
O'BRIEN'S MINING: Voluntary Chapter 11 Case Summary
O'BRIEN'S RENT-ALL: Case Summary & 20 Largest Unsecured Creditors
ODYSSEY MARINE: FourWorld, John Addis Hold 5.1% Equity Stake
ODYSSEY MARINE: Two Seas Capital, 2 Others Disclose 9.99% Stake
OFFICE PROPERTIES: D. E. Shaw & Co., 2 Others Hold 5.68% Stake
ON SEMICONDUCTOR: Aims to Cut Jobs as Part of Restructuring Plan
ONCOCYTE CORP: AWM Investment Holds 7.5% Equity Stake
OPTINOSE INC: Great Point Partners, 2 Others Hold 8.47% Stake
OPTINOSE INC: Nantahala Capital, 2 Others Hold 9.99% Stake
ORIGINAL MOWBRAY'S: Seeks to Extend Plan Exclusivity to March 18
OSAIC HOLDINGS: Moody's Affirms 'B2' CFR, Outlook Stable
OUTLOOK THERAPEUTICS: Great Point, 2 Others Hold 8.18% Stake
OUTLOOK THERAPEUTICS: Tang Capital Holds 6.4% Equity Stake
PACER PRINT: Gets OK to Use Cash Collateral Until April 9
PALATIN TECHNOLOGIES: Armistice, Steven Boyd Hold 8.5% Stake
PATRIOT RAIL: Moody's Affirms 'B2' CFR & Rates New Bank Loans 'B2'
PERASO INC: Brio Capital Holds 4.99% Equity Stake
PERASO INC: Iroquois Capital, 2 Others Hold 9.99% Equity Stake
PERFECT VIEW: Unsecureds to Split $38K via Quarterly Payments
PETROQUEST ENERGY: Plan Exclusivity Period Extended to June 11
PIONEER HEALTH: Trustee Hires Bielli & Klauder LLC as Counsel
PIVOTAL MED: Seeks to Hire CM Law PLLC as Attorney
POET TECHNOLOGIES: MMCAP, MM Asset Hold 9.99% Equity Stake
POWER SOLUTIONS: Gagnon Entities Report Stakes as of Feb. 5
PR83 HOSPITALITY: Seeks Chapter 11 Bankruptcy in New York
PROMENADE NORTH: Hires Stone & Baxter LLP as Counsel
PROS HOLDINGS: Alger Associates Holds 4.7% Equity Stake
PURDUE PHARMA: Gets More Time on $7.4B Chapter 11 Mediation Window
RED HORSE: Case Summary & Eight Unsecured Creditors
RED RIVER: J&J Wants Kirkland as Special Bankruptcy Counsel
REICHMAN KARTEN: Seeks Subchapter V Bankruptcy in New York
REKOR SYSTEMS: Armistice, Steven Boyd Hold 2.95% Stake
RESHAPE LIFESCIENCES: Prices Upsized $6 Million Public Offering
REVIVA PHARMACEUTICALS: Schonfeld Strategic Holds 2.82% Stake
ROYAL JET: Court Extends Cash Collateral Access to April 30
SB CONTRACTORS: Hires Germany Law PLLC as Special Counsel
SEAQUEST HOLDINGS: Trustee Hires Ampleo Turnaround as Consultant
SHARING SERVICES: Delays 10-Q Filing Due to Info Compilation Issues
SHILO INN BEND: Gets Extension to Access Cash Collateral
SHILO INN IDAHO FALLS: Gets Extension to Access Cash Collateral
SMITH MICRO: William Smith Holds 18.7% Equity Stake
SOBR SAFE: L1 Capital Global Holds 4.99% Equity Stake
SOFT PACKAGING: Hires Mirsky Corporate as Special Counsel
SOLDIER OPERATING: To Sell Oil & Gas Property to Duplantis Energy
SOLID BIOSCIENCES: Camber Capital Holds No Shares as of Dec. 31
SPECIALTY PHARMA III: $30MM Loan Add-on No Impact on Moody's B3 CFR
SPHERE 3D: Armistice, Steven Boyd Hold 9.99% Stake as of Dec. 31
TEMPORAL TAXI: Sec. 341(a) Meeting of Creditors on March 24
THERATECHNOLOGIES INC: Morgan Stanley Holds 5% Equity Stake
TITAN ENVIRONMENTAL: Jeff Rizzo Steps Down as Director, COO
TLC MEDICAL: Court Extends Cash Collateral Access to March 6
TONIX PHARMACEUTICALS: L1 Capital Holds No Shares as of Dec. 31
TRAILER OWNER: Seeks Subchapter V Bankruptcy in Illinois
TRANSITIONAL HOUSING: Case Summary & One Unsecured Creditor
TREESAP FARMS: Blames California Drought on Bankruptcy Filing
TREESAP FARMS: Case Summary & 30 Largest Unsecured Creditors
TRIBECA DEVELOPMENT: Seeks Chapter 11 Bankruptcy in New York
TW MEDICAL : Hires Tucker Theurer & Co. as Tax Accountant
UPSCALE DEVELOPMENT: Taps Century 21 to Sell 1930 Pinadale Property
UPSCALE DEVELOPMENT: Taps Century 21 to Sell Childress Drive Estate
UPSCALE DEVELOPMENT: Taps Century 21 to Sell Illinois Ave. Property
UPSCALE DEVELOPMENT: Taps Century 21 to Sell Treadwell Property
VAN SCOIT GROUP: Case Summary & Six Unsecured Creditors
VENUS CONCEPT: HealthQuest Partners II Holds 9.8% Equity Stake
VENUS CONCEPT: Stockholders Approve Reverse Stock Split
VERRICA PHARMACEUTICALS: Armistice, Steven Boyd Hold 9.99% Stake
VERRICA PHARMACEUTICALS: Perceptive Advisors Holds 5.1% Stake
VIASAT INC: CPP Investment Holds 3.71% Equity Stake
VIASAT INC: Ontario Teachers Pension Holds 3.71% Equity Stake
VIASAT INC: Triton LuxTopHolding Holds 3.71% Equity Stake
VIVIC CORP: Posts $962,685 Net Loss in Fiscal Q2
VOLITIONRX LTD: Armistice, Steven Boyd Hold 9.99% Stake
VOLITIONRX LTD: Lagoda Investment Holds 8.18% Equity Stake
WAV REALTY: Case Summary & Two Unsecured Creditors
WELLPATH HOLDINGS: Postpones Ch.11 Exit to Negotiate Creditor Deal
WEX INC: S&P Affirms 'BB-' ICR, Rates 'B' New Sr. Unsecured Notes
WINDWARD DESIGN: Hires Johnson Pope Bokor as Legal Counsel
WISA TECHNOLOGIES: Changes Name to Datavault AI Inc.
WORKSPORT LTD: Armistice, Steven Boyd Hold 4.99% Stake
YELLOW CANOE: Seeks Subchapter V Bankruptcy in North Carolina
ZEVRA THERAPEUTICS: Nantahala Capital Holds 4.38% Stake
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
1031 SOLUTIONS: Case Summary & Three Unsecured Creditors
--------------------------------------------------------
Debtor: 1031 Solutions, LLC
825 S. Barrington Ave.
Los Angeles, CA 90049
Business Description: 1031 Solutions LLC is a real estate
investment firm located in Los Angeles, CA,
specializing in helping clients execute 1031
exchanges to defer capital gains taxes. The
Company is committed to offering tailored
and effective solutions, guiding investors
through the intricacies of tax-deferred
exchanges to enhance their real estate
portfolios.
Chapter 11 Petition Date: February 24, 2025
Court: United States Bankruptcy Court
Central District of California
Case No.: 25-11378
Judge: Hon. Julia W Brand
Debtor's Counsel: Gary E. Klausner, Esq.
LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
2818 La Cienega Ave.
Los Angeles, CA 90034
Tel: (310) 229-1234
E-mail: GEK@LNYG.COM
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Logan Beitler as manager.
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/U42WTZY/1031_Solutions_LLC__cacbke-25-11378__0001.0.pdf?mcid=tGE4TAMA
10964 TWIN CITY: Sec. 341(a) Meeting of Creditors on March 19
-------------------------------------------------------------
On February 21, 2025, 10964 Twin City Hwy LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern 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.
A meeting of creditors under Section 341(a) to be held on March 19,
2025 at 09:45 AM via Telephonic Dial-In Information at
https://www.txeb.uscourts.gov/341info.
About 10964 Twin City Hwy LLC
10964 Twin City Hwy LLC is a limited liability company.
10964 Twin City Hwy LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex.Case No. 25-40469) on February
21, 2025. In its petition, the Debtor reports estimated assets up
to $50,000 and estimated liabilities between $1 million and $10
million.
The Debtor is represented by:
Howard Marc Spector, Esq.
SPECTOR & COX, PLLC
12770 Coit Rd, Suite 850
Dallas TX 75251
Tel: (214) 365-5377
E-mail: hms7@cornell.edu
13950 FERRY DR: Seeks Chapter 11 Bankruptcy in Texas
----------------------------------------------------
On February 21, 2025, 13950 Ferry Dr LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern 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 13950 Ferry Dr LLC
13950 Ferry Dr LLC is a limited liability company.
13950 Ferry Dr LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40473) on February
21, 2025. In its petition, the Debtor reports estimated assets up
to $50,000 and estimated liabilities between $10 million and $50
million.
The Debtor is represented by:
Howard Marc Spector, Esq.
SPECTOR & COX, PLLC
12770 Coit Rd, Suite 850
Dallas TX 75251
Tel: (214) 365-5377
Email: hms7@cornell.edu
1804 SHACKLEFORD: Case Summary & One Unsecured Creditor
-------------------------------------------------------
Debtor: 1804 Shackleford, LLC
600 12th Avenue South
APT 1801
Nashville, TN 37203
Business Description: The Debtor is the fee simple owner of two
properties, located at 1804 Shackleford
Road, Nashville, TN 37215 (current value:
$1,800,000), and 1802 Shackleford Road,
Nashville, TN 37215 (current value:
$2,200,000).
Chapter 11 Petition Date: February 23, 2025
Court: United States Bankruptcy Court
Middle District of Tennessee
Case No.: 25-00742
Judge: Nancy B King
Debtor's Counsel: Jay R. Lefkovitz, Esq.
LEFKOVITZ & LEFKOVITZ
908 Harpeth Valley Place
Nashville, TN 37221
Tel: 615-256-8300
Fax: 615-255-4516
E-mail: jlefkovitz@lefkovitz.com
Total Assets: $4,000,000
Total Liabilities: $3,131,135
The petition was signed by Deepak Chaudhry as CEO.
The Debtor has identified the Davidson County Tax Assessor, located
at 700 President Ronald Reagan Way, Unit 210, Nashville, TN 37210,
as the only unsecured creditor, with a claim of $8,213 for 2024
property taxes.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/Q23QOUY/1804_SHACKLEFORD_LLC__tnmbke-25-00742__0001.0.pdf?mcid=tGE4TAMA
1MONARK LLC: Seeks to Hire Matthew T. Desrochers as Counsel
-----------------------------------------------------------
1Monark, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Massachusetts to employ The Law Office of Matthew T.
Desrochers to handle its chapter 11 case.
The firm will be paid a retainer of 4,487, and an hourly rate of
$450.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Matthew T. Desrochers, Esq., a partner at The Law Office of Matthew
T. Desrochers, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Matthew T. Desrochers, Esq.
The Law Office of Matthew T. Desrochers
274 Main Street, Suite 208
Reading, MA 01867
Tel: (781) 279-1822
Email: matthewdesrochers@gmail.com
About 1Monark, LLC
1Monark, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.
Mass. Case No. 25-40042) on Jan. 14, 2025, disclosing under $1
million in both assets and liabilities. The Debtor is represented
by LAW OFFICE OF MATTHEW T. DESROCHERS.
4324 S. VERMONT: Case Summary & Two Unsecured Creditors
-------------------------------------------------------
Debtor: 4324 S. Vermont LLC
530 S. Lake Ave #364
Pasadena CA 91101
Business Description: 4324 S. Vermont LLC is a debtor with a
single real estate asset, as outlined in 11
U.S.C. Section 101(51B).
Chapter 11 Petition Date: February 24, 2025
Court: United States Bankruptcy Court
Central District of California
Case No.: 25-11371
Judge: Hon. Sheri Bluebond
Debtor's Counsel: Robert Altagen, Esq.
ROBERT S ALTAGEN
1111 Corporate Center Drive #201
Monterey Park CA 91754
Tel: (323) 268-9588
E-mail: robertaltagen@altagenlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jeff Thompson as managing member.
A full-text copy of the petition, which includes a list of the
Debtor's two unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/YLAOQJA/4324_S_Vermont_LLC__cacbke-25-11371__0001.0.pdf?mcid=tGE4TAMA
A.B.O.D.E. TREATMENT: Hires Wiley Law Group as Legal Counsel
------------------------------------------------------------
A.B.O.D.E. Treatment, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Wiley Law Group,
PLLC as legal counsel.
The firm's services include:
(a) counseling and preparation with the Debtor of negotiations
for the final resolution of a plan;
(b) advising Debtor with respect to the Debtor's powers and
duties in the Chapter 11 case regarding strategy for exit from
bankruptcy, disclosure statements and plans, and other issues that
typically arise or may arise in Chapter 11 of Title 11 cases;
(c) appearing in this Court to protect the interests of the
Debtor;
(d) attending meetings as requested by the Debtor;
(e) performing all other legal services for the Debtor that may
be necessary and proper in this case, including, but not limited
to, provision of advice in areas such as corporate, bankruptcy,
tort, employment, governmental, intellectual property, and secured
transactions; and
(f) performing such other functions as requested by the Debtor
or the Court consistent with professional standards.
The firm will be paid at these rates:
Attorneys $550 per hour
Legal Assistants and Paralegals $150 per hour
The firm received from the stock owner of the Debtor, Mr. McKinley
W. Knox, Jr., in the amount of $7,500.
The firm will seek reimbursement for expenses incurred.
Kevin Wiley, Sr., Esq., and Kevin Wiley, Jr., members of Wiley Law
Group, 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:
Kevin S. Wiley, Sr., Esq.
Kevin S. Wiley, Jr., Esq.
The Wiley Law Group, PLLC
325 N. St. Paul Street, Suite 2750
Dallas, TX 75201
Telephone: (214) 537-9572
Facsimile: (972) 449-5717
Email: kevin.wileysr@tx.rr.com
kwiley@lkswjr.com
About A.B.O.D.E. Treatment, Inc.
A.B.O.D.E. Treatment sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-40451)
on February 4, 2025. In its petition, the Debtor reported between
$500,000 and $1 million in both assets and liabilities.
Judge Edward L. Morris handles the case.
The Debtor is represented by Kevin S. Wiley, Sr, Esq., at The Wiley
Law Group, PLLC, in Dallas, Texas.
ADVANCED CARE: Seeks to Extend Plan Exclusivity to March 28
-----------------------------------------------------------
Advanced Care Hospitalists, PL, asked the U.S. Bankruptcy Court for
the Middle District of Florida to extend its exclusivity periods to
file a plan of reorganization and obtain acceptance thereof to
March 28 and May 27, 2025, respectively.
The Debtor explains that the complexity of its financial and
operational structure, coupled with the need to address competing
interests among creditors and other parties in interest,
necessitates additional time to finalize an equitable and
confirmable plan. Extending exclusivity will allow the Debtor to
maintain control over the restructuring process, avoiding the
disruption and value-destruction that could result from competing
plans or premature proposals.
Moreover, the Debtor has made significant progress in its
restructuring efforts, having already achieved key milestones such
as massive reduction of its secured debts through loan forgiveness.
These advancements demonstrate the Debtor's good faith and
diligence in progressing toward a confirmable plan.
Furthermore, extending the exclusive period within which the Debtor
may file a plan of reorganization, and the period to solicit
acceptances will not harm creditors. Allowing the Debtor additional
time to continue discussions with creditors regarding the proposed
plan will only serve to benefit all parties in interest and any
delay is negligible.
The Debtor asserts that an extension of the exclusivity period is
warranted and in the best interests of the estate, as it will
facilitate ongoing negotiations, enhance the likelihood of a
consensual resolution, and ultimately lead to a more favorable
outcome for creditors and stakeholders.
Advanced Care Hospitalists, PL is represented by:
David S. Jennis, Esq.
Katelyn M. Vinson, Esq.
DAVID JENNIS, PA
D/B/A JENNIS MORSE
606 East Madison Street
Tampa, FL 33602
Tel: (813) 229-2800
E-mail: ecf@JennisLaw.com
About Advanced Care Hospitalists
Advanced Care Hospitalists, PL, is a medical group practice in
Lakeland, Fla.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02899) on May 21,
2024, with up to $50,000 in assets and up to $50 million in
liabilities. Gulab Sher, M.D., president and managing member,
signed the petition.
Judge Catherine Peek McEwen oversees the case.
David S. Jennis, Esq., at David Jennis, P.A., doing business as
Jennis Morse, is the Debtor's legal counsel.
AL GCX HOLDINGS: S&P Affirms 'BB' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating (ICR) on
AL GCX Holdings and its 'BB' issue-level rating on the senior
secured term loan. The '3' recovery rating on the senior secured
debt is unchanged.
The stable outlook reflects S&P's expectation that AL GCX Holdings
will receive stable distributions from GCX, supported by the
asset's 100% take-or-pay contracts.
AL GCX Holdings LLC (AL GCX Holdings), an investment vehicle of
ArcLight Capital Partners LLC (ArcLight), owns a 41% equity
interest in Gulf Coast Express Pipeline LLC (GCX). ArcLight
acquired an additional 25% interest in GCX in January 2025 through
a newly established entity, AL GCX Fund VIII Holdings LLC (AL GCX
VIII); the remaining 34% is owned by Kinder Morgan Inc. (KMI).
S&P said, "We do not consider ArcLight as having control over GCX
despite its majority ownership interests through its two holdings.
ArcLight holds 66% ownership over GCX through two entities, AL GCX
VIII and AL GCX Holdings, where AL GCX VIII holds 25% and AL GCX
Holdings holds 41%. Each of GCX's owners has voting power
commensurate with its ownership interest. Therefore, ArcLight,
through the two entities, has 66% of the voting power of GCX's
board. We recognize that ArcLight's majority ownership over GCX and
its commensurate voting power have significant influence on GCX's
governance. However, GCX's key corporate actions and voting matters
require supermajority approval; that is, 75% of the vote, or
unanimous approval by the owners. These matters include, but are
not limited to, mergers and acquisitions, asset sales, amendment of
the LLC agreement, dividend policy, and debt issuance. Because our
criteria defines control as the ability to dictate an entity's
strategy and cash flow, KMI's 34% ownership gives that company
effective blocking rights; therefore, we do not consider ArcLight
to have control over GCX. Because of this, we are rating AL GCX
Holdings using our NCEI criteria.
"Our 'BB' ICR on AL GCX Holdings reflects the difference in credit
quality relative to that of GCX. AL GCX Holdings relies solely on
distributions from GCX to service its term loan due 2029 because it
does not have any other substantive assets. Therefore, we rate AL
GCX Holdings under our NCEI criteria. Our view of AL GCX Holdings'
credit profile incorporates that company's financial ratios, GCX's
cash flow stability, the company's ability to influence GCX's
financial policy, and its ability to liquidate its investment in
GCX to repay its debt.
"We expect AL GCX Holdings will receive continued steady
distributions from GCX throughout our forecast period and therefore
assess the investee company's cash flow stability as positive. GCX
is a 450-mile Permian natural gas pipeline with 2.02 billion cubic
feet per day (bcf/d) of transport capacity, providing about 9% of
total Permian and about 18% of Permian to U.S. Gulf Coast natural
gas takeaway capacity. The pipeline connects Permian production to
Agua Dulce in Texas, providing connectivity across Gulf Coast
markets. GCX generates 100% of cash flows through take-or-pay
contracts through 2029, with more than 90% of cash flow from
investment-grade shippers. GCX is a new-build pipeline that went
into service in 2019; therefore, we expect maintenance capital
expenditure (capex) will be minimal over the coming years, which
further strengthens cash flow stability. In addition, GCX reached
final investment decision on an expansion project that will add an
incremental 0.57 bcf/d of capacity to the pipeline. GCX's total
capacity will increase to 2.59 bcf/d through increased compression
on the existing pipeline. The additional capacity is fully
contracted under 10-year take-or-pay terms and anchored by
investment-grade counterparties. We expect the expansion project
will be in-service in second-quarter 2026.
"We expect ArcLight will maintain meaningful governance rights over
GCX to ensure GCX will not curtail dividends to AL GCX Holdings;
therefore, we assess the investee company's corporate governance
and financial policy as positive. ArcLight, through its two
entities, AL GCX VIII and AL GCX Holdings, owns a 66% equity
interest in GCX and therefore has 66% of voting power on GCX's
board. We expect ArcLight's two entities will act consistently in
making key decisions on GCX's governance, such as distribution to
equity owners. We anticipate no scenarios where KMI can or will
unilaterally decide to curtail GCX's dividends against ArcLight's
interest, given that each of ArcLight's two entities together can
block every voting matter that requires approval. The investee
company's ability to maintain constant dividends and the
implementation of significant governance and risk mitigation
mechanisms in place to ensure significant control over material
decisions support our positive assessment."
AL GCX Holdings' financial ratios will likely improve significantly
starting from 2025, spurred by repricing of the term loan in
February 2025 and the completion of GCX's expansion project. AL GCX
Holdings' interest expense will significantly decrease following
its term loan repricing in February 2025. Under the amended credit
agreement, the term loan will bear an interest rate of SOFR + 200
basis points (bps), compared with SOFR + 325bps before the
repricing. This significantly improves the company's interest
coverage over our forecast period. S&P said, "In addition, we
expect EBITDA will increase in 2026 and 2027, driven by the
completion of the fully contracted expansion project that is
expected to be in-service in second-quarter 2026. We assume the
expansion project will be 100% funded by equity, which is in line
with ArcLight's current plan; therefore, no incremental debt is
expected over our forecast period. Under our base-case scenario, we
forecast leverage will be about 5.5x in 2025, 4.4x in 2026, and
about 3.9x in 2027 and onward. We forecast interest coverage will
be about 3.1x in 2025, 3.7x in 2026, and 4.5x in 2027. The
financial metrics are in line with a neutral assessment under our
NCEI criteria."
Finally, S&P assesses AL GCX Holding's ability to liquidate its
position in GCX as negative because GCX is not a publicly traded
company.
S&P said, "The stable outlook reflects our expectation that AL GCX
Holdings will receive stable and steady cash flow from the highly
contracted GCX pipeline. We expect the company will use the
distributions from GCX to reduce its debt balance via excess cash
flow sweeps and forecast debt to EBITDA will be about 5.5x in 2025
and about 4.4x in 2026. We forecast AL GCX Holdings' interest
coverage will be about 3.1x in 2025 and 3.7x in 2026."
S&P could take a negative rating action on AL GCX Holdings if:
-- S&P forecasts the company's interest coverage will be sustained
below 3x;
-- The financial policy at GCX changes; or
-- The contract profile at GCX deteriorates.
Although unlikely in the next 12 months, S&P could consider a
positive rating action if the company's leverage is sustained below
3.5x and GCX maintains its strong contract profile.
AL GCX VIII: S&P Affirms 'BB' ICR, Outlook Stable
-------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating (ICR) on
AL GCX VIII and its 'BB' issue-level rating on the senior secured
term loan. The '3' recovery rating on the senior secured debt is
unchanged.
The stable outlook reflects S&P's expectation that AL GCX VIII will
receive stable distributions from GCX, supported by the asset's
100% take-or-pay contracts.
AL GCX Fund VIII Holding LLC (AL GCX VIII), a newly established
entity managed by ArcLight Capital Partners LLC (ArcLight),
acquired a 25% interest in Gulf Coast Express Pipeline LLC (GCX)
from Phillips 66 for $865 million. Through a different entity,
ArcLight owns another 41% of GCX, with the remaining 34% owned by
Kinder Morgan Inc (KMI).
S&P said, "We do not consider ArcLight as having control over GCX
despite its majority ownership interests through its two holdings.
ArcLight holds 66% ownership over GCX through two entities, AL GCX
VIII and AL GCX Holdings LLC (AL GCX Holdings), where AL GCX VIII
holds 25% and AL GCX Holdings holds 41%. Each of GCX's owners has
voting power commensurate with its ownership interest. Therefore,
ArcLight, through the two entities, has 66% of the voting power in
GCX's board. We recognize that ArcLight's majority ownership over
GCX and its commensurate voting power have significant influence on
GCX's governance. However, GCX's key corporate actions and voting
matters require supermajority approval; that is, 75% of the vote,
or unanimous approval by the owners. These matters include, but are
not limited to, mergers and acquisitions, asset sales, amendment of
the LLC agreement, dividend policy, and debt issuance. Because our
criteria define control as the ability to dictate an entity's
strategy and cash flow, KMI's 34% ownership gives that company
effective blocking rights; therefore, we do not consider ArcLight
to have control over GCX. Because of this, we are rating AL GCX
VIII using our NCEI criteria.
"Our 'BB' ICR on AL GCX VIII reflects the difference in credit
quality relative to that of GCX. AL GCX VIII relies solely on
distributions from GCX to service its term loan due 2032 because it
does not have any other substantive assets. Therefore, we rate AL
GCX VIII under our NCEI criteria. Our view of AL GCX VIII's credit
profile incorporates that company's financial ratios, GCX's cash
flow stability, the company's ability to influence GCX's financial
policy, and its ability to liquidate its investment in GCX to repay
its debt.
"AL GCX VIII will receive continued steady distributions from GCX
throughout our forecast period; therefore, we assess the investee
company's cash flow stability as positive. GCX is a 450-mile
Permian natural gas pipeline with 2.02 billion cubic feet per day
(bcf/d) of transport capacity, providing about 9% of total Permian
and about 18% of Permian to U.S. Gulf Coast natural gas takeaway
capacity. The pipeline connects Permian production to Agua Dulce in
Texas, providing connectivity across Gulf Coast markets. GCX
generates 100% of cash flows through take-or-pay contracts through
2029 with more than 90% of cash flow from investment-grade
shippers. GCX is a new-build pipeline that went into service in
2019; therefore, we expect maintenance capital expenditure (capex)
will be minimal over the coming years, which further strengthens
cash flow stability. In addition, GCX reached final investment
decision on an expansion project that will add an incremental 0.57
bcf/d of capacity to the pipeline. GCX's total capacity will
increase to 2.59 bcf/d through increased compression on the
existing pipeline. The additional capacity is fully contracted
under 10-year take-or-pay terms and anchored by investment-grade
counterparties. We expect the expansion project will be in-service
in second-quarter 2026.
"We expect ArcLight will maintain meaningful governance rights over
GCX to ensure GCX will not curtail dividends to AL GCX VIII;
therefore, we assess the investee company's corporate governance
and financial policy as positive. ArcLight, through its two
entities, AL GCX VIII and AL GCX Holdings, owns a 66% equity
interest in GCX and therefore has 66% of voting power in GCX's
board. We expect ArcLight's two entities will act consistently in
making key decisions on GCX's governance, such as distribution to
equity owners. We anticipate no scenarios where KMI can or will
unilaterally decide to curtail GCX's dividends against ArcLight's
interest, given that each of ArcLight's two entities together can
block every voting matter that requires approval. The investee
company's ability to maintain constant dividends and the
implementation of significant governance and risk mitigation
mechanisms in place to ensure significant control over material
decisions support our positive assessment.
"We expect AL GCX VIII will deleverage over the next few years,
spurred by the completion of GCX's expansion project that is
expected to contribute incremental EBITDA. AL GCX VIII's EBITDA is
the proportional cash distribution from GCX. The acquisition closed
in late January so AL GCX VIII's 2025 EBITDA represents 11 months
of GCX's proportional cash distribution. We expect EBITDA will
increase in 2026 and 2027, driven by the completion of the fully
contracted expansion project that is expected to be in-service in
second-quarter 2026. We assume the expansion project will be 100%
funded by equity, which is in line with ArcLight's current plan;
therefore, no incremental debt is expected over our forecast
period. Under our base-case scenario, we forecast leverage will be
about 5.7x in 2025, 4.4x in 2026, and about 4.0x in 2027 and
onward. We forecast interest coverage will be about 3.2x in 2025,
3.9x in 2026, and 4.5x in 2027. The financial metrics are in line
with a neutral assessment under our NCEI criteria.
Finally, we assess AL GCX VIII's ability to liquidate its position
in GCX as negative because GCX is not a publicly traded company.
"The stable outlook reflects our expectation that AL GCX VIII will
receive stable and steady cash flows from the highly contracted GCX
pipeline. We expect GCX's expansion project, which is 100%
contracted, will be in-service in second-quarter 2026 and will
contribute to the company's incremental EBITDA. We forecast AL GCX
VIII's leverage will be about 5.7x in 2025 and about 4.4x in 2026.
We forecast AL GCX VIII's interest coverage will be about 3.2x in
2025 and 3.9x in 2026."
S&P could take a negative rating action on AL GCX VIII if:
-- S&P forecasts the company's interest coverage will be sustained
below 3x;
-- Financial policy at GCX changes; or
-- The contract profile at GCX deteriorates.
Although unlikely in the next 12 months, S&P could take a positive
rating action on AL GCX VIII if its leverage is sustained below
3.5x and GCX maintains its strong contract profile.
ALCHEMY 365: Gets Interim OK to Use Cash Collateral Until March 24
------------------------------------------------------------------
Alchemy 365, Inc. received interim approval from the U.S.
Bankruptcy Court for the District of Colorado for authority to use
cash collateral.
The interim order signed by Judge Thomas McNamara authorized the
company to use cash collateral in accordance with its budget for
the period from Feb. 17 to March 24.
As protection, secured creditors American National Bank and Choice
Bank were granted replacement liens on Alchemy 365's post-petition
assets, with the same validity, extent and priority as their
pre-bankruptcy liens.
A final hearing is set for March 17. Objections are due by March
4.
Alchemy 365, founded in 2015 in Minnesota, rapidly expanded by
opening multiple studios across the state. By 2018, it raised $3.3
million in capital to fund further growth, aiming to take its
concept nationwide. The company opened its first Colorado location
in 2018 and a second in 2020, with each new studio costing around
$2 million. However, the COVID-19 pandemic caused a significant
setback, halting in-studio operations for nearly nine months.
During this time, Alchemy faced financial difficulties,
accumulating unpaid rent and closing one of its Minnesota
locations. In response, many of its debt holders converted their
notes into equity. Despite these efforts, Alchemy struggled with a
decline in demand for group fitness classes and a lack of capital
to maintain all eight studios. By 2024, the company began closing
unprofitable locations, leaving only two studios in Colorado.
Alchemy filed for bankruptcy to preserve its remaining studios and
continue operations at its two Colorado locations.
The company believes there are two entities who claim or may claim
an interest in its cash collateral: American National Bank and
Choice Bank.
American National Bank, as secured creditor, is represented by:
Michael W. Milone, Esq.
Koukol Johnson Schmit & Milone, LLC
3839 South 148th Street, #160
Omaha, NE 68144
Phone: (402) 934-9499
mmilone@lifelonglawyers.com
dkoukol@lifelonglawyers.com
About Alchemy 365 Inc.
Alchemy 365, Inc. operating under various names including PowerTen
Fitness and Alchemy, is a Denver-based fitness company offering
group classes that integrate yoga, strength training, and cardio.
The company provides these services at two Denver locations: LoHi
at 2432 W 32nd Ave and Tennyson at 4144 Tennyson St.
Alchemy 365 filed Chapter 11 petition (Bankr. D. Colo. Case No.
25-10797) on February 17, 2025, listing up to $500,000 in assets
and up to $10 million in liabilities. Tyler Kent Quinn, chief
executive officer, signed the petition.
Judge Thomas B. McNamara oversees the case.
Gabrielle G. Palmer, Esq., at Onsager Fletcher Johnson Palmer, LLC
represents the Debtor as legal counsel.
AMTECH SYSTEMS: Pacific Ridge Holds 4.6% Equity Stake
-----------------------------------------------------
Pacific Ridge Capital Partners, LLC, disclosed in a Schedule 13-G/A
filing with the U.S. Securities and Exchange Commission that as of
December 31, 2024, it beneficially owns 652,393 shares of Amtech
Systems, Inc.'s common stock, representing 4.6% of the Company's
oustanding shares.
About Amtech Systems Inc.
Tempe, Ariz.-based Amtech Systems, Inc. is a global manufacturer
of
capital equipment, including thermal processing, wafer polishing
and cleaning, and related consumables used in fabricating
semiconductor devices, such as silicon carbide (SiC) and silicon
power devices, analog and discrete devices, electronic assemblies,
and light-emitting diodes (LEDs). It sells these products to
semiconductor device and module manufacturers worldwide,
particularly in Asia, North America, and Europe.
ARIS WATER: S&P Affirms 'B+' ICR on Upcoming Maturity
-----------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on Aris
Water Solutions Inc. At the same time, S&P affirmed its 'B+'
issue-level rating on Aris' $400 million senior unsecured notes.
S&P's recovery rating remains '4', indicating its expectation for
average (30%-50%; rounded estimate: 40%) recovery in the event of
default.
The stable outlook reflects S&P's view that Aris will address its
upcoming maturity. It expects44 S&P Global Ratings-adjusted
leverage of 2.7x-3.0x range in 2024 and 2025.
Aris faces substantial upcoming debt maturities over the next 12-18
months, and refinancing plans remain uncertain. Aris' upcoming
maturities include $400 million in senior unsecured notes due April
1, 2026, and a $350 million credit facility maturing on Oct. 17,
2027, with $55 million drawn as of Sept. 30, 2024. While S&P
believes Aris has been evaluating options to address the maturity,
the narrowing timeline poses increasing refinancing risk, leaving
the company with a limited cushion for any underperformance in the
upcoming quarters as it engages with the capital markets.
S&P said, "However, we believe that the likelihood of
underperformance in the near-term is unlikely given our
expectations that water demand on Aris' dedicated acreage will
remain robust, particularly as we anticipate West Texas
Intermediate (WTI) prices to remain $70 per barrel (/bbl) through
2026. The company's low leverage levels and discretionary cash flow
generation of $55 million in 2025 and $75 million in 2026 also
provide it with financial flexibility and support continued access
to capital markets under current market conditions. We anticipate
the company will be proactive in managing its upcoming maturity
before it becomes current on April 1, 2025, such that liquidity is
not constrained.
"The stable outlook reflects our view that Aris will address its
upcoming maturity such that liquidity is not pressured while
continuing to pursue organic growth. We expect S&P Global
Ratings-adjusted leverage of 2.7x-3.0x in 2024 and 2025.
"We could lower the rating by multiple notches if we do not expect
Aris to refinance its senior unsecured note by the end of March
2025 and our view of its liquidity further deteriorates.
Additionally, we could lower the rating if its S&P Global
Ratings-adjusted leverage increases to above 5x on a sustained
basis." This could occur if:
-- A sharp decline in crude oil prices leads to reduced drilling
activity;
-- The company pursues a more aggressive financial policy;
-- TRA liabilities increase; or
-- More rigorous environmental or regulatory factors impair
operations.
Although unlikely at this time, S&P could take a positive rating
action if the company:
-- Significantly increases its size, scale, and geographic
footprint;
-- Addresses its near-term capital structure; and
-- Sustains leverage below 4x.
AVIS BUDGET: S&P Alters Outlook to Negative, Affirms 'BB' ICR
-------------------------------------------------------------
S&P Global Ratings revised the rating outlook on Avis Budget to
negative from stable and affirmed the 'BB' rating.
S&P said, "We also lowered our issue ratings on the company's
secured debt to 'BB' from 'BB+' and on its unsecured debt to 'B+'
from 'BB-'. We revised down our recovery ratings on the secured
debt to '3' (50%-70%) from '2' (70%-90%) and on the unsecured debt
to '6' (0%-10%) from '5' (10%-30%)."
"The negative outlook reflects the likelihood of a downgrade over
the next year if EBIT interest coverage remains below 1.3x or debt
to capital remains above 100% on a sustained basis.
S&P expects Avis' ongoing fleet refresh to weigh on its financial
performance in 2025. Avis reported a pretax loss of $2.6 billion in
2024, compared with pretax income of $1.9 billion in 2023. The loss
was largely due to a $2.5 billion impairment charge in the fourth
quarter of 2024, associated with the announcement of a fleet
rotation program. The company plans to accelerate the disposal of
vehicles that were purchased over the last few years at higher
costs amid constrained supply, as new vehicle supply has now
improved, and new-vehicle incentives have returned (albeit not to
pre-pandemic levels).
However, even excluding the impairment charges, the company's
pretax income was about $150 million in 2024, which was notably
lower than in prior years. This was due to declining residual
values amid falling used-car prices, which resulted in losses on
car sales and higher depreciation expenses. While S&P forecasts
moderate pretax income in 2025, fleet costs will likely remain high
through the first half of 2025 due to the ongoing fleet rotation.
In our view, effective execution of the fleet refresh plan over the
next few quarters will be key to achieving the targeted improvement
in profitability.
Additionally, the potential for a prolonged 25% tariff on imports
from Mexico and Canada, along with announced tariffs on steel and
aluminum could benefit Avis in the near-term if residual values
increase, but will likely result in increased vehicle costs,
particularly in 2026 and beyond.
S&P said, "We forecast credit metrics to improve somewhat in 2025
but remain weak for the current rating. Avis' EBIT interest
coverage in 2024 (excluding the impairment costs) was 0.9x,
compared with our previous expectation of 1.3x-1.6x (and 2.6x in
2023). Debt to capital was 109.7%, compared with our previous
expectation of around 100% (and 101.3% in 2023).
"We expect EBIT margins to improve modestly to 12%-16% in 2025 from
11.3% in 2024, mainly because of lower vehicle depreciation and
lower operating costs. Operating costs in 2024 were somewhat higher
than historical levels, particularly in the fourth quarter, due to
costs associated with the ongoing fleet transition. On the other
hand, we expect debt and interest expenses to decline modestly,
given management's intention to maintain a somewhat smaller fleet,
and instead focus on improving fleet efficiency.
"Therefore, we forecast EBIT interest coverage to improve to around
1.2x-1.4x in 2025, but for debt to capital to remain 105%-110%. We
also forecast funds from operations to debt of 13%-16% in 2025,
similar to 14.5% in 2024 (and 16.7% in 2023).
"We expect car rental demand to remain relatively steady, supported
by strong travel demand. We anticipate global passenger travel
demand will remain strong in the near term. However, we expect
global air passenger traffic growth to slow as the recovery
plateaus and capacity growth is constrained.
"That said, our global economic outlook remains resilient, and we
forecast global GDP growth above 3% in 2025 and 2026. Additionally,
over the last few months, both Avis and competitor Hertz have been
slowing their fleet growth as demand normalizes. In our view,
constrained industry fleet growth will likely support rental prices
around current levels (well below the highs in 2021-2022 but still
above pre-pandemic levels). Nevertheless, we expect industry-wide
fleet supply could rise faster in 2025 amid declining new vehicle
prices, which could result in higher competition and lower rental
rates.
"The negative outlook on Avis reflects our expectation that its
credit metrics will improve somewhat but remain weak for the
ratings in 2025, amid ongoing fleet refresh. Although, we expect
steady demand conditions to remain supportive."
S&P could lower its ratings on Avis over the next year if EBIT
interest coverage remains below 1.3x or debt to capital remains
above 100% on a sustained basis, which could occur if:
-- Operating performance deteriorates due to weak execution,
decline in demand, or market share losses;
-- Used car prices decline beyond our current expectations; or
-- The company pursues an aggressive financial policy.
S&P could revise its outlook on Avis to stable over the next year
if S&P expects EBIT interest coverage to improve above 1.3x and
debt to capital to approach 100% and remain close to those levels.
BAUDAX BIO: Seeks to Extend Plan Exclusivity to April 17
--------------------------------------------------------
Baudax Bio, Inc., asked the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania to extend its exclusivity periods to file
a plan of reorganization and obtain acceptance thereof to April 17
and June 16, 2025, respectively.
The Debtor explains that cause for a fifth extension of exclusivity
exists because it requires additional time to analyze the claims of
ordinary and alleged administrative creditors, organize its
creditors into appropriate classes, and craft a plan of
reorganization that can accommodate various and previously
unanticipated forms of monetizing the Debtor's intellectual
property.
The Debtor claims that it would be premature (at best), as well as
a waste of time, effort and resources, including judicial
resources, to require the Debtor to file a plan by February 16,
2025 to maintain its right to exclusivity.
The Debtor asserts that it should be afforded a full and fair
opportunity to negotiate, propose, and seek acceptances to a
confirmable plan of reorganization. The Debtor believes that the
extension of the exclusive periods is warranted and appropriate
under the circumstances and should be granted.
Moreover, it is submitted that, particularly in light of the
anticipated liquidation plan to be proposed by the Debtor, the
extension requested will not prejudice the legitimate interests of
any creditor and will likely afford parties in interest an
opportunity to pursue to fruition the beneficial objectives of a
consensual reorganization.
Baudax Bio, Inc., is represented by:
David B. Smith, Esq.
Nicholas M. Engel, Esq.
SMITH KANE HOLMAN, LLC
112 Moores Road, Suite 300
Malvern, PA 19355
Telephone: (610) 407-7215
Facsimile: (610) 407-7218
Email: dsmith@skhlaw.com
About Baudax Bio, Inc.
Baudax Bio, Inc. is a biotechnology company focused on developing T
cell receptor therapies utilizing human regulatory T cells, as well
as a portfolio of clinical stage neuromuscular blocking agents and
an associated reversal agent.
Baudax Bio, Inc., filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No.
24-10583) on February 22, 2024, listing up to $50,000 in assets and
$10 million to $50 million in liabilities. The petition was signed
by Gerri Henwood as chief executive officer.
Judge Magdeline D. Coleman presides over the case.
David B. Smith, Esq., at SMITH KANE HOLMAN, LLC, is the Debtor's
counsel.
BIOLASE INC: Court Approves Chapter 11 Plan
-------------------------------------------
Emily Lever of Law360 Bankruptcy Authority reports that on Tuesday,
February 25, 2025, a Delaware bankruptcy judge approved the Chapter
11 plan of dental technology maker Biolase Inc. after revisions
secured the support of the U.S. Trustee and the official committee
of unsecured creditors, resulting in a fully consensual plan.
About Biolase, Inc.
Biolase, Inc., a company in Foothill Ranch, Calif., and its
affiliates manufacture and market dental laser systems. The
Debtors' proprietary systems allow dentists, periodontists,
endodontists, pediatric dentists, oral surgeons, and other dental
specialists to perform a broad range of minimally invasive dental
procedures, including cosmetic, restorative, and complex surgical
applications.
Biolase and its affiliates filed Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 24-12245) on Oct. 1, 2024. John Beaver,
president and chief executive officer, signed the petitions.
The Debtors reported total assets of $30,641,000 and total
liabilities of $32,767,000 as of June 30, 2024.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Potter Anderson & Corroon, LLP and Pillsbury
Winthrop Shaw Pittman, LLP as legal counsel; SSG Capital Advisors
as investment banker; and B. Riley Financial, Inc., as financial
advisor. Epiq Corporate Restructuring, LLC, is the Debtors'
administrative advisor and claims and noticing agent.
BIORA THERAPEUTICS: Court Approves $30MM Asset Bid
--------------------------------------------------
Rick Archer of Law360 Bankruptcy Authority reports that on Tuesday,
February 25, 2025, a Delaware bankruptcy judge approved biotech
company Biora Therapeutics Inc.'s acceptance of a $30 million
credit bid for its assets after secured and unsecured creditors
amended a related settlement to resolve objections from the U.S.
trustee's office.
About Biora Therapeutics Inc.
Biora Therapeutics Inc. creates innovative smart pills designed for
targeted drug delivery to the GI tract and systemic, needle-free
delivery of biotherapeutics. It develops therapies to improve
patients' lives.
Biora Therapeutics Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-12849) on December 27,
2024. In its petition, the Debtor reports estimated assets between
$10 million and $50 million and estimated liabilities between $100
million and $500 million.
Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
case.
The Debtor tapped McDermott Will & Emery LLP as counsel, MTS Health
Partners as investment banker, and Kroll Restructuring
Administration LLC as administrative advisor. Evora Partners, LLC
is also tapped to provide the Debtor with a chief transition
officer (CTO) and certain additional personnel.
BLUEBIRD BIO: To Be Acquired by Carlyle and SK Capital
------------------------------------------------------
bluebird bio, Inc. announced that it has entered into a definitive
agreement to be acquired by funds managed by global investment
firms Carlyle and SK Capital Partners, LP in collaboration with a
team of highly experienced biotech executives. David Meek, former
CEO of Mirati Therapeutics and Ipsen, is expected to become CEO of
bluebird upon closing. Carlyle and SK Capital will provide
bluebird primary capital to scale bluebird's commercial delivery of
gene therapies for patients with sickle cell disease,
Beta-thalassemia, and cerebral adrenoleukodystrophy.
Under the terms of the agreement, bluebird stockholders will
receive $3.00 per share in cash and a contingent value right per
share, entitling the holder to a payment of $6.84 in cash per
contingent value right if bluebird's current product portfolio
achieves $600 million in net sales in any trailing 12-month period
prior to or ending on Dec. 31, 2027, for a potential total value of
up to $9.84 per share in cash, subject to the tender of a majority
of the outstanding shares of bluebird, receipt of applicable
regulatory approvals, and other customary closing conditions.
bluebird's Board of Directors unanimously approved the agreement
and recommends that stockholders tender their shares. Following a
comprehensive review of bluebird's strategic alternatives,
including meeting with more than 70 potential investors and
partners over a period of five months, and a third and final denial
by the Federal Drug Administration of bluebird's appeal for a
priority review voucher, the bluebird Board determined that, absent
a significant infusion of capital, bluebird is at risk of
defaulting on its loan covenants. The bluebird Board has decided
that this transaction is the only viable solution to generate value
for stockholders. Additional details on the process will be
available in bluebird's Solicitation/Recommendation Statement on
Schedule 14D-9, which will be filed with the U.S. Securities and
Exchange Commission.
"For more than a decade, bluebird has been at the forefront of gene
therapy, delivering groundbreaking treatments to patients facing
life-threatening genetic diseases," said Andrew Obenshain, current
CEO of bluebird. "However, as our financial challenges mounted, it
became clear that securing the right strategic partner was critical
to maximizing value for our stockholders and ensuring the long-term
future of our therapies. After an extensive review process, this
acquisition represents the best path forward -- maximizing value
for stockholders and bringing significant capital, commercial
expertise, and a commitment to provide more patients the
opportunity to benefit from potentially transformative gene
therapies."
David Meek commented, "bluebird is built on an extraordinary legacy
of scientific breakthroughs, and we are committed to unlocking its
full potential for patients. With the backing of Carlyle and SK
Capital, we will bring the capital and commercial capabilities
needed to accelerate and expand patient access to bluebird's
life-changing gene therapies."
"Carlyle's healthcare and Abingworth teams have significant
experience investing in biopharma and are excited about what lies
ahead for bluebird. We look forward to working with David and SK
Capital to drive bluebird's future growth and mission of delivering
its therapies to improve patient outcomes," said Joe Bress, Carlyle
Partner and Global Co-Head of Healthcare. Bali Muralidhar, Partner
and Chief Investment Officer & COO of Abingworth, Carlyle's life
sciences investment franchise, added, "Over the past decade, we
have tracked and been impressed by bluebird's success in
researching and developing breakthrough gene therapies for large,
unmet medical needs. Joining forces with Carlyle enables us to
collaborate in supporting companies like bluebird in
commercializing their innovations for patients."
Aaron Davenport, managing director at SK Capital, commented, "SK
Capital has deep experience in the life sciences sector. We have
long admired bluebird's scientific leadership, dedicated focus on
severe genetic diseases, and track record of successful product
development and launch. We are excited to partner with David and
Carlyle to invest in and accelerate the delivery of bluebird's
pioneering gene therapies to needing patients."
Transaction Details
Under the terms of the agreement, bluebird stockholders will
receive $3.00 per share in cash and a contingent value right per
share, entitling the holder to a payment of $6.84 in cash per
contingent value right if bluebird's current product portfolio
achieves $600 million in net sales in any trailing 12-month period
prior to or ending on Dec. 31, 2027.
The transaction is expected to close in the first half of 2025,
subject to the tender of a majority of the outstanding shares of
bluebird, receipt of applicable regulatory approvals, and other
customary closing conditions. bluebird has also entered into
amendments to its loan agreement with Hercules Capital, Inc. to
facilitate adequate liquidity to position it to maintain operations
through the closing.
Upon completion of the transaction, bluebird will become a
privately held company, and shares of bluebird common stock will no
longer be listed on any public market.
Leerink Partners is acting as bluebird's financial advisor, and
Latham & Watkins LLP is serving as legal counsel to bluebird.
Bourne Partners is acting as financial advisor to Carlyle and SK
Capital, and Wachtell, Lipton, Rosen & Katz, Kirkland & Ellis LLP,
and Orrick, Herrington & Sutcliffe are serving as legal advisors to
Carlyle and SK Capital.
About bluebird bio, Inc.
Founded in 2010 and headquartered in Somerville, Massachusetts,
bluebird bio, Inc. -- www.bluebirdbio.com -- is a biotechnology
company committed to researching, developing, and commercializing
potentially curative gene therapies for severe genetic diseases
based on its proprietary lentiviral vector ("LVV") gene addition
platform. The Company currently markets three gene therapies in
the U.S.: ZYNTEGLO (betibeglogene autotemcel, also known as
beti-cel), and SKYSONA (elivaldogene autotemcel, also known as
eli-cel), which were approved by the U.S. Food and Drug
Administration in 2022, and LYFGENIA (lovotibeglogene autotemcel,
also known as lovo-cel), which received approval from the FDA in
December 2023. bluebird custom designs each of its therapies to
address the underlying cause of disease and has developed in-depth
and effective analytical methods to understand the safety of its
lentiviral vector technologies and drive the field of gene therapy
forward.
Boston, Massachusetts-based Ernst & Young LLP, the Company's
auditor since 2012, issued a "going concern" qualification in its
report dated Sept. 13, 2024. The report highlighted that that the
Company has suffered recurring operating losses and negative
operating cash flows, raising substantial doubt about its ability
to continue as a going concern.
The Company has incurred significant net losses since its inception
in 1992, including net losses from continuing operations of $211.9
million for the year ended Dec. 31, 2023. As of Dec. 31, 2023, the
Company had an accumulated deficit of $4.3 billion. To date, the
Company has devoted significant financial resources to building its
commercial infrastructure and research and development, including
its clinical and preclinical development activities.
"We will continue to incur net losses for the foreseeable future
and we may not become profitable on the timeline we anticipate, or
at all. To date, we have financed our operations primarily through
our loan agreement with Hercules Capital, Inc., the sale of equity
securities and priority review vouchers, and, to a lesser extent,
through collaboration agreements and grants from governmental
agencies and charitable foundations. We did not generate material
revenues from the sale of ZYNTEGLO in the European Union and are
just beginning to recognize revenue from our approved products in
the U.S. given the treatment cycle time, in which revenue is
recognized upon infusion. Our future revenues will depend upon the
size of any markets in which our products have received approval,
and our ability to achieve sufficient market acceptance,
reimbursement from third-party payers and adequate market share for
our products in those markets," the Company stated in its 2023
Annual Report filed with the SEC.
CANDE HOFFMAN: Hires Bakke Norman as General Bankruptcy Counsel
---------------------------------------------------------------
CandE Hoffman Holdings, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Eastern District of Wisconsin to
employ Bakke Norman, S.C. as general bankruptcy counsel.
The firm's services include:
(a) advising the Debtors with respect to their powers and duties
as Debtors in possession and the continued management and operation
of their businesses and properties;
(b) assisting the Debtors with administrative matters related to
chapter 11, including the filing of monthly reporting
requirements;
(c) advising the Debtors and taking all necessary action to
protect and preserve the Debtors' estate, including prosecuting
actions on behalf of the Debtors, defending any action commenced
against the Debtors, and representing the Debtors' interests in
negotiations concerning litigation in which the Debtors are
involved;
(d) preparing or amending bankruptcy schedules, statements of
financial affairs, and all related documents;
(e) assisting with the preparation of a disclosure statement and
plan of reorganization and the related negotiations and hearings;
(f) preparing pleadings in connection with the chapter 11 cases,
including motions, applications, answers, orders, reports, and
papers necessary or otherwise beneficial to the administration of
the Debtors' estate;
(g) analyzing executory contracts and unexpired leases, and the
potential assumptions, assignments, or rejections of such contracts
and leases;
(h) advising the Debtors in connection with any potential sale
of assets;
(i) appearing at and being involved in various proceedings
before this Court;
(j) analyzing claims and prosecuting any meritorious claim
objections; and
(k) providing other services as may be necessary or beneficial
in the representation of the Debtor or the development of a plan.
The firm will be paid at these rates:
William E. Wallo, Shareholder $500 per hour
Lindsey K. Kohls, Associate $350 per hour
Laura R. Callope, Associate $275 per hour
Ashley Adams, Paralegal $205 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
William E. Wallo, Esq., a partner at Bakke Norman, S.C., disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
William E. Wallo, Esq.
Bakke Norman, S.C.
PO Box 308
New Richmond, WI 54017
Tel: (715) 200-8145
About CandE Hoffman Holdings, Inc.
CandE Hoffman Holdings Inc. -- https://www.candehoffman.org/ -- is
a franchise owner of hair salons.
CandE filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Wis. Case No. 24-25415) on October 11,
2024. Eric J. Hoffman, president of CandE, signed the petition.
The Debtor reported total assets of $710,919 and total liabilities
of $1,090,460 as of August 21, 2024.
Judge Beth E. Hanan handles the case.
The Debtor tapped Jerome R. Kerkman, Esq., at Kerkman & Dunn as
counsel and BPA & Associates, LLC as accountant.
CARVANA CO: FMR LLC Holds 7.5% Equity Stake
-------------------------------------------
FMR LLC and Abigail P. Johnson disclosed in a Schedule 13G filing
with the U.S. Securities and Exchange Commission that as of
December 31, 2024, that they beneficially own 9,661,673 shares of
Carvana Co.'s common stock representing 7.5% of the Company's
outstanding shares of stock.
About Carvana
Founded in 2012 and based in Tempe, Arizona, Carvana Co. --
http://www.carvana.com-- is an e-commerce platform for buying and
selling used cars. The Company is transforming the used car buying
and selling experience by giving consumers what they want, a wide
selection, great value and quality, transparent pricing, and a
simple, no pressure transaction. Each element of its business,
from
inventory procurement to fulfillment and overall ease of the
online
transaction, has been built for this singular purpose.
Carvana reported a net income of $150 million for the year ended
Dec. 31, 2023, compared to a net loss of $2.89 billion for the
year
ended Dec. 31, 2022. As of June 30, 2024, Carvana had $7.17
billion
in total assets, $7.05 billion in total liabilities, and $115
million in total stockholders' equity.
* * *
Moody's Investors Service upgraded Carvana Co.'s corporate family
rating to Caa3 from Ca, the TCR reported on Sept. 22, 2023.
Moody's
said the upgrade of Carvana's CFR to Caa3 reflects the completion
of its debt exchange that pushes out some near-term maturities,
reduces outstanding debt, and materially reduces cash interest
expense in the two years following the exchange.
In August 2024, S&P Global Ratings raised its issuer credit rating
on U.S.-based Carvana Co. to 'B-' from 'CCC+'. S&P said, "At the
same time, we raised our unsolicited issue-level rating on
Carvana's senior secured debt to 'B-' from 'CCC+' with a '4'
recovery rating (30%-50%; rounded estimate: 40%). We also raised
our issue-level rating on its senior unsecured debt to 'CCC' from
'CCC-' with a '6' recovery rating (0%-10%; rounded estimate: 0%).
"The stable outlook reflects our view that Carvana will continue
increasing EBITDA, generating positive free cash flow, and
maintaining leverage of 6x-7x over the next 12 months.
CHANNELSIDE BREWING: Gets Extension to Access Cash Collateral
-------------------------------------------------------------
Channelside Brewing Company, LLC received another extension from
the U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, to use cash collateral.
The interim order authorized the company to use cash collateral to
pay the amounts expressly authorized by the court, including
payments to the Subchapter V trustee; expenses set forth in
its budget, plus an amount not to exceed 10% per line item; and
additional amounts approved in writing by its secured creditor,
Valley National Bank.
As protection, each creditor with a security interest in cash
collateral will be granted a post-petition lien to the same extent
and with the same validity and priority as its pre-bankruptcy lien.
Channelside was ordered to keep the creditors' collateral insured
as additional protection.
The company's authority to use cash collateral will continue until
further order of the court.
The next hearing is set for March 13.
Valley National Bank is represented by:
Andrew W. Lennox, Esq.
Casey Reeder Lennox, Esq.
Lennox Law, P.A.
P.O. Box 20505
Tampa, FL 33622
Tel: 813-831-3800
Fax: 813-749-9456
alennox@lennoxlaw.com
clennox@lennoxlaw.com
About Channelside Brewing Company
Channelside Brewing Company, LLC is a brewery that specializes in
crafting a variety of beers.
Channelside Brewing Company filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
25-00445) on January 25, 2025, listing between $100,000 and
$500,000 in assets and between $1 million and $10 million in
liabilities. Amy Denton Mayer of
Stichter Riedel Blain & Postler, P.A. serves as Subchapter V
trustee.
Judge Catherine Peek Mcewen handles the case.
The Debtor is represented by:
Andrew Wit, Esq.
Jennis Morse
606 East Madison Street
Tampa FL 33602
Tel: 813-229-800
Email: awit@jennislaw.com
CHILDREN'S HOSPITAL: S&P Lowers Bond Rating to 'BB+', Outlook Neg.
------------------------------------------------------------------
S&P Global Ratings lowered its long-term rating on the California
Health Facilities Financing Authority's debt issued for Children's
Hospital Los Angeles (CHLA) to 'BB+' from 'BBB-'. At the same time,
S&P Global Ratings removed the rating from CreditWatch where it was
placed with negative implications Nov. 4, 2024. The outlook is
negative.
"The downgrade and negative outlook reflect persistent operating
losses and deteriorating unrestricted reserves, resulting in
financial profile metrics commensurate with a speculative-grade
rating," said S&P Global Ratings credit analyst Chloe Pickett.
Furthermore, without expected improvement in unrestricted reserves
and underlying operating performance, we could lower the rating
further."
The negative outlook reflects CHLA's persistent and large operating
losses, as well as weak unrestricted reserves.
S&P said, "We would lower the rating if CHLA is unable to increase
and sustain unrestricted reserves at above 50 days and underlying
improved operating performance in line with expectations. In
addition, we would view negatively any diminution of the enterprise
profile or significant additional debt.
"We could revise the outlook to stable if CHLA improves and
sustains days' cash on hand above 50 days, and demonstrates a trend
of operating performance closer to break-even results."
CMS ENERGY: Fitch Assigns 'BB+' Rating on Jr. Subordinated Notes
----------------------------------------------------------------
Fitch Ratings has assigned CMS Energy Corporation's proposed junior
subordinated notes (JSNs) a 'BB+' rating. The JSNs are unsecured
obligations and will rank subordinate and junior in the right of
payment to all of CMS Energy's existing and future senior
indebtedness. The JSNs will rank equal in the right of payment to
the company's existing JSNs and any other pari-passu subordinated
indebtedness CMS Energy may incur in the future. Fitch allocates
50% equity credit to CMS Energy's JSNs.
Net proceeds will be used for the retirement of debt obligations
and for general corporate purposes.
CMS Energy's Long-Term Issuer Default Rating (IDR) is 'BBB' with a
Stable Outlook.
Key Rating Drivers
Significant Utility-Driven Capex: CMS Energy's capex is driven by
its principal operating subsidiary Consumers Energy Company's
(A-/Stable) current capital program, which increased to $20 billion
for 2025-2029 from $17 billion for 2024-2028. The increase is
partly driven by the 9GW solar and 4GW wind pipeline filed as a
part of Consumer Energy's Nov. 2024 Renewable Energy Plan, aligning
with Michigan's target of 60% renewable energy by 2035.
Fitch also expects CMS Energy to benefit from increasing energy
demand from data center and manufacturing activity in Michigan.
While near-term growth may be modest, an uptick is likely given the
evolving opportunities in the state, especially after the 2024
sales and use tax exemption on data center equipment. Fitch
anticipates further capex increases as CMS Energy plans an
Integrated Resource Plan in 2026 focused on system resource
adequacy and growth investments. Continued ability to recover
capital investments in a credit-supportive manner would remain key
to the ratings.
Michigan Regulation Remains Supportive: Fitch notes that the
regulatory environment under the Michigan Public Service Commission
(MPSC) has been characterized by some recent lighter-than-expected
rate outcomes and increased scrutiny on storm responses.
Nevertheless, Fitch believes the framework remains constructive
from a credit perspective, allowing for full pass-through of fuel
costs and purchased power, forward-looking test years and a timely
10-month rate case resolution. Furthermore, Consumers Energy's
authorized return on equity (ROE) of 9.9% compares favorably with
industry averages.
In Dec. 2024, Consumers Energy filed a gas rate case requesting an
annual rate increase of $248 million, based on a 10.25% ROE and
test year ending Oct. 2026. An electric rate case seeking a rate
increase of $277 million, based on a 10.25% ROE and test year
ending Feb. 2026 was also filed in May 2024. Current Administrative
Law Judge and Attorney General ROE recommendations are lower at
9.5% and 9.8%, respectively. Fitch expects a final decision aligned
with recent rate outcomes in March 2025 for electric and by Nov.
2025 for gas. However, materially negative rate outcomes could
impact ratings.
Supportive Credit Metrics: Fitch estimates CMS Energy's FFO
leverage to average approximately 5.2x over the forecast period.
Fitch believes CMS Energy's credit metrics could see some upward
pressure given the upsized capex plans. However, continued
regulatory support, adherence to the regulated capital structure
and expected load growth at the utility should help maintain
leverage commensurate to current ratings.
Stable Utility Business: Fitch estimates CMS Energy will continue
to derive over 95% of consolidated EBITDA from relatively low-risk,
regulated electric and gas utility operations at Consumers Energy.
Non-utility operations remain largely limited to the power
generation and marketing operations at NorthStar Clean Energy.
Cost Reductions and NOLs: Fitch believes CMS Energy's continued
focus on cost reductions supports a solid financial profile,
reducing the negative near-term financial impact from the utility's
large capex plans and macroeconomic pressures. In addition, the
cash flow benefit from CMS Energy's net operating loss (NOL)
carryforwards enables the utility to invest more internal capital
into improving the reliability of its service while minimizing the
need for external sources of capital. Fitch expects ongoing
operating cost reductions to continue to average 2% per year over
the near term.
Derivation Summary
The credit profile of CMS Energy is comparable to that of peer
utility holding company DTE Energy Company (BBB/Stable), as both
operate gas and electric utilities in a single state, Michigan.
Other utility parents, Xcel Energy Inc. (BBB+/Negative) and WEC
Energy Group, Inc. (BBB+/Stable) both operate multistate regulated
utilities and therefore have greater geographic diversification,
which partly drives their higher ratings.
However, a constructive regulatory environment in Michigan provides
strength to the business risk profile of CMS Energy, which Fitch
views as comparable with the operations of its peers in Wisconsin
and Minnesota.
CMS Energy's FFO leverage is expected to average 5.2x over the
forecast period, which is similar to 5.3x at DTE and 5.1x at WEC,
but somewhat weaker than the 5.0x at Xcel.
Key Assumptions
- Periodic rate case filings to recover Consumers Energy's
investment in rate base and associated costs;
- Operating cost reductions averaging 2% per year;
- Capex and equity issuance in line with management's assumptions;
- Dividend growth of 6%-8% per year;
- Normal weather.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- FFO leverage expected to exceed 5.8x on a sustained basis.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- FFO leverage expected to be less than 4.8x on a sustained basis.
Liquidity and Debt Structure
Fitch considers CMS Energy's liquidity adequate.
CMS Energy has a $550 million unsecured RCF maturing in Dec. 2027.
As of Dec. 31, 2024, CMS Energy had $519 million available under
its RCF. CMS Energy also had a fully utilized LC of $50 million as
of Dec. 31, 2024, maturing in Sept. 2025.
Consumers Energy's $500 million CP program is supported by its $1.1
billion RCF maturing Dec. 2027, with $1 billion available as of
Dec. 31, 2024. It also has a separate $250 million RCF with $192
million available. NorthStar Clean Energy's $150 million RCF
maturing in May 2027 and $37 million LC limit maturing Sept. 2025
were fully drawn as of Dec. 31, 2024.
CMS Energy had $103 million in unrestricted cash at Dec. 31, 2024,
$44 million of which was at Consumers Energy. CMS Energy has
standalone maturities of $740 million in 2025, $300 million in
2026, $625 million in 2027 and $800 million in 2028. Fitch's views
these maturities as manageable given the history of successful
refinancing and expected continued access to capital markets.
As of Dec. 31, 2024, CMS Energy and Consumers Energy were compliant
with their consolidated debt/capitalization covenants of 70% and
65%, respectively.
Issuer Profile
CMS Energy is an energy holding company whose principal operating
subsidiary is Consumers Energy Company, a regulated integrated
electric and natural gas distribution utility in Michigan.
Date of Relevant Committee
05-Apr-2024
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating
----------- ------
CMS Energy Corporation
junior subordinated LT BB+ New Rating
CONFLUENCE TECHNOLOGIES: S&P Raises ICR to 'CCC+' on Debt Exchange
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Confluence
Technologies Inc. to 'CCC+' from 'SD' (selective default). S&P also
raised its issue-level rating on the first-lien term loan to 'CCC+'
from 'D', with a recovery rating of '3'. S&P withdrew its 'D'
rating on the company's second-lien term loan because it is no
longer outstanding after being exchanged into a new 1.5-lien
facility.
Subsequently, S&P is withdrawing all of its ratings on Confluence
and its debt at the issuer's request. The outlook at the time of
withdrawal was negative, reflecting the risk of a downgrade if
Confluence continued to burn a meaningful amount of cash,
increasing the probability of a default in the next 12 months.
The transaction provided Confluence with sufficient liquidity to
meet its obligations over at least the next 12 months. With about
$33 million of cash and an undrawn revolver of $55 million pro
forma for the transaction, we believe the company has sufficient
liquidity to meet its obligations over the next 12 months. The
two-year pay-in-kind (PIK) holiday on the 1.5-lien term loan's
spread grants the company additional flexibility to service its
debt, providing approximately $10 million in annualized cash
interest savings (net of the incremental interest expense from the
new super-priority term loan). Confluence is also likely to benefit
from the downward trend in floating interest rates.
While the transaction bolstered Confluence's liquidity, the company
needs to improve its cash flow generation to support the long-term
sustainability of its capital structure. The 'CCC+' rating reflects
our view that the company's capital structure is still
unsustainable. S&P said, "We forecast the company's total interest
expense (including the accrual of PIK interest on its preferred
equity) will continue to exceed its S&P Global Ratings-adjusted
EBITDA through 2026. Combined with our expectation for leverage in
the mid- to high-teens and continued cash burn over the next two
years, we believe the company relies on favorable business,
financial, and economic conditions to meet its long-term
obligations."
In 2027, the company will resume paying cash interest on the
1.5-lien spread, the balance of which will be higher because of two
years of accumulating PIK interest. In its base-case forecast, S&P
does not project the company's cash generation will be sufficient
to cover the additional cash interest. Further, most of the
company's debt matures in 2028, so the company only has the next
two years to demonstrate improved performance before the debt
becomes current again.
Higher ratings would likely be contingent upon the company's
ability to sustain healthy operating and cash flow performance. S&P
said, "We expect Confluence's S&P Global Ratings-adjusted EBITDA to
improve modestly in 2025, as the company benefits from lower
restructuring and other project-related expenses. We believe there
is room for additional revenue and EBITDA growth provided the
company also capitalizes on new business wins and favorable
industry tailwinds from the trend of outsourcing noncore investment
management functions and new regulations such as the tailored
shareholder reporting mandate. However, we are forecasting minimal
improvement in credit measures in the next two years until the
company demonstrates an ability to grow profits. It has
consistently underperformed our forecasts since it acquired
Investment Metrics LLC and Compliance Solutions Strategies in late
2021. It burned about $60 million of cash in 2023, and we estimate
it burned nearly $50 million again in 2024 despite a drop in the
acquisition and integration costs that plagued the company the last
few years. Although its products are relatively mission-critical
for its investment management clients and are relatively sticky, we
believe certain areas of its business face strong competition from
larger, better capitalized providers such as MSCI (BBB-/Stable/--),
FactSet (not rated), Aladdin by Black Rock (AA-/Stable/--), and
Donnelly Financial (not rated)."
The negative outlook reflects the risk of a downgrade if Confluence
continues to burn a meaningful amount of cash, increasing the
likelihood of a default over the subsequent 12 months.
S&P could lower its ratings on Confluence if the company's
liquidity challenges resurface and S&P expects a distressed debt
restructuring or a payment default over the next 12 months. This
could occur if:
-- Revenue growth opportunities do not materialize as expected;
-- The company does not manage its costs prudently; and
-- Restructuring and project-related expenses continue to pressure
the company's credit metrics.
S&P could raise its ratings if it believes the capital structure
becomes sustainable, which could occur if the company can grow
revenues, increase profitability, and generate cash flow sufficient
to cover all interest expense even after the PIK holiday on the
1.5-lien facility ends.
CURIS INC: T. Satterfield Holds 9.1% Equity Stake
-------------------------------------------------
Thomas A. Satterfield, Jr., disclosed in a Schedule 13G filing with
the U.S. Securities and Exchange Commission that as of December 31,
2024, he beneficially owns 790,432 shares of Curis, Inc.'s common
stock, representing 9.1% of the 8,466,957 shares of common stock of
the Company outstanding as of November 11, 2024.
About Curis
Lexington, Mass.-based Curis, Inc. is a biotechnology company
focused on the development of emavusertib (CA-4948), an orally
available, small molecule inhibitor of Interleukin-1 receptor
associated kinase, or IRAK4. IRAK4 plays an essential role in the
toll-like receptor, or TLR, and interleukin-1 receptor, or IL-1R,
signaling pathways, which are frequently dysregulated in patients
with Cancer.
As of March 31, 2024, the Company had $62 million in total assets,
$52.6 million in total liabilities, and $9.5 million in total
stockholders' equity.
Boston, Mass.-based PricewaterhouseCoopers, the Company's auditor
since 2002, issued a "going concern" qualification in its report
dated February 8, 2024, citing that the Company has incurred
losses
and cash outflows from operations that raise substantial doubt
about its ability to continue as a going concern."
DATAVAULT AI: Closes $5.4 Million Direct Offering
-------------------------------------------------
Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) disclosed in a
Form 8-K Report filed with the U.S. Securities and Exchange
Commission that it closed an offering pursuant to that certain
securities purchase agreement with the investors party thereto.
In the Offering, the Company issued and sold to the Investors in a
registered direct offering,
(a) an aggregate of 4,757,126 shares of common stock, par value
$0.0001 per share, of the Company, and (b) common stock purchase
warrants exercisable for an aggregate of up to 4,757,126 shares of
Common Stock, at an exercise price of $1.14 per share at a combined
offering price of $1.14 per share and accompanying Warrant, for
aggregate gross proceeds of approximately $5.4 million.
The Warrants are immediately exercisable upon issuance and will
expire on the fifth anniversary of the issuance date of the
Warrants. The Warrants may be exercised, in certain circumstances,
on a cashless basis pursuant to the formula contained in the
Warrants.
The Securities issued in the registered direct offering and the
Warrant Shares issuable upon exercise of the Warrants are being
offered pursuant to the Company's shelf registration statement on
Form S-3 (File 333-267211), initially filed by the Company with the
Securities and Exchange Commission under the Securities Act of
1933, as amended, on September 1, 2022 and declared effective on
September 13, 2022.
Obligations Under the Purchase Agreement
Pursuant to the Purchase Agreement, the Company agreed, subject to
certain exceptions,
(i) not to offer for sale, issue, sell, contract to sell,
pledge or otherwise dispose of any of its shares of Common Stock or
securities convertible into Common Stock until 30 days after the
closing date of the Offering, and
(ii) not issue certain securities if the issuance would
constitute a Variable Rate Transaction (as such term is defined in
the Purchase Agreement) for a period of 4 months from the closing
date of the Offering, in each case unless the Company is required
to complete a financing prior to the applicable date in order to
satisfy Nasdaq's continued listing requirements.
Placement Agency Agreement
In connection with the Offering, on February 13, 2025, the Company
entered into a placement agency agreement with Maxim Group LLC,
pursuant to which the Placement Agent agreed to act as placement
agent on a "reasonable best efforts" basis in connection with the
Offering. Pursuant to the Placement Agency Agreement, the Company
agreed to pay the Placement Agent an aggregate fee equal to 7% of
the gross proceeds raised in the Offering and reimburse the
Placement Agent an amount up to $75,000 for expenses in connection
with the Offering. The Company also issued the Placement Agent a
private warrant to purchase up to 5% of the aggregate number of
Securities sold in the Offering, or warrants to purchase up to
475,713 shares of Common Stock, at an exercise price equal to 125%
of the offering price per share of Common Stock and accompanying
Warrant, or $1.425 per share. The Placement Agent Warrants will be
exercisable 6 months after the commencement of sales in the
Offering and will expire on the five-year anniversary of the
initial exercise date.
About Datavault AI
Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) --
www.wisatechnologies.com -- develops and markets spatial audio
wireless technology for smart devices and home entertainment
systems. The Company's WiSA Association collaborates with consumer
electronics companies, technology providers, retailers, and
industry partners to promote high-quality spatial audio
experiences. WiSA E is the Company's proprietary technology for
seamless integration across platforms and devices.
San Jose, California-based BPM LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company's recurring losses from
operations, a net capital deficiency, available cash, and cash used
in operations as factors raising substantial doubt about its
ability to continue as a going concern.
As of Sept. 30, 2024, Datavault AI had $8.02 million in total
assets, $3.72 million in total liabilities, and $4.30 million in
total stockholders' equity.
DATAVAULT AI: Gregory Castaldo Holds 4% Equity Stake
----------------------------------------------------
Gregory Castaldo, disclosed in a Schedule 13G/A filed with the U.S.
Securities and Exchange Commission that as of February 14, 2025, he
beneficially owned 2,316,877 shares of Datavault AI, Inc.'s Common
Stock, $0.0001 par value per share, representing 4% of the
56,791,186 shares outstanding as of the event date.
Mr. Castaldo may be reached at:
3776 Steven James Drive
Garnet Valley, PA 19060
A full-text copy of Gregory Castaldo's SEC Report is available at:
https://tinyurl.com/ye93k8sf
About Datavault AI
Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) --
www.wisatechnologies.com -- develops and markets spatial audio
wireless technology for smart devices and home entertainment
systems. The Company's WiSA Association collaborates with consumer
electronics companies, technology providers, retailers, and
industry partners to promote high-quality spatial audio
experiences. WiSA E is the Company's proprietary technology for
seamless integration across platforms and devices.
San Jose, California-based BPM LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company's recurring losses from
operations, a net capital deficiency, available cash, and cash used
in operations as factors raising substantial doubt about its
ability to continue as a going concern.
As of Sept. 30, 2024, Datavault AI had $8.02 million in total
assets, $3.72 million in total liabilities, and $4.30 million in
total stockholders' equity.
DATAVAULT AI: Joseph Reda, SEG Opportunity Hold 3.9% Stake
----------------------------------------------------------
Joseph Reda and SEG Opportunity Fund, LLC disclosed in a Schedule
13G/A filed with the U.S. Securities and Exchange Commission that
as of February 14, 2025, they beneficially owned a total of
2,217,358 shares of Datavault AI, Inc.'s common stock, $0.0001 par
value per share. This includes 217,358 shares held solely by Joseph
Reda and 2,000,000 shares jointly owned with SEG Opportunity Fund,
LLC. Their combined holdings represent approximately 3.9% of the
56,791,186 shares outstanding.
SEG Opportunity Fund, LLC may be reached through:
Joseph Reda, Manager
1 Wolfs Lane
Suite 316
Pelham, NY 10803
A full-text copy of Joseph Reda's SEC Report is available at:
https://tinyurl.com/ve55apwf
About Datavault AI
Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) --
www.wisatechnologies.com -- develops and markets spatial audio
wireless technology for smart devices and home entertainment
systems. The Company's WiSA Association collaborates with consumer
electronics companies, technology providers, retailers, and
industry partners to promote high-quality spatial audio
experiences. WiSA E is the Company's proprietary technology for
seamless integration across platforms and devices.
San Jose, California-based BPM LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company's recurring losses from
operations, a net capital deficiency, available cash, and cash used
in operations as factors raising substantial doubt about its
ability to continue as a going concern.
As of Sept. 30, 2024, Datavault AI had $8.02 million in total
assets, $3.72 million in total liabilities, and $4.30 million in
total stockholders' equity.
DCA OUTDOOR: Files Chapter 11 Bankruptcy in Missouri
----------------------------------------------------
On February 20, 2025, DCA Outdoor Inc. filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Western District of Missouri.
According to court filing, the Debtor reports between $50 million
and $100 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
About DCA Outdoor Inc.
DCA Outdoor Inc. established in 2016, is a vertically integrated
green industry organization headquartered in Kansas City, Missouri.
The Company connects various sectors -- including agricultural
production, landscape distribution, retail, agritourism, and
transportation -- through its family of brands. The DCA Outdoor
family comprises several brands including Schwope Brothers Tree
Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT
Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and
Utopian Transport.
DCA Outdoor Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053 on February
20, 2025. In its petition, the Debtor reports estimated assets up
to $50,000 and estimated liabilities betwee $50 million and $100
million.
Honorable Bankruptcy Judge Cynthia A Norton handles the case.
The Debtor is represented by:
Larry E. Parres, Esq.
LEWIS RICE LLC
600 Washington Ave., Suite 2500
Saint Louis, MO 63101
Tel: 314-444-7600
Email: lparres@lewisrice.com
DIAMOND COMIC: Hires Stephenson Harwood LLP as Special Counsel
--------------------------------------------------------------
Diamond Comic Distributors, Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Maryland to
employ Stephenson Harwood LLP as special counsel.
The firm will provide the Debtors English law advice with respect
to the impact of the chapter 11 cases for non-debtor affiliate
Diamond Comic Distributors, an unlimited company incorporated in
England & Wales.
The firm will be paid at these rates:
Partners £1,035 per hour
Managing Associate £820 per hour
Mid Associate £745 per hour
Junior Associate £605 per hour
Paralegal/Trainee £315 per hour
The firm received from the Debtors a retainer of 35,000 pounds.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Consistent with Part D(1) of the U.S. Trustee Guidelines, Tal
Goldsmith state as follows:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Stephenson Harwood began working with the Debtors in
connection with restructuring matters on or about December 2024.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: The Debtors approved or will be approving a
prospective budget and staffing plan for Stephenson Harwood's
engagement for the postpetition period, as appropriate. In
accordance with the U.S. Trustee Guidelines, the budget may be
amended as necessary to reflected changed or unanticipated
developments.
Tal Goldsmith, Esq., a partner at Stephenson Harwood LLP, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Tal Goldsmith, Esq.
Stephenson Harwood LLP
1 Finsbury Circus
London EC2M 7SH
About Diamond Comic Distributors, Inc.
Founded in 1982, Diamond Comic Distributors Inc. offers a
multi-channel platform of publishing, marketing and fulfillment
services, coupled with an unparalleled global distribution network
for its retailers, publishers and vendors.
Diamond Comic Distributors and its affiliates filed Chapter 11
petitions (Bankr. D. Md. Case No. 25-10308) on January 14, 2025. At
the time of the filing, Diamond Comic Distributors reported between
$50 million and $100 million in both assets and liabilities.
Judge David E. Rice handles the case.
The Debtors tapped Saul Ewing, LLP as legal counsel; Getzler
Henrich & Associates, LLC as financial advisor; Raymond James &
Associates, Inc. as investment banker; and Stephenson Harwood, LLP
as U.K. counsel. Omni Agent Solutions is the Debtors' claims and
noticing agent and administrative agent.
DRIVEHUB AUTO: Court Extends Cash Collateral Access to March 13
---------------------------------------------------------------
DriveHub Auto, Inc. received interim approval from the U.S.
Bankruptcy Court for the Middle District of Florida, Orlando
Division, to use cash collateral until March 13, marking the second
extension since the company's Chapter 11 filing.
The court's previous interim order allowed the company to access
cash collateral until Feb. 19 only. This order granted XL Funding,
LLC and other creditors, which assert a security interest in the
company's cash and cash equivalents, a post-petition lien on cash
collateral to the same extent and with the same validity and
priority as their pre-bankruptcy lien.
DriveHub requires the use of cash collateral to pay its expenses,
including wages, rent, insurance and reconditioning costs.
The next hearing is set for March 13.
About DriveHub Auto Inc.
DriveHub Auto Inc. is a used car dealership located in Orlando,
Fla., offering pre-owned vehicles to customers.
DriveHub Auto filed Chapter 11 petition (Bankr. M.D. Fla. Case No.
25-00594) on January 27, 2025, listing between $1 million and $10
million in both assets and liabilities.
Judge Grace E. Robson 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
DVC3 LLC: Gets Extension to Access Cash Collateral
--------------------------------------------------
DVC3, LLC received another extension from the U.S. Bankruptcy
Court, Middle District of Florida, Jacksonville Division to use the
cash collateral of the U.S. Small Business Administration.
SBA's cash collateral consists of cash and accounts receivable
generated by the operation of DVC3's business.
The court authorized DVC3 to use the lender's cash collateral for
operating expenses but not for pre-bankruptcy expenses, officer
salaries or professional fees, which require court approval.
As protection, the SBA was granted a replacement lien with the same
nature, priority and extent as its pre-bankruptcy lien. In
addition, the SBA will receive a monthly payment of $1,500 starting
this month.
The final hearing is scheduled for April 15.
About DVC3 LLC
DVC3, LLC filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03897) on December
23, 2024, listing up to $500,000 in assets and up to $10 million in
liabilities. Aaron Cohen, Esq., a practicing attorney in
Jacksonville, Fla., serves as Subchapter V trustee.
Judge Jacob A. Brown oversees the case.
The Debtor is represented by:
Bryan K. Mickler, Esq.
Law Offices of Mickler & Mickler, LLP
5452 Arlington Expressway
Jacksonville, FL 322211
Telephone: (904) 725-0822
Facsimile: (725) 0855
Email: bkmickler@planlaw.com
ECHOSTAR CORP: FMR Holds 9.1% Equity Stake
------------------------------------------
FMR LLC and Abigail P. Johnson disclosed in a Schedule 13G filing
with the filing with the U.S. Securities and Exchange Commission
that as of December 31, 2024, they beneficially own 13,373,248.29
shares of EchoStar Corporation's common stock, representing 9.1% of
the Company's outstanding shares of stock.
About Echostar
Headquartered in Englewood, Colorado, EchoStar Corporation is a
holding company that was organized in October 2007 as a
corporation
under the laws of the State of Nevada. Its subsidiaries operate
four primary business segments: (1) Pay-TV; (2) Retail Wireless;
(3) 5G Network Deployment; and (4) Broadband and Satellite
Services.
Denver, Colorado-based KPMG LLP, the Company's auditor since 2002,
issued a "going concern" qualificatin in its report dated Feb. 29,
2024, citing that the Company has debt maturing in 2024 and
expects
to use a substantial amount of cash in the next 12 months. This
raises substantial doubt about its ability to continue as a going
concern.
As of September 30, 2024, EchoStar had $57.5 billion in total
assets, $38 billion in total liabilities, and $19.5 billion in
total stockholders' equity.
ECHOSTAR CORP: Loomis, Sayles Holds 5.98% Equity Stake
------------------------------------------------------
Loomis, Sayles & Co., L.P.. disclosed in a Schedule 13G filing with
the U.S. Securities and Exchange Commission that as of December 31,
2024, it beneficially owns 8,943,604.32 shares of EchoStar
Corporation's common stock, representing 5.98% of the Company's
outstanding shares of stock.
About Echostar
Headquartered in Englewood, Colorado, EchoStar Corporation is a
holding company that was organized in October 2007 as a
corporation
under the laws of the State of Nevada. Its subsidiaries operate
four primary business segments: (1) Pay-TV; (2) Retail Wireless;
(3) 5G Network Deployment; and (4) Broadband and Satellite
Services.
Denver, Colorado-based KPMG LLP, the Company's auditor since 2002,
issued a "going concern" qualificatin in its report dated Feb. 29,
2024, citing that the Company has debt maturing in 2024 and
expects
to use a substantial amount of cash in the next 12 months. This
raises substantial doubt about its ability to continue as a going
concern.
As of September 30, 2024, EchoStar had $57.5 billion in total
assets, $38 billion in total liabilities, and $19.5 billion in
total stockholders' equity.
EL DORADO: Seeks to Sell Equipment in Virtual Auction
-----------------------------------------------------
Dawn Ragan, the duly appointed chapter 11 Trustee for the
bankruptcy estates of Hugoton Operating Company Inc., and El Dorado
Gas & Oil, Inc., and the Independent Manager of Bluestone Natural
Resources II - South Texas, LL, and the Independent Director of
World Aircraft Inc., seeks permission from the U.S. Bankruptcy
Court for the Southern, District of Mississippi, in a 15th motion
to sell equipment in auction.
The Trustee has identified extensive amounts of equipment,
machinery, and other personal property owned by the Debtors and
stored and housed in over 37 different locations across several
states and Canada.
The Trustee retains Tiger Capital Group, LLC to assist with the
process of inventorying, cataloguing, and, where appropriate,
selling each item of equipment; a process that will take months as
property is sold and removed and lots cleared to provide access to
other property located in the rear.
The Trustee believes that the proposed sale terms and procedures
will facilitate an orderly and efficient sale of the Equipment. The
Equipment has value that can be realized through sales by auction,
and equally as important, the estates are incurring administrative
expenses to preserve and maintain the Equipment.
The Trustee proposes that the auction will be conducted virtually
on or after April 1, 2025.
The Equipment is comprised of Scheduled Lots: 1, 4, 8, 31– 34,
38, 45–46, 48, 52, 56, 65–66, 70, 73, 74, 81–82, 86, 88, 90,
97, 100–102, 106– 110, 114, 117–118, 123–124, 126–143,
147–150, 155, 158–159, 169–171, 174–176, 179, 181, 183,
186–187, 189, 194, 198, 200–202, 208–209, 214–217, 219,
237, 247, 250, 275, 300, 308, 310–311, 316–317, 337, 348, 358,
360, 372, 380, 678, 702, 707, 716, 721, 724–726, 729, 732–735,
746, 796, which are located at 1094 N Highway 281 Bypass Alice, TX
78332.
The auction will also be advertised online and in print. Tiger
Capital intends to publish notice on its website, electronic mail
distribution lists, and print and regular mail campaigns.
Tiger Capital also advises the Trustee that it will send direct
mailings to targeted recipients, engage in telemarketing campaigns,
and engage a public relations company to assist with the promotion
of the auction.
The Equipment will be sold "as is", "where is", without any
representations of any kind or nature whatsoever, including as to
merchantability or fitness for a particular purpose, and without
warranty or agreement as to the condition of such personal
property.
Within 21 days of an auction, the Trustee may perform an interim
transfer of approximately 80%–90% of the net sale proceeds from
the Proceeds Account to the DIP Account and may hold back the
remaining 10%–20% of the net sale proceeds attributable from such
sale in the Proceeds Account for the purpose of paying any
remaining taxes due from the sale. The remaining portion of the
10%–20% holdback of net sale proceeds shall be transferred to the
DIP Account within 28 days following the auction, unless otherwise
agreed to in writing between the Trustee and the United States
Trustee.
The Trustee may remove any item of Equipment from the auction,
and/or sell it via direct sale as the Trustee determines, in the
exercise of her business judgment, is in the best interests of the
estate and all creditors.
FSB, as the pre-petition lender, and now the post-petition "DIP"
lender, as well as GrayStreet as a participating DIP lender have
secured interests in substantially all the Debtors' personal
property, including the Equipment to be sold and have consented to
the sale of the Equipment.
The Trustee is aware that the Maxey Creditors and Mr. Alaniz assert
an interest in the Equipment. The Trustee has informed these
parties that she is moving forward with the sale of the Equipment.
About El Dorado Gas & Oil and Hugoton Operating Company
Hugoton Operating Company, Inc. filed a voluntary Chapter 11
petition (Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023. El
Dorado Gas & Oil, Inc., a company in Gulfport, Miss., filed Chapter
11 petition (Bankr. S.D. Miss. Case No. 23-51715) on Dec. 22, 2023,
with $500 million to $1 billion in assets and $50 million to $100
million in liabilities. Thomas L. Swarek, president, signed the
petition.
On Feb. 22, 2024, Bluestone Natural Resources II - South Texas, LLC
and World Aircraft, Inc. filed separate Chapter 11 petitions
(Bankr. S.D. Miss. Case Nos. 24-50223 and 24-50224).
On Jan. 12, 2024, the Court entered an order directing the
appointment of a Chapter 11 trustee for Hugoton. On Jan. 22, 2024,
the Court approved Dawn Ragan as the Chapter 11 trustee for
Hugoton.
On Jan. 31, 2024, the Court ordered the appointment of a Chapter 11
trustee for El Dorado. On Feb. 2, 2024, the Court approved Ms.
Ragan as Chapter 11 trustee for El Dorado.
No official committee of unsecured creditors has been established
in any of the Debtor cases.
Hugoton and El Dorado are both Arkansas corporations engaged in the
exploration, production, and development of crude oil and natural
gas properties. El Dorado is a lease holder and operator of oil
and
gas wells covering about 4,000 net acres in South Texas. El Dorado
also owns a substantial amount of oil field equipment and owns real
estate in multiple locations and states. Hugoton also owns oil and
gas interests and operates wells in South Texas.
Hugoton is 100% owned by El Dorado and El Dorado is 100% owned by
Thomas Swarek. Bluestone is 100% owned by Hugoton. Bluestone owns
oil and gas interests operated by the EDGO Debtors. World Aircraft
is 100% owned by EDGO. World Aircraft owns various aircraft and
equipment assets.
Judge Katharine M Samson oversees the cases.
Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is Debtors
Bluestone Natural Resources II-South Texas, LLC and World Aircraft,
Inc.
R. Michael Bolen, Esq., at Hood & Bolen, PLLC; and Nancy Ribaudo,
Esq., Katherine Hopkins, Esq., and Joseph Austin, Esq., at Kelly
Hart & Hallman LLP, serve as counsel to Dawn Ragan, Chapter 11
Trustee for El Dorado Gas & Oil, Inc. and Hugoton Operating
Company, Inc.
EL PASO EDUCATION: Moody's Alters Outlook on Ba2 Rating to Stable
-----------------------------------------------------------------
Moody's Ratings has revised El Paso Education Initiative, Inc.,
TX's (EPEI) outlook to stable from negative and has affirmed its
Ba2 revenue bond rating. The charter school network currently has
$18.7 million in outstanding revenue debt.
The revision of the outlook to stable from negative is driven by
the charter school network's improved days cash on hand position
following its strong fiscal 2024 operating performance.
RATINGS RATIONALE
The Ba2 rating reflects EPEI's small but expanding operational
scale, favorable prospects for continued moderately positive
operating performance, and rebound in reserves to stronger, but
still thin, levels. Its good competitive profile balances its
increasing student enrollment with weak waitlist demand and average
academic performance. After a very weak fiscal 2023, the network's
financial position improved in fiscal 2024 due to a combination of
growing revenue and expenditure restraint. The network's fiscal
2025 budget projects another year of favorable operating results
and debt service coverage supported by continued enrollment
growth.
Positive operations in fiscal 2024 enhanced the network's year-end
cash on hand to a satisfactory 94 days. However, the school
forecasts that its days cash position will decrease to roughly 66
days in fiscal 2025 due to cash contributions for capital projects.
This provides some cushion to the covenanted 45 days, but is still
quite thin on both an absolute and relative basis. Moody's credits
view also considers the network's moderate long-term leverage,
history of weak internal controls, and a fair likelihood of renewal
of its two charters authorized by the Texas State Board of
Education.
RATING OUTLOOK
The stable outlook reflects the charter school network's enhanced
available liquidity and positive student enrollment trends, which
will contribute to near-term budgetary reliability and good annual
debt service coverage.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING
-- Sustained bolstering of days cash on hand above 100 days while
also maintaining strong annual debt service coverage
-- Improvement in the charter school network's competitive
profile, including increased waitlist demand and enhanced academic
performance
-- Strengthening of governance considerations including financial
management and internal controls
-- Material reductions to the network's debt and pension leverage
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING
-- Failure to maintain days cash on hand above 60 days or annual
debt service coverage of above 1.2x
-- Weakened competitive considerations including material
enrollment declines or diminished academic performance
-- Increased risk of charter non-renewal or failure to improvement
on internal controls
-- Material increases to the network's debt and pension leverage
LEGAL SECURITY
El Paso Education Initiative's outstanding Series 2020A education
revenue bonds are special, limited obligation of the Arlington
Higher Education Finance Corporation and payable solely from
payments to be made by El Paso Education Initiative, Inc. (the
Company) pursuant to the Loan Agreement and related trust
indentures. The Company's principal source of revenue is state
funding derived from its charter school operations. The Company
also executed a Deed of Trust mortgaging the schools operating
under the Burnham Charter School banner; Vista Del Futuro is a
leased facility and not included in the Deed of Trust. The bonds
are further secured by the Texas Permanent School Fund's commitment
to pay debt service if necessary.
Bond covenants include a 45 days cash on hand requirement and
annual debt service coverage ratio of 1.1x. A debt service coverage
ratio of less than 1.0x constitutes an immediate event of default.
PROFILE
El Paso Education Initiative, Inc. (EPEI) is a non-profit charter
school network that operates four campuses under two open
enrollment charters granted by the Texas State Board of Education.
The two charters are Vista del Futuro Charter School, offering
preK-8th grade, and Burnham Wood Charter School, offering preK-6th
grade at Howard Burnham Elementary School, preK-6th grade at the
Linguistic Academy of El Paso, and 7th-12th grade at the Da Vinci
School for Science and the Arts. The charter school network is
governed by a seven-member Board of Directors and currently enrolls
approximately 2,100 students across its four campuses.
METHODOLOGY
The principal methodology used in these ratings was US Charter
Schools published in April 2024.
ELITA 7 LLC: Patient Care Ombudsman Hires Rimon P.C. as Counsel
---------------------------------------------------------------
Joseph J. Tomaino, the patient care ombudsman of Elita 7, LLC and
its affiliate, seeks approval from the U.S. Bankruptcy Court for
the District of Massachusetts to employ Rimon P.C. as counsel.
The firm will provide these services:
a. advising and representing the Ombudsman in any proceeding or
hearing in the Bankruptcy Court, and in any action in other courts
where the rights of the patients may be litigated or affected as a
result of these Chapter 11 Cases;
b. advising and representing the Ombudsman concerning the
requirements of the Bankruptcy Code and Bankruptcy Rules and the
requirements of the Office of the United States Trustee relating to
the discharge of his duties under section 333 of the Bankruptcy
Code;
c. advising and representing the Ombudsman in connection with
gaining access to patient records in accordance with section 333 of
the Bankruptcy Code and other relevant law to the extent
applicable;
d. advising and representing the Ombudsman concerning the effect
on patients of the closing of the Debtors' programs or facility;
and
e. performing such other legal services as may be required under
the circumstances of these Chapter 11 Cases in accordance with the
Ombudsman's powers and duties as set forth in the Bankruptcy Code,
including assisting the Ombudsman with reports to the Court, fee
applications, and other matters.
The firm will be paid at these rates:
Attorneys $375 to $875 per hour
Paralegals $300 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ronald J. Friedman, Esq., a partner at Rimon P.C., disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Ronald J. Friedman, Esq.
Rimon P.C.
100 Jericho Quadrangle, Suite 300
Jericho, NY 11753
Tel: (516) 479-6300
About Elita 7, LLC
Elita 7, LLC operates a 60-bed Rest Home located at 16 Marble
Street, Worcester, Mass.
Elita 7 and its affiliate, Victoria Light, LLC, filed Chapter 11
petitions (Bankr. D. Mass. Lead Case No. 24-41303) on December 20,
2024. At the time of the filing, the Debtors reported $1 million to
$10 million in both assets and liabilities.
Judge Elizabeth D. Katz oversees the cases.
The Debtors are represented by:
John O. Desmond, Esq.
5 Edgell Road, Suite 30A
Farmingham, MA 01701
Tel: (508) 879-9638
Email: attorney@jdesmond.com
EURASIA LLC: Seeks Subchapter V Bankruptcy in Arizona
-----------------------------------------------------
On February 25, 2025, Eurasia LLC filed Chapter 11 protection in
the U.S. Bankruptcy Court for the District of Arizona. According
to court filing, the Debtor reports between $100,000 and
$500,000 in debt owed to 1 and 49 creditors. The petition states
funds will be available to unsecured creditors.
About Eurasia LLC
Eurasia LLC is a furniture and home furnishings business located in
Prescott, Arizona.
Eurasia LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Ariz. Case No. 25-01515) on February 25, 2025. In
its petition, the Debtor reports estimated assets up to $50,000 and
estimated liabilities between $100,000 and $500,000.
Honorable Bankruptcy Judge Paul Sala handles the case.
The Debtor is represented by:
Allan D. Newdelman, Esq.
ALLAN D NEWDELMAN PC
80 E Columbus Ave
PHoenix, AZ 85012
Phone: 602-264-4550
Fax: 602-277-0144
EUREKA REALTY: Seeks Subchapter V Bankruptcy in New York
--------------------------------------------------------
On February 26, 2025, Eureka Realty Corp. filed Chapter 11
protection in the U.S. Bankruptcy Court for the Southern 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 Eureka Realty Corp.
Eureka Realty Corp. is a single-asset real estate corporation based
in New York City.
Eureka Realty Corp. sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10345) on
February 26, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Lisa G Beckerman handles the case.
EXPEDITED TAXI: Seeks Chapter 11 Bankruptcy in New York
-------------------------------------------------------
On February 20, 2025, Expedited Taxi Corp. filed Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern District
of New York. According to court filing, the
Debtor reports $1,288,340 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
About Expedited Taxi Corp.
Expedited Taxi Corp. operates in the taxi service industry, owning
medallions 9G55 and 9G56, which allow it to provide taxi services
in the Rockaway Park area of New York.
Expedited Taxi Corp. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40852) on February 20,
2025. In its petition, the Debtor reports total assets of
$1,309,981 and total liabilities of $1,288,340.
Honorable Bankruptcy Judge Jil Mazer-Marino handles the case.
The Debtor is represented by:
Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
Fax: (347) 342-3156
Email: alla@kachanlaw.com
FAMILY SOLUTIONS: Trustee Seeks to Hire Levy Tax as Accountant
--------------------------------------------------------------
George F. Sanderson III, the Trustee of Family Solutions of Ohio,
Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern
District of North Carolina to employ Levy Tax Professionals, Inc.
as accountant.
The firm will provide accounting services to the Debtor.
The firm will be paid a monthly rate of $2,000. The firm will also
be paid $3,500 per year for the 2023 and 2024 tax returns.
As disclosed in the court filings, Levy Tax Professionals does not
hold an interest adverse to the estate.
The accountant can be reached through:
Lawrence Levy
Levy Tax Professionals, Inc.
2881 S Federal Highway
Delray Beach, FL 33483
Phone: (800) TAX-LEVY
About Family Solutions of Ohio, Inc.
Family Solutions of Ohio, Inc. in Wake Forest, NC, sought relief
under Chapter 11 of the Bankruptcy Code filed its voluntary
petition for Chapter 11 protection (Bankr. E.D.N.C. Case No.
24-03043) on Sept. 5, 2024, listing as much as $1 million to $10
million in both assets and liabilities. John Hopkins Jr. as vice
president, signed the petition.
Judge Pamela W Mcafee oversees the case.
HENDREN, REDWINE & MALONE, PLLC, serves as the Debtor's legal
counsel.
FIRST COAST ROLL OFFS: Gets Extension to Access Cash Collateral
---------------------------------------------------------------
First Coast Roll Offs, LLC received fifth interim approval from the
U.S. Bankruptcy Court for the Middle District of Florida to use the
cash collateral of the U.S. Small Business Administration.
The company was authorized to use cash collateral to fund
operations and pay necessary expenses but not pre-bankruptcy debts
or insider payments without further court approval.
The company's budget projects total expenses of $1,151,349.16 for
the period from February to December.
As protection, SBA will be granted a replacement lien on cash,
receivables, and post-petition assets and will receive a monthly
payment of $3,500.
First Coast was ordered to keep the SBA's collateral insured.
The company's authority to use cash collateral will terminate if
certain events occur such as the conversion of its Chapter 11 case
to one under Chapter 7; the cessation of its business operations;
or relief from the automatic stay.
A final hearing will take place on March 24.
About First Coast Roll Offs
First Coast Roll Offs, LLC is a waste management company based in
St. Augustine, Fla., specializing in providing roll-off dumpster
rental services.
First Coast Roll Offs filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02476) on
August 19, 2024, with total assets of $1,717,750 and total
liabilities of $2,613,527. L. Todd Budgen, Esq., a practicing
attorney in Longwood, Fla., serves as Subchapter V trustee.
Judge Jacob A. Brown oversees the case.
Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler,
LLP is the Debtor's bankruptcy counsel.
FIRST QUANTUM: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed First Quantum Minerals Ltd.'s (FQM)
Long-Term Issuer Default Rating (IDR), as well as its senior
secured and senior unsecured ratings, at 'B'. The ratings have been
removed from Rating Watch Negative. The Outlook on the Long-term
IDR is Negative.
Fitch has also assigned an expected senior unsecured 'B(EXP)'
rating to FQM's new senior unsecured notes. The Recovery Ratings on
both senior secured and senior unsecured notes are 'RR4'.
The Negative Outlook reflects FQM's high leverage and prolonged
uncertainly on the future of its Cobre Panama mine. The rating
incorporates robust operations in Zambia and proactive liquidity
management. FQM is reviewing options for the sale of a minority
stake in its Zambian assets. The proceeds will be used for
deleveraging and liquidity. If successful, Fitch forecasts EBITDA
gross leverage at slightly below its negative rating sensitivity of
5x.
Fitch will assign a final rating on receipt of final documentation
conforming to information already received.
Key Rating Drivers
Prolonged Suspension of Cobre Panama: Cobre Panama remains in
preservation and safe management with no production since November
2023. Last year's elections have not led to a decision on the
future of the mine, in contrast to its previous expectations that
the mine will resume operations in 2025. Due to this uncertainty,
Fitch has taken a conservative approach and centred its forecast
for 2025-2028 on operations in Zambia.
FQM is working on bringing the Cobre Panama mining operations back
on track by launching a public relations campaign to improve
perception of the project and seeking to negotiate with the
government in the near term. The process of setting terms for an
environmental audit commenced in January and FQM is concurrently
pursuing two separate international arbitration cases against
Panama.
High Leverage: Without volumes from Cobre Panama, Fitch forecasts
EBITDA to average USD1.4 billion in 2025-2028 under its price
assumption. This is almost twice lower than when the mine had been
in operation. Fitch expects EBITDA gross leverage of around 5x
(excluding the Franco Nevada streaming agreement with no metal
deliveries from the mine) over the next three years, close to its
negative sensitivity. This is higher than 4.4x in 2024, as Fitch
expects negative free cash flow (FCF) in 2025-2026, due to
substantial capex, including for the completion of the Kansanshi S3
project.
Fitch incorporates the potential sale of minority stakes in Zambian
assets into its forecast. Failure to complete the stake sale and
the continuing suspension of Cobre Panama will drive EBITDA
leverage higher to over 6x, which may lead to a downgrade.
Proactive Liquidity Management: Since Cobre Panama's operations
were suspended, FQM has been actively addressing liquidity risks
and strengthening its balance sheet. In 2024 it issued USD1.6
billion secured notes for refinancing, placed USD1.1 billion common
shares that it used for bonds prepayment, and signed a USD500
million copper prepayment facility. The proposed notes issue will
be used to refinance upcoming bond maturities and a portion of its
bank facilities. This, together with the potential sale of minority
stakes in Zambian mines, will bolster its liquidity.
Rating Above Zambia's Country Ceiling: Without volumes from Cobre
Panama, FQM will derive over 95% of EBITDA from Zambia (RD) from
2025, leading us to apply the 'B-' Country Ceiling of Zambia,
instead of Panama. FQM maintains sizeable liquidity headroom, with
a high share of export proceeds, cash held abroad, and undrawn
offshore committed credit lines totalling USD3.3 billion in 2025
and USD2.2 billion in 2026. This supports a hard-currency
debt-service coverage ratio above 1.5x for 2025-2026 and allows
Fitch to rate FQM one notch above Zambia's Country Ceiling.
Deteriorating Operating Environment: The forced suspension of Cobre
Panama reflects a deterioration in the mining environment in
Panama, in Fitch's view. Social and environmental opposition to
mining has become more vocal in the run-up to the elections last
year. Further, in November 2023 the government signed into law a
moratorium on new mining projects in the country. Fitch believes
that the new government may adopt a more constructive approach
towards the mining sector. However, as the decision might take
time, Fitch sees no certainty on the timeline for the mine's
restart.
Zambia Power Challenges: Since 1Q24 the supply of energy was
limited, due to drought reducing Zambia's hydropower generation.
FQM has been importing power from neighbouring countries to
minimise operational disruptions. Fitch expects that in 2025-2026
around 40% of FQM's energy will be supplied from abroad, increasing
its cash costs by 4%. In the longer term, a new solar and wind
project, together with new hydropower initiatives, in Zambia should
improve domestic energy supply.
ESG - Exposure to Social Impact: FQM's suspension of operations at
Cobre Panama since November 2023 amid social protests and a Supreme
Court ruling that the mine's concession law is unconstitutional has
resulted in uncertainty over the future of the mine and FQM's
financial performance. This resulted in the downgrade of the rating
and maintenance of the RWN in February 2024. The IDR is now on
Negative Outlook.
Derivation Summary
FQM's peers include copper producers Freeport-McMoRan Inc.
(BBB/Stable), Hudbay Minerals Inc. (BB-/Stable), Ero Copper Corp.
(B/Stable) and Endeavour Mining plc (BB/Stable).
Freeport is among the top 10 global producers with 1.9 million
tonnes copper output in 2024. FQM produced 431kt, Ero 41kt, and
Hudbay is estimated to have produced 140kt in 2024.
FQM's medium-term cost position is in the higher third quartile,
while Freeport's assets on average are placed around the 50th
percentile, due to low-cost operations at its Grasberg mine.
Freeport benefits from wider diversification across geographies
with a more stable operating environment and more sizeable assets
with a longer reserve life. Freeport's medium-term EBITDA gross
leverage is below 2x.
FQM has a stronger business profile than Hudbay, due to its much
larger scale and longer reserve life. However, it has a less
competitive cost position. Hudbay operates in the lower-risk
jurisdictions of Canada and Peru and has some commodity
diversification. Fitch expects Hudbay's EBITDA gross leverage to
remain below 2.5x.
Gold miner Endeavour is smaller than FQM (assuming current scale)
but with a better cost position in the second quartile of the
global cost curve. Operations are spread across Senegal, Cote
d'Ivoire and Burkina Faso, with the latter having a very weak
operating environment with many challenges, including security.
Endeavour has a conservative financial policy to maintain net
debt/EBITDA below 0.5x through the cycle.
Ero is much smaller in scale, has comparable reserve life and cost
position on the higher end of the cost curve. Ero's gross leverage
is expected at around 2x.
Key Assumptions
- Prices over 2025-2028 in line with Fitch's price assumptions for
copper, gold and nickel
- Given the uncertainty over Cobre Panama, its rating case is based
on the mine not resuming operations during the forecast period
- Kansanshi S3 production full ramp-up in 2026, increasing total
copper sold volume to 490,000 tonnes from 2027 onwards from 440,000
tonnes in 2025-2026
- Capex in 2025-2027 in line with FQM's guidance and adjusted to
Fitch's price assumptions
- Franco Nevada streaming agreement excluded from Fitch-adjusted
debt over the forecast period
- No dividend for 2025-2028
- Material proceeds from Zambia minority stake sale in 2025
Recovery Analysis
Recovery Analysis Assumptions
The recovery analysis assumes that FQM would be considered a going
concern (GC) in bankruptcy and that it would be reorganised rather
than liquidated.
Its GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA on which Fitch bases the valuation of
the company. Fitch has lowered its GC EBITDA estimate to USD1.35
billion from USD1.55 billion under the assumption of protracted
operational disruption at Cobre Panama.
An enterprise value (EV)/EBITDA multiple of 4.5x was used to
calculate the post-reorganisation EV, which factors in FQM's scale,
growth prospects, and exposure to Zambia with a weak mining
operating environment.
FQM's senior secured revolving credit facility (RCF) is assumed to
be fully drawn.
Senior secured debt reflected in the recovery waterfall comprises a
combined USD2.2 billion RCF and a term-loan bank facility. Fitch
removed the USD0.9 billion streaming agreement with Franco-Nevada
from the waterfall because its GC EBITDA assumption excludes Cobre
Panama. The existing USD1.6 billion senior secured second-lien
notes with a share pledge covering the Sentinel and Enterprise
assets and benefiting from a guarantee from Kansanshi and other
guarantors are reflected as secured in the recovery waterfall.
The new notes issue and immediate debt maturities are included in
USD3.9 billion of senior unsecured debt, comprising bonds and the
copper pre-payment facility.
FQM's USD423 million term loan is included as senior debt.
Fitch excludes immediate maturities from its debt calculation.
After deducting 10% for administrative claims and taking into
account Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, its analysis resulted in a waterfall-generated recovery
computation (WGRC) in the 'RR4' band, indicating a 'B' senior
secured rating. The Recovery Rating is capped at 'RR4'. The WGRC
output percentage on current metrics and assumptions was 50%.
Its analysis for FQM's proposed bonds also resulted in a WGRC in
the 'RR4' band, indicating an expected 'B(EXP)' senior unsecured
rating. The WGRC output percentage on current metrics and
assumptions was 37%.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDA gross leverage consistently above 5x
- Material deterioration in liquidity and increasing refinancing
risk
- Signs of a deteriorating operating environment in Zambia
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- As the Long-term IDR is on Negative Outlook, Fitch does not
expect a positive rating action at least in the short term.
However, proactive liquidity management and the completion of
minority interest sale could lead to a revision of the Outlook to
Stable, subject to FQM maintaining hard currency debt service
coverage above 1.5x to maintain its rating above Zambia's Country
Ceiling
Liquidity and Debt Structure
At end-2024, FQM's liquidity comprised an unrestricted cash balance
of USD843 million and an undrawn committed RCF of USD750 million,
compared with around USD530 million of debt maturities in 2025.
The planned notes issue and management's actions to support
liquidity, in addition to the potential Zambian minority stake
sale, would support FQM's liquidity for the next two years. In the
absence of the stake sale or other funding measures available,
liquidity will be sufficient only for the current year.
Issuer Profile
FQM is a medium-sized global copper company. It produces copper in
the form of concentrate, cathode and anode, as well as gold,
silver, zinc and nickel. Major assets are located in Zambia and
Panama with smaller operations in Spain, Mauritania, Australia,
Turkey and Finland.
Summary of Financial Adjustments
Franco Nevada streaming agreement of USD970 million reclassified
from deferred revenue to Fitch-adjusted debt in 2024
Transaction and accretion charges of USD45 million added back to
Fitch-adjusted debt balance in 2024
Jiangxi copper prepayment of USD500 million reclassified from
deferred revenue to Fitch-adjusted debt; USD36 million interest
expenses was added to interest paid in 2024
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
FQM has an ESG Relevance Score of '5' for Exposure to Social
Impacts, due to the forced suspension of operations at Cobre Panama
since November 2023, which has a negative impact on the credit
profile, and is highly relevant to the rating, which resulted in
the downgrade and the maintenance of the RWN in February 2024. The
Long-term IDR is currently on Negative Outlook.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
First Quantum
Minerals Ltd. LT IDR B Affirmed B
senior unsecured LT B Affirmed RR4 B
senior unsecured LT B(EXP) Expected Rating RR4
Senior Secured
2nd Lien LT B Affirmed RR4 B
FLYING STAR: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Four affiliates that simultaneously filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Flying Star LLC 25-11380
17145 Margay Ave
Carson CA 90746
Sky Creations LLC 25-11384
E Star LLC 25-11388
Top Brand LLC 25-11387
Business Description: Flying Star LLC, Sky Creations LLC, E Star
LLC, and Top Brand LLC are businesses
primarily focused on the design, production,
and sale of clothing items, particularly
oversized hooded sweatshirts and wearable
blankets.
Chapter 11 Petition Date: February 24, 2025
Court: United States Bankrutpcy Court
Central District of California
Judge: Hon. Julia W Brand
Debtors' Counsel: Michael S. Reynolds, Esq.
SNELL & WILMER L.L.P.
600 Anton Blvd., Suite 1400
Costa Mesa CA 92626
Tel: (714) 427-7000
Email: mreynolds@swlaw.com
Flying Star's
Estimated Assets: $10 million to $50 million
Flying Star's
Estimated Liabilities: $10 million to $50 million
Sky Creations LLC's
Estimated Assets: $0 to $50,000
Sky Creations LLC's
Estimated Liabilities: $10 million to $50 million
E Star LLC's
Estimated Assets: $100,000 to $500,000
E Star LLC's
Estimated Liabilities: $10 million to $50 million
Top Brand LLC's
Estimated Assets: $10 million to $50 million
Top Brand LLC's
Estimated Liabilities: $10 million to $50 million
The petitions were signed by John Shun On Ngan as managing member.
Full-text copies of the petitions are available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/U26BB3A/Flying_Star_LLC__cacbke-25-11380__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DURJP6Y/Sky_Creations_LLC__cacbke-25-11384__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/JAXRJKI/E_Star_LLC__cacbke-25-11388__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/D7LIECY/Top_Brand_LLC__cacbke-25-11387__0001.0.pdf?mcid=tGE4TAMA
List of the 20 Largest Unsecured Creditors for Flying Star and Top
Brand LLC:
Entity Nature of Claim Claim Amount
1. Cozy Comfort Company LLC Litigation $18,361,394
Messner Reeves LLP
7250 N 16th St Ste 410
Phoenix, AZ 85020
Attn: Isaac S Crum, Esq.
2. Living Design Ltd Trade $3,999,546
Flat/Rm 01-05-Blk 2
#9 Sheung Yeut Rd
Kownloon Bay, Hong Kong
Tel: 0852-9851-9519
3. Jones Day Professional $663,817
Gregory A Castanias Services
51 Louisiana Ave NW
Washington, DC 20001-2105
Gregory A Castanias
Tel: (202) 879-3639
4. Aronberg Goldgehn Professional $281,645
Davis & Garmisa Services
330 North Wabash
Chicago, IL 60611
Damaris Torres Lopez
Tel: (312) 828-9600
5. Shaoxing Mase Trade Co Ltd Trade $231,627
3rd Fl No 38 Yuanling
So 4th Lane Huidong County
Huizhou City, Guangdon China
Lucy
Tel: 86-0575-85178323
6. Osborn Maledon PA Professional $206,273
2929 N Central Ave Ste 2000 Services
Phoenix, AZ 85012
Osborn Maldeon
Tel: (602) 640-9315
7. Easy People Ltd Trade $193,070
Rm 16G 16H Shenkan Bldg
Middle Rd Futian District PH
Hong Kong 999077
Kevin
8. Mainland Sewing Headwear Mfg Ltd Trade $190,944
Rm 2301-2305 23/F FTLIFE Tower
No 18 Sheung Yuet Road
Shenzhen City, China 999077
Tel: (852) 279-0483
9. GlobalNetwork Solution World Trade $190,000
801 W. Walnut St.,
Compton, CA 90220
Mark Simon
Tel: (818) 773-9333
10. Hangzhou Huddys Clothing Co Ltd Trade $157,215
Attn: Lian Wang Rm 3305 Bldg 11
Phase 11 Tianan Cloud Valley
Bantian Sub-District Longgang District
Shenzhen, Guangdong China
Lian Wang
Tel: 086-1565-8062135
11. Hangzhou Babycat Textile Co Ltd Trade $126,809
Bldg A Xige Gong Yu #2004 Xingye Rd
Xixiang Sub-District Bao'an District
Shenzhen, Guangdong China
Kuang Qiaoyi
Tel: 086-0571-64177731
12. Great Wall Products Mfg Ltd Trade $91,780
Chaosha New Village
Renmin 2nd Rd Qingcheng
Qingyuan City, Guangdong China
Tel: Wu Qixi
13. Anhui Light Industries Trade $83,444
International
Su Xiaopeng Rm 101 # 2
Bldg 13 Shuixie Huacheng
Fuxing West Rd Jingxiu Dist
Baoding City, Hebe China
14. Ningbo Carefree Trading & Trade $76,985
Indust Co Ltd
Attn Cici Zong 410 Phase II
Design Commune Huli District
PH 086-0574-87105200
Xiamen, China
15. Channel Bakers Inc. Trade $45,247
8285 E Santa Ana Canyon Rd
Suite 135-315
Anaheim, CA 92808
Tel: (714) 767-8236
16. Criteo Crop Trade $35,490
387 Park Avenue So 12th Fl.
New York, NY 10016
17. Cislo & Thomas LLP Trade $32,185
12100 Wilshire Blvd
Los Angeles, CA 90025
18. iSunic BV Trade $27,328
Pastoor stassenstraat 3
Venlo Netherlands,
5921CR
Kelly
Tel: 31(0) 627303836
19. Empire Staffing Group Trade $24,328
8532-1/2 Rosecrans Ave
Paramount, CA 90723-3644
Mandy
Tel: (310) 438-1458
20. D Kempster LLC Professional $24,000
332 S Michigan Ave Ste 1428 Services
Chicago, IL 60604
D Kempster
Tel: (708) 291-0134
Sky Creations LLC has listed Cozy Comfort Company LLC, Messner
Reeves LLP, located at 7250 N 16th St Ste 410, Phoenix, AZ 85020,
as its only unsecured creditor holding a claim of $18,361,394.
FREE SPEECH: Alex Jones Seeks to Extend Sandy Hook Settlement Stay
------------------------------------------------------------------
Emlyn Cameron of Law360 reports that Infowars founder Alex Jones
asked the Connecticut Appellate Court to keep the judgment awarded
to Sandy Hook families on hold while he awaits a review by the
state's Supreme Court.
He argued that he shouldn't be required to pay during the appeal
process, rejecting the plaintiffs' claims that he had abandoned key
constitutional arguments, the report states.
About Free Speech Systems
Free Speech Systems LLC is a broadcast media production and
distribution company that provides broadcasting aural programs by
radio to the public. Free Speech Systems is a family-run business
founded by Alex Jones.
FSS is presently engaged in the business of producing and
syndicating Jones' radio and video talk shows and selling products
targeted to Jones' loyal fan base via the Internet. Today, FSS
produces Alex Jones' syndicated news/talk show (The Alex Jones
Show) from Austin, Texas, which airs via the Genesis Communications
Network on over 100 radio stations across the United States and via
the internet through websites including Infowars.com.
Due to the content of Alex Jones' shows, Jones and FSS have faced
an all-out ban of Infowars from mainstream online spaces. Shunning
from financial institutions and banning Jones and FSS from major
tech companies began in 2018.
Conspiracy theorist Alex Jones has been sued by victims' family
members over Jones' lies that the 2012 Sandy Hook Elementary School
shooting was a hoax.
Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet
TV, LLC, filed petitions under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April
18, 2022.
FREEDOM RAVE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Freedom Rave Wear, Inc.
2236 Rutherford Road
Carlsbad, CA 92008
Business Description: Freedom Rave Wear, Inc., established in
2024, is a California-based company
specializing in eco-friendly, vibrant
festival apparel and accessories. Known for
its commitment to sustainability, the
Company reduces waste through circular
fashion practices and offers an innovative
resale platform. With a focus on high-
quality, customizable clothing, Freedom Rave
Wear caters to festival enthusiasts
looking for unique, environmentally-
conscious outfits.
Chapter 11 Petition Date: February 24, 2025
Court: United States Bankruptcy Court
Southern District of California
Case No.: 25-00656
Judge: Hon. Christopher B Latham
Debtor's Counsel: Larissa L Lazarus, Esq.
LAW OFFICES OF MARK L. MILLER
2341 Jefferson Street Ste 100
San Diego, CA 92110
Tel: (619) 574-0551
E-mail: larissa@millerlegalcenter.com
Total Assets: $223,188
Total Liabilities: $1,096,894
The petition was signed by Michael Hodgen as president.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/RQJ5ZAA/Freedom_Rave_Wear_Inc__casbke-25-00656__0001.0.pdf?mcid=tGE4TAMA
FRISCO BAKING: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Frisco Baking Company, Inc.
621 W. Avenue 26
Los Angeles, CA 90065
Business Description: Frisco Baking Company, established in 1941,
specializes in San Francisco-style sourdough
bread and a variety of baked goods such as
French and Italian rolls, baguettes,
and specialty loaves. The Company offers
wholesale services to restaurants and delis
across Los Angeles and Orange counties while
maintaining retail operations at its Los
Angeles bakery.
Chapter 11 Petition Date: February 24, 2025
Court: United States Bankruptcy Court
Central District of California
Case No.: 25-11395
Judge: Hon. Neil W Bason
Debtor's Counsel: Jeffrey Shinbrot, Esq.
JEFFREY S. SHINBROT, APLC
5260 Ventura Blvd.
Suite 1200
Sherman Oaks, CA 91403
Tel: 310-659-5444
Fax: 310-878-8304
E-mail: jeffrey@shinbrotfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Damon M. Perata as chief executive
officer.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/PXSZ4MY/Frisco_Baking_Company_Inc__cacbke-25-11395__0001.0.pdf?mcid=tGE4TAMA
GAP INC: Moody's Raises CFR to Ba2, Outlook Remains Stable
----------------------------------------------------------
Moody's Ratings upgraded The Gap, Inc.'s ("Gap") corporate family
rating to Ba2 from Ba3 and its probability of default rating to
Ba2-PD from Ba3-PD. Additionally, Moody's also upgraded the ratings
of the company's senior unsecured notes to Ba3 from B1. The
company's speculative grade liquidity rating (SGL) remains
unchanged at SGL-1. The outlook remains stable.
"The upgrade reflects the significant improvement in the company's
operating performance and profitability in the first three quarters
of the current fiscal year as margins expanded due to lower input
costs, a lower promotional cadence and better inventory
management," Moody's Ratings Vice President, Mickey Chadha stated.
"The business environment for the sector will remain challenging in
2025 due to the inherently discretionary nature of the product and
the difficult consumer spending environment but Moody's expects the
company to maintain its current operating performance trajectory",
Chadha further stated.
RATINGS RATIONALE
The Gap, Inc.'s Ba2 corporate family rating reflects the company's
very good liquidity and solid credit metrics. The company's
debt/EBITDA has improved to 2.2x for the LTM period ending November
2, 2024 from 2.8x at the end of fiscal 2023 and down from 4.9x at
the end of fiscal 2022. Moody's expects debt/EBITDA to remain at
around 2.2x and EBIT/interest to be about 4.3x over the next 12
months. The company's topline growth has shown improvement in all
of its brands and profitability has increased significantly as
gross margins have improved. Lower inventory levels have resulted
in more profitable sales and less promotional activity and input
costs have also been lower. The company has also lowered operating
expenses through strategic cost cuts and store rationalization. Old
Navy, the company's largest brand has also started to see growth in
comparable store sales in 2024 after experiencing a decline in 2022
and 2023. However, Banana Republic brand continues to show some
relative weakness in the topline. The rating is supported by the
company's good market position in the specialty apparel market with
its ownership of specialty apparel brands (Old Navy, Gap, Banana
Republic, and Athleta) and low amount of funded debt. The
relatively shorter term of its store leases (approximately five
years) has enabled the right sizing of its mature brands (Gap and
Banana Republic). Investments in its online and mobile business
have also strengthened its operational profile and improved its
customer experience. Continued integration of its online and store
experiences also supports its efforts to increase customer
conversion.
The Gap, Inc.'s SGL-1 reflects very good liquidity supported by its
$2.2 billion in cash, cash equivalents and short term investments
at the end of third quarter of fiscal 2024, about $880 million in
free cash flow generation for the LTM 3Q2024 and no borrowings
under its $2.2 billion asset based revolving credit facility.
Moody's expects free cash flow to remain healthy in 2025. The
company also owns sizable assets that it can monetize.
The stable outlook reflects Moody's expectations that credit
metrics will not deteriorate as disciplined inventory management
will continue to support healthy operating margins with continued
modest topline growth. The outlook also reflects the company's very
good liquidity and moderate debt levels.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade would require consistency of performance at all its
major brands including sustained sales growth and margin expansion,
very good liquidity including solid free cash flow generation and
maintenance of healthy cash balances as well as a conservative
financial strategy. Quantitatively, debt/EBITDA would need to be
sustained below 2.25x and EBIT/interest sustained above 5.0x.
Ratings could be downgraded if EBIT/interest is sustained below
3.5x or if debt/EBITDA is sustained above 3.5x. Ratings could also
be downgraded if operating performance including operating margins
and sales deteriorate or if liquidity deteriorates for any reason
or financial strategies become detrimental to creditors.
Headquartered in San Francisco, California, The Gap, Inc. is a
leading global retailer offering clothing and accessories for men,
women, and children under its Gap, Banana Republic, Old Navy, and
Athleta brsnds. LTM November 2, 2024 net sales were approximately
$15.2 billion. The Gap, Inc. products are available for purchase
through its 2,544 company-operated stores and 1059 franchise stores
that are in operation across around 40 countries. Its products are
also available to customers online through Company-owned and
franchise websites and through the use of third party
arrangements.
The principal methodology used in these ratings was Retail and
Apparel published in November 2023.
GARCIA DEARING: Hires LP 2 Partners as Financial Advisor
--------------------------------------------------------
Garcia Dearing Investments Inc., d/b/a J&G's Citywide Express
Charter, seeks approval from the U.S. Bankruptcy Court for the
Western District of Texas to employ LP 2 Partners, LLC as financial
advisor.
The firm's services include:
(a) assistance in the review of financial related disclosures
required by the Court, including the Schedules of Assets and
Liabilities, the Statement of Financial Affairs and Monthly
Operating Reports;
(b) assistance with the assessment and monitoring of the
Debtor's short term cash flow, liquidity, and operating results;
(c) assistance with the review of the Debtor's potential
disposition or liquidation of both core and non-core assets, if
applicable;
(d) assistance with review of any tax issues associated with,
but not limited to, claims/stock trading, preservation of net
operating losses, refunds due to the Debtor, plans of
reorganization, and assets sales;
(e) assistance in the review of the claims reconciliation and
estimation process;
(f) assistance in the review of other financial information
prepared by the Debtor, including but not limited to, cash flow
projections and budgets, business plans, cash receipts and
disbursement analysis, asset and liability analysis, and the
economic analysis of proposed transactions for which Court approval
is sought;
(g) attendance at meetings and assistance in discussions with
the Debtor, banks, other secured lenders, the U.S. Trustee, other
parties in interest and professionals hired by the same, as
requested;
(h) assistance in the review and/or preparation of information
and analysis necessary for the confirmation of a plan and related
disclosure statement in this Chapter 11 Case;
(i) assistance in the evaluation and analysis of avoidance
actions, including fraudulent conveyances and preferential
transfers; and
(j) provision of other general business consulting or such other
assistance as the Debtor or its counsel may deem necessary that are
consistent with the role of a financial advisor and not duplicative
of services provided by other professionals in this proceeding.
The firm will be paid at these rates:
Partners $395 per hour
Director $245 per hour
The firm received a retainer from the Debtor in the amount of
$5,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Chris Lang, a partner at LP 2 Partners, LLC, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Chris Lang
LP 2 Partners, LLC
2619 Hibernia St., Office 3
Dallas, TX 75204
Tel: (214) 684-6195
Email: clang@LP2Partners.com
About Garcia Dearing Investments Inc.
d/b/a J&G's Citywide Express Charter
Garcia Dearing Investments, Inc. d/b/a J&G's Citywide Express
Charter, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex.
Case No. 25-10170) on Feb. 5, 2025. The Debtor hires Tittle Law
Group, PLLC.
GARCIA DEARING: Seeks to Hire Tittle Law Group as Counsel
---------------------------------------------------------
Garcia Dearing Investments Inc. d/b/a J&G's Citywide Express
Charter, seeks approval from the U.S. Bankruptcy Court for the
Western District of Texas to employ Tittle Law Group as counsel.
The firm's services include:
a. provide legal advice with respect to the Debtor's powers
and duties as Debtor-in-possession in the continued operation of
its business and the management of its property;
b. take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on behalf of
the Debtor, the defense of any actions commenced against the
Debtor, negotiations concerning litigation in which the Debtor is
involved, and objections to claims filed against the Debtor's
estate;
c. prepare on behalf of the Debtor necessary motions, answers,
orders, reports, and other legal papers in connection with the
administration of its estate;
d. assist the Debtor in preparing for and filing a plan of
reorganization at the earliest possible date;
e. perform any and all other legal services for the Debtor in
connection with the Debtor's Chapter 11 Case; and
f. perform such legal services as the Debtor may request with
respect to any matter, including, but not limited to, corporate
finance and governance, contracts, antitrust, labor, and tax.
The firm will charge the Debtor for its legal services on flat fee
basis in accordance with its ordinary and customary rates.
The firm received a $15,000 retainer from the Debtor.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brandon J. Tittle, Esq., a partner at Tittle Law Group, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Brandon J. Tittle, Esq.
Tittle Law Group, PLLC
1125 Legacy Dr., Ste. 230
Frisco, TX 75034
Tel: (972) 213-2316
Email: btittle@tittlelawgroup.com
About Garcia Dearing Investments Inc.
d/b/a J&G's Citywide Express Charter
Garcia Dearing Investments, Inc. d/b/a J&G's Citywide Express
Charter, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex.
Case No. 25-10170) on Feb. 5, 2025. The Debtor hires Tittle Law
Group, PLLC.
GAUCHO GROUP: 3i, Others Hold 9.9% Equity Stake at Dec. 31
----------------------------------------------------------
3i, LP, 3i Management LLC, and Maier Joshua Tarlow, disclosed in a
Schedule 13G/A filing with the U.S. Securities and Exchange
Commission that as of December 31, 2024, they beneficially own
97,510 shares of Gaucho Group Holdings Inc.'s common stock
representing 9.9% of the 889,263 outstanding shares of common stock
outstanding as of June 30, 2024.
The purpose of Amendment No. 2 is to amend and supplement the
Schedule 13G and Amendment No. 1 in order to update the beneficial
ownership information on the cover pages and in Item 4 of the
Schedule 13G and Amendment No. 1.
3i holds (i) 10,692 shares of Common Stock, (ii) Warrants
exercisable for up to an aggregate of 34,521 shares of Common
Stock, which exercises are subject to a 4.99% Blocker, and (iii)
Notes convertible into 2,659,495 shares of Common Stock, which
conversions are subject to a 9.99% Blocker. Due to the interaction
between the 4.99% Blocker in the Warrants and the 9.99% Blocker in
the Notes, 3i may exercise the Warrants for and/or convert the
Notes into, in any combination, an aggregate of 86,818 shares of
Common Stock as a result of the triggering of the applicable
Blockers, each of which prohibits the holder thereof from
exercising the Warrants for or converting the Notes into shares of
Common Stock if, as a result of such exercise or conversion, such
holder, together with its affiliates and any persons acting as a
group together with such holder or any such affiliates, would
beneficially own more than 4.99% or 9.99%, as applicable, of the
total number of shares of Common Stock then issued and outstanding
immediately after giving effect to such exercise or conversion.
Consequently, 3i is the beneficial owner of 97,510 shares of Common
Stock (the "Shares"). 3i is the beneficial owner of the Shares and
has the power to dispose of and the power to vote the Shares
beneficially owned by it, which power may be exercised by 3i
Management, the manager and general partner of 3i. Mr. Tarlow, as
the manager of 3i Management, has shared power to vote and/or
dispose of the Shares beneficially owned by each of 3i and 3i
Management. Mr. Tarlow does not directly own the Shares. By reason
of the provisions of Rule 13d-3 of the Act, Mr. Tarlow may be
deemed to beneficially own the Shares beneficially owned by 3i and
3i Management, and 3i Management may be deemed to beneficially own
the Shares beneficially owned by 3i.
About Gaucho Group Holdings, Inc.
Gaucho Group Holdings Inc operates as a holding company. The
Company, through its subsidiaries, provides luxury real estate and
consumer marketplace with collection of wine, hospitality, fashion
brands, and real estate holdings. Gaucho Group Holdings serves
customers in the United States and Argentina.
Gaucho Group Holdings Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fl. Case No. 24-bk-21852) on
November 12, 2024.
GAUCHO GROUP: Hires McCarter & English LLP as Special Counsel
-------------------------------------------------------------
Gaucho Group Holdings, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ McCarter &
English, LLP as special litigation counsel.
The Debtor needs the firm's legal assistance in connection with a
case (Case No. 1:24-cv-00212-MN) pending in the U.S. District Court
for the District of Delaware.
The firm will be paid at these rates:
Partners $700 to $1,200 per hour
Of Counsel $600 to $1,050 per hour
Special Counsel $375 to $925 per hour
Associates $425 to $650 per hour
Paralegals $275 to $400 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Daniel J. Brown, Esq., a partner at McCarter & English, LLP,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Daniel J. Brown, Esq.
McCarter & English, LLP
Renaissance Centre
405 N. King Street, 8th Floor
Wilmington, DE 19801
Tel: (302) 984-6300
About Gaucho Group Holdings, Inc.
Gaucho Group Holdings Inc operates as a holding company. The
Company, through its subsidiaries, provides luxury real estate and
consumer marketplace with collection of wine, hospitality, fashion
brands, and real estate holdings. Gaucho Group Holdings serves
customers in the United States and Argentina.
Gaucho Group Holdings Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fl. Case No. 24-bk-21852) on
November 12, 2024.
GOTO GROUP: Moody's Affirms 'Caa1' CFR & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Ratings affirmed GoTo Group, Inc.'s (GoTo Group) Caa1
corporate family rating and changed the outlook to negative from
stable. At the same time, Moody's affirmed the Caa1-PD probability
of default rating, B2 ratings of its senior secured First Lien
First Out bank credit facilities and backed senior secured first
lien First Out notes, Caa2 ratings of its senior secured First Lien
Second Out bank credit facility and backed senior secured first
lien Second Out notes, and Caa3 rating of its Senior Secured First
Lien Notes. GoTo Group is a provider of unified communications and
collaboration, remote access and support, and password management
solutions.
The change in outlook to negative from stable reflects Moody's
expectations of continued revenue decline in 2025 and the
uncertainty surrounding the timing of a potential turnaround to
revenue growth. Revenue growth in the GoTo Connect subsegment has
not been enough to offset declines in the remaining Unified
Communication & Collaboration (UCC) segment, as well as declines in
the ITSG and LastPass segments, contributing to an 8%
year-over-year revenue decline for the 9 months ended September 30,
2024. Moody's believe a return to revenue growth in 2026 is
uncertain and primarily contingent upon improved execution in the
GoTo Connect and LastPass businesses.
RATINGS RATIONALE
GoTo Group's Caa1 CFR reflects its very high financial leverage,
execution risk in accelerating topline growth in a highly
competitive market as evidenced by declining revenue trends in its
UCC, ITSG and LastPass segments, and Moody's expectations of
continued negative free cash flow for at least the next 12 months.
Financial policies are also expected to favor shareholders under
the ownership of financial sponsors.
The rating is supported by the company's good operating scale,
positive revenue trends in its UCaaS subsegment bolstered by its
GoTo Connect product suite, the large addressable market for its
growth-oriented products and large share of revenues under
subscription agreements.
Moody's expects GoTo Group to maintain adequate liquidity, despite
Moody's expectations of negative free cash flow over the next
twelve months. As of September 30, 2024, the company had $128
million cash on hand and full access to a $250 million revolving
credit facility expiring April 2028 (except for $5 million
outstanding letters of credit). The company benefits from a
long-dated debt maturity profile, with the term loans and senior
secured notes maturing in 2028. Revolver borrowings are subject to
a net First Lien First Out leverage ratio test that cannot exceed
7.9x if utilization exceeds 35% ($87.5 million), and Moody's
expects GoTo Group to maintain compliance over the next 12 months
if it were to be tested.
The ratings for the debt instruments reflect the overall
probability of default of GoTo Group, reflected in the Caa1-PD
probability of default rating (PDR) and the priority ranking of the
debt instruments in the capital structure. Debt capital consists of
a $250 million First Lien First Out revolver expiring April 2028,
$999 million First Lien First Out term loan due April 2028, $361
million 5.5% First Lien First Out Notes due May 2028, $954 million
First Lien Second Out term loan due April 2028, $420 million First
Lien Second Out Notes due May 2028, and $1.9 million 5.5% Senior
Secured First Lien Notes due September 2027. The B2 ratings of the
First Lien First Out debts, two notches above the company's Caa1
CFR, reflect the repayment priority above the First Lien Second Out
debts and the Senior Secured First Lien Notes. The Caa2 ratings of
the First Lien Second Out debts, one notch below the Caa1 CFR,
reflects its effective repayment subordination to the company's
First Lien First Out debts. The Caa3 rating of the Senior Secured
First Lien Notes, two notches below the Caa1 CFR, reflects its
effective repayment subordination to the company's First Lien First
Out and First Lien Second Out debts.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, an upgrade is unlikely in the near
term. Moody's could upgrade GoTo Group's ratings if the company
generates sustained growth in revenues and EBITDA showing a path to
financial leverage trending towards 6x. An upgrade would also
require the company to generate sustained positive free cash flow
and maintain at least adequate liquidity.
Moody's could downgrade the ratings if liquidity becomes weak or if
revenue and EBITDA declines are greater than anticipated. Any
concerns over the long term viability of the capital structure,
including but not limited to additional transactions that could
result in, in Moody's interpretations, further distressed
exchanges, could lead to a downgrade of the ratings.
GoTo Group, Inc. (formerly known as LogMeIn, Inc.) provides Unified
Communications and Collaboration (UCC), remote access and support,
and password management solutions. It was acquired by affiliates of
Francisco Partners and Elliott Investment Management L.P. in August
2020. Revenue as of LTM September 30, 2024 was approximately $1.1
billion.
The principal methodology used in these ratings was Software
published in June 2022.
HAYDALE CERAMIC: Court Extends Cash Collateral Access to March 13
-----------------------------------------------------------------
Haydale Ceramic Technologies, LLC received interim approval from
the U.S. Bankruptcy Court for the Northern District of Georgia,
Gainesville Division, to use cash collateral from Feb. 18 until the
final hearing set for March 13.
The interim order signed by Judge James Sacca authorized the
company to access funds to maintain operations in accordance with
the budget while protecting potential secured creditors, Silar
Ceramic Technologies, LLC, and the U.S. Small Business
Administration.
Haydale projects total operational expenses of $151,063 for week
ending March 2; $98,150 for the week ending March 9; and $79,900
for the week ending March 16.
Silar and the SBA were granted replacement liens on post-petition
property (excluding proceeds from avoidance actions) as protection
for their interests.
About Haydale Ceramic Technologies
Haydale Ceramic Technologies, LLC is a manufacturer of Silicon
Carbide (SiC) ceramic materials, boasting the largest installed
production capacity across the Americas, Europe, and the APAC
regions. Manufactured in Greer, South Carolina, the Company's
cutting tools are crafted using the highest quality SiC materials,
including particulates, fibers, and microfibers.
Haydale Ceramic Technologies filed Chapter 11 petition (Bankr. N.D.
Ga. Case No. 25-20159) on February 7, 2025, listing between $1
million and $10 million in assets and between $10 million and $50
million in liabilities.
Judge James R. Sacca handles the case.
The Debtor is represented by:
William Rountree, Esq.
Rountree, Leitman, Klein & Geer, LLC
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Tel: 404-584-1238
Email: wrountree@rlkglaw.com
HERC HOLDINGS: H&E Equipment Deal No Impact on Moody's 'Ba3' CFR
----------------------------------------------------------------
Moody's Ratings said Herc Holdings Inc.'s (Herc, NYSE: HRI),
announcement that it has reached a definitive agreement to acquire
H&E Equipment Services, Inc. (H&E, NASDAQ: HEES) in a 75% cash and
25% equity funded transaction is credit negative. However, Herc's
Ba2 corporate family rating and stable outlook are unaffected at
this time. Further, the ratings of H&E, including the Ba3 corporate
family rating, remain under review for upgrade.
Moody's views the transaction as credit negative because it will be
largely debt funded and increase Herc's pro forma debt-to-LTM
EBITDA to 4.1 times at December 31, 2024 before the benefit of any
synergies, from about 3.1 times (including Moody's standard
adjustments). However, Moody's expects leverage to improve to under
3.0 times by the end of 2026 from both debt repayment and EBITDA
growth as the company has a public net leverage target of below 3.0
times. Herc has obtained $4.5 billion of fully committed financing
and Moody's expects an incremental draw on the existing ABL
facility. The composition of the incremental debt remains
undetermined at this time.
The acquisition presents integration risk and is subject to
regulatory approvals and other customary closing conditions. In
addition, it is subject to the tender of a majority of H&E's
shares. The transaction is expected to close mid-year 2025.
The transaction will increase Herc's size and scale, including its
workforce and real estate position. The acquisition is also
expected to strengthen Herc's position as the 3rd largest rental
company in North America (in terms of revenue) and increase the
size of rental inventory while lowering the fleet age. The company
expects to realize over $125 million of annual cost synergies and
EBITDA impact of about $175 million from revenue synergies from the
cross selling of higher margin specialty equipment within the first
few years of closing. Giving full credit for cost synergies that
are expected to be realized over two years, pro-forma debt-to-LTM
EBITDA would have been 3.6 times at December 31, 2024. However,
there may also be costs associated with achieving the savings.
Further, Moody's does not include revenue synergies in Moody's
analysis until realized.
Headquartered in Bonita Springs, Florida, Herc Holdings Inc. is the
parent company of Herc Rentals Inc. Herc is an equipment rental
company with approximately 400 branches spanning 42 states and five
provinces in North America. Herc's basic fleet includes aerial work
platforms, earthmoving and material handling equipment, trucks and
trailers, air compressors, compaction and lighting. Herc's
specialty fleet includes its ProContractor professional grade tools
and ProSolutions offerings, which consist of power generation,
climate control, remediation and restoration and studio and
production equipment.
HEXION INC: Moody's Affirms 'B3' CFR, Outlook Stable
----------------------------------------------------
Moody's Ratings affirmed Hexion Inc.'s (Hexion) B3 Corporate Family
Rating and B3-PD Probability of Default Rating. Moody's also
affirmed the B2 rating on its backed senior secured first lien term
loan and the Caa2 rating on its senior secured second lien term
loan. The outlook is stable.
RATINGS RATIONALE
Hexion's performance improved in 2024 despite a weak housing market
contributing to the slow recovery of end markets. With flat sales
year-over-year, Hexion improved its margins with the HexionNEXT
transformation programs targeted to drive efficiency gains across
commercial, procurement and operation processes. Based on company's
performance in the first three quarters of 2024, Moody's estimates
that its annual EBITDA, with Moody's standard adjustments, reached
$250~260 million for the full year, up about 10% from 2023, and its
leverage as measured by Moody's adjusted debt/EBITDA improved to
7.5x-8.0x, down from 8.4x in 2023. While the demand growth will
remain weak given the high interest rate and uncertain economic
growth environment, Moody's expects Hexion will benefit from the
continued execution of its efficiency programs alongside modest
volume growth to support its EBITDA increase by high single digit
to around $280 million in 2025. Its free cash flow will reach
break-even level leading to relatively stable debts. Reflecting the
EBITDA increase, Moody's expects Hexion's leverage will fall to low
7.0x by end 2025. Such credit metrics are supportive of the
ratings.
Hexion's credit profile is supported by its leading position as the
largest supplier of wood adhesives in North America, long term
customer contracts for formaldehyde, and the modest diversification
benefits from the Performance Materials business (Versatic Acids
and Derivatives). Hexion's wood adhesive businesses, accounting for
the majority of its sales and earnings, benefits from the
contractual pass through of raw material costs and limited
competition which should provide a more stable stream of sales,
earnings and operational cash flows than many other comparably
rated peers in the chemical industry. The company's adequate
liquidity also supports its ratings.
Hexion's credit profile is constrained by its high exposure to
housing and limited number of large customers in the North American
engineered wood products industry. The rating also reflects the
company's high leverage and limited free cash flow generation
following the weak recovery of housing activities in North America.
Its adjusted leverage (including Moody's standard adjustments) is
expected to improve driven mainly by efficiency gains but remain
elevated above 7x in 2025 amid the slow recovery of US residential
construction and repair and remodeling expenditures.
The stable outlook reflects Moody's expectations that Hexion's
performance will modestly improve and its credit metrics will
continue to strengthen and remain consistent with its rating in the
next 12 to 18 months.
LIQUIDITY
The company maintains adequate liquidity. The company has a cash
balance of $75 million at the end of Q3 2024. The company had $159
million available under their $240 million revolving credit
facility. Moody's do not expect Hexion will need to draw additional
funds from the revolver on yearly basis with its break-even level
free cash flows in 2025.
STRUCTURAL CONSIDERATIONS
The B2 rating on the first lien term loan reflect their priority in
the capital structure and the first lien on the non-ABL collateral
at facilities in the US and two-thirds of the stock of the foreign
entities, and a second lien on the ABL collateral. The Caa2 rating
on the second lien term loan reflects its subordination to a
substantial amount of first lien debt as well the limited value of
the collateral package.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Hexion's leverage falls below 6.0x
and annualized free cash flow rises above $50 million on a
sustained basis.
The ratings could be downgraded if its free cash flow is
persistently negative or availability is sustained below $60
million.
ESG CONSIDERATIONS
Environmental, social, and governance factors are important factors
influencing Hexion's credit quality, but not a driver of the
actions. Hexion's (CIS-4) score indicates that the rating is lower
than it would have been if ESG risk exposures did not exist. The
score mainly reflects its aggressive financial policy with
tolerance for high financial leverage under private equity
ownership and the exposure to environmental and social risks due to
the use of fossil fuel derived raw materials and energy usage, and
the toxic, hazardous or flammable nature of the products used and
produced by the company.
Hexion Inc., headquartered in Columbus, OH, is a chemical company
with three main lines of business. The largest is its wood adhesive
business where it is the largest producer in North America with
similar operations in Brazil, Australia and New Zealand. The
company is also a merchant producer of formaldehyde under long term
contracts in the US and Brazil. The third business is its
Performance Materials business, which is a producer of Versatic
Acids and Derivatives that are used in a wide variety of
applications, including construction materials and architectural
and automobile coatings. Revenue for the last twelve months ended
September 2024 were about $1.8 billion.
The principal methodology used in these ratings was Chemicals
published in October 2023.
HOOTERS OF AMERICA: Ch. 11 Plan to Return Brand to Ex-Owner
-----------------------------------------------------------
Eliza Ronalds-Hannon of Bloomberg News reports that Hooters of
America and its creditors are discussing a bankruptcy plan that
could return control of the brand to former executives and its
previous parent company, according to sources familiar with the
matter.
The plan would involve Hooters of America's largest franchisee,
connected to the original Hooters business, partnering with
creditors to gain control of the company, the sources said.
The franchisee, HMC Hospitality Group, is led by a former Hooters
CEO and an associate of the chain's founders, the sources added.
About Hooters of America
Hooters of America, LLC owns and operates a restaurant chain with
hundreds of locations in the United States.
IMAGEFIRST HOLDINGS: Moody's Affirms B2 CFR, Outlook Remains Stable
-------------------------------------------------------------------
Moody's Ratings affirmed ImageFirst Holdings, LLC's ("ImageFirst")
B2 corporate family rating and its B2-PD probability of default
rating. At the same time, Moody's assigned a B2 rating to the
company's senior secured first lien bank credit facilities, which
include a $125 million revolver and a $500 million term loan. The
rating on the existing B2 senior secured first lien bank credit
facility will be withdrawn upon the close of the pending
transaction when existing debt is fully paid down. The outlook
remains stable. ImageFirst is a Pennsylvania-based national
provider of outsourced healthcare laundry and textile rental
services.
The proceeds from the proposed first lien term loan will be used
for a one-time distribution to shareholders, to refinance
ImageFirst's existing senior secured first lien term loan, and to
repay the outstanding amount under the revolver. The remaining
proceeds are expected to cover associated transaction fees and
expenses and increase cash on the balance sheet. The debt-funded
dividend distribution is considered credit negative, as it will
increase the company's financial leverage to 4.3x pro forma for the
transaction, up from 3.5x as of December 31, 2024. However, Moody's
views the repricing of the first lien debt, the maturity extension,
and the upsizing of the revolver as positive liquidity
developments. Moody's also expects ImageFirst to reduce its
leverage below 4x over the next 12-18 months while maintaining a
credit profile appropriate for its current rating.
The assigned ratings are subject to review of final documentation
and capital structure, and assume no material changes to the
proposed terms and conditions of the transaction.
RATINGS RATIONALE
ImageFirst's B2 CFR reflects its strong market position as a
leading provider of outsourced laundry and textile rental services.
The company's predictable revenue stream which is supported by
recurring revenues and high customer retention rates, is another
credit positive consideration. The company operates in the
outpatient and specialty healthcare market, which commands premium
service and pricing, and boasts solid profitability metrics with
high barriers to entry. Moody's anticipates ImageFirst's organic
revenue will grow in the high single-digits over the next 12-18
months, driven by price increases, expanding wallet share, and new
client wins.
ImageFirst's rating is constrained by its moderate operating scale,
limited business line diversity, aggressive growth strategies, and
limited track record of free cash flow generation. The company
operates in a highly fragmented and competitive market, with many
smaller, regional service providers. ImageFirst's governance risk
remains high due to financial sponsor ownership and acquisition
appetite. Moody's expects the company to continue pursuing
accretive acquisitions, potentially funded by incremental debt,
along with dividend distributions.
Moody's expects ImageFirst to maintain good liquidity over the next
12-15 months. Liquidity is principally provided by unrestricted
balance sheet cash of around $24 million (pro forma for the
transaction) as of December 31, 2024 and projected annual free cash
flow of around $30 million during 2025 (excluding the pending
dividend). The company has full availability under its upsized $125
million revolving credit facility that expires in 2030. These
sources provide good liquidity to service $5 million of required
annual amortization payments under the proposed term loan. There
are no financial maintenance covenants under the term loan, but the
revolver is subject to a springing maximum first lien net leverage
ratio of 7.7x that comes into effect if the amount drawn exceeds
more than 40% ($50 million) of the facility. Moody's do not expect
the covenant to be triggered in the near term and Moody's believe
ImageFirst will maintain good headroom under the financial
covenant.
The stable outlook reflects Moody's expectations that ImageFirst's
revenue will grow organically at a high single-digit rate and that
it will maintain an EBITDA margin at a double-digit percentage rate
over the next 12-18 months. Moody's also expects debt-to-EBITDA
(based on Moody's calculations) to decline to below 4x by the end
of 2025 and for the company to maintain good liquidity.
The pro forma debt capital is comprised of a $125 million senior
secured first-lien revolving credit facility expiring in 2030 and a
$500 million senior secured first-lien term loan due in 2032. The
B2 rating assigned to the senior secured first-lien bank credit
facilities is in line with the company's B2 CFR, as there is no
other material debt in the capital structure. The credit facility
is supported by a first priority security interest in substantially
all the tangible and intangible assets and stock of the borrower
and guarantors. The credit facility is guaranteed by ImageFirst
Intermediate Holdings, LLC and each of the borrowers existing and
subsequently acquired or formed direct and indirect wholly-owned
restricted subsidiaries.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if ImageFirst significantly expands
its scale and commits to a more balanced financial policy while
maintaining at least good liquidity. The ratings could also be
upgraded if Moody's expects the company to maintain debt-to-EBITDA
(based on Moody's calculations) below 3x and free cash flow-to-debt
above 10%.
The ratings could be downgraded if revenue or profitability growth
rates are materially lower than projected, if the company adopts a
more aggressive financial policy, or if it sustains low or negative
free cash flow. The ratings could be also pressured if the
company's debt-to-EBITDA (based on Moody's calculations) trends
towards 5.5x, or if EBITA-to-interest expense falls below 2.0x on a
sustained basis.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
ImageFirst, headquartered in King of Prussia, PA, is a national
provider of outsourced healthcare laundry and textile rental
services, largely to the outpatient and specialty healthcare market
in the United States. The company is controlled by affiliates of
private equity sponsor Calera Capital Advisors L.P. ("Calera
Capital"). Moody's expects annual revenues above $700 million in
2025.
IMERI ENTERPRISES: Files Emergency Bid to Use Cash Collateral
-------------------------------------------------------------
Imeri Enterprises Inc. got the green light from the U.S. Bankruptcy
Court for the Southern District of Texas, Houston Division, to use
up to $6,750 in additional cash collateral.
The company needs to use cash collateral to pay for the appraisal
of its real property currently operated as La Quinta Inn and
Suites. The property is located at 28332 Southwest Highway 59,
Rosenberg, Texas.
The remaining provisions of the court's previous order authorizing
use of cash collateral entered on June 14, 2024, and modified on
Oct. 11, 2024, remain in full force and effect.
About Imeri Enterprises
Imeri Enterprises, Inc. owns a 56-room hotel at 28332 Southwest
Highway 59, Rosenberg, Texas, currently operated as La Quinta Inn &
Suites Rosenberg.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Case No. 24-32106) on May 6,
2024, with $1 million to $10 million in both assets and
liabilities. Isen Imeri, president, signed the petition.
Judge Eduardo V. Rodriguez presides over the case.
The Debtor tapped Reese Baker, Esq., at Baker & Associates, as
counsel, and Ahmed Abdalwahab, CPA, as accountant.
INTEGRATED CARE: Seeks Chapter 11 Bankruptcy in North Carolina
--------------------------------------------------------------
On February 21, 2025, Integrated Care of Greater Hickory Inc.
filed Chapter 11 protection in the U.S. Bankruptcy Court for
the Eastern District of North Carolina. 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 Integrated Care of Greater Hickory Inc.
Integrated Care of Greater Hickory Inc. is a healthcare
organization located in North Carolina, dedicated to providing
comprehensive support for adults, children, adolescents, and their
families facing various behavioral health challenges, such as
addiction, depression, anxiety, trauma, and more. The
organization's primary goal is to promote lifelong recovery through
a range of interventions, rather than just offering treatment.
Additionally, ICGH provides Peer Support Services, which are led by
Certified Peer Support Specialists -- individuals with personal,
transformative experiences who assist others struggling with mental
health issues, trauma, or substance use.
Integrated Care of Greater Hickory Inc. sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00629)
on February 21, 2025. In its petition, the Debtor reports estimated
assets between $500,000 and $1 million and estimated liabilities
between $1 million and $10 million.
The Debtor is represented by:
George Mason Oliver, Esq.
THE LAW OFFICES OF OLIVER & CHEEK, PLLC
P.O. Box 1548
New Bern, NC 28563
Tel: 252-633-1930
Fax: 252-633-1950
ISOR TAXI: Sec. 341(a) Meeting of Creditors on March 24
-------------------------------------------------------
On February 20, 2025, Isor Taxi Corp. filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Eastern District of New York.
According to court filing, the Debtor reports $1,288,340 in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
A meeting of creditors under Section 341(a) to be held on March 24,
2025 at 02:00 PM at Telephonic Meeting: Phone 1 (866) 919-4760,
Participant Code 4081400#.
About Isor Taxi Corp.
Isor Taxi Corp. is a taxi service provider based in Rockaway Park,
NY, offering transportation services to local customers.
Isor Taxi Corp. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40854) on February
20, 2025. In its petition, the Debtor reports total assets of
$1,023,036 and total liabilities of $1,288,340.
Honorable Bankruptcy Judge Jil Mazer-Marino handles the case.
The Debtor is represented by:
Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
Fax: (347) 342-3156
E-mail: alla@kachanlaw.com
LAVISSANI LLC: Case Summary & Two Unsecured Creditors
-----------------------------------------------------
Debtor: Lavissani, LLC
9777 Wilshire Blvd., Suite 400
Beverly Hills, CA 90212
Chapter 11 Petition Date: February 24, 2025
Court: United States Bankruptcy Court
District of Nevada
Case No.: 25-10964
Judge: Hon. August B Landis
Debtor's Counsel: Matthew C. Zirzow, Esq.
LARSON & ZIRZOW, LLC
850 E. Bonneville Ave.
Las Vegas, NV 89101
Tel: 702-382-1170
E-mail: mzirzow@lzlawnv.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Houshang Neyssani as manager.
A full-text copy of the petition, which includes a list of the
Debtor's two unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/AU4NVMQ/LAVISSANI_LLC__nvbke-25-10964__0001.0.pdf?mcid=tGE4TAMA
LE CONTE: Seeks to Tap Levene Neale Bender as Bankruptcy Counsel
----------------------------------------------------------------
Le Conte Westwood Development, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Levene, Neale, Bender, Yoo & Golubchik L.L.P. as counsel.
The firm's services include:
a. advising the Debtor with regard to the requirements of the
Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office
of the United States Trustee as they pertain to the Debtor;
b. advising the Debtor with regard to certain rights and
remedies of their bankruptcy estates and the rights, claims and
interests of creditors;
c. representing the Debtor in any proceeding or hearing in the
Bankruptcy Court involving their estates unless the Debtor are
represented in such proceeding or hearing by other special
counsel;
d. conducting examinations of witnesses, claimants or adverse
parties and representing the Debtor in any adversary proceeding
except to the extent that any such adversary proceeding is in an
area outside of LNBYG's expertise or which is beyond LNBYG's
staffing capabilities;
e. preparing and assisting the Debtor in the preparation of
reports, applications, pleadings and orders;
f. representing the Debtor with regard to obtaining use of
debtor in possession financing and/or cash collateral;
g. if appropriate, assisting the Debtor in the negotiation,
formulation, preparation and confirmation of a plan of
reorganization and the preparation and approval of a disclosure
statement in respect of the plan; and
h. performing any other services which may be appropriate in
LNBYG's representation of the Debtor during their bankruptcy
cases.
The firm will be paid at these rates:
Attorneys $550 to $750 per hour
Paraprofessionals $300 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received from the Debtor a retainer of $75,000.
Gary Klausner, Esq., a partner at Levene, 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:
Gary E. Klausner, Esq.
Jeffrey S. Kwong, Esq.
Robert M. Carrasco, Esq.
Levene, Neale, Bender, Yoo & Golubchik, LLP
2818 La Cienega Avenue
Los Angeles, CA 90034
Tel: (310) 229-1234
Fax: (310) 229-1244
Email: gek@lnbyg.com
jsk@lnbyg.com
rmc@lnbyg.com
About Le Conte Westwood Development, LLC
Le Conte Westwood Development, LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No.
25-10261) on January 14, 2025, listing between $10 million and $50
million in both assets and liabilities. Logan Beitler, manager of
Le Conte, signed the petition.
Judge Vincent P. Zurzolo oversees the case.
Gary E. Klausner, Esq., at Levene, Neale, Bender, Yoo & Golubchik,
LLP, represents the Debtor as legal counsel.
LEFEVER MATTSON: Committee Hires PwC US as Financial Advisor
------------------------------------------------------------
The official committee of unsecured creditors of Lefever Mattson
and its affiliates seeks approval from the U.S. Bankruptcy Court
for the Northern District of California to employ PwC US Business
Advisory LLP as financial advisor.
The firm will provide these services:
(a) advise and assist the Committee in its analysis of any
proposed debtor in possession financing or use of cash collateral;
(b) advise and assist the Committee in the monitoring of the
Debtors' short term cash flow, liquidity, and operating results;
(c) advise and assist the Committee in its review of financial
related disclosures of the Debtors, including Schedules of Assets
and Liabilities, Statements of Financial Affairs and Monthly
Operating Reports;
(d) advise and assist the Committee in its review of other
financial information prepared by the Debtors, including, but not
limited to, cash flow projections and budgets, business plans, cash
receipts and disbursement analysis, asset and liability analysis,
and the economic analysis of proposed transactions for which Court
approval is sought;
(e) advise and assist the Committee in its review of any key
employee retention and other employee benefit programs that may be
proposed by the Debtors;
(f) advise and assist the Committee in its review of the
Debtors' analysis with respect to the assumption or rejection of
various executory contracts and leases;
(g) attend meetings and assist in discussions with the Debtors,
the Committee, the U.S. Trustee, and any party in interest and
their respective professionals, as requested by the Committee;
(h) advise and assist the Committee in the evaluation and
analysis of potential avoidance actions, including fraudulent
conveyances and preferential payments or transfers;
(i) advise and assist the Committee in its assessment of
restructuring alternatives and estimated recoveries, including the
review of any Plan of Reorganization and related Disclosure
Statement, sale transactions or other restructuring transactions
proposed by the Debtors;
(j) assist the Committee in its assessment of forensic or
investigative reports, data, and analyses prepared by other
professionals in relation to potentially fraudulent activities
conducted by Debtors; and
(k) advise the Committee on the forensic or investigative
procedures performed by other professionals, including development
of recommendations to enhance and expand upon those procedures, as
necessary.
The firm will be paid at these rates:
Partner/Principal $1,016 per hour
Director $869 per hour
Senior Manager $769 per hour
Manager $674 per hour
Senior Associate $554 per hour
Associate $235 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Steven J. Fleming, a partner at PwC US Business Advisory LLP,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Steven J. Fleming
PwC US Business Advisory LLP
300 Madison Avenue
New York, NY 10017
Tel: (646) 471 3000
About Lefever Mattson
LeFever Mattson, a California corporation, manages a large real
estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns
50% of the equity in the company. Based in Citrus Heights, Calif.,
LeFever Mattson manages a portfolio of more than 200 properties,
comprised of commercial, residential, office, and mixed-use real
estate, as well as vacant land, located throughout Northern
California, primarily in Sonoma, Sacramento, and Solano Counties.
It generates income from the properties through rents and use the
proceeds to fund its operations.
LeFever Mattson and its affiliates filed voluntary Chapter 11
petitions (Bankr. N.D. Calif. Lead Case No. 24-10545) on September
12, 2024. At the time of the filing, LeFever Mattson listed $100
million to $500 million in assets and $10 million to $50 million in
liabilities.
Judge Charles Novack oversees the cases.
Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the
Debtors as counsel. Kurtzman Carson Consultants, LLC is the
Debtors' claims and noticing agent.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Pachulski Stang Ziehl & Jones, LLP.
LIGHTHOUSE LAND: Case Summary & Three Unsecured Creditors
---------------------------------------------------------
Debtor: Lighthouse Land Holdings LLC
120 King Den Dr. NW
Cleveland, TN 37312
Chapter 11 Petition Date: February 24, 2025
Court: United States Bankruptcy Court
Eastern District of Tennessee
Case No.: 25-10450
Debtor's Counsel: Jeffrey W. Maddux, Esq.
CHAMBLISS, BAHNER & STOPHEL, P.C.
Liberty Tower
605 Chestnut Street, Ste. 1700
Chattanooga, TN 37450
Tel: 423-757-0296
Fax: 423-508-1296
E-mail: jmaddux@chamblisslaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Tracy O. Sneed as owner/president.
A copy of the Debtor's list of three unsecured creditors is
available for free on PacerMonitor at:
https://www.pacermonitor.com/view/WKWTS4A/Lighthouse_Land_Holdings_LLC__tnebke-25-10450__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/WOKIBBY/Lighthouse_Land_Holdings_LLC__tnebke-25-10450__0001.0.pdf?mcid=tGE4TAMA
LOOP MEDIA: Running Wind LLC Holds 4.68% Equity Stake
-----------------------------------------------------
Running Wind LLC disclosed in a Schedule 13G/A filed with the U.S.
Securities and Exchange Commission that as of August 6, 2024, it
beneficially owned 3,878,989 shares of Loop Media, Inc.'s common
stock, representing 4.68% of the 82,953,569 shares outstanding as
of February 3, 2025.
Allen D. Berry, III
Managing Member
1879 Hazelton Drive
Germantown, Tennessee 38138
Tel: 901-230-2630
A full-text copy of Running Wind's SEC Report is available at:
https://tinyurl.com/3dhpwjyk
About Loop Media
Headquartered in Burbank, CA, Loop Media, Inc., a Nevada
corporation, is a multichannel digital video platform media company
that uses marketing technology, or "MarTech," to generate its
revenue and offer its services. The Company's technology and vast
library of videos and licensed content enable it to curate and
distribute short-form videos to connected televisions ("CTV") in
out-of-home ("OOH") dining, hospitality and retail establishments,
convenience stores and other locations and venues to enable the
operators of those locations to inform, entertain and engage their
customers. The Company's technology also provides businesses the
ability to promote and advertise their products via digital signage
and provides third-party advertisers with a targeted marketing and
promotional tool for their products and services.
Costa Mesa, California-based Marcum LLP, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Dec. 12, 2024, citing that the Company has incurred recurring
losses resulting in an accumulated deficit, had negative cash flows
used in operations, and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
As of Sept. 30, 2024, Loop Media had $7.51 million in total assets,
$25.30 million in total liabilities, and a total stockholders'
deficit of $17.78 million.
LOTUS OASIS: Hires Schreeder Wheeler as Legal Counsel
-----------------------------------------------------
Lotus Oasis Homewood LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Schreeder,
Wheeler & Flint, LLP as its counsel.
The firm's services include:
(a) preparing pleadings, schedules and statements of financial
affairs, adversary proceedings and applications incidental to
administering the Debtor's estate;
(b) developing the relationship and status of the Debtor and
handling of claims of creditors in the Debtor's Chapter 11
proceedings;
(c) advising the Debtor of its rights, duties and
obligations;
(d) performing legal services incidental and necessary to the
day-to-day operation of the Debtor including, but not limited to,
institution and prosecution of necessary legal proceedings, debt
restructuring, general business, corporate and legal advice and
assistance necessary to the proper preservation and administration
of the estate;
(e) taking any and all necessary actions incident to the
proper preservation and administration of the Debtor and to the
conduct of its business;
(f) preparing a plan of reorganization and disclosure
statement; and
(g) providing post-confirmation legal services in connection
with the implementation of the plan.
The firm will be paid at these rates:
John A. Christy $595 per hour
Jonathan A. Akins $485 per hour
Jamie A. Christy $310 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
John H. Christy, Esq.
Jonathan A. Akins, Esq.
Schreeder, Wheeler & Flint, LLP
1100 Peachtree Street NE, Suite 800
Atlanta, GA 30309
Tel: (404) 681-3450
Email: jchristy@swfllp.com
jakins@swfllp.com
About Lotus Oasis Homewood LLC
Lotus Oasis Homewood LLC operates in the real estate sector.
Lotus Oasis Homewood LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-50962 ) on January 30,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by:
John A. Christy, Esq.
SCHREEDER, WHEELER & FLINT, LLP
1100 Peachtree Street, NE, Suite 800
Atlanta, GA 30309
Tel: (404) 954-9819
E-mail: jchristy@swfllp.com
MACON ARTS: Seeks to Hire Boyer Terry LLC as Attorney
-----------------------------------------------------
Macon Arts Center, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Georgia to employ Boyer Terry LLC
as attorney.
The firm will provide these services:
a. give the Debtor legal advice with respect to its powers and
duties as Debtor-in-Possession in the continued operation of its
business and management of its property;
b. prepare on behalf of Debtor, as Debtor-in-Possession,
necessary applications, motions, answers, reports, and other legal
papers;
c. continue existing litigation to which Debtor-in-Possession
may be a party, and to conduct examinations incidental to the
administration of Debtor's estate;
d. take any and all necessary action for the proper
preservation and administration of the estate;
e. assist Debtor-in-Possession with the preparation and filing
of a Statement of Financial Affairs and schedules and lists as are
appropriate;
f. take whatever action is necessary with reference to the use
by Debtor of its property pledged as collateral, including cash
collateral, to preserve the same for the benefit of Debtor and
secured creditors in accordance with the requirements of the
Bankruptcy Code;
g. assert, as directed by Debtor, claims that Debtor may have
against others;
h. assist Debtor in connection with claims for taxes made by
governmental units; and
i. perform other legal services for Debtor, as
Debtor-in-Possession, which may be necessary.
The firm will be paid at these rates:
Attorney $350 and $370 per hour
Paralegals $125 per hour
Research Assistants $100 per hour
On February 3, 2025, the firm received a deposit of $5,238 from
Anthony-Lynn Kirkland, Sr. on behalf of the Debtor
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Wesley J. Boyer, Esq., a partner at Boyer Terry LLC, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Wesley J. Boyer, Esq.
Boyer Terry LLC
348 Cotton Avenue, Suite 200
Macon, GA 31201
Tel: (478) 742-6481
Fax: (770) 200-9230
Email: Wes@BoyerTerry.com
About Macon Arts Center, LLC
Macon Arts Center LLC, also known as The Mac, is a dynamic live
entertainment venue offering a wide range of experiences. Spanning
9.52 acres with over 30,000 square feet of operational space, it
hosts a variety of events, including indoor and outdoor live
concerts, corporate gatherings, film productions, private parties,
theatrical performances, and much more.
Macon Arts Center LLCsought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-50167) on February 3,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by:
Christopher W. Terry, Esq.
BOYER TERRY LLC
348 Cotton Avenue, Suite 200
Macon, GA 31201
Tel: (478) 742-6481
Fax: (770) 200-9230
E-mail: Chris@boyerterry.com
MANNING LAND: Hires Claude Etinoff & Associates as Accountant
-------------------------------------------------------------
Manning Land Company, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Claude
Etinoff & Associates, LLC as accountant.
The firm will provide these services:
(1) ensure the Debtors' financial statements are fairly
presented and free from material misstatement; and
(2) evaluate the Debtors' ability to continue as a going concern
for a reasonable period of time.
The firm will be paid to audit the Debtors financial statements for
the year ended December 31, 2024 for a flat fee of $26,748.75.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Claude Etinoff
Claude Etinoff & Associates, LLC
10408 Sarah Landing Drive
Cheltenham, MD 20623
About Manning Land Company, LLC
Manning Land Company and its affiliates operate a meat product
manufacturing business.
Manning Land Company, LLC, and its affiliates filed their voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. C.D. Cal. Lead Case No. 24-16757) on Aug. 22, 2024. The
petitions were signed by Salvatore Anthony DiMaria as managing
member. At the time of filing, Manning Land listed $10 million to
$50 million in both assets and liabilities.
Judge Vincent P. Zurzolo oversees the cases.
The Debtors tapped Leonard M. Shulman, at Shulman Bastian Friedman
& Bui LLP as bankruptcy counsel and Roxborough Pomerance Nye &
Adreani, LLP as special litigation counsel.
MEDICAL PROPERTIES: Yet Daniel Holds 8.69% Equity Stake
-------------------------------------------------------
Yet Daniel disclosed in a Schedule 13G filing with the U.S.
Securities and Exchange Commission that as of December 31, 2024, he
beneficially owns 52,179,834 shares of Medical Properties Trust,
Inc.'s common stock, representing 8.69% of the outstanding shares
of the Company's common stock.
About Medical Properties Trust
Medical Properties Trust, Inc. is a self-advised real estate
investment trust formed in 2003 to acquire and develop net-leased
hospital facilities. From its inception in Birmingham, Alabama,
the
Company has grown to become one of the world's largest owners of
hospital real estate with 402 facilities and approximately 40,000
licensed beds in nine countries and across three continents as of
September 30, 2024. MPT's financing model facilitates acquisitions
and recapitalizations and allows operators of hospitals to unlock
the value of their real estate assets to fund facility
improvements, technology upgrades and other investments in
operations. For more information, please visit the Company's
website at www.medicalpropertiestrust.com
* * *
The Troubled Company Reporter on Dec. 6, 2024, reported that
Moody's Ratings downgraded Medical Properties Trust, Inc.'s (MPT
or
the REIT) Corporate Family Rating to Caa1 from B1. Moody's also
downgraded the backed senior unsecured debt rating of the REIT's
operating subsidiary, MPT Operating Partnership, LP's, to Caa1
from
B1. The outlook on all entities is negative. The SGL-4 speculative
grade liquidity (SGL) rating remains unchanged.
METATRON HEALTH: Seeks Chapter 11 Bankruptcy in Oregon
------------------------------------------------------
On February 20, 2025, Metatron Health LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Oregon. 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 Metatron Health LLC
Metatron Health LLC, d/b/a Portland Regenerative Medicine,
specializes in cutting-edge regenerative medicine and aesthetic
treatments to enhance health and wellness. The Company offers
services such as bioidentical hormone replacement therapy, sexual
health treatments, pelvic health solutions, and advanced facial and
body aesthetic procedures like Botox, fillers, CoolSculpting, and
hair restoration. With a patient-centered approach, Metatron
strives to improve and extend the quality of life for both women
and men through personalized care and innovative therapies.
Metatron Health LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Or. Case No. 25-30533) on February 20,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge David W. Hercher handles the case.
The Debtor is represented by:
Nicholas J. Henderson, Esq.
ELEVATE LAW GROUP
6000 SW Meadows Road, Suite 450
Lake Oswego, OR 97035
Tel: (503) 417-0500
MODEL TOBACCO: Trustee Hires Tavenner & Beran PLC as Counsel
------------------------------------------------------------
Lynn L. Tavenner, the Trustee of Model Tobacco Development Group,
LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern
District of Virginia to employ Tavenner & Beran, PLC as counsel.
The firm's services include:
-- advising the Trustee with respect to duties and
responsibilities under the Bankruptcy Code;
-- advising with respect to operations, cash flow and financial
matters;
-- assisting and advising in connection with executory
contracts;
-- drafting and reviewing documents to reflect agreements with
creditors or other parties in interest;
-- resolving motions for relief from stay and adequate
protection;
-- negotiating for obtaining financing and use of cash
collateral, as necessary;
-- analyzing and advising on the reorganization path and
documentation with regard to the same, and in conjunction therewith
assessing whether reorganization, liquidation, dismissal, or
conversion is in the best interests of the Debtor and its
creditors;
-- collaborating with creditors' and other constituents
counsel;
-- working on any disclosure statement and plan of
reorganization and matters relating thereto;
-- handling other matters that arise in the normal course of
administration of this bankruptcy estate;
-- assist in the investigation and analysis of claims held by
the Debtor and, if viable, initiating and prosecuting litigation
with respect to the same.
The firm will be paid at these rates:
Attorneys $680 to $695 per hour
Paraprofessionals $220 to $295 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Paula S. Beran, Esq., a partner at Tavenner & Beran, PLC, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Paula S. Beran, Esq.
Tavenner & Beran, PLC
20 North 8th Street
Richmond, VA 23219
Tel: (804) 783-8300
Email: pberan@tb-lawfirm.com
About Model Tobacco Development Group, LLC
Model Tobacco Development Group, LLC is engaged in activities
related to real estate.
Model Tobacco Development Group filed Chapter 11 petition (Bankr.
E.D. Va. Case No. 24-34863) on December 31, 2024, with assets
between $50 million and $100 million and liabilities between $10
million and $50 million.
The Debtor is represented by:
Justin P. Fasano, Esq.
Mcnamee Hosea, P.A.
6404 Ivy Lane, Suite 820
Greenbelt, MD 20770
Tel: (301) 441-2420
Fax: (301) 982-9450
Email: jfasano@mhlawyers.com
MOSAIC SWNG: Gets Extension to Access Cash Collateral
-----------------------------------------------------
Mosaic SWNG, LLC received second interim approval from the U.S.
Bankruptcy Court for the Southern District of Texas to use its
secured lender's cash collateral.
The order signed by Judge Christopher Lopez authorized the company
to use the cash collateral of Fannie Mae to pay the expenses set
forth in its budget.
The lender's cash collateral consists of rents and accounts
receivable generated from Mosaic's assets, including a 504-unit
multifamily residential real property located in Pasadena, Texas.
As protection, Fannie Mae was granted post-petition replacement
liens on all property of the company, whether acquired before or
after the petition date.
To the extent the replacement liens are insufficient to provide
adequate protection against the diminution, if any, in value of the
lender's interest in the collateral, Fannie Mae will be granted a
superpriority claim.
A final hearing is scheduled for March 14.
About Mosaic SWNG LLC
Mosaic SWNG LLC, doing business as Mosaic Apartments, was
established in October 2021 with the exclusive purpose of acquiring
and owning the 504-unit multifamily residential property known as
"Mosaic Apartments." The apartment complex, built in 1981, is
located at 4025 Burke Road, Pasadena, Texas, in Harris County.
Mosaic SWNG sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Texas Case No. 25-90010) on January 30, 2025,
listing between $50 million and $100 million in both assets and
liabilities.
Judge Christopher M. Lopez handles the case.
The Debtor is represented by:
Melissa A. Haselden, Esq.
Haselden Farrow, PLLC
708 Main Street, 10th Floor
Houston, TX 77002
Tel: 832-819-1149
Email: MHaselden@HaseldenFarrow.com
MPGF INC: Unsecureds Owed $104K Will Get 100% of Claims in Plan
---------------------------------------------------------------
MPGF, Inc. d/b/a Maple Grove Floral and Indulge & Bloom submitted a
First Modified Plan of Reorganization.
This Chapter 11 plan of reorganization proposes to pay creditors of
the Debtor from projected disposable income of the Debtor over a
60-month period.
The Debtor's current cash flow projections confirm that the Debtor
generates sufficient cash flow to fund the payments due under the
Plan and provide payments to secured and unsecured creditors in the
total amount of approximately $180,000.00 or less over the 60-month
period following the effective date of this Plan.
The effective date of this Plan is the later of the first business
day following the date that is 30 days after the confirmation order
has become a final order or April 1, 2025. If, however, a stay of
the confirmation order is in effect on that date, the effective
date will be the first business day after the date on which the
stay expires or is otherwise terminated.
In summary, the Debtor intends to make a quarterly pro-rata
distribution of at least $9,000.00 per calendar quarter toward all
Classes of Creditors until all allowed claims are paid in full.
Class 1 consists of the Secured Claim of HPJ, LLC for Pre-Petition
Rent. Class 1 is the fully secured claim of HPJ, LLC ("Landlord")
in the amount of $94,380.07. The Landlord's claim is secured by a
first-priority lien in all the assets of the Debtor. The
indebtedness owed to the Landlord will accrue interest at the rate
of 10% per annum and be paid as follows:
* The Debtor will pay Landlord $3,045.38 per month for
thirty-six months commencing not later than September 1, 2025. All
payments shall be received by Landlord at 2655 Cheshire Ln N,
Plymouth, MN 55447, or as otherwise instructed by Landlord in
writing, on or before the due date.
* The Debtor entered a Shopping Center Lease Agreement dated
August 14, 2018, as amended by the First Amendment of Lease
Agreement dated May 19, 2023 (the "Lease") with Landlord. The
Debtor has assumed the Lease and agrees to comply with all terms as
stated in the Lease. Landlord consents to tge assumption and agrees
that the cure payments may be made pursuant to the terms as stated
herein. Except as specifically provided herein, the terms of the
Lease remain in effect and Debtor agrees to comply with the terms
of the Lease, as modified herein.
* Pursuant to the terms of the Lease, the base rent, CAM and
taxes will be $8,557.70 beginning February 1, 2025. In addition,
the Debtor will pay its water bill quarterly, as invoiced by
Landlord pursuant to the terms of the Lease. Payment obligations
will continue to be adjusted as provided in the Lease.
Class 2 consists of Allowed General Unsecured Trade Claims. As of
the date hereof, the Debtor estimates the total pool of allowed
general unsecured claims to be about $103,606.27. In full
satisfaction of such claims, each Holder of a Class 2 claim shall
receive its pro rata share of an estimated gross quarterly
disbursement of $9,000.00. The gross quarterly disbursement shall
continue until all Class 2 allowed claims are paid in full.
As of the date of this Plan, the percentage committed to payment of
allowed Class 2 claims is 100%. Payment of these claims shall
commence in the first calendar quarter following payment in full of
the allowed Class 1 claim of HPJ, LLC and continue until all
allowed Class 2 claims are paid in full. Class 2 claims are
impaired.
A full-text copy of the First Modified Plan dated February 13, 2025
is available at https://urlcurt.com/u?l=hC3CsD from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Walsh Law
Ronald J. Walsh, Esq.
13570 Grove Drive, Suite 172
Maple Grove, MN 55311
Phone: 953-746-7872
Email: ron@walshlawmn.com
About MPGF Inc.
MPGF, Inc., operates a floral shop in Maple Grove, MN.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Minn. Case No. 24-42399) on Sept. 5,
2024, with $50,001 to $100,000 in assets and $100,001 to $500,000
in liabilities.
Judge William J. Fisher oversees the case.
Ronald J. Walsh, Esq., at Walsh Law, is the Debtor's bankruptcy
counsel.
MVL INVESTMENTS: Hires Seeks to Hire Mark S. Roher as Counsel
-------------------------------------------------------------
MVL Investments Group, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Mark S. Roher,
PA, also known as, The Law Office of Mark S. Roher, PA, as
counsel.
The firm will render 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; and
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Mark Roher, Esq., disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Mark S. Roher, Esq.
Law Office of Mark S. Roher, PA
1806 N. Flamingo Road, Suite 300
Pembroke Pines, FL 33028
Tel: (954) 353-2200
Email: mroher@markroherlaw.com
About MVL Investments Group, Inc.
MVL Investments Group Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.: 25-11278) on
February 5, 2025. In its petition, the Debtor reports estimated
assets between $1 million and $10 million and estimated liabilities
between $500,000 and $1 million.
Honorable Bankruptcy Judge Scott M. Grossman handles the case.
The Debtor is represented by Mark S. Roher, Esq., at LAW OFFICE OF
MARK S. ROHER, P.A..
MY SIZE: Avatar Securities Owns 151K Shares
-------------------------------------------
Avatar Securities, LLC, disclosed in a Form 3 filing with the U.S.
Securities and Exchange Commission that as of December 27, 2024, it
owns 151,710 shares of My Size, Inc.'s common stock.
About MySize, Inc.
Airport City, Israel-based My Size, Inc. (NASDAQ: MYSZ) --
http://www.mysizeid.com/-- is an omnichannel e-commerce platform
and provider of AI-driven measurement solutions that drive revenue
growth and reduce costs for online retailers while generating big
data and machine learning analytics.
The Company cautioned in a Form 10-Q Report for the quarterly
period ended March 31, 2024, that substantial doubt exists about
its ability to continue as a going concern. According to the
Company, since inception, it incurred significant losses and
negative cash flows from operations, reporting a net loss of
$1,016,000 and $2,654,000 for three-months ended March 31, 2024
and
2023, respectively, resulting in an accumulated deficit of
$60,897,000. The Company has financed its operations mainly
through
fundraising from various investors.
As of September 30, 2024, My Size had $7.03 million in total
assets, $2.57 million in total liabilities, and $4.46 million in
total stockholders' equity.
NANOVIBRONIX INC: Armistice Capital Holds 9.99% Stake as of Dec. 31
-------------------------------------------------------------------
Armistice Capital, LLC and Steven Boyd disclosed in a Schedule
13G/A Report filed with the U.S. Securities and Exchange Commission
that as of December 31, 2024, they beneficially owned an aggregate
amount of 349,284 shares of NanoVibronix, Inc.'s Common Stock,
representing 9.99% of the shares outstanding.
Armistice Capital, LLC may be reached at:
Steven Boyd
c/o Armistice Capital, LLC
510 Madison Avenue, 7th Floor
New York, New York 10022
United States of America
Tel: (212) 231-4932
A full-text copy of Armistice Capital's SEC Report is available
at:
https://tinyurl.com/52jrkc7j
About NanoVibronix
Elmsford, N.Y.-based NanoVibronix, Inc., a Delaware corporation,
commenced operations on October 20, 2003, and is a medical device
company focusing on noninvasive biological response-activating
devices that target wound healing and pain therapy and can be
administered at home without the assistance of medical
professionals.
Going Concern
According to the Company, it does not have sufficient resources to
fund its operations for the next 12 months, management has
substantial doubt about the Company's ability to continue as a
going concern. The Company will need to raise additional capital to
finance its losses and negative cash flows from operations and may
continue to be dependent on additional capital raising as long as
the Company's products do not reach commercial profitability.
As of September 30, 2024, NanoVibronix had $4.7 million in total
assets, $2.8 million in total liabilities, and $1.9 million in
total stockholders' equity.
NANOVIBRONIX INC: Completes Merger With ENvue Medical Holdings
--------------------------------------------------------------
NanoVibronix, Inc. announced the completion of the acquisition of
ENvue Medical Holdings Corp., a privately-held, innovative leader
in enteral feeding solutions. This strategic transaction will
combine the strengths of both companies, creating a platform for
growth and expanded market reach in the medical device sector.
The Company believes that the Acquisition will strengthen the
combined company's market position in enteral feeding technology
and therapeutic medical devices, as ENvue's proprietary technology
aligns with the Company's commitment to patient safety and advanced
medical solutions and the combined company is expected to benefit
from a broader commercial platform, enhanced distribution and
operational efficiencies.
Brian Murphy, CEO of NanoVibronix, Inc., stated: "This transaction
represents a transformational opportunity for NanoVibronix and our
shareholders. ENvue Medical has developed an innovative solution
that directly addresses critical patient safety challenges in
enteral feeding, and we are excited to integrate their technology
into our portfolio. Together, we are positioned to accelerate
growth, improve patient outcomes and create long-term value for our
shareholders."
Dr. Doron Besser, CEO of ENvue Medical Holdings, Corp., added:
"Joining forces with NanoVibronix marks the beginning of an
exciting new chapter for ENvue Medical. Our combined expertise,
market presence and commitment to innovation will allow us to reach
more hospitals and healthcare providers with life-saving solutions.
We look forward to bringing our cutting-edge enteral feeding
technology to a broader audience and making a meaningful impact in
patient care."
About the Acquisition
and the Private Placement
The Acquisition of ENvue was structured as a stock-for-stock
transaction pursuant to which all of ENvue's outstanding equity
interests were exchanged based on a fixed exchange ratio for
consideration as a combination of 1,734,995 shares of the Company
common stock, which such number of shares represented no more than
19.9% of the outstanding shares of Company common stock as of
immediately before the effective time of the Acquisition, and
57,720 shares of Series X Non-Voting Convertible Preferred Stock
(or 57,720,000 shares of common stock on an as-converted-to-common
basis). Subject to Company stockholder approval, each share of
Series X Preferred Stock will automatically convert into 1,000
shares of common stock, subject to certain beneficial ownership
limitations set by each holder.
After giving effect to Acquisition and pursuant to the terms and
conditions of the merger agreement governing the Acquisition,
(i) the holders of the outstanding equity of ENvue immediately
prior to the effective time of the first merger own 19.9% of the
common stock of the Company and 85% of the outstanding equity of
the Company (assuming the Series X Preferred Stock is converting at
a ratio of 1,000:1) immediately following the First Effective Time,
which following stockholder approval will allow the Series X
Preferred Stock to convert to common stock of the Company, which
may result in the holders of ENvue holding 85% of the common stock
of the Company, and
(ii) the holders of our outstanding equity immediately prior to
the First Effective Time holding 80.1% of the common stock of the
Company and 15.0% of the outstanding equity of the Company
(assuming the Series X Preferred Stock is converting at a ratio of
1,000:1) immediately following the First Effective Time, which
following stockholder approval will allow the Series X Preferred
Stock to convert to common stock of the Company which may result in
the Company's holders holding 15% of common stock of the Company.
Following the consummation of the Acquisition, a
successor-in-interest of ENvue will become a wholly-owned
subsidiary of the Company. The Acquisition was approved by the
Board of Directors of Company and the Board of Directors and
stockholders of ENvue and was consummated on February 14, 2025.
Concurrently with the completion of the Acquisition, the Company
consummated a private placement investment with an institutional
investor, pursuant to which the Company sold in a private placement
a senior convertible debenture having an aggregate principal amount
of $500,000. Following the receipt of stockholder approval, the
Debenture is convertible, in whole or in part, into shares of the
Company's common stock, at the option of the holder, at the initial
conversion price of $0.4446, which is subject to customary
anti-dilution adjustments, and which such conversion price shall
not be lower than the floor price of $0.08892.
Palladium Capital Group, LLC served as the exclusive advisor on the
transaction. Haynes and Boone, LLP acted as legal advisor to ENvue.
Pierson Ferdinand, LLP acted as legal advisor to the Company.
The securities to be sold in the private placement have not been
registered under the Securities Act of 1933, as amended, or
applicable state securities laws, and may not be offered or sold in
the United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and applicable state or other
jurisdictions' securities laws. Pursuant to the terms of the merger
agreement for the Acquisition and the registration right agreement
governing the private placement, the Company has agreed to file a
registration statement with the Securities and Exchange Commission
registering the resale of Debenture Shares, the shares of Company
common stock issued in the Acquisition, and the share of common
stock issuable upon conversion of the Series X Preferred Stock
issued in the Acquisition.
Management and Organization
NanoVibronix and ENvue will continue to be led by its current
management team, with the addition of Doron Besser of ENvue and
Professor Zeev Rotstein as directors, and resignation of Harold
Jacob, M.D., Maria Schroeder and Michael Ferguson from the board of
directors of the Company. Following the Acquisition, the Company
board of directors will be comprised of Brian Murphy, Christopher
Fashek, Martin Goldstein, Thomas R. Mika, Aurora Cassirer, Doron
Besser, M.D., and Professor Zeev Rotstein, M.D.
A full-text copy of the Company's report filed on Form 8-K with the
Securities and Exchange Commission is available at:
https://tinyurl.com/458v3e6e
About ENvue Medical Holdings Corp.
ENvue Medical Holdings Corp is a leader in electromagnetic
navigation technology, providing real-time guidance for enteral
feeding tube placement across critical care, step-down units, and
general medical-surgical floors in hospitals.
About NanoVibronix
Elmsford, N.Y.-based NanoVibronix, Inc., a Delaware corporation,
commenced operations on October 20, 2003, and is a medical device
company focusing on noninvasive biological response-activating
devices that target wound healing and pain therapy and can be
administered at home without the assistance of medical
professionals.
Going Concern
According to the Company, it does not have sufficient resources to
fund its operations for the next 12 months, management has
substantial doubt about the Company's ability to continue as a
going concern. The Company will need to raise additional capital to
finance its losses and negative cash flows from operations and may
continue to be dependent on additional capital raising as long as
the Company's products do not reach commercial profitability.
As of September 30, 2024, NanoVibronix had $4.7 million in total
assets, $2.8 million in total liabilities, and $1.9 million in
total stockholders' equity.
NASH ENGINEERING: Settlement Approval Hearing Scheduled for April 9
-------------------------------------------------------------------
In re The Nash Engineering Co., Debtor, Case No. 25-0055-JCH
UNITED STATES DISTRICT COURT, DISTRICT OF CONNECTICUT
NOTICE OF HEARING DATE AND OBJECTION DEADLINE ON MOTION TO (I)
APPROVE SETTLEMENT STIPULATION AND BUY-BACK OF INSURANCE POLICIES
POTENTIALLY COVERING ASBESTOS-RELATED CLAIMS AGAINST THE NASH
ENGINEERING COMPANY AND (II) ENTER INJUNCTION
Gearge Roumeliotis, the Chapter 7 trustee of the bankruptcy estate
of The Nash Engineering Company, Bankruptcy Case No. 21-50644,
pending in the U.S. Bankruptcy Court for the District of
Connecticut, has filed a motion to approve a settlement of claims
against Century Indemnity Company and Pacific Employers Insurance
Company in the U.S. District Court for the District of Connecticut,
Case No. 25-0055-JCH.
The Motion requests approval of a settlement under which, in
summary, the Insurers will (I) pay $9 million to TNEC s bankruptcy
estate in exchange for releases of the Insurers and ther affiliates
by the bankruptcy estate, (il) buy back llability insurance
policies (as identified in the Motion) issued by Insurers, free and
clear of any interest in the policies held by the bankruptcy estate
or any holder of an Asbestos Personal Injury Claim (as defined in
the Motion, and including personal Injury and wrongful death claims
against TNEC) covered or allegedly covered by the policies, and
(ili) receive the benefit of an Injunction permanently enjoining
assertion of specified claims against the Insurers or they
affiliates, including Asbestos Personal Injury Claims. Copies of
the Motion, the Settlement Stipulation, and related filings may be
obtained at the District Court's website (WWW.ctd.uscourts.gov) or
by sending a written request to counsel for the Trustee, Taruna
Garg (tgarg@harrisbeachmurtha.com).
YOUR RIGHTS MAY BE AFFECTED BY THE MOTION AND SETTLEMENT
STIPULATION AND THE ORDER APPROVING THE SETTLEMENT STIPULATION AND
ENTERING THE INJUNCTION. If you wish to object to approval of the
Settlement Stipulation or entry of the Injunction, you must file an
Objection with the District Court by 4:30 p.m. Eastern Time on
March 13, 2025. Any such objection should be filed with the
District Court at eci.ctd.uscourts.gov or at the U.S. District
Court for the District of Connecticut, 141 Church Street, New
Haven, CT 06510, and served counsel for the Trustee, Taruna Garg
(tgarg@harrisbeachmurtha.com), and counsel to the Insurers, Mark
Plevin mplevin@plevintumer.com). A hearing on the Motion will be
held on April 9, 2025 at 2:00 p.m. Eastern Time at the District
Court, Courtroom One, 141 Church Street, New Haven,
CT 06510.
The April 9, 2025 hearing may be continued to a later date or
cancelled if the Trustee so requests, without further notice except
as provided on the District Court’s website.
To file a proof of claim electronically against the TNEC bankruptcy
estate, please visit https://www.ctb.uscourts.gov/epoc.
About Nash Engineering Co.
Nash Engineering Co. is a Connecticut pump manufacturer.
Nash Engineering Co. sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. D. Conn. Case No. 21-50644) on Oct. 19,
2021.
Bankruptcy Judge Julie A Manning handles the case.
NASH ENGINEERING: Trustee Wants Court's OK on $9M Settlement Deal
-----------------------------------------------------------------
George Roumeliotis, the Chapter 7 trustee of the bankruptcy estate
of The Nash Engineering Company ("TNEC"), filed a motion to approve
a settlement of claims against Century Indemnity Company and
Pacific Employers Insurance Company in asks the U.S. District Court
for the District of Connecticut.
The Chapter 7 trustee requests approval of a settlement under
which, in summary, the insurers will (i) pay $9 million of TNEC's
bankruptcy estate in exchange for releases of the insurers and
their affiliates by the bankruptcy estate, (ii) buy back liability
insurance policies issued by insurers, free and clear of any
interest in the policies held by the bankruptcy estate or any
holder of an asbestos personal injury claim covered or allegedly
covered by the policies, and (iii) receive the benefit of an
injunction permanently enjoining assertion of specified claims
against the insurers of their affiliates, including asbestos
personal injury claims.
Copies of the motion, settlement stipulation, and related filings
may be obtained at the District Court's website at
https://www.ctd.uscourts.gov or by sending a written request to
counsel for the trustee, Taruna Garg, tgarg@harrisbeachmurtha.com.
If you wish to object to the approval of the settlement stipulation
or entry of the injunction, objections must be filed no later than
4:30 p.m. on March 13, 2025. Any such objection should be filed
with the District Court at https://ecf.ctd.uscourts.gov or at the
U.S. District Court for the District of Connecticut, 141 Church
Street, New Haven CT 06510, and served counsel for the Trustee,
Taruna Garg (tgarg@harrisbeachmurtha.com), and counsel for the
insurers, Mark Plevin (mplevin@plevinturner.com). A hearing on the
motion will be held on April 9, 2025, at 2:00 p.m. Eastern Time at
the Distrcit Court, Courtroom One, 141 Church Street, New Haven,
Connecticut 06510.
About Nash Engineering Co.
Nash Engineering Co. is a Connecticut pump manufacturer.
Nash Engineering Co. sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. D. Conn. Case No. 21-50644) on October 19,
2021.
Honorable Bankruptcy Judge Julie A Manning handles the case.
NETCAPITAL INC: Lind Global Fund II, 2 Others Hold 9.9% Stake
-------------------------------------------------------------
Lind Global Fund II LP, Lind Global Partners II LLC, and Jeff
Easton disclosed in a Schedule 13G/A filed with the U.S. Securities
and Exchange Commission that as of December 31, 2024, they
beneficially own 202,500 shares of Netcapital Inc.'s Common Stock,
representing 9.9% of the outstanding shares.
The beneficial ownership includes:
(i) 106,402 A-1 Warrants,
(ii) 106,402 A-3 Warrants, and
(iii) 106,402 A-4 Warrants, but due to exercise limitations,
total ownership is capped at 202,500 shares.
A full-text copy of Lind Global's SEC Report is available at:
https://tinyurl.com/j8wud54z
About Netcapital Inc.
Headquartered in Boston, Mass., Netcapital Inc. --
www.netcapital.com -- is a fintech company with a scalable
technology platform that allows private companies to raise capital
online and provides private equity investment opportunities to
investors. The Company's consulting group, Netcapital Advisors,
provides marketing and strategic advice and takes equity positions
in select companies. The Company's funding portal, Netcapital
Funding Portal, Inc. is registered with the U.S. Securities &
Exchange Commission (SEC) and is a member of the Financial Industry
Regulatory Authority (FINRA), a registered national securities
association.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated July 29, 2024, citing that the
Company has negative working capital, net operating losses, and
negative cash flows from operations. These factors, among others,
raise substantial doubt about the Company's ability to continue as
a going concern.
Netcapital reported a net loss of $4.99 million for the year ended
April 30, 2024, compared to net income of $2.95 million for the
year ended April 30, 2023. As of July 31, 2024, Netcapital had
$41.44 million in total assets, $3.93 million in total liabilities,
and $37.51 million in total stockholders' equity.
NEUROONE MEDICAL: All Five Proposals Approved at Annual Meeting
---------------------------------------------------------------
At the annual meeting of stockholders of NeuroOne Medical
Technologies Corporation, stockholders:
(i) elected David Rosa as Class II director to the Company's
Board of Directors, to serve a three-year term until the 2028
annual meeting of stockholders,
(ii) ratified the appointment of Baker Tilly U.S., LLP as the
Company's independent registered public accounting firm for the
fiscal year ending September 30, 2025,
(iii) approved an amendment to the Company's Certificate of
Incorporation to effect a reverse stock split of the Company's
outstanding common stock at a ratio in the range of 1-for-2 to
1-for-15 to be determined by the Company's Board of Directors,
(iv) approved the NeuroOne Medical Technologies Corporation
2025 Equity Incentive Plan, and
(v) authorized one or more adjournments of the Annual Meeting
to solicit additional proxies in the event there are insufficient
votes to approve Proposal 3.
Proposals are described in detail in the Company's definitive proxy
statement filed with the Securities and Exchange Commission on
January 21, 2025, as supplemented on February 5, 2025 and February
7, 2025.
A total of 18,117,638 shares of the Company's common stock were
present at the meeting in person or by proxy, which represents
approximately 58.7% of the shares of common stock outstanding as of
the record date for the Annual Meeting.
About NeuroOne Medical Technologies
Headquartered in Eden Prairie, MN, NeuroOne Medical Technologies
Corporation -- nmtc1.com -- is a medical technology company focused
on (i) diagnostic, ablation and deep brain stimulation technology
for brain related conditions such as epilepsy and Parkinson's
disease; (ii) ablation and stimulation for pain management
throughout the body; and (iii) drug delivery including diagnostic
and stimulation capabilities. The Company is developing and
commercializing thin film electrode technology for continuous
electroencephalogram ("cEEG") and stereoelectrocencephalography
("sEEG"), spinal cord stimulation, brain stimulation, drug delivery
and ablation solutions for patients suffering from epilepsy,
Parkinson's disease, dystonia, essential tremors, chronic pain due
to failed back surgeries and other pain-related neurological
disorders. The Company is also developing the capability to use
its sEEG electrode technology to deliver drugs or gene therapy
while being able to record brain activity before, during, and after
delivery. Additionally, the Company is investigating the potential
applications of its technology associated with artificial
intelligence.
Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated Dec. 17, 2024, citing that the Company had recurring
losses from operations and an accumulated deficit, expects to incur
losses for the foreseeable future, and requires additional working
capital. These are the reasons that raise substantial doubt about
the Company's ability to continue as a going concern.
The Company incurred at net loss of $12.32 million for the year
ended Sept. 30, 2024, compared to a net loss of $11.86 million for
the year ending Sept. 30, 2023. As of Sept. 30, 2024, the Company
had an accumulated deficit of $75.0 million primarily as a result
of expenses incurred in connection with its operations and from its
research and development programs.
NEUROONE MEDICAL: Manchester Management, 4 Others Report Stakes
---------------------------------------------------------------
Manchester Management Company, LLC, Manchester Explorer, L.P.,
Manchester Management PR, LLC, James E. Besser, and Morgan C. Frank
disclosed in a Schedule 13G/A filed with the U.S. Securities and
Exchange Commission that as of December 31, 2024, they beneficially
owned the following shares of NeuroOne Medical Technologies Corp.'s
common stock:
* Manchester Explorer, L.P.: 1,333,333 shares (4.1%)
* Manchester Management Company, LLC: 1,499,999 shares (4.6%)
* Manchester Management PR, LLC: 1,499,999 shares (4.6%)
* James E. Besser: 1,583,332 shares (4.9%)
* Morgan C. Frank: 1,416,666 shares (4.4%)
Each reporting person shares voting and dispositive power over
their respective shares, except for James E. Besser and Morgan C.
Frank, who also have sole voting and dispositive power over 83,333
shares each.
Manchester Management may be reached at:
Manchester Explorer, L.P.
c/o Manchester Management Company, LLC
2 Calle Candina, #1701
San Juan, Puerto Rico, 00907
United States of America
Tel: 617-856-8995
A full-text copy of Manchester Management's SEC Report is available
at:
https://tinyurl.com/4uaxvf4v
About NeuroOne Medical Technologies
Headquartered in Eden Prairie, MN, NeuroOne Medical Technologies
Corporation -- nmtc1.com -- is a medical technology company focused
on (i) diagnostic, ablation and deep brain stimulation technology
for brain related conditions such as epilepsy and Parkinson's
disease; (ii) ablation and stimulation for pain management
throughout the body; and (iii) drug delivery including diagnostic
and stimulation capabilities. The Company is developing and
commercializing thin film electrode technology for continuous
electroencephalogram ("cEEG") and stereoelectrocencephalography
("sEEG"), spinal cord stimulation, brain stimulation, drug delivery
and ablation solutions for patients suffering from epilepsy,
Parkinson's disease, dystonia, essential tremors, chronic pain due
to failed back surgeries and other pain-related neurological
disorders. The Company is also developing the capability to use
its sEEG electrode technology to deliver drugs or gene therapy
while being able to record brain activity before, during, and after
delivery. Additionally, the Company is investigating the potential
applications of its technology associated with artificial
intelligence.
Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated Dec. 17, 2024, citing that the Company had recurring
losses from operations and an accumulated deficit, expects to incur
losses for the foreseeable future, and requires additional working
capital. These are the reasons that raise substantial doubt about
the Company's ability to continue as a going concern.
The Company incurred at net loss of $12.32 million for the year
ended Sept. 30, 2024, compared to a net loss of $11.86 million for
the year ending Sept. 30, 2023. As of Sept. 30, 2024, the Company
had an accumulated deficit of $75.0 million primarily as a result
of expenses incurred in connection with its operations and from its
research and development programs.
NEWFOLD DIGITAL: In Talks with Lenders to Overhaul Debt
-------------------------------------------------------
Reshmi Basu of Bloomberg News reports that Newfold Digital, backed
by Clearlake Capital and Siris Capital, is in talks with its
lenders to restructure its debt amid declining revenue and
liquidity challenges, according to sources.
The discussions involve a potential debt exchange that would change
the repayment priority for creditors, the sources said.
Additionally, a group of creditors is considering providing a new
$100 million loan, they added.
About Newfold Digital
Newfold Digital is a provider of web presence solutions primarily
serving the SMB markets. Its products include internet domains,
hosting, websites, eCommerce, and related products. Its brands
include web.com and bluehost and over 15 other related brands.
NORTHERN DYNASTY: Kopernik Global Holds 13.9% Equity Stake
----------------------------------------------------------
Kopernik Global Investors, LLC, and David B. Iben disclosed in a
Schedule 13D filing with the U.S. Securities and Exchange
Commission that as of February 4, 2025, they beneficially own
80,338,185 shares of Northern Dynasty Minerals Ltd.'s common stock,
representing 13.9% of the 579,894,649 Common Shares outstanding as
of September 30, 2024.
About Northern Dynasty Minerals Ltd.
Northern Dynasty Minerals Ltd. is a mineral exploration and
development company based in Vancouver, Canada. Northern Dynasty's
principal asset, owned through its wholly owned Alaska-based U.S.
subsidiary, Pebble Limited Partnership, is a 100% interest in a
contiguous block of 1,840 mineral claims in Southwest Alaska,
including the Pebble deposit, located 200 miles from Anchorage and
125 miles from Bristol Bay. The Pebble Partnership is the
proponent
of the Pebble Project.
Vancouver, Canada-based Deloitte LLP, the Company's auditor since
2009, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company incurred a consolidated net
loss of $21 million during the year ended December 31, 2023, and
as
of that date, the Company's consolidated deficit was $697 million.
These conditions, along with other matters, raise substantial
doubt
about its ability to continue as a going concern.
Northern Dynasty reported a net loss of C$3.7 million, compared to
a net loss of $C6.2 million for the same period in 2023. As of
June
30, 2024, the Company had C$139.95 million in total assets and
C$21.62 million in total liabilities.
NORTHVOLT AB: Claims Filing Deadline Set for April 1, 2025
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas set
April 1, 2025, at 5:00 p.m. (prevailing Central Time) as the last
date and time for persons or entities to file proofs of claim
against Northvolt AB and its debtor-affiliates.
The Court also set May 20, 2025, at 5:00 p.m. (prevailing Central
Time) as the deadline for all governmental units to file their
claims against the Debtors.
Send completed proof(s) of claim To:
Northvolt AB
c/o Stretto
410 Exchange Suite 100
Irvine, CA 92602
Alternatively, your claim can be filed electronically on Stretto's
website at https://cases.stretto.com/northvolt/file-a-claim.
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyra AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
NOSREDNA REAL: Hires Ballstaedt Law Firm as Legal Counsel
---------------------------------------------------------
Nosredna Real Estate Holdings Corporation seeks approval from the
U.S. Bankruptcy Court for the District of Nevada to employ
Ballstaedt Law Firm dba Fair Fee Legal Services as counsel.
The firm will provide these services:
(a) institute, prosecute, or defend any contested matters
arising out of this bankruptcy proceeding in which the Debtor may
be a party;
(b) assist in the recovery and liquidation of estate assets,
and assist in protecting and preserving the same when necessary;
(c) assist in determining the priorities and statuses of
claims and in filing objections thereto when necessary;
(d) assist in preparation of a disclosure statement and
Chapter 11 plan of reorganization; and
(e) advise the Debtor and perform all other legal services
which may be or become necessary in this bankruptcy proceeding.
The firm will be paid at these rates:
Attorneys $400 per hour
Paralegals $150 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm also received a retainer of $20,000 from the Debtor.
Seth Ballstaedt, Esq., an attorney at Fair Fee Legal Services,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Seth D. Ballstaedt, Esq.
Fair Fee Legal Services
8751 W. Charleston Blvd., Ste. 230
Las Vegas, NV 89117
Tel: (702) 715-0000
Email: help@bkvegas.com
About Nosredna Real Estate Holdings Corporation
Nosredna Real Estate Holdings Corporation, doing business as
Nosredna Real Estate Holdings, filed Chapter 11 petition (Bankr. D.
Nev. Case No. 24-16799) on December 31, 2024, with $1 million to
$10 million in both assets and liabilities. Gail Anderson,
president of Nosredna, signed the petition.
Seth D Ballstaedt, Esq., at Fair Fee Legal Services represents the
Debtor as bankruptcy counsel.
NUNO MANSION: Seeks Chapter 11 Bankruptcy in California
-------------------------------------------------------
On February 22, 2025, The Nuno Mansion LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Central District
of California. According to court filing, the
Debtor reports $1,669,407 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
About The Nuno Mansion LLC
The Nuno Mansion LLC owns a single-family home located at 2200 S.
Harvard Blvd., Los Angeles, CA 90018, which has an appraised value
of $4.6 million.
The Nuno Mansion LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11354) on February
22, 2025. In its petition, the Debtor reports total assets of
$4,600,000 and total liabilities of $1,669,407.
Honorable Bankruptcy Judge Sheri Bluebond handles the case.
The Debtor is represented by:
Maureen J. Shanahan, Esq.
TOTARO & SHANAHAN, LLP
PO Box 789
Pacific Palisades CA 90272
Tel: (310) 804-2107
Email: Mstotaro@Aol.com
O'BRIEN'S MINING: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: O'Brien's Mining & Construction Services, Inc.
2640 Market Street
Wheeling, WV 26003
Business Description: O'Brien's Mining & Construction Services,
Inc. is a general contractor based in
Wheeling, WV, offering services such as
crane operations, rigging, excavation, heavy
hauling, and industrial waterlines.
Chapter 11 Petition Date: February 24, 2025
Court: United States Bankruptcy Court
Northern District of West Virginia
Case No.: 25-00079
Judge: Hon. David L Bissett
Debtor's Counsel: Kelly Gene Kotur, Esq.
DAVIS & KOTUR LAW OFFICE CO. LPA
407-A Howard Street
Bridgeport, OH 43912
Tel: (740) 635-1217
Fax: (740) 633-9843
E-mail: kellykotur@davisandkotur.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Sean O'Brien as president.
The Debtor did not provide 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/2EONDJY/OBriens_Mining__Construction__wvnbke-25-00079__0001.0.pdf?mcid=tGE4TAMA
O'BRIEN'S RENT-ALL: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: O'Brien's Rent-All & Sales, Inc.
2640 Market Street
Wheeling, WV 26003
Business Description: The Debtor is engaged in the construction
industry, working on various projects across
both West Virginia and Pennsylvania, with
its headquarters located in Wheeling, West
Virginia.
Chapter 11 Petition Date: February 24, 2025
Court: United States Bankruptcy Court
Northern District of West Virginia
Case No.: 25-00077
Judge: Hon. David L Bissett
Debtor's Counsel: Kelly Gene Kotur, Esq.
DAVIS & KOTUR LAW OFFICE CO. LPA
407-A Howard Street
Bridgeport, OH 43912
Tel: (740) 635-1217
Fax: (740) 633-9843
E-mail: kellykotur@davisandkotur.com
Total Assets: $1,385,582
Total Liabilities: $3,313,171
The petition was signed by Sean O'Brien as president.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/X7B7VZQ/OBriens_Rent-All__Sales_Inc__wvnbke-25-00077__0001.0.pdf?mcid=tGE4TAMA
ODYSSEY MARINE: FourWorld, John Addis Hold 5.1% Equity Stake
------------------------------------------------------------
FourWorld Capital Management, LLC and John Addis disclosed in a
Schedule 13G/A filed with the U.S. Securities and Exchange
Commission that as of December 31, 2024, they beneficially owned
1,102,318.53 shares of Odyssey Marine Exploration Inc.'s common
stock, representing 5.1% of the outstanding shares.
FourWorld may be reached through:
John Addis, Managing Member
7 World Trade Center
Floor 46
New York, NY 10007
Tel: 646-781-8719
A full-text copy of FourWorld Capital's SEC Report is available
at:
https://tinyurl.com/22kuxhdu
About Odyssey Marine
Odyssey Marine Exploration, Inc. and its subsidiaries are engaged
in deep-ocean exploration. Their innovative techniques are
currently applied to mineral exploration and other marine survey
and contracted services. The corporate headquarters are in Tampa,
Florida.
Tampa, Fla.-based Grant Thornton LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
May 17, 2024, citing that the Company incurred net operating losses
during the year ended 2023, and as of December 31, 2023, the
Company's current liabilities exceeded its current assets by $26.6
million, and its total liabilities exceeded its total assets by
$85.9 million. These conditions, along with other matters, raise
substantial doubt about the Company's ability to continue as a
going concern.
As of September 30, 2024, Odyssey Marine had $21,758,228 in total
assets, $98,480,151 in total liabilities, and $76,721,923 in total
stockholders' deficit.
ODYSSEY MARINE: Two Seas Capital, 2 Others Disclose 9.99% Stake
---------------------------------------------------------------
Two Seas Capital LP, Two Seas Capital GP LLC, and Sina Toussi
disclosed in a Schedule 13G/A filed with the U.S. Securities and
Exchange Commission that as of December 31, 2024, they beneficially
owned 2,947,747 shares of Odyssey Marine Exploration Inc.'s common
stock, representing 9.99% of the outstanding shares.
The shares reported include:
(i) 398,698 Shares that may be obtained within 60 days through
the exercise of warrants, after giving effect to beneficial
ownership limitations, of which 42,736 are held by the
Opportunities Fund and the remaining portion is held by the Global
Fund and
(ii) 2,549,049 Shares held by the Global Fund. Warrants for an
additional 1,317,686 Shares are not presently exercisable due to
beneficial ownership limitations.
TSC may be deemed to have sole power to vote and sole power to
dispose of the Shares and Shares issuable upon the exercise of
warrants held by the Funds, through its capacity as investment
adviser of the Funds. TSC GP may be deemed to have sole power to
vote and sole power to dispose of the Shares and Shares issuable
upon the exercise of warrants held by the Funds, through its
capacity as general partner of TSC. Sina Toussi may be deemed to
have sole power to vote and sole power to dispose of the Shares
owned by the Funds and Shares issuable upon the exercise of
warrants, through his capacity as Managing Member of TSC GP.
The percentages reported are calculated based on a total of
21,730,370 Shares outstanding on November 11, 2024, as disclosed in
the Company's Form 10-Q filed with the Securities and Exchange
Commission on November 13, 2024, plus 7,377,912 Shares issued on
December 23, 2024, as disclosed in the Company's Form 8-K filed
with the SEC on December 23, 2024, plus the Shares issuable upon
the exercise of exercisable warrants.
Two Seas may be reached through:
Sina Toussi, Managing Member
32 Elm Place - 3rd Floor
Rye, New York 10580
Tel: 917-536-6028
A full-text copy of Two Seas Capital's SEC Report is available at:
https://tinyurl.com/2crze2u4
About Odyssey Marine
Odyssey Marine Exploration, Inc. and its subsidiaries are engaged
in deep-ocean exploration. Their innovative techniques are
currently applied to mineral exploration and other marine survey
and contracted services. The corporate headquarters are in Tampa,
Florida.
Tampa, Fla.-based Grant Thornton LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
May 17, 2024, citing that the Company incurred net operating losses
during the year ended 2023, and as of December 31, 2023, the
Company's current liabilities exceeded its current assets by $26.6
million, and its total liabilities exceeded its total assets by
$85.9 million. These conditions, along with other matters, raise
substantial doubt about the Company's ability to continue as a
going concern.
As of September 30, 2024, Odyssey Marine had $21,758,228 in total
assets, $98,480,151 in total liabilities, and $76,721,923 in total
stockholders' deficit.
OFFICE PROPERTIES: D. E. Shaw & Co., 2 Others Hold 5.68% Stake
--------------------------------------------------------------
D. E. Shaw & Co., L.P., D. E. Shaw & Co., L.L.C., and David E. Shaw
disclosed in a Schedule 13G/A filed with the U.S. Securities and
Exchange Commission that as of December 31, 2024, they beneficially
owned 3,965,620 common shares of beneficial interest of Office
Properties Income Trust, representing 5.68% of the outstanding
shares.
D. E. Shaw & Co. may be reached through:
Daniel R. Marcus, Chief Compliance Officer
Two Manhattan West
375 Ninth Avenue, 52nd Floor
New York, NY 10001
Tel: 212-478-0000
A full-text copy of D. E. Shaw & Co.'s SEC Report is available at:
https://tinyurl.com/dt8e6yc7
About Office Properties
Office Properties Income Trust is a REIT organized under Maryland
law. As of Dec. 31, 2023, its wholly owned properties were
comprised of 152 properties, and it had noncontrolling ownership
interests of 51% and 50% in two unconsolidated joint ventures that
owned three properties containing approximately 468,000 rentable
square feet. As of Dec. 31, 2023, the Company's properties are
located in 30 states and the District of Columbia and contain
approximately 20,541,000 rentable square feet. As of Dec. 31, 2023,
its properties were leased to 258 different tenants, with a
weighted average remaining lease term (based on annualized rental
income) of approximately 6.4 years. The U.S. government is its
largest tenant, representing approximately 19.5% of its annualized
rental income as of Dec. 31, 2023.
As of March 31, 2024, the Company had $4 billion in total assets,
$2.7 billion in total liabilities, and $1.3 billion in total
stockholders' equity.
* * *
In May 2024, OPI announced it was actively negotiating with its
existing debtholders to exchange four series of its currently
outstanding senior unsecured notes (worth $1.7 billion at face
value) for up to $610 million of new senior secured notes and
related guarantees, with priority given to the 2025 noteholders
($650 million outstanding). The exchange would result in
debtholders receiving below the par value of the existing notes.
The Troubled Company Reporter on February 11, 2025, reported that
S&P Global Ratings lowered its Company credit rating on Newton,
Mass.-based REIT Office Properties Income Trust (OPI) to 'CC' from
'CCC' and its issue-level ratings on its senior unsecured notes due
2026, 2027 and 2031, which are part of the proposed exchange, to
'CC' from 'CCC-'.
ON SEMICONDUCTOR: Aims to Cut Jobs as Part of Restructuring Plan
----------------------------------------------------------------
Maria Clara Cobo of Bloomberg Law reports that ON Semiconductor
intends to reduce about 2,400 jobs this 2025 as part of its
restructuring strategy.
The company anticipates incurring employment-related charges of $50
million to $60 million, mainly in 2025. The job cuts are expected
to save $105 million to $115 million annually.
About On Semiconductor
ON Semiconductor Corporation provide intelligent power and sensing
solutions with a primary focus towards automotive and industrial
markets.
ONCOCYTE CORP: AWM Investment Holds 7.5% Equity Stake
-----------------------------------------------------
AWM Investment Company, Inc. disclosed in a Schedule 13G/A filed
with the U.S. Securities and Exchange Commission that as of
December 31, 2024, it beneficially owned 1,306,309 shares of
Oncocyte Corp.'s common stock, representing 7.5% of the outstanding
shares.
AWM Investment Company, Inc. may be reached through:
David M. Greenhouse and Adam C. Stettner
Controlling Principals
527 Madison Avenue, Suite 2600
New York, NY 10022
Tel: 212-319-6670
A full-text copy of AWM Investment's SEC Report is available at:
https://tinyurl.com/4j3x5exk
About Oncocyte Corp.
Oncocyte Corporation, based in Irvine, Calif., is a precision
diagnostics company dedicated to developing and commercializing
proprietary tests in three key areas: VitaGraft – A blood-based
test for monitoring solid organ transplantation; DetermaIO – A
gene expression test that evaluates the tumor microenvironment to
predict responses to immunotherapies; and DetermaCNI – A
blood-based monitoring tool to assess therapeutic efficacy in
cancer patients.
Costa Mesa, CA-based Marcum LLP, the Company's auditor since 2023,
issued a "going concern" qualification in its report dated April
15, 2024. The report emphazies that the Company has incurred
operating losses and negative cash flows since inception and needs
to raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of September 30, 2024, Oncocyte had $70.2 million in total
assets, $60.5 million in total liabilities, and $9.7 million in
total shareholders' equity.
OPTINOSE INC: Great Point Partners, 2 Others Hold 8.47% Stake
-------------------------------------------------------------
Great Point Partners, LLC, Dr. Jeffrey R. Jay, M.D., and Ms.
Lillian Nordahl disclosed in a Schedule 13G/A filed with the U.S.
Securities and Exchange Commission that as of December 31, 2024,
they beneficially own 896,585 shares of OptiNose, Inc.'s common
stock, representing 8.47% of the outstanding shares, based on
10,055,300 shares reported by the Company in its Form 10-K filed on
December 30, 2024, and 526,316 shares issuable upon the exercise of
warrants held by the reporting persons, subject to the Beneficial
Ownership Cap.
Great Point may be reached through:
Dr. Jeffrey R. Jay, M.D
Senior Managing Member
165 Mason Street, 3rd Floor
Greenwich, CT 06830
Tel: 203 971-3300
A full-text copy of Great Point's SEC Report is available at:
https://tinyurl.com/2emv5bpw
About OptiNose Inc.
Yardley, Pa.-based OptiNose, Inc. is a specialty pharmaceutical
company focused on the development and commercialization of
products for patients treated by ear, nose and throat (ENT) and
allergy specialists.
Philadelphia. Pa.-based Ernst & Young LLP, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated March 7, 2024, citing that the Company has incurred recurring
losses from operations, has a working capital deficiency and
expects to not be in compliance with certain debt covenants, and
has stated that substantial doubt exists about the Company's
ability to continue as a going concern.
As of September 30, 2024, OptiNose had $131.02 million in total
assets, $172.12 million in total liabilities, and $41.1 million in
total shareholders' deficit.
OPTINOSE INC: Nantahala Capital, 2 Others Hold 9.99% Stake
----------------------------------------------------------
Nantahala Capital Management, LLC, Wilmot B. Harkey, and Daniel
Mack disclosed in a Schedule 13G/A filed with the U.S. Securities
and Exchange Commission that as of December 31, 2024, they
beneficially own 1,006,572 shares of OptiNose, Inc.'s common stock,
par value $0.001 per share, representing 9.99% of the outstanding
shares. This total includes 20,541 shares that may be acquired
within sixty days through the exercise of warrants.
Nantahala Capital may be reached through:
Taki Vasilakis / Chief Compliance Officer
130 Main St.
2nd Floor
New Canaan CT 06840
Tel: 203-404-1172
A full-text copy of Nantahala Capital's SEC Report is available
at:
https://tinyurl.com/5n7s4an7
About OptiNose Inc.
Yardley, Pa.-based OptiNose, Inc. is a specialty pharmaceutical
company focused on the development and commercialization of
products for patients treated by ear, nose and throat (ENT) and
allergy specialists.
Philadelphia. Pa.-based Ernst & Young LLP, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated March 7, 2024, citing that the Company has incurred recurring
losses from operations, has a working capital deficiency and
expects to not be in compliance with certain debt covenants, and
has stated that substantial doubt exists about the Company's
ability to continue as a going concern.
As of September 30, 2024, OptiNose had $131.02 million in total
assets, $172.12 million in total liabilities, and $41.1 million in
total shareholders' deficit.
ORIGINAL MOWBRAY'S: Seeks to Extend Plan Exclusivity to March 18
----------------------------------------------------------------
The Original Mowbray's Tree Service Inc. asked the U.S. Bankruptcy
Court for the Central District of California to extend its
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to March 18 and August 15, 2025, respectively.
The Debtor claims that the size and complexity of this case
supports an extension of exclusivity. The Debtor's operations are
robust, involving approximately 100 employees and Vegetation
Management Services throughout California and on both coasts. The
Debtor has significant debt. The filed claims exceed $100 million.
Accordingly, the size and complexity of the Debtor's case warrants
an extension of the exclusivity periods.
The Debtor explains that it has exhibited reasonable prospects for
filing a viable plan. The Debtor has operated on a cash flow
positive basis post-petition. The Debtor obtained the consent of
its primary secured creditor, PNC Bank, to operate in accordance
with a Court-approved budget. The Debtor intends to file its
proposed plan of reorganization within the initial deadline ordered
by the Court. The plan is expected to be a reorganization plan that
will result in the distribution of assets in accordance with the
priority scheme set forth in the Bankruptcy Code.
The Debtor asserts that it has made meaningful, good faith progress
in negotiations with its creditors. Notably, the Debtor negotiated
with its primary secured creditor, PNC Bank, N.A., to obtain cash
collateral authorization on consensual terms. The Debtor has
maintained dialogue with its creditors in an effort to be
transparent and move this case forward. The Debtor is working on
preparing its plan of reorganization, which will facilitate further
negotiations with creditors.
The Debtor further asserts that it is not seeking an extension of
the exclusivity periods in order to pressure creditors to submit to
the Debtor's reorganization demands. Rather, the Debtor is seeking
an extension of the exclusivity periods for their intended purpose,
to have sufficient time to work towards a consensual plan with its
creditors without the threat of a competing plan. The Debtor's
conduct to date underscores its willingness to work with its
creditors. Ultimately, an extension of the exclusivity periods will
allow the Debtor to work with creditors, not against them.
The Debtor notes that multiple contingencies existed, which could
impact the outcome of this case. The development of the Debtor's
plan required certain analysis concerning the Debtor's equipment.
The Debtor retained Hilco Valuation Services, LLC in order to
perform a valuation of the Debtor's equipment. In addition, the
Debtor's counsel performed an agreement-by agreement analysis
concerning the Debtor's 800 pieces of equipment to determine
whether such agreements are true leases or capital leases.
The Original Mowbray's Tree Service, Inc., is represented by:
Robert S Marticell, Esq.
Michael L. Simon, Esq.
RAINES FELDMAN LITTRELL LLP
3200 Park Center Drive, Suite 250
Costa Mesa, CA 92626
Telephone: (310) 440-4100
Facsimile: (310) 499-4877
Email: rmarticello@raineslaw.com
About The Original Mowbray's Tree Service
Original Mowbray's Tree Service Inc., doing business as Mowbray's
Tree Service, is a family owned and operated business committed to
providing its client-partners with solution to their vegetation
management needs. It offers hazard tree mitigation, integrated
vegetation management, mechanized tree removal, emergency response,
crane services, and green waste & debris management.
Original Mowbray's Tree Service sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-12674) on
Oct. 18, 2024, with $10 million to $50 million in both assets and
liabilities. Brian Weiss, chief restructuring officer, signed the
petition.
Judge Theodor Albert oversees the case.
The Debtor tapped Raines Feldman Littrell, LLP as general
bankruptcy counsel; Force Ten Partners, LLC as restructuring
advisor; and Grobstein Teeple, LLP as financial advisor.
OSAIC HOLDINGS: Moody's Affirms 'B2' CFR, Outlook Stable
--------------------------------------------------------
Moody's Ratings has affirmed Osaic Holdings, Inc.'s (Osaic) B2
corporate family rating, B1 senior secured bank credit facility and
senior secured notes ratings, and Caa1 senior unsecured rating. The
outlook is stable.
RATINGS RATIONALE
The rating action reflects Osaic's progress towards integrating
recent acquisitions, the improvement in its operating performance,
and improving yet elevated debt leverage levels.
Osaic has made considerable progress in integrating the Lincoln
Wealth businesses to its platform. The acquisition enhanced the
company's scale by adding around $109 billion of assets under
advisement, bringing the total to $705 billion as of September 30,
2024, making Osaic one of the leading US wealth management
platforms.
In the period immediately following the Lincoln Wealth acquisition,
Osaic's net new asset growth included management's anticipated
transaction related attrition. An acceleration of advisor attrition
would be credit negative and a sign of greater integration risk.
However, Osaic has executed on over half of the $89 million of
projected synergies associated with the acquisition through Q3
2024, and is on track to fully realize the remainder.
Moody's expects that EBITDA growth from the realization of the
remaining acquisition synergies and cost savings from internal
consolidation initiatives will drive modest improvements in Osaic's
leverage and interest expense coverage metrics. Moody's adjusted
trailing twelve-month debt-to-EBITDA ratio was around 5.8x as of
September 30, 2024 and Moody's expects it to improve to around 5.5x
by year-end 2025. Proforma for the company's recent repricing of
its term loan and Moody's expectations of lower interest rates
compared to last year, Moody's estimates lower debt servicing costs
for 2025 that will improve Osaic's EBITDA-to-interest expense ratio
to 2.3x, compared to 2.0x as of Q3 2024.
The B1 rating on Osaic's senior secured debt reflects its priority
ranking and dominance within the capital structure. The Caa1 rating
on the senior unsecured notes reflects their lower ranking and
smaller proportion within the capital structure.
The outlook is stable reflecting Osaic's increasing scale and
market position which will help offset its elevated debt leverage
over the next twelve to eighteen months. The stable outlook also
reflects Moody's expectations of improving operating performance
and operating leverage as Osaic nears completion of new business
integrations and internal consolidation initiatives.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Osaic's ratings could be upgraded if debt-to-EBITDA, based on
Moody's standards adjustments, is sustained below 4.5x; or the
company expands its existing business activities, resulting in
improved profitability while diversifying and reducing the
sensitivity of its earnings to macroeconomic factors.
Conversely, Osaic's ratings could be downgraded if debt-to-EBITDA,
based on Moody's standards adjustments, is sustained above 6.5x; or
a deterioration in revenue, not offset by flexible expense
management, weakens Moody's-adjusted interest expense coverage
ratio to below 2.0x. The ratings could also be downgraded should
Osaic suffer a significant deterioration in liquidity that weakens
its ability to attract and retain advisors; or the company is
unable to adequately preserve and maintain the benefits of higher
interest rates; or it suffers a significant deterioration in
franchise value due to a legal, regulatory, compliance or other
issue that negatively impacts operating performance or damages
relations with advisors.
The principal methodology used in these ratings was Securities
Industry Service Providers published in February 2024.
OUTLOOK THERAPEUTICS: Great Point, 2 Others Hold 8.18% Stake
------------------------------------------------------------
Great Point Partners, LLC, Dr. Jeffrey R. Jay, M.D., and Ms.
Lillian Nordahl disclosed in a Schedule 13G/A filed with the U.S.
Securities and Exchange Commission that as of December 31, 2024,
they beneficially own 2,220,000 shares of Outlook Therapeutics,
Inc.'s common stock, representing 8.18% of the 24,905,635 shares
outstanding. The shares are held in the form of warrants, subject
to the Beneficial Ownership Cap restricting exercise beyond 9.99%
ownership.
Great Point may be reached through:
Dr. Jeffrey R. Jay, M.D
Senior Managing Member
165 Mason Street, 3rd Floor
Greenwich, CT 06830
Tel: 203 971-3300
A full-text copy of Great Point's SEC Report is available at:
https://tinyurl.com/jcpvnabm
About Outlook Therapeutics
Headquartered in Iselin, New Jersey, Outlook Therapeutics --
www.outlooktherapeutics.com -- is a biopharmaceutical company
focused on the development and commercialization of
ONS-5010/LYTENAVA (bevacizumab-vikg; bevacizumab gamma), for the
treatment of retina diseases, including wet AMD. LYTENAVA
(bevacizumab gamma) is the first ophthalmic formulation of
bevacizumab to receive European Commission and MHRA Marketing
Authorization for the treatment of wet AMD. Outlook Therapeutics is
working to initiate its commercial launch of LYTENAVA (bevacizumab
gamma) in the EU and the UK as a treatment for wet AMD, expected in
the first half of calendar 2025. In the United States,
ONS-5010/LYTENAVA is investigational, is being evaluated in an
ongoing non-inferiority study for the treatment of wet AMD, and if
successful, the data may be sufficient for Outlook to resubmit a
BLA to the FDA in the United States. If approved in the United
States, ONS 5010/LYTENAVA, would be the first approved ophthalmic
formulation of bevacizumab for use in retinal indications,
including wet AMD.
Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated Dec. 27, 2024, citing that the Company has incurred recurring
losses from operations and negative cash flows from operations and
has an accumulated deficit, that raise substantial doubt about its
ability to continue as a going concern.
As of Sept. 30, 2024, Outlook Therapeutics had $28.82 million in
total assets, $101.90 million in total liabilities, and a total
stockholders' deficit of $73.08 million.
OUTLOOK THERAPEUTICS: Tang Capital Holds 6.4% Equity Stake
----------------------------------------------------------
Tang Capital Management, LLC disclosed in a Schedule 13G/A filed
with the U.S. Securities and Exchange Commission that as of
December 31, 2024, it beneficially owned 1,682,502 shares of
Outlook Therapeutics, Inc.'s Common Stock, which include 182,502
shares of Common Stock and 1,500,000 shares currently issuable upon
exercise of Warrants, representing 6.4% of the 26,405,635 shares
outstanding as of December 24, 2024.
Tang Capital Management, LLC may be reached through:
Kevin Tang, Manager
4747 Executive Drive
Suite 210
San Diego, CA 92121.
Tel: 858-200-3830
A full-text copy of Tang Capital's SEC Report is available at:
https://tinyurl.com/k4pcjvtd
About Outlook Therapeutics
Headquartered in Iselin, New Jersey, Outlook Therapeutics --
www.outlooktherapeutics.com -- is a biopharmaceutical company
focused on the development and commercialization of
ONS-5010/LYTENAVA (bevacizumab-vikg; bevacizumab gamma), for the
treatment of retina diseases, including wet AMD. LYTENAVA
(bevacizumab gamma) is the first ophthalmic formulation of
bevacizumab to receive European Commission and MHRA Marketing
Authorization for the treatment of wet AMD. Outlook Therapeutics is
working to initiate its commercial launch of LYTENAVA (bevacizumab
gamma) in the EU and the UK as a treatment for wet AMD, expected in
the first half of calendar 2025. In the United States,
ONS-5010/LYTENAVA is investigational, is being evaluated in an
ongoing non-inferiority study for the treatment of wet AMD, and if
successful, the data may be sufficient for Outlook to resubmit a
BLA to the FDA in the United States. If approved in the United
States, ONS 5010/LYTENAVA, would be the first approved ophthalmic
formulation of bevacizumab for use in retinal indications,
including wet AMD.
Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated Dec. 27, 2024, citing that the Company has incurred recurring
losses from operations and negative cash flows from operations and
has an accumulated deficit, that raise substantial doubt about its
ability to continue as a going concern.
As of Sept. 30, 2024, Outlook Therapeutics had $28.82 million in
total assets, $101.90 million in total liabilities, and a total
stockholders' deficit of $73.08 million.
PACER PRINT: Gets OK to Use Cash Collateral Until April 9
---------------------------------------------------------
Pacer Print received interim approval from the U.S. Bankruptcy
Court for the Central District of California, Northern Division, to
use cash collateral.
The interim order authorized the company to use cash collateral for
the period from Feb. 17 to April 9 for operational expenses set
forth in its budget, with variances of 15% for expenses over $2,000
and 20% for expenses under $2,000.
The company requires the use of cash collateral to order products,
deliver orders and pay employees, rent and other expenses.
The U.S. Small Business Administration and other secured creditors
were granted replacement liens on post-petition property of the
estate to the same extent and with the same validity and priority
as their pre-bankruptcy liens.
The next hearing is set for April 4.
Pacer had considerable financial difficulties which led to the
Chapter 11 filing. However, the company is on the road to
addressing these problems. The problems include the high cost of
relocating its business when the master tenant shut down the
location.
Though Pacer has had significant financial and business
difficulties, it has taken time to identify problems and potential
solutions. The company will require at least several months before
it determines how the proposed business changes will affect the
business.
Pacer believes that multiple entities will claim security interests
in its cash collateral with the U.S. Small Business Administration
most likely being in first position.
Three other entities appear to asset interests in cash collateral
as well. For present purposes, the company assumes (i) the SBA lien
is fully secured and that (ii) both the SBA and other liens are
properly recorded and perfected, are valid and that the SBA lien is
the senior lien in cash collateral, though this may turn out not to
be the case.
The company's budget reflects projected receipts, disbursements,
net operating cash flows and beginning and ending cash balances.
Total estimated receipts are $1.985 million for the first 16 weeks
of the chapter 11 case, total estimated disbursements are $1.963
million and monies on hand are anticipated to increase from $12,000
to $33,000 during the period. The value of receivables is projected
to increase during this period.
About Pacer Print
Pacer Print, a company in Simi Valley, Calif., provides custom
packaging and commercial printing services.
Pacer Print filed Chapter 11 petition (Bankr. C.D. Calif. Case No.
25-10187) on February 18, 2025, with up to $10 million in both
assets and liabilities. Peter Varady, managing agent, signed the
petition.
Judge Ronald A. Clifford III oversees the case.
Steven R. Fox, Esq., at the Fox Law Corporation, Inc., represents
the Debtor as bankruptcy counsel.
PALATIN TECHNOLOGIES: Armistice, Steven Boyd Hold 8.5% Stake
------------------------------------------------------------
Armistice Capital, LLC and Steven Boyd disclosed in a Schedule 13G
Report filed with the U.S. Securities and Exchange Commission that
as of December 31, 2024, they beneficially owned an aggregate
amount of 1,992,826 shares of Palatin Technologies Inc.'s Common
Stock, representing 8.50% of the shares outstanding.
Armistice Capital, LLC may be reached at:
Steven Boyd
c/o Armistice Capital, LLC
510 Madison Avenue, 7th Floor
New York, New York 10022
United States of America
Tel: (212) 231-4932
A full-text copy of Armistice Capital's SEC Report is available
at:
https://tinyurl.com/3teuu2tk
Headquartered in New Jersey, Palatin Technologies Inc. --
www.Palatin.com -- is a biopharmaceutical company developing
first-in-class medicines based on molecules that modulate the
activity of the melanocortin receptor systems, with targeted,
receptor-specific product candidates for the treatment of diseases
with significant unmet medical need and commercial potential.
Palatin's strategy is to develop products and then form marketing
collaborations with industry leaders to maximize their commercial
potential.
Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor
since 2002, issued a "going concern" qualification in its report
dated Sept. 30, 2024, citing that the Company has incurred
operating losses and negative cash flows from operations since
inception and will need additional funding to complete planned
product development efforts that raise substantial doubt about its
ability to continue as a going concern.
As of December 31, 2024, Palatin Technologies had $4,310,018 in
total assets, $10,691,127 in total liabilities, and $6,381,109 in
total stockholders' deficit.
PATRIOT RAIL: Moody's Affirms 'B2' CFR & Rates New Bank Loans 'B2'
------------------------------------------------------------------
Moody's Ratings affirmed the ratings of NA Rail Hold Co. LLC (dba
Patriot Rail), including the B2 corporate family rating and the
B2-PD probability of default rating. Concurrently, Moody's assigned
a B2 rating to the company's new backed senior secured bank credit
facilities comprised of a revolver and a term loan. Proceeds from
the $440 million term loan will be used to paydown existing
indebtedness, fund a dividend to shareholders and pay transaction
related fees. Moody's also affirmed the B2 rating on the existing
backed senior secured bank credit facilities and expect that these
ratings will be withdrawn upon transaction close. Moody's also
maintained the stable outlook.
RATINGS RATIONALE
Patriot Rail's B2 CFR reflects the company's solid position as an
operator of 31 short line railroads that connect with the national
rail infrastructure of the Class 1 railroads in the US. The
company's revenue scale is modest with some customer and end market
concentration, particularly in the packaging and paper segment.
Patriot Rail, though, has limited exposure to intermodal freight,
which competes more heavily with trucking capacity. As a result,
Patriot Rail serves as a key transport partner for its customers
and maintains a successful track record of attaining price
increases in excess of rail cost inflation. This has contributed to
the company's strong operating margin, which Moody's expects will
remain above 25% (excluding amortization).
Pro forma for the transaction, Moody's estimates Patriot Rail's
debt/EBITDA is about a half-turn higher at around 5.5x at the end
of 2024. The uptick in leverage results from the $42 million debt
funded dividend that Patriot Rail will be paying to shareholders as
part of its debt refinancing transaction. However, the company's
majority equity sponsor, Igneo Infrastructure Partners, is
committing to reinvest $25 million of the dividend proceeds back
into Patriot Rail to support growth initiatives over the course of
2025. Moody's expects debt/EBITDA to gradually decline toward 5x
over the next 12 to 18 months, which is where leverage has
typically been maintained under current ownership.
Patriot Rail's liquidity is adequate. Free cash flow in 2025 will
be constrained by elevated capital investments earmarked for
growth, including ongoing site developments and track buildout.
Growth capital spending has persisted over the past few years as
the company has been awarded substantial grant funding across its
network. Moody's expects free cash flow to be slightly negative to
breakeven in 2025, excluding the debt funded dividend and including
the $25 million reinvestment by Igneo. Operating cash flow less
maintenance capex should remain solidly positive. Moody's expects
the $50 million revolving credit facility to remain largely
undrawn, although a portion of the revolver could be drawn to help
fund acquisitions of other short line railroads.
The stable outlook reflects Moody's expectations for moderately
growing rail revenue and a steady operating margin over the next 12
months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company significantly
increases its scale and customer diversification through a prudent
expansion strategy, including acquisitions. The ratings could also
be upgraded if operating margin is consistently in excess of 30%
(calculated excluding amortization) and debt/EBITDA remains below
4.5x. Further, maintaining good liquidity with solidly positive
free cash flow could support an upgrade.
The ratings could be downgraded if Moody's expects that operating
margin will approach 20% (calculated excluding amortization) or
debt/EBITDA is sustained above 6x. Further, the ratings could be
downgraded if liquidity weakens or if there is a loss of a major
rail customer.
The principal methodology used in these ratings was Surface
Transportation and Logistics published in December 2021.
NA Rail Hold Co. LLC (dba Patriot Rail) operates 31 regional short
line railroads, two scenic rail excursion trains and rail-related
service companies across the United States. The company's
operations cover 24 states. Its offerings include railcar switching
and storage services, largely provided by the short line railroads.
Revenue for the twelve months ended December 31, 2024 was $198
million (unaudited). Patriot Rail is majority-owned by Igneo
Infrastructure Partners, a direct infrastructure investment team of
First Sentier Investors.
PERASO INC: Brio Capital Holds 4.99% Equity Stake
-------------------------------------------------
Brio Capital Master Fund Ltd. disclosed in a Schedule 13G/A filed
with the U.S. Securities and Exchange Commission that as of
November 8, 2024, it beneficially owned 195,527 shares of Peraso
Inc.'s common stock, representing 4.99% of the 3,918,384
outstanding shares as of that date. This amount includes 84,452
shares of common stock but excludes shares issuable upon exercise
of certain warrants due to ownership limitations.
Brio Capital Master Fund Ltd. may be reached through:
Shaye Hirsch, Managing Member
c/o Brio Capital Management LLC
100 Merrick Road, Suite 401 W.
Rockville Centre, NY 11570
Tel: 516-536-0500
A full-text copy of Brio Capital's SEC Report is available at:
https://tinyurl.com/yt858jdm
About Peraso Inc.
Headquartered in San Jose, California, Peraso Inc. (NASDAQ: PRSO)
-- www.perasoinc.com -- is a pioneer in high-performance 60 GHz
unlicensed and 5G mmWave wireless technology, offering chipsets,
antenna modules, software and IP. Peraso supports a variety of
applications, including fixed wireless access, immersive video and
factory automation. In addition, Peraso's solutions for data and
telecom networks focus on Accelerating Data Intelligence and
Multi-Access Edge Computing, providing end-to-end solutions from
the edge to the centralized core and into the cloud.
Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 29, 2024, citing that during the year ended Dec.
31, 2023, the Company incurred a net loss and utilized cash in
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of September 30, 2024, Peraso had $7.2 million in total assets,
$5.2 million in total liabilities, and $2.02 million in total
stockholders' equity.
PERASO INC: Iroquois Capital, 2 Others Hold 9.99% Equity Stake
--------------------------------------------------------------
Iroquois Capital Management, LLC, Richard Abbe and Kimberly Page
disclosed in a Schedule 13G/A filed with the U.S. Securities and
Exchange Commission that as of December 31, 2024, they beneficially
owned 2,380,951 shares of Peraso Inc.'s common stock issuable upon
exercise of warrants, representing 9.99% of the 4,189,378
outstanding shares.
Iroquois Capital may be reached through:
Richard Abbe, President
2 Overhill Road
Scarsdale, NY 10583
Tel: 212-974-3070
A full-text copy of Iroquois Capital's SEC Report is available at:
https://tinyurl.com/5epekrpx
About Peraso Inc.
Headquartered in San Jose, California, Peraso Inc. (NASDAQ: PRSO)
-- www.perasoinc.com -- is a pioneer in high-performance 60 GHz
unlicensed and 5G mmWave wireless technology, offering chipsets,
antenna modules, software and IP. Peraso supports a variety of
applications, including fixed wireless access, immersive video and
factory automation. In addition, Peraso's solutions for data and
telecom networks focus on Accelerating Data Intelligence and
Multi-Access Edge Computing, providing end-to-end solutions from
the edge to the centralized core and into the cloud.
Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 29, 2024, citing that during the year ended Dec.
31, 2023, the Company incurred a net loss and utilized cash in
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of September 30, 2024, Peraso had $7.2 million in total assets,
$5.2 million in total liabilities, and $2.02 million in total
stockholders' equity.
PERFECT VIEW: Unsecureds to Split $38K via Quarterly Payments
-------------------------------------------------------------
Perfect View Aerial Media, LLC, filed with the U.S. Bankruptcy
Court for the Southern District of Florida a Chapter 11 Plan of
Reorganization dated February 13, 2025.
The Debtor is a Florida limited liability company that provides
aerial photography services, specializing in electrical
distribution inspections, storm damage assessment, and solar field
inspections.
The Debtor's primary customer is Florida Power & Light ("FPL"). In
early 2024, FPL reduced its budget for inspections. Accordingly,
the Debtor's revenue declined. The Debtor then took out
disadvantageous financing to meet its obligations, including
payroll. In 2023, the Debtor and Arnaldo Marrero settled a lawsuit
where the Debtor agreed to pay Marrero $475,000 plus interest over
five years with payments starting at roughly $7,900 per month. That
settlement put further pressure on the Debtor's cash flow.
While the Debtor has now adjusted its expenses to align with
revenue, the continued financing burden caused the Debtor to
default on some of its financing obligations. Those defaults led to
demand letters, lawsuits, and UCC 9-406 letters. As a result, the
Debtor filed this Case to reorganize under the Bankruptcy Code.
Class 11 consists of the Allowed General Unsecured Claims. Class 11
includes the Marrero Deficiency Claim and the MCA Claims. Without
prejudice, the Debtor estimates that Class 11 may consist of
Allowed General Unsecured Claims in an amount as high as
$975,187.14.
The holders of the MCA Claims each allege a perfected security
interest in, variously, the Debtor's assets and accounts. The
relevant UCC-1 filings were all later in time than the UCC-1
filings by OnDeck and Marrero. Accordingly, the security interests
securing the MCA Claims are junior to the security interests of
OnDeck and Marrero. Accordingly, the MCA Claims are wholly
undersecured and shall receive treatment as Allowed Class 11
General Unsecured Claims.
Except to the extent that a holder of an Allowed Class 11 Claim has
been paid prior to the Effective Date or agrees to a different
treatment, in full satisfaction, settlement, release,
extinguishment and discharge of such Claim, each holder of an
Allowed Class 11 Claim shall receive a Pro Rata Distribution from a
total of $38,055.72, payable in twelve quarterly installments of
$3,171.31 beginning on the Effective Date. The Allowed Class 11
Claims are Impaired.
Class 12 consists of 100% of the Equity Interest in the Debtor held
by Benjamin Richardson. Upon the Effective Date, unless otherwise
provided in the Plan or the Confirmation Order, Ben Richardson
shall retain his 100% Equity Interest in the Debtor. The Allowed
Class 12 Equity Interest is unimpaired and are deemed to have
accepted the Plan.
The sources of consideration for Distributions under the Plan is
the Debtor's operating income.
A full-text copy of the Plan of Reorganization dated February 13,
2025 is available at https://urlcurt.com/u?l=wMLFe1 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
John Page, Esq.
Samuel W. Hess, Esq.
Shraiberg Page, PA
2385 NW Executive Center Dr., Suite 300
Boca Raton, FL 33431
Telephone: (561) 443-0800
Facsimile: (561) 998-0047
Email: jpage@slp.law
About Perfect View Aerial Media
Perfect View Aerial Media, LLC is a Florida limited liability
company that provides aerial photography services, specializing in
electrical distribution inspections, storm damage assessment, and
solar field inspections.
The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Fla. Case No. 24-21980) on Nov. 15, 2024, listing
up to $500,000 in assets and up to $10 million in liabilities.
Tarek Kiem, Esq., at Kiem Law, PLLC serves as Subchapter V
trustee.
Judge Peter D. Russin oversees the case.
John Page, Esq., at Shraiberg Page, PA, serves as the Debtor's
legal counsel.
PETROQUEST ENERGY: Plan Exclusivity Period Extended to June 11
--------------------------------------------------------------
Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the
District of Delaware extended PetroQuest Energy, Inc., and its
affiliates' exclusive periods to file a plan of reorganization and
obtain acceptance thereof to June 11 and August 10, 2025,
respectively.
As shared by Troubled Company Reporter, the Debtors explain that
these Chapter 11 Cases involve four different debtor-affiliated
entities. The Debtors are in the midst of multiple sales processes
consisting of, among other things, oil and gas leasehold interests,
producing properties, and related assets located across multiple
states. Given the size and complexity of these Chapter 11 Cases,
terminating exclusivity would be detrimental to an efficient
resolution of these cases.
The Debtors claim that they have been primarily focused on easing
into chapter 11 and selling a large percentage of their assets to
maximize value for all stakeholders during the first several months
of these Chapter 11 Cases. Nonetheless, the Debtors, in
consultation with other relevant stakeholders, also have worked
together to determine the best path forward for resolving these
cases. The prospect of competing plans would only lead to disorder
and waste scarce estate resources, thereby ultimately diminishing
the remaining pool of value available for distribution to
creditors.
Accordingly, the requested extension is reasonable and consistent
with the efficient prosecution of these Chapter 11 Cases because it
will allow the Debtors to focus on completing the Sale Process and
also provide them with the additional time needed to develop, with
key stakeholders, a meaningful exit from these cases. Allowing the
Exclusive Periods to lapse now would defeat the purpose of section
1121 and deprive the Debtors and their creditors of an opportunity
to negotiate such exit on a consensual basis.
Counsel for the Debtors:
COLE SCHOTZ P.C.
Patrick J. Reilley, Esq.
Melissa M. Hartlipp, Esq.
500 Delaware Avenue, Suite 1410
Wilmington, DE 19801
Telephone: (302) 652-3131
Facsimile: (302) 652-3117
Email: preilley@coleschotz.com
mhartlipp@coleschotz.com
-and-
Daniel F.X. Geoghan, Esq.
Jacob S. Frumkin, Esq.
Daniel J. Harris, Esq.
1325 Avenue of the Americas, 19th Floor
New York, NY 10019
Telephone: (212) 752-8000
Facsimile: (212) 752-8393
Email: dgeoghan@coleschotz.com
jfrumkin@coleschotz.com
dharris@coleschotz.com
About PetroQuest Energy
PetroQuest Energy Inc. is an oil and gas exploration company in
Lafayette, La.
PetroQuest Energy sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-12609) on Nov. 13,
2024. In its petition, the Debtor reported assets between $100,000
and $500,000 and liabilities of $115.5 million.
Judge Craig T. Goldblatt presides over the case.
The Debtor is represented by Patrick J. Reilley, Esq., at Cole
Schotz P.C.
PIONEER HEALTH: Trustee Hires Bielli & Klauder LLC as Counsel
-------------------------------------------------------------
David M. Klauder, the Subchapter V Trustee of Pioneer Health
Systems, LLC and its affiliates, seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Bielli &
Klauder, LLC as counsel.
The firm will provide these services:
a. provide legal advice to the Sub V Trustee;
b. assist the Sub V Trustee in responding to the Subpoena and
other issues related to the Kiron Motion;
c. appear in Court and protect the interests of the Sub V
Trustee; and
d. perform all other legal services for the Sub V Trustee that
may be necessary and proper in this proceeding.
The firm will be paid at these rates:
Thomas Bielli (Member) $450 per hour
Ryan Ernst (Partner) $450 per hour
Associates $225 to $275 per hour
Paraprofessionals/Law Clerks $115 to $175 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David M. Klauder, Esq., a partner at Bielli & Klauder, LLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
David M. Klauder, Esq.
BIELLI & KLAUDER, LLC
1204 N. King Street
Wilmington, DE 19801
Tel: (302) 803-4600
Email: dklauder@bk-legal.com
About Pioneer Health Systems, LLC
Pioneer Health Systems, LLC, is the parent company for the
following brands: Surgical Hospital of Oklahoma, L.L.C. (SHO),
Direct Orthopedic Care (DOC), and Integrated Care Technologies
(ICT). Combined, this model allows Pioneer to offer a complete
vertical orthopedic healthcare system.
The Debtor filed a Chapter 11 petition (Bankr. D. Del. Case No.
24-10279) on Feb. 21, 2024, with $1 million to $10 million in both
assets and liabilities. Colin Chenault, chief financial officer,
signed the petition.
Judge J. Kate Stickles oversees the case.
Alessandra Glorioso, Esq., at Dorsey & Whitney (Delaware), LLP, is
the Debtor's legal counsel.
PIVOTAL MED: Seeks to Hire CM Law PLLC as Attorney
--------------------------------------------------
Pivotal Med Supply, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ CM Law PLLC as
attorney.
The firm's services include:
a. advising the Debtor of its rights, powers and duties as
debtor-in-possession under the Bankruptcy Code;
b. performing all legal services for and on behalf of the Debtor
that may be necessary or appropriate in the administration of this
bankruptcy case and the Debtor's business;
c. advising the Debtor concerning, and assisting in, the
negotiation and documentation of financing agreements and debt
restructurings;
d. counseling the Debtor in connection with the formulation,
negotiation, and consummation of a possible sale of the Debtor or
its assets;
e. reviewing the nature and validity of agreements relating to
the Debtor's interests in real and personal property and advising
the Debtor of its corresponding rights and obligations;
f. advising the Debtor concerning preference, avoidance,
recovery, or other actions that they may take to collect and to
recover property for the benefit of the estate and its creditors,
whether or not arising under Chapter 6 of the Bankruptcy Code;
g. preparing on behalf of the Debtor all necessary and
appropriate applications, motions, pleadings, draft orders,
notices, schedules, and other documents and reviewing all financial
and other reports to be filed in this bankruptcy case;
h. advising the Debtor concerning, and preparing responses to,
applications, motions, complaints, pleadings, notices, and other
papers that may be filed and served in this bankruptcy case;
i. counseling the Debtor in connection with the formulation,
negotiation, and promulgation of a plan of reorganization and
related documents or other liquidation of the estate;
j. working with and coordinating efforts among other
professionals to attempt to preclude any duplication of effort
among those professionals and to guide their efforts in the overall
framework of Debtor's reorganization or liquidation; and
k. working with professionals retained by other parties in
interest in this bankruptcy case to attempt to structure a
consensual plan of reorganization, liquidation, or other resolution
for Debtor.
Richard G. Grant, the attorney handling the case will be paid $500
per hour.
Prior to the petition date, the firm received a retainer in the
amount of $110,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Richard G. Grant, Esq., a partner at CM Law PLLC, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Richard G. Grant, Esq.
CM Law PLLC
13101 Preston Road, Suite 110-1510
Dallas, TX 75240
Tel: (214) 210-2929
Email: rgrant@cm.law
About Pivotal Med Supply, LLC
Pivotal Med Supply LLC headquartered in Southlake, Texas, operates
as a supplier of advanced surgical dressings and medical supplies,
including alginate, collagen, foam, hydrocolloid, and hydrogel
dressings, bandages, gauze, and tape products.
Pivotal Med Supply LLC sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40248)
on January 23, 2025. In its petition, the Debtor reports estimated
assets between $500,000 and $1 million and estimated liabilities
between $1 million and $10 million.
The Debtor is represented by Richard G. Grant, Esq., at Culhane
Meadows, PLLC, in Dallas, Texas.
POET TECHNOLOGIES: MMCAP, MM Asset Hold 9.99% Equity Stake
----------------------------------------------------------
MMCAP International Inc. and MM Asset Management Inc. disclosed in
a Schedule 13G/A filed with the U.S. Securities and Exchange
Commission that as of December 31, 2024, they beneficially owned
8,284,212 common shares of POET Technologies Inc., representing
9.99% of the 76,556,984 outstanding common shares. This includes
1,916,144 common shares and an additional 6,368,068 common shares
underlying warrants exercisable within 60 days.
MMCAP International Inc. may be reached through:
Ulla Vestergaard, Director
c/o Mourant Governance Services (Cayman) Limited
94 Solaris Avenue, Camana Bay, P.O. Box 1348
Grand Cayman, KY1-1108, Cayman Islands
Tel: 416-408-0997
MM Asset Management Inc. may be reached through:
Hillel Meltz, President
161 Bay Street, TD Canada Trust Tower Suite 2240
Toronto, ON M5J 2S1, Canada
A full-text copy of MMCAP International's SEC Report is available
at:
https://tinyurl.com/54km6ft8
About POET Technologies Inc.
POET Technologies Inc. -- www.poet-technologies.com -- is a design
and development company offering high-speed optical modules,
optical engines, and light source products to the artificial
intelligence systems market and hyperscale data centers. POET's
photonic integration solutions are based on the POET Optical
Interposer, a novel, patented platform that allows the seamless
integration of electronic and photonic devices into a single chip
using advanced wafer-level semiconductor manufacturing techniques.
POET's Optical Interposer-based products are lower cost, consume
less power than comparable products, are smaller in size, and are
readily scalable to high production volumes. In addition to
providing high-speed (800G, 1.6T, and above) optical engines and
optical modules for AI clusters and hyperscale data centers, POET
has designed and produced novel light source products for
chip-to-chip data communication within and between AI servers, the
next frontier for solving bandwidth and latency problems in AI
systems. POET's Optical Interposer platform also solves device
integration challenges in 5G networks, machine-to-machine
communication, self-contained "Edge" computing applications, and
sensing applications, such as LIDAR systems for autonomous
vehicles. POET is headquartered in Toronto, Canada, with operations
in Allentown, PA, Shenzhen, China, and Singapore.
Hartford, Conn.-based Marcum LLP, the Company's auditor since 2009,
issued a "going concern" qualification in its report dated March
15, 2024, citing that the Company has incurred significant losses
over the past few years and needs to raise additional funds to meet
its future obligations and sustain its operations. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
POWER SOLUTIONS: Gagnon Entities Report Stakes as of Feb. 5
-----------------------------------------------------------
Gagnon Securities LLC, Gagnon Advisors, LLC and Neil Gagnon
disclosed in a Schedule 13G/A filed with the U.S. Securities and
Exchange Commission that as of February 5, 2025, Neil Gagnon
beneficially owned 1,141,254 shares of Power Solutions
International, Inc.'s common stock, par value $0.001 per share.
This represents 5.0% of the 22,999,616 outstanding shares. Gagnon
Securities LLC beneficially owned 575,820 shares (2.5%), while
Gagnon Advisors, LLC beneficially owned 335,457 shares (1.5%).
The reporting persons may be reached at:
Neil Gagnon
Chief Executive Officer
Gagnon Advisors, LLC
1370 Ave. of Americas, 26th Floor
New York, NY 10019
A full-text copy of Gagnon's SEC Report is available at:
https://tinyurl.com/fxpcsfmk
About Power Solutions
Wood Dale, Ill.-based Power Solutions International, Inc.,
incorporated under the laws of the state of Delaware in 2011,
designs, engineers, manufactures, markets and sells a broad range
of advanced, emission-certified engines and power systems that are
powered by a wide variety of clean, alternative fuels, including
natural gas, propane, and biofuels, as well as gasoline and diesel
options, within the power systems, industrial and transportation
end markets. The Company manages the business as a single
reportable segment.
Chicago, Ill.-based BDO USA P.C., the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
14, 2024, citing that there are significant uncertainties that
exist about the Company's ability to refinance, extend, or repay
its outstanding indebtedness, maintain sufficient liquidity to fund
its business activities and maintain compliance with the covenants
and other requirements under the Company's debt arrangements. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.
As of September 30, 2024, Power Solutions International had $339.1
million in total assets, $297 million in total liabilities, and
$42.1 million in total shareholders' equity.
PR83 HOSPITALITY: Seeks Chapter 11 Bankruptcy in New York
---------------------------------------------------------
On February 25, 2025, PR83 Hospitality LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District
of New York. According to court filing, the
Debtor reports between $100,000 and $500,000 in debt owed to 1
and 49 creditors. The petition states funds will be available to
unsecured creditors.
About PR83 Hospitality LLC
PR83 Hospitality LLC operating as La Vibra restaurant in
Manhattan.
PR83 Hospitality LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10339) on February
25, 2025. In its petition, the Debtor reports estimated assets up
to $50,000 and estimated liabilities between $100,000 and
$500,000.
Honorable Bankruptcy Judge John P. Mastando III handles the
case.
The Debtor is represented by:
Gabriel Del Virginia, Esq.
Law Offices of Gabriel Del Virginia
30 Wall Street, 12th Floor
New York, NY 10005
Phone: 212-371-5478
Fax: 212-371-0460
PROMENADE NORTH: Hires Stone & Baxter LLP as Counsel
----------------------------------------------------
Promenade North, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to employ Stone & Baxter, LLP
as its counsel.
The Debtors requires legal counsel to:
(a) give advice regarding the powers and duties of the Debtors
in the continued operation of the business and management of the
Debtors;
(b) prepare legal papers;
(c) continue existing litigation, if any, to which the Debtors
may be a party and conduct examinations incidental to the
administration of its estate;
(d) take any and all necessary actions for the proper
preservation and administration of the Debtors' estate;
(e) assist the Debtors with the preparation and filing of its
statement of financial affairs and schedules and lists as are
appropriate;
(f) take whatever actions are necessary with reference to the
use by the Debtors of its property pledged as collateral and to
preserve the same for the benefit of the Debtors and secured
creditors;
(g) assert, as directed by the Debtors, all claims the Debtors
has against others;
(h) assist the Debtors in connection with claims for taxes
made by governmental units;
(i) assist the Debtors in preparation of its Plan of
Reorganization and confirmation thereto; and
(j) perform all other legal services for the Debtors as it may
deem necessary.
The firm will be paid at these rates:
Attorneys $200 to $500 per hour
Paralegals/Research Assistants $135 hour
In addition, the firm will seek reimbursement for expenses.
The firm received from the Debtor an initial retainer of $21,738.
David Bury, Jr., Esq., a partner at Stone & Baxter, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
David L. Bury, Jr., Esq.
Thomas B. Norton, Esq.
E. Tate Crymes, Esq.
STONE & BAXTER, LLP
577 Mulberry Street, Suite 800
Macon, GA 31201
Telephone: (478) 750-9898
Facsimile: (478) 750-9899
Email: dbury@stoneandbaxter.com
tnorton@stoneandbaxter.com
tcrymes@stoneandbaxter.com
About Promenade North, LLC
Promenade North, LLC, a company in Cumming, Ga., filed Chapter 11
petition (Bankr. N.D. Ga. Case No. 25-51152) on February 3, 2025,
listing between $10 million and $50 million in both assets and
liabilities. Hamidou Sacko, managing member of Promenade North,
signed the petition.
Judge Paul Baisier oversees the case.
David L. Bury, Jr., Esq., at Stone & Baxter, LLP, represents the
Debtor as legal counsel.
PROS HOLDINGS: Alger Associates Holds 4.7% Equity Stake
-------------------------------------------------------
Alger Associates, Inc. disclosed in a Schedule 13G/A filed with the
U.S. Securities and Exchange Commission that as of December 31,
2024, it beneficially owned 2,207,784 shares of PROS Holdings,
Inc.'s common stock, representing 4.7% of the outstanding shares.
Alger Associates, Inc. may be reached through:
Hal Liebes, Secretary
100 Pearl Street
27th Floor
New York, NY 10004
Tel: 212-806-8806
A full-text copy of Alger Associates' SEC Report is available at:
https://tinyurl.com/mr32k8k8
About PROS Holdings
Headquartered in Houston, Texas, PROS Holdings, Inc. (NYSE: PRO),
is a provider of AI-powered SaaS pricing, CPQ, revenue management,
and digital offer marketing solutions.
As of June 30, 2024, PROS Holdings had $384.9 million in total
assets, $467.9 million in total liabilities, and $83 million in
total shareholders' deficit.
* * *
Egan-Jones Ratings Company, on August 22, 2024, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by PROS Holdings, Inc.
PURDUE PHARMA: Gets More Time on $7.4B Chapter 11 Mediation Window
------------------------------------------------------------------
Vince Sullivan of Law360 reports that the Purdue Pharma's lawyers
secured approval on Tuesday, February 25, 2025, to extend the
mediation period that pauses litigation against nondebtors.
They informed a New York judge that they had reached final terms
for a new $7.4 billion opioid settlement and needed additional time
to finalize the documentation, the report states.
About Purdue Pharma LP
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.
Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.
Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain oversees the cases.
The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as
legal counsels; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk, LLC, is the claims agent.
Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.
David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.
* * *
U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic. The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity. The deal
resolves some 3,000 lawsuits filed by state and local governments,
Native American tribes, unions, hospitals and others who claimed
the company's marketing of prescription opioids helped spark and
continue an overdose epidemic.
Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus some
Canadian local governments and other Canadian entities.
In early March 2022, Purdue Pharma reached a nationwide settlement
over its role in the opioid crisis, with the Sackler family members
boosting their cash contribution to as much as $6 billion. The
settlement was hammered out with attorneys general from the eight
states -- California, Connecticut, Delaware, Maryland, Oregon,
Rhode Island, Vermont and Washington -- and D.C. who had opposed
the previous settlement.
RED HORSE: Case Summary & Eight Unsecured Creditors
---------------------------------------------------
Debtor: Red Horse Infrastructure Group LLC
501 Government Street
Baton Rouge, LA 70802
Business Description: Red Horse Infrastructure Group LLC
is a construction company based in Baton
Rouge, Louisiana, that specializes in
institutional building construction.
Chapter 11 Petition Date: February 24, 2025
Court: United States Bankruptcy Court
Middle District of Louisiana
Case No.: 25-10144
Judge: Hon. Michael A. Crawford
Debtor's Counsel: Ryan J. Richmond, Esq.
STERNBERG, NACCARI & WHITE, LLC
450 Laurel Street
Suite 1450
Baton Rouge, LA 70801
Tel: (225) 412-3667
E-mail: ryan@snw.law
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Melissa Burgess as Independent
Testamentary Executor.
A copy of the Debtor's list of eight unsecured creditors is
available for free on PacerMonitor at:
https://www.pacermonitor.com/view/5JV2FFI/Red_Horse_Infrastructure_Group__lambke-25-10144__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/5NRBEGY/Red_Horse_Infrastructure_Group__lambke-25-10144__0001.0.pdf?mcid=tGE4TAMA
RED RIVER: J&J Wants Kirkland as Special Bankruptcy Counsel
-----------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that Johnson &
Johnson's talc liability unit, Red River Talc, is looking to
appoint Kirkland & Ellis LLP as its special litigation counsel
during its trial over a plan to resolve mass talc litigation.
This follows the recent departure of Allison M. Brown, the unit's
lead special litigation counsel, who left Skadden Arps Slate
Meagher & Flom LLP to become a partner at Kirkland. The request was
filed Monday, February 24, 2025, in the US Bankruptcy Court for the
Southern District of Texas.
About J&J Talc Units
LLT Management, LLC (formerly known as LTL Management LLC) was a
subsidiary of Johnson & Johnson that was formed to manage and
defend thousands of talc-related claims and oversee the operations
of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue
streams, including royalty revenue streams based on third-party
sales of LACTAID, MYLANTA/MYLICON and ROGAINE products.
LTL Management first filed a petition for Chapter 11 protection
(Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time
of the filing, the Debtor was estimated to have $1 billion to $10
billion in both assets and liabilities.
In the 2021 case, LTL Management tapped Jones Day and Rayburn
Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP
and Shook, Hardy & Bacon LLP as special counsel; McCarter &
English, LLP as litigation consultant; Bates White, LLC as
financial consultant; and AlixPartners, LLP as restructuring
advisor. Epiq Corporate Restructuring, LLC, served as the claims
agent.
On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9
reconstituted the talc claimants' committee and appointed two
separate committees: (i) the official committee of talc claimants
I, which represents ovarian cancer claimants, and (ii) the official
committee of talc claimants II, which represents mesothelioma
claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
Re-Filing of Chapter 11 Petition
On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing this Court to dismiss the 2021 Chapter 11 Case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.
On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an order
denying LTL's stay motion on March 31, 2023, and, on the dame day,
issued its mandate directing the Bankruptcy Court to dismiss the
2021 Chapter 11 Case.
The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.
Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.
In the new filing, J&J said it has agreed to contribute up to a
present value of $8.9 billion, payable over 25 years, to resolve
all the current and future talc claims, which is an increase of
$6.9 billion over the $2 billion previously committed in connection
with LTL's initial bankruptcy filing in October 2021. LTL also has
secured commitments from over 60,000 current claimants to support a
global resolution on these terms.
In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton,
New Jersey, ruled that the second bankruptcy case should be
dismissed.
3rd Try
In May 2024, J&J announced its subsidiary LLT Management LLC is
soliciting support for a consensual prepackaged bankruptcy plan to
resolve its talc-related liabilities. Under the terms of the plan,
a trust would be funded with over $5.4 billion in the first three
years and more than $8 billion over the course of 25 years, which
J&J calculates to have a net present value of $6.475 billion.
Claimants must cast their vote to accept or reject the Plan by 4:00
p.m. (Central Time) on July 26, 2024. A solicitation package may be
requested at www.OfficialTalcClaims.com or by calling
1-888-431-4056. If the Plan is accepted by at least 75% of voters,
a bankruptcy may be filed under the case name In re: Red River Talc
LLC in a bankruptcy court in Texas or in the bankruptcy court of
another jurisdiction. Epiq Corporate Restructuring, LLC is serving
as balloting and solicitation agent for LLT.
On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Tex. Case No. 24-90505).
Porter Hedges LLP and Jones Day serve as counsel in the new Chapter
11 case. Epiq is the claims agent.
Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting
Counsel. Randi S. Ellis is the proposed prepetition legal
representative of future claimants.
REICHMAN KARTEN: Seeks Subchapter V Bankruptcy in New York
----------------------------------------------------------
On February 25, 2025, Reichman, Karten, Sword Inc. 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 $500,000 and $1 million in debt owed to
1 and 49 creditors. The petition states funds will be available to
unsecured creditors.
About Reichman, Karten, Sword Inc.
Reichman, Karten, Sword Inc. a commercial research firm
headquartered in Bayside, Queens.
Reichman, Karten, Sword Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.
25-40921) on February 25, 2025. In its petition, the Debtor reports
estimated assets between $100,000 and $500,000 and estimated
liabilities between $500,000 and $1 million.
Honorable Bankruptcy Judge Nancy Hershey Lord handles the case.
The Debtor is represented by:
Kamini Fox, Esq.
Kamini Fox, PLLC
825 East Gate Blvd., Suite 308
Garden City, NY 11530
Tel: (516) 493-9920
Email: kamini@kfoxlaw.com
REKOR SYSTEMS: Armistice, Steven Boyd Hold 2.95% Stake
------------------------------------------------------
Armistice Capital, LLC and Steven Boyd disclosed in a Schedule
13G/A report filed with the U.S. Securities and Exchange Commission
that as of December 31, 2024, they beneficially owned an aggregate
amount of 2,850,000 shares of Rekor Systems, Inc.'s Common Stock,
representing 2.95% of the shares outstanding.
Armistice Capital, LLC may be reached at:
Steven Boyd
c/o Armistice Capital, LLC
510 Madison Avenue, 7th Floor
New York, New York 10022
United States of America
Tel: (212) 231-4932
A full-text copy of Armistice Capital's SEC Report is available
at:
https://tinyurl.com/bdhk894k
About Rekor Systems
Rekor Systems, Inc., headquartered in Columbia, Md., is working to
revolutionize public safety, urban mobility, and transportation
management using AI-powered solutions designed to meet the distinct
demands of each market it serves. The Company works hand-in-hand
with its customers to deliver mission-critical traffic and
engineering services that assist them in achieving their goals. The
Company's vision is to improve the lives of citizens and the world
around them by enabling safer, smarter, and greener roadways and
communities. The Company works towards this by collecting,
connecting, and organizing mobility data, and making it accessible
and useful to its customers for real-time insights and decisioning
for situational awareness, rapid response, risk mitigation, and
predictive analytics for resource and infrastructure planning and
reporting.
East Hanover, N.J.-based Marcum LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 25, 2024, citing that the Company has incurred significant
losses and may need to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
As of Sept. 30, 2024, Rekor Systems had $101.20 million in total
assets, $60.86 million in total liabilities, and $40.33 million in
total stockholders' equity.
RESHAPE LIFESCIENCES: Prices Upsized $6 Million Public Offering
---------------------------------------------------------------
ReShape Lifesciences announced the pricing of its public offering
of 2,575,107 units at a public offering price of $2.33 per unit.
Each unit consists of one common share (or pre-funded warrant to
purchase one common share in-lieu thereof) and one warrant to
purchase one common share.
The warrants, which are not exercisable unless and until approved
by ReShape stockholders, will be initially exercisable at a price
of $5.83 per share, subject to standard adjustments for dividends,
splits and similar events, and also subject to adjustment upon a
one-time reset on the Reset Date (as described in the warrants),
subject to a floor price. The warrants may also be exercised on an
alternative cashless basis pursuant to which the holder may
exchange each warrant for 1.2 times the number of shares of common
stock they would receive upon a cash exercise. The warrants will
become exercisable after notice is provided regarding stockholder
approval and will expire on the later of (i) 12 days after the date
of stockholder approval and (ii) the earlier of (x) the closing
date of the Company's previously announced merger with Vyome
Therapeutics, Inc. and (y) 60 days after the date of stockholder
approval. The shares of common stock (or pre-funded warrants) and
accompanying warrants can only be purchased together in this public
offering but will be issued separately and will be immediately
separable upon issuance. Gross proceeds to the Company, before
deducting placement agent's fees and other offering expenses, are
expected to be approximately $6.0 million. The offering was
expected to close on or about Feb. 18, 2025, subject to the
satisfaction of customary closing conditions.
Maxim Group LLC is acting as sole placement agent in connection
with the offering.
A registration statement on Form S-1 (File No. 333-284362) was
filed with the U.S. Securities and Exchange Commission, as amended,
and was declared effective by the SEC on Feb. 14, 2025 and a
registration statement on Form S-1 filed pursuant to Rule 462(b) of
the Securities Act of 1933, as amended, was filed with the SEC and
became effective upon filing on Feb. 14, 2025. A final prospectus
relating to the offering will be filed with the SEC and will be
available on the SEC's website at http://www.sec.gov. The offering
is being made only by means of a prospectus forming part of the
effective registration statement. Electronic copies of the
prospectus relating to this offering, when available, may also be
obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New
York, New York 10022, Attention: Syndicate Department, by telephone
at (212) 895-3745 or by email at syndicate@maximgrp.com.
About Reshape Lifesciences Inc.
Headquartered in Irvine, California, Reshape Lifesciences Inc. is a
physician-led weight loss and metabolic health-solutions company,
offering an integrated portfolio of proven products and services
that manage and treat obesity and associated metabolic disease. The
Company's primary operations are in the following geographical
areas: United States, Australia and certain European and Middle
Eastern countries. The Company's current portfolio includes the
Lap-Band Adjustable Gastric Banding System, the Obalon Balloon
System, and the Diabetes Bloc-Stim Neuromodulation device, a
technology under development as a new treatment for type 2 diabetes
mellitus. There has been no revenue recorded for the Obalon
Balloon System, or the Diabetes Bloc-Stim Neuromodulation as these
products are still in the development stage.
Irvine, California-based RSM US LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
April 1, 2024. The report cited that the Company has suffered
recurring losses from operations and negative cash flows. The
Company currently does not generate revenue sufficient to offset
operating costs and anticipates such shortfalls to continue. This
raises substantial doubt about the Company's ability to continue as
a going concern.
Reshape reported a net loss of $11.39 million for the year ended
Dec. 31, 2023, compared to a net loss of $46.21 million for the
year ended Dec. 31, 2022.
"The Company will be required to raise additional capital, however,
there can be no assurance as to whether additional financing will
be available on terms acceptable to the Company, if at all. If
sufficient funds on acceptable terms are not available when needed,
it would have a negative impact on the Company's financial
condition and could force the Company to delay, limit, reduce, or
terminate product development or future commercialization efforts
or grant rights to develop and market product candidates or testing
products that the Company would otherwise plan to develop,"
according to the Company's 10-K filing for the year ended Dec. 31,
2023 (filed with the SEC on April 1, 2024).
REVIVA PHARMACEUTICALS: Schonfeld Strategic Holds 2.82% Stake
-------------------------------------------------------------
Schonfeld Strategic Advisors, LLC disclosed in a Schedule 13G/A
filed with the U.S. Securities and Exchange Commission that as of
December 31, 2024, it beneficially owned 1,314,915 shares of Reviva
Pharmaceuticals Holdings, Inc.'s common stock, representing 2.82%
of the 46,579,199 shares outstanding, as set forth in the Company's
prospectus supplement filed on December 18, 2024.
Schonfeld Strategic Advisors LLC may be reached through:
Mark H. Peckman
General Counsel, Chief Compliance Officer
590 Madison Avenue
23rd Floor
New York, New York 10022
Tel: 212-832-0900
A full-text copy of Schonfeld Strategic's SEC Report is available
at:
https://tinyurl.com/nhk3cb2t
About Reviva Pharmaceuticals Holdings
Cupertino, Calif.-based Reviva Pharmaceuticals Holdings, Inc. is a
late-stage biopharmaceutical company that discovers, develops, and
seeks to commercialize next-generation therapeutics for diseases
representing unmet medical needs and burdens to society, patients,
and their families.
Going Concern
The Company's current cash on hand is not sufficient to satisfy its
operating cash needs for the 12 months from the filing its
Quarterly Report on Form 10-Q for the period ended June 30, 2024.
The Company believes that it has adequate cash on hand to cover
anticipated outlays into the third quarter of fiscal year 2024 but
will need additional fundraising activities and cash on hand during
the third quarter of fiscal year 2024. These conditions raise
substantial doubt regarding the Company's ability to continue as a
going concern for a period of one year after the date the financial
statements are issued.
The Company will seek to fund its operations through public or
private equity or debt financings or other sources, which may
include collaborations with third parties. In May 2024, the Company
raised capital through a registered financial offering. Adequate
additional financing may not be available to the Company on
acceptable terms, or at all. Should the Company be unable to raise
sufficient additional capital, the Company may be required to
undertake cost-cutting measures, including delaying or
discontinuing certain clinical activities.
As of June 30, 2024, Reviva had $8.1 million in total assets, $14.1
million in total liabilities, and $6.04 million in total
stockholders' deficit.
ROYAL JET: Court Extends Cash Collateral Access to April 30
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
granted Royal Jet Car Corp. interim authorization to use cash
collateral from Jan. 31 to April 30 in accordance with its budget.
As protection, the U.S. Small Business Administration will be
granted post-petition replacement liens on the company's assets
regardless of whether such assets were acquired by the company
prior to or after its Chapter 11 filing, subject to the carve-out.
In addition, the SBA will receive a monthly payment of $300 from
the company starting this month.
The company's authority to use cash collateral terminates upon
failure by the company to timely make the monthly payment; use of
cash collateral in excess of the budget; the entry of a court order
granting relief from or modifying the automatic stay; dismissal or
conversion of the company's Chapter 11 case to one under Chapter 7;
the appointment of a Chapter 11 trustee or examiner with enlarged
powers; or a default by the company in reporting financial or
operational information required by the interim order or agreements
with the SBA that is not cured.
About Royal Jet Car Corp.
Royal Jet Car Corp. sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42508) on July
18, 2023, listing up to $50,000 in assets and $100,001 to $500,000
in liabilities.
Judge Jil Mazer-Marino presides over the case.
Alla Kachan, Esq., at the Law Offices of Alla Kachan P.C., is the
Debtor's bankruptcy counsel.
SB CONTRACTORS: Hires Germany Law PLLC as Special Counsel
---------------------------------------------------------
SB Contractors, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Texas to employ Germany Law, PLLC as
special counsel.
The Debtor needs the firm's legal assistance in connection with the
pending state court cases known as SB Contractors, LLC v.
Integrated Water Services, Inc., et al., No. D-1-GN-24-006290, in
the 53rd Judicial District, Travis County, Texas; and SB
Contractors, LLC v. Integrated Water Services, Inc., et al., No.
2024044, in the 452nd Judicial District, McCulloch County, TX.
The firm will be paid at these rates:
Attorneys $400 per hour
Paralegals $125 per hour
The firm received from the Debtor a retainer of $25,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
William Germany, Esq., a partner at Germany Law, PLLC, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
William Germany, Esq.
Germany Law, PLLC
1250 NE Loop 410, Suite 725
San Antonio, TX 78209
Tel: (210) 824-3278
About SB Contractors, LLC
SB Contractors, LLC is a Texas-based general contractor
specializing in heavy highway and commercial services.
SB Contractors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Texas Case No. 24-52121) on October
25, 2024, with $1 million to $10 million in both assets and
liabilities. William S. Simpson, authorized signatory, signed the
petition.
Judge Michael M. Parker oversees the case.
Todd Headden, Esq., at Hayward PLLC, represents the Debtor as legal
counsel.
SEAQUEST HOLDINGS: Trustee Hires Ampleo Turnaround as Consultant
----------------------------------------------------------------
Matt McKinlay, the Trustee for Seaquest Holdings, LLC, seeks
approval from the U.S. Bankruptcy Court for the District of Idaho
to employ Ampleo Turnaround and Restructuring LLC as consultant.
The firm will assist the Chapter 11 Trustee in the administration
of the Chapter 11 case of the Debtor.
The firm will be paid at these rates:
Doug Charboneau $325 per hour
Dane Clark $295 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Lincoln Howell
Ampleo Turnaround & Restructuring, LLC
13601 W. McMillan Rd #102 PMB 320
Boise, ID 83713
Tel: (208) 761-5222
About Seaquest Holdings, LLC
SeaQuest Holdings, LLC better known as SeaQuest, is an interactive
marine, exotic mammal, and bird/reptile life attraction chain.
Guests are encouraged to connect with animals and learn about their
ecosystems through various hands-on activities which include
hand-feeding sharks, stingrays, birds, and tropical animals.
SeaQuest offers a private event venue ideal for school field trips,
birthday parties, and more.
SeaQuest Holdings sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Idaho Case No. 24-00803) on December 2,
2024, with total assets of $659,473 and total liabilities of
$16,653,877. Aaron Neilsen, chief executive officer of SeaQuest
Holdings, signed the petition.
Judge Benjamin P. Hursh handles the case.
The Debtor is represented by:
Matthew T. Christensen, Esq.
Johnson May, PLLC
Tel: (208) 384-8588
Email: mtc@johnsonmaylaw.com
SHARING SERVICES: Delays 10-Q Filing Due to Info Compilation Issues
-------------------------------------------------------------------
Sharing Services Global Corporation disclosed in a Form 12b-25
Report filed with the U.S. Securities and Exchange Commission that
it could not complete the filing of its Quarterly Report on Form
10-Q for the fiscal quarter ended December 31, 2024 due to a delay
in obtaining and compiling information required to be included in
the Form 10-Q, which delay could not be eliminated by the Company
without unreasonable effort and expense.
In accordance with Rule 12b-25 of the Securities Exchange Act of
1934, as amended, the Company will file the Form 10-Q no later than
the fifth calendar day following the prescribed due date.
About Sharing Services
Headquartered in Plano, Texas, Sharing Services Global Corporation
currently markets and distributes health and wellness products
primarily in the U.S. and Canada, and delivers its member-based
travel services, primarily in the U.S., using a direct selling
business model. The Company markets its health and wellness
products through its proprietary website: www.thehappyco.com; and
its member-based travel services using www.mytravelventures.com.
Currently, the Company is in the process of revamping its
subscription-based travel services and plans to relaunch it in
November 2024.
Jericho, New York-based Grassi & Co., CPAs, P.C., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated July 1, 2024, citing that the Company (i) has incurred
losses and negative cash flows from operations for consecutive
years, (ii) has an accumulated deficit and negative equity, which
raise substantial doubt about its ability to continue as a going
concern.
SHILO INN BEND: Gets Extension to Access Cash Collateral
--------------------------------------------------------
Shilo Inn, Bend, LLC and Shilo Inn, Warrenton, LLC received another
extension from the U.S. Bankruptcy Court for the Western District
of Washington to use cash collateral.
The court authorized the companies to use cash collateral to pay
the expenses set forth in their budget for the period from Feb. 18
until its interim order ceases to be in full force and effect or
until the occurrence of the so-called termination event (e.g. May
31).
Secured creditors, RSS WFCM2015NXS4-OR SIB, LLC and RSS
WFCM2016NXS5-OR SIW, LLC, will be granted
a first priority post-petition security interest in and lien on all
of the companies' assets to the same priority, validity and extent
as their pre-bankruptcy security interest and lien.
As additional protection, RSS WFCM2015NXS4-OR SIB will receive
$43,425.26 per month from Shilo Inn, Bend while RSS WFCM2016NXS5-OR
SIW will receive $22,561.95 per month from Shilo Inn, Warrenton.
Both creditors will receive monthly payments until May.
The next hearing is scheduled for May 22.
About Shilo Inn, Bend, and Shilo Inn, Warrenton
Shilo Inn, an independently owned and operated hospitality company
with locations in seven western states and Texas, operate Shilo
Inn, Bend, LLC and Shilo Inn, Warrenton, LLC in Oregon.
On August 13, 2021, the companies contemporaneously filed voluntary
Chapter 11 petitions with the U.S. Bankruptcy Court for the Western
District of Washington. The cases are jointly administered under
Shilo Inn, Bend, LLC's case (Bankr. W.D. Lead Case No. 21-41340).
Judge Mary Jo Heston presides over the cases.
On the petition date, Shilo Inn, Bend estimated $10 million to $50
million in both assets and liabilities while Shilo Inn, Warrenton
estimated $1 million to $10 million in both assets and liabilities.
The petitions were signed by Mark Hemstreet as secretary of Shilo
Bend Corp., the Debtors' manager.
Levene, Neale, Bender, Yoo & Brill, LLP and Stoel Rives, LLP serve
as the Debtors' general bankruptcy counsel and local counsel,
respectively.
SHILO INN IDAHO FALLS: Gets Extension to Access Cash Collateral
---------------------------------------------------------------
Shilo Inn, Idaho Falls, LLC received another extension from the
U.S. Bankruptcy Court for the
Western District of Washington to use cash collateral.
The court authorized the company to use cash collateral to pay the
expenses set forth in its budget for the period from Feb. 18 until
its interim order ceases to be in full force and effect or until
the occurrence of the so-called termination events (e.g. May 31).
RSS CGCMT 2017P7-ID SIIF, LLC, a secured creditor, will be granted
a first priority post-petition security interest in and lien on all
of the company's assets to the same priority, validity and extent
as its pre-bankruptcy security interest and lien.
As additional protection, RSS will continue to receive until May a
monthly payment of $26,837.08.
The next hearing is scheduled for May 22.
About Shilo Inn, Idaho Falls
Shilo Inn, Idaho Falls, LLC filed Chapter 11 petition (Bankr. W.D.
Wash. Case No. 20-42489) on November 2, 2020. At the time of
filing, Shilo Inn, Idaho Falls disclosed up to $50 million in
assets and up to $10 million in liabilities.
Judge Brian D. Lynch oversees the case.
Levene, Neale, Bender, Yoo & Brill L.L.P. and Stoel Rives LLP serve
as counsel to Shilo Inn, Idaho Falls.
Shilo Inn, Idaho Falls' case is not jointly administered with those
of Shilo Inn, Ocean Shores, LLC, and Shilo Inn, Nampa Suites, LLC,
both of which sought Chapter 11 protection (Bankr. W.D. Wash. Lead
Case No. 20-42348) on October 15, 2020. Ocean Shores and Nampa
Suites' cases are jointly administered.
RSS CGCMT 2017P7-ID SIIF, LLC, as secured creditor, is represented
by:
James B. Zack, Esq.
Lane Powell PC
1420 Fifth Avenue, Suite 4200
Seattle, WA 98101
Telephone: (206) 223-7000
Facsimile: (206) 223-7107
ZackJ@lanepowell.com
Docketing@LanePowell.com
SMITH MICRO: William Smith Holds 18.7% Equity Stake
---------------------------------------------------
William W. Smith, Jr., disclosed in a Schedule 13G filing with the
U.S. Securities and Exchange Commission that as of December 31,
2024, he beneficially owns 3,314,603 shares of Smith Micro
Software, Inc.'s common stock, representing 18.7% of the Company's
outstanding shares of stock.
About Smith Micro Software
Pittsburgh, Pa.-based Smith Micro Software, Inc. develops software
to simplify and enhance the mobile experience, providing solutions
to some of the leading wireless and cable service providers around
the world. The Company is dedicated to enhancing today's
connected
lifestyles by empowering the Digital Family Lifestyle and offering
advanced voice messaging capabilities. The Company's goal is to
create new opportunities for consumer engagement through
smartphones and Internet of Things (IoT) devices. The Company's
diverse portfolio includes family safety software solutions that
support families in the digital age, along with a broad range of
tools designed to create, share, and monetize rich content. This
includes visual voice messaging, retail content display
optimization, and performance analytics, all aimed at maximizing
impact across any product set.
Los Angeles, Calif.-based SingerLewak LLP, the Company's auditor
since 2005, issued a "going concern" qualification in its report
dated Feb. 26, 2024, citing that the Company has suffered
recurring
losses from operations and has projected future cash flow
requirements to meet continuing operations in excess of current
available cash. This raises substantial doubt about the Company's
ability to continue as a going concern.
SOBR SAFE: L1 Capital Global Holds 4.99% Equity Stake
-----------------------------------------------------
L1 Capital Global Opportunities Master Fund, Ltd. disclosed in a
Schedule 13G/A filed with the U.S. Securities and Exchange
Commission that as of December 31, 2024, it beneficially owned
122,950 shares of SOBR Safe, Inc.'s Common Stock, representing
4.99% of the 2,340,733 shares outstanding after the offering
registered on Amendment No. 2 to the Registration Statement on Form
S-1/A filed with the SEC on December 10, 2024.
L1 Capital Global Opportunities Master Fund, Ltd. may be reached
through:
David Feldman, Director
161A Shedden Road, 1 Artillery Court
PO Box 10085, Grand Cayman
Cayman Islands KY1-1001.
Tel: 646-688-5654
A full-text copy of L1 Capital Global's SEC Report is available
at:
https://tinyurl.com/ys3754w4
About SOBR Safe, Inc.
SOBR Safe, Inc. provides non-invasive technology to quickly and
humanely identify the presence of alcohol in individuals. These
technologies are integrated within the Company's robust and
scalable data platform, which produces statistical and measurable
user and business data. The Company's mission is to save lives,
increase productivity, create significant economic benefits, and
positively impact behavior. To this end, SOBR Safe has developed
the scalable, patent-pending SOBRsafe software platform for
non-invasive alcohol detection and identity verification.
As of June 30, 2024, SOBR Safe had $5,122,244 in total assets,
$1,431,746 in total liabilities, and $3,690,498 in total
stockholders' equity.
Littleton, Colorado-based Haynie and Company, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 29, 2024, citing that the Company has incurred
recurring losses from operations and has limited cash liquidity and
capital resources to meet future capital requirements.
Management believes that cash balances of approximately $2,800,000
and positive working capital of approximately $1,900,000 as of
December 31, 2023, do not provide adequate capital for operating
activities for the next twelve months after the issuance of these
financial statements. However, management believes that actions
currently being taken to generate product and service revenues,
along with plans to access capital sources and implement expense
reduction tactics, provide the opportunity for the Company to
continue as a going concern. These plans are contingent upon the
successful execution of these actions. As such, substantial doubt
about the entity's ability to continue as a going concern has not
been alleviated as of December 31, 2023, according to the Company's
Annual Report for the year ended December 31, 2023.
SOFT PACKAGING: Hires Mirsky Corporate as Special Counsel
---------------------------------------------------------
Soft Packaging, Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Mirsky Corporate
Advisors, a Professional Corporation as special counsel.
The Debtor needs the firm's legal assistance in connection with the
filing of adversarial proceedings against certain merchant cash
advance lenders and file objections to claims.
The firm will be paid at these rates:
Steven J. Mirsky, Partner $575 per hour
Chiso Obi, Associate $275 per hour
Attorneys $350 to $495 per hour
Paralegal $265 per hour
The firm received from the Debtor a retainer of $10,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Steven J. Mirsky, Esq., a partner at Mirsky Corporate Advisors, a
Professional Corporation, disclosed in a court filing that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
Steven J. Mirsky, Esq.
Mirsky Corporate Advisors,
a Professional Corporation
901 Dove St., Ste. 120
Newport Beach, CA 92660
Tel: (949) 200-6837
Fax: (949) 521-0506
Email: smirsky@mmirskycorporateadvisors.com
About Soft Packaging, Inc.
Soft Packaging Inc. operates as a packaging company in Commerce,
California.
Soft Packaging filed Chapter 11 petition (Bankr. C.D. Cal. Case No.
25-10214) on January 13, 2025. In its petition, the Debtor reported
assets up to $50,000 and liabilities between $1 million and $10
million.
Judge Vincent P. Zurzolo handles the case.
The Debtor tapped Matthew D. Resnik, Esq., at RHM Law LLP as
counsel and Peter M. Hsu, CPA, APC as accountant.
SOLDIER OPERATING: To Sell Oil & Gas Property to Duplantis Energy
-----------------------------------------------------------------
Soldier Operating LLC and its affiliate, Viceroy Petroleum LP, seek
permission from the U.S. Bankruptcy Court for the Western District
of Louisiana, Lafayette Division, to sell real and personal oil and
gas property, free and clear of liens, interests, and encumbrances.
The Debtors own and hold certain real and personal property
interests in and associated with oil and gas properties in the
Texas counties of Milam, Burleson, Robertson,
Karnes, and Zavala.
The assets do not "net" the Debtor any consequential revenue on an
annual basis, and the Debtor sees no business justification to
retain these interests when its creditors could benefit from a
deliberate sale process.
The Milam, Burleson, and Robertson County properties are being sold
in a separate transaction. The sale pertains to the Debtor's
remaining Texas mineral interests, which are in Karnes and Zavala
Counties.
The Texas oil and gas leases in which Debtor holds an interest are
set to expire at the end of, February 2025.
The Debtor created a virtual data room through which the Debtor
provided data regarding the South Texas Mineral Assets to Duplantis
Energy, LLC, as well as Tom Rodenberg of Origin Production and
Chris McDaniel of BCS Services. Potential buyers were less
interested in the South Texas Mineral Assets than the Central Texas
Mineral Assets, and the Debtor, in consultation with the Unsecured
Creditors' Committee, considered abandoning the South Texas Mineral
Assets.
Viceroy requests to sell the South Texas Mineral Assets to
Duplantis which is owned by Bill Seelye, for a cash purchase price
of $10, with additional consideration in the form of assumption of
obligations relating to plugging, abandoning, and remediation of
the Assets, including the assumption of environmental liabilities
arising from any act, omission, events, circumstance, or condition
that occurred before the proposed sale.
The Sale is also expected to result in the release of a $250,000
cash bond from the Texas Railroad Commission (TRC) to the Debtor's
estate upon the consummation of the Sale and the Proposed Buyer’s
posting of substitute collateral.
The cash purchase price and the Deposit to be returned by the TRC
($250,000) as a result of the Sale will be deposited in the IOLTA
Account of Gordon Arata, to be held in escrow, pending further
Order of the Court.
The Debtor seeks to sell the Assets "as is, where is," and without
warranty.
About Soldier Operating LLC
Soldier Operating, LLC and Viceroy Petroleum, LP filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. W.D. La. Lead Case No. 24-50387) on May 13, 2024. In the
petitions signed by Matthew Ferguson, president, Soldier Operating
disclosed $5,615,631 in assets and $6,089,722 in liabilities.
Judge John W. Kolwe presides over the cases.
Bradley L. Drell, Esq., at Gold, Weems, Bruser, Sues & Rundell,
APLC, is the Debtors' counsel.
The U.S. Trustee appointed an official committee of unsecured
creditors in the Chapter 11 cases. The committee tapped H. Kent
Aguillard, Esq., and Caleb K. Aguillard, Esq., and Stewart Robbins
Brown & Altazan, LLC as co-counsel.
SOLID BIOSCIENCES: Camber Capital Holds No Shares as of Dec. 31
---------------------------------------------------------------
Camber Capital Management LP and Stephen DuBois disclosed in a
Schedule 13G/A filed with the U.S. Securities and Exchange
Commission that as of December 31, 2024, they no longer own shares
of Solid Biosciences Inc.'s Common Stock.
Camber Capital Management LP may be reached through:
Sean George, Chief Financial Officer
101 Huntington Avenue
Suite 2101
Boston, MA 02199
Tel: 617-717-6600
A full-text copy of Camber Capital's SEC Report is available at:
https://tinyurl.com/yc7z2z3k
About Solid Biosciences
Charlestown, Mass.-based Solid Biosciences, Inc. is a life sciences
company focused on advancing a portfolio of current and future gene
therapy candidates, including SGT-003 for the treatment of Duchenne
muscular dystrophy, SGT-501 for the treatment of catecholaminergic
polymorphic ventricular tachycardia, and additional assets for the
treatment of cardiac and other diseases, at different stages of
development with varying levels of investment.
As of September 30, 2024, the Company had $211.8 million in total
assets, $44.8 million in total liabilities, and $167 million in
total stockholders' equity.
The Company has evaluated whether there are conditions and events
that, considered in the aggregate, raise substantial doubt about
the Company's ability to continue as a going concern within one
year after the date the financial statements are issued. As of
September 30, 2024, the Company had an accumulated deficit of
$740.9 million. The Company expects to continue to generate
operating losses for the foreseeable future. Based upon its current
operating plan, the Company expects that its cash, cash equivalents
and available-for-sale securities of $171.1 million excluding
restricted cash of $1.9 million, as of September 30, 2024, will be
sufficient to fund its operating expenses and capital expenditure
requirements for at least twelve months from the date of issuance
of these condensed consolidated financial statements. However, the
Company has based this estimate on assumptions that may prove to be
wrong, and its operating plan may change as a result of many
factors currently unknown to it. As a result, the Company could
deplete its capital resources sooner than it currently expects. The
Company expects to finance its future cash needs through a
combination of equity offerings, debt financings, collaborations,
strategic partnerships and alliances, or licensing arrangements. If
the Company is unable to obtain funding, the Company would be
forced to delay, reduce or eliminate some or all of its research
and development programs, preclinical and clinical testing, or
commercialization efforts, which could adversely affect its
business prospects.
SPECIALTY PHARMA III: $30MM Loan Add-on No Impact on Moody's B3 CFR
-------------------------------------------------------------------
Moody's Ratings said that Specialty Pharma III Inc.'s (dba
Wedgewood Pharmacy) ratings, including its B3 corporate family
rating and stable outlook, are not affected following its
incremental $30 million first lien term loan add-on to its existing
senior secured first lien term loan (rated B3).
Proceeds from the $30 million incremental term loan will be used to
fund capital investment associated with the company's 503B and 503A
facility additions as well as pay down outstanding balance on the
revolving credit facility.
While the transaction does modestly increase leverage and add
incremental cash interest, Moody's consider Wedgewood's capacity
investment as strategically sensible and that the new facilities
will improve speed of delivery to customers. Reduction in revolving
borrowings is also positive to external liquidity.
Wedgewood Pharmacy's ratings are constrained by its small size with
annual revenue below $250 million and its high financial leverage.
Using Moody's adjustments, Moody's estimates that gross debt/EBITDA
will remain above 6.5x over the next 12 to 18 months. The ratings
are also constrained by event and financial policy risks related to
Wedgewood's private equity ownership.
Headquartered in Swedesboro, New Jersey, Specialty Pharma III Inc.
(doing business as Wedgewood Pharmacy) is an animal health drug
compounding pharmacy that provides specially prepared medicines to
meet the individual needs of pets. Reported revenue for the twelve
months ended September 30, 2024 were approximately $228 million.
The company is privately-owned by Partners Group Holding AG.
SPHERE 3D: Armistice, Steven Boyd Hold 9.99% Stake as of Dec. 31
----------------------------------------------------------------
Armistice Capital, LLC and Steven Boyd disclosed in a Schedule 13G
Report filed with the U.S. Securities and Exchange Commission that
as of December 31, 2024, they beneficially owned an aggregate
amount of 2,583,718 shares of Sphere 3D Corp.'s Common Stock,
representing 9.99% of the shares outstanding.
Armistice Capital, LLC may be reached at:
Steven Boyd
c/o Armistice Capital, LLC
510 Madison Avenue, 7th Floor
New York, New York 10022
United States of America
Tel: (212) 231-4932
A full-text copy of Armistice Capital's SEC Report is available
at:
https://tinyurl.com/mrscpuav
About Sphere 3D
Sphere 3D Corp. (NASDAQ: ANY) -- http://www.Sphere3D.com/-- is a
cryptocurrency miner growing its industrial-scale Bitcoin mining
operation through the capital-efficient procurement of
next-generation mining equipment and partnering with best-in-class
data center operators. Headquartered in Stamford, CT, Sphere 3D is
dedicated to growing shareholder value while honoring its
commitment to strict environmental, social, and governance
standards.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
March 13, 2024. The report emphasizes that the Company has suffered
recurring losses from operations and does not expect to have
sufficient working capital to fund its operations, which raises
substantial doubt about its ability to continue as a going
concern.
As of Sept. 30, 2024, Sphere 3D had $44.26 million in total assets,
$3.55 million in total current liabilities, $4.86 million in
temporary equity, and $35.85 million in total shareholders' equity.
TEMPORAL TAXI: Sec. 341(a) Meeting of Creditors on March 24
-----------------------------------------------------------
On February 20, 2025, Temporal Taxi Corp. filed Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern District
of New York. According to court filing, the
Debtor reports $1,288,340 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
A meeting of creditors under Section 341(a) to be held on March 24,
2025 at 02:00 PM at Telephonic Meeting: Phone 1 (866) 919-4760,
Participant Code 4081400#.
About Temporal Taxi Corp.
Temporal Taxi Corp. owns taxi medallions 8H83 and 8H84.
Temporal Taxi Corp. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40857) on February
20, 2025. In its petition, the Debtor reports total assets of
$1,091,950 and total liabilities of $1,288,340.
Honorable Bankruptcy Judge Jil Mazer-Marino handles the case.
The Debtor is represented by:
Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
Fax: (347) 342-3156
Email: alla@kachanlaw.com
THERATECHNOLOGIES INC: Morgan Stanley Holds 5% Equity Stake
-----------------------------------------------------------
Morgan Stanley disclosed in a Schedule 13G/A filed with the U.S.
Securities and Exchange Commission that as of December 31, 2024, it
beneficially owned 2,313,769 common shares of Theratechnologies
Inc., representing 5% of the outstanding shares.
Morgan Stanley may be reached through:
Christopher O'Hara,
Authorized Signatory
1585 Broadway
New York, NY 10036
Tel: 212-761-4000
A full-text copy of Morgan Stanley's SEC Report is available at:
https://tinyurl.com/rzjta98u
About Theratechnologies
Theratechnologies (TSX: TH) (NASDAQ: THTX) --
http://www.theratech.com/-- is a biopharmaceutical company focused
on the development and commercialization of innovative therapies
addressing unmet medical needs. The Company currently
commercializes two approved products for people living with HIV,
namely: EGRIFTA SV and Trogarzo. In addition to the sale of its
products, the Company is conducting research and development
activities and it has a pipeline of investigational medicines in
the areas of oncology and NASH.
Montreal, Canada-based KPMG LLP, the Company's auditor since 1993,
issued a "going concern" qualification in its report dated Feb. 20,
2024, citing that the Company has incurred net losses and negative
cash flows from operating activities. The Company's Loan Facility
contains various covenants, including minimum liquidity covenants.
There is material uncertainty related to events or conditions that
cast substantial doubt about its ability to continue as a going
concern.
As of Aug. 31, 2024, Theratechnologies had $69.71 million in total
assets, $89.39 million in total liabilities, and a total deficit of
$19.68 million.
TITAN ENVIRONMENTAL: Jeff Rizzo Steps Down as Director, COO
-----------------------------------------------------------
Titan Environmental Solutions, Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that Jeff
Rizzo, a member of the Board of Directors, resigned from the Board
and all committees thereof.
Mr. Rizzo had been a member of the Board since May 19, 2023, at
which time the Company acquired Titan Trucking LLC, the Company's
operating subsidiary for which Mr. Rizzo was at that time the
Managing Member. Mr. Rizzo previously had, on February 9, 2025,
resigned as the Company's Chief Operating Officer. To the knowledge
of the Company, Mr. Rizzo's decision to resign from the Board was a
result of his resignation as an executive officer of the Company
and was not related to any disagreements with the Company on any
matter relating to its operations, policies or practices or any
issues regarding financial disclosures, accounting or legal
matters.
Following Mr. Rizzo's resignation from the Board, the Board removed
Mr. Rizzo as the President of its operating subsidiaries, Titan
Trucking LLC, Standard Trucking LLC and Standard Waste Services,
LLC, and appointed Glen Miller, the Company's Chief Executive
Officer, as the President of those subsidiaries. The Board also
expanded the role of Dominic Campo, a consultant to the Company and
the former Chief Executive of Standard, to oversee the day-to-day
operations of the Company's operating subsidiaries. Mr. Campo was
the Chief Executive Officer of Standard at the time of the
Company's acquisition of Standard in May 2024.
About Titan Environmental
Bloomfield Hills, Mich.-based Titan Environmental Solutions, Inc.
is a professional service firm that provides consultation on
regulatory compliance to departments at corporations, public
agencies, and residential communities to ensure that its clients
are aware of and take steps to comply with relevant laws and
regulations. The firm also offers solutions to remove the risk
caused by harmful environmental hazards.
The Company cautioned in its Form 10-Q Report for the quarterly
period ended March 31, 2024, that substantial doubt exists about
its ability to continue as a going concern. According to the
Company, for the three months ended March 31, 2024, the Company had
a net loss of $2,258,944. The working capital of the Company was a
deficit of $13,123,723 as of March 31, 2024 (deficit of $10,935,108
as of December 31, 2023). The March 31, 2024 working capital
deficiency includes $2,257,090 of principal repayments from the
Michaelson Note due by June 30, 2024; the Company currently does
not have sufficient funds to repay this debt. As a result of these
factors, management has concluded that there is substantial doubt
about the Company's ability to continue as a going concern for a
period of 12 months.
As of June 30, 2024, Titan Environmental Solutions had $41,603,902
in total assets, $24,707,879 in total liabilities, $6,899,967 in
mezzanine equity, and $9,996,056 in total stockholders' equity.
TLC MEDICAL: Court Extends Cash Collateral Access to March 6
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
issued its fourth interim order allowing TLC Medical Group, Inc. to
continue using cash collateral.
The interim order signed by Judge Mindy Mora approved the use of
cash collateral to pay expenses for the period from Feb. 11 to
March 6 in accordance with the company's budget. The budget shows
$139,733.07 in total expenses.
TLC is prohibited from using cash collateral for purposes outside
of the approved budget.
As protection, secured creditors will be granted replacement liens
on TLC's assets in case of any diminution in the value of their
collateral.
The next hearing is scheduled for March 6.
About TLC Medical Group Inc.
TLC Medical Group, Inc. provides diagnosis and treatment of heart
and circulatory disorders. It is based in Port St. Lucie, Fla.
TLC sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. Case No. 24-21588) on November 4, 2024, with
total assets of $1,905,679 and total liabilities of $2,093,600.
Anthony Lewis, president of TLC, signed the petition.
Judge Mindy A. Mora handles the case.
The Debtor is represented by Susan D. Lasky, Esq., at Susan D.
Lasky, PA.
TONIX PHARMACEUTICALS: L1 Capital Holds No Shares as of Dec. 31
---------------------------------------------------------------
L1 Capital Global Opportunities Master Fund, Ltd. disclosed in a
Schedule 13G/A filed with the U.S. Securities and Exchange
Commission that as of December 31, 2024, it no longer owns shares
of Tonix Pharmaceuticals Holding Corp.'s Common Stock.
L1 Capital Global Opportunities Master Fund, Ltd. may be reached
through:
David Feldman, Director
161A Shedden Road, 1 Artillery Court
PO Box 10085, Grand Cayman
Cayman Islands KY1-1001.
Tel: 646-688-5654
A full-text copy of L1 Capital Global's SEC Report is available
at:
https://tinyurl.com/6y8pmtvr
About Tonix Pharmaceuticals
Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through
its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully
integrated biopharmaceutical company focused on developing and
commercializing therapeutics to treat and prevent human disease and
alleviate suffering.
As of September 30, 2024, Tonix had $95 million in total assets,
$20.8 million in total liabilities, and $74.2 million in total
equity.
Going Concern
The Company cautioned in its Form 10-Q report for the quarter ended
March 31, 2024, that there is substantial doubt about its ability
to continue as a going concern. The Company has suffered recurring
losses from operations and negative cash flows from operating
activities. As of March 31, 2024, the Company had working capital
of approximately $9.6 million and an accumulated deficit of
approximately $615.6 million. The Company held cash and cash
equivalents of approximately $7 million as of March 31, 2024.
During the fourth quarter of 2023, the Company engaged CBRE, an
international real estate brokerage firm, to potentially find a
strategic partner for or buyer of its Advanced Development Center
in North Dartmouth, Massachusetts, to align with its current
business objectives and priorities. As of March 31, 2024, the
Company does not have a commitment in place to sell the building.
The Company believes that its cash resources at March 31, 2024, and
the gross proceeds of $4.4 million raised from an equity offering
in the second quarter of 2024, will not meet its operating and
capital expenditure requirements through the second quarter of
2025.
TRAILER OWNER: Seeks Subchapter V Bankruptcy in Illinois
--------------------------------------------------------
On February 25, 2025, The Trailer Owner LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Illinois. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed
to 1 and 49 creditors. The petition states funds will be available
to unsecured creditors.
About The Trailer Owner LLC
The Trailer Owner LLC based in Mount Prospect, Illinois, operates a
trucking business with a fleet including International trucks,
Freightliner Cascadias, and various trailers.
The Trailer Owner LLC sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill.Case No. 25-02805)
on February 25, 2025. In its petition, the Debtor reports estimated
assets between $500,000 and $1 million and estimated liabilities
between $1 million and $10 million.
Honorable Bankruptcy Judge Timothy A. Barnes handles the case.
The Debtor is represented by:
David Freydin, Esq.
Law Offices of David Freydin Ltd
8707 Skokie Blvd, Suite 312
Skokie, IL 60077
Phone: 630-516-9990
Fax: 866-897-7577
TRANSITIONAL HOUSING: Case Summary & One Unsecured Creditor
-----------------------------------------------------------
Debtor: Transitional Housing & Work Program of Davidson County
109 Cube Lane
Madison, TN 37115
Business Description: Transitional Housing & Work Program of
Davidson County owns and operates Venue 109,
a versatile venue for events like weddings,
receptions, private parties, corporate &
charity/fundraising, accommodating 150-250
guests with catering, bar services, and
modern audio-visual setups. The venue
supports the mission of the THWP, a
charitable institution, by providing a
unique space that helps fund its housing and
workforce development services for
individuals in need.
Chapter 11 Petition Date: February 24, 2025
Court: United States Bankruptcy Court
Middle District of Tennessee
Case No.: 25-00743
Judge: Hon. Charles M Walker
Debtor's Counsel: Keith D. Slocum, Esq.
SLOCUM LAW
370 Mallory Station Road Suite 504
Franklin, TN 37067
Tel: (615) 656-3344
Email: keith@keithslocum.com
Total Assets: $1,499,900
Total Liabilities: $901,587
The petition was signed by Keith Mason as member.
The Debtor has listed Ally Financial, Inc., PO Box 380901,
Minneapolis, MN 55438 as its sole unsecured claim, which has a
claim of $7,543.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/RSLZPQY/Transitional_Housing__Work_Program__tnmbke-25-00743__0001.0.pdf?mcid=tGE4TAMA
TREESAP FARMS: Blames California Drought on Bankruptcy Filing
-------------------------------------------------------------
Jonathan Randles and Steven Church of Bloomberg News reports that
TreeSap Farms LLC, a leading supplier of trees and plants to home
improvement retailers, has filed for Chapter 11 bankruptcy, citing
financial strain from drought conditions in Southern California
followed by recent heavy rains.
The Houston-based company, along with its affiliates, filed for
bankruptcy protection on Monday, February 25, 2025. stating it
cannot reduce its debt of over $205 million or secure another
extension on upcoming maturities. TreeSap Farms operates 15 farms
across California, Texas, Florida, and Oregon, making it the second
major nursery to seek bankruptcy protection within the past week.
About TreeSap Farms LLC
TreeSap Farms LLC is a leading supplier of trees and plants to home
improvement retailers.
TreeSap Farms LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90021) on February
24, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $100 million and $500 million each.
Honorable Bankruptcy Judge Alfredo R. Perez handles the case.
The Debtor is represented by:
McKool Smith, Esq.
600 Travis Street, Suite 7000
Houston, TX 77002
Phone: 713-485-7306
Fax: 713-485-7344
TREESAP FARMS: Case Summary & 30 Largest Unsecured Creditors
------------------------------------------------------------
Five affiliates that simultaneously filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
TreeSap Farms, LLC (Lead Case) 25-90017
d/b/a Everde Growers
d/b/a TreeTown USA
d/b/a Hines Nurseries
d/b/a Village Nurseries
5151 Mitchelldale St.
Suite B-2
Houston, TX 77092
TSH Opco, LLC 25-90018
TSV Opco, LLC 25-90019
TSV Reco, LLC 25-90020
TreeSap Florida, LLC 25-90021
Business Description: TreeSap Farms, LLC and its various
Debtor affiliates comprise one of the
foremost horticultural producers in the
United States, growing a diverse range of
shade trees, shrubs and ornamental plants.
Headquartered in Houston, Texas, the Debtors
operate an extensive network of 15 farms
strategically located to serve the U.S.
coast-to-coast from three operating
divisions: Northwest, Southwest, and
Southeast U.S. These operations cover an
expansive footprint, with over 6,700 acres
dedicated to production, where the Debtors
grow in excess of 33 million plants
annually. The Debtors sell their products
to a broad spectrum of clientele, including
retail customers, landscape contractors and
landscape architects.
Chapter 11 Petition Date: February 24, 2025
Court: United States Bankruptcy Court
Southern District of Texas
Judge: Hon. Alfredo R Perez
Debtors'
Co-Restructuring
Counsel: John J. Sparacino, Esq.
S. Margie Venus, Esq.
Adam D. Skrzecz, Esq.
MCKOOL SMITH , P.C.
600 Travis Street, Suite 7000
Houston, Texas 77002
Tel: (713) 485-7300
Fax: (713) 485-7344
E-mail: jsparacino@mckoolsmith.com
mvenus@mckoolsmith.com
askrzecz@mckoolsmith.com
Debtors'
Co-Restructuring
Corporate, &
Financing
Counsel: Timothy A. ("Tad") Davidson II, Esq.
Joseph P. Rovira, Esq.
Catherine A. Rankin, Esq.
HUNTON ANDREWS KURTH LLP
600 Travis Street, Suite 4200
Houston, Texas 77002
Tel: (713) 220-4200
Fax: (713) 220-4285
E-mail: taddavidson@HuntonAK.com
josephrovira@HuntonAK.com
catherinerankin@HuntonAK.com
Debtors'
Financial
Advisor: THE KEYSTONE GROUP
Debtors'
Investment
Banker: ARMORY SECURITIES, LLC
Debtors'
Claims,
Noticing,
Solicitation &
Balloting Agent: DONLIN, RECANO & COMPANY, LLC
Lead Debtor's
Estimated Assets: $100 million to $500 million
Lead Debtor's
Estimated Liabilities: $100 million to $500 million
The petitions were signed by Bret Jacobs 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/3MPC5BQ/TreeSap_Farms_LLC__txsbke-25-90017__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Dynasty Grower Supply Trade Debts $1,006,123
9052 Del Mar Ave.
Montclair Ca 91763
James
Tel: 909-920-3776
Fax: 909-920-3772
Email: gbgic@msn.com
2. Nutrien Ag Solutions, Inc. Trade Debts $966,651
Po Box 1733
Loveland Co 80539
Sheila Arries
Tel: 970-685-3674
Email: sheila.arries2@nutrien.com
3. California Department Of Tax Sales Tax $944,142
And Fee Administration
P.O. Box 942879
Sacramento CA 94279
4. Bailey Bark Materials, Inc. Trade Debts $499,920
3366 FM 2259
Nacogdoches TX 75961
Joanna Hernandez
Tel: 936-564-1534 ext 105
Fax: 936-564-1648
Email: joanna@baileybarkmaterials.com
5. Star Roses And Plants Trade Debts $438,193
41700 Road 100
Dinuba CA 93618
Carrie Toomey
Tel: 800-457-1859/559-315-5860
Email: customerservice@starrosesandplants.com;
carriet@starrosesandplants.com
6. Nursery Supplies, Inc. Trade Debts $430,538
Po Box 201191
Po Box 532062
Dallas TX 75320
Sandy Ibaugh
Tel: 717-263-7780
Email: sibaugh@creogroup.com
7. Sierra Gold Nurseries, Inc. Trade Debts $430,330
5320 Garden Highway
Yuba City CA 95991
John Mellon
Tel: 530-674-1145
Fax: 530-674-1007
Email: ar@sgtrees.com
8. Howard Fertilizer & Trade Debts $409,226
Chemical Co Inc.
Po Box 978926
Dallas TX 75397
Laura Dobbins
Tel: 407-855-1841
Email: spesella@howardfert.com
9. BWI - Schulenburg, Inc. Trade Debts $384,730
Po Box 459
Schulenburg TX 78956
Kelly Sikes
Tel: 979-743-2269
Email: KellySykes@bwicompanies.com
10. United Site Services Trade Debts $364,849
PO Box 660475
Dallas TX 75266
Loretta Atwood
Tel: 208-314-5302
Email: Loretta.atwood@unitedsiteservices.com
11. Wilbur-Ellis Company LLC Trade Debts $352,770
Po Box 675023
Dallas TX 75267
Teresa Pfau
Tel: 509-995-3896
Email: TPfau@wilburellis.com
12. North County Supply Trade Debts $332,017
28987 Mountain Meadow Road
Escondido Ca 92026
Dave Hartman
Tel: 760-715-6275
Email: dave@northcountysupply.com
13. Express Seed Company Trade Debts $310,999
51051 US Hwy 20
Oberlin OH 44074
Becki Sudnick
Tel: 440-776-4044
Email: bsudnick@expressseed.com
14. Redwood Products Company Trade Debts $280,041
P.O. Box 2662
Corona CA 92879
Tel: 909-923-5656
Fax: 909-800-1440
Email: rosie@redwoodchino.com
15. Vaughan's Horticulture, LLC Trade Debts $273,760
P.O. Box 7245
Carol Stream Il 60197-7245
Tel: 855-864-3300
Fax: 855-864-7590
16. V&J Soils, LLC Trade Debts $263,250
1835 Newport Blvd A109--
PMB# 131
Costa Mesa CA 92627
Email: vjsoils977@gmail.com
17. Left Coast Logistics, LLC Trade Debts $260,900
5775 SW Jean Rd
Suite #215
Lake Oswego OR 97035
Robert Bissell
Tel: 877-745-9567
Email: rmbatls@aol.com
18. Del Norte Harvesting, LLC Trade Debts $241,370
Po Box 4090
Leesville SC 29070
Jesse Fonseca Jr.
Tel: 863-441-5139
19. Haviland Plastic Products Co. Trade Debts $233,350
Po Box 38
119 West Main Street
Haviland OH 45851
Vickie Hollingsworth
Tel: 419-622-1352
Fax: 419-622-6911
Email: VHollingsworth@havilandplastics.com
20. Certified Plant Growers Inc. Trade Debts $216,010
10524 Firestone Blvd
Norwalk CA 90650
Mark Marriott
Tel: 562-864-9448
Email: mark@certifiedplantgrowers.com
21. Plant Development Services Inc. Trade Debts $214,598
17325 County Road 68
Loxley Al 36551
Rena Gleason
Tel: 251-923-1088
Email: rena@plantdevelopment.com
22. BWI - Texarkana Trade Debts $195,505
Po Box 5968
Texarkana AR 71854
Kelly Sikes
Tel: 979-743-2269
Email: KellySykes@bwicompanies.com
23. SC Fuels Trade Debts $191,268
P.O. Box 14237
Orange CA 92867
Cynthia Lembke
Tel: 714-938-5727
Email: LembkeC@scfuels.com
24. Treesource Citrus Nursery Trade Debts $177,633
34816 Road 192
Woodlake CA 93286
Yesenia Ramirez
Tel: 559-592-2304
Email: yesenia.ramirez@ac-foods.com
25. EZ Shipper Racks, Inc. Trade Debts $169,551
PO Box 509015
Department #WS216
Suite #160
San Diego CA 92150
Steve Anderson
Tel: 424-277-9814
Email: sanderson@ezrack.com
26. North Valley Transport Inc. Trade Debts $159,160
P.O. Box 38273
Sacramento Ca 95838
Gabby Nesman
Tel: 916-997-4218
Email: gnesman@yahoo.com
27. Rainbow Municipal Water District Trade Debts $158,349
PO Box 4954
Whittier CA 90607
28. Integrity Express Logistics LLC Trade Debts $154,650
62488 Collections Center Drive
Chicago IL 60693
Christopher Joyal
Tel: 813-255-2347
Email: cjoyal@intxlog.com
29. Simplot Partners Trade Debts $152,608
PO Box 841136
Los Angeles CA 90084
Ernie Amador
Tel: 559-348-7795
Email: ernest.amador@simplot.com
30. Turner & Son Nursery Trade Debts $151,558
10647 Smithville Hwy
Smithville TN 37166
TRIBECA DEVELOPMENT: Seeks Chapter 11 Bankruptcy in New York
------------------------------------------------------------
On February 20, 2025, Tribeca Development Group NYC 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 Tribeca Development Group NYC LLC
Tribeca Development Group NYC LLC is a debtor with a single real
estate asset, as outlined in 11 U.S.C. Section 101(51B).
Tribeca Development Group NYC LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40858) on
February 20, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.
The Debtor is represented by:
Solomon Rosengarten, Esq.
2329 Nostrand Ave, Suite 100
Brooklyn, NY 11210
Tel: 718-627-4460
E-mail: vokma@aol.com
TW MEDICAL : Hires Tucker Theurer & Co. as Tax Accountant
---------------------------------------------------------
TW Medical Group, LLC and its affiliate seek approval from the U.S.
Bankruptcy Court for the District of Utah to employ Tucker Theurer
& Co. as tax accountant.
The firm will assist the Debtor with the filing of federal and
state tax returns.
The firm will be paid at these rates:
David R. Tucker $225 per hour
Staffs $50 to 75 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David R. Tucker, a partner at Tucker Theurer & Co., disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David R. Tucker
Tucker Theurer & Co.
299 So. Main Street Ste 1300
Salt Lake City, UT 84111
Tel: (801) 657-4866
Fax: (801) 657-4867
Email: davidtrucker2@gmail.com
About TW Medical Group, LLC
TW Medical Group, LLC is a podiatry practice offering
state-of-the-art care across many locations in the United States.
The Company provides care for patients of all ages, from infants to
older adults. Its podiatry team specializes in diagnosing and
treating many foot and ankle conditions, including plantar
fasciitis, tendonitis, ingrown toenail, toenail fungus, bunions,
and flat feet.
TW Medical Group and Taylor G. Wright, P.C. filed Chapter 11
petitions (Bankr. D. Utah Lead Case No. 24-25495) on October 23,
2024. Zachary Paul, chief financial officer, signed the petitions.
At the time of the filing, TW Medical Group reported $10 million to
$50 million in both assets and liabilities while Taylor G. Wright
reported $100,001 to $500,000 in assets and $1 million to $10
million in liabilities.
Judge Joel T. Marker oversees the cases.
George B. Hofmann, Esq., at Cohne Kinghorn, P.C., represents TW
Medical Group while Ted F. Stokes, Esq., at Stokes Law, PLLC
represents Taylor G. Wright.
UPSCALE DEVELOPMENT: Taps Century 21 to Sell 1930 Pinadale Property
-------------------------------------------------------------------
Upscale Development LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Century 21
Results Realty Services, LLC d/b/a Century 21 Results as real
estate broker.
The firm will market and sell the Debtor's real property located in
1930 Pinadale Drive NW, Atlanta, Georgia.
The firm will be paid a commission of 4 percent of the gross sales
price. If there is a Buyer's broker, then the 4 percent commission
shall be shared equally between the brokers.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Dany Drouin
Century 21 Results Realty Services, LLC
d/b/a Century 21 Results
2920 Ronald Reagan Blvd., Suite 113
Cumming, GA 30041
Tel: (404) 213-4025
About Upscale Development LLC
Upscale Development, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-62687) on December 2,
2024, with $1 million to $10 million in both assets and
liabilities. Nelson H. Carey, manager, signed the petition.
Judge Sage M. Sigler handles the case.
The Debtor is represented by Paul Reece Marr, Esq. at Paul Reece
Marr, P.C.
UPSCALE DEVELOPMENT: Taps Century 21 to Sell Childress Drive Estate
-------------------------------------------------------------------
Upscale Development LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Century 21
Results Realty Services, LLC d/b/a Century 21 Results as real
estate broker.
The firm will market and sell the Debtor's real property located in
1544 Childress Drive, Atlanta, Georgia.
The firm will be paid a commission of 4 percent of the gross sales
price. If there is a Buyer's broker, then the 4 percent commission
shall be shared equally between the brokers.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Dany Drouin
Century 21 Results Realty Services, LLC
d/b/a Century 21 Results
2920 Ronald Reagan Blvd., Suite 113
Cumming, GA 30041
Tel: (404) 213-4025
About Upscale Development LLC
Upscale Development, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-62687) on December 2,
2024, with $1 million to $10 million in both assets and
liabilities. Nelson H. Carey, manager, signed the petition.
Judge Sage M. Sigler handles the case.
The Debtor is represented by Paul Reece Marr, Esq. at Paul Reece
Marr, P.C.
UPSCALE DEVELOPMENT: Taps Century 21 to Sell Illinois Ave. Property
-------------------------------------------------------------------
Upscale Development LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Century 21
Results Realty Services, LLC d/b/a Century 21 Results as real
estate broker.
The firm will market and sell the Debtor's real property located in
406 Illinois Ave NW, Atlanta, Georgia.
The firm will be paid a commission of 4 percent of the gross sales
price. If there is a Buyer's broker, then the 4 percent commission
shall be shared equally between the brokers.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Dany Drouin
Century 21 Results Realty Services, LLC
d/b/a Century 21 Results
2920 Ronald Reagan Blvd., Suite 113
Cumming, GA 30041
Tel: (404) 213-4025
About Upscale Development LLC
Upscale Development, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-62687) on December 2,
2024, with $1 million to $10 million in both assets and
liabilities. Nelson H. Carey, manager, signed the petition.
Judge Sage M. Sigler handles the case.
The Debtor is represented by Paul Reece Marr, Esq. at Paul Reece
Marr, P.C.
UPSCALE DEVELOPMENT: Taps Century 21 to Sell Treadwell Property
---------------------------------------------------------------
Upscale Development LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Century 21
Results Realty Services, LLC d/b/a Century 21 Results as real
estate broker.
The firm will market and sell the Debtor's real property located in
3426 Treadwell Circle, SW, Atlanta, Georgia.
The firm will be paid a commission of 4 percent of the gross sales
price. If there is a Buyer's broker, then the 4 percent commission
shall be shared equally between the brokers.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Dany Drouin
Century 21 Results Realty Services, LLC
d/b/a Century 21 Results
2920 Ronald Reagan Blvd., Suite 113
Cumming, GA 30041
Tel: (404) 213-4025
About Upscale Development LLC
Upscale Development, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-62687) on December 2,
2024, with $1 million to $10 million in both assets and
liabilities. Nelson H. Carey, manager, signed the petition.
Judge Sage M. Sigler handles the case.
The Debtor is represented by Paul Reece Marr, Esq. at Paul Reece
Marr, P.C.
VAN SCOIT GROUP: Case Summary & Six Unsecured Creditors
-------------------------------------------------------
Debtor: Van Scoit Group LLC
8820 Trinity Vista Trl
Hurst, TX 76053
Business Description: Van Scoit Group LLC is a Texas-based
business primarily involved in the
restaurant industry, operating Schlotzsky's
Deli locations. Schlotzsky's Deli offers a
variety of menu items, including their
signature sandwiches, salads, soups,
flatbreads, and pizzas, as well as sides
like chips and cookies.
Chapter 11 Petition Date: February 25, 2025
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 25-40641
Judge: Hon. Mark X Mullin
Debtor's Counsel: Robert T DeMarco, Esq.
DEMARCO MITCHELL, PLLC
12770 Coit Road, Suite 850
Dallas TX 75251
Tel: (972) 991-5591
E-mail: robert@demarcomitchell.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Julio Van Scoit as managing member.
A full-text copy of the petition, which includes a list of the
Debtor's six unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/FLVFUWA/Van_Scoit_Group_LLC__txnbke-25-40641__0001.0.pdf?mcid=tGE4TAMA
VENUS CONCEPT: HealthQuest Partners II Holds 9.8% Equity Stake
--------------------------------------------------------------
HealthQuest Partners II, L.P., disclosed in a Schedule 13D/A filed
with the U.S. Securities and Exchange Commission that as of
December 31, 2024, it beneficially owned 7,538,622 shares
(including 60,000 shares issuable upon exercise of warrants and
223,345 shares issuable upon conversion of preferred stock) of
Venus Concept Inc.'s Common Stock, representing 9.8% of the
7,255,277 shares outstanding as of that date.
HealthQuest Partners II, L.P. may be reached through:
Manfred Yu
555 Twin Dolphin Drive, Suite 370
Redwood City, CA 94065
Tel: 650-486-0801
A full-text copy of HealthQuest Partners' SEC Report is available
at:
https://tinyurl.com/ynh78hks
About Venus Concept
Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related services. The Company's
systems have been designed on cost-effective, proprietary, and
flexible platforms that enable the Company to expand beyond the
aesthetic industry's traditional markets of dermatology and plastic
surgery, and into non-traditional markets, including family
medicine and general practitioners and aesthetic medical spas.
Toronto, Canada-based MNP LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April 1,
2024, citing that the Company has reported recurring net losses and
negative cash flows from operations that raise substantial doubt
about its ability to continue as a going concern.
As of September 30, 2024, Venus Concept had $72.28 million in total
assets, $61.65 million in total liabilities, $520,000 in
non-controlling interests, and $10.11 million in total
stockholders' equity.
VENUS CONCEPT: Stockholders Approve Reverse Stock Split
-------------------------------------------------------
Venus Concept Inc. held a Special Meeting of Stockholders during
which the Company's stockholders approved an amendment to the
Company's amended and restated certificate of incorporation to
effect a reverse stock split of the Company's outstanding common
stock, at a ratio not less than 5:1 and not greater than 16:1.
About Venus Concept
Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related services. The Company's
systems have been designed on cost-effective, proprietary, and
flexible platforms that enable the Company to expand beyond the
aesthetic industry's traditional markets of dermatology and plastic
surgery, and into non-traditional markets, including family
medicine and general practitioners and aesthetic medical spas.
Toronto, Canada-based MNP LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April 1,
2024, citing that the Company has reported recurring net losses and
negative cash flows from operations that raise substantial doubt
about its ability to continue as a going concern.
As of September 30, 2024, Venus Concept had $72.28 million in total
assets, $61.65 million in total liabilities, $520,000 in
non-controlling interests, and $10.11 million in total
stockholders' equity.
VERRICA PHARMACEUTICALS: Armistice, Steven Boyd Hold 9.99% Stake
----------------------------------------------------------------
Armistice Capital, LLC and Steven Boyd disclosed in a Schedule 13G
Report filed with the U.S. Securities and Exchange Commission that
as of December 31, 2024, they beneficially owned an aggregate
amount of 9,134,817 shares of Verrica Pharmaceuticals Inc.'s Common
Stock, representing 9.99% of the shares outstanding.
Armistice Capital, LLC may be reached at:
Steven Boyd
c/o Armistice Capital, LLC
510 Madison Avenue, 7th Floor
New York, New York 10022
United States of America
Tel: (212) 231-4932
A full-text copy of Armistice Capital's SEC Report is available
at:
https://tinyurl.com/44eey9yy
About Verrica Pharmaceuticals
West Chester, Pa.-based Verrica Pharmaceuticals Inc. is a
dermatology therapeutics company developing and selling medications
for skin diseases requiring medical intervention.
As of March 31, 2024, the Company had $66.3 million in total
assets, $64.8 million in total liabilities, and $1.5 million in
total stockholders' equity.
Going Concern
The Company cautioned in Form 10-Q Report for the quarterly period
ended March 31, 2024, that substantial doubt exists about its
ability to continue as a going concern.
The Company has incurred substantial operating losses since
inception and expects to continue to incur significant losses for
the foreseeable future and may never become profitable. As of March
31, 2024, the Company had an accumulated deficit of $250.8
million.
For the three months ended March 31, 2024, and 2023, the Company
reported net losses of $20.3 million and $6.6 million,
respectively. The Company plans to secure additional capital in the
future through equity or debt financings, partnerships, or other
sources to carry out its planned commercial and development
activities. If the Company is unable to raise capital when needed
or on attractive terms, it would be forced to delay, reduce, or
eliminate its future commercialization efforts or research and
development programs.
VERRICA PHARMACEUTICALS: Perceptive Advisors Holds 5.1% Stake
-------------------------------------------------------------
Perceptive Advisors LLC, Joseph Edelman, and Perceptive Life
Sciences Master Fund, Ltd. disclosed in a Schedule 13G/A filed with
the U.S. Securities and Exchange Commission that as of December 31,
2024, they beneficially owned 4,731,150 shares of Verrica
Pharmaceuticals Inc.'s common stock, representing 5.1% of the
90,564,840 outstanding shares. These shares include 3,249,669
shares of common stock and 1,481,481 pre-funded warrants held by
the Master Fund.
Perceptive Advisors may be reached through:
Joseph Edelman, Managing Member
51 Astor Place
10th Floor
New York, NY 10003
Tel: 646-205-5300
A full-text copy of Perceptive Advisors' SEC Report is available
at:
https://tinyurl.com/2m3xz659
About Verrica Pharmaceuticals
West Chester, Pa.-based Verrica Pharmaceuticals Inc. is a
dermatology therapeutics company developing and selling medications
for skin diseases requiring medical intervention.
As of March 31, 2024, the Company had $66.3 million in total
assets, $64.8 million in total liabilities, and $1.5 million in
total stockholders' equity.
Going Concern
The Company cautioned in Form 10-Q Report for the quarterly period
ended March 31, 2024, that substantial doubt exists about its
ability to continue as a going concern.
The Company has incurred substantial operating losses since
inception and expects to continue to incur significant losses for
the foreseeable future and may never become profitable. As of March
31, 2024, the Company had an accumulated deficit of $250.8
million.
For the three months ended March 31, 2024, and 2023, the Company
reported net losses of $20.3 million and $6.6 million,
respectively. The Company plans to secure additional capital in the
future through equity or debt financings, partnerships, or other
sources to carry out its planned commercial and development
activities. If the Company is unable to raise capital when needed
or on attractive terms, it would be forced to delay, reduce, or
eliminate its future commercialization efforts or research and
development programs.
VIASAT INC: CPP Investment Holds 3.71% Equity Stake
---------------------------------------------------
CPP Investment Board Private Holdings (4) Inc., and Canada Pension
Plan Investment Board disclosed in a Schedule 13D filing with the
U.S. Securities and Exchange Commission that as of February 10,
2025, they beneficially own 4,795,334 shares of Viasat, Inc.'s
common stock, representing 3.71% of the 129,119,989 shares of
Common Stock outstanding as of January 24, 2025.
About Viasat Inc.
Viasat, Inc., headquartered in Carlsbad, California, operates a
consumer satellite broadband internet business, an in-flight
connectivity business, and provides satellite and related
communications, networking systems, and services to government and
commercial customers. Inmarsat operates a satellite communications
network using L-band, Ka-band, and S-band spectrum and provides
voice and data services to customers on land, at sea, and in the
air.
* * *
Egan-Jones Ratings Company on November 5, 2024, maintained its
'CCC+' foreign currency and local currency senior unsecured
ratings
on debt issued by Viasat, Inc.
VIASAT INC: Ontario Teachers Pension Holds 3.71% Equity Stake
-------------------------------------------------------------
Ontario Teachers Pension Plan Board disclosed in a Schedule 13D
filing with the U.S. Securities and Exchange Commission that as of
February 10, 2025, it beneficially owns 4,795,334 shares of Viasat,
Inc.'s common stock, representing 3.71% of the 129,119,989 shares
of Common Stock outstanding as of January 24, 2025.
About Viasat Inc.
Viasat, Inc., headquartered in Carlsbad, California, operates a
consumer satellite broadband internet business, an in-flight
connectivity business, and provides satellite and related
communications, networking systems, and services to government and
commercial customers. Inmarsat operates a satellite communications
network using L-band, Ka-band, and S-band spectrum and provides
voice and data services to customers on land, at sea, and in the
air.
* * *
Egan-Jones Ratings Company on November 5, 2024, maintained its
'CCC+' foreign currency and local currency senior unsecured
ratings
on debt issued by Viasat, Inc.
VIASAT INC: Triton LuxTopHolding Holds 3.71% Equity Stake
---------------------------------------------------------
Triton LuxTopHolding SARL and Apax IX GP Co. Limited disclosed in a
Schedule 13D filing with the U.S. Securities and Exchange
Commission that as of February 10, 2025, they beneficially own
4,795,334 shares of Viasat, Inc.'s common stock, representing 3.71%
of the 129,119,989 shares of Common Stock outstanding as of January
24, 2025.
About Viasat Inc.
Viasat, Inc., headquartered in Carlsbad, California, operates a
consumer satellite broadband internet business, an in-flight
connectivity business, and provides satellite and related
communications, networking systems, and services to government and
commercial customers. Inmarsat operates a satellite communications
network using L-band, Ka-band, and S-band spectrum and provides
voice and data services to customers on land, at sea, and in the
air.
* * *
Egan-Jones Ratings Company on November 5, 2024, maintained its
'CCC+' foreign currency and local currency senior unsecured
ratings
on debt issued by Viasat, Inc.
VIVIC CORP: Posts $962,685 Net Loss in Fiscal Q2
------------------------------------------------
Vivic Corp. filed with the U.S. Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting a net loss of $962,685
with no revenues for the three months ended December 31, 2024,
compared to a net loss of $33,017 on $809,899 of total revenues for
the three months ended December 31, 2023.
For the six months ended December 31, 2024, the Company reported a
net loss of $1,547,193 with no revenues, compared to a net income
of $1,806,130 on $1,600,942 of total revenues for the same period
in 2023.
As of December 31, 2024, the Company had $4,473,882 in total
assets, $1,380,978 in total liabilities, and $3,092,904 in total
stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mt3zw7xt
About Vivic
Vivic Corp. was established under the corporate laws of the State
of Nevada on February 16, 2017. Beginning with a change in
management resulting from a change in control of the Company at the
end of 2018, the Company has explored and initiated operations in
various business areas related to the pleasure boat industry. These
included yacht sales, marine tourism, development of
electric-powered yachts, development and operation of yacht marinas
in Asia, and development of a yacht rental and timeshare service.
The Company's headquarters are maintained at its branch in the
Republic of China, Vivic Corp. It is mainly engaged in yacht
procurement, sales, and leasing services in Taiwan and other
countries.
Irvine, California-based YCM CPA INC., the Company's auditor since
2022, issued a "going concern" qualification in its report dated
October 22, 2024, citing that the Company had an accumulated
deficit as of June 30, 2024, and negative cash flows from
operations. The Company does not have sustained and stable income,
and there is also significant uncertainty in the income for the
next 12 months. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
VOLITIONRX LTD: Armistice, Steven Boyd Hold 9.99% Stake
-------------------------------------------------------
Armistice Capital, LLC and Steven Boyd disclosed in a Schedule
13G/A Report filed with the U.S. Securities and Exchange Commission
that as of December 31, 2024, they beneficially owned an aggregate
amount of 9,343,265 shares of VolitionRx Limited's Common Stock,
representing 9.99% of the shares outstanding.
Armistice Capital, LLC may be reached at:
Steven Boyd
c/o Armistice Capital, LLC
510 Madison Avenue, 7th Floor
New York, New York 10022
United States of America
Tel: (212) 231-4932
A full-text copy of Armistice Capital's SEC Report is available
at:
https://tinyurl.com/56kvsfp5
About Volition
Henderson, Nev.-based VolitionRx Limited is a multi-national
epigenetics company. It has patented technologies that use
chromosomal structures, such as nucleosomes, and transcription
factors as biomarkers in cancer and other diseases.
Going Concern
The Company cautioned in its Form 10-Q Report for the quarter ended
March 31, 2024, that there is substantial doubt about its ability
to continue as a going concern. According to the Company, it has
not attained profitable operations on an ongoing basis and is
dependent upon obtaining external financing to continue to pursue
its operational and strategic plans. The Company has generated
operating losses and has experienced negative cash flows from
operations since inception. The Company has not generated
significant revenues and expects to incur further losses in the
future, particularly from the continued development of its
clinical-stage diagnostic tests and the initiation of additional
clinical trials to seek regulatory approval. The future of the
Company as an operating business will depend on its ability to
obtain sufficient capital contributions, financing, and/or generate
revenues as may be required to sustain its operations.
As of June 30, 2024, VolitionRx had $13.1 million in total assets,
$36 million in total liabilities, and $22.9 million in total
stockholders' deficit.
VOLITIONRX LTD: Lagoda Investment Holds 8.18% Equity Stake
----------------------------------------------------------
Lagoda Investment Management, L.P. disclosed in a Schedule 13G/A
filed with the U.S. Securities and Exchange Commission that as of
December 31, 2024, it beneficially owned 7,576,000 shares of
VolitionRX Limited's common stock, representing 8.18% of the
outstanding 92,664,812 shares.
Lagoda Investment Management, L.P. may be reached through:
Jason A. Ozone,
CFO & CCO
3 Columbus Circle
New York, NY 10019
Tel: 212-309-7664
A full-text copy of Lagoda Investment's SEC Report is available
at:
https://tinyurl.com/y2rj7k5m
About Volition
Henderson, Nev.-based VolitionRx Limited is a multi-national
epigenetics company. It has patented technologies that use
chromosomal structures, such as nucleosomes, and transcription
factors as biomarkers in cancer and other diseases.
Going Concern
The Company cautioned in its Form 10-Q Report for the quarter ended
March 31, 2024, that there is substantial doubt about its ability
to continue as a going concern. According to the Company, it has
not attained profitable operations on an ongoing basis and is
dependent upon obtaining external financing to continue to pursue
its operational and strategic plans. The Company has generated
operating losses and has experienced negative cash flows from
operations since inception. The Company has not generated
significant revenues and expects to incur further losses in the
future, particularly from the continued development of its
clinical-stage diagnostic tests and the initiation of additional
clinical trials to seek regulatory approval. The future of the
Company as an operating business will depend on its ability to
obtain sufficient capital contributions, financing, and/or generate
revenues as may be required to sustain its operations.
As of June 30, 2024, VolitionRx had $13.1 million in total assets,
$36 million in total liabilities, and $22.9 million in total
stockholders' deficit.
WAV REALTY: Case Summary & Two Unsecured Creditors
--------------------------------------------------
Debtor: WAV Realty Holdings, Inc.
5720 Old Sunrise Highway
Massapequa, NY 11758
Business Description: WAV Realty is a debtor with one real estate
asset, as defined under 11 U.S.C. Section
101(51B). The Debtor owns the property at
5720 Old Sunrise Highway, Massapequa, NY,
which is valued at approximately $1.07
million.
Chapter 11 Petition Date: February 24, 2025
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 25-70728
Judge: Hon. Robert E Grossman
Debtor's Counsel: Harold M. Somer, Esq.
HAROLD M. SOMER, P.C.
1025 Old Country Road
Suite 404
Westbury, NY 11590-5648
Tel: (516) 248-8962
Fax: (516) 333-0654
E-mail: haroldsomer@hsomerlaw.com
Total Assets: $1,074,960
Total Liabilities: $1,232,557
The petition was signed by William Votta as president.
A full-text copy of the petition, which includes a list of the
Debtor's two unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/33QA5HI/WAV_Realty_Holdings_Inc__nyebke-25-70728__0001.0.pdf?mcid=tGE4TAMA
WELLPATH HOLDINGS: Postpones Ch.11 Exit to Negotiate Creditor Deal
------------------------------------------------------------------
Clara Geoghegan of Law360 reports that Wellpath is delaying the
confirmation of its Chapter 11 plan by two weeks to resolve
objections to the reorganization of its prison healthcare business,
attorneys told a Texas bankruptcy judge on Monday, February 24,
2025.
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.
WEX INC: S&P Affirms 'BB-' ICR, Rates 'B' New Sr. Unsecured Notes
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on WEX
Inc. At the same time, S&P assigned a 'BB-' rating (recovery
rating: '3') to the proposed $500 million term loan B due 2032, and
a 'B' rating (recovery rating: '6') to the proposed $500 million
senior unsecured notes due 2033.
The stable outlook reflects S&P's expectation that WEX will sustain
leverage on the higher end of 5.0x-6.5x and EBITDA coverage of
interest above 3x.
Rating Action Rationale
The proposed transaction will bring WEX's leverage as measured by
S&P Global Ratings adjusted-debt-to-EBITDA closer to our downside
scenario, but S&P expects it to remain within 5.0x-6.5x over the
next 24 months.
As of Dec. 31, 2024, WEX's leverage was 5.3x. Pro forma for this
transaction, S&P expects it to increase to around 5.9x (assuming
$750 million of the issuance proceeds will go toward share
repurchases and $250 million will be used to pay down the
revolver). While this pushes WEX's leverage closer to our downside
scenario of 6.5x, S&P expects the company to reduce leverage over
the next 24 months such that it will remain within 5.0x-6.5x.
S&P's $6.6 billion measure of S&P Global Ratings adjusted debt for
WEX as of Dec. 31, 2024, included:
-- $4.5 billion in short-term deposits;
-- $3.2 billion of term loan A, term loan B, and revolving credit
facility borrowings;
-- $286 million of deferred and contingent considerations;
-- $71 million of operating lease liabilities;
-- $87 million of securitized debt;
-- $1.1 billion of federal home loan bank advances; and
-- $49 of participation debt.
S&P said, "We net the portion of cash and investment securities
against debt that we believe to be high quality, liquid, and
readily accessible.
"We expect slower than historical growth in revenues and EBITDA
over the next 24 months. We anticipate that WEX's revenue growth
will decelerate in 2025, mainly owing to declines in fuel prices,
negative foreign exchange rate movements, and one of the company's
large online travel agency clients transitioning to a new revenue
model with WEX. Overall, we expect the average U.S. price per
gallon of fuel to fall to $3.25 in 2025 from an average of $3.47 in
2024. On a consolidated basis, we expect WEX's revenues will be
around $2.6 billion, with some modest contraction in EBITDA margins
as the company invests in sales and marketing efforts to accelerate
growth. While we expect growth to accelerate in 2026, the company
recently reduced its long-term revenue growth guidance per year to
5%-10% from 8%-12%. That said, we do not expect lower growth
prospects to have a material impact on the company's credit
metrics.
"We anticipate WEX's funding mix will primarily be composed of
secured debt over the next 12-24 months. As of Dec. 31, 2024,
WEX's corporate debt was almost exclusively secured (aside from $49
million of participation debt). Pro forma for the $500 million term
loan B issuance and $500 million senior unsecured issuance, we
expect secured and securitized debt to make up around 86% of WEX's
corporate-level debt (term loan A, term loan B, revolver, senior
unsecured notes, and participation debt). As a result, we expect a
negligible recovery in the event of default for WEX's proposed
senior unsecured notes (recovery rating '6'; rounded estimate 0%).
That said, over time if WEX includes more unsecured debt in its
corporate debt stack, it could improve the recovery prospects on
both its senior secured, and senior unsecured debt. We also view
favorably WEX's efforts to stagger its debt maturities through
these new issuances.
"The stable outlook reflects our expectation that WEX will sustain
leverage on the higher end of 5.0x-6.5x and EBITDA coverage of
interest above 3x. Our outlook also considers the company's modest
market position and adequate liquidity, as well as our expectation
for slower growth in revenue and EBITDA over the next 24 months.
"We could lower the rating over the next 12 months if we expect net
debt to EBITDA to rise above 6.5x or EBITDA coverage of interest to
fall below 3.0x on a sustained basis. Large debt-financed
acquisitions or share repurchases that meaningfully increase debt
or deplete surplus cash could also lead to a downgrade.
"We could raise the rating if the company maintains its market
position, sustains EBITDA interest coverage well above 3.0x, and
lowers its net debt to EBITDA to below 5.0x on a sustained basis.
"In our simulated default scenario, we contemplate a payment
default in 2029 as a result of heightened competition, lower
transaction volume, and significant operational issues."
S&P assumes WEX will not benefit from the liquidation of WEX Bank.
S&P assumes a reorganization following the default, using an
emergence EBITDA multiple of 6.0x to value the company.
S&P assumes an 85% draw on the company's revolving credit facility
and a 100% draw on the company's securitization facilities.
S&P's EBITDA at emergence reflects a fixed-charge proxy consisting
of projected interest expense on an amortized debt balance and a
minimum level of capital expenditure.
-- Simulated year of default: 2029
-- EBITDA at emergence: $443.1 million
-- EBITDA multiple: 6.0x
-- Net enterprise value (after 5% administrative costs): $2.5
billion
-- Collateral value available to secured creditors: $2.3 billion
-- Senior secured debt: $4.0 billion
--Recovery expectations: 55%
-- Senior unsecured debt: $568 million
--Recovery expectations: 0%
WINDWARD DESIGN: Hires Johnson Pope Bokor as Legal Counsel
----------------------------------------------------------
Windward Design Group, Inc. seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Johnson Pope
Bokor Ruppel & Burns, LLP as counsel.
The firm will provide these services:
a. give the Debtor legal advice with respect to their duties
and obligations as Debtor in Possession or "DIP";
b. take necessary steps to analyze and pursue any avoidance
actions, if in the best interest of the estate;
c. prepare on behalf of the Debtor the necessary motions,
notices, pleadings, petitions, answers, orders, reports and other
legal papers required in this Chapter 11 case;
d. assist the Debtor in taking all legally appropriate steps
to effectuate compliance with the Bankruptcy Code; and
e. perform all other legal services for the Debtor which may
be necessary herein including the sale of all the Debtor's property
assets.
The firm will be paid at $525 per hour. The firm received from the
Debtor a retainer of $45,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Edward J. Peterson, Esq., a partner at Johnson Pope Bokor Ruppel &
Burns, LLP, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Edward J. Peterson, Esq.
Johnson Pope Bokor Ruppel & Burns, LLP
400 North Ashley Drive, Ste. 3100,
Tampa, Florida 33602
Tel: (813) 225-2500
Email: edwardp@jpfirm.com
About Windward Design Group, Inc.
Windward Design Group, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00780) on
February 6, 2025. In the petition signed by David G. Peace,
president, the Debtor disclosed up to $10 million in both assets
and liabilities.
Judge Catherine Peek McEwen oversees the case.
Edward J. Peterson, Esq., at Johnson, Pope, Bokor, Ruppel & Burns,
LLP, represents the Debtor as legal counsel.
WISA TECHNOLOGIES: Changes Name to Datavault AI Inc.
----------------------------------------------------
WiSA Technologies, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on February 13,
2025, it filed a Certificate of Amendment to its Certificate of
Incorporation with the Secretary of State of the State of Delaware
to change its name to "Datavault AI Inc."
About WiSA Technologies
WiSA Technologies Inc. -- www.wisatechnologies.com -- develops and
markets spatial audio wireless technology for smart devices and
home entertainment systems. The Company's WiSA Association
collaborates with consumer electronics companies, technology
providers, retailers, and industry partners to promote high-quality
spatial audio experiences. WiSA E is the Company's proprietary
technology for seamless integration across platforms and devices.
San Jose, California-based BPM LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company's recurring losses from
operations, a net capital deficiency, available cash, and cash used
in operations as factors raising substantial doubt about its
ability to continue as a going concern.
As of Sept. 30, 2024, Wisa Technologies had $8.02 million in total
assets, $3.72 million in total liabilities, and $4.30 million in
total stockholders' equity.
WORKSPORT LTD: Armistice, Steven Boyd Hold 4.99% Stake
------------------------------------------------------
Armistice Capital, LLC and Steven Boyd disclosed in a Schedule
13G/A Report filed with the U.S. Securities and Exchange Commission
that as of December 31, 2024, they beneficially owned an aggregate
amount of 1,729,909 shares of Worksport Ltd.'s Common Stock,
representing 4.99% of the shares outstanding.
Armistice Capital, LLC may be reached at:
Steven Boyd
c/o Armistice Capital, LLC
510 Madison Avenue, 7th Floor
New York, New York 10022
United States of America
Tel: (212) 231-4932
A full-text copy of Armistice Capital's SEC Report is available
at:
https://tinyurl.com/ea2pavc5
About Worksport Ltd.
West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries,
designs, develops, manufactures, and owns intellectual property on
a portfolio of tonneau cover, solar integration, portable power
station, and NP (Non-Parasitic), Hydrogen-based green energy
products and solutions for the automotive aftermarket accessories,
power storage, residential heating, and electric vehicle-charging
industries.
Going Concern
The Company cautioned in its Form 10-Q Report for the quarter ended
March 31, 2024, that there is substantial doubt about its ability
to continue as a going concern. As of March 31, 2024, the Company
had $3,536,980 in cash and cash equivalents. The Company has
generated only limited revenues and has relied primarily upon
capital generated from public and private offerings of its
securities. Since the Company's acquisition of Worksport in fiscal
year 2014, it has never generated a profit.
As of September 30, 2024, Worksport had $24,939,158 in total
assets, $8,576,083 in total liabilities, and $16,363,075 in total
shareholders' equity.
YELLOW CANOE: Seeks Subchapter V Bankruptcy in North Carolina
-------------------------------------------------------------
On February 21, 2025, Yellow Canoe LLC filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Eastern District of North
Carolina. According to court filing, the
Debtor reports $2,056,745 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
About Yellow Canoe LLC
Yellow Canoe LLC is a multi-franchise business operating
Schlotzsky's and Cinnabon locations in Apex and Fayetteville, NC,
with a focus on providing fast-casual food services. The business
also offers food delivery options.
Yellow Canoe LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.C.Case No. 25-00618) on
February 21, 2025. In its petition, the Debtor reports total assets
of $90,228 and total liabilities of $2,056,745.
Honorable Bankruptcy Judge David M. Warren handles the case.
The Debtor is represented by:
Lydia C. Stoney, Esq.
HENDREN, REDWINE & MALONE, PLLC
4600 Marriott Drive, Suite 150
Raleigh, NC 27612
Tel: (919) 420-7867
Fax: (919) 420-0475
E-mail: lstoney@hendrenmalone.com
ZEVRA THERAPEUTICS: Nantahala Capital Holds 4.38% Stake
-------------------------------------------------------
Nantahala Capital Management, LLC, Wilmot B. Harkey, and Daniel
Mack disclosed in a Schedule 13G/A filed with the U.S. Securities
and Exchange Commission that as of December 31, 2024, they
beneficially owned 2,340,333 shares of Zevra Therapeutics, Inc.'s
common stock, par value $0.001 per share, representing 4.38% of the
outstanding shares.
Nantahala Capital may be reached through:
Taki Vasilakis / Chief Compliance Officer
130 Main St.
2nd Floor
New Canaan CT 06840
Tel: 203-404-1172
A full-text copy of Nantahala Capital's SEC Report is available
at:
https://tinyurl.com/5n7s4an7
About Zevra Therapeutics
Celebration, Fla.-based Zevra Therapeutics, Inc. is a company
focused on developing therapies for rare diseases with limited or
no treatment options. The company aims to create transformational
therapies by combining science, data, and patient needs. Utilizing
unique, data-driven development and commercialization strategies,
Zevra Therapeutics overcomes complex drug development challenges to
provide new therapies for the rare disease community.
During the year ended December 31, 2023, Zevra Therapeutics
incurred a net loss of $46 million, compared to a net loss of $26.8
million in 2022. As of September 30, 2024, Zevra Therapeutics had
$191.6 million in total assets, $121.8 million in total
liabilities, and $69.8 million in total stockholders' equity.
Orlando, Fla.-based Ernst & Young LLP, the company's auditor since
2022, issued a "going concern" qualification in its report dated
April 1, 2024. The qualification cited sustained recurring losses,
negative cash flows from operations, and substantial doubt about
the company's ability to continue as a going concern.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Megna Precision Sheet Metal Fabrication Company, Inc.
Bankr. C.D. Cal. Case No. 25-10253
Chapter 11 Petition filed February 19, 2025
See
https://www.pacermonitor.com/view/UIZKMOI/Megna_Precision_Sheet_Metal_Fabrication__cacbke-25-10253__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael Kwasigroch, Esq.
LAW OFFICES OF MICHAEL D. KWASIGROCH
E-mail: attorneyforlife@aol.com
In re Robin Elaine Mowbray
Bankr. C.D. Cal. Case No. 25-10932
Chapter 11 Petition filed February 19, 2025
represented by: Lauren Gans, Esq.
In re Serve Tech Global, LLC
Bankr. N.D. Cal. Case No. 25-30134
Chapter 11 Petition filed February 19, 2025
See
https://www.pacermonitor.com/view/NKOWKPQ/Serve_Tech_Global_LLC__canbke-25-30134__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Jesus Gonzalez
Bankr. N.D. Ga. Case No. 25-20227
Chapter 11 Petition filed February 19, 2025
represented by: William Rountree, Esq.
In re Hugh John Coflin
Bankr. D. Hawaii Case No. 25-00143
Chapter 11 Petition filed February 19, 2025
In re 679 Columbia Reality, LLC
Bankr. D. Mass. Case No. 25-40172
Chapter 11 Petition filed February 19, 2025
See
https://www.pacermonitor.com/view/XGWDHMY/679_Columbia_Reality_LLC__mabke-25-40172__0001.0.pdf?mcid=tGE4TAMA
represented by: John Sommerstein, Esq.
JOHN F. SOMMERSTEIN
E-mail: jfsommer@aol.com
In re 819 E Grand Blvd MI LLC
Bankr. E.D. Mich. Case No. 25-41546
Chapter 11 Petition filed February 19, 2025
See
https://www.pacermonitor.com/view/CDUV3SA/819_E_GRAND_BLVD_MI_LLC__miebke-25-41546__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert McClellan, Esq.
RESURGENT LEGAL SERVICES, PLC
E-mail: bob@robertjmcclellan.com
In re PPW Realty 1408-10 W 3rd St LLC
Bankr. D.N.J. Case No. 25-11669
Chapter 11 Petition filed February 19, 2025
See
https://www.pacermonitor.com/view/3ZFOENI/PPW_Realty_1408-10_W_3rd_St_LLC__njbke-25-11669__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Nisenson, Esq.
ROBERT C. NISENSON
E-mail: r.nisenson@rcn-law.com
In re Maple 650 LLC
Bankr. E.D.N.Y. Case No. 25-40783
Chapter 11 Petition filed February 19, 2025
See
https://www.pacermonitor.com/view/D2TWNMQ/Maple_650_LLC__nyebke-25-40783__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Max Rahaman Realty LLC
Bankr. E.D.N.Y. Case No. 25-40776
Chapter 11 Petition filed February 19, 2025
See
https://www.pacermonitor.com/view/DLQ4THI/Max_Rahaman_Realty_LLC__nyebke-25-40776__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re NY 182 Realty, LLC
Bankr. E.D.N.Y. Case No. 25-40772
Chapter 11 Petition filed February 19, 2025
See
https://www.pacermonitor.com/view/WICT2IA/NY_182_Realty_LLC__nyebke-25-40772__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Jake Sagalov
Bankr. E.D.N.Y. Case No. 25-40813
Chapter 11 Petition filed February 19, 2025
represented by: Alla Kachan, Esq.
In re Elfand Organization LLC
Bankr. S.D.N.Y. Case No. 25-10308
Chapter 11 Petition filed February 18, 2025
See
https://www.pacermonitor.com/view/VVTIWAQ/Elfand_Organization_LLC__nysbke-25-10308__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Joseph Breckenridge Barnes
Bankr. C.D. Cal. Case No. 25-11274
Chapter 11 Petition filed February 20, 2025
represented by: Leslie Cohen, Esq.
In re Trevor Cromwell Kori and Christina Diane Kori
Bankr. M.D. Fla. Case No. 25-01031
Chapter 11 Petition filed February 20, 2025
represented by: Buddy Ford, Esq.
BUDDY D. FORD, P.A.
In re Isabelle Avrutin
Bankr. E.D.N.Y. Case No. 25-40851
Chapter 11 Petition filed February 20, 2025
represented by: Alla Kachan, Esq.
In re Stone Haretige Capital LLC
Bankr. S.D.N.Y. Case No. 25-35179
Chapter 11 Petition filed February 20, 2025
See
https://www.pacermonitor.com/view/KHW6FOA/Stone_Haretige_Capital_LLC__nysbke-25-35179__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Dream Wingz Incorporated
Bankr. M.D. Tenn. Case No. 25-00707
Chapter 11 Petition filed February 20, 2025
See
https://www.pacermonitor.com/view/XY24QYQ/DREAM_WINGZ_INCORPORATED__tnmbke-25-00707__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re CLI Transportation, Inc.
Bankr. D. Ariz. Case No. 25-01437
Chapter 11 Petition filed February 21, 2025
See
https://www.pacermonitor.com/view/NWF6KHQ/CLI_TRANSPORTATION_INC__azbke-25-01437__0001.0.pdf?mcid=tGE4TAMA
represented by: James F. Kahn, Esq.
KAHN & AHART, PLLC
Email: James.Kahn@azbk.biz
In re Top Flight Transport LLC
Bankr. D. Ariz. Case No. 25-01440
Chapter 11 Petition filed February 21, 2025
See
https://www.pacermonitor.com/view/NZCDKSI/TOP_FLIGHT_TRANSPORT_LLC__azbke-25-01440__0001.0.pdf?mcid=tGE4TAMA
represented by: James F. Kahn, Esq.
KAHN & AHART, PLLC
Email: James.Kahn@azbk.biz
In re Paul Ira Polesovsky
Bankr. C.D. Cal. Case No. 25-10284
Chapter 11 Petition filed February 21, 2025
represented by: Michael Totaro, Esq.
In re Los Cuates Foods Inc
Bankr. N.D. Cal. Case No. 25-50218
Chapter 11 Petition filed February 21, 2025
See
https://www.pacermonitor.com/view/KCPSRVA/Los_Cuates_Foods_Inc__canbke-25-50218__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re EMD Express LLC
Bankr. W.D. Ky. Case No. 25-10148
Chapter 11 Petition filed February 21, 2025
See
https://www.pacermonitor.com/view/FEN3Z7I/EMD_Express_LLC__kywbke-25-10148__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert C. Chaudoin, Esq.
HARLIN PARKER
Email: chaudoin@harlinparker.com
In re Charles Kenneth McClelland, Jr.
Bankr. W.D. La. Case No. 25-30198
Chapter 11 Petition filed February 21, 2025
represented by: James Spivey II, Esq.
In re Mortgage Unity, LLC
Bankr. D. Mass. Case No. 25-40187
Chapter 11 Petition filed February 21, 2025
See
https://www.pacermonitor.com/view/ZOMSHBY/Mortgage_Unity_LLC__mabke-25-40187__0001.0.pdf?mcid=tGE4TAMA
represented by: Carl D. Aframe, Esq.
AFRAME & BARNHILL, P.A.
Email: aframe@aframebarnhill.net
In re Ali's Investment, Inc.
Bankr. E.D. Mich. Case No. 25-41652
Chapter 11 Petition filed February 21, 2025
See
https://www.pacermonitor.com/view/A4ACDNA/Alis_Investment_Inc__miebke-25-41652__0001.0.pdf?mcid=tGE4TAMA
represented by: Edward J. Gudeman, Esq.
GUDEMAN & ASSOCIATES, PC
Email: ecf@gudemanlaw.com
In re Michel W. Mroue
Bankr. D.N.J. Case No. 25-11773
Chapter 11 Petition filed February 21, 2025
represented by: David Stevens, Esq.
In re Krishna Bhagwandeen and Mahadai Bhagwandeen
Bankr. E.D.N.Y. Case No. 25-40906
Chapter 11 Petition filed February 21, 2025
See
https://www.pacermonitor.com/view/3F2JZGA/Krishna_Bhagwandeen_and_Mahadai__nyebke-25-40906__0001.0.pdf?mcid=tGE4TAMA
represented by: H Bruce Bronson, Esq.
BRONSON LAW OFFICES PC
Email: hbbronson@bronsonlaw.net
In re Lee Franchise Holdings, Inc.
Bankr. E.D.N.C. Case No. 25-00617
Chapter 11 Petition filed February 21, 2025
See
https://www.pacermonitor.com/view/ZVNXWKI/Lee_Franchise_Holdings_Inc__ncebke-25-00617__0001.0.pdf?mcid=tGE4TAMA
represented by: David J. Haidt, Esq.
AYERS & HAIDT, PA
Email: david@ayershaidt.com
In re 1919 Chamberlain Dr LLC
Bankr. E.D. Tex. Case No. 25-40453
Chapter 11 Petition filed February 21, 2025
See
https://www.pacermonitor.com/view/ANKN5OI/1919_CHAMBERLAIN_DR_LLC__txebke-25-40453__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Tytus Development Corp
Bankr. W.D. Wash. Case No. 25-10451
Chapter 11 Petition filed February 21, 2025
See
https://www.pacermonitor.com/view/WITQ4MA/Tytus_Development_Corp__wawbke-25-10451__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re John Shun On Ngan
Bankr. C.D. Cal. Case No. 25-11416
Chapter 11 Petition filed February 24, 2025
represented by: James Till, Esq.
In re Seabirds Kitchen, LLC
Bankr. C.D. Cal. Case No. 25-10460
Chapter 11 Petition filed February 24, 2025
See
https://www.pacermonitor.com/view/RWG2M6Y/Seabirds_Kitchen_LLC__cacbke-25-10460__0001.0.pdf?mcid=tGE4TAMA
represented by: Steven E. Cowen, Esq.
S.E. COWEN LAW
Email: Cowen.steve@secowenlaw.com
In re Eric James Olsen
Bankr. S.D. Cal. Case No. 25-00644
Chapter 11 Petition filed February 24, 2025
represented by: Anthony Egbase, Esq.
In re Vincent Larry Phillips
Bankr. D.D.C. Case No. 25-00067
Chapter 11 Petition filed February 24, 2025
represented by: Claude Alde, Esq.
In re Eli Oppenheimer
Bankr. S.D. Fla. Case No. 25-11921
Chapter 11 Petition filed February 24, 2025
represented by: Philip Landau, Esq.
In re I A P Construction, Inc.
Bankr. N.D. Ill. Case No. 25-02709
Chapter 11 Petition filed February 24, 2025
See
https://www.pacermonitor.com/view/Y5O3PRI/I_A_P_Construction_Inc__ilnbke-25-02709__0001.0.pdf?mcid=tGE4TAMA
represented by: David Herzog, Esq.
DAVID R HERZOG
Email: drh@dherzoglaw.com
In re The Soul of Memphis Corporation
Bankr. D. Md. Case No. 25-11482
Chapter 11 Petition filed February 24, 2025
See
https://www.pacermonitor.com/view/O6ZI75I/The_Soul_of_Memphis_Corporation__mdbke-25-11482__0001.0.pdf?mcid=tGE4TAMA
represented by: Harry Rifkin, Esq.
LAW OFFICES OF HARRY M. RIFKIN
Email: hrifkin@rifkinlaw.net
In re Boaggio's Bread Inc.
Bankr. D.N.J. Case No. 25-11845
Chapter 11 Petition filed February 24, 2025
See
https://www.pacermonitor.com/view/BZGTYCI/Boaggios_Bread_Inc__njbke-25-11845__0001.0.pdf?mcid=tGE4TAMA
represented by: E. Richard Dressel, Esq.
LEX NOVA LAW, LLC
Email: rdressel@lexnovalaw.com
In re Reichman, Karten, Sword Inc. d/b/a RKS R
Bankr. E.D.N.Y. Case No. 25-40921
Chapter 11 Petition filed February 24, 2025
See
https://www.pacermonitor.com/view/VPF7HLY/Reichman_Karten_Sword_Inc_dba__nyebke-25-40921__0001.0.pdf?mcid=tGE4TAMA
represented by: Kamini Fox, Esq.
KAMINI FOX PLLC
Email: kamini@kfoxlaw.com
In re 1 Dalfonso LLC
Bankr. S.D.N.Y. Case No. 25-35193
Chapter 11 Petition filed February 24, 2025
See
https://www.pacermonitor.com/view/3PL7J3Y/1_Dalfonso_LLC__nysbke-25-35193__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re D&D Trucking, LLC
Bankr. N.D. W.Va. Case No. 25-00075
Chapter 11 Petition filed February 24, 2025
See
https://www.pacermonitor.com/view/WRFVBSA/DD_Trucking_LLC__wvnbke-25-00075__0001.0.pdf?mcid=tGE4TAMA
represented by: Martin P. Sheehan, Esq.
SHEEHAN & ASSOCIATES, P.L.L.C.
Email: martin@msheehanlaw.net
In re Zach Hope
Bankr. D. Ariz. Case No. 25-01534
Chapter 11 Petition filed February 25, 2025
represented by: Chris Barski, Esq.
In re William Lacey, Jr.
Bankr. D. Ariz. Case No. 25-01520
Chapter 11 Petition filed February 25, 2025
represented by: Jody Corrales, Esq.
In re Sara T Hagos
Bankr. N.D. Cal. Case No. 25-40321
Chapter 11 Petition filed February 25, 2025
In re Bassem Fawzy El-Bahtity
Bankr. S.D. Fla. Case No. 25-11957
Chapter 11 Petition filed February 25, 2025
represented by: Thomas Abrams, Esq.
In re Van Scoit Services LLC
Bankr. N.D. Tex. Case No. 25-40642
Chapter 11 Petition filed February 25, 2025
See
https://www.pacermonitor.com/view/FT3TLIY/Van_Scoit_Services_LLC__txnbke-25-40642__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert T DeMarco, Esq.
DEMARCO MITCHELL, PLLC
Email: robert@demarcomitchell.com
*********
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