/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250304.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, March 4, 2025, Vol. 29, No. 62 Headlines 106 LIVONIA: Seeks to Hire Narissa A. Joseph as Bankruptcy Counsel 23ANDME HOLDING: ABeeC, 2 Others Hold 22.4% of Class A Shares 61 SOUTH MORTON: Case Summary & One Unsecured Creditor 70 CLERMONT AVE: Voluntary Chapter 11 Case Summary 901 S. LA BREA: Case Summary & Five Unsecured Creditors AA UNIQUE: Seeks to Hire Bruce W. Radowitz as Bankruptcy Counsel AEMETIS INC: Amends ATM Agreement for Up to $210M Stock Offering AETHLON MEDICAL: Losses, Deficit Raise Going Concern Doubt AIS NATION: Online Asset Auction on March 6-13 ALAMO PREMIUM: Michael Colvard Named Subchapter V Trustee ALCHEMY 365: Mark Dennis of SL Biggs Named Subchapter V Trustee ALGORHYTHM HOLDINGS: Regalia No Longer Holds More than 5% Stake ALGORHYTHM HOLDINGS: Stingray Group Lowers Stake to 0.1% ALI A. ASKARI: James Cross Named Subchapter V Trustee ALTICE INTERNATIONAL: Creditors Ink Cooperation Agreement ALUMAX INC: Taps Luis R. Carrasquillo & Co as Financial Consultant AMERICAN TIRE: Taps Brian C. Maloney of AP Services as CFO AQUA VERDE: Taps Courtney G. Sweet of Gunderson as Special Counsel ARENA GROUP: Board Terminates CEO; Paul Edmondson Named Interim CEO ARTEX TELECOMMUNICATIONS: Taps DeMarco-Mitchell PLLC as Counsel ARTIFICIAL INTELLIGENCE: Drives Growth With Strategic Investments AZZUR GROUP: Case Summary & 30 Largest Unsecured Creditors AZZUR GROUP: Seeks Chapter 11 Bankruptcy, To Sell Consulting Biz B. RILEY FINANCIAL: Posts $287.6 Million Net Loss in Fiscal Q3 BAD DOG: Seeks Subchapter V Bankruptcy in Maryland BAUSCH HEALTH: Plans $5-Bil. Debt Issuance to Manage Liabilities BAUSCH HEALTH: Releases Q4, Full-Year 2024 Results BIG LOTS: Forman Mills Bids for Leases in Bankruptcy Auction BIG LOTS: Ollie's Buys 40 More Store Leases, Total Now 63 BIG LOTS: Unable to Pay Bankruptcy Bills Frustrating Suppliers BISHOP OF OAKLAND: Updates Restructuring Plan Disclosures BIZNESS AS USUAL: Seeks to Hire Jonathan H. Stanwood as Attorney BLACK ROCK MINING: Voluntary Chapter 11 Case Summary BLINK FITNESS: Gets Court Nod for Chapter 11 Wind-Down Plan BLUE HART: Kathleen DiSanto Named Subchapter V Trustee BOXLIGHT CORP: Amends Terms on Preferred Stock Conversion BOXLIGHT CORP: Closes $2.8 Million in Private Placement BROOKDALE SENIOR: Posts $202 Million Net Loss in FY 2024 BYJU'S ALPHA: Court Rules $533M Transfers Were Fraudulent CALIFORNIA ENVIRONMENTAL: Hires Gabriel Liberman as Legal Counsel CAMPBELL FAMILY: Taps Rollins Law Firm as Bankruptcy Counsel CAPITAL COMMERCIAL: Unsecureds to Split $20K in Amended Plan CARVANA CO: Registers 2.67MM Additional Shares Under Incentive Plan CARVANA CO: Reports $404 Million Net Income in FY 2024 CARVANA CO: Updates ATM Offering Agreement CELL-NIQUE CORP: Unsecureds Will Get 17.23% of Claims over 5 Years CHANGAR REALTY: Seeks to Tap Changar Realty as Real Estate Broker CHAR GRILL: Seeks Approval to Hire Sasser Law Firm as Attorney CHORD ENERGY: S&P Raises ICR to 'BB', Outlook Stable CINEMA MANAGEMENT: Trustee Taps Levene Neale Bender as Counsel CINEMARK HOLDINGS: Posts $312.9 Million Net Income in FY 2024 CITI CONNECT: Seeks Chapter 11 Bankruptcy Protection in New York CLEMENTS ELECTRIC: Hires UTS LLC as Property Management Company COLLECTIVE SPEAKERS: Joli Lofstedt Named Subchapter V Trustee COMMSCOPE HOLDING: Reports Decreased Net Loss of $315.5M for 2024 COMMUNITY HEALTH: Swings to $362 Million Net Loss in FY 2024 CREATIVE REALITIES: Extends CEO's Stock Option Vesting Period CV SCIENCES: Files Arbitration Case Vs Former Counsel Procopio DAVIS AUTO: Hires Oxford Restructuring as Financial Advisor DIGITAL ALLY: L1 Capital Global Holds 9.99% Equity Stake DIGITAL MEDIA: Completes Asset Sale to Blackrock-Led Investor Group DIOCESE OF CAMDEN: Trade Committee Taps Gibbons P.C. as Counsel DIVERSIFIED HEALTHCARE: Reports $370 Million Net Loss in 2024 DONALD PATZ: Hires Meyers Law Group as Bankruptcy Counsel DYNATRONICS CORP: Liquidity Issues Raise Going Concern Doubt EAST MISSION: Trustee Taps Levene Neale Bender as Counsel EASTSIDE DISTILLING: CEO Invests $2.9M in $5M Private Placement EGV HOLDINGS: Seeks Chapter 11 Bankruptcy in Florida EIGHTH STATE: Online Asset Auction to Close on March 6 ELECTROCORE INC: Dr. Charles Theofilos Steps Down from Board ELEGANZA TILES: Case Summary & 20 Largest Unsecured Creditors ELITA 7: Ombudsman Seeks to Hire Mintz Levin Cohn as Counsel ELITE SCHOOL BUS: Seeks Chapter 11 Bankruptcy in Maryland EMD EXPRESS: Seeks DIP Loan From Compass Funding Solutions ESCAMBIA OPERATING: Trustee Taps Energynet.Com LLC as Auctioneer FIT FOR THE RED: Frederic Schwieg Named Subchapter V Trustee FLYWHEEL ADVANCED: Posts Net Loss of $26,713 in Q1 Fiscal 2025 FOCUS UNIVERSAL: Regains Compliance With Nasdaq's Bid Price Rule FOLEY PRODUCTS: S&P Upgrades ICR to 'B+' on Lower Leverage FOLEY PRODUCTS: S&P Upgrades ICR to 'B+' on Lower Leverage FOOTBALL NATION: Seeks to Hire Hill View Partners as Broker FORWARD INDUSTRIES: Liquidity Issues Raise Going Concern Doubt GAVIN SPANIERMAN: Seeks to Hire Pick & Zabicki LLP as Counsel GLIDE LOGISTICS: Case Summary & 20 Largest Unsecured Creditors GRISWOLD ENTERPRISES: Hires Tittle Law Group PLLC as Counsel HAMMER FIBER: Appoints Salberg & Company as New Auditor HEALTHIER CHOICES: Christopher Santi Holds 8.22% Equity Stake HEALTHIER CHOICES: Jeffrey E. Holman Holds 15.91% Stake HEART 2 HEART: Seeks Chapter 11 Bankruptcy in West Virginia HMC PARTNERS: Case Summary & Five Unsecured Creditors HONDUCRETE REDI: Seeks to Hire DeMarco-Mitchell PLLC as Counsel HOOTERS OF AMERICA: Problems Put Securitizations to Test IGH PROPERTIES: Seeks to Hire Bush Law Firm LLC as Legal Counsel IMERI ENTERPRISES: Taps Patrick O'Connor & Associates as Appraiser INDOCHINE RESTAURANT: Unsecureds to be Paid in Full over 10 Years INNOV8TIVE NUTRITION: Seeks to Hire DeMarco-Mitchell as Counsel ISPECIMEN INC: Appoints Field as President, Announces Board Changes JERK PAN: Jolene Wee of JW Infinity Named Subchapter V Trustee JUS BROADCASTING: Taps Konopka Law as Special Litigation Counsel KOTAI INVESTMENTS: Trustee Hires Levene Neale Bender as Counsel KRT INC: Seeks to Hire Clark Stith as Bankruptcy Counsel KUT AUTO: Seeks to Hire Altmann Law Firm LLC as Co-Counsel KUT AUTO: Seeks to Hire Bainbridge Mims Rogers as Co-Counsel LAW OFFICE OF JESSICA: Unsecureds to Split $195K over 60 Months LEE FRANCHISE: Gets OK to Use Cash Collateral Until March 26 LEFEVER MATTSON: Seeks to Extend Plan Exclusivity to May 30 LIBERATED BRANDS: Hires AlixPartners LLC as Financial Advisor LIBERATED BRANDS: Hires Stretto Inc as Administrative Advisor LIBERATED BRANDS: Seeks to Hire Kirkland & Ellis as Attorney LIBERATED BRANDS: Taps Klehr Harrison Harvey as Co-Counsel LONERO ENGINEERING: Committee Taps Varnum LLP as Legal Counsel MODULAR MEDICAL: Losses, Cash Needs Raise Going Concern Doubt MULLEN AUTOMOTIVE: Narrows Net Loss to $506 Million for FY 2024 MY GEORGIA: Seeks to Hire NextStage Advisory LLC as Accountant NEXTTRIP INC: Enters Partnership and Share Deal with Blue Fysh NIKOLA CORP: U.S. Trustee Appoints Trade Vendors Committee NORTHVOLT AB: Omers Writes Down $325MM Investment NORTHWEST GRADING: Seeks to Hire Dunn & Black as Special Counsel NORTHWEST GRADING: Seeks to Hire Eide Bailly LLP as Accountant OASIS AUTO: Seeks to Hire DeMarco-Mitchell PLLC as Counsel OLIN CORP: S&P Rates New $600MM Senior Unsecured Notes 'BB+' ONYX OWNER: Taps Donlin Recano as Administrative Advisor PHOENIX GUARANTOR: S&P Affirms 'B+' ICR on Announced Divestiture PREDICTIVE ONCOLOGY: Closes $545K in Registered Direct Offering PREPAID WIRELESS: Unsecureds Will Get 100% of Claims in Plan PRIME HARVEST: Trustee Taps Arrowhead Land as Real Estate Broker PRIME HARVEST: Trustee Taps Friedman Law Office as Eviction Counsel PRIME HARVEST: Trustee Taps Nutt Auction Company as Auctioneer PRIME HARVEST: Trustee Taps Price Edwards as Real Estate Broker PRINCESS PORT: Christopher Hayes Named Subchapter V Trustee QUADRA FS: Case Summary & 20 Largest Unsecured Creditors QUANTUM CORP: Debt Covenant Risks Raise Going Concern Doubt QXC COMMUNICATIONS: Case Summary & 20 Largest Unsecured Creditors REAVIS REHAB: Hires Barron & Newburger as Bankruptcy Counsel RED RIVER: J&J Clashes With Talc Cancer Plan Foes as Trial Ends REMEMBER ME: Seeks Chapter 11 Bankruptcy Protection in Tennessee RENOVARO INC: Posts $7.25 Million Net Loss in Fiscal Q2 RENOVARO INC: To Restate Financials Due to Material Misstatements RESHAPE LIFESCIENCES: Bigger Capital and Affiliates Disclose Stake RESHAPE LIFESCIENCES: CVI Investments Holds 9.9% Equity Stake RG AVIATION: Claims to be Paid From Continued Operations RICHMOND TELEMATICS: Andrew Layden Named Subchapter V Trustee RISE MANAGEMENT: Seeks to Hire Steffes Firm LLC as Special Counsel ROCK MEDICAL: Gets OK to Hire Spencer Fane LLP as Legal Counsel ROYAL SPADE: Seeks to Hire Demarco-Mitchell PLLC as Legal Counsel RUSH INC: Gets OK to Hire Gutnicki LLP as Co-Bankruptcy Counsel RUSH INC: Seeks to Hire David Freydin PC as Bankruptcy Counsel SACRAMENTO COUNTY HOUSING: S&P Affirms 'B+' Rating on Revenue Bonds SAN FRANCISCO CARE: Taps Avison Young as Real Estate Broker SEAQUEST HOLDINGS: Trustee Taps Sussman Shank as Legal Counsel SHARKY'S LLC: Seeks to Hire Tittle Law Group as Legal Counsel SHREE AMRITAYA: Case Summary & Two Unsecured Creditors SILAS ENTERPRISE: Hires David P. Lloyd as Bankruptcy Counsel SINO GREEN: Posts $358,644 Net Loss in Fiscal Q2 SMOKECRAFT CLARENDON: Seeks to Tap CohnReznick LLP as Tax Preparer SOLAR BIOTECH: Seeks to Hire Gibbons P.C. as Bankruptcy Counsel SOUTH REGENCY: Seeks to Hire Evans & Mullinix P.A. as Attorney SOUTHERN PINESTRAW: Hires Tina B. Singletary CPA as Accountant STICKY FINGERS: Case Summary & 20 Largest Unsecured Creditors STRONGHOLD CONSTRUCTION: Unsecureds Will Get 40% over 5 Years SWC INDUSTRIES: Hires Foley & Lardner LLP as Special Counsel SWC INDUSTRIES: March 20, 2025 Claims Filing Deadline Set TEKNATOOL USA: Case Summary & 20 Largest Unsecured Creditors TERRAFORM LABS: Jailed Ex-CEO Appeals to FTX Judge in Token Fight THERATECHNOLOGIES INC: Reports Reduced Net Loss of $8.31M for 2024 TOG HOTELS: Files Emergency Bid to Use Cash Collateral TOUCH OF TEXAS: Unsecureds to Get 5 Cents on Dollar in Plan TRANSMEDCARE LLC: Seeks Chapter 11 Bankruptcy in Florida TRINITY PLACE: Steel Partners and Affiliates Hold 40% Stake TROPICANA BRANDS: Explores Chapter 11 Bankruptcy Filing TWENTY EIGHT: Seeks to Hire Victor W. Dahar PA as Legal Counsel U-TELCO UTILITIES: Seeks Subchapter V Bankruptcy in New York UNIVERSAL SECURITY: Liquidity Issues Raise Going Concern Doubt US ECO PRODUCTS: Hires David R. Pinciaro CPA as Accountant VERA RESTAURANT: Hires Peter Spindel Esq. P.A. as Legal Counsel VERDE RESOURCES: Board Appoints Duka Donaghy as Finance Director VETERANS HOLDINGS: Seeks to Hire Steffes Firm as Special Counsel VIATRIS INC: S&P Downgrades ICR To 'BB+', Outlook Stable VOSSEKUIL PROPERTIES: Hires Miller & Miller Law as Legal Counsel WATCHTOWER FIREARMS: Case Summary & 20 Top Unsecured Creditors WEST CENTRO: Seeks to Hire Steffes Firm LLC as Special Counsel WILLIAM H. ZIEGENBALG: Hires Richard P. Cook PLLC as Attorney XYZ HOME: Hires Jones & Walden LLC as Bankruptcy Counsel YELLOW CANOE: Gets Interim OK to Use Cash Collateral ********* 106 LIVONIA: Seeks to Hire Narissa A. Joseph as Bankruptcy Counsel ------------------------------------------------------------------ 106 Livonia LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Law Office of Narissa A. Joseph as counsel. The firm's services include: a. consulting with the Debtor concerning the administration of its Chapter 11 case; b. investigating the Debtor's past transactions, commencing actions with respect to its avoiding powers under the Bankruptcy Code, and advising the Debtor with respect to transactions entered into during the pendency of the case; c. assisting the Debtor in the formulation of a Chapter 11 plan; and d. providing other legal services as may be required by the Debtor in the interest of the estate. The firm will be paid at these rates: Partner $350 to 400 per hour Associate $275 to $300 per hour Paralegal $75 to 100 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Narissa A. Joseph, a partner at Law Office of Narissa A. Joseph, 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: Narissa A. Joseph, Esq. Law Office of Narissa A. Joseph 305 Broadway Street Suite 1001 New York, NY 10007 Tel: (212) 233-3060 Email: njosephlaw@aol.com About 106 Livonia LLC 106 Livonia LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44524) on October 31, 2024, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. The Law Office of Narissa A. Joseph represents the Debtor as counsel. 23ANDME HOLDING: ABeeC, 2 Others Hold 22.4% of Class A Shares ------------------------------------------------------------- ABeeC 2.0, LLC, The Anne Wojcicki Revocable Trust U/A/D 9/2/09, as amended and restated, and Anne Wojcicki disclosed in a Schedule 13D/A filed with the U.S. Securities and Exchange Commission that as of February 20, 2025, they beneficially owned an aggregate of 5,651,888 shares of 23andMe Holding Co.'s Class A Common Stock, par value $0.0001 per share. This includes 595,196 shares held directly by Anne Wojcicki, 532,666 stock options, 3,909 restricted stock units, 4,931,692 shares held indirectly through ABeeC 2.0, LLC, and 125,000 shares held by The Anne Wojcicki Foundation, representing approximately 22.4% of the total outstanding shares of Class A Common Stock as of January 31, 2025. ABeeC 2.0 and The Anne Wojcicki Revocable Trust may be reached through: Anne Wojcicki, Trustee 171 Main Street, Suite 259, Los Altos, CA, 94022 Tel: 650-209-9500 A full-text copy of ABeeC 2.0's SEC Report is available at: https://tinyurl.com/4t2msevv About 23andMe Headquartered in South San Francisco, California, 23andMe -- www.23andMe.com -- is a genetics-led consumer healthcare and biopharmaceutical company empowering a healthier future. The Company is dedicated to empowering customers to optimize their health by providing direct access to their genetic information, personalized reports, actionable insights and digital access to affordable healthcare professionals through its telehealth platform, Lemonaid Health. Going Concern The Company has incurred significant operating losses as reflected in its accumulated deficit and negative cash flows from operations. As of September 30, 2024, the Company had an accumulated deficit of $2.3 billion, and cash and cash equivalents of $126.6 million. The Company will need additional liquidity to fund its necessary expenditures and financial commitments for 12 months after the date that the unaudited interim condensed consolidated financial statements included in this report are issued. The Company has determined that there is substantial doubt about the Company's ability to continue as a going concern. 61 SOUTH MORTON: Case Summary & One Unsecured Creditor ------------------------------------------------------ Debtor: 61 South Morton Avenue LLC 16 South Morton Avenue Newtown, PA 18940 Business Description: 61 South Morton Avenue operates a health care business, as defined in 11 U.S.C. Section 101(27A). The Debtor owns the property located at 61 South Morton Avenue, which is currently valued at $1.5 million. Chapter 11 Petition Date: February 28, 2025 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 25-10826 Judge: Hon. Ashely M Chan Debtor's Counsel: John Everett Cook, Esq. THE LAW OFFICES OF EVERETT COOK PC 1605 N Cedar Crest Blvd Allentown, PA 18104 Tel: (610) 351-3566 Email: bankruptcy@everettcooklaw.com Total Assets:$ 1,500,000 Total Liabilities: $236,000 The petition was signed by Haytham Albizen as president and sole member. A full-text copy of the petition, which includes a list of the Debtor's one unsecured creditor, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5LA4XXI/61_South_Morton_Avenue_LLC__paebke-25-10826__0001.0.pdf?mcid=tGE4TAMA 70 CLERMONT AVE: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: 70 Clermont Ave Ltd 70 Clermont Avenue Brooklyn NY 11205 Business Description: 70 Clermont Ave Ltd is a real estate debtor with a single asset, as outlined in 11 U.S.C. Section 101(51B). The Company owns the property at 70 Clermont Avenue, Brooklyn, NY 11205, which is valued at approximately $1.60 million based on comparable sales. Chapter 11 Petition Date: March 1, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-41043 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Nnenna O. Onua, Esq. MCKINLEY ONUA PLLC 233 Broadqay, Suite 2348 New York, NY 10297 Tel: (718) 522-0236 E-mail: nonua@mckinleyonua.com Total Assets: $1,599,100 Total Liabilities: $2,664,164 The petition was signed by Glenroy Henry 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/R62MKKI/70_Clermont_Ave_Ltd__nyebke-25-41043__0001.0.pdf?mcid=tGE4TAMA 901 S. LA BREA: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Debtor: 901 S. La Brea Ave LLC c/o Victor Velasquez 6893 E Horizon Dr La Palma, CA 90623 Business Description: 901 S. La Brea Ave LLC owns two properties: a commercial building at 901 S La Brea Ave, Inglewood, CA 90301-3815, which hosts a Domino's Pizza franchise, and another commercial building at 925 S La Brea Ave, Inglewood, CA 90301-3815. Chapter 11 Petition Date: February 27, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10504 Judge: Hon. Scott C. Clarkson Debtor's Counsel: Michael R. Totaro, Esq. TOTARO & SHANAHAN, LLP PO Box 789 Pacific Palisades CA 90272 Tel: (310) 804-2157 Email: Ocbkatty@aol.com Total Assets: $6,540,799 Total Liabilities: $4,727,292 The petition was signed by Victor Velasquez as manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FPWJTFI/901_S_La_Brea_Ave_LLC__cacbke-25-10504__0001.0.pdf?mcid=tGE4TAMA AA UNIQUE: Seeks to Hire Bruce W. Radowitz as Bankruptcy Counsel ---------------------------------------------------------------- AA Unique Homes NJ LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Bruce W. Radowitz, Esq., P.A. as bankruptcy counsel. The firm will provide legal advise and counsel, preparation of Petition and related schedules and any other related to the prosecution of the case. The firm will charge $400 per hour for its services. The firm received a retainer in the amount of $2,000. As disclosed in the court filings, the firm is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Bruce W. Radowitz, Esq. Bruce W. Radowitz, Esq., P.A. 636 Chestnut Street Union, NJ 07083 Telephone: (908) 687-2333 Facsimile: (908) 687-6330 About AA Unique Homes NJ LLC AA Unique Homes NJ LLC is a Single Asset Real Estate (as defined in 11 U.S.C. § 101(51B)). AA Unique Homes NJ LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-22506) on December 20, 2024. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Bruce W. Radowitz, Esq. AEMETIS INC: Amends ATM Agreement for Up to $210M Stock Offering ---------------------------------------------------------------- Aemetis, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a letter agreement further amending that certain At Market Issuance Sales Agreement, dated January 26, 2021, as amended by that certain letter agreement dated August 18, 2021 with H.C. Wainwright & Co., LLC. In accordance with the terms of the Agreement, the Company may offer and sell from time to time through the Distribution Agent the Company's common stock having an aggregate offering price of up to $210,000,000. The Placement Shares will be issued pursuant to the Company's Registration Statement on Form S-3 filed with the Securities and Exchange Commission on August 9, 2024, as amended by Amendment No. 1 to Form S-3 filed with the Commission on February 4, 2025 and declared effective on February 11, 2025 (Registration No. 333-281457). The Company filed a prospectus supplement, dated February 12, 2025, with the Commission in connection with the offer and sale of the Placement Shares. Sales of the Placement Shares, if any, will be made by means of ordinary brokers' transactions on the NASDAQ Global Market at market prices, in block transactions or as otherwise agreed by the Company and the Distribution Agent. The Company shall pay to the Distribution Agent in cash, upon each sale of Placement Shares pursuant to the Agreement, an amount up to 3.0% of the gross proceeds from each sale of Placement Shares. About Aemetis Headquartered in Cupertino, California, Aemetis -- www.aemetis.com -- is a renewable natural gas, renewable fuel, and biochemicals Company focused on the operation, acquisition, development, and commercialization of innovative technologies that replace petroleum-based products and reduce greenhouse gas emissions. Founded in 2006, Aemetis is operating and actively expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California's Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis also owns and operates a 60 million gallon per year production facility on the East Coast of India producing high-quality distilled biodiesel and refined glycerin for customers in India and Europe. Additionally, Aemetis is developing a sustainable aviation fuel (SAF) and renewable diesel fuel biorefinery in California to utilize renewable hydrogen, hydroelectric power, and renewable oils to produce low carbon intensity renewable jet and diesel\fuel. As a result of negative capital, negative operating results, and collateralization of substantially all of the Company assets, the Company has been reliant on its senior secured lender to provide extensions to the maturity dates of its debt and loan facilities and was required in 2023 to remit excess cash from operations to its senior secured lender. In order to meet its obligations, the Company will need to refinance debt with its senior lender for amounts becoming due in the next 12 months or receive the continued cooperation of its senior lender. This dependence on the Company's senior lender raises substantial doubt about the Company's ability to continue as a going concern, according to the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2024. Aemetis reported a net loss of $46.42 million for the year ended Dec. 31, 2023, compared to a net loss of $107.76 million for the year ended Dec. 31, 2022. As of September 30, 2024, the Company had $247.4 million in total assets, $506.3 million in total liabilities, and $258.9 million in total stockholders' deficit. AETHLON MEDICAL: Losses, Deficit Raise Going Concern Doubt ---------------------------------------------------------- Aethlon Medical, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended December 31, 2024, that there is substantial doubt about its ability to continue as a going concern. Aethlon stated that it incurred continuing losses from operations and at December 31, 2024 had limited working capital and an accumulated deficit of $161,699,924. For the three and nine months ended December 31, 2024, the Company reported net losses of $1,754,783 and $7,133,196, respectively, compared to net losses of $3,466,121 and $9,782,756, respectively for the same periods in 2023. These factors, among other matters, raise substantial doubt about its ability to continue as a going concern within the next 12 months. "A significant amount of additional capital will be necessary to advance the development of our products to the point at which they may become commercially viable," the Company explained. "We intend to fund operations, working capital and other cash requirements for the twelve-month period subsequent to December 31, 2024, through a combination of debt and/or equity financing arrangements and potentially from collaborations or strategic partnerships." "The successful outcome of future activities cannot be determined at this time and there is no assurance that, if achieved, we will have sufficient funds to execute our intended business plan or generate positive operating results." Management expects that existing cash as of December 31, 2024 will not be sufficient to fund the Company's operations for at least 12 months from -- February 12 2025 -- the issuance date of these condensed consolidated financial statements. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/33f88zb6 About Aethlon Medical Aethlon Medical, Inc. is a medical therapeutic company focused on developing the Hemopurifier, a clinical-stage immunotherapeutic device designed to combat cancer, life-threatening viral infections, and for use in organ transplantation. In human studies involving 164 sessions with 38 patients, the Hemopurifier was safely utilized and demonstrated the potential to remove life-threatening viruses. In pre-clinical studies, the Hemopurifier has shown the ability to remove harmful exosomes and exosomal particles from biological fluids, using its proprietary lectin-based technology. This capability has potential applications in cancer, where exosomes and exosomal particles may promote immune suppression and metastasis, as well as in life-threatening infectious diseases. As of December 31, 2024, the Company had $6,525,359 in total assets, $2,191,193 in total liabilities, and total stockholders' equity of $4,334,166. AIS NATION: Online Asset Auction on March 6-13 ---------------------------------------------- Iron Horse Auction Company will be conducting an online auction of AIS Nation's assets from March 6 to March 13. AIS Nation is a security company. The assets put up for sale include: -- Ford Transit Connect cargo vans, -- security system cameras, -- alarms, -- sensors, -- bulk inventory, -- Apple iPads & mini Macs, -- monitors, -- office furniture, and more The property location is at: Iron Horse Auction Company 174 Airport Rd. Rockingham, NC 28380 The auction manager can be reached at: Jason Dolph E-mail: jason@ironhorseauction.com ALAMO PREMIUM: Michael Colvard Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 7 appointed Michael Colvard as Subchapter V trustee for Alamo Premium Distillery, Inc. Mr. Colvard will charge $400 per hour for his services as Subchapter V trustee and $125 per hour for his support staff. The trustee will also seek reimbursement for work-related expenses incurred. Mr. Colvard declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael Colvard Weston Centre 112 East Pecan St., Ste. 1616 San Antonio, TX 78205 Email: mcolvard@mdtlaw.com Telephone: (210) 220-1334 About Alamo Premium Distillery Alamo Premium Distillery, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Texas Case No. 24-52285) on November 12, 2024, listing up to $50,000 in assets and up to $10 million in liabilities. Noel Burns, president of Alamo Premium Distillery, signed the petition. Judge Craig A. Gargotta presides over the case. Morris E. White, III, Esq., at Villa & White, LLP represents the Debtor as legal counsel. ALCHEMY 365: Mark Dennis of SL Biggs Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 19 appointed Mark Dennis, a certified public accountant at SL Biggs, as Subchapter V trustee for Alchemy 365, Inc. Mr. Dennis will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dennis declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark D. Dennis, CPA SL Biggs, A Division of SingerLewak, LLP 2000 S. Colorado Blvd., Tower 2, Ste. 200 Denver, CO 80222 Phone: 303-226-5471 Email: mdennis@slbiggs.com About Alchemy 365 Inc. Alchemy 365, Inc. is a Denver-based fitness company offering group classes that integrate yoga, strength training, and cardio. It provides these services at two Denver locations: LoHi at 2432 W. 32nd Ave. and Tennyson at 4144 Tennyson St. Alchemy 365 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-10797) on February 17, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. The Debtor is represented by: Gabrielle G. Palmer, Esq. Onsager Fletcher Johnson Palmer, LLC 600 17th Street, Suite 425N Denver, CO 80202 Tel: 303-512-1123 Email: gpalmer@ofjlaw.com ALGORHYTHM HOLDINGS: Regalia No Longer Holds More than 5% Stake --------------------------------------------------------------- Regalia Ventures, LLC and Jay B. Foreman disclosed in a Schedule 13D/A filed with the U.S. Securities and Exchange Commission that as of February 18, 2025, Foreman beneficially owned 254 shares of Algorhythm Holdings, Inc.'s common stock, representing 0.01% of the 2,381,799 shares outstanding as of February 10, 2025. Regalia Ventures, LLC is no longer the beneficial owner of more than five percent of the common stock of the Issuer. Regalia Ventures, LLC may be reached through: Jay B. Foreman, Sole Member 301 Yamato Road, Suite 4200 Boca Raton, FL, 33431 Tel: 561-997-8901 A full-text copy of Regalia Ventures' SEC report is available at: https://tinyurl.com/2acwnnjx About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. Headquartered in Fort Lauderdale, Fla., the Company had $12,367,000 in total assets, $13,239,000 in total liabilities, and $872,000 in total stockholders' deficit as of June 30, 2024. The Company had cash on hand of approximately $1,245,000 as of June 30, 2024, which is not sufficient to fund the Company's planned operations through one year after the date the consolidated financial statements are issued. The Company has a recent history of recurring operating losses and decreases in working capital. The Company said these factors create substantial doubt about the Company's ability to continue as a going concern for at least one year after the date that the Company's audited consolidated financial statements are issued. ALGORHYTHM HOLDINGS: Stingray Group Lowers Stake to 0.1% -------------------------------------------------------- Stingray Group Inc. and Eric Boyko disclosed in a Schedule 13D/A filed with the U.S. Securities and Exchange Commission that as of February 18, 2025, they beneficially owned 2,722 shares of Algorhythm Holdings, Inc.'s common stock, representing 0.1% of the 2,381,799 outstanding shares. Stingray Group Inc. may be reached through: Lloyd Feldman 730, rue Wellington, Montreal, A8, H3C 1T4 Tel: 514-664-1244 A full-text copy of Stingray Group's SEC report is available: https://tinyurl.com/3faerebs About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. Headquartered in Fort Lauderdale, Fla., the Company had $12,367,000 in total assets, $13,239,000 in total liabilities, and $872,000 in total stockholders' deficit as of June 30, 2024. The Company had cash on hand of approximately $1,245,000 as of June 30, 2024, which is not sufficient to fund the Company's planned operations through one year after the date the consolidated financial statements are issued. The Company has a recent history of recurring operating losses and decreases in working capital. The Company said these factors create substantial doubt about the Company's ability to continue as a going concern for at least one year after the date that the Company's audited consolidated financial statements are issued. ALI A. ASKARI: James Cross Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 14 appointed James Cross, Esq., at Cross Law Firm, PLC as Subchapter V trustee for Ali A. Askari MD, PC. Mr. Cross will be paid an hourly fee of $525 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cross declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James E. Cross, Esq. Cross Law Firm, PLC P.O. Box 45469 Phoenix, AZ 85064 Phone: 602-412-4422 Email: jcross@crosslawaz.com About Ali A. Askari MD PC Ali A. Askari MD, PC is a medical practice that specializes in cardiology, focusing on the diagnosis and treatment of heart-related conditions. Dr. Ali Askari, the principal physician, offers a range of cardiology services, including consultative cardiology, catheterization, interventional cardiology, and non-invasive cardiology. Ali A. Askari filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-01263) on February 14, 2025. In its petition, the Debtor reported total assets of $828,201 and total liabilities of $1,163,072. Judge Madeleine C. Wanslee handles the case. The Debtor is represented by: Mark J. Giunta, Esq. Law Office of Mark J. Giunta 531 East Thomas Road, Suite 200 Phoenix, AZ 85012 Tel: 602-307-0837 Fax: 602-307-0838 Email: markgiunta@giuntalaw.com ALTICE INTERNATIONAL: Creditors Ink Cooperation Agreement --------------------------------------------------------- Reshmi Basu, Eleanor Duncan, and Giulia Morpurgo of Bloomberg News report that a group of Altice International creditors has entered into a cooperation agreement to avoid lender disputes amid growing concerns about a possible debt restructuring, according to sources familiar with the matter. The agreement is initially valid for six months, with the option for multiple extensions, some sources said. With the steering committee's approval, more lenders are now being invited to participate, they added. About Altice USA Inc. Altice USA, Inc. is an American cable television provider. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." ALUMAX INC: Taps Luis R. Carrasquillo & Co as Financial Consultant ------------------------------------------------------------------ Alumax Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant. The duties of Carrasquillo will consist of strategic counseling and advice, pro forma modeling preparation, financial/business assistance, preparation of documentation as requested for and during Debtor's Chapter 11, specifically as it is related to and has an effect on Debtor, as well as recommendations and financial/business assessments regarding issues specifically related to Debtor. The hourly rates of the firm's professionals are: Luis R. Carrasquillo $200 Marcelo Gutierrez $160 Ramon Villafane $160 Zoraida Delgado Diaz $110 Arnaldo Morales $100 Maria Vera $75 David Sanchez Diaz $85 Jean Aponte $65 Enid Olmeda $75 Luis R. Guzman $40 Kelsie M. Lopez, Esq. $50 The firm received a retainer in the amount of $5,000. Luis Carrasquillo, CPA, a principal at CPA Luis R. Carrasquillo & 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 through: Luis R. Carrasquillo, CPA CPA Luis R. Carrasquillo & Co., PSC 28th Street, #TI-26 Turabo Gardens Ave. Caguas, PR 00725 Telephone: (787) 746-4555 Facsimile: (787) 746-4564 Email: luis@cpacarrasquillo.com About Alumax Inc. Alumax Inc. manufactures aluminum doors and windows with its manufacturing infrastructure located in San Sebastian, Anasco, Ponce and San Domingo. Alumax Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 24-05312) on December 6, 2024. In the petition filed by Frank J. Jimenez, Cruz as president, the Debtor reports total assets of $416,851 and total liabilities of $2,954,034. The Debtor is represented by Javier Vilarino, Esq. at VILARINO AND ASSOCIATES, LLC. AMERICAN TIRE: Taps Brian C. Maloney of AP Services as CFO ---------------------------------------------------------- American Tire Distributors Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire AP Services, LLC to designate Brian C. Maloney as interim chief financial officer. The firm will render these services: a. complete customary activities related to the wind down of an organization; b. work with accounting staff and external auditor to complete the audits; c. work with accounting staff to close books on a periodic basis; d. work with accounting and tax staff, and external advisors, to complete application tax returns; e. work with legal teams to close legal entities and resolve legal matters; and f. assist the Debtors with such other matters as may be requested by the Debtors and are mutually agreeable. APS's hourly rates are: Partner / Partner & Managing Director $1,225 to $1,540 Senior Vice President / Director $850 to $1,150 Vice President $650 to $835 Analyst / Consultant $250 to $640 As disclosed in court filings, AP Services is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian C. Maloney AP Services LLC 300 N. LaSalle Street, Suite 1900 Chicago, IL 60654 Phone: (646) 462-2917 Email: bmaloney@alixpartners.com About American Tire Distributors Headquartered in Huntersville, N.C., American Tire Distributors Inc. and its affiliates are the largest distributor of replacement tires in North America based on dollar amount of wholesale sales. With their network of over 115 distribution centers and 1,500 delivery vehicles, the Debtors service a geographic region covering more than 90 percent of the replacement tire market for passenger vehicles and light trucks in the United States. The Debtors carry many of the nation's leading tire brands including Michelin, Pirelli, and Continental. In addition, the Debtors' proprietary Hercules brand is a leading private tire brand in North America. American Tire Distributors and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12391) on October 22, 2024. In its petition, American Tire Distributors reported $1 billion to $10 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Kirkland & Ellis as bankruptcy counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware counsel; AP Services, LLC as restructuring advisor; and Moelis & Company, LLC as financial advisor. Donlin, Recano & Company, Inc. is the notice and claims agent and administrative advisor. AQUA VERDE: Taps Courtney G. Sweet of Gunderson as Special Counsel ------------------------------------------------------------------ Aqua Verde Investment Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Courtney G. Sweet, Esq. of Gunderson Law Firm as special counsel. Ms. Sweet shall undertake the representation of the estate's claim against WGASA, LLC stemming from the creation of its loan secured by a deed to trust. Ms. Sweet shall be compensated by the shareholders of the Naples Investments Family Limited Partnership. Ms. Sweet assured the court that she does not represent or hold any interest adverse to the Debtor of the estate. The firm can be reached through: Courtney G. Sweet, Esq. Gunderson Law Firm 3895 Warren Way Reno, NV 89509 Phone: (775) 829-1222 About Aqua Verde Investment Group, LLC Aqua Verde Investment Group LLC is the owner of a semi-developed land located at 447 Lakeshore Boulevard, Incline Village, NV having an appraised value of $13.5 million. Aqua Verde Investment Group LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-50627) on June 24, 2024. In the petition signed by Gary J. Hill, managing member, the Debtor reports total assets of $13,748,000 and total liabilities of $8,129,500. Honorable Bankruptcy Judge Hilary L. Barnes handles the case. The Debtor is represented by Sean P. Patterson, Esq. ARENA GROUP: Board Terminates CEO; Paul Edmondson Named Interim CEO ------------------------------------------------------------------- The Arena Group Holdings Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors terminated the employment of Sara Silverstein, the Company's Chief Executive Officer, without cause, effective the same day. Pursuant to her employment agreement with the Company, subject to signing a standard release, upon a termination without cause, Ms. Silverstein is entitled to accelerated vesting of all outstanding equity awards as well as reimbursement of COBRA benefits for a period of up to 18 months. On the same day, the Board appointed Paul Edmondson as interim Chief Executive Officer. Prior to this appointment, Mr Edmondson, 50, was the Company's President, Platform since January 2021, overseeing our Platform business, which offers the core content management system, programmatic advertising technology and multitenant subscription stack for publishers serving partner publishers and our owned and operated properties. Prior to serving as President, Platform, Mr. Edmondson served as our Chief Operating Officer from 2018 to 2019 after joining the company with our acquisition of HubPages, Inc. in 2018. There are no arrangements or understandings between Mr. Edmondson and any other persons pursuant to which he was selected as an officer of the Company. There are also no family relationships between Mr. Edmondson and any director or executive officer of the Company, and Mr. Edmondson does not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. In his role prior to this appointment, Mr. Edmondson is party to an employment agreement, dated January 1, 2021, and is currently paid a base salary of $486,203. He is also is eligible to earn an annual bonus under our Bonus Plan based on the achievement of performance goals set by the Compensation Committee, with a target bonus amount equal to 75% of base salary, and is eligible to participate in Company incentive plans and employment benefits available to the Company's other employees, as described in our definitive proxy statement filed on December 12, 2024. Upon a termination without cause, Mr. Edmundson would be entitled to severance equal to one year of base salary, up to 18 months of COBRA premium reimbursements and full vesting of all outstanding equity awards, in all cases subject to entry into a standard release agreement. The Employment Agreement also contains certain non-compete and non-solicitation provisions. About The Arena Group Headquartered in New York, The Arena Group Holdings, Inc. -- www.thearenagroup.net -- is a media company that leverages technology to build deep content verticals powered by anchor brands and a best-in-class digital media platform empowering publishers who impact, inform, educate, and entertain. The Company's strategy is to focus on key subject matter verticals where audiences are passionate about a topic category (e.g., sports and finance), leveraging the strength of its core brands to grow its audience and increase monetization both within its core brands and for its media publisher partners. The Company's focus is on leveraging its Platform and brands in targeted verticals to maximize audience reach, enhance engagement, and optimize monetization of digital publishing assets for the benefit of its users, its advertiser clients, and its greater than 40 owned and operated properties, as well as properties it runs on behalf of independent Publisher Partners. The Company owns and operates TheStreet, The Spun, Parade, and Men's Journal, and powers more than 320 independent Publisher Partners, including the many sports team sites that comprise FanNation. Arena Group Holdings reported a net loss of $55.6 million for the year ended December 31, 2023, compared to a net loss of $70.9 million for the year ended December 31, 2022. As of September 30, 2024, Arena Group Holdings had $114.2 million in total assets, $251.5 million in total liabilities, $168,000 in mezzanine equity, and $137.5 million in total stockholders' deficiency. New York, NY-based Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses, and may need to restructure its debt to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ARTEX TELECOMMUNICATIONS: Taps DeMarco-Mitchell PLLC as Counsel --------------------------------------------------------------- Artex Telecommunications LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ DeMarco-Mitchell, PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm will be paid at these rates: Robert T. DeMarco, Attorney $400 per hour Michael S. Mitchell, Attorney $300 per hour Barbara Drake, Paralegal $125 per hour The firm received from the Debtor a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert T. DeMarco, Esq., a partner at Demarco-Mitchell 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: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 578-1400 Fax: (972) 346-6791 Email robert@demarcomitchell.com mike@demarcomitchell.com About Artex Telecommunications LLC Artex Telecommunications LLC is a telecommunications company operating in the telephone services industry. In addition to its core services, Artex Telecommunications LLC is also involved in various construction projects, including the installation of underground cables and utility systems. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40361) on February 10, 2025. In the petition signed by Eric Shaffer, managing member, the Debtor disclosed $142,200 in assets and $2,606,260 in liabilities. Judge Brenda T. Rhoades oversees the case. Robert T DeMarco, Esq., at DEMARCO MITCHELL, PLLC, represents the Debtor as legal counsel. ARTIFICIAL INTELLIGENCE: Drives Growth With Strategic Investments ----------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. reaffirmed its path to positive operational cash flow in 2025 while affirming slower growth of SG&A expenses that still allow the Company to hit its cash flow goals while maintaining progress in innovation and development. In support of its aggressive growth strategy, AITX has filed a 14C Information Statement in connection with increasing its authorized share count from 15 billion to 20 billion. This move is being made to provide the financial flexibility to scale operations, fulfill ever-increasing demand, and maintain the Company's leadership position in AI-powered security technology. "The demand for our solutions has never been higher, and we are making the necessary investments to capture this moment," said Steve Reinharz, CEO/CTO of AITX. "Expanding our inventories, production capabilities, accelerating product development, and strengthening our market presence are all critical to our long-term success. We are in the midst of a land grab for the future of AI-driven security, and AITX is determined to lead." Accelerating Innovation and Product Rollout AITX and its four subsidiaries are preparing for large-scale inventory orders and new product rollouts to meet growing demand: * RADDOG™ LE2: The Company looks to commit resources for an initial 100-unit production, ensuring its focused client base of Law Enforcement agencies can rapidly receive and deploy this next-generation robotic security solution. * ROAMEO™ Gen 4: With over 50 verified interested clients in the sales funnel, production planning is underway with an eye on financially responsible purchasing of the required inventory to support expected deployments. * RIO™ Expansion: The Company is accelerating strategic capital investments to minimize U.S. Steel tariff impacts and overall optimize RIO production, strengthening RIO's competitive advantage in the mobile security sector. * AI Innovations: SARA™ expansion continues with additional AI-driven solutions coming to market in the coming months. * HERO™ (Humanoid Enforcement & Response Officer): Development efforts leverage core RAD technologies, reducing time to market and capital expenditures. Nonetheless appropriate investments must be made in development and inventory. These investments position AITX for continued improvements in growth rate, reinforcing its ability to meet increasing client demand while securing a dominant foothold in the evolving security landscape. A Clear Path to Operational Profitability Despite these expansion efforts, AITX remains on track to potentially achieve operational profitability in 2025. The increase in authorized shares is primarily intended to support inventory and production scaling, with management committed to using funds responsibly in alignment with the Company's long-term goal of a future NASDAQ uplisting. By strategically allocating funds for key solutions such as RADDOG LE2, ROAMEO, HERO, SARA and RIO, AITX is accelerating deployments that drive recurring monthly revenue (RMR). This disciplined approach ensures capital is deployed efficiently to support growth while maintaining strict controls on operational overhead. "We are actively seizing a massive opportunity in AI-driven safety, security and facility management, and we are fully committed to leading this revolution," concluded Reinharz. "These actions will strengthen our ability to scale, innovate, and dominate a rapidly expanding market. With our growing product lineup, accelerating deployments, and expanding client base, we are laying the foundation for long-term success." AITX, through its primary subsidiary, Robotic Assistance Devices, Inc. (RAD-I), is redefining the nearly $50 billion (US) security and guarding services industry[1] through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD-I solutions are specifically designed to provide cost savings to businesses of between 35%-80% when compared to the industry's existing and costly manned security guarding and monitoring model. RAD-I delivers these tremendous cost savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD-I technologies, AI-based analytics and software platforms are developed in-house. RAD-I has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD-I expects to continue to attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous reorders over time. AITX is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD-I, RAD-R, RAD-M and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. To learn more, visit www.aitx.ai, www.radsecurity.com, www.radcam.ai, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai, and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz. About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Illinois-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 9, 2024, citing that the Company had a net loss of approximately $20.7 million, an accumulated deficit of approximately $133.0 million, and stockholders' deficit of approximately $40.2 million as of and for the year ended Feb. 29, 2024, which raise substantial doubt about its ability to continue as a going concern. As of November 30, 2024, Artificial Intelligence had $9,797,318 in total assets, $56,814,939 in total liabilities, and $47,017,621 in total stockholders' deficit. AZZUR GROUP: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: Azzur Group Holdings LLC 330 South Warminster Road, Suite 341 Hatboro PA 19040 Business Description: Azzur Group provides full-scale solutions for life sciences companies, focusing on helping organizations start, scale, and sustain their Good Manufacturing Practices (GxP) operations. Their services include GxP advisory and consulting, Azzur Cleanrooms on Demand, analytical services for advanced therapeutics, IT advisory, and aseptic/GxP training. The Company primarily serves industries such as pharmaceuticals, biotechnology, and medical devices, offering expertise to navigate the complexities of compliance, risk management, and operational scaling. Chapter 11 Petition Date: March 2, 2025 Court: United States Bankruptcy Court District of Delaware Thirty-three affiliated companies that have simultaneously filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Azzur Group Holdings LLC (Lead Debtor) 25-10342 Azzur Group, LLC 25-10343 Azzur Austin LLC 25-10349 Azzur Chicago LLC 25-10350 Azzur Cleanrooms-On-Demand – Boston LLC 25-10371 Azzur Cleanrooms-On-Demand – Burlington LLC 25-10373 Azzur Cleanrooms-On-Demand – Devens LLC 25-10346 Azzur Cleanrooms-On-Demand – Raleigh LLC 25-10351 Azzur Cleanrooms-On-Demand – San Diego LLC 25-10354 Azzur Cleanrooms-On-Demand – San Francisco LLC 25-10357 Azzur Cleanrooms-On-Demand – Services LLC 25-10369 Azzur Consulting LLC 25-10347 Azzur Denver LLC 25-10353 Azzur IT LLC 25-10356 Azzur Labs - Boston LLC 25-10364 Azzur Labs - Chicago LLC 25-10366 Azzur Labs - Dallas LLC 25-10368 Azzur Labs - San Diego LLC 25-10370 Azzur San Francisco LLC 25-10352 Azzur Labs NC, LLC 25-10374 Azzur Labs, LLC 25-10361 Azzur North Carolina, LLC 25-10359 Azzur of CA, LLC 25-10360 Azzur of NE, LLC 25-10363 Azzur Princeton LLC 25-10344 Azzur San Diego LLC 25-10348 Azzur Labs - San Francisco LLC 25-10372 Azzur Solutions LLC 25-10355 Azzur Technical Services – Boston LLC 25-10358 Azzur Training Center – Raliegh LLC 25-10362 Azzur Washington DC LLC 25-10365 Azzur Worcester LLC 25-10367 Cobalt LLC 25-10345 Judge: Hon. Karen B Owens Debtors' General Bankruptcy Counsel: Stuart M. Brown, Esq. DLA PIPER LLP (US) 1201 North Market Street, Suite 2100 Wilmington, Delaware 19801 Tel: (302) 468-5700 Fax: (302) 394-2462 Email: stuart.brown@us.dlapiper.com - and - W. Benjamin Winger, Esq. 444 West Lake Street, Suite 900 Chicago, Illinois 60606 Tel: (312) 368-4000 Fax: (312) 236-7516 Email: benjamin.winger@us.dlapiper.com Debtors' Restructuring Advisor: ANKURA CONSULTING GROUP, LLC Debtors' Investment Banker: BROWN GIBBONS LANG & CO. SECURITIES INC. Debtors' Claims & Noticing Agent: STRETTO, INC. Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petitions were signed by M. Benjamin Jones 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/MU7D7WQ/Azzur_Group_Holdings_LLC__debke-25-10342__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Angstrom Technology Trade $4,185,909 3509 3 Mile Road NW, Suite 3 Grand Rapids, MI 49534 NAME: Matt Purvis PHONE: (616) 866-2400 EMAIL: matt.purvis@angstromtech.com 2. 1955 North Loop Owner, LLC Landlord $3,204,097 2001 Ross Avenue, Suite 3400 Dallas, TX 75201 NAME: Kevin Pirozzoli PHONE: (972) 715-7400 EMAIL: simon.gordon@cbre.com 3. 2065 North Loop Owner, LLC Landlord $3,092,600 2001 Ross Avenue, Suite 3400 Dallas, TX 75201 NAME: Kevin Pirozzoli PHONE: (972) 715-7400 EMAIL: simon.gordon@cbre.com 4. Barker Contracting Inc. Trade $2,198,524 2127 E. Speedway Blvd., Suite 101 Tucson, AZ 85719 NAME: Brian G. Lepker PHONE: (520) 323-3831 EMAIL: blepker@barkerone.com 5. Milton CAT Trade $1,969,946 P.O. Box 3851 Boston, MA 02241-385 NAME: David DelloRusso PHONE: (888) 702-0073 EMAIL: david_dellorusso@miltoncat.com 6. Thomas Scientific, LLC Trade $1,871,584 1654 High Hill Road Swedesboro, NJ 08085 NAME: Kim Duffield PHONE: (833) 544-7447 EMAIL: kim.duffield@thomassci.com 7. Iodine Propco 2021, LLC Landlord $1,571,322 c/o Lincoln Harris LLC 4725 Piedmont Road Drive, Suite 800 Charlotte, NC 28210 NAME: Tammy Pierce PHONE: (212) 697-4740 EMAIL: info@lpc.com 8. Ring Therapeutics, Inc. Trade $815,749 620 Memorial Drive, Suite 300 Cambridge, MA 02139 NAME: Tuyen Ong PHONE: (617) 868-1888 EMAIL: tong@ringtx.com 9. Veolia Environmental Services Trade $672,146 107 South Motor Avenue Azusa, CA 91702 NAME: Greg Giandomenico PHONE: (219) 391-0228 EMAIL: wrcs@veolia.com 10. 60 Blanchard Owner LLC Landlord $620,413 Nordblom Management Company, Inc. 71 Third Avenue Burlington, MA 01803 NAME: Adele Olivier PHONE: (781) 272-4000 EMAIL: adele.olivier@nordblom.com 11. King 45 Jackson LLC Landlord $533,379 Lincoln Property Company 575 University Avenue Norwood, MA 02062 NAME: Tyson Reynoso PHONE: (617) 910-5504 EMAIL: treynoso@ks-prop.com 12. Shiraz Partners LP Landlord $483,254 888 Prospect Street, Suite 340 La Jolla, CA 92037 NAME: Ben Badiee PHONE: (888) 815-8886 EMAIL: ben@badieedevelopment.com 13. CleanSpace Trade $345,114 607 Airport Blvd. Doylestown, PA 18902 NAME: Glenn Vandegrift PHONE: (267) 857-0346 EMAIL: gvandegrift@cleanspaceus.com 14. DBC I, Inc. Landlord $329,427 465 Waverley Oaks Road, Suite 500 Waltham, MA 02452 NAME: Philip Asselin PHONE: (781) 647-57775 EMAIL: info@duffyproperties.com 15. Devens Utilities Utility $311,729 P.O. Box 55073 Boston, MA 02205 NAME: Jim Moore PHONE: (978) 784-2931 EMAIL: jmoore@massdevelopment.com 16. VV330 LLC Landlord $269,210 One Belmont Avenue, Suite 520 Bala Cynwyd, PA 19004 NAME: Zachary Moore PHONE: (610) 382-5400 EMAIL: zach@velocityinv.com 17. CDW Direct Trade $265,653 P.O. Box 75723 Chicago, IL 60675-5723 NAME: Jeff Carr PHONE: (877) 818-6317 EMAIL: jeffcarr@cdw.com 18. Citro Digital LLC Trade $238,705 167 Main Street Emmaus, PA 18049 NAME: Hillary Long PHONE: (610)382-54000 EMAIL: long@citrodigital.com 19. Controlled Contamination Trade $218,049 Services, LLC P.O. Box 790379 St. Louis, MO 63179-0379 NAME: Kelly Perna PHONE: (888) 263-9886 EMAIL: legal@cleanroomcleaning.com 20. Unifirst Corporation Trade $197,959 P.O. Box 650481 Dallas, TX 75265-0481 NAME: Jennifer Glaude PHONE: (844) 667-9584 EMAIL: jennifer_glaude@unifirst.com 21. Stericycle Inc. Trade $182,016 2355 Waukegan Road Bannockburn, IL 60015 NAME: Stacy Sachs PHONE: (847) 367-5910 EMAIL: customer-relations@stericycle.com 22. QSI 3PL Plus LLC Trade $156,813 155 West Street, Suite 1 Wilmington, MA 01887 NAME: Shaun McCormack PHONE: (339) 222-2673 EMAIL: smccormack@qsitesting.net 23. Oracle America, Inc. Trade $146,951 2300 Oracle Way Austin, TX 78741 NAME: Cole Sundolf PHONE: (650) 506-7000 EMAIL: cole.sundolf@oracle.com 24. New England Security Security $142,600 208 Broadway Malden, MA 02148 NAME: Daniel Ryan Mailhiot PHONE: (617) 322-6372 EMAIL: dan@newenglandsecurity.com 25. Technical Safety Services, LLC Trade $142,098 8360 Juniper Creek Lane San Diego, CA 92126 NAME: Joe Carline PHONE: (800) 877-7742 EMAIL: tss-acctrec@techsafety.com 26. OnePointe Solutions LCC Trade $132,559 P.O. Box 841819 Dallas, TX 75284 NAME: Ashley Wright PHONE: (866) 411-3047 EMAIL: ar@onepointesolutions.com 27. Sunbelt Rentals Trade $108,887 14951 Catalina Street San Leandro, CA 94577-6613 NAME: Christina Smith PHONE: (423) 876-8447 EMAIL: christina.smith@sunbeltrentals.com 28. Blur Mountain Quality Resources Trade $106,744 475 Rolling Ridge Drive, Suite 200 State College, PA 1680 NAME: Ann Getz PHONE: (814) 234-2417 EMAIL: amgetz@coolblue.com 29. nanoClean Trade $106,659 128 New Boston Street, Suite 9 Deer Park, NY 11729 NAME: Bryan Runge PHONE: (781) 545-5793 EMAIL: brunge@nanocleandecon.com 30. Clade Therapeutics Trade $106,101 25 N 38th Street, 11th Floor Philadelphia, PA 19104 NAME: Robert L. Duffy, Jr. PHONE: (415) 886-7710 EMAIL: contact.us@cladetx.com AZZUR GROUP: Seeks Chapter 11 Bankruptcy, To Sell Consulting Biz ---------------------------------------------------------------- Audrey Wan and Janine Phakdeetham of Bloomberg News report that Azzur Group Holdings has filed for Chapter 11 bankruptcy protection in Delaware, according to court filings. The company estimates its assets and liabilities each range between $100 million and $500 million. In a separate announcement, Azzur revealed an agreement to sell its consulting business to ELIQUENT Life Sciences for $56 million. It has also secured $23.5 million in debtor-in-possession (DIP) financing to support ongoing operations, with no planned disruptions due to the acquisition. All Azzur Consulting employees and leadership are expected to transition to ELIQUENT. About Azzur Group Holdings Azzur Group Holdings Pennsylvania-based professional services company operates across multiple locations including Boston, Chicago, San Diego, and San Francisco, providing specialized life sciences services including consulting, laboratory testing, cleanrooms-on-demand, and technical training services. Azzur Group Holdings and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10342) on March 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by: Stuart M. Brown, Esq. DLA Piper LLP (US) 555 Mission Street Suite 2400 San Francisco, CA 94105-2933 Phone: (415) 836-2500 Fax: (415) 836-2501 B. RILEY FINANCIAL: Posts $287.6 Million Net Loss in Fiscal Q3 -------------------------------------------------------------- B. Riley Financial, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $287.6 million on $199.3 million of revenue for the three months ended September 30, 2024, compared to a net loss of $76.3 million on $363.3 million of revenue for the three months ended September 30, 2023. For the nine months ended September 30, 2024, the Company reported a net loss of $769.3 million on $637.2 million of revenue, compared to a net loss of $16 million on $1.15 billion of revenue for the same period in 2023. As of September 30, 2024, the Company had $2.16 billion in total assets, $2.58 billion in total liabilities, and $426.22 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/jwuycv65 About B. Riley Financial B. Riley Financial, Inc. -- http://www.brileyfin.com/-- is a diversified financial services company that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. BAD DOG: Seeks Subchapter V Bankruptcy in Maryland -------------------------------------------------- On February 18, 2025, Bad Dog Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filing, the Debtor reports $1,003,418 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Bad Dog Inc. Bad Dog Inc., d/b/a Brogdon Construction, is a full-service land development contractor based in Chattanooga, Tennessee, specializing in commercial, industrial, and municipal land development projects. Its services include land clearing, excavation, sewer and septic systems, utilities installation, erosion control, grading, stormwater management, and more. The Company also provides estimating, land surveying, and planning services to ensure the success of development projects. Bad Dog Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. ) on February 18, 2025. In its petition, the Debtor reports total assets of $371,921 and total liabilities $1,003,418. Honorable Bankruptcy Judge Nicholas W. Whittenburg handles the case. The Debtor is represented by: Amanda M Stofan, Esq. FARINASH AND STOFAN 100 West ML King Blvd Ste 816 Chattanooga, TN 37402 Tel: (423) 805-3100 Fax: (423) 805-3101 E-mail: amanda@8053100.com BAUSCH HEALTH: Plans $5-Bil. Debt Issuance to Manage Liabilities ---------------------------------------------------------------- Reshmi Basu, Jill R. Shah, Gowri Gurumurthy, and Aaron Weinman of Bloomberg News report that Bausch Health Cos. is considering a new debt offering in the coming weeks as it assesses options to refinance near-term liabilities, according to sources familiar with the matter. The pharmaceutical company is discussing a potential $5 billion deal, though the size and structure remain uncertain, and plans could change, said the sources, who requested anonymity due to the private nature of the discussions. About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of March 31, 2024, the Company had $26.91 billion in total assets, $27.09 billion in total liabilities, and $174 million in total deficit. * * * In April 2024, S&P Global Ratings raised its issuer credit rating on Bausch Health Cos. Inc. to 'CCC+' from 'CCC'. S&P also raised its issue-level ratings on the senior secured debt to 'B-' from 'CCC+', and its ratings on the second-lien notes and unsecured notes to 'CCC' from 'CCC-'. The negative outlook reflects the risk that Bausch Health could pursue distressed exchanges as it approaches its sizable debt maturities. In September 2024, Fitch Ratings has affirmed Bausch Health Companies' (BHC) and Bausch Health America's (BHA) (collectively: Bausch Health) Long-Term Issuer Default Ratings (IDRs) at 'CCC' and first-lien debt at 'B'/'RR1'. Fitch has also affirmed BHC's second-lien debt at 'CC'/'RR6' and Bausch Health's unsecured debt at 'C'/'RR6'. The 'CCC' IDRs reflect BHC's elevated refinancing risk amid the following two key uncertainties: when and to what degree does competition impact BHC's XIFAXAN product, and whether and when the company completes its separation of Bausch + Lomb Corporation (BLCO). The BLCO separation would reduce diversification and likely increase leverage. BAUSCH HEALTH: Releases Q4, Full-Year 2024 Results -------------------------------------------------- Bausch Health Companies Inc. announced its fourth quarter and full-year 2024 financial results and other key updates for the quarter. "2024 was a year of delivering on our commitments, where we achieved the high-end of our revenue guidance range, and exceeded our adjusted EBITDA excluding Bausch + Lomb, and adjusted operating cash flow guidance expectations. We generated growth across all our business segments, highlighting the broad strength of our diverse portfolio that is supported by our strategic investments in the business. We also made progress on key initiatives, positioning us well to carry our momentum into 2025 as we pursue additional opportunities to deliver innovative solutions for patients." said Thomas J. Appio, Chief Executive Officer, Bausch Health. Fourth Quarter and Full-Year 2024 Revenue Performance Total consolidated reported revenues were $2.56 billion for the fourth quarter of 2024, compared with $2.41 billion in the fourth quarter of 2023, an increase of $151 million, or 6%. Excluding the impact of foreign exchange of $28 million, acquisitions of $5 million, and divestitures and discontinuations of $29 million, revenue increased by 9% on an organic1 basis compared with the fourth quarter of 2023. Total consolidated reported revenues were $9.63 billion for the full year of 2024, compared with $8.76 billion for the full year of 2023, an increase of $868 million, or 10%. Excluding the impact of foreign exchange of $70 million, acquisitions of $293 million, and divestitures and discontinuations of $77 million, revenues increased 8% on an organic1 basis compared with the full year of 2023. Salix Segment Salix segment reported revenues were $634 million for the fourth quarter and $2.33 billion for the full year of 2024, compared with $583 million for the fourth quarter and $2.25 billion for the full year of 2023, an increase of 9% in the fourth quarter, and 4% for the full year. Excluding the impact of divestitures and discontinuations of $19 million for the fourth quarter, and $37 million for the full year, segment revenues increased 12% and 5% on an organic1 basis for the fourth quarter and full year, respectively. Xifaxan® drove sales in the fourth quarter with 16% growth and was the primary contributor to segment growth for the full year. International Segment International segment reported revenues were $279 million for the fourth quarter and $1.11 billion for the full year of 2024, compared with $290 million for the fourth quarter and $1.07 billion for the full year of 2023, a decrease of $11 million, or (4%), in the fourth quarter, and an increase of $40 million, or 4%, for the full year. Excluding the impact of foreign exchange of $10 million for the fourth quarter and $6 million for the full year, and divestitures and discontinuations of $5 million for the fourth quarter and $11 million for the full year, segment revenues increased by 1% on an organic1 basis for the fourth quarter, and 4% for the full year, compared with the fourth quarter and full year of 2023, led by solid growth in Canada and EMEA. Solta Medical Segment Solta Medical segment reported revenues were $138 million for the fourth quarter and $440 million for the full year of 2024, compared with $103 million for the fourth quarter and $347 million for the full year of 2023, an increase of $35 million, or 34%, in the fourth quarter, and $93 million, or 27%, for the full year. Excluding the impact of foreign exchange of $1 million for the fourth quarter and $7 million for the full year 2024, segment revenues increased 35% on an organic1 basis for the fourth quarter and 29% for the full year, compared with the fourth quarter and the full year of 2023, led by growth in South Korea and China. Diversified Segment Diversified segment reported revenues were $228 million for the fourth quarter and $950 million for the full year of 2024, compared with $259 million for the fourth quarter and $943 million for the full year of 2023, a decrease of $31 million, or (12%), in the fourth quarter, and an increase of $7 million, or 1% for the full year. Segment revenues decreased organically1 by (11%) for the fourth quarter and increased 3% for the full year, compared with the fourth quarter and the full year of 2023. The fourth quarter of 2023 included the impact of higher Ativan sales, reflecting competitor supply disruptions. Bausch + Lomb Segment Bausch + Lomb segment reported revenues were $1.28 billion for the fourth quarter and $4.79 billion for the full year of 2024, compared with $1.17 billion for the fourth quarter and $4.15 billion for the full year of 2023, an increase of $107 million, or 9%, in the fourth quarter, and an increase of $645 million, or 16%, for the full year. Excluding the impact of foreign exchange of $17 million for the fourth quarter and $69 million for the full year of 2024, acquisitions of $5 million for the quarter and $293 million for the full year 2024, and divestitures and discontinuations of $1 million for the fourth quarter and $8 million for the full year, segment revenues increased 10% on an organic1 basis for the fourth quarter and 10% for the full year, compared with the fourth quarter and the full year of 2023. Consolidated Operating Income Consolidated operating income was $558 million for the fourth quarter of 2024, compared with consolidated operating income of $362 million for the fourth quarter of 2023, an increase of $196 million, reflecting the impact of higher sales, as well as goodwill impairment charges in the fourth quarter of 2023. Consolidated operating income was $1.55 billion for the full year of 2024, compared with consolidated operating income of $963 million for the full year of 2023, an increase of $583 million. The change reflects the impact of higher sales, partially offset by increased selling, general and administrative expenses in the Bausch + Lomb segment, as well as the goodwill impairment charges recorded in 2023. Consolidated Net Income (Loss) Attributable to Bausch Health Consolidated net income attributable to Bausch Health for the fourth quarter of 2024 was $93 million, compared with a consolidated net loss of $39 million for the fourth quarter of 2023, a favorable change of $132 million. Consolidated net loss attributable to Bausch Health for the full year 2024 was $46 million, compared with a consolidated net loss of $592 million for the full year 2023, a favorable change of $546 million. These changes were primarily due to the changes in operating income noted above along with an unfavorable change in income taxes in the fourth quarter and full year of 2024 compared to the corresponding periods in 2023. Consolidated Adjusted Net Income Attributable to Bausch Health (non-GAAP) Consolidated adjusted net income attributable to Bausch Health was $430 million for the fourth quarter and $1.39 billion for the full year of 2024, compared with $406 million for the fourth quarter and $1.27 billion for the full year of 2023, an increase of $24 million in the fourth quarter and $120 million for the full year. The increases were due to higher revenues and gross profit, partially offset by higher selling, general and administrative expenses. Consolidated Earnings (Loss) Per Share Attributable to Bausch Health Consolidated GAAP Earnings Per Share attributable to Bausch Health were $0.25 for the fourth quarter and a loss per share of ($0.13) for the full year of 2024, compared with loss per share of ($0.11) for the fourth quarter and ($1.62) for the full year of 2023. Consolidated Adjusted EBITDA Attributable to Bausch Health (non-GAAP)1 Consolidated adjusted EBITDA attributable to Bausch Health (non-GAAP)1 was $935 million for the fourth quarter and $3.31 billion for the full year of 2024, compared with $869 million for the fourth quarter and $3.01 billion for the full year of 2023, an increase of $66 million in the fourth quarter and $293 million for the full year. Consolidated Cash Provided by Operating Activities The Company generated $601 million of cash from operating activities in the fourth quarter and $1.60 billion for the full year of 2024, compared to $390 million in the fourth quarter and $1.03 billion for the full year of 2023. The increase in cash flow from operations of $565 million for the full year is primarily attributable to changes in business performance and favorable changes in working capital in 2024 compared to 2023. Balance Sheet Highlights as of December 31, 2024 and Recent Updates * Consolidated cash, cash equivalents, and restricted cash were $1.20 billion. * Bausch Health (excl. B+L) had availability under its 2027 revolving credit facility of approximately $950 million and Bausch + Lomb had availability under its revolving credit facility of approximately $360 million. * Bausch Health (excl. B+L) has maintained its accounts receivable credit facility which provides for up to $600 million of availability, subject to certain borrowing base tests, $300 million of which was drawn as of December 31, 2024. * On February 11, 2025, Bausch Health's wholly-owned subsidiary, 1261229 B.C. LTD., entered into a financing commitment with a third-party lender to provide a senior secured credit facility in an aggregate principal amount of up to $700 million, subject to customary terms and conditions. Proceeds from the Facility, if funded, combined with the Company's existing sources of liquidity, would be applied to repay its 2025 and 2026 debt obligations. The Facility, if funded, is expected to be secured by a portion of the Bausch + Lomb shares owned by the Company, is available for drawing to Bausch Health for a period of seven months, and is expected to have a maturity of 364 days from the date of borrowing. * The Company is exploring accessing the capital markets to more comprehensively address its maturity profile, which could include pledging a portion of the shares it holds in Bausch + Lomb. 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/yek9tuk5 About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of March 31, 2024, the Company had $26.91 billion in total assets, $27.09 billion in total liabilities, and $174 million in total deficit. * * * In April 2024, S&P Global Ratings raised its issuer credit rating on Bausch Health Cos. Inc. to 'CCC+' from 'CCC'. S&P also raised its issue-level ratings on the senior secured debt to 'B-' from 'CCC+', and its ratings on the second-lien notes and unsecured notes to 'CCC' from 'CCC-'. The negative outlook reflects the risk that Bausch Health could pursue distressed exchanges as it approaches its sizable debt maturities. In September 2024, Fitch Ratings has affirmed Bausch Health Companies' (BHC) and Bausch Health America's (BHA) (collectively: Bausch Health) Long-Term Issuer Default Ratings (IDRs) at 'CCC' and first-lien debt at 'B'/'RR1'. Fitch has also affirmed BHC's second-lien debt at 'CC'/'RR6' and Bausch Health's unsecured debt at 'C'/'RR6'. The 'CCC' IDRs reflect BHC's elevated refinancing risk amid the following two key uncertainties: when and to what degree does competition impact BHC's XIFAXAN product, and whether and when the company completes its separation of Bausch + Lomb Corporation (BLCO). The BLCO separation would reduce diversification and likely increase leverage. BIG LOTS: Forman Mills Bids for Leases in Bankruptcy Auction ------------------------------------------------------------ Forman Mills, Inc., a leading off-price retailer known for its deep discounts on apparel, footwear, and home goods, is actively pursuing multiple Big Lots store leases as part of the ongoing bankruptcy auction for the embattled discount chain. Big Lots, Inc. and its subsidiaries filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware, citing financial challenges. As part of its restructuring efforts, Big Lots is liquidating certain locations, with leasehold interests up for auction. Forman Mills has expressed strong interest in acquiring a selection of these prime retail spaces to fuel its continued growth. "We see a significant opportunity to expand our footprint and serve more value-conscious customers by taking over strategic Big Lots locations," said Sam Dushey, CEO of Forman Mills, Inc. "These locations align well with our growth strategy, allowing us to bring our unbeatable deals and unique shopping experience to even more communities." The auction process is being overseen by Gordon Brothers Retail Partners, LLC, which has been managing Big Lots' asset sales, including its real estate portfolio. Forman Mills is currently evaluating and bidding on a number of available leases in Ohio, Indiana, New York, Michigan and Pennsylvania with a focus on high-traffic locations that fit its large-format discount retail model. With its roots in Philadelphia and a strong presence across urban and suburban markets, Forman Mills has built a reputation for offering brand-name apparel, home essentials, and footwear at deeply discounted prices. The company's interest in Big Lots' leases signals its commitment to expansion, even as the retail industry faces macroeconomic challenges. Industry analysts note that Forman Mills' bid for Big Lots leases could position the retailer for increased market share, particularly in areas where Big Lots has built a loyal customer base. Negotiations and final approvals will depend on the bankruptcy court proceedings, as well as competitive bidding from other interested retailers and landlords. About Forman Mills, Inc. Founded in 1981, Forman Mills is a leading off-price retailer known for its wide selection of brand-name apparel, footwear, and home goods at deeply discounted prices. Headquartered in Pennsauken Township, NJ, the company operates over 80 locations across the U.S., providing value-conscious shoppers with an exciting bargain-hunting experience. About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BIG LOTS: Ollie's Buys 40 More Store Leases, Total Now 63 --------------------------------------------------------- Ollie's Bargain Outlet Holdings, Inc. announced on Feb. 27, 2025, the acquisition of 40 former Big Lots store leases from Gordon Brothers. The acquisition of the additional store leases is subject to final bankruptcy court approval and customary closing conditions. Including the 40 additional Big Lots locations, the Company has acquired a total of 63 former Big Lots store leases to date. Eric van der Valk, President and Chief Executive Officer of Ollie's stated, "We are excited to announce the acquisition of an additional 40 former Big Lot store locations. Everything about these stores lines up well with our business and growth strategy. These locations are the right size, come with favorable lease terms, are located in existing and adjacent trade areas, and have long serviced value conscious consumers." Mr. van der Valk continued, "Similar to what we have done with previous store acquisitions over the past year, we will adjust our existing new store openings and prioritize the opening of the acquired stores in a manner that makes the most operational and financial sense. This acquisition, along with the investments we have made to position the company for sustainable long-term growth provides us with the opportunity to accelerate new store openings in 2025 above our 10% annual growth target and open approximately 75 units." About Ollie's Ollie's is America's largest retailer of closeout merchandise and excess inventory, offering Real Brands and Real Bargain prices(R)! It offers extreme value on brand name products in a variety of departments, including housewares, food, books and stationery, bed and bath, floor coverings, toys, health and beauty aids, and more. It currently operates 568 stores in 31 states and growing! For more information, visit http://www.ollies.com About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BIG LOTS: Unable to Pay Bankruptcy Bills Frustrating Suppliers -------------------------------------------------------------- Steven Church of Bloomberg News reports that Big Lots Inc., now bankrupt, doesn't have enough funds to pay suppliers for goods shipped during its failed bid to keep hundreds of stores open, according to sources familiar with the matter. As a result, suppliers who provided tens of millions of dollars' worth of furniture and other merchandise are among the biggest creditors facing losses in the company's Chapter 11 case. About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BISHOP OF OAKLAND: Updates Restructuring Plan Disclosures --------------------------------------------------------- The Roman Catholic Bishop of Oakland submitted a Second Amended Disclosure Statement for the Second Amended Plan of Reorganization dated February 18, 2025. On the Plan's Effective Date (the date after confirmation when the Plan becomes Effective), the Plan will create a Survivors' Trust for the purpose of paying distributions to Holders of Class 4 and Class 5 Claims, which are the two Classes of Abuse Claims under the Plan. The Survivors' Trust will be funded with (a) $103 million in cash contributed by the Debtor, (b) a contribution of real estate which the Debtor believes is worth between approximately $43 million and $81 million (or more) if it is entitled for residential development, and (c) $14.25 million in cash contributed by RCWC contingent on the number of Releases it secures from those Holders of Class 4 Claims and Class 5 Claims who have asserted liability against RCWC in connection with an Abuse Claim. The Debtor firmly believes the Contributing Entities' Contributions, in the aggregate, accomplish the dual goals of fairly compensating Holders of Abuse Claims and allowing the Debtor to continue its mission to serve the Catholic faithful and those who need its services and ministries in the East Bay area. The basis for this belief is three-fold. First, the Contributing Entities' Contributions exceed, in the aggregate and on a per-Abuse Claim basis, the equivalent contributions from debtors in recent diocesan bankruptcy cases the Debtor believes are comparable to this diocesan bankruptcy case. Second, the Plan maximizes the Debtor's assets available to pay creditors while allowing the Debtor to continue its mission. The Debtor believes it is using the most it is able to use from its assets available to pay creditors and that the remaining assets are needed to allow the Debtor to continue its mission. Perhaps most materially, the Plan reflects the Debtor’s willingness to make deep sacrifices by liquidating assets in order to compensate survivors of sexual abuse in a way that is fair and equitable pursuant to Section 1129(b)(2) of the Bankruptcy Code. In order to pay the entire Debtor Cash Contribution, and to repay RCC for the loan it will make to the Debtor in support of the Plan, the Debtor will be forced to sell a significant amount of its real estate holdings, including some property on which an existing Church currently sits and operates, and including both vacant and non-vacant land. The funding for the Plan includes the Debtor liquidating all eleven vacant real estate parcels titled in the name of the Debtor, and liquidating portions of eighteen additional real estate parcels titled in the name of the Debtor. Furrer Properties, Inc. will also liquidate the property known as Cooper's Mortuary including a four-unit apartment building (three total parcels of real estate) and contribute the proceeds to the Reorganized Debtor. * The $63 million Initial Debtor Contribution (to be paid to the Survivors' Trust on the Effective Date) reflects the maximum amount cash the Debtor can contribute to the Survivors' Trust on the Effective Date while allowing the Debtor to continue its mission. -- The Debtor will obtain a loan of $55 million from RCC on the Effective Date. This is the largest amount RCC is willing and able to loan to the Debtor. RCC is the only viable and realistic exit financing party available to the Debtor. -- $53 million of the RCC loan will be transferred to the Survivors' Trust on the Effective Date. The balance of the exit facility loan from RCC will be used to fund the Reorganized Debtor's operations. -- The remaining $10 million of the Initial Debtor Contribution will be paid from cash reserves set aside to pay creditors or from the sale of real estate. * The $40 million dollars to be contributed by the Reorganized Debtor to the Survivors' Trust during the four years following the Effective Date reflects the maximum amount of cash the Debtor can contribute to the Survivors' Trust while allowing the Reorganized Debtor to continue its mission. The Reorganized Debtor will meet its contribution obligations, which include the $40 million dollars to be contributed to the Survivors' Trust and the amounts needed to service the existing and contemplated debt obligations to RCC, by selling real estate (including some Church property and including both vacant and non vacant land). During each of the four years following the Effective Date, the Reorganized Debtor will transfer to the Survivors' Trust $10 million dollars of proceeds from the sale of such real estate. The Reorganized Debtor will supplement contributions to the Survivors' Trust with additional unrestricted cash if necessary to meet its commitment to contribute $40 million dollars to the Survivors' Trust during the four years following the Effective Date. Third, many of the Debtor's assets are either necessary for it to maintain basic operations, including for Churches within the Diocese of Oakland, or were donated to the Debtor for a specific, restricted purpose. Because the Debtor is a charitable entity, California law imposes limitations on the use of property donated subject to a restriction on use. Consequently, the Debtor may not use assets donated for a specific purpose for any other purpose. In other words, the Debtor cannot use assets donated for the purpose of corporal works of mercy (e.g. feeding the hungry, sheltering the homeless, visiting the sick or imprisoned), to pay operational expenses, or to pay its creditors. Many of the Debtor’s cash assets are restricted in this manner. The Debtor recognizes the sale of valuable real property, particularly "full sites" currently used in the Debtor's ministry, is a painful outcome for the Debtor and many Catholics. Nonetheless, the Debtor is making this sacrifice voluntarily for the benefit of Survivors in this bankruptcy case. The sale of real property on which a Church currently sits and operates or which is used in its ministry would not happen in a forced liquidation under chapter 7 of the Bankruptcy Code. Like in the prior iteration of the Plan, each Holder of Allowed General Unsecured Claim shall receive payment in Cash from the general operating revenues of the Reorganized Debtor in an amount equal to such Allowed General Unsecured Claim, payable no later than the later of (a) the date that is one year after the Effective Date, (b) the date that is twenty-one days after the date when such General Unsecured Claim becomes an Allowed General Unsecured Claim, or (c) the date on which the Holder of such General Unsecured Claim and the Reorganized Debtor shall otherwise agree in writing. The Survivors' Trust shall be funded with (i) aggregate Cash contributions from the Debtor and Reorganized Debtor of $103 million, (ii) any Cash contributions from a Contributing Non-Debtor Catholic Entity pursuant to Section 9.3.2 of the Plan, (iii) title to the Livermore Property, on an as-is, where-is basis, (iv) any proceeds held by the Debtor or the Reorganized Debtor on account of Insurance Settlement Agreements as set forth in and subject to the Plan, and (v) the Assigned Insurance Interests. A full-text copy of the Second Amended Disclosure Statement dated February 18, 2025 is available at https://urlcurt.com/u?l=yBHOgM from Kurtzman Carson Consultants LLC, claims agent. The Roman Catholic Bishop of Oakland is represented by: Jeffrey R. Blease, Esq. Thomas F. Carlucci, Esq. Shane J. Moses, Esq. Emil P. Khatchatourian, Esq. Ann Marie Uetz, Esq. Matthew D. Lee, Esq. FOLEY & LARDNER LLP 555 California Street, Suite 1700 San Francisco, CA 94104-1520 Email: jblease@foley.com tcarlucci@foley.com smoses@foley.com ekhatchatourian@foley.com auetz@foley.com mdlee@foley.com About The Roman Catholic Bishop of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. BIZNESS AS USUAL: Seeks to Hire Jonathan H. Stanwood as Attorney ---------------------------------------------------------------- Bizness as Usual Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Jonathan H. Stanwood, Esq. as its attorney. The firm's services include: a. advising the Debtor of its rights and obligations under the Bankruptcy Code; b. assisting the Debtor in preparation of the schedules and other required pleadings; c. representing the Debtor at the meeting of creditors and other examinations; d. preparing all necessary applications, motions, answers, responses, and similar pleadings; and e. assisting the Debtor in the formulation and prosecution of confirmation of a reorganization plan. The firm will charge $325 per hour for attorney's services and paralegals at $125 per hour. Mr. Stanwood has no other connection and/or interest adverse to the debtor, its creditors, any other party in interest, as stated in the filing. The counsel can be reached through: Jonathan H. Stanwood, Esq. Law Office of Jonathan H. Stanwood, LLC 8 Penn Center, Suite 1000 1628 JFK Blvd Philadelphia, PA 19103 Telephone: (215) 569-1040 Facsimile: (215) 689-4084 Email: jhs@stanwoodlaw.com About Bizness as Usual Inc. Bizness as Usual Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-10551) on February 11, 2025, listing $1,000,001 to $10 million in assets and $500,001 to $1 million in liabilities. Judge Patricia M Mayer handles the case. Jonathan H. Stanwood, Esq. at Law Office - Jonathan H. Stanwood, LLC represents the Debtor as counsel. BLACK ROCK MINING: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Black Rock Mining, LLC 2787 Rosewood Blvd. Boron, CA 93516 Business Description: Black Rock Mining, LLC, based in Boron, California, is involved in the extraction and processing of basalt, a dark-colored igneous rock. The Company offers products used in construction, such as crushed aggregate for road bases, concrete, asphalt, and railroad ballast. Chapter 11 Petition Date: February 28, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-10619 Judge: Hon. Rene Lastreto II Debtor's Counsel: Stephen R. Wade, Esq. THE LAW OFFICES OF STEPHEN R. WADE 5150 E. Pacific Coast Hwy., Suite 210 Long Beach, CA 90804 Tel: (909) 575-7597 Email: srw@srwadelaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kevin Schweizer as manager. 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/NHFNS2Y/Black_Rock_Mining_LLC__caebke-25-10619__0001.0.pdf?mcid=tGE4TAMA BLINK FITNESS: Gets Court Nod for Chapter 11 Wind-Down Plan ----------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that on February 28, 2025, a Delaware bankruptcy judge approved Blink Fitness' Chapter 11 wind-down plan after the company removed legal protections for its plan administrator. About Blink Holdings Blink Holdings, Inc., d/b/a Blink Fitness, provides fitness services in the high value, low price fitness category. The business was launched in 2011 with only three locations in New York and New Jersey. By 2019, Blink Fitness had expanded to 92 corporate-owned locations and 10 franchised locations in New York, New Jersey, Massachusetts, Texas, Illinois, and California, and had just launched a proprietary mobile application to enhance member experience. Blink Holdings and more than 100 of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11686) on Aug. 12, 2024. In the petition filed by President Guy Harkless, Blink Holdings disclosed $100 million to $500 million in assets against $100 million to $500 million in debt. The Hon. J. Kate Stickles presides over the cases. Young Conaway Stargatt & Taylor, LLP serves as the Debtors' counsel. Moelis & Company is the Debtors' investment banker and EPIQ Corporate Restructuring LLC is the Debtors' notice and claims agent. BLUE HART: Kathleen DiSanto Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for Blue Hart Investments, LLC. Ms. DiSanto will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 Email: disanto.trustee@bushross.com About Blue Hart Investments Blue Hart Investments, LLC is a limited liability company in New Port Richey, Fla. Blue Hart Investments filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00979) on February 18, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $1 million and $10 million. Judge Catherine Peek Mcewen handles the case. The Debtor is represented by: James W. Elliott, Esq. McIntyre Thanasides Bringgold Elliott Grimaldi Guito, P.A. 1228 E. 7th Ave., Suite 100 Tampa, FL 33605 Tel: 813-223-0000 Email: James@mcintyrefirm.com BOXLIGHT CORP: Amends Terms on Preferred Stock Conversion --------------------------------------------------------- Boxlight Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company filed with the Secretary of State of the State of Nevada: (i) an Amendment to the Certificate of Designation of its Series B Preferred Stock and (ii) an Amendment to the Certificate of Designation of its Series C Preferred Stock. Each Amendment was approved by the holders of a majority of the outstanding shares of Series B Preferred Stock or Series C Preferred Stock, as applicable, in accordance with the applicable Certificate of Designation. Pursuant to the Amendments, neither the Series B Preferred Stock nor the Series C Preferred Stock shall be convertible into Class A Common Stock until the earlier of: (1) the effectiveness of an amendment to the articles of incorporation of the Company increasing the number of shares of authorized Class A Common Stock to at least 25,000,000 shares (subject to adjustments as set forth therein) and (2) August 19, 2025. About Boxlight Corporation Boxlight Corporation (Nasdaq: BOXL) -- http://www.boxlight.com/-- is a provider of interactive technology solutions under its brands Clevertouch, FrontRow, and Mimio. Boxlight aims to improve engagement and communication in diverse business and education environments. Boxlight develops, sells, and services its integrated solution suite including interactive displays, collaboration software, audio solutions, supporting accessories, and professional services. Atlanta, Georgia-based Forvis, LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 14, 2024, citing that the Company has identified certain conditions relating to its outstanding debt and Series B Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. As of September 30, 2024, Boxlight had $141.4 million in total assets, $106.3 million in total liabilities, $28.5 million in total mezzanine equity, and $6.5 million in total stockholders' equity. BOXLIGHT CORP: Closes $2.8 Million in Private Placement ------------------------------------------------------- Boxlight Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on February 19, 2025, it entered into a Securities Purchase Agreement with certain institutional accredited investors, pursuant to which the Company agreed to issue and sell, in a private placement priced at-the-market under the rules of The Nasdaq Stock Market, an aggregate of: (i) 260,000 shares of the Company's Class A common stock, par value $0.0001 per share, (ii) pre-funded warrants to purchase up to an aggregate of 1,063,000 shares of Class A Common Stock, and (iii) warrants to purchase up to an aggregate of 1,323,000 shares of Class A Common Stock. The purchase price of each Share and accompanying Common Warrant was $2.13, and the purchase price of each Prefunded Warrant and accompanying Common Warrant was $2.1299. The Private Placement closed on February 21, 2025, and the Company issued the Shares and executed and delivered the Warrants. The gross proceeds from the Private Placement were approximately $2.8 million, before deducting placement agent fees and other private placement expenses. The Company intends to use the net proceeds from the Private Placement for working capital and general corporate purposes. Each Pre-Funded Warrant has an initial exercise price of $0.0001 per share (subject to adjustments as set forth therein), is immediately exercisable upon issuance and will expire when exercised in full. Each Common Warrant has an initial exercise price of $2.13 per share (subject to adjustments as set forth therein), is exercisable six months following the date of issuance and will expire five and a half years from the date of issuance. The Purchase Agreement contains customary representations and warranties of the Company, indemnification obligations of the Company, customary conditions to closing and termination provisions. The representations and warranties of each party set forth in the Purchase Agreement have been made solely for the benefit of the other parties to the Purchase Agreement, and such representations and warranties should not be relied on by any other person. Pursuant to the Purchase Agreement, the Company has agreed that, from the date of the Purchase Agreement until 90 days after the closing of the Private Placement, the Company will not: (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Class A Common Stock or securities convertible, exchangeable or exercisable into, shares of Class A Common Stock or (ii) file any registration statement or amendment or supplement thereto, other than in connection with the registration rights set forth in the Purchase Agreement. In addition, from the date of the Purchase Agreement until 45 days after the Effective Date, the Company has agreed not to enter into a Variable Rate Transaction; provided, however, that the issuance and sale of shares of Class A Common Stock in an "at the market" offering at a price greater than $2.40 per share with the Placement Agent acting as sales agent will not be prohibited. Under the terms of the Warrants, a holder will not have the right to exercise any portion of the Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% of the number of the Company's Class A Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Warrants. However, upon notice from the holder to the Company, the holder may increase the beneficial ownership limitation to 9.99% of the number of the Company's Class A Common Stock outstanding immediately after giving effect to the exercise of Warrants. Pursuant to the Purchase Agreement, on or before the 45th day following the closing of the Private Placement, the Company has agreed to file a registration statement with the Securities Exchange Commission to register the resale of the Shares and the Warrant Shares. The Company further agreed to use commercially reasonable efforts to cause the Registration Statement to be declared effective by the SEC within 60 days after the date of the closing of the Private Placement, or 90 days after the date of the closing of the Private Placement if the SEC reviews the Registration Statement. On February 19, 2025, the Company also entered into a Placement Agent Agreement with A.G.P./Alliance Global Partners, pursuant to which the Company engaged AGP to act as its sole placement agent in connection with the Private Placement. As compensation to the placement agent, the Company agreed to pay AGP a cash fee of 7.0% of the aggregate gross proceeds from the Private Placement plus reimbursement of certain expenses and reasonable legal fees. Furthermore, in connection with the Private Placement, on February 21, 2025, each of the directors and executive officers of the Company entered into a lock-up agreement with the Placement Agent, pursuant to which each director and executive officer agreed, subject to certain limited exceptions, not to: (1) offer, sell, pledge or otherwise dispose of any shares of Class A Common Stock or Common Stock Equivalents beneficially owned, held or thereafter acquired; or (2) make any demand for or exercise any right or cause to be filed a registration statement, including any amendments thereto, with respect to the registration of any shares of Class A Common Stock or Common Stock Equivalents or publicly disclose the intention to do any of the foregoing, in each case through the period ending on the date that is 90 days from the closing of the Private Placement. The Private Placement is exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as a transaction by an issuer not involving a public offering and Regulation D promulgated thereunder. The Investors have represented that they have not acquired the securities with a view to or for sale in connection with any distribution thereof in violation of the Securities Act of 1933, as amended, and appropriate legends have been affixed to the securities issued in the Private Placement. About Boxlight Corporation Boxlight Corporation (Nasdaq: BOXL) -- http://www.boxlight.com/-- is a provider of interactive technology solutions under its brands Clevertouch, FrontRow, and Mimio. Boxlight aims to improve engagement and communication in diverse business and education environments. Boxlight develops, sells, and services its integrated solution suite including interactive displays, collaboration software, audio solutions, supporting accessories, and professional services. Atlanta, Georgia-based Forvis, LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 14, 2024, citing that the Company has identified certain conditions relating to its outstanding debt and Series B Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. As of September 30, 2024, Boxlight had $141.4 million in total assets, $106.3 million in total liabilities, $28.5 million in total mezzanine equity, and $6.5 million in total stockholders' equity. BROOKDALE SENIOR: Posts $202 Million Net Loss in FY 2024 -------------------------------------------------------- Brookdale Senior Living Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $202 million on $3.13 billion of total revenue and other operating income for the year ended December 31, 2024, compared to a net loss of $189.1 million on $3.02 billion of total revenue and other operating income for the year ended December 31, 2023. As of December 31, 2024, the Company had $6.34 billion in total assets, $6.12 billion in total liabilities, and total stockholders' deficit of $213.91 million. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/y6vwm6x7 About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. * * * Egan-Jones Ratings Company on January 14, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. BYJU'S ALPHA: Court Rules $533M Transfers Were Fraudulent --------------------------------------------------------- The steering committee of the ad hoc group of term loan lenders of the $1.5 billion Term Loan B provided to BYJU'S Alpha, Inc., a Delaware special purpose financing vehicle established by BYJU'S to receive proceeds of the Term Loans, announced on February 28, 2025, that the Honorable Judge John T. Dorsey of the United States Bankruptcy Court for the District of Delaware issued an order granting summary judgment in favor of BYJU's Alpha, Inc. against Riju Ravindran, Camshaft Capital Fund, LP and its affiliates, and Think & Learn Pvt Ltd (d.b.a. BYJU'S). The Order finds that the Defendants, alongside Byju Raveendran, are responsible for orchestrating and executing an unlawful scheme that defrauded the Lenders. Damages are to be awarded at a later date. In making its ruling, the Court confirmed that the multiple transfers of funds from BYJU's Alpha constituted actual fraudulent transfers and conversion (i.e., theft). The Court also confirmed that Riju Ravindran violated his fiduciary duties as a director of BYJU's Alpha. In connection with the Order, the Lenders issued the following statement: "We are gratified the Court unequivocally recognized that Riju Ravindran, Camshaft, and BYJU's together conducted a deliberate fraud on a global scale arising from the theft of $533 million. This is a significant step forward in the Lenders' efforts to recover the stolen funds that are rightfully owed to them." Relevant commentary from the Judge is below: Fraudulent Transfers -- "Only a few months after executing the Credit Agreement, in March and April of 2022, the Debtor [under Riju Ravindran] and its affiliates failed to satisfy certain loan covenants, which constituted defaults of the Term Loan. Within weeks of the defaults, the Debtor [under Riju Ravindran] began to move funds through a series of four transfers (together, the "Transfers")." -- "Considering all the evidence before me, I find there to be no genuine issue of material fact as to the Debtor's [under Tim Pohl] claim that the First Transfer is an actual fraudulent transfer as to Camshaft." -- "Having considered the evidence presented by Debtor [under Tim Pohl], and the lack of any opposing evidence from T&L, I am satisfied that Debtor [under Tim Pohl] has established that the Second Transfer was made with fraudulent intent." Byju's & Riju's Deceptions -- "Byju Raveendran (the Debtor's founder, and self-appointed CEO, T&L's CEO, and Riju Ravindran's older brother told the Lenders' senior financial advisor, Stephen Spencer, in reference to the Alpha Funds, that the Debtor "doesn't have the money[.]" Rather, "the money is someplace the Lenders will never find it." -- "Defendants concealed the whereabouts of the Alpha Funds on multiple occasions. They: (i) failed to furnish financial statements that would have revealed where the Alpha Funds were transferred, (ii) refused GLAS's and the Lenders' basic information requests, (iii) made additional transfers when Plaintiffs came close to finding the Alpha Funds, (iv) orchestrated the sham resignation of Ravindran to facilitate the Fourth Transfer, and (v) repeatedly violated the Court's discovery orders, all to keep the Alpha Funds away from the Debtor and its creditors. -- "To date, Ravindran has failed to respond to discovery requests and Debtor has been unable to identify which T&L subsidiary holds the funds. -- "Simply put, Ravindran's argument makes no sense." Think & Learn's Involvement -- "Considering the extensive evidence suggesting T&L's creation of a U.S. subsidiary which was then used to perpetrate a fraud, I find that under the circumstances of this case, the exercise of jurisdiction over T&L is reasonable." -- "T&L (on whose board Ravindran sat) actively misled the Lenders into believing that the funds remained in the Debtor's bank accounts in cash or cash equivalents." -- "As with the First Transfer, it was T&L who made the ultimate decision and directed the transfer, with Ravindran merely signing documents without asking questions." -- "The evidence makes clear that as of March 3, 2023, Pohl was the only party with corporate authority to direct the use, possession, transfer, or disposition of the property of the Debtor. Because T&L and Ravindran lacked corporate authority to exercise control over the Debtor's property on March 31 the transfer of the LP Interest was a wrongful disposition of the Debtor's property. This constitutes conversion under applicable law." Camshaft -- "GLAS's investigator concluded that the hedge fund was a sham, and I agree. It is unclear why the Debtor's would choose to invest in Camshaft Fund at all." Background In 2021, BYJU's Alpha was established as a U.S. subsidiary of BYJU's to receive proceeds of the Term Toan. In 2022, BYJU's Alpha, under the control of the Raveendran family (and prior to the brothers' removal as director and officers of BYJU's Alpha on March 3, 2023), transferred $533 million in Term Loan proceeds to Camshaft Capital Fund, LP, a sham hedge fund founded by William Morton. In March 2023, BYJU's Alpha's limited partnership interest in Camshaft Capital Fund was transferred by Riju and Byju to Inspilearn LLC, and then again transferred to, and then redeemed by an offshore trust of Inspilearn in February 2024. Subsequently, there was yet another transfer to a still undisclosed entity. About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. CALIFORNIA ENVIRONMENTAL: Hires Gabriel Liberman as Legal Counsel ----------------------------------------------------------------- California Environmental Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Law Offices of Gabriel Liberman, APC to handle its Chapter 11 case. The firm will be paid at these rates: Gabriel E. Liberman $425 per hour Paraprofessionals $150 per hour The firm received a retainer in the amount of $55,000 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gabriel E. Liberman, Esq., a partner at Law Offices Of Gabriel Liberman, APC, 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: Gabriel E. Liberman, Esq. Law Offices Of Gabriel Liberman, APC 1545 River Park Drive, Ste 530 Sacramento, CA 95815 Tel: (916) 485-1111 Email: attorney@4851111.com About California Environmental Systems California Environmental Systems, Inc. is a full-service mechanical contractor specializing in the installation and design/build of plumbing, heating, and air conditioning systems. California Environmental Systems filed Chapter 11 petition (Bankr. E.D. Calif. Case No. 25-20329) on February 27, 2025, listing up to $10 million in both assets and liabilities. Jeanette Pierce, secretary of California Environmental Systems, signed the petition. Judge Ronald H. Sargis oversees the case. Gabriel E. Liberman, Esq., at Law Offices of Gabriel Liberman, represents the Debtor as bankruptcy counsel. CAMPBELL FAMILY: Taps Rollins Law Firm as Bankruptcy Counsel ------------------------------------------------------------ Campbell Family Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to hire The Rollins Law Firm, PLLC to handle the bankruptcy proceedings. The hourly rates of the firm's counsel and staff are: Thomas Carl Rollins, Jr. $360 Paralegal $155 Legal Assistants $100 Thomas Carl Rollins, Jr., Esq., an attorney at The Rollins Law Firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas Carl Rollins, Jr., Esq. The Rollins Law Firm, PLLC P.O. Box 13767 Jackson, MS 39236 Telephone: (601) 500-5533 Email: tc@therollinsfirm.com About Campbell Family Enterprises Inc. Campbell Family Enterprises, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-10364-SDM) on February 4, 2025. In the petition signed by Phillip Campbell, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Selene D. Maddox oversees the case. Thomas C. Rollins, Jr., Esq., at The Rollins Law Firm, PLLC, represents the Debtor as legal counsel. CAPITAL COMMERCIAL: Unsecureds to Split $20K in Amended Plan ------------------------------------------------------------ Capital Commercial Holdings, LLC submitted a First Amended Disclosure Statement in support of First Amended Plan of Reorganization dated February 18, 2025. The Plan provides for the payment of Administrative Expenses incurred by professionals at confirmation or on a schedule agreed to by such professional. Priority Tax claims, if any, will be paid by new value contribution in the first full quarter following the Effective Date and within 60 months of the Petition Date. Creditors holding secured claims whose collateral is retained by the Debtors and which collateral is not revalued under Section 506 of the Bankruptcy Code will continue to receive payment on such claims in the ordinary course of business, with any pre-petition arrearages paid upon the sale or refinance of the Real Estate, Debtor's single asset, in this matter within two years of the Effective Date. Creditors holding secured claims whose collateral is retained and revalued under Section 506 of the Bankruptcy Code will have claims paid upon the sale or refinance of the Real Estate within two years of the effective date. Allowed General unsecured claims will receive its full share or pro rata share, dependent on the Debtor's projected liquidation if this matter were filed under Chapter 7 of the Bankruptcy Code. If the amount of general unsecured claims allowed is less than the liquidated amount, general unsecured claims shall be paid their full allowed claim upon the sale or refinance of the Real Property. The payment of Allowed Claims is in accordance with the priorities set forth in the Bankruptcy Code. The Debtors will continue to manage their property and affairs after confirmation. This Plan allows the Estate to utilize the equity in its Single Asset of the Debtor to reorganize its debt, with the sale or refinance of the single real estate asset, with the proceeds to be used to satisfy creditor claims. The sale or refinance is anticipated to occur within two years of the Effective Date. Class 1 consists of all Allowed Claims entitled to priority under the Bankruptcy Code Section 507 to the extent of the amount allowed priority status under the Bankruptcy Code. Tax-based priority claims, if any, will be paid according to the terms set forth in Section VI(B). Property tax claims will be paid from proceeds obtained from the sale or refinance of the San Juan Capistrano real property. Claims having administrative priority will receive the treatment identified in Section VI(A), above. The Debtors do not owe any other priority claims. Class 2(a) consists of the Secured Claim of Aries Investments LLC in the approximate amount of $550,000.00 secured by a deed of trust. Aries is a hard-money lender whose entire principal amount became due pre-petition. Thus, the entire amount is pre-petition arrearages which shall be fully secured on the Property. The Class 2(a) claim has been marked "disputed" in Debtor's Schedules. Aries filed a proof of claim on January 31, 2025 with a claim amount of $746,268.12. Debtor has objected to Aries' Proof of Claim based on a purported calculation error. The Debtor intends sell or refinance the single asset real estate within two years of the Effective Date. Upon sale or refinance, Aries Investments LLC shall be paid $616,984.25. Aries Investments LLC is under-secured in their claim 1 in the amount of $48,951.80. Aries Investments LLC's under-secured portion of Class 2(a) shall be paid pro rata along with other general unsecured claims from funds allocated to the general unsecured class. 1111(b) Election. Alternatively, if the Class 2(a) Claimant elects to have its claim treated as fully secured under Section 1111(b) of the Bankruptcy Code, the Class 2(a) Claimant will receive total payments equal to $665,936.05 paid as follows: $616,984.25 paid within two years of the Effective Date through the sale or refinance of the Property and $5,439.09 per quarter beginning in the First Quarter of Year 3 following the Effective Date paid by either DIP Financing or Additional New Value Contributions. Creditor must make its Section 1111(b) of the Bankruptcy Code election prior to the first hearing on approval of this Disclosure Statement. Class 3 consists of the Allowed Unsecured Claims and all Claims not otherwise classified. Unsecured Creditors holding Allowed Class 3 Claims will receive the following: a pro-rata share of $20,000.00 in the first full quarter following the Effective Date. Unsecured Creditors shall not be entitled to any interest under this Chapter 11 Plan. Class 3 is Impaired by the Plan. Therefore, holders of Allowed Class 3 Claims are entitled to vote on the Plan. Class 4 consists of the Debtor's interest in their non-exempt property. On the Effective Date, the Debtor's principal John Wright shall contribute $25,000.00 in cash as new value contribution to Debtor to retain the Debtor's interests in non exempt property. An exception to the absolute priority rule is the so-called "new value exception." Courts have held that old equity may only retain an equity interest in the reorganized debtor based on contributions that are (1) new, (2) substantial, (3) money or money's worth, (4) necessary for a successful reorganization, and (5) reasonably equivalent to the property that old equity is retaining. Debtor asserts that the $25,000.00 new value contribution fulfills all those requirements. The amount is substantial considering the amount of the estimated administrative claims and it is in money or money's worth. The property retained by the Debtor is encumbered by the Aries Investment LLC's deed of trust lien, with minimal equity, if any, depending on Aries Investment LLC's disputed claim amount. The Plan will be funded by the following: * Sale or Refinance of the single asset real estate. * New value contribution. * DIP Financing, if necessary. A full-text copy of the First Amended Disclosure Statement dated February 18, 2025 is available at https://urlcurt.com/u?l=EdkyFu from PacerMonitor.com at no charge. Counsel to the Debtor: Joseph G. Urtuzuastegui III, Esq. The Real Estate Investor Law Firm, LLC 4535 E. McKellips Rd., Suite 1093 Mesa, AZ 85215 Phone: (480) 505-7044 About Capital Commercial Holdings Capital Commercial Holdings, LLC is the fee simple owner of a vacant land located in San Juan Capistrano, having a current value of $1.6 million. Capital Commercial Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-09234) on October 30, 2024, with total assets of $1,600,000 and total liabilities of $773,885. John Wright, manager, signed the petition. Judge Eddward P. Ballinger Jr. handles the case. The Debtor is represented by Joseph G. Urtuzuastegui, III, Esq., at REI Law Firm. CARVANA CO: Registers 2.67MM Additional Shares Under Incentive Plan ------------------------------------------------------------------- Carvana Co. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission to register up to 2,665,416 additional shares of the Company's Class A common stock, par value $0.001 per share, which have been authorized and reserved for issuance under the Carvana Co. 2017 Omnibus Incentive Plan (as amended on June 5, 2017, August 22, 2017, and May 1, 2023, the "Plan") as a result of the annual evergreen increase under the Plan and shares of Class A common stock that may again become available for delivery with respect to awards under the Plan pursuant to the share counting, share recycling and other terms and conditions of the Plan. In accordance with General Instruction E of Form S-8, this Registration Statement hereby incorporates by reference the contents of: (i) the Registration Statement on Form S-8 (File No. 333-217520), filed by the Company with the SEC on April 28, 2017, (ii) the Registration Statement on Form S-8 (File No. 333-269560), filed by the Company with the SEC on February 3, 2023, (iii) the Registration Statement on Form S-8 (File No. 333-271690), filed by the Company with the SEC on May 5, 2023 and (iv) the Registration Statement on Form S-8 (File No. 333-277329), filed by the Company with the SEC on February 23, 2024. A full-text copy of the registration statement is available at: https://tinyurl.com/y83jppa2 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. CARVANA CO: Reports $404 Million Net Income in FY 2024 ------------------------------------------------------ Carvana Co. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net income of $404 million for the year ended December 31, 2024, compared to a net income of $150 million for the year ended December 31, 2023. As of December 31, 2024, the Company had $8.5 billion in total assets, $7.1 billion in total liabilities, and total equity of $1.4 billion. Carvana said, "Our substantial indebtedness, including any additional indebtedness incurred in the future, could adversely affect our financial flexibility, ability to incur additional debt, and our competitive position and prevent us from fulfilling our obligations under our financing agreements." As of December 31, 2024, the Company had outstanding (on a consolidated basis): (1) $205 million aggregate principal amount of the Company's Senior Unsecured Notes, (2) $4.4 billion aggregate principal amount of Senior Secured Notes, which includes $105 million of accrued payment-in-kind interest, (3) $67 million aggregate principal amount of borrowings under the Company's Floor Plan Facility and the Finance Receivable Facilities, (4) $183 million aggregate principal amount of indebtedness represented by the Company's finance lease agreements between the Company and providers of equipment financing, (5) an outstanding balance of $354 million under the Company's secured borrowing facility through which it finances certain retained beneficial interests in its securitizations, and (6) $485 million of other long-term debt related to the Company's sale leaseback transactions. The Company's substantial indebtedness has had and could have further significant effects on its business. For example, it has or could: * make it more difficult for the Company to satisfy its obligations with respect to its current and future indebtedness, including its Senior Secured Notes and Senior Unsecured Notes and the Floor Plan Facility; * increase the Company's vulnerability to adverse changes in prevailing economic, industry, and competitive conditions; * require the Company to dedicate a substantial portion of its cash flow from operations to make payments on its indebtedness, thereby reducing the availability of its cash flow to fund working capital, capital expenditures, acquisitions, the execution of its business strategy, and other general corporate purposes; * limit the Company's flexibility in planning for, or reacting to, changes in its business and the industry in which it operates; * limit the Company's ability to incur additional debt or increase its cost of borrowing; * restrict the Company from exploiting business opportunities; and * place the Company at a disadvantage compared to its competitors that have fewer debt obligations. Carvana said, "We also may incur significant additional indebtedness in the future, subject to the restrictions in the indentures governing the Senior Notes, or we may pursue investments in joint ventures or acquisitions, which we may finance with additional debt. If we incur additional debt, the related risks that we face would intensify." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/y6wnzx2w 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. CARVANA CO: Updates ATM Offering Agreement ------------------------------------------ As previously announced by Carvana Co. in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Company entered into a Second Amended and Restated Distribution Agreement with Barclays Capital Inc., Citigroup Global Markets Inc. and Virtu Americas LLC to further refresh its "at-the-market offering" program. The offering of shares of the Company's Class A Common Stock pursuant to the ATM Program will be made from time to time pursuant to a shelf registration statement on Form S-3ASR (File No. 333-285061), including the prospectus dated February 19, 2025 contained therein, and the prospectus supplement filed on February 19, 2025. 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. CELL-NIQUE CORP: Unsecureds Will Get 17.23% of Claims over 5 Years ------------------------------------------------------------------ Cell-Nique Corporation and affiliates filed with the U.S. Bankruptcy Court for the Northern District of New York a Disclosure Statement describing Consolidated Plan of Reorganization dated February 18, 2025. Cell-Nique is a holding company that directly owns the 3 other Debtors. Specifically, Cell-Nique directly owns all of the outstanding stock of Hudson, Hodgson, and Dancing Deer as subsidiaries of Cell-Nique (collectively the "Subsidiaries"). The Debtor sells and manufactures food and beverage directly to consumers, retail stores as well as co-manufacturing and private label. The company is based in Castleton, New York, and was founded in 2005 by Dan Ratner. The Debtor was impacted by Covid pandemic which resulted in reduction of traditional social gathering and consumption of Debtors products. The Debt expanded the business in 2021 to co-manufacture and private label which has expanded sales and is the primary basis of the Plan of Reorganization. Class 15 consists of the Allowed General Unsecured Creditors in the approximate amount of $10,158,000. Subject to the Plan, with respect to Disputed Claims, on the effective date, Class 15 Claimants shall be paid $175,000 on each December and $175,000 on each March over the five-year term of the Plan, commencing in December, 2025 for a total of $1,750,000 over the term of the Plan, equaling approximately 17.23% of their claims. Said payments shall be distributed Pari passu between the Class 15 Claimants. Class 15 is impaired. Class 16 consists of the Equity Interest Holders of the Debtor. Dan Ratner or affiliates entity shall make a $50,000 New Value Contribution to the Debtor on the effective date and shall own 100% of the reorganized Debtor. Class 16 interests are not entitled to vote on the Plan. The Plan contemplates payment to creditors through the ongoing operation of the Debtor's business. Dan Ratner shall be the distribution agent responsible for all distributions under the Plan and waives compensation as disbursing agent. A full-text copy of the Disclosure Statement dated February 18, 2025 is available at https://urlcurt.com/u?l=vhQ1oU from PacerMonitor.com at no charge. The Debtor's Counsel: Peter A. Pastore, Esq. O'CONNELL & ARONOWITZ, P.C. 54 State Street, 9th FL Albany, NY 12207 Tel: 518-462-5601 Email: PaPastore@oalaw.com About Cell-Nique Corporation Cell-Nique Corporation is a grocery and related product merchant wholesaler in Castleton, N.Y. Cell-Nique sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 24-10508) on May 9, 2024, with $10 million to $50 million in both assets and liabilities. Daniel Ratner, president of Cell-Nique, signed the petition. Judge Robert E. Littlefield, Jr. oversees the case. Peter A. Pastore, Esq., at O'Connell and Aronowitz, P.C., represents the Debtor as legal counsel. CHANGAR REALTY: Seeks to Tap Changar Realty as Real Estate Broker ----------------------------------------------------------------- Changar Realty Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Changar Realty as real estate broker and marketing agent. The firm will market and sell the Debtor's property located at 1704-1714 University Avenue, Bronx, NY. Maltz will be seeking a commission of a six percent buyer's premium, to be paid by the successful bidder. Richard Maltz, chief executive officer at Maltz Auctions, 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: Richard B. Maltz Maltz Auctions, Inc. 39 Windsor Place Central Islip, NY 11722 Telephone: (516) 349-7022 About Changar Realty Corp. Changar Realty Corp. owns a commercial rental property located at 1704 University Avenue Bronx NY valued at $4 million. Changar Realty Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11350) on August 2, 2024. In the petition filed by Elba Fournier, as vice president, the Debtor reports total assets of $4,100,000 and total liabilities of $2,402,833. The Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Anne Penachio, Esq. at PENACHIO MALARA LLP. CHAR GRILL: Seeks Approval to Hire Sasser Law Firm as Attorney -------------------------------------------------------------- Char Grill Benson, LLC seeks approval from the U.S. Bankruptcy for the Eastern District of North Carolina to hire Sasser Law Firm as attorney. The firm will provide these services: a. providing legal advice with respect to powers and duties as Debtor-in-Possession and the continued operation of its business and management of the property owned; b. preparing and filing of monthly reports, plan of reorganization and disclosure statement; c. preparing on behalf of the Debtor-in-Possession of necessary applications, answers, orders, reports and other legal papers; d. performing all other legal services for debtor as Debtor-in-Possession which may be necessary herein until and through the case's confirmation, dismissal or conversion; e. undertaking necessary action, if any, to avoid liens against the Debtor's property obtained by creditors and to recover preferential payments within 90 days of the filing of the said Petition under Chapter 11; f. performing a search of the public records to locate liens and assess validity; g. representing at hearings, confirmation, and any 2004 examination. The firm will be paid at $350 per hour. Sasser Law Firm will be paid a retainer in the amount of $7,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Phillip Sasser, Esq., a partner at Sasser Law Firm, 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: Phillip Sasser, Esq. Sasser Law Firm 2000 regency Parkway, Suite 230 Carey, NC 27518 Telephone: (919) 319-7400 Facsimile: (919) 657-7400 Email: philip@sasserbankruptcy.com About Char Grill Benson Char Grill Benson, LLC is a local fast-food chain serving charcoal-grilled burgers, fries and shakes. Char Grill Benson filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00459) on February 7, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Edwin Yancey, member-manager of Char Grill Benson, signed the petition. Judge David M. Warren presides over the case. Philip M. Sasser, Esq., at Sasser Law Firm represents the Debtor as bankruptcy counsel. CHORD ENERGY: S&P Raises ICR to 'BB', Outlook Stable ---------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Chord Energy Corp. and issue-level rating on its senior unsecured notes to 'BB' from 'BB-'. S&P's recovery rating is unchanged at '3', reflecting its expectation of meaningful (50%-70%; rounded estimate: 65%) recovery of principal to creditors. The stable outlook reflects S&P's expectation that Chord will maintain a steady development program, relatively flat production volumes, and strong credit measures including funds from operations (FFO) to debt well over 100% during the next two years. Chord Energy, a Houston-based oil and gas exploration and production (E&P) company, has increased its scale of proved reserves and production while maintaining a conservative financial policy and solid credit measures. The upgrade to 'BB' reflects Chord's increased scale of operations and sustained solid credit metrics following its acquisition of Enerplus Corp. The $4.2 billion transaction closed in May 2024 and added about 100,000 barrels of oil equivalent (boe) per day of production and more than 300 million boe of proved reserves. S&P said, "We anticipate Chord will maintain production at 265,000-270,000 boe per day in 2025 and 2026 (comprising 55%-60% crude oil) and believe this larger operating scale--including its 39% year-over-year increase in proved reserves to 883 million boe--supports the higher rating and brings greater operating efficiencies. However, Chord's assets have high geographic concentration in the Williston Basin, which we believe leaves it exposed to regional risks." S&P said, "We expect Chord will maintain very strong credit measures and a disciplined financial policy. The company has a $1.4 billion capital spending plan in 2025, which will support a drilling program of 4-5 rigs and 1-2 hydraulic fracturing spreads throughout the year. Chord remains focused on improving capital efficiency, and its drilling program is increasingly focused on longer 3-mile lateral length wells over its traditional 2-mile laterals, which improves well economics in the play. Based on these improved efficiencies and our price assumptions of $70 per barrel for West Texas Intermediate (WTI) crude oil, we expect Chord to generate $800 million-$825 million of free operating cash flow (FOCF). We expect FFO to debt to remain well over 100% and debt to EBITDA below 0.5x over our forecast period. "We expect Chord to return most FOCF to shareholders. Given low leverage (i.e. when company reported debt to EBITDA is below 0.5x), its shareholder rewards framework allocates more than 75% of FOCF to shareholders after its base dividend, through share repurchases and variable dividends. Our base-case scenario assumes total shareholder rewards of more than $600 million in 2025. We also anticipate Chord will apply a portion of discretionary cash flow after its shareholder returns to repay borrowings on its reserve-based lending credit facility. The company had $445 million drawn as of Dec. 31, 2024. "The stable outlook reflects our expectation that Chord Energy will maintain steady capital spending funded within internally generated cash flow. We expect relatively flat production volumes over and anticipate credit measures will remain very strong over the next 12-24 months, including FFO to debt well over 100%." S&P could lower its rating on Chord Energy if its credit measures weaken such that S&P expects FFO to debt to approach 45% on a sustained basis. This would most likely occur if: -- Commodity prices decline and the company doesn't dial back spending; or -- The company debt-finances a large acquisition. Although unlikely over the next 12 months, S&P could raise its rating on Chord Energy if the company: -- Expands its scale of proved reserves and production or increases geographic diversification; and -- Maintains FFO to debt comfortably above 60%. CINEMA MANAGEMENT: Trustee Taps Levene Neale Bender as Counsel -------------------------------------------------------------- John Pringle, the Chapter 11 trustee for Cinema Management Group, LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Levene, Neale, Bender, Yoo & Golubchik L.L.P. as his general bankruptcy counsel. The firm will render these services: a. advising the Trustee with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the UST as they pertain to the Debtor's estate; b. advising the Trustee with regard to certain rights and remedies of the Debtor's bankruptcy estate and the rights, claims and interests of creditors; c. representing the Trustee in any proceeding or hearing in the Bankruptcy Court involving the Debtor's estate unless Applicant is represented in such proceeding or hearing by other special counsel; d. conducting examinations of witnesses, claimants or adverse parties and representing the Trsutee 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 Trustee in the preparation of reports, applications, pleadings and orders including, but not limited to objections to claims, settlements and other matters relating to the case; f. investigating, evaluating, and prosecuting objections to claims as may be appropriate; and g. performing any other services which may be appropriate in LNBYG's representation of Trustee during the bankruptcy case. The hourly rates of the firm's counsel and staff are as follows: David L. Neale 750 Ron Bender 750 Timothy J. Yoo 750 David B. Golubchik 750 Eve H. Karasik 750 Gary E. Klausner 750 Eric P. Israel 750 Brad D. Krasnoff 750 Edward M. Wolkowitz 750 Beth Ann R. Young 750 Monica Y. Kim 725 Philip A. Gasteier 725 John N. Tedford, Iv 725 Daniel H. Reiss 725 Todd A. Frealy 725 Kurt Ramlo 725 Richard P. Steelman, Jr. 725 Juliet Y. Oh 725 Todd M. Arnold 725 Krikor J. Meshefejian 725 John-Patrick M. Fritz 725 Joseph M. Rothberg 725 Jeffrey Kwong 725 Michael D'alba 725 Carmela T. Pagay 700 Anthony A. Friedman 700 Lindsey L. Smith 650 Robert Carrasco 550 Paraprofessionals 300 In addition, the firm will seek reimbursement for expenses incurred. Todd Frealy, Esq., a partner at Levene, Neale, Bender, Yoo & Golubchik, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Todd A. Frealy, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 Email: ehk@lnbyg.com About Cinema Management Group Cinema Management Group, LLC is an international sales company that was launched in 2003 and was previously headed by veteran sales and distribution executive, Edward Noeltner. Since 2003, the company has added over 80 feature film titles to its line-up. It currently holds distribution rights related to 82 feature films. Cinema Management Group filed Chapter 7 voluntary petition (Bankr. C.D. Calif. Case No. 24-20369) on December 20, 2024. The case was converted to one under Chapter 11 on February 6, 2025, and John Pringle was appointed as Chapter 11 trustee on February 10, 2025. Judge Neil W. Bason oversees the case. The Chapter 11 trustee is represented by Levene, Neale, Bender, Yoo & Golubchik L.L.P. CINEMARK HOLDINGS: Posts $312.9 Million Net Income in FY 2024 ------------------------------------------------------------- Cinemark Holdings Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net income of $312.9 million on $3.05 billion of total revenue for the year ended December 31, 2024, compared to a net income of $191.5 million on $3.1 billion of total revenue for the year ended December 31, 2023. As of December 31, 2024, the Company had $5.1 billion in total assets, $4.5 billion in total liabilities, and total equity of $603.4 million. The Company has substantial long-term lease and debt obligations, which may restrict its ability to fund current and future operations and that restrict its ability to enter into certain transactions. The Company has significant long-term debt service obligations and long-term lease obligations. As of December 31, 2024, Holdings had $2,363.7 million in long-term debt obligations, which included $1,903.7 million of CUSA debt and excludes unamortized debt issuance costs and original issue discount. As of December 31, 2024, Holdings and CUSA had $125.3 million in finance lease obligations and $784.0 million in long-term operating lease obligations. The substantial lease and debt obligations could: * require the Company to dedicate a substantial portion of its cash flows to payments on its lease and debt obligations, thereby reducing the availability of its cash flows from operations to fund working capital, capital expenditures, acquisitions and other corporate requirements and to pay dividends on Holdings' common stock; * impede the Company's ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions and other purposes; * subject the Company to the risk of increased sensitivity to interest rate increases on its variable rate debt; * limit the Company's ability to invest in innovations in technology and implement new platforms or concepts in its theaters; and * make the Company more vulnerable to adverse economic, market and industry conditions, limit its flexibility in planning for, or reacting to, changes in its business operations or to its industry overall, and place the Company at a disadvantage in relation to its competitors that may have lower debt levels. Holdings' and CUSA's ability to make scheduled payments of principal and interest on their respective indebtedness will depend on the Company's ability to generate positive cash flows and on its future financial results. The Company's ability to generate positive cash flows is subject to general economic, financial, competitive, regulatory and other factors, some of which are beyond the Company's control. As the Company's industry recovers from the effects of the COVID-19 pandemic and the 2023 writers' and actors' guild strikes, it may not be able to generate cash flows at historical levels, or guarantee that future borrowings will be available under the Company's senior secured credit facility, in an amount sufficient to enable the Company to pay its indebtedness. If its cash flows and capital resources are insufficient to fund its lease and debt service obligations, the Company may be forced to reduce or delay capital expenditures, sell assets or operations, seek additional capital or restructure or refinance its indebtedness. The Company may not be able to take any of these actions, and these actions may not be successful or permit the Company to meet its scheduled debt service obligations. Certain actions may be restricted under the terms of its existing or future debt agreements. Cinemark said, "If we fail to make any required payment under the agreements governing our indebtedness or fail to comply with the financial and operating covenants contained in our debt instruments, we would be in default. As a result, our debt holders would have the ability to accelerate the repayment of our outstanding indebtedness, and the lenders under our senior secured credit facility could terminate their commitments and foreclose against the assets securing their borrowings. We could be forced into bankruptcy or liquidation. The acceleration of our indebtedness under one agreement may permit acceleration of indebtedness under other agreements that contain cross-default and cross-acceleration provisions. If our indebtedness is accelerated, we may not be able to repay our indebtedness or borrow sufficient funds to refinance it. Even if we are able to obtain new financing, it may not be on commercially reasonable terms or on terms that are acceptable to us. If our debt holders require immediate payment, we may not have sufficient assets to satisfy our obligations under our indebtedness." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2s3kf3cf About Cinemark Holdings Inc. Headquartered in Plano, Texas, Cinemark Holdings, Inc. operates as a movie theater. * * * Egan-Jones Ratings Company on November 11, 2024, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Cinemark Holdings, Inc. to CCC+ from CCC. CITI CONNECT: Seeks Chapter 11 Bankruptcy Protection in New York ---------------------------------------------------------------- On February 27, 2025, Citi Connect 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 $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Citi Connect LLC Citi Connect LLC is a full-service turnkey contractor specializing in the design, engineering, construction, installation, and testing of communication systems. The Company offers a comprehensive range of services, including fiber and wireless solutions, aerial and underground construction, and telecommunications installations across various industries. Their solutions cover voice and data services, data centers, cell sites, as well as both inside and outside plant installations. Citi Connect LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10369) on February 27, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtor is represented by: Nicholas A. Pasalides, Esq. ECKERT SEAMANS CHERIN & MELLOTT, LLC 10 Bank Street, Suite 700 White Plains, NY 10606 Tel: 914-286-2851 Fax: 914-949-5424 E-mail: npasalides@eckertseamans.com CLEMENTS ELECTRIC: Hires UTS LLC as Property Management Company --------------------------------------------------------------- Clements Electric Texas LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire UTS, LLC as management company. The firm will provide these property management services: a. accounting and controller functions; b. accounts payable management and spending controls with vendors; c. establishment and management of HouseCall Pro accounts relating to conducting business sales, making house calls, and collecting payments on accounts receivable; d. development of product and service sales pricing strategies and bidding processes resulting in operational improvement; e. warehousing services; f. employee payroll services; g. executive oversight of business operations for the purpose of improving corporate efficiency and profitability; and h. advertising services. The firm will charge $100 per hour for its services. As disclosed in the court filings, UTS, LLC and its principal(s) are "disinterested persons," as such term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert Ramsey, Esq. UTS LLC 740 East Campbell Road. Suit 300 Richardson, TX 75081 About Clements Electric Texas LLC Clements Electric Texas, LLC offers full-service electrical services for homes and businesses in the D/FW area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33418) on October 30, 2024, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Michelle V. Larson presides over the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC represents the Debtor as bankruptcy counsel. COLLECTIVE SPEAKERS: Joli Lofstedt Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Joli Lofstedt, Esq., as Subchapter V trustee for Collective Speakers, LLC. Ms. Lofstedt, a practicing attorney in Louisville, Colo., will be paid an hourly fee of $390 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Lofstedt declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joli A. Lofstedt, Esq. P.O. Box 270561 Louisville, CO 80027 Phone: (303) 476-6915 Fax: (303) 604-2964 Email: joli@jaltrustee.com About Collective Speakers LLC Collective Speakers, LLC is a full-service speakers bureau specializing in organizing impactful spoken word and lecture events. In addition to event organization, Collective Speakers offers coaching services. With over 27 years in the speaking industry, the bureau provides speech coaching sessions and speech writing services to help individuals enhance their speaking skills and craft compelling presentations. Collective Speakers filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-10783) on February 14, 2025. In its petition, the Debtor reported total assets of $25,000 and total liabilities of $1,956,440. Judge Kimberley H. Tyson handles the case. The Debtor is represented by: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: 303-832-2400 Email: klr@kutnerlaw.com COMMSCOPE HOLDING: Reports Decreased Net Loss of $315.5M for 2024 ----------------------------------------------------------------- CommScope Holding Company, Inc., submitted its annual report on Form 10-K to the Securities and Exchange Commission, showing a net loss of $315.5 million on net sales of $4.21 billion for the year ending Dec. 31, 2024. This marks a dramatic improvement compared last year, when the Company posted a net loss of $1.51 billion on net sales of $4.57 billion. As of Dec. 31, 2024, the Company had $8.75 billion in total assets, $10.98 billion in total liabilities, $1.23 billion in series A convertible preferred stock, and a total stockholders' deficit of $3.46 billion. The Company ended the year with $663.3 million in cash and cash equivalents which include $98.4 million in cash and cash equivalents in assets held for sale. As of Dec. 31, 2024, the Company had $200.0 million of outstanding borrowings under its asset-based revolving credit facility and had availability of $449.3 million, after giving effect to borrowing base limitations and outstanding letters of credit. "We currently believe that our existing cash, cash equivalents and cash flows from operations, combined with availability under our Revolving Credit Facility, will be sufficient to meet our presently anticipated future cash needs. However, we may be required to obtain additional financing in the future to address our liquidity needs, and, subject to market conditions, we may from time to time seek to amend, refinance, restructure, exchange or repurchase our outstanding indebtedness and/or raise additional equity or other financing. Any debt we incur in the future may have terms (including cash interest rate, financial covenants and covenants limiting our operating flexibility or ability to obtain additional financings) that are not favorable to us, and any such additional equity financing may dilute the economic and/or voting interests of our existing stockholders, may be preferred in right of payment to our outstanding common stock or confer other privileges to the holders and may contain financial or operational covenants that restrict our operating flexibility or ability to obtain additional financings. Furthermore, our failure to obtain any necessary financing, amendment, refinancing, restructuring, exchange or repurchases could have a material and adverse effect on our results of operations, cash flows, financial condition and liquidity. "We may experience volatility in cash flows between periods due to, among other reasons, variability in the timing of vendor payments and customer receipts. We may, from time to time, seek to obtain alternative sources of financing, by borrowing additional amounts under our Revolving Credit Facility, issuing debt or equity securities or incurring other indebtedness, if market conditions are favorable, utilizing trade credit, selling assets (including businesses or business lines) or securitizing receivables to meet future cash needs or to reduce our borrowing costs. Any issuance of equity or debt may be for cash or in exchange for our outstanding securities or indebtedness, or a combination thereof," the Company mentioned in the report. Management Comments "2024 marked a transitional year for CommScope. Despite a challenging start, and volatile market conditions, we stayed committed to what we could control to improve company performance and profitability with sequential Core quarterly adjusted EBITDA improvement throughout the year. For the fourth quarter, Core CommScope reported net sales of $1.17 billion, an increase of 27% from the prior year and delivered adjusted EBITDA of $240 million, an improvement of 69% year-over-year. Fourth quarter adjusted EBITDA as a percentage of revenues was 20.6%, a year-over-year improvement of 510 basis points. Supported by our investments in production capacity, the CCS segment led the way with growth in all businesses, with the strongest growth in hyperscale and cloud data centers to support GenAI datacenter builds across the world," said Chuck Treadway, president and chief executive officer, in a press release. "For the full year 2024, Core CommScope reported net sales of $4.21 billion declining 8% from the prior year but delivered adjusted EBITDA of $756 million which remained flat year over year. With improvement throughout the year, we are well positioned as we move into 2025," said Kyle Lorentzen, chief financial officer. The full text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1517228/000095017025027196/comm-20241231.htm About CommScope Holding Headquartered in Hickory, North Carolina, CommScope Holding Company, Inc. -- https://www.commscope.com -- is a global provider of infrastructure solutions for communication, data center, and entertainment networks. The Company's solutions for wired and wireless networks enable service providers, including cable, telephone, and digital broadcast satellite operators, as well as media programmers, to deliver media, voice, Internet Protocol (IP) data services, and Wi-Fi to their subscribers. This allows enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. * * * S&P Global Ratings raised its issuer credit rating on CommScope Holding Co. Inc. to 'CCC+' from 'CCC' and removed all its ratings on the company from CreditWatch, where S&P placed them with positive implications on Dec. 23, 2024, as reported by the TCR on Feb. 14, 2025. S&P said, "The stable outlook reflects our expectation for reduced default risk over the next 12 months due to the company's recent debt paydown and refinancing and improving credit metrics." In January 2025, Moody's Ratings placed CommScope Holding Company, Inc.'s ratings on review for upgrade, including its Caa2 corporate family rating and Caa3-PD probability of default rating. Moody's said CommScope's ratings were placed on review for upgrade as the transactions allow the company to address all near term debt maturities and provide additional time to reduce the company's extremely high leverage levels (over 11x pro forma for the impact of the pending OWN and DAS asset sale, including Moody's lease adjustments), although interest rates will increase significantly as a result of the transaction. COMMUNITY HEALTH: Swings to $362 Million Net Loss in FY 2024 ------------------------------------------------------------ Community Health Systems Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $362 million for the year ended December 31, 2024, compared to a net income of $16 million for the year ended December 31, 2023. As of December 31, 2024, the Company had $14.1 billion in total assets, $15.4 billion in total liabilities, $359 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and total stockholders' deficit of $1.7 billion. Community Health has a substantial amount of indebtedness under certain series of its outstanding notes and other debt scheduled to mature in close proximity to each other. Community Health said, "We have a substantial amount of indebtedness under certain series of our outstanding notes and other debt scheduled to mature in close proximity to each other. As a result, we may not have sufficient cash to repay all amounts owing under such indebtedness and there can be no assurance that we will have the ability to borrow or otherwise raise the amounts necessary to repay all such amounts, and the prior maturity of such other substantial indebtedness may make it difficult to refinance the notes or repay them at maturity. Our ability to refinance our indebtedness on favorable terms, or at all, is dependent on (among other things) conditions in the credit and capital markets, which are beyond our control." A full-text copy of the Company's Form 10-K is available at: http://www.sec.gov/Archives/edgar/data/1108109/0000950170-25-023242-index.htm About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. For the year ended December 31, 2023, the net loss attributable to Community Health Systems, Inc. stockholders was $133 million, compared to net income of $46 million for the same period in 2022. As of June 30, 2024, the Company had $14.4 billion in total assets, $15.3 billion in total liabilities, $324 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and $1.2 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. In August 2024, S&P Global Ratings raised its rating on Community Health Systems Inc. to 'CCC+' from 'SD' (selective default). At the same time, S&P also raised its ratings on the senior unsecured notes to 'CCC-' from 'D'. The outlook is negative, reflecting the risk of further distressed exchanges in the intermediate future despite credit metrics potentially improving in 2024. CREATIVE REALITIES: Extends CEO's Stock Option Vesting Period ------------------------------------------------------------- Creative Realities, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 17, 2022, it previously filed a Current Report on Form 8-K disclosing, among other things, the issuance of an option to purchase up to 1,000,000 shares of Company common stock to its Chief Executive Officer and Chairman, Richard Mills. The number of option shares was subsequently reduced to 333,334 effective upon the Company's March 27, 2023 1-for-3 reverse stock split. The vesting of the Option depends in part on the Company's share price meeting various share price targets. One such share price target is an amount equal to the "Guaranteed Price," as such term is defined in that certain Agreement and Plan of Merger dated November 12, 2021 by and among the Company, Reflect Systems, Inc., a Delaware corporation, CRI Acquisition Corporation, a Delaware corporation, and RSI Exit Corporation, a Texas corporation and representative of the former stockholders of Reflect. Under the terms of the option agreement, the Option was to vest on or before February 17, 2025, which is the date on which the amount of the "Guaranteed Consideration" payable to former Reflect stockholders was to be determined under the Merger Agreement, after which unvested portions of the Option would terminate. The Company and RSI currently disagree on the Guaranteed Price and the amount of the Guaranteed Consideration. On February 17, 2025, the Company amended the Option to extend the vesting period from February 17, 2025 to the date on which the "Guaranteed Price" is agreed upon by the Company and RSI, or finally determined in accordance with the terms of the Merger Agreement, but only for so long as Mr. Mills continues to serve the Company as a director, officer, employee or consultant. About Creative Realities Creative Realities, Inc. -- http://www.cri.com/-- provides innovative digital signage and media solutions to enhance communications in a wide-ranging variety of out-of-home environments, key market segments, and use cases, including Retail; Entertainment and Sports Venues; Restaurants, including quick-serve restaurants; Convenience Stores; Financial Services; Automotive; and Medical and Healthcare Facilities. Louisville, Kentucky-based Deloitte & Touche LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 21, 2024, citing that the Company is experiencing difficulty in generating sufficient cash flow to service its debt and contingent consideration obligations, which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2024, Creative Realities had $69.6 million in total assets, $41.3 million in total liabilities, and $28.2 million in total stockholders' equity. CV SCIENCES: Files Arbitration Case Vs Former Counsel Procopio -------------------------------------------------------------- CV Sciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it initiated an arbitration with JAMS asserting claims against its long-time legal counsel, Procopio, Cory, Hargreaves & Savitch LLP, and a former partner of that firm, who the Company had regarded as its general counsel. The Company's engagement agreement with Procopio requires the resolution of such disputes through arbitration. Procopio provided the Company legal advice and guidance on when the Company's former Chief Executive Officer and Board Chair, Michael J. Mona, Jr., would recognize W-2 income and be subject to payroll and income tax withholding resulting from the settlement of restricted stock units previously awarded to Mona. According to Procopio, because Mona was then an insider within the meaning of Section 16(b) of the Securities Exchange Act of 1934 and he was subject to suit and disgorgement of short-swing profits if he sells stock within six months of the settlement date of the RSUs, Mona does not recognize W-2 income on the settlement date and that Mona would recognize W-2 income and be subject to tax withholding upon the expiration of the six month period under Section 16(b). Consequently, the Company issued to Mona a share certificate evidencing his ownership of shares of the Company's stock then valued at more than $13 million that Mona constructively received upon the settlement of his RSUs without withholding taxes. After Mona received the certificate, without acknowledging its prior advice and guidance, Procopio changed its prior advise and advised the Company that tax withholding was required as of the settlement date. Procopio continued to represent the Company to resolve the lack of withholding, address the fallout therefrom, report the same in its periodic reports filed with the SEC and numerous other legal matters. The Company disclosed the lack of withholding in its Form 10-Q for the quarter ended, March 31, 2019, and in subsequent quarterly and annual reports. The Company has also disclosed in its prior reports filed with the SEC that the lack of withholding has been the subject of multiple legal proceedings, the most recent of which involved a case brought by Mona against the Company that was resolved in November 2024 in the Company's favor in a binding arbitration. After that case was submitted to the arbitrator for decision, the Company sought to address with Procopio the legal advice and guidance it provided. Procopio responded by terminating the Company as a client on January 10, 2025, ending the Company's 12-year relationship with Procopio as its legal counsel. The Company seeks to recover damages from Procopio resulting from its reliance on Procopio's advice and guidance, including fees and expenses paid to Procopio and other professionals, expenses incurred by the Company and other harm to it. About CV Sciences Inc. San Diego, Calif.-based CV Sciences, Inc. is a consumer wellness company specializing in hemp extracts and other proven, science-backed, natural ingredients and products, which are sold through a range of sales channels from business-to-business to business-to-consumer. Irvine, Calif.-based Haskell & White LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has experienced recurring operating losses, negative cash flows from operations, and has limited liquid resources. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2024, CV Sciences had $8.4 million in total assets, $6.2 million in total liabilities, and $2.2 million in total stockholders' equity. DAVIS AUTO: Hires Oxford Restructuring as Financial Advisor ----------------------------------------------------------- Davis Auto Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kentucky to hire Oxford Restructuring Advisors LLC as financial advisor. The firm will render these services: a. assist the Debtor and its advisors in restructuring efforts; b. conduct an assessment of the Debtor's financial information; c. collaborate with the Debtor's personnel and counsel in preparing Statements of Financial Affairs, Schedules of Assets and Liabilities and other filings necessary for the Debtor's compliance with the U.S. Bankruptcy Code and applicable rules; d. assist the Debtor in preparing and tracking results against a short-term cash forecast; e. assist the Debtor and counsel as necessary in negotiations with lenders to obtain use of cash collateral, debtor-in-possession loans or other means to finance ongoing operations during the pendency of the Chapter 11 Case; f. assist the Debtor in preparing and filing monthly operating reports and in complying with other financial matters necessary to its ongoing Chapter 11 Case; g. assist the Debtor's personnel and counsel in the preparation of a proposed bankruptcy plan of reorganization; and h. perform such other services as requested or directed by the Debtor and agreed to by Oxford. The firm will be paid at these hourly rates, which reflects a negotiated 10 percent discount: Senior Managing Directors $605 Managing Directors $585 Associates and Senior Associates $315 to $360 Analysts $225 The firm received an advance retainer payment from the Debtor in the amount of $25,000. Oxford will also be reimbursed for reasonable out-of-pocket expenses incurred. Andrew M. Simon, a partner at Oxford Restructuring Advisors, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Andrew M. Simon Oxford Restructuring Advisors, LLC 4520 Cooper Road, Suite 203 Cincinnati, Ohio 45242 Phone: (513) 235-0164 About Davis Auto Group, LLC On December 6, 2024, True BDC, Inc., Green Beehn Lawncare, LLC, Relic Investment Properties, LLC (collectively known as the "Petitioning Creditors") filed the involuntary petition for relief under chapter 11 of the Bankruptcy Code against Davis Auto Group, LLC (Bankr. D. Ky. Case No. 24-40815). The petitioners' counsel is Andrew David Stosberg, Esq. at Gary Ice Higdon, PLLC. Judge Charles R Merrill handles the case. DIGITAL ALLY: L1 Capital Global Holds 9.99% Equity Stake -------------------------------------------------------- L1 Capital Global Opportunities Master Fund, Ltd. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of February 13, 2025, it beneficially owned 1,748,200 shares of Digital Ally, Inc.'s common stock, par value $0.001 per share, representing 9.99% of the outstanding shares. This includes 1,700,000 shares of common stock and 48,200 pre-funded warrants to purchase common stock, subject to a 9.99% beneficial ownership limitation. 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/ys6vwfx2 About Digital Ally Headquartered in Lenexa, KS, the business of Digital Ally (NASDAQ:DGLY) through its subsidiaries, is divided into three reportable operating segments: 1) the Video Solutions Segment, 2) the Revenue Cycle Management Segment and 3) the Entertainment Segment. The Video Solutions Segment is the Company's legacy business that produces digital video imaging, storage products, disinfectant and related safety products for use in law enforcement, security and commercial applications. This segment includes both service and product revenues through its subscription models offering cloud and warranty solutions, and hardware sales for video and health safety solutions. The Revenue Cycle Management Segment provides working capital and back-office services to a variety of healthcare organizations throughout the country, as a monthly service fee. The Entertainment Segment acts as an intermediary between ticket buyers and sellers within the Company's secondary ticketing platform, ticketsmarter.com, and the Company also acquires tickets from primary sellers to then sell through various platforms. For additional news and information please visit www.digitalally.com New York, NY-based RBSM LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has incurred substantial operating losses and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2024, Digital Ally had $32,263,169 in total assets, $34,711,479 in total liabilities, and $2,448,310 in total stockholders' deficit. DIGITAL MEDIA: Completes Asset Sale to Blackrock-Led Investor Group ------------------------------------------------------------------- Digital Media Solutions, Inc., a leading provider of technology-enabled digital performance advertising solutions connecting consumers and advertisers, announced on Feb. 28, 2025, that it has completed its previously announced sale of substantially all of its assets to an investor group led by funds and accounts managed by BlackRock, in addition to Bain Capital, Blackstone and Abry Partners. In 2024, DMS embarked on a journey to strengthen its long-term financial position. This included a plan to access new sources of capital. The sale to the Investor Group achieves these outcomes. DMS is now a stronger company, with additional financial resources to support its strategic initiatives and growth plans. With an innovative technology platform and blue-chip client base, the Company is poised to capitalize on emerging trends across its key verticals, including Property and Casualty (P&C) Insurance, Health Insurance, and Education. DMS remains focused on connecting its clients with high-intent consumers and providing proven, measurable results -- all to drive better business outcomes. "Today marks the beginning of a new era for DMS, our team, our clients, advertisers, publishers and other partners," said Joe Marinucci, Co-Founder and CEO of DMS. "With a healthy balance sheet and the support of new owners, we will continue advancing our products and developing our capabilities to meet our customers' evolving needs. In doing so, we will continue our growth trajectory and take DMS to new heights." Marinucci continued, "We thank our clients and business partners for their ongoing support. We are grateful to the DMS team, whose unwavering commitment to supporting our mission, our clients, and each other will continue to drive our success." About Digital Media Solutions Founded in 2012, Digital Media Solutions, Inc. is a technology-enabled digital advertising company in Clearwater, Fla., that leverages its advanced technology and proprietary customer data to efficiently and effectively connect its customers with their target consumers. As of Sept. 11, 2024, DMS and its affiliates operate in at least 15 countries and territories around the world and employ 247 individuals in the United States and Canada. Digital Media Solutions and 36 affiliates commenced voluntary Chapter 11 proceedings (Bankr. N.D. Tex. Lead Case No. 24-90468) on Sept. 11, 2024. At the time of the filing, Digital Media Solutions reported $100 million to $500 million in both assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Porter Hedges, LLP as legal counsel; Portage Point Partners as restructuring advisor; and Houlihan Lokey Capital, Inc. as investment banker. Omni Agent Solutions is the claims agent. DIOCESE OF CAMDEN: Trade Committee Taps Gibbons P.C. as Counsel --------------------------------------------------------------- The official committee of unsecured trade creditors of the Diocese of Camden, New Jersey seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Gibbons P.C. as counsel. The firm will render these services: (a) advise the Trade Committee with respect to the Trade Committee's powers and duties under Bankruptcy Code section 1103; (b) assist and advise the Trade Committee in its consultations with the Debtor in connection with the administration of this Chapter 11 Case; (c) assist the Trade Committee in connection with any proposed chapter 11 plan or other disposition of this Chapter 11 Case; (d) advise and represent the Trade Committee in connection with matters generally arising in this Chapter 11 Case; (e) appear before this Court, and any other federal, state or appellate court; (f) prepare, on behalf of the Trade Committee, any pleadings, including without limitation, motions, memoranda, complaints, objections, and responses to any of the foregoing; and (g) perform such other legal services as may be required or are otherwise deemed to be in the interests of the Trade Committee in accordance with the Trade Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm's current hourly rates range from $275 for paralegals to $1,400 for the firm's most senior partners. In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The firm provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: a. Gibbons did not agree to any variation from, or alternative to, its standard or customary billing arrangements for matters of this nature, except that it will not bill travel time between its offices and its office in Delaware where these cases are pending. b. None of Gibbons' professionals included in this engagement have varied their rate based on the geographic location of the Chapter 11 cases. c. Gibbons did not represent the Debtor in the 12 months prior to the Petition Date; and d. The Trade Committee and Gibbons intend to develop a prospective budget and staffing plan in a reasonable effort to comply with the U.S. Trustee's request for information and additional disclosures. Consistent with the Trustee Guidelines, the budget may be amended as necessary to reflect changed circumstances or unanticipated developments. John S. Mairo, Esq., a director at Gibbons, disclosed in court filings that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: John S. Mairo, Esq. Gibbons P.C. One Gateway Center Newark, NJ 07102-5310 Tel: (973) 596-4500 Fax: (973) 596-0545 Email: rmalone@gibbonslaw.com About The Diocese of Camden, NJ The Diocese of Camden, New Jersey is a nonprofit religious corporation organized pursuant to Title 16 of the Revised Statutes of New Jersey. The Diocese is the secular legal embodiment of the Roman Catholic Diocese of Camden, a juridic person recognized under Canon Law. The Diocese of Camden sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020. The petition was signed by Reverend Robert E. Hughes, vicar General and vice president. At the time of the filing, the Debtor had total assets of $53,575,365 and liabilities of $25,727,209. Judge Jerrold N. Poslusny Jr. oversees the case. McManimon, Scotland & Baumann, LLC, is the Debtor's legal counsel. DIVERSIFIED HEALTHCARE: Reports $370 Million Net Loss in 2024 ------------------------------------------------------------- Diversified Healthcare Trust submitted its Annual Report on Form 10-K to the Securities and Exchange Commission, revealing a net loss of $370.26 million on total revenues of $1.50 billion for the year ending Dec. 31, 2024. This compares to a net loss of $293.57 million and total revenues of $1.41 billion in 2023 and a net loss of $15.77 million on total revenues of $1.28 billion in 2022. As of Dec. 31, 2024, the company reported total assets of $5.14 billion, total liabilities of $3.18 billion, and total shareholders' equity of $1.96 billion. Despite the loss, the Company remains optimistic about the performance of its Senior Housing Operating Portfolio (SHOP) segment. It expects increases in occupancy and rates, bolstered by favorable supply and demand dynamics within the senior living industry. Although rising labor, insurance, and food costs have impacted margins, the Company anticipates these cost increases to moderate, allowing for rate hikes that should improve returns. To optimize performance, the Company's asset management team regularly reviews underperforming assets and explores strategies such as potential dispositions or operator transitions. However, Diversified Healthcare Trust remains cautious amid broader economic uncertainties, including inflation, labor market conditions, geopolitical tensions, and financial market volatility. The Company's primary sources of cash to cover operating expenses, debt service obligations, and shareholder distributions are operating cash flows from rental income, resident fees, service revenues from managed communities, and proceeds from property dispositions. The Company believes these sources will be sufficient to meet financial obligations for at least the next 12 months and the foreseeable future. Future cash flows will depend on several factors, including: * The ability to collect rents from tenants; * Maintaining or increasing occupancy and rental rates; * Efficient management of operating and capital expenses, including those affected by inflation, labor shortages, and rising insurance costs; and * Continued performance improvement in its managed senior living communities. The full text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1075415/000107541525000012/dhc-20241231.htm About Diversified Healthcare Trust Diversified Healthcare Trust is a REIT organized under Maryland law that primarily owns medical office and life science properties, senior living communities and other healthcare related properties throughout the United States. As of Dec. 31, 2024, the Company owned 367 properties located in 36 states and Washington, D.C., including 32 properties classified as held for sale and three closed senior living communities. As of Dec. 31, 2024, the Company owned an equity interest in each of the Seaport JV and the LSMD JV that own medical office and life science properties located in five states with an aggregate of approximately 2.2 million rentable square feet that were 99% leased with an average (by annualized rental income) remaining lease term of 15.1 years. * * * As reported by The Troubled Company Reporter on Jan. 5, 2024, S&P Global Ratings upgraded the credit rating of Diversified Healthcare Trust (DHC) to 'CCC+' from 'CCC-'. S&P stated, "The negative outlook reflects DHC's ongoing liquidity pressure and the refinancing risk remaining with material debt maturities in 2025 and 2026. The outlook also reflects our expectation for a gradual recovery in the operating performance of the company's senior housing operating property (SHOP) portfolio, though the pace of this recovery remains uncertain." As reported by the TCR on Jan. 24, 2024, Moody's Investors Service upgraded Diversified Healthcare Trust's (DHC) Corporate Family Rating to Caa3 from Ca. Moody's stated that the upgrade of the CFR to Caa3 reflects a partial alleviation of its concerns regarding DHC's immediate capital needs, as the proceeds from the new notes have been used to repay the Company's 2024 maturities, namely $450 million under its senior credit facility due Jan. 15, 2024 and $250 million of unsecured notes due May 1, 2024. DONALD PATZ: Hires Meyers Law Group as Bankruptcy Counsel --------------------------------------------------------- Donald Patz Wine Group LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Meyers Law Group, P.C. as its general bankruptcy counsel. The firm's services include: a. representation of the Debtor at the initial debtor interview and meeting of creditors; b. preparation and filing of motions and applications as needed during the course of the chapter 11 case; c. advice and consultation, and if appropriate, document preparation and negotiation, with respect to a plan of reorganization, and any amendments thereto, or other disposition of the case; and d. such other matters that exist or may arise in the course of the administration of this chapter 11 case. Meyers Law presently charges $820 per hour for services of Merle C. Meyers, Esq., and $580 per hour for its current associate's services. Merle C. Meyers, principal at of Meyers Law, attests 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: Merle C. Meyers, Esq. MEYERS LAW GROUP, P.C. 100 Shoreline Highway, Ste. B-160 Mill Valley, CA 94941 Tel: (415) 362-7500 Fax: (415) 362-7515 Email: mmeyers@meyerslawgroup.com About Donald Patz Wine Group LLC Donald Patz Wine Group LLC formed in 2017, is a partnership between Donald Patz and his wife, Jung Min Lee, focused on crafting distinctive wines from various regions. The Company oversees three separate wine projects, each with unique vineyard sources and winemaking styles: Maritana Vineyards for Russian River Valley Chardonnay and Pinot Noir, Secret Door Winery for Napa Valley Cabernet Sauvignon, and Terminim for Mendocino County Marsanne/Roussanne and Syrah. Drawing on Donald's extensive experience in the wine industry, the Group produces wines that reflect his deep understanding of both vineyard practices and winemaking techniques. Donald Patz Wine Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No.: 25-10038) on January 27, 2025. In its petition, the Debtor reports total assets of $3,705,425 and total liabilities of $1,778,833. Honorable Bankruptcy Judge Charles Novack handles the case. The Debtor is represented by Merle C. Meyers, Esq. at MEYERS LAW GROUP, P.C. DYNATRONICS CORP: Liquidity Issues Raise Going Concern Doubt ------------------------------------------------------------ Dynatronics Corp. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended December 31, 2024, that there is substantial doubt about its ability to continue as a going concern. Dynatronics stated that it historically financed operations through cash from operating activities, available cash reserves, draws against the line of credit, and proceeds from the sale of our equity securities. As of December 31, 2024, it had $791,000 in cash and cash equivalents, compared to $484,000 as of June 30, 2024. Working capital was $1,890,000 as of December 31, 2024, compared to working capital of $2,853,000 as of June 30, 2024. The current ratio was 1.2 to 1 as of December 31, 2024 and 1.4 to 1 as of June 30, 2024. Current assets were 43.1% of total assets as of December 31, 2024, and 40.7% of total assets as of June 30, 2024. These factors raised substantial doubt regarding the Company's ability to continue as a going concern as of December 31, 2024. However, management is implementing plans to continue the Company as a going concern and believes that by focusing on cost-control initiatives the Company can continue as a going concern. The Company has reduced non-essential positions across the enterprise, resulting in a reduction in expense of approximately $400,000 for fiscal year 2025 and approximately $1,000,000 on an annualized basis. Additionally, management has optimized the square footage needed for the orthopedic bracing segment and is actively working to optimize the square footage footprint needed for the therapeutic modalities business segment, which could yield additional expense reductions of approximately $600,000 on an annualized basis. The Company is also evaluating the current inventory position and working to reduce the amount of excess inventory exposure by promoting discounted prices to convert the excess inventory to cash. The Company has begun realizing the effects of these plans and expects continued effects to be realized in fiscal year 2025 and fiscal year 2026. Due to these actions, management forecasts that the Company will have sufficient liquidity to meet its obligations for the next 12 months from the date of the financial statements' issuance. "The continuing effects of uncertainties in the broader economic environment on the global supply chain, higher personnel costs, and changes to customer or product mix, could have an adverse effect on our liquidity and cash and we continue to evaluate and take action, as necessary, to preserve adequate liquidity and ensure that our business can continue to operate during these uncertain times. Additionally, we operate in a rapidly evolving and unpredictable business environment that may change the timing or amount of expected future cash receipts and expenditures. Accordingly, there can be no assurance that we will not be required to raise additional funds through the sale of equity or debt securities or from credit facilities. Additional capital, if needed, may not be available on satisfactory terms, or at all." A full-text copy of the Company's Form 10-Q is available at: https://www.sec.gov/Archives/edgar/data/720875/000106299325002574/0001062993-25-002574-index.html About Dynatronics Corp. Eagan, Minnesota-based Dynatronics Corporation is a leading medical device company committed to providing high-quality products designed to accelerate optimal health. The Company designs, manufactures, and sells a broad range of products for clinical use in physical therapy, rehabilitation, orthopedics, pain management, and athletic training. Through its distribution channels, Dynatronics markets and sells to orthopedists, physical therapists, chiropractors, athletic trainers, sports medicine practitioners, clinics, and hospitals. As of December 31, 2024, the Company had $25,765,316 in total assets, $12,743,947 in total liabilities, and total stockholders' equity of $13,021,369. EAST MISSION: Trustee Taps Levene Neale Bender as Counsel --------------------------------------------------------- Mark Sharf, the trustee appointed in the Chapter 11 case of East Mission 8 Investments, Inc., 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 his successor general bankruptcy counsel. The firm's services include: a. assisting the Trustee in implementing the settlement, including in the Kotai case making distributions, dismissing the appeal, dismissing the bankruptcy case and filing final fee applications; b. advising the Trustee in the East Mission case whether to proceed in Chapter 11 (subchapter V) or dismiss or convert the case to Chapter 7, and implementing that decision; c. investigating any and all other assets of the East Mission estate, including any undisclosed assets, and, if necessary or beneficial to the estate, to pursue adversary proceedings to recover estate property; d. prosecuting claims objections in the East Mission case if appropriate to the extent that funds are generated for the estate; and e. performing services related to such other legal matters as may arise in the administration of this estate. The firm will be paid at these hourly rates: David L. Neale 750 Ron Bender 750 Timothy J. Yoo 750 David B. Golubchik 750 Eve H. Karasik 750 Gary E. Klausner 750 Eric P. Israel 750 Brad D. Krasnoff 750 Edward M. Wolkowitz 750 Beth Ann R. Young 750 Monica Y. Kim 725 Philip A. Gasteier 725 John N. Tedford, Iv 725 Daniel H. Reiss 725 Todd A. Frealy 725 Kurt Ramlo 725 Richard P. Steelman, Jr. 725 Juliet Y. Oh 725 Todd M. Arnold 725 Krikor J. Meshefejian 725 John-Patrick M. Fritz 725 Joseph M. Rothberg 725 Jeffrey Kwong 725 Michael D’alba 725 Carmela T. Pagay 700 Anthony A. Friedman 700 Lindsey L. Smith 650 Robert Carrasco 550 Paraprofessionals 300 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Eric Israel, Esq., a partner at Levene, Neale, Bender, Yoo, and Golubchik L.L.P., 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: Eric P. Israel, Esq. Levene, Neale, Bender, Yoo & Golubchik, LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: dbg@lnbyg.com About East Mission 8 Investments East Mission 8 Investment, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-12240) on April 13, 2023, with as much as $50,000 in assets and $1 million to $10 million in liabilities. Judge Deborah J. Saltzman presides over the case. The Debtor tapped Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger as legal counsel and Chan & Chen, LLP as accountant. Mark M. Sharf has been appointed as Subchapter V trustee. Danning, Gill, Israel & Krasnoff, LLP is tapped as the trustee's general bankruptcy counsel. EASTSIDE DISTILLING: CEO Invests $2.9M in $5M Private Placement --------------------------------------------------------------- Eastside Distilling, Inc. (doing business as Beeline Holdings), has successfully closed a $5 million private placement, with over half of the capital coming directly from its CEO--highlighting unwavering confidence in the Company's vision. The funding will be strategically deployed to accelerate growth, reduce debt, and expand Beeline's AI-driven, low-cost mortgage origination platform. Additionally, the investment will fuel the rapid development of its wholly-owned subsidiary, Beeline Labs, Inc., which operates a SaaS business and is transforming mortgage quality control and compliance with cutting-edge automation. Demonstrating his commitment to Beeline's future, Founder and CEO of Beeline Financial Holdings, Inc., Nick Liuzza personally invested $2.9 million, reinforcing the Company's momentum in modernizing the mortgage industry. "We are revolutionizing mortgage origination by eliminating inefficiencies, lowering costs, and unlocking access to an industry ripe for innovation," said Liuzza. "Our AI-driven solutions are gaining rapid adoption, and this investment positions us to scale faster than ever before." This financing follows the recent capital raise by MagicBlocks, of which Beeline Financial Holdings, Inc. was a founder, and the launch of BlinkQC, an AI-powered mortgage quality control (QC) solution that streamlines compliance, auditing, and risk mitigation for lenders. Early traction for BlinkQC has been strong, with lenders already leveraging the platform to reduce QC processing times and improve accuracy. With this momentum, Beeline will provide a comprehensive update on its platform-wide advancements and growth trajectory in its upcoming Q4 2024 earnings report next month. About Beeline Financial Holdings, Inc. Beeline Financial Holdings, Inc. is a technology-driven mortgage lender and title provider building a fully digital, AI-powered platform that simplifies and accelerates the home financing process. Headquartered in Providence, RI, Beeline Financial Holdings, Inc. is dedicated to transforming the mortgage industry through innovation and customer-focused solutions. It is a wholly-owned subsidiary of Beeline Holdings and owns Beeline Labs. About Eastside Distilling Headquartered in Portland, Oregon, Eastside Distilling, Inc. (d/b/a Beeline Holdings) has been producing craft spirits in Portland, Oregon since 2008. The Company is distinguished by its highly decorated product lineup that includes Azunia Tequilas, Burnside Whiskeys, Hue-Hue Coffee Rum, and Portland Potato Vodkas. All Eastside spirits are crafted from natural ingredients for the highest quality and taste. Eastside's Craft Canning + Printing subsidiary is one of the Northwest's leading independent mobile canning, co-packing, and digital can printing businesses. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company suffered a net loss from operations and used cash in operations, which raises substantial doubt about its ability to continue as a going concern. Eastside Distilling incurred a net loss of $7.5 million during the year ended December 31, 2023. As of June 30, 2024, Eastside Distilling had $16,589,000 in total assets, $18,523,000 in total liabilities, and $1,934,000 in total stockholders' deficit. EGV HOLDINGS: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------- On February 26, 2025, EGV Holdings LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About EGV Holdings LLC EGV Holdings LLC, d/b/a EG Vodka, focuses on the production and distribution of premium, award-winning vodkas, including unique flavors such as Organic American Vodka and Rosemary & Lavender Vodka. The Company is known for its quality, artisanal spirits, which are available through various retailers and online platforms. EGV Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01168) on February 26, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by: Amy Denton Mayer, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St., Suite 200 Tampa, FL 33602 Tel: 813-229-0144 E-mail: amayer@srbp.com EIGHTH STATE: Online Asset Auction to Close on March 6 ------------------------------------------------------ Iron Horse Auction Company is conducting an online auction of The Eighth State Brewing Company's assets. The auction is closing on March 6 at 10:00 a.m. The property location is at: 400 Augusta Street, Unit 140 Greenville, SC 29601 Among the assets put up for sale include: -- 3 Barrel Brewhouse, -- 5 and 3 Barrel Unitanks, -- Glycol Chiller, -- Kegs -- Brinks, -- Wood Barrels, -- Furniture, and much more The auction manager can be reached at: Sonny Weeks Tel: 704-200-3201 E-mail: Sonny@ironhorseauction.com ELECTROCORE INC: Dr. Charles Theofilos Steps Down from Board ------------------------------------------------------------ electroCore, Inc. submitted a Form 8-K to the Securities and Exchange Commission, disclosing that Charles S. Theofilos, M.D., a member of the Board of Directors of the Company, resigned as a Class III director of the Board, as a member of the Compensation Committee of the Board, and as a member of the Nominating and Governance Committee of the Board, in each case effective Feb. 24, 2025. In connection with Dr. Theofilos' resignation, on Feb. 28, 2025, the Board has reduced its size from eight to seven members, effective immediately. About electroCore, Inc. electroCore, Inc. -- www.electrocore.com/ -- is a commercial-stage bioelectronic medicine and wellness company dedicated to improving health through its non-invasive vagus nerve stimulation technology ("nVNS") platform. The Company's focus is the commercialization of medical devices for the management and treatment of certain medical conditions and consumer product offerings utilizing nVNS to promote general well-being and human performance in the United States and select overseas markets. New York, NY-based Marcum LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 13, 2024, citing that the Company has experienced significant losses and cash used in operations and expects to continue to incur net losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company reported net losses of $18.8 million and $22.2 million for the years ended Dec. 31, 2023 and 2022, respectively. As of Dec. 31, 2023, its accumulated deficit was $165.2 million. The Company noted that its past and expected future losses have negatively impacted its stockholders' equity and working capital. The Company has faced significant losses and expects to continue experiencing losses as it works to grow market acceptance of its gammaCore therapy and wellness products. It has never been profitable and has incurred losses and negative cash flow from operations every year since its inception. The Company incurred net losses of $8.7 million and $14.8 million and used cash in its operations of $5.7 million and $11.5 million for the nine months ended Sept. 30, 2024 and 2023, respectively. ELEGANZA TILES: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Eleganza Tiles, Inc. 3125 E. Coronado Street Anaheim, CA 92806 Business Description: Founded in 2002, Eleganza Tiles, Inc. is a distributor of ceramic, porcelain, and glass tiles throughout North America, catering to both residential and commercial markets. The Company's diverse offerings encompass European cabinetry, luxurious bathroom fixtures, and innovative countertops, designed to inspire and meet the needs of designers, architects, builders, and homeowners. Chapter 11 Petition Date: March 2, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10535 Judge: Hon. Scott C Clarkson Debtor's Counsel: Jeffrey B. Smith, Esq. CURD, GALINDO & SMITH, LLP 301 E. Ocean Blvd., Suite 1700 Long Beach, CA 90802 Tel: 562-624-1177 Fax: 562-624-1178 Email: jsmith@cgsattys.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mlauw W. Darmawan 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/WQYK6QY/Eleganza_Tiles_Inc__cacbke-25-10535__0001.0.pdf?mcid=tGE4TAMA ELITA 7: Ombudsman Seeks to Hire Mintz Levin Cohn 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 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. as his counsel. The firm's services include: 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 the Chapter 11 Case; 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 concerning any potential health law related issues; d. 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; e. advising and representing the Ombudsman concerning the effect on patients of the closing of the Debtors' programs or facility; and f. performing such other legal services as may be required under the circumstances of this Chapter 11 Case 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 $1,095 to $1,195 per hour Paralegals $390 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ian Hammel, Esq., a partner at employ Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, 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: Ian Hammel, Esq. MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C. One Financial Center Boston, MA 02111 Tel: (617) 542-6000 Fax: (617) 542-2241 Email: iahammel@mintz.com tjmckeon@mintz.com 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. ELITE SCHOOL BUS: Seeks Chapter 11 Bankruptcy in Maryland --------------------------------------------------------- On February 25, 2025, Elite School Bus Company LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filing, the Debtor reports $2,590,042 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Elite School Bus Company LLC Elite School Bus Company LLC specializes in providing school bus services for local educational institutions. Elite School Bus Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-11526) on February 25, 2025. In its petition, the Debtor reports total assets of $162,513 and total liabilities of $2,590,042. Honorable Bankruptcy Judge David E. Rice handles the case. The Debtor is represented by: Mary Fran Ebersole, Esq. TYDINGS & ROSENBERG LLP One East Pratt Street, Suite 901 Baltimore, MD 21202 Tel: (410) 752-9750 E-mail: mebersole@tydings.com EMD EXPRESS: Seeks DIP Loan From Compass Funding Solutions ---------------------------------------------------------- EMD Express, LLC asked the U.S. Bankruptcy Court for the Western District of Kentucky, Bowling Green Division, for authority to obtain post-petition financing under the terms of a pre-existing Factoring and Security Agreement with Compass Funding Solutions, LLC. The Debtor needs short-term financing to fund its day-to-day operations. On June 12, 2020, the Debtor entered into a Factoring and Security Agreement with Compass. Under the agreement, Compass would purchase certain receivables from the Debtor. Compass holds a first-priority security interest in the Debtor's accounts receivable. The Debtor seeks authorization to continue using financing from Compass based on the terms of the pre-petition agreement to support working capital needs; payment of outstanding pre-bankruptcy indebtedness (approximately $160,470) owed to Compass for prior receivables purchased; and payment of fees and expenses, including legal fees associated with the pre-bankruptcy agreement. It also proposes to provide adequate protection to Compass to secure its position as a creditor under the bankruptcy proceedings. About EMD Express EMD Express, LLC filed Chapter 11 petition (Bankr. W.D. Ky. Case No. 25-10148) on February 21, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Mahira Ajanovic, a member of EMD Express, signed the petition. Robert C. Chaudoin, Esq., at Harlin Parker, represents the Debtor as legal counsel. Compass Funding Solutions, LLC, as lender, may be reached through: Arleesia McDonald 115 W 55th Street Suite 301 Clarendon Hills, IL 60514 Email: Arleesia@compassholding.net ESCAMBIA OPERATING: Trustee Taps Energynet.Com LLC as Auctioneer ---------------------------------------------------------------- Drew McManigle, the Trustee for Escambia Operating Company, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ Energynet.Com, LLC as oil and gas auctioneer. The firm's services include: a. building, maintaining, and hosting a data room, to include asset information, due diligence records, and marketing materials for potential buyers; b. receiving bids, advising on bid evaluations, and negotiating purchase and sale agreements with interested buyers; c. hosting the EnergyNet Auction pursuant to its on-line platform; d. providing buyer due diligence and closing support as requested by the Trustee. The firm will receive commissions as follows: a. for properties valued at $1,000,000 or less: Between $1 and $100,000 10.0 percent $200,000 9.50 percent $300,000 8.75 percent $400,000 8.25 percent $500,000 7.75 percent $600,000 7.25 percent $700,000 6.75 percent $800,000 6.25 percent $900,000 5.75 percent $1,000,000 5.25 percent Greater than $1,000,000 4.75 percent b. for properties valued greater than $1,000,000: First $ Million 4.25 percent Second $ Million 3.75 percent Third $ Million 3.25 percent Fourth $ Million 2.75 percent Greater than $ 4 Million 2.25 percent As disclosed in the court filings, Energynet.Com, LLC does not hold or represent an interest adverse to the estate and that is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Chris Atherton Energynet.Com, LLC 1902 Washington Avenue, Suite A Houston TX 77007 Tel: (877) 351-4488 Email: Chris.Atherton@energynet.com About Escambia Operating Company Escambia Operating Company, LLC and its affiliates, Escambia Asset Company, LLC and Blue Diamond Energy, Inc., filed Chapter 11 petitions (Bankr. S.D. Miss. Lead Case No.23-50491) on April 2, 2023, with $10 million to $50 million in both assets and liabilities. Judge Jamie A. Wilson oversees the cases. The Debtors tapped Patrick A. Sheehan, Esq., and Steve Wright Mullins, Esq., as bankruptcy attorneys. Drew McManigle, the Chapter 11 trustee appointed in the Debtors' cases, tapped Jones Walker, LLP as bankruptcy counsel; MACCO Restructuring Group, LLC as financial advisor; M P Boots Petroleum Engineering Services, LLC as valuation advisor; and Matthews, Cutrer and Lindsay, PA as accountant. FIT FOR THE RED: Frederic Schwieg Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Frederic Schwieg, Esq., at Schwieg Law, as Subchapter V trustee for Fit for the Red Carpet, LLC. Mr. Schwieg will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwieg declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frederic P. Schwieg, Esq. Schwieg Law 2705 Gibson Drive Rocky River, OH 44116-1815 Phone: (440) 499-4506 Email: fschwieg@schwieglaw.com About Fit for the Red Carpet Fit for the Red Carpet, LLC offers personal services and is based in Akron, Ohio. Fit for the Red Carpet filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-50238) on February 18, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Alan M. Koschik handles the case. The Debtor is represented by: Marc B. Merklin, Esq. Roetzel & Andress, LPA 222 S. Main St., Suite 400 Akron, OH 44308 Tel: 330-376-2700 Email: mmerklin@ralaw.com FLYWHEEL ADVANCED: Posts Net Loss of $26,713 in Q1 Fiscal 2025 -------------------------------------------------------------- Flywheel Advanced Technology, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $26,713 for the three months ended December 31, 2024, compared to a net loss of $88,310 for the three months ended December 31, 2023. The Company reported no net revenues for the three months ended December 31, 2024 and 2023. As of December 31, 2024, the Company had $5,425,452 in total assets, $849,931 in total current liabilities, and $4,575,521 in total shareholders' equity. Going Concern Pursuant to the guidance in ASC 205-40 Going Concern, for each annual and interim reporting period an entity's management must evaluate whether there are conditions and events, considered in the aggregate, that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date that the financial statements are issued. To that extent, the Company incurred a net operating loss of approximately $0.03 million, had negative cash flows from operating activities of $0.08 million during the three months ended December 31, 2024 and had minimum cash balance as of its fiscal year end. With that said, the Company is currently in process of entering into certain arrangements to raise additional capital, which it believes to be probable of occurring as of the date of the filing. As such, the Company believes that the substantial doubt about its ability to continue as a going concern has been alleviated as a result of consideration of management's plans. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2ere7t76 About Flywheel Advanced Headquartered in Carson City, NV, Flywheel Advanced Technology, Inc. (formerly known as Pan Global Corp.) and its subsidiaries were formed to provide Internet of Things ("IoT") solutions and services to assist its clients to build applications using available IoT devices, sensors, frameworks, and platforms; integrate hardware and software solutions with clients existing landscape; or implement new IoT solutions for enterprises. Irvine, Calif.-based BCRG Group, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Jan. 14, 2025. The report highlights that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. FOCUS UNIVERSAL: Regains Compliance With Nasdaq's Bid Price Rule ---------------------------------------------------------------- Focus Universal Inc. revealed on Feb. 20, 2025, that it received formal written confirmation from The Nasdaq Stock Market, LLC, stating that for the last 13 consecutive business days, from Jan. 31, 2025 to Feb. 19, 2025, the closing bid price of the Company's shares has been at $1.00 per share or greater. As a result, the Company is now in compliance with Listing Rule 5550(a)(2) and has met Nasdaq's minimum bid price requirement. This issue is now resolved. "Regaining compliance with Nasdaq's minimum bid price is an important requirement for Focus Universal," said Dr. Desheng Wang, CEO of Focus Universal Inc., "and as we reflect on the market and growing business potential, we remain focused on creating long-term shareholder value through our fundamental research and development, which aims to address the core challenges in IoT and labor-intensive data entry. Our universal smart instrumentation platform provides a common hardware foundation that allows IoT engineers to start with 90% of the work completed, rather than from scratch. Our universal smart instrumentation software platform can replace any IoT app globally, eliminating the need for app developers to create individual apps." Dr. Desheng Wang continued, "Furthermore, with our AI-driven SEC financial reporting software, with a single click, automatically retrieves financial data from accounting systems and generates consolidated financial statements and SEC reports in WORD, PDF, HTML, and XBRL formats -- all without human involvement and free of errors -- reducing up to 2,000 person-days of work for public companies to 20 minutes. We showcased these technologies at CES 2025 in Las Vegas. We are committed to our shareholders to spin off the subsidiary focused on the SEC financial reporting software and take it public through an IPO." About Focus Universal Focus Universal Inc. (NASDAQ: FCUV) is a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G. The company has developed five disruptive patented technology platforms with 26 patents and patents pending in various phases and eight trademarks pending in various phases to solve the major problems facing hardware and software design and production within the industry today. These technologies combined to have the potential to reduce costs, product development timelines and energy usage while increasing range, speed, efficiency, and security. Focus currently trades on the Nasdaq Markets. Los Angeles, Calif.-based Weinberg & Company, P.A., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has suffered recurring losses from operations and has experienced negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. Focus Universal had a net loss of $4,718,142 and $4,926,937 for the years ended Dec. 31, 2023 and 2022, respectively. The Company had a net loss of $1,238,776 and $3,100,442 for the nine months ended Sept. 30, 2024 and 2023, respectively. In addition, the Company had an accumulated deficit of $23,820,946 and $22,582,170 as of Sept. 30, 2024 and Dec. 31, 2023, respectively, and negative cash flow from operating activities of $3,658,901 and $2,603,545 for the nine months ended Sept. 30, 2024 and 2023, respectively. At Sept. 30, 2024, the Company had cash and cash equivalents, and short-term investments, in the amount of $5,368,273. "The ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future and raising additional capital to meet its obligations and repay its liabilities arising from normal business operations when they come due. Since inception, the Company has funded its operations primarily through equity and debt financings, and it expects to continue to rely on these sources of capital in the future. In addition, before September 30, 2024, the Company has sold its land and buildings which provided additional working capital to the Company. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in case of equity financing, or grant unfavorable terms in future licensing agreements," the Company mentioned in its Quarterly Report for the period ending Sept. 30, 2024. FOLEY PRODUCTS: S&P Upgrades ICR to 'B+' on Lower Leverage ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Georgia-based Foley Products Co. to 'B+' from 'B'. S&P said, "At the same time, we raised our issue-level rating on the company's senior secured first-lien term loan due 2028 to 'BB-' from 'B' and revised its recovery rating to '2' from '3'. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of payment default. "The stable outlook indicates our expectation that the company will maintain S&P Global Ratings-adjusted leverage comfortably under 4x, even amid less-favorable business conditions. "We expect leverage will remain well under 4x for the next 12 months. Foley continues to deliver solid operating performance supported by healthy cash flow generation, limited capital expenditure, lower material costs on steel, and prudent debt management. The company's top-line operating performance is buoyed by its robust backlog and its ability to serve customers in infrastructure, residential, and non-residential end markets. The company experienced lower steel costs in fiscal 2024, which were partially offset by higher cement and aggregate costs. The net raw material cost savings, along with the company's steady backlog, have positively affected the company's EBITDA, and thus led to an EBITDA margin percentage improvement in the 20%-30% range in fiscal 2024, compared with our initial expectation for Foley in fiscal 2022. The company also continues to practice prudent debt management. The company continues to make voluntary pay downs on its term loan in addition to the scheduled amortization payments. As of Sept. 30, 2024, Foley's rolling 12 months' S&P Global Ratings-adjusted debt to EBITDA was 1.5x, well under our expectation for the rating. Furthermore, we do not expect Foley to undertake a large debt-financed acquisition within the next year or so. We believe healthy cash flow generation, limited capital expenditure, and continued prudent cost and debt management will support current credit metrics. Thus, we believe that Foley's leverage will remain comfortably under 4x for the next 12 months. "The company's small scale and limited geographic footprint are only partially offset by its strong position within its target markets. We believe Foley's small scale, limited geographic footprint (revenue concentration primarily in the Southeast), and focus on pipe and precast products indicate some credit risks. We believe that compared with larger, higher-rated peers, smaller and less diverse companies like Foley are more susceptible to volatility during periods of economic stress. We also believe the company faces stiff competition from large, more-diversified national players such as Quikrete Holdings Inc., as well as from other drainage infrastructure providers such as Advanced Drainage Systems Inc. Nonetheless, we recognize that the company is a leading manufacturer of pipe and precast products within its operating footprint primarily in the Southeast. "The stable rating outlook on Foley indicates our belief that steady demand and management's ability to sustain its margins will allow the company's S&P Global Ratings-adjusted leverage to remain comfortably under 4x and its EBITDA interest coverage to be more than 3x." S&P may lower its ratings on Foley over the next 12 months if: -- Its business conditions materially weaken and its S&P Global Ratings-adjusted EBITDA declines such that its S&P Global Ratings-adjusted leverage rises above 4x, or its EBITDA interest coverage falls below 3x on a sustained basis. This could occur if a severe downturn drastically reduced the demand for the company's products or higher-than-expected inflation that it cannot pass on to its customers compressed its margins; or -- The company employed a more aggressive financial policy--by using debt to fund distributions or acquisitions--resulting in elevated credit ratios. S&P views an upgrade as unlikely because of the company's small size and financial sponsor-backed ownership. However, S&P could raise its rating if: -- The company materially enhanced its scale and competitive position while sustaining S&P Global Ratings-adjusted leverage of less than 3x, and -- S&P believed its owners were committed to maintaining its leverage at this level. FOLEY PRODUCTS: S&P Upgrades ICR to 'B+' on Lower Leverage ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Georgia-based Foley Products Co. to 'B+' from 'B'. S&P said, "At the same time, we raised our issue-level rating on the company's senior secured first-lien term loan due 2028 to 'BB-' from 'B' and revised its recovery rating to '2' from '3'. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of payment default. "The stable outlook indicates our expectation that the company will maintain S&P Global Ratings-adjusted leverage comfortably under 4x, even amid less-favorable business conditions. "We expect leverage will remain well under 4x for the next 12 months. Foley continues to deliver solid operating performance supported by healthy cash flow generation, limited capital expenditure, lower material costs on steel, and prudent debt management. The company's top-line operating performance is buoyed by its robust backlog and its ability to serve customers in infrastructure, residential, and non-residential end markets. The company experienced lower steel costs in fiscal 2024, which were partially offset by higher cement and aggregate costs. The net raw material cost savings, along with the company's steady backlog, have positively affected the company's EBITDA, and thus led to an EBITDA margin percentage improvement in the 20%-30% range in fiscal 2024, compared with our initial expectation for Foley in fiscal 2022. The company also continues to practice prudent debt management. The company continues to make voluntary pay downs on its term loan in addition to the scheduled amortization payments. As of Sept. 30, 2024, Foley's rolling 12 months' S&P Global Ratings-adjusted debt to EBITDA was 1.5x, well under our expectation for the rating. Furthermore, we do not expect Foley to undertake a large debt-financed acquisition within the next year or so. We believe healthy cash flow generation, limited capital expenditure, and continued prudent cost and debt management will support current credit metrics. Thus, we believe that Foley's leverage will remain comfortably under 4x for the next 12 months. "The company's small scale and limited geographic footprint are only partially offset by its strong position within its target markets. We believe Foley's small scale, limited geographic footprint (revenue concentration primarily in the Southeast), and focus on pipe and precast products indicate some credit risks. We believe that compared with larger, higher-rated peers, smaller and less diverse companies like Foley are more susceptible to volatility during periods of economic stress. We also believe the company faces stiff competition from large, more-diversified national players such as Quikrete Holdings Inc., as well as from other drainage infrastructure providers such as Advanced Drainage Systems Inc. Nonetheless, we recognize that the company is a leading manufacturer of pipe and precast products within its operating footprint primarily in the Southeast. "The stable rating outlook on Foley indicates our belief that steady demand and management's ability to sustain its margins will allow the company's S&P Global Ratings-adjusted leverage to remain comfortably under 4x and its EBITDA interest coverage to be more than 3x." S&P may lower its ratings on Foley over the next 12 months if: -- Its business conditions materially weaken and its S&P Global Ratings-adjusted EBITDA declines such that its S&P Global Ratings-adjusted leverage rises above 4x, or its EBITDA interest coverage falls below 3x on a sustained basis. This could occur if a severe downturn drastically reduced the demand for the company's products or higher-than-expected inflation that it cannot pass on to its customers compressed its margins; or -- The company employed a more aggressive financial policy--by using debt to fund distributions or acquisitions--resulting in elevated credit ratios. S&P views an upgrade as unlikely because of the company's small size and financial sponsor-backed ownership. However, S&P could raise its rating if: -- The company materially enhanced its scale and competitive position while sustaining S&P Global Ratings-adjusted leverage of less than 3x, and -- S&P believed its owners were committed to maintaining its leverage at this level. FOOTBALL NATION: Seeks to Hire Hill View Partners as Broker ----------------------------------------------------------- Football Nation Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Hill View Partners as a broker to provide advisory services in connection with the proposed sale of its assets. The firm's services include: a. assisting the Debtor in identifying and evaluating candidates for any potential Sale Transaction; b. notifying and communicating with prospective purchasers respecting the Sale Transaction; c. advising the Debtor in connection with negotiations, and aiding in the consummation of any such Sale Transaction; and d. providing testimony, as necessary, with respect to matters on which Hill View has been engaged to advise hereunder in any proceeding before this Court. The firm will be compensated at these rates: -- Fixed Fee: The Debtor shall pay Hill View a fixed fee in the amount of $10,000 dollars. -- Strategic Transaction Advisory Fee: To the extent that the Debtor is acquired or otherwise sells a portion or percentage of its ownership through any introduction, relationships, or otherwise either made by Hill View or which otherwise arises or occurs during Hill View's engagement, Hill View shall earn a fee calculated by multiplying five percent by the Gross Amount of the transaction for any transactions consummated. As disclosed in the court filings, Hill View is otherwise a "disinterested person" with respect to the Debtor, as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Arthur Petropoulos Hill View Partners, LLC 220 South Main Street Providence, RI 02903 Phone: (401) 569-9136 About Football Nation Holdings LLC Football Nation Holdings LLC, doing business as Command Media LLC, provides cutting-edge app and web development specializing in the application of advanced AI, enhanced live streaming, and real-time gamification. Football Nation Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12453) on December 5, 2024. In the petition filed by Laura Peck, as chief operating officer, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Janet E. Bostwick handles the case. FORWARD INDUSTRIES: Liquidity Issues Raise Going Concern Doubt -------------------------------------------------------------- Forward Industries, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended December 31, 2024, that there is substantial doubt about its ability to continue as a going concern. Forward Industries stated that the Company had an accumulated deficit and working capital deficit of $20,345,000 and $162,000, respectively, at December 31, 2024, a net loss of $708,000 for the three months ended December 31, 2024 and $1,951,000 in Fiscal 2024 and a cash balance of approximately $2,900,000 at January 31, 2025. The Company's OEM distribution segment procures substantially all its products through independent suppliers in China through Forward China. In order to preserve the Company's current and future liquidity, the Company and Forward China entered into an agreement whereby Forward China agreed to limit the amount of outstanding payables it would seek to collect from the Company. "In December 2024, our largest design customer notified us of its plan to discontinue their insulin patch pump program, on which we were working," the Company explained. "We expect this to cause a material decrease in our revenues beginning in the second quarter of Fiscal 2025. Based on our forecasted cash flows, we believe our existing cash balance and working capital will not be sufficient to meet our liquidity needs through February 13, 2026, 12 months from the date of issuance of these condensed consolidated financial statements. These factors raise substantial doubt about our ability to continue as a going concern." "Management plans to initiate cost reduction measures in Fiscal 2025 to mitigate the impact of the loss of our largest customer, including a reduction in force which was communicated in December 2024. These plans will be evaluated and adjusted as deemed necessary based on the ongoing needs of the business. Management also plans to seek flexibility on payment terms for ongoing purchases from Forward China and attempt to obtain debt or equity financing to fund its ongoing operations. However, there are no current agreements or understanding with regard to the form, time or amount of such financing and there is no assurance that any financing can be obtained, that Forward China will grant any flexibility on payment terms or that our cost reduction efforts will be sufficient to enable the Company to continue as a going concern." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4puwr62c About Forward Industries Hauppauge, N.Y.-based Forward Industries, Inc. is a global design, sourcing and distribution company serving top tier medical and technology customers worldwide. The Company's design division provides hardware and software product design and engineering services to customers predominantly located in the U.S. As of December 31, 2024, the Company had $13,492,305 in total assets, $11,213,008 in total liabilities, and total shareholders' equity of $2,279,297. GAVIN SPANIERMAN: Seeks to Hire Pick & Zabicki LLP as Counsel ------------------------------------------------------------- Gavin Spanierman Ltd. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Pick & Zabicki LLP as counsel. The firm's services include: (a) advise the Debtor with respect to its rights and duties; (b) assist and advise the Debtor in preparation of its financial statements, schedules of assets ad liabilities, statement of financial affairs and other reports and documentation required pursuant to the bankruptcy code and the bankruptcy rules; (c) represent the Debtor at all hearings and other proceedings relating to its affairs as a Chapter 11 Debtor; (d) prosecute and defend litigated matters that may arise during this Chapter 11 case; (e) assist the Debtor in the formulation and negotiation of a plan of reorganization and all related transactions; (f) assist the Debtor in analyzing the claims of creditors and in negotiating with such creditors; (g) prepare any and all necessary legal papers in connection with the administration and prosecution of the Debtor's Chapter 11 case; and (h) perform such other legal services as may be required and/or deemed to be in the interest of the Debtor in accordance with its powers and duties. The firm's counsel will be paid at these hourly rates: Partners $475 - $565 Associates $250 - $385 Paraprofessionals $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $15,000. Douglas Pick, Esq., a member at Pick & Zabicki, 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: Douglas J. Pick, Esq. Pick & Zabicki LLP 369 Lexington Avenue, 12th Floor New York, NY 10017 Telephone: (212) 695-6000 Email: dpick@picklaw.net About Gavin Spanierman Ltd. Gavin Spanierman Ltd. operates as Spanierman Modern, an art gallery located at 958 Madison Avenue in New York City. Gavin Spanierman filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10005) on January 3, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities up to $50,000. Eric Zabicki, Esq. of Pick & Zabicki LLP represents the case as counsel. GLIDE LOGISTICS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Glide Logistics, Inc. 17758 S Robet Emmett Dr Homer Glen, IL 60491 Business Description: Glide Logistics, Inc. is a transportation company specializing in open deck, heavy haul, and oversize freight services across the U.S. Chapter 11 Petition Date: March 2, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-03258 Judge: Hon. Janet S Baer Debtor's Counsel: Keevan D. Morgan, Esq. MORGAN & BLEY, LTD. 900 W. Jackson Blvd. Suite 4 East Chicago, IL 60607 Tel: 312-243-0006 Email: kmorgan@morganandbleylimited.com Total Assets: $1,220,786 Total Liabilities: $1,050,846 The petition was signed by Alina Nastas 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/QGAJKKA/Glide_Logistics_Inc__ilnbke-25-03258__0001.0.pdf?mcid=tGE4TAMA GRISWOLD ENTERPRISES: Hires Tittle Law Group PLLC as Counsel ------------------------------------------------------------ Griswold Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Southern 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 be paid at these rates: Brandon J. Tittle, Esq. $625 per hour Associates $305 to $495 per hour Paralegals $205 to $295 per hour The firm received a $2,000 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 Griswold Enterprises Griswold Enterprises LLC was founded in 2020, the Debtor runs a Double Dave's Pizzaworks franchise at 7312 Louetta Road, Spring, Texas 77379. The business serves a variety of hand-crafted pizzas, pepperoni rolls, strombolis, salads, and desserts. Griswold Enterprises LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30707) on February 3, 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 Brandon Tittle, Esq. at TITTLE LAW GROUP, PLLC. HAMMER FIBER: Appoints Salberg & Company as New Auditor ------------------------------------------------------- Hammer Fiber Optics Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved the dismissal of Fruci & Associates II, PLLC as its independent registered public accounting firm. During the Registrant's two most recent fiscal years ended July 31, 2024 and 2023 and the subsequent interim periods through February 18, 2025, there were no disagreements as defined in Item 304 of Regulation S-K with Fruci on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Fruci, would have caused it to make reference in connection with any opinion to the subject matter of the disagreement. Further, there were no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K). On February 20, 2025, the Board of Directors approved the appointment of Salberg & Company, P.A., an independent registered public accounting firm which is registered with, and governed by the rules of, the Public Company Accounting Oversight Board, as the Company's independent registered public accounting firm. During the Company's two most recent fiscal years through July 31, 2024, and the subsequent interim periods through February 20, 2025, neither the Company nor anyone on its behalf consulted Salberg regarding either: (1) the application of accounting principles to a specified transaction regarding us, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements; or (2) any matter regarding the Company that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and related instructions to Item 304 of Regulation S-K) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K). About Hammer Fiber Optics Hammer Fiber Optics Holdings Corp. is now an alternative telecommunications carrier that is poised to position itself as a premier provider of diversified dark fiber networking solutions as well as high-capacity broadband wireless access networks in the United States and abroad. As of July 31, 2024, the Company had $3,036,829 in total assets, $3,998,146 in total liabilities, and a total stockholders' deficit of $961,317. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated February 4, 2025, citing that the Company has consistently sustained losses since its inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. HEALTHIER CHOICES: Christopher Santi Holds 8.22% Equity Stake ------------------------------------------------------------- Christopher Santi, disclosed in a Schedule 13D/A filed with the U.S. Securities and Exchange Commission that as of February 1, 2025, he beneficially owned 40,975,000,000 shares of Healthier Choices Management Corp.'s Common Stock, consisting of 23,975,000,003 shares held, 6,250,000,000 shares of Restricted Stock, and options to purchase 17,000,000,000 shares exercisable within 60 days, representing 8.22% of the 481,266,632,384 shares outstanding as of February 13, 2025. Mr. Santi may be reached at: Christopher Santi c/o Healthier Choices Management Corp. 3800 North 28th Way, #1, Hollywood, FL 33020 Tel: (888) 766-5351 The full-text copy of Mr. Santi's SEC report is available: https://tinyurl.com/murn5pk2 About Healthier Choices Management Hollywood, Fla.-based Healthier Choices Management Corp. is a holding company focused on providing consumers with healthier daily choices with respect to nutrition and other lifestyle alternatives. Through its wholly owned subsidiary HCMC Intellectual Property Holdings, LLC, the Company manages its intellectual property portfolio. Saddle Brook, N.J.-based Marcum LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 27, 2024, citing that the Company has a working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2024, Healthier Choices Management had $3,784,648 in total assets, $3,193,801 in total liabilities, $1,111,100 of convertible preferred stock, and $520,253 in total stockholders' deficit. HEALTHIER CHOICES: Jeffrey E. Holman Holds 15.91% Stake ------------------------------------------------------- Jeffrey E. Holman, disclosed in a Schedule 13D/A filed with the U.S. Securities and Exchange Commission that as of February 1, 2025, he beneficially owned 82,800,000,003 shares of Common Stock of Healthier Choices Management Corp., consisting of 12,500,000,000 shares of Restricted Stock, 43,800,000,003 shares of Common Stock, and options to purchase 39,000,000,000 shares of Common Stock exercisable as of the filing date or within 60 days. This represents 15.91% of 481,266,632,384 outstanding shares as of February 13, 2025. Mr. Holman may be reached at: Jeffrey E. Holman c/o Healthier Choices Management Corp. 3800 North 28th Way, #1, Hollywood, FL 33020 Tel: (888) 766-5351 The full-text copy of Mr. Holman's SEC report is available: https://tinyurl.com/yvzdk92f About Healthier Choices Management Hollywood, Fla.-based Healthier Choices Management Corp. is a holding company focused on providing consumers with healthier daily choices with respect to nutrition and other lifestyle alternatives. Through its wholly owned subsidiary HCMC Intellectual Property Holdings, LLC, the Company manages its intellectual property portfolio. Saddle Brook, N.J.-based Marcum LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 27, 2024, citing that the Company has a working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2024, Healthier Choices Management had $3,784,648 in total assets, $3,193,801 in total liabilities, $1,111,100 of convertible preferred stock, and $520,253 in total stockholders' deficit. HEART 2 HEART: Seeks Chapter 11 Bankruptcy in West Virginia ----------------------------------------------------------- On February 27, 2025, Heart 2 Heart Volunteers Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of West Virginia. 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 Heart 2 Heart Volunteers Inc. Heart 2 Heart Volunteers Inc., d/b/a Serenity Hills Life Center, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00087) on February 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Kirk B. Burkley, Esq. BERNSTEIN-BURKLEY, P.C. 601 Grant Street 9th Floor Pittsbugh PA 15219 Tel: 412-456-8100 Email: kburkley@bernsteinlaw.com HMC PARTNERS: Case Summary & Five Unsecured Creditors ----------------------------------------------------- Two affiliates that simultaneously filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- HMC Partners, LLC 25-11148 732 S. Sixth St. #4582 Las Vegas, NV 89101 LV Benzene, LLC 25-11150 10161 W. Park Run Dr., #150 Las Vegas, NV 89145 Business Description: HMC Partners, LLC is a Las Vegas-based financial advisory firm. Chapter 11 Petition Date: February 28, 2025 Court: United States Bankruptcy Court District of Nevada Judge: Hon. Natalie M Cox Debtors' Counsel: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 Email: mzirzow@lzlawnv.com HMC Partners' Estimated Assets: $10 million to $50 million HMC Partners' Estimated Liabilities: $10 million to $50 million LV Benzene's Estimated Assets: $1 million to $10 million LV Benzene's Estimated Liabilities: $1 million to $10 million The petitions were signed by Houshang Neyssani as manager. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/PDFCA4I/HMC_PARTNERS_LLC__nvbke-25-11148__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/BJH77QA/LV_BENZENE_LLC__nvbke-25-11150__0001.0.pdf?mcid=tGE4TAMA List of HMC Partners's Five Unsecured Creditors: Entity Nature of Claim Claim Amount 1. The H W Singleton Co., Inc. $5,950,000 Attn: Todd & Matt Singleton 2127 Westwood Blvd. Los Angeles, CA 90025 2. U & M Properties, Inc. $3,850,000 c/o Mike Stern 5979 W. 3rd St., #202 Los Angeles, CA 90036 3. Henry Henke $3,850,000 Building Ltd. P'Ship c/o Pietro Amirkhanian 1 S. Fair Oaks Ave., Suite 206 Pasadena, CA 91105 4. Nat'l Mortgage $846,000 Resources, Inc. 3415 S. Sepulveda Blvd. Suite 1101 Los Angeles, CA 90034 5. PIVS Felix, Inc. $164,700 c/o David Arnold, Registered Agent 14813 S New Maple Dr. Herriman, UT 84096 List of LV Benzene's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. The Bernard Company LLC Purchase $5,800,000 Attn: William Glasser Agreement 2860 Gold Tailing Ct. Rancho Cordova, CA 95670 2. National Mortgage $760,000 Resources, Inc. Attn: Bankruptcy Dept/ Managing Agent 3415 S. Sepulveda Blvd. Ste. 1101 Los Angeles, CA 90034 3. PIVS Felix, Inc. $118,400 c/o David Arnold, Registered Agent 14813 S New Maple Dr. Herriman, UT 84096 HONDUCRETE REDI: Seeks to Hire DeMarco-Mitchell PLLC as Counsel --------------------------------------------------------------- Honducrete Redi Mix Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire DeMarco-Mitchell, PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm will be paid at these rates: Robert T. DeMarco, Attorney $400 per hour Michael S. Mitchell, Attorney $300 per hour Barbara Drake, Paralegal $125 per hour The firm received from the Debtor a retainer in the amount of $7,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert T. DeMarco, Esq., a partner at Demarco-Mitchell 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: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 578-1400 Fax: (972) 346-6791 Email robert@demarcomitchell.com mike@demarcomitchell.com About Honducrete Redi Mix Inc. Honducrete Redi Mix Inc. operates as a ready-mix concrete provider in Dallas, Texas. Honducrete Redi Mix sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-30372) on January 31, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Robert T DeMarco, Esq. at DEMARCO MITCHELL, PLLC. HOOTERS OF AMERICA: Problems Put Securitizations to Test -------------------------------------------------------- Scott Carpenter, Immanual John Milton, and Eliza Ronalds-Hannon of Bloomberg News report that a financial tool widely used by chain restaurants is now under pressure, with Hooters approaching bankruptcy and TGI Friday's still entrenched in one. Whole-business securitizations, which gained popularity over a decade ago, allow retail chains to raise capital more affordably than junk bonds by leveraging future cash flows from franchised locations. JPMorgan Chase & Co. estimates that around $36 billion of these bonds remain outstanding. These securities attracted investors due to their perceived reliability. About Hooters of America Hooters of America, LLC owns and operates a restaurant chain with hundreds of locations in the United States. IGH PROPERTIES: Seeks to Hire Bush Law Firm LLC as Legal Counsel ---------------------------------------------------------------- IGH Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to hire The Bush Law Firm, LLC as its counsel. The firm will provide these services: a. advising the Debtor-in-Possession as to the rights, powers and duties of a debtor-in-possession; b. preparing and filing the documents necessary to advance this case including, but not limited to, answers, applications, motions, proposed orders, responses, schedules and other necessary and required legal documents; c. representing the Debtor-in-Possession at the hearings in this matter; d. preparing and filing the status report and plan; e. defending challenges to the automatic stay; and f. providing such other legal services and preparing and/or filing such other documents as may be necessary for Debtor-in-Possession to carry out its duties and functions in this case. The firm will be paid at these rates: Attorneys $350 per hour Paralegals $75 per hour The Bush Law Firm has been paid a retainer of $8,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Anthony B. Bush, Esq., a partner at The Bush Law Firm, 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: Anthony B. Bush, Esq. The Bush Law Firm, LLC Parliament Place Professional Center 3198 Parliament Circle 302 Montgomery, AL 36116 Tel: (334) 263-7733 Fax: (334) 832-4390 Email: anthonybbush@yahoo.com abush@bushlegalfirm.com About IGH Properties, LLC IGH Properties, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-80181) on February 13, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Anthony Brian Bush, Esq. at The Bush Law Firm, LLC represents the Debtor as counsel. IMERI ENTERPRISES: Taps Patrick O'Connor & Associates as Appraiser ------------------------------------------------------------------ Imeri Enterprises Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Patrick O'Connor & Associates, L.P. dba O'Connor & Associates as real estate appraiser. O'Connor will perform an appraisal of the Debtor's property, a 56-room hotel located at 28332 Southwest Highway 59, Rosenberg, TX 77471 and appear at depositions and/or testify in Court pertaining the appraisal and related matters. Debtor has agreed to compensate O'Connor in an amount of $5,000 to perform the appraisal and prepare an appraisal report. The firm will charge $350 per hour for additional services. O'Connor, is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. according to court filings. The firm can be reached through: John R. Fisher Patrick O'Connor & Associates, L.P. dba O'Connor & Associates 2200 N. Loop W., Suite 200 Houston, TX 77018 Tel: (713) 375-4010. Email: jfisher@poconnor.com 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. INDOCHINE RESTAURANT: Unsecureds to be Paid in Full over 10 Years ----------------------------------------------------------------- Indochine Restaurant, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina a Disclosure Statement describing Chapter 11 Plan dated February 18, 2025. The Debtor is a North Carolina Limited Liability Company located in Wilmington, North Carolina. Debtor is engaged in the restaurant business. Debtor's primary source of income is from the operation of its restaurant. This case is being jointly administered with five others: Cafe Chinois, LLC, Cocochine of NC, LLC, Indochine Express Leland LLC, Indochine Express Oleander, LLC, and Indochine Express Southport, LLC (the "Related Entities"), which are also restaurants located in the greater Wilmington area, serving similar cuisine, and managed by Solange E. Thompson. The Debtor and the Related Entities engaged a series of merchant cash advance lenders that began seizing Debtor's bank account funds in large and inconsistent amounts, which prevented Debtor from being able to paying secured debts as they came due or otherwise efficiently manage its banking accounts. Debtor and the Related Entities are popular restaurants with a consistent customer base and revenue, with late spring through early fall months being especially profitable. The Plan contemplates a reorganization of debts. In accordance with the Plan, Debtor intends to satisfy certain creditor claims from income earned through the continued operation of its restaurant. Class 22 consists of all allowed, undisputed, non-contingent unsecured claims and deficiency claims listed on the Petition or as otherwise approved by the Court. The total Claims in this Class, as of the date of this filing, is $2,165,162.61. Debtor shall pay allowed general unsecured claims in in full via monthly payments following the Effective Date and shall continue thereafter for ten years at a fixed interest rate of one and one-half percent per annum. All payments to this class shall be distributed pro rata. For feasibility purposes, Debtor estimates monthly payments will be in the amount of $19,603.96. Class 22 also includes all claims which are not otherwise specifically classified by this Plan. The Claims should include, but not be limited to, creditors whose Claims may arise out of the rejection of executory contracts and secured creditors to the extent that the Court or the terms of this Plan deems them to be unsecured in whole or in part or to the extent that such Claim may not be specifically dealt with in the treatment of a particular class or any of these. In determining whether a Claim, that is otherwise allowable, should be designated into this Class as opposed to any other Class in this Plan, this Class is an inclusive one rather than exclusive. This class will be impaired. The Debtor proposes to make payments under the Plan from the operation of its restaurant: Indochine Restaurant. A full-text copy of the Disclosure Statement dated February 18, 2025 is available at https://urlcurt.com/u?l=Reprh3 from PacerMonitor.com at no charge. Counsel to the Debtor: George Mason Oliver, Esq. The Law Offices of Oliver & Cheek, PLC PO Box 1548 New Bern, NC 28563 Tel: (252) 633-1930 Fax: (252) 633-1950 Email: george@olivercheek.com About Indochine Restaurant Indochine Restaurant, LLC operates a restaurant in Wilmington, N.C., serving Thai and Vietnamese Asian cuisine. Indochine Restaurant sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03490) on Oct. 4, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Solange Thompson, manager, signed the petition. The Debtor is represented by George Mason Oliver, Esq., at The Law Offices of Oliver & Cheek, PLLC. INNOV8TIVE NUTRITION: Seeks to Hire DeMarco-Mitchell as Counsel --------------------------------------------------------------- Innov8tive Nutrition Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire DeMarco-Mitchell, PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm will be paid at these rates: Robert T. DeMarco, Attorney $400 per hour Michael S. Mitchell, Attorney $300 per hour Barbara Drake, Paralegal $125 per hour The firm received from the Debtor a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert T. DeMarco, Esq., a partner at Demarco-Mitchell 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: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 578-1400 Fax: (972) 346-6791 Email robert@demarcomitchell.com mike@demarcomitchell.com About Innov8tive Nutrition Inc. Innov8tive Nutrition Inc. provides nutritional products and fosters a supportive community. Innov8tive Nutrition filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Texas Case No. 25-40277) on February 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in both assets and liabilities. Judge Brenda T. Rhoades handles the case. The Debtor is represented by Robert DeMarco, III, Esq., in Dallas, Texas. ISPECIMEN INC: Appoints Field as President, Announces Board Changes ------------------------------------------------------------------- iSpecimen Inc. filed a Form 8-K with the Securities and Exchange Commission, announcing that the Company's Board of Directors has appointed Ms. Katharyn Field as President, effective Feb. 19, 2025. Following her appointment, Ms. Field resigned from her position as a member of the Board. To fill the resulting vacancy, Ms. Siyun Yang has been appointed as an independent director, effective immediately. Ms. Yang has also been appointed to serve on the Audit Committee and Nominating and Corporate Governance Committee of the Board, replacing Ms. Field. Additionally, the Board appointed Mr. Richard Paolone as Chair of the Board, replacing Ms. Field in this role. Mr. Robert Bradley Lim remains the Company's chief executive officer and a member of the Board. The terms of Ms. Field's employment agreement provide that she will receive an annual base salary of $240,000, payable in accordance with the Company's standard payroll schedule. She will also be eligible to participate in the Company's Stock Incentive Plan and receive standard fringe benefits available to full-time employees. Ms. Field's employment is at-will, meaning that either she or the Company may terminate the employment relationship with 30 days' notice. Ms. Yang is an Associate Attorney at Quill & Arrow LLP based in Los Angeles, California, where she specializes in consumer protection and product liability litigation. Previously, she served as In-House Counsel at Halo Collective Inc., overseeing regulatory compliance, corporate transactions, and litigation matters related to cannabis operations and intellectual property. Prior to that, Ms. Yang was a Provisional Licensed Lawyer at Di Li Law, PC, where she focused on trademark filings, oppositions, and intellectual property matters. Ms. Yang holds an LL.M. in International Comparative Law from UCLA School of Law and an LL.B. in International Economic Law from East China University of Political Science and Law. Her expertise in litigation, corporate governance, and data analytics further strengthens the Board's oversight capabilities. The Company stated that there are no arrangements or understandings with any third party regarding Ms. Yang's selection as a director, nor any related party transactions with the Company requiring disclosure under Item 404(a) of Regulation S-K. The Board and management team remain committed to executing its objectives and do not expect any disruption to operations due to these leadership changes. About iSpecimen Headquartered in Lexington, Massachusetts, iSpecimen -- http://www.ispecimen.com/-- offers an innovative marketplace platform that connects life science researchers with healthcare providers to access high-quality biospecimens. Through its proprietary technology and extensive network, iSpecimen streamlines the procurement process, accelerating medical discoveries and advancing global healthcare. For more information, visit www.ispecimen.com. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 13, 2024, citing that the Company has suffered recurring losses and negative cash flows from operations and has a significant accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company is not profitable and has incurred losses in each period since its inception in 2009. For the years ended Dec. 31, 2023 and 2022, the Company reported net losses of $11,099,488 and $10,245,922, respectively. The Company had an accumulated deficit of $59,364,812 as of Dec 31, 2023. "We expect to continue to incur losses for the foreseeable future, and we expect these losses to increase as we continue to invest in the growth of our business. We may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect our business. The magnitude of our future net losses will depend, in part, on the rate of future growth of our expenses and our ability to generate and grow revenue. Even if we achieve profitability in a future period, we may not be able to sustain profitability in subsequent periods. Our prior losses and expected future losses have had and will continue to have adverse effects on our stockholders' equity (deficit) and working capital," the Company stated in its 2023 Annual Report. iSpecimen mentioned in its Quarterly Report for the period ending Sept. 30, 2024, that the Company may face challenges in increasing revenues from its new enhancement projects or in managing its operating expenses. Additionally, it may struggle to raise additional capital on commercially favorable terms. Failure to generate additional revenues or effectively control operating costs would negatively impact the Company's business, financial performance, and overall financial condition, potentially jeopardizing its ability to continue as a going concern. If the Company fails to generate sufficient revenue to maintain adequate working capital, its business plan may need to be further scaled down. JERK PAN: Jolene Wee of JW Infinity Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for Jerk Pan Kusine, Inc. Ms. Wee will be compensated at $640 per hour for work performed in 2025. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Telephone: (929) 502-7715 Facsimile: (646) 810-3989 Email: jwee@jw-infinity.com About Jerk Pan Kusine Jerk Pan Kusine Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40743) on February 17, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Elizabeth S. Stong presides over the case. Narissa A. Joseph, Esq., represents the Debtor as legal counsel. JUS BROADCASTING: Taps Konopka Law as Special Litigation Counsel ---------------------------------------------------------------- JUS Broadcasting Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Konopka Law Group as special litigation counsel. The firm will represent the Debtors on these three litigations arising from its operations of a television broadcast network: a. Kashmir Gill v. Jus Broadcasting, Jus Punjabi LLC, Jus One Corp., Penny K Sandhu (Index No. 19-04216 (DLI)(PK)); b. Karl Khandalavalla II v. Penny K. Sandhu and Jus Punjabi LLC (Index No. 6551/203); and c. Saim Naqvi v. Jus Broadcasting Corporation (Index No. 605545/2019). The firm shall be compensated on an hourly basis and will receive reimbursement on all reasonable expenses. Konopka Law Group hold no interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Michael Konopka, Esq. The Konopka Law Group 277 Broadway #810 New York, NY 10007 Phone: (212) 385-4800 About JUS Broadcasting Corporation Jus Broadcasting Corp sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 1-24-45180-jmm) on December 11, 2024. In the petition signed by Penny K, Sandthu, president and sole principal, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Leo Fox, Esq., at Law Office of Leo Fox, Esq., represents the Debtor as legal counsel. KOTAI INVESTMENTS: Trustee Hires Levene Neale Bender as Counsel --------------------------------------------------------------- Mark Sharf, the trustee appointed in the Chapter 11 case of Kotai Investments, Inc., 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 his successor general bankruptcy counsel. The firm's services include: a. assisting the Trustee in implementing the settlement, including in the Kotai case making distributions, dismissing the appeal, dismissing the bankruptcy case and filing final fee applications; b. advising the Trustee in the East Mission case whether to proceed in Chapter 11 (subchapter V) or dismiss or convert the case to Chapter 7, and implementing that decision; c. investigating any and all other assets of the East Mission estate, including any undisclosed assets, and, if necessary or beneficial to the estate, to pursue adversary proceedings to recover estate property; d. prosecuting claims objections in the East Mission case if appropriate to the extent that funds are generated for the estate; and e. performing services related to such other legal matters as may arise in the administration of this estate. The firm will be paid at these hourly rates: David L. Neale 750 Ron Bender 750 Timothy J. Yoo 750 David B. Golubchik 750 Eve H. Karasik 750 Gary E. Klausner 750 Eric P. Israel 750 Brad D. Krasnoff 750 Edward M. Wolkowitz 750 Beth Ann R. Young 750 Monica Y. Kim 725 Philip A. Gasteier 725 John N. Tedford, Iv 725 Daniel H. Reiss 725 Todd A. Frealy 725 Kurt Ramlo 725 Richard P. Steelman, Jr. 725 Juliet Y. Oh 725 Todd M. Arnold 725 Krikor J. Meshefejian 725 John-Patrick M. Fritz 725 Joseph M. Rothberg 725 Jeffrey Kwong 725 Michael D’alba 725 Carmela T. Pagay 700 Anthony A. Friedman 700 Lindsey L. Smith 650 Robert Carrasco 550 Paraprofessionals 300 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Eric Israel, Esq., a partner at Levene, Neale, Bender, Yoo, and Golubchik L.L.P., 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: Eric P. Israel, Esq. Levene, Neale, Bender, Yoo & Golubchik, LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: dbg@lnbyg.com About Kotai Investments Kotai Investments, Inc., a company in San Gabriel, Cal., filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-12242) on April 13, 2023, with $1 million to $10 million in both assets and liabilities. Judge Deborah J. Saltzman oversees the case. The Debtor tapped Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger as legal counsel and Chan & Chen, LLP as accountant. Mark M. Sharf has been appointed as Subchapter V trustee. Danning, Gill, Israel & Krasnoff, LLP is tapped as the trustee's general bankruptcy counsel. KRT INC: Seeks to Hire Clark Stith as Bankruptcy Counsel -------------------------------------------------------- KRT Inc. seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Clark Stith, an attorney practicing in Wyoming, as bankruptcy counsel. The firm will render these services: a. prepare pleadings and applications; b. provide advice regarding its rights, duties and obligations as a Debtor in possession; c. perform legal services incidental to operation of the Debtor's business; d. negotiate, prepare and confirm a plan of reorganization; and e. take other necessary and proper action in the preservation and administration of the bankruptcy estate. Mr. Stith's hourly rate is $400 per hour. Clark Stith does not represent any interest adverse to the Debtor or its estate, according to court filings. The counsel can be reached at: Clark Stith, Esq. 505 Broadway Rock Springs, WY 82901 Tel: (307) 382-5565 Fax: (307) 382-5552 Email: clarkstith@wyolawyers.com About KRT Inc. KRT Inc. operates within the specialized freight trucking industry. KRT Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20036) on February 7, 2025. In its petition, the Debtor reports total assets of $6,382,948 and total liabilities of $7,272,774. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Clark D. Stith, Esq. at CLARK D. STITH. KUT AUTO: Seeks to Hire Altmann Law Firm LLC as Co-Counsel ---------------------------------------------------------- Kut Auto Finance, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Altmann Law Firm, LLC as its co-counsel. The firm's services include: (a) provide legal advice with respect to its powers and duties as Debtor in the continued management of its financial affairs and property; (b) prepare all necessary legal documents; (c) review all leases and other corporate papers and prepare any necessary motions to assume unexpired leases or executory contracts; and (d) perform any and all other legal services for the Debtor as may be necessary to achieve confirmation of a Chapter 11 plan. Steven Altmann, Esq., an attorney at Altmann Law Firm, will be compensated at his hourly rate of $400 plus reimbursement for expenses incurred. The firm received a retainer in the amount of $10,000 from the Debtor. Mr. Altmann 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: Steven D. Altmann, Esq. Altmann Law Firm, LLC 3940 Montclair Road, Suite 401 Birmingham, AL 35213 Telephone: (205) 882-5005 About Kut Auto Finance Kut Auto Finance, LLC is a used car dealership in Birmingham, Ala., which offers a wide selection of vehicles, including cars, pickups, and SUVs, tailored to fit various budgets. Kut Auto Finance filed Chapter 11 petition (Bankr. N.D. Ala. Case No. 25-00389) on February 8, 2025, listing $3,142,240 in assets and $2,730,169 in liabilities. Nathan Syme, managing member of Kut Auto Finance, signed the petition. Judge Tamara O. Mitchell oversees the case. Steven D. Altmann, Esq., at Altmann Law Firm, LLC, represents the Debtor as bankruptcy counsel. KUT AUTO: Seeks to Hire Bainbridge Mims Rogers as Co-Counsel ------------------------------------------------------------ Kut Auto Finance, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Bainbridge, Mims, Rogers & Smith, LLP as its co-counsel. The firm will render these services: a. provide legal advice with respect to Debtor’s powers and duties as Debtor-in-Possession in the continued management of its financial affairs and property; b. prepare all schedules, lists, applications motions, answers, orders, and reorganization documents as is or may become necessary; c. review all leases and other corporate papers and prepare any necessary motions to assume unexpired leases or executory contracts; and d. perform all other legal services for Debtor as Debtor-in Possession as may be necessary to achieve confirmation of a Chapter 11 Plan. The firm will charge $425 per hour for its services. The firm received a retainer in the amount of $10,000. As disclosed in the court filings, Bainbridge, Mims, Rogers & Smith is a disinterested person as that term is defined in Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: John W. Clark IV, Esq. Bainbridge, Mims, Rogers & Smith, LLP The SouthState Bank Building 600 Luckie Drive, Suite 415 Birmingham, AL 35223 Phone: (205) 879-1100 About Kut Auto Finance Kut Auto Finance, LLC is a used car dealership in Birmingham, Ala., which offers a wide selection of vehicles, including cars, pickups, and SUVs, tailored to fit various budgets. Kut Auto Finance filed Chapter 11 petition (Bankr. N.D. Ala. Case No. 25-00389) on February 8, 2025, listing $3,142,240 in assets and $2,730,169 in liabilities. Nathan Syme, managing member of Kut Auto Finance, signed the petition. Judge Tamara O. Mitchell oversees the case. Steven D. Altmann, Esq., at Altmann Law Firm, LLC, represents the Debtor as bankruptcy counsel. LAW OFFICE OF JESSICA: Unsecureds to Split $195K over 60 Months --------------------------------------------------------------- Law Office of Jessica Piedra, LLC filed with the U.S. Bankruptcy Court for the Western District of Missouri a Small Business Plan of Reorganization dated February 18, 2025. The Debtor operates a law firm that specializes in immigration law. The business is located at 600 Broadway, Suite 250, Kansas City, Missouri 64105. At the beginning of 2020, the owner of the firm started a business coaching program to grow the firm. At the time, there were three paralegals and one lawyer. The firm rapidly grew that year, doubling revenue and staff. The next year saw similar growth. Unfortunately, expenses also grew and staff became unmanageable. The firm took on loans that became a drain on the cash flow. Over the summer of 2024, the owner realized the issues and laid off two-thirds of the staff. The reduction in expenses and the pause on the weekly loan payments has stabilized the cash flow. Class 6 consists of Unsecured Non-Priority Claims. Unsecured Non-Priority Creditors whose claims are timely filed and allowed will be paid prorate $3,250 by the 15th day of the month for a period of 60 months starting with nine months following the effective date. Payment of $3,250 x 60 = $195,000. The allowed unsecured claims total $195,479.31. This Class is impaired. The payments due under the Plan will be paid from future income received by the Debtor from the operation of its business. A full-text copy of the Plan of Reorganization dated February 18, 2025 is available at https://urlcurt.com/u?l=5fxVom from PacerMonitor.com at no charge. Counsel to the Debtor: Erlene W. Krigel, Esq. Krigel Nugent + Moore, P.C. 4520 Main Street, Suite 700 Kansas City, MO 64111 Telephone: (816) 756-5800 Facsimile: (816) 756-1999 About The Law Office of Jessica Piedra The Law Office of Jessica Piedra, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-41664) on November 19, 2024, with $1 million to $10 million in assets and $100,001 to $500,000 in liabilities. Judge Brian T. Fenimore presides over the case. The Debtor is represented by Erlene W. Krigel, Esq. at Krigel Nugent Moore, P.C. LEE FRANCHISE: Gets OK to Use Cash Collateral Until March 26 ------------------------------------------------------------ Lee Franchise Holdings, Inc. received interim approval from the U.S. Bankruptcy Court of North Carolina, New Bern Division, to use cash collateral until March 26. The Debtor needs to use cash collateral to cover ongoing expenses, including fuel, wages, utilities, repairs, and other operational costs. The Debtor projects total operational expenses of $38,111.35 for the period from Feb. 21 to March 21. The secured creditors including Dogwood State Bank, Cashable, LLC, Millstone Funding, Inc., Alpine Advance 5, LLC and Pipe Advance, LLC were granted post-petition liens on and security interests in their collateral, with the same priority as their pre-bankruptcy liens and security interests. The next hearing is scheduled for March 19. Dogwood State Bank is represented by: William Walt Pettit 6230 Fairview Rd, Suite 315 | Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com About Lee Franchise Holdings Inc. Lee Franchise Holdings, Inc. operates a commercial window cleaning and pressure washing company based in Craven County, North Carolina, with its principal office at 257 Belltown Road, Havelock, North Carolina. Lee Franchise Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-00617) on February 21, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Bradley M. Lee, president of Lee Franchise Holdings, signed the petition. Judge Pamela W. McAfee oversees the case. David J. Haidt, Esq., at Ayers and Haidt, PA, represents the Debtor as legal counsel. LEFEVER MATTSON: Seeks to Extend Plan Exclusivity to May 30 ----------------------------------------------------------- Live Oak Investments, LP, debtor affiliate of Lefever Mattson, asked the U.S. Bankruptcy Court for the Northern District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 30 and July 31, 2025, respectively. The Debtor claims that the application of the identified standards to the facts of the company demonstrates that cause exists to grant Live Oak's requested extension of its Exclusive Periods. The extension is necessary and appropriate for Live Oak and the other Debtors to have the opportunity contemplated by the Bankruptcy Code to propose a chapter 11 plan and solicit acceptances of such plan. The Debtor explains that they have made material progress on multiple strategic fronts in these Chapter 11 Cases in the five months since 58 of the 61 Debtors filed their petitions. However, given the recency of the Bar Date, the ongoing investigations by the Debtors and the Committee, and the continuing efforts to evaluate and monetize the Debtors' real property assets, the Debtors require additional time to assess the claims against Live Oak, develop a chapter 11 plan, and prepare the adequate information necessary for parties to vote on such a plan. The Debtor asserts that the presence of potentially large unliquidated claims (filed by Messrs. LeFever and Mattson) and apparently off-book interests (filed by KSMP and the Long Trust), considered alongside the preliminary results of the Debtors' forensic accounting, make it premature and, indeed, imprudent, for Live Oak to attempt to develop a separate plan before its Exclusive Filing Period currently expires. Attorneys for the Debtors: Tobias S. Keller, Esq. David A. Taylor, Esq. Thomas B. Rupp, Esq. Keller Benvenutti Kim LLP 425 Market Street, 26th Floor San Francisco, California 94105 Telephone: (415) 496-6723 Facsimile: (650) 636-9251 Email: tkeller@kbkllp.com dtaylor@kbkllp.com 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. Cal. 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, is the Debtor's counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. LIBERATED BRANDS: Hires AlixPartners LLC as Financial Advisor ------------------------------------------------------------- Liberated Brands, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ AlixPartners, LLC as financial advisor. The firm will render these services: a. assist the Debtors and their Board of Directors with analysis and advice regarding potential transactions; b. assist the Debtors with their communications and/or discussions with their lenders and other outside parties; c. assist the Debtors with development of a liquidation plan and wind-down budget; d. assist the Debtors in other business and financial aspects of a chapter 11 proceeding, including, but not limited to, development of a disclosure statement, plan, first day motions and petitions; e. assist with the preparation of the statements of financial affairs, schedules and other regular reports required by the Court as well as provide assistance in such areas as testimony before the Court on matters that are with AlixPartners' areas of expertise; f. assist as requested in analyzing preferences and other avoidance actions; g. manage the claims and claims reconciliation processes; and h. assist the Debtors with such other matters as may be requested by the Debtors that are mutually agreeable. AlixPartners' current standard hourly rates are as follows: Partner/ Partner & Managing Director $1,225 to $1,540 Senior Vice President/Director $850 to $1,150 Vice President $650 to $835 Analyst/ Consultant $250 to $640 AlixPartners received a retainer in the amount of $500,000. Holly Etlin, a partner and managing director at AlixPartners, 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: Holly S. Etlin AlixPartners, LLP 909 Third Avenue, Floor 30 New York, NY 10022 Telephone: (212) 490-2500 Facsimile: (212) 490-1344 About Liberated Brands Liberated is in the sport, outdoor, and lifestyle apparel industry. Liberated offers its customers access to products under high-quality brands such as Volcom, Billabong, Quiksilver, Spyder, RVCA, Roxy, and Honolua, in its 124 retail locations across the United States and through other channels. As an omnichannel apparel licensee with deep-rooted and unique expertise in trend forecasting and brand development, Liberated has attracted loyal customers in more than 100 countries. Liberated operates regional headquarters in North America, Europe, Japan, and Australia. On Feb. 2, 2025, Liberated Brands LLC and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10168). The cases are pending before Honorable Judge J. Kate Stickles. Liberated has tapped Kirkland & Ellis, LLP and Klehr Harrison Branzburg LLP to facilitate the Chapter 11 restructuring process. AlixPartners LLC is the Debtors' financial advisor. Stretto is the claims agent. JP Morgan has retained Morgan, Lewis & Bockius LLP and Berkeley Research Group, LLC. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. LIBERATED BRANDS: Hires Stretto Inc as Administrative Advisor ------------------------------------------------------------- Liberated Brands, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto, Inc. as administrative advisor The firm will render these services: a) assist with, among other things, solicitation, balloting, and tabulation of votes; prepare any related reports, as required in support of confirmation of a chapter 11 plan; b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; d) provide a confidential data room; e) manage and coordinate any distributions pursuant to a chapter 11 plan if designated as distribution agent under such plan; and f) provide claims analysis and reconciliation, case research, depository management, treasury services, confidential online workspaces or data rooms, and any related services otherwise required by applicable law, governmental regulations, or court rules or orders in connection with these Chapter 11 Cases. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sheryl Betance, a partner at Stretto, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About Liberated Brands Liberated is in the sport, outdoor, and lifestyle apparel industry. Liberated offers its customers access to products under high-quality brands such as Volcom, Billabong, Quiksilver, Spyder, RVCA, Roxy, and Honolua, in its 124 retail locations across the United States and through other channels. As an omnichannel apparel licensee with deep-rooted and unique expertise in trend forecasting and brand development, Liberated has attracted loyal customers in more than 100 countries. Liberated operates regional headquarters in North America, Europe, Japan, and Australia. On Feb. 2, 2025, Liberated Brands LLC and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10168). The cases are pending before Honorable Judge J. Kate Stickles. Liberated has tapped Kirkland & Ellis, LLP and Klehr Harrison Branzburg LLP to facilitate the Chapter 11 restructuring process. AlixPartners LLC is the Debtors' financial advisor. Stretto is the claims agent. JP Morgan has retained Morgan, Lewis & Bockius LLP and Berkeley Research Group, LLC. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. LIBERATED BRANDS: Seeks to Hire Kirkland & Ellis as Attorney ------------------------------------------------------------ Liberated Brands, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kirkland & Ellis LLP and Kirkland & Ellis International LLP as their attorneys. Kirkland & Ellis will render these services: (a) advise the Debtors regarding their powers and duties in the continued management and operation of their businesses and properties; (b) advise and consult the conduct of these Chapter 11 cases; (c) attend meetings and negotiate with representatives of creditors and other parties in interest; (d) take all necessary actions to protect and preserve the Debtors' estates; (e) prepare pleadings in connection with these Chapter 11 cases; (f) represent the Debtors in connection with obtaining authority to continue using cash collateral and post-petition financing; (g) advise the Debtors in connection with any potential sale of assets; (h) appear before the court and any appellate courts to represent the interests of the Debtors' estates; (i) advise the Debtors regarding tax matters; (j) take any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a Chapter 11 plan and all documents related thereto; and (k) perform all other necessary legal services for the Debtors in connection with the prosecution of these Chapter 11 cases. The hourly rates of Kirkland's counsel and staff are as follows: Partners $1,295 - $2,675 Of Counsel $875 - $2,245 Associates $785 - $1,625 Paraprofessionals $355 - $705 In addition, Kirkland will be reimbursed for out-of-pocket expenses incurred. The Debtors paid Kirkland a total of $250,000 as an advance payment retainer. Matthew Fagen, a partner at Kirkland & Ellis LLP and Kirkland & Ellis International, LLP, also provided the following in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Fee Guidelines. Question: Did Kirkland agree to any variations from, or alternatives to, Kirkland's standard billing arrangements for this engagement? Answer: No. Kirkland and the Debtors have not agreed to any variations from, or alternatives to, Kirkland's standard billing arrangements for this engagement. The rate structure provided by Kirkland is appropriate and is not significantly different from (a) the rates that Kirkland charges for other non-bankruptcy representations or (b) the rates of other comparably skilled professionals. Question: Do any of the Kirkland professionals in this engagement vary their rate based on the geographic location of the Debtors' Chapter 11 cases? Answer: No. The hourly rates used by Kirkland in representing the Debtors are consistent with the rates that Kirkland charges other comparable chapter 11 clients, regardless of the location of the Chapter 11 case. Question: If Kirkland has represented the Debtors in the 12 months prepetition, disclose Kirkland's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Kirkland's billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Kirkland's current hourly rates for services rendered on behalf of the Debtors range as follows: Billing Category U.S. Range Partners $1,295 - $2,675 Of Counsel $875 - $2,245 Associates $785 - $1,625 Paraprofessionals $355 - $705 Kirkland represented the Debtors from Nov 13, 2024 to Dec 31, 2024 before the Petition Date, using the hourly rates listed below: Billing Category U.S. Range Partners $1,195 - $2,465 Of Counsel $820 - $2,245 Associates $745 - $1,495 Paraprofessionals $325 - $625 Question: Have the Debtors approved Kirkland's budget and staffing plan, and, if so, for what budget period? Answer: Yes, for the period from February 2, 2025 through May 2, 2025. Mr. Fagen disclosed in a court filing that the firms are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew C. Fagen, Esq. Francis Petrie, Esq. Evan Swager, Esq. Kirkland & Ellis LLP Kirkland & Ellis International LLP 601 Lexington Avenue New York, NY 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: matthew.fagen@kirkland.com francis.petrie@kirkland.com evan.swager@kirkland.com About Liberated Brands Liberated is in the sport, outdoor, and lifestyle apparel industry. Liberated offers its customers access to products under high-quality brands such as Volcom, Billabong, Quiksilver, Spyder, RVCA, Roxy, and Honolua, in its 124 retail locations across the United States and through other channels. As an omnichannel apparel licensee with deep-rooted and unique expertise in trend forecasting and brand development, Liberated has attracted loyal customers in more than 100 countries. Liberated operates regional headquarters in North America, Europe, Japan, and Australia. On Feb. 2, 2025, Liberated Brands LLC and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10168). The cases are pending before Honorable Judge J. Kate Stickles. Liberated has tapped Kirkland & Ellis, LLP and Klehr Harrison Branzburg LLP to facilitate the Chapter 11 restructuring process. AlixPartners LLC is the Debtors' financial advisor. Stretto is the claims agent. JP Morgan has retained Morgan, Lewis & Bockius LLP and Berkeley Research Group, LLC. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. LIBERATED BRANDS: Taps Klehr Harrison Harvey as Co-Counsel ---------------------------------------------------------- Liberated Brands, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Klehr Harrison Harvey Branzburg LLP as co-counsel. The firm's services include: (a) providing legal advice regarding the Local Rules, practices, precedent, regulations, and procedures and providing substantive and strategic advice on how to accomplish the Debtor's goals in connection with the prosecution of these cases, bearing in mind that the Court relies on co-counsel such as Klehr Harrison to be involved in all aspects of each bankruptcy proceeding; (b) appearing in Court, depositions, and at any meeting with the United States Trustee for the District of Delaware and any meeting of creditors at any given time on behalf of the Debtors as their co-counsel; (c) attending meetings and negotiating with representatives of creditors and other parties in interest, in its capacity as co-counsel with K&E; (d) reviewing, commenting and/or preparing drafts of documents and discovery materials, and ensuring compliance with the Local Rules, to be filed with the Court as co-counsel to the Debtors and/or served on parties or third parties in these chapter 11 cases; (e) advising and assisting the Debtors with respect to the reporting requirements of the U.S. Trustee; (f) taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; (g) performing various services in connection with the administration of these cases, including, without limitation, (i) preparing certificates of no objection, certifications of counsel, notices of fee applications and hearings, agendas, and hearing binders of documents and pleadings, (ii) monitoring the docket for filings and coordinating with K&E on pending matters that need responses, (iii) preparing and maintaining critical dates memoranda to monitor pending applications, motions, hearing dates and other matters and the deadlines associated with the same, (iv) generally prepare and/or assist in preparation, and file on behalf of the Debtors all necessary motions, notices, applications, answers, orders, reports and papers in support of positions taken by the Debtors, (v) handling inquiries and calls from creditors and counsel to interested parties regarding pending matters and the general status of these cases and coordinating with K&E on any necessary responses, and (vi) reviewing and investigating potential claims and causes of action of the Debtors; and (h) performing various services in which it is determined that K&E may have a conflict in handling on behalf of the Debtors; and (i) performing all other services assigned by the Debtors, in consultation with K&E, to Klehr Harrison as co-counsel to the Debtors, and to the extent that Klehr Harrison determines that such services fall outside of the scope of services historically or generally performed by Klehr Harrison as co-counsel in a bankruptcy proceeding, Klehr Harrison will file a supplemental declaration. Klehr Harrison's current hourly rates as follows: Partners $595 to $1,240 Counsel $525 to $615 Associates $380 to $595 Paralegals $330 to $405 The firm received a retainer in the amount of $67,380. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Large Case UST Guidelines: Question: Did Klehr Harrison agree to any variations from, or alternatives to, Klehr Harrison's standard billing arrangements for this engagement? Answer: No. Klehr Harrison and the Debtors have not agreed to any variations from, or alternatives to, Klehr Harrison's standard billing arrangements for this engagement. The rate structure provided by Klehr Harrison is appropriate and is not significantly different from (a) the rates that Klehr Harrison charges for other non-bankruptcy representations or (b) the rates of other comparably skilled professionals. Question: Do any of the Klehr Harrison professionals in this engagement vary their rate based on the geographic location of the Debtors' chapter 11 cases? Answer: No. The hourly rates used by Klehr Harrison in representing the Debtors are consistent with the rates that Klehr Harrison charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If Klehr Harrison has represented the Debtors in the 12 months prepetition, disclose Klehr Harrison's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Klehr Harrison's billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Klehr Harrison represented the Debtors during the approximately two-week period before the Petition Date using the hourly rates effective Jan. 1, 2025. Commensurate with the annual rate increases of Klehr Harrison, effective Jan. 1, 2025 Klehr Harrison represented the Debtors using the rates listed below: Partners $595 to $1,240 Counsel $525 to $615 Associates $380 to $595 Paralegals $330 to $405 Question: Have the Debtors approved Klehr Harrison's budget and staffing plan, and, if so, for what budget period? Answer: Yes, as reflected in the budget attached as Exhibit 1 to the Interim Order (I) Authorizing the Debtors to (A) Obtain PostPetition Financing, (B) Grant Senior Secured Priming Liens and Superpriority Administrative Expense Claims and (C) Utilize Cash Collateral; (II) Granting Adequate Protection to the Prepetition Secured Parties; (III) Modifying the Automatic Stay; (IV) Scheduling Final Hearing; and (V) Granting Related Relief. Domenic E. Pacitti, a partner at Klehr Harrison, assured the court that Klehr Harrison is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtors' estates. The firm can be reached through: Domenic E. Pacitti, Esq. Klehr Harrison Harvey Branzburg LLP 919 N. Market Street, Suite 1000 Wilmington, DE 19801-3062 Tel: (302) 426-1189 Fax: (302) 426-9193 Email: dpacitti@klehr.com About Liberated Brands Liberated is in the sport, outdoor, and lifestyle apparel industry. Liberated offers its customers access to products under high-quality brands such as Volcom, Billabong, Quiksilver, Spyder, RVCA, Roxy, and Honolua, in its 124 retail locations across the United States and through other channels. As an omnichannel apparel licensee with deep-rooted and unique expertise in trend forecasting and brand development, Liberated has attracted loyal customers in more than 100 countries. Liberated operates regional headquarters in North America, Europe, Japan, and Australia. On Feb. 2, 2025, Liberated Brands LLC and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10168). The cases are pending before Honorable Judge J. Kate Stickles. Liberated has tapped Kirkland & Ellis, LLP and Klehr Harrison Branzburg LLP to facilitate the Chapter 11 restructuring process. AlixPartners LLC is the Debtors' financial advisor. Stretto is the claims agent. JP Morgan has retained Morgan, Lewis & Bockius LLP and Berkeley Research Group, LLC. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. LONERO ENGINEERING: Committee Taps Varnum LLP as Legal Counsel -------------------------------------------------------------- The official committee of unsecured creditors of Lonero Engineering Co., Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Varnum LLP as its counsel. The firm will render these services: (a) attend the meetings of the Committee; (b) review financial and operational information furnished by the Debtor to the Committee; (c) assist in the efforts to sell assets of the Debtor in a manner that maximizes value for creditors; (d) review and investigate prepetition transactions related to the Debtor; (e) analyze and negotiate any proposed sale, plan or exit strategy in this case; (f) confer with the Debtor's management, counsel and financial advisor(s); (g) review the Debtor's schedules, statement of financial affairs and business plan; (h) advise the Committee as to the ramifications regarding all of the Debtor's activities and motions before this Court; (i) review and analyze the work product of the Debtor's investment and financial advisor(s); (j) provide the Committee with legal advice in relation to this Chapter 11 case; (k) prepare various applications and memoranda of law submitted to the Court for consideration; and (l) perform such other legal services for the Committee as may be necessary or proper in this proceeding. The firm will be paid at these hourly rates: Brendan G. Best, Partner $640 William L. Thompson, Partner $495 Dilan J. Kama, Associate $360 Brendan Best, a partner at the law firm of Varnum LLP, assured the court that his firm does not hold or represent any interest materially adverse to the Debtor's estate. The firm can be reached through: Brendan G. Best, Esq. VARNUM LLP 480 Pierce Street, Suite 300 Birmingham, MI 48009 Tel: (313) 481-7326 Email: bgbest@varnumlaw.com About Lonero Engineering Co. Lonero Engineering Co., Inc. is a company based in Troy, Mich., which operates as a specialized machine shop providing precision machining services for complex, close-tolerance applications. Lonero sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-40041) on January 3, 2025. In its petition, the Debtor reported up to $50,000 in assets and up to $500,000 in liabilities. Judge Lisa S. Gretchko handles the case. John J. Stockdale, Jr., Esq., represents the Debtor as legal counsel. MODULAR MEDICAL: Losses, Cash Needs Raise Going Concern Doubt ------------------------------------------------------------- Modular Medical, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended December 31, 2024, that there is substantial doubt about its ability to continue as a going concern. Modular stated that the Company does not currently have revenues to generate cash flows to cover operating expenses. Since its inception, the Company has incurred operating losses and negative cash flows in each year due to costs incurred in connection with its operations. For the three and nine months of December 31, 2024, the Company reported net losses of $71,433,000 and $105,780,000, respectively, compared to net losses of $9,869,000 and $22,342,000, respectively for the same periods in 2023. For the nine months ended December 31, 2024 and year ended March 31, 2024, it incurred net losses of approximately $13.9 million and $17.5 million, respectively. At December 31, 2024, the Company had a cash balance of $7 million and an accumulated deficit of approximately $80 million. The Company expects to continue to incur operating losses for the foreseeable future and incur cash outflows from operations as it continues to invest in the development and commercialization of its products. The Company expects that its operating expenses will continue to increase, and, as a result, it will eventually need to generate significant revenue to achieve profitability. When considered with its current operating plan, these conditions raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. In addition, the Company's independent registered public accounting firm, in its report on the consolidated financial statements as of and for the year ended March 31, 2024, expressed substantial doubt about the Company's ability to continue as a going concern. Implementation of the Company's plans and its ability to continue as a going concern will depend upon the Company's ability to raise additional capital, through the sale of additional equity or debt securities, to support its future operations. There can be no assurance that such additional capital, whether in the form of debt or equity financing, will be sufficient or available and, if available, that such capital will be offered on terms and conditions acceptable to the Company. The Company's operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company's future capital requirements and the adequacy of its available funds will depend on many factors, including the Company's ability to successfully commercialize its MODD1 product, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product offering. If the Company is unable to secure additional capital, it may be required to curtail its product commercialization and research and development initiatives and take additional measures to reduce costs in order to conserve its cash. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/zjxd3vut About Modular Medical San Diego, Calif.-based Modular Medical, Inc. is a pre-revenue, medical device company focused on the design, development and commercialization of innovative insulin pumps using modernized technology to increase pump adoption in the diabetes marketplace. As of December 31, 2024, the Company had $12.15 million in total assets, $1.89 million in total liabilities, and total shareholders' equity of $10.26 million. MULLEN AUTOMOTIVE: Narrows Net Loss to $506 Million for FY 2024 --------------------------------------------------------------- Mullen Automotive Inc. submitted its Annual Report on Form 10-K to the Securities and Exchange Commission, reporting a net loss of $505.83 million on revenue of $1.09 million for the year ending Sept. 30, 2024. This represents a notable progress in comparison to last year, when the Company recorded a net loss of $1.01 billion on revenue of $366,000. As of Sept. 30, 2024, the Company had $178.63 million in total assets, $195.18 million in total liabilities, and a total stockholders' deficit of $16.55 million. Larkspur, California-based RBSM LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Jan. 24, 2025. The report hightlighted that the Company, among other things, (i) has an accumulated deficit, (ii) has incurred recurring losses, and (iii) does not believe that its available liquidity will be sufficient to meet its current obligations for a period of at least twelve months from the date of the issuance of the financial statements, which raises substantial doubt about its ability to continue as a going concern. "To date, we have yet to generate any significant revenue from our business operations. We have funded our capital expenditure and working capital requirements through the sale of equity securities...Our ability to successfully expand our business will depend on many factors, including our working capital needs, the availability of equity or debt financing and, over time, our ability to generate cash flows from operations," the Company stated in the report. The Company's principal source of liquidity consists of existing cash and restricted cash of approximately $10.7 million as of Sept. 30, 2024. During the twelve months ended Sept. 30, 2024, the Company used approximately $185.6 million of cash for operating activities. The net working capital on Sept. 30, 2024 was negative and amounted to approximately $120.0 million, or approximately $38.5 million after excluding derivative liabilities and liabilities to issue stock that are supposed to be settled by issuing common stock without using cash. As of Sept. 30, 2024, the Company's accumulated deficit was $2.3 billion. The Company believes that its available liquidity will not be sufficient to meet its current obligations for a period of at least twelve months from the date of the filing of this Annual Report on Form 10-K. The full text of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000143774925001816/muln20240930_10k.htm About Mullen Automotive Brea, California-based Mullen Automotive Inc., formerly known as "Net Element, Inc., is a Southern California-based automotive company building the next generation of commercial electric vehicles ("EVs") with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board ("CARB") and EPA certified and available for sale in the U.S. The Company has also recently expanded its commercial dealer network to seven dealers, which includes Pape Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England and Mid-Atlantic markets. MY GEORGIA: Seeks to Hire NextStage Advisory LLC as Accountant -------------------------------------------------------------- My Georgia Plumber, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Olga Bashkatova, CPA of NextStage Advisory LLC as accountant. NextStage will charge a fixed monthly fee of $4,000. Additionally, the accountant will assist in cleaning up and ensuring the accuracy of historical financials for the years 2023 and 2024. For these additional services, NextStage will charge $100 per hour for junior accountants and staff, and $250 per hour for CPA controller work. Ms. Bashkatova assured the court that she is a disinterested person as the term is defined in 11 U.S.C. Sec. 101(14). The accountant can be reached through: Olga Bashkatova, CPA NextStage Advisory LLC 838 Hicks St Brooklyn, NY 11231 Tel: (917) 426-6957 About My Georgia Plumber My Georgia Plumber, Inc., a company in Canton, Ga., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-61266) on Nov. 13, 2023. In the petition signed by its chief executive officer, Katrina Rief-Derrico, the Debtor reported up to $50,000 in assets and $1 million to $10 million in liabilities. Cameron M. McCor, Esq., at Jones & Walden, LLC, is the Debtor's legal counsel. NEXTTRIP INC: Enters Partnership and Share Deal with Blue Fysh -------------------------------------------------------------- NextTrip, Inc. and Blue Fysh Holdings Inc. revealed on February 27 that they have formed a strategic partnership and entered into a share exchange agreement. This alliance aims to generate substantial commercial advantages for both companies by establishing minority ownership between them. The companies disclosed that the share exchange agreement is expected to drive mutual growth through multiple strategic initiatives, including but not limited to: Expanded Audience Reach: The partnership will allow both companies to cross-promote their products and services, integrating NextTrip's FAST Channel (Compass.TV), media platform (TravelMagazine.com), and travel products platform (NextTrip.com) with Blue Fysh's expertise in digital OOH solutions throughout North America. This integration will significantly broaden their respective customer bases. Increased Advertising Revenue: By leveraging the combined media assets, NextTrip and Blue Fysh will enhance their ability to broaden reach, deployment, and expect to generate higher advertising fees, providing greater value to advertisers and stakeholders. Enhanced Sales Efforts: Blue Fysh's strategic sales relationships will contribute to advertising sales across NextTrip's media platforms. This includes maximizing the monetization potential of both companies' digital and physical advertising assets. Increased Brand Awareness: Blue Fysh's media relationships and digital displays are anticipated to be utilized to create flash marketing campaigns to raise awareness of NextTrip. These campaigns will highlight NextTrip's travel products and services as well as its media properties, Compass.TV and Travel Magazine. Strategic Partnership Opportunities: The agreement facilitates the introduction of each party's strategic partnerships and relationships, enabling mutually beneficial collaborations that align with both companies' long-term business objectives. "This share exchange represents an exciting opportunity for NextTrip and Blue Fysh to leverage each other's strengths, expand market reach, and create new revenue streams," said Bill Kerby, chief executive officer of NextTrip. "We believe that this collaboration will drive significant value for both companies and our stakeholders." Ron Hrynyk, Chairman of Blue Fysh, added, "By joining forces with NextTrip, we are enhancing our collective ability to deliver impactful advertising and marketing solutions. Our proven success with other media providers has demonstrated the power of strategic media partnerships, and we are excited to bring that expertise and momentum to NextTrip's Compass TV. We believe this collaboration will unlock new business opportunities, drive audience engagement, and offer innovative media solutions tailored to the evolving needs of our clients." The companies anticipate that this strategic alignment will foster innovation, increase revenue potential, and enhance shareholder value for both entities. About NextTrip, Inc. Headquartered in Santa Fe, NM, NextTrip, Inc. -- www.nexttrip.com -- is an innovative technology company that is building next generation solutions to power the travel industry. NextTrip, through its subsidiaries, provides travel technology solutions with sales originating in the United States, with a primary emphasis on accommodations, hotels, flights, wellness, and all-inclusive travel packages. Its proprietary booking engine, branded as NXT2.0, provides travel distributors access to a sizeable inventory. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Sept. 4, 2024. The report cited that the Company has suffered recurring losses from operations and has a negative working capital, that raise substantial doubt about its ability to continue as a going concern. The Company's net loss applicable to common stockholders for the years ended Feb. 29, 2024 and Feb. 28, 2023 was $7,339,276 and $5,033,496, respectively. As of Feb. 29, 2024, the Company's accumulated deficit was $24,151,139. "There is no assurance that any revenues we generate will be sufficient for us to become profitable or to maintain profitability. Our revenues for the years ended February 29, 2024 and February 28, 2023 were $458,752 and $382,832, respectively, and our operating expenses for those periods were $5,740,577 and $4,979,766, respectively. Our current revenues are not sufficient to fund our operations. We cannot predict when, if ever, we might achieve profitability and we are not certain that we will be able to sustain profitability, if achieved. If we fail to achieve or maintain profitability, the market price of our securities is likely to be adversely affected," stated NextTrip in its Annual Report for the fiscal year ended Feb. 29, 2024. NIKOLA CORP: U.S. Trustee Appoints Trade Vendors Committee ---------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office has appointed seven parties, including several trade vendors, to the official committee of unsecured creditors in the Chapter 11 case of electric and hydrogen-powered truck maker Nikola Corp., which plans to hold a bankruptcy auction by the end of March 2025. About Nikola Corp. Nikola Corporation manufactures commercial vehicles. The Company provides battery and hydrogen fuel-cell electric vehicles, drivetrains, components, energy storage systems, fueling station infrastructure, and other transportation solutions. Nikola serves customers worldwide. Nikola Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del.) on February 19, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion, with liabilities ranging from $1 billion to $10 billion. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by: M. Blake Cleary, Esq. Shannon Forshay, Esq. Sarah R Gladieux, Esq. Maria Kotsiras, Esq. Potter Anderson & Corroon LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801 Phone: 302-984-6000 NORTHVOLT AB: Omers Writes Down $325MM Investment ------------------------------------------------- Layan Odeh of Bloomberg News reports that the Ontario Municipal Employees Retirement System (OMERS) has written down its $325 million investment in Northvolt AB, the Swedish electric vehicle battery manufacturer that sought bankruptcy protection last year. "Northvolt was considered a compelling growth opportunity at the time of our investment, supported by several leading global investors," an OMERS spokesperson said via email. "Like many others, OMERS has now written down its stake." The C$138.2 billion ($95.8 billion) pension fund invested in Northvolt through three transactions, including a private equity placement and a convertible note. 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. 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. NORTHWEST GRADING: Seeks to Hire Dunn & Black as Special Counsel ---------------------------------------------------------------- Northwest Grading, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Idaho to hire Dunn & Black, P.S. as special counsel. The firm will render these services: a. representation of Northwest Grading, Inc. in litigation with the Idaho Transportation Department, Ada County Case No. CV01-24-10518; b. advice on construction industry legal issues as needed in the Debtor's ongoing operations; and c. issues (including various lien foreclosures) related to the Debtor's construction project at the Marriott Townplace Suites in Coeur d'Alene, Idaho. The firm will be paid at these rates: Attorneys $265 to $650 per hour Paralegals $200 per hour Law Clerks $160 per hour Richard T. Wetmore, Esq., a partner at Dunn & Black, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Richard T. Wetmore, Esq. Dunn & Black, P.S. Banner Bank Building N. 111 Post Street, Suite 300 Spokane, WA 99201 Tel: (509) 455-8711 Fax: (509) 455-8734 Email: lawyers@dunnandblack.com About Northwest Grading Inc. Northwest Grading, Inc. is a heavy civil contractor in Hauser, Idaho, specializing in infrastructure, water and sewer facilities. Northwest Grading sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 24-20429) on December 20, 2024, with $1 million to $10 million in both assets and liabilities. William J. Krick, president of Northwest Grading, signed the petition. Judge Noah G. Hillen oversees the case. Matthew Christensen, Esq., at Johnson May, represents the Debtor as legal counsel. NORTHWEST GRADING: Seeks to Hire Eide Bailly LLP as Accountant -------------------------------------------------------------- Northwest Grading, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Idaho to hire Eide Bailly LLP as accountant. The firm will render these services: a. provide as-needed financial accounting services, including ongoing financial accounting entries, reports, and statements; b. prepare federal and state income tax returns with supporting schedules and related tax report filings (income tax, payroll, etc.), and perform related research as necessary; c. consult and assist with tax liability projections; d. assist in the preparation of monthly US Trustee operating reports, other reporting required under the bankruptcy code, and other as-needed internal and external financial reporting and analyses relevant to the Debtor and its preparation of its plan of reorganization and related pleadings; and e. contribute to and attend conference calls, meetings, and hearings related to the services provided by the Firm, as may be necessary. The firm will be paid at these rates: Associate $130 per hour Senior Associate $165 per hour Manager $225 per hour Senior Manager $260 per hour Barry M. Weber, CPA, a partner at Eide Bailly, assured the court that his firm does not hold or represent any interest adverse to the Debtor or its estate. The firm can be reached through: Barry M. Weber, CPA Eide Bailly, LLP 999 W Riverside Ave #101 Spokane, WA 99201 Email: bweber@eidebailly.com About Northwest Grading Inc. Northwest Grading, Inc. is a heavy civil contractor in Hauser, Idaho, specializing in infrastructure, water and sewer facilities. Northwest Grading sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 24-20429) on December 20, 2024, with $1 million to $10 million in both assets and liabilities. William J. Krick, president of Northwest Grading, signed the petition. Judge Noah G. Hillen oversees the case. Matthew Christensen, Esq., at Johnson May, represents the Debtor as legal counsel. OASIS AUTO: Seeks to Hire DeMarco-Mitchell PLLC as Counsel ---------------------------------------------------------- Oasis Auto Spa LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire DeMarco-Mitchell, PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm will be paid at these rates: Robert T. DeMarco, Attorney $400 per hour Michael S. Mitchell, Attorney $300 per hour Barbara Drake, Paralegal $125 per hour The firm received from the Debtor a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert T. DeMarco, Esq., a partner at Demarco-Mitchell 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: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 578-1400 Fax: (972) 346-6791 Email robert@demarcomitchell.com mike@demarcomitchell.com About Oasis Auto Spa LLC Oasis Auto Spa LLC is the fee simple owner of a car wash facility located at 5001 Collin McKinney Parkway, McKinney, TX 75070, with an estimated current value of $4 million. Oasis Auto Spa LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No.: 25-40279) on January 31, 2025. In its petition, the Debtor reports estimated total assets of $5,356,749 and estimated liabilities of $5,683,708. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Robert T DeMarco, Esq. at DEMARCO MITCHELL, PLLC. OLIN CORP: S&P Rates New $600MM Senior Unsecured Notes 'BB+' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Olin Corp.'s proposed $600 million senior unsecured notes due 2033, $665 million term loan A due 2030, and $1.2 billion revolver due 2030. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. S&P expects the company will use proceeds from the new unsecured notes and term loan to fully repay about $109 million of its existing notes maturing in 2025, $500 million of notes maturing in 2027, its existing term loan (about $333 million outstanding), and about $365 million of outstanding borrowings under its $1.2 billion revolving credit facility, as well as fees and expenses related to the transaction. S&P said, "The transaction is leverage neutral. We continue to expect management will use most of its free cash flow to fund share repurchases over the coming 12 months. We forecast Olin's S&P Global Ratings-adjusted EBITDA will remain relatively flat in 2025 due to weakness in the downstream chlor alkali end-markets, such as vinyls/PVC, titanium dioxide (TiO2), and urethanes, which will preclude any material uptick in its operating rates. Additionally, pending any positive implications from the imposition of anti-dumping duties, the company's epoxy segment will remain pressured by market oversupply and low-cost Asian imports. Furthermore, Olin's Winchester segment is facing a prolonged period of de-stocking and higher input costs. We expect these condition will cause the company's credit metrics to remain at the lower end of our expected range for the rating (funds from operations to debt below 20%) in 2025, particularly given its elevated cash taxes from a one-time deferred international tax payment due during the year. That said, the transaction should marginally improve Olin's liquidity position, which remains strong. Following the refinancing, the company will have about $200 million of balance sheet cash, nearly full availability under its $1.2 billion revolving credit facility, and no material debt maturities until 2029. Our 'BB+' issuer credit rating and stable outlook on Olin, as well as our 'BB+' issue-level rating and '3' recovery rating on its existing senior unsecured debt, are unchanged." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P said, "We assessed Olin's recovery prospects on a going-concern basis. We value the company by applying a 5.5x multiple to our projected $605 million of emergence EBITDA. The recommended multiple for commodity chemical companies is 5.0x; however, we used a multiple 0.5x higher due to the comparative strength of the company's business risk profile compared with those of certain of its commodity chemical peers, such as Chemours Co." -- S&P's simulated default scenario assumes the company's operating performance deteriorates significantly in the wake of a protracted economic downturn that causes a sustained decline in end-market demand for its products. Given this scenario, Olin's margins would shrink and its EBITDA would decline to levels that are incompatible with meeting its fixed-charge obligations (including interest expense, scheduled debt amortization, and maintenance capital expenditure). Simulated default assumptions -- Year of default: 2029 -- EBITDA at emergence: $606 million -- EBITDA multiple: 5.5x Simplified waterfall -- Adjusted gross recovery value: $3.325 billion -- Net recovery value (after 5% administrative costs): $3.159 billion -- Less priority claims: $519 million -- Total value available to unsecured claims: $2.640 billion -- Total unsecured claims: $3.668 billion --Recovery expectations: Capped at 50%-70% (rounded estimate: 65%) based on 'BB+' issuer credit rating. Note: All debt amounts include six months of prepetition interest. The collateral value includes asset pledges from obligors (after priority claims) plus equity pledges in nonobligors. ONYX OWNER: Taps Donlin Recano as Administrative Advisor -------------------------------------------------------- Onyx Owner, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Donlin, Recano & Company, Inc., as administrative advisor. The firm's services include: a. assisting with any required solicitation, balloting, and tabulation of chapter 11 plan votes; b. preparing appropriate reports, as required in furtherance of chapter 11 plan(s); c. managing and coordinating any distributions pursuant to a confirmed chapter 11 plan; d. ensuring compliance with applicable rules, regulations, administrative orders and procedure as well as applicable federal, state, municipal and other law; e. providing administrative services to any official committee upon the Debtor's consent; f. providing other and related services for administration of the Case as Debtor may require as described in the Engagement Agreement, but not included in the Claims and Noticing Application. The firm received from the Debtor a retainer of $30,000. Lisa Terry, a senior legal director at Donlin, Recano & Company, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lisa Terry Donlin, Recano & Company, Inc. 48 Wall Street New York, NY 10016 Telephone: (619) 346-1628 About Onyx Owner, LLC Onyx Owner, LLC's business involves a residential apartment project consisting of 266 residential apartment units and related amenities located at 1100 First Street SE, Washington DC 2003. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12816) on December 18, 2024. In the petition signed by Joshua Ufberg, authorized signatory, the Debtor disclosed up to $50 million in both assets and liabilities. Robert J. Dehney, Sr., Esq., at Morris, Nichols, Arsht & Tunnell, LLP represents the Debtor as legal counsel. PHOENIX GUARANTOR: S&P Affirms 'B+' ICR on Announced Divestiture ---------------------------------------------------------------- S&P Global Ratings affirmed all its ratings on Phoenix Guarantor Inc. (dba BrightSpring), including its 'B+' issuer credit rating with a stable outlook. The stable outlook reflects S&P's expectation for good revenue growth, stable margins, and post repayment, BrightSpring will maintain leverage below 5x and free cash flow to debt above 5% over the next 12-24 months. On Jan. 20, 2025, BrightSpring announced it had entered into a definitive agreement to sell its Community Living business (dba ResCare Community Living), a provider of home- and community-based specialty health care, to Sevita Health. The company will sell ResCare Community Living for $835 million in cash consideration, generating $715 million of net proceeds, which it will largely use for debt paydown. The divestiture of ResCare Community Living will enable BrightSpring to focus on growth within the remaining Pharmacy Solutions and Provider Services segments. ResCare Community Living generated about $1.2 billion of revenue in 2024, or about 11% BrightSpring's total revenue. ResCare Community Living is a national provider of support services for individuals with intellectual, developmental, or cognitive disabilities (I/DD). The sale of the business will streamline BrightSpring, enabling it to focus on a core set of patients within home health and hospice, personal care, rehabilitation, primary care, and pharmacy. The remaining pharmacy and provider businesses will serve a similar population of seniors requiring specialty care. Further, the remaining company will have a more attractive payor mix, with the total share of Medicaid as a percentage of revenues decreasing to 12% from 20% by shifting toward Medicare Part D (32%) and commercial payors (25%). Still, the company remains exposed to reimbursement risk as governments seek to reduce costs. However, S&P views this risk as slightly offset by the essential, cost-saving nature of many of the services the company provides to "must serve" populations and in-home care settings. Each of BrightSpring's subsectors is highly fragmented and competitive, with numerous local competitors. Barriers to entry are low and there are few opportunities for differentiation in each segment. Still, BrightSpring's record for quality provides some differentiation when competing for and renewing larger contracts. S&P said, "We expect the company will use about $615 million of proceeds from the sale to repay debt, which will cause S&P Global Ratings-adjusted leverage to decrease to 4x-4.5x in 2025 from 5.6x expected in 2024. Our base case assumes the company will use the remaining $100 million of proceeds for tuck-in acquisitions. We expect the divestiture will result in a 0.2x-0.3x leverage decrease, with the remaining deleveraging driven by EBITDA growth. The sale will also bring BrightSpring closer toward its public 3x net leverage target, which it expects to approach by the end of 2025. The company disclosed net leverage of 4.39x as of Sept. 30, 2024. "We expect the sale will have a moderately negative impact on margins given BrightSpring will be more focused on its lower-margin specialty pharmacy business. We expect adjusted EBITDA margins will decrease to mid-4% in 2025 from our expectation of about 4.7% in 2024. This compares to our previous expectation of 5.5%-6.0% in 2025. BrightSpring's mix shift toward lower-margin specialty branded drugs will continue to pressure margins, although headwinds will be partially offset by growth in the Provider Services segment. Additionally, the divestiture of ResCare Community Living will be accretive for revenue and EBITDA growth given the intellectual and developmentally disabled (I/DD) population is only expected to grow in the low-single digits and the business is lower margin than the remaining Provider Services segment. We expect the company will generate a reported free operating cash flow (FOCF) deficit of about $80 million in 2024, which is primarily due to a $110 million nonrecurring legal settlement payment in 2024. We expect growth in the business, lower interest, and lower capital expenditure (capex) will lead to FOCF improving to $180 million-$190 million in 2025. "The stable outlook reflects our expectation for good revenue growth, stable margins, and that following its debt repayment BrightSpring will maintain leverage below 5x and free cash flow to debt above 5% over the next 12-24 months." S&P could lower the rating if it expects BrightSpring will sustain: -- S&P Global Ratings-adjusted leverage above 5x over the next 12 months; or -- Free cash flow generally less than 5% of debt. Such a scenario is possible if the company pursues debt-financed acquisitions or because of weakening operational or financial performance. Although unlikely within the next 12 months, S&P could upgrade BrightSpring if: -- S&P expects it will sustain leverage materially below 4x and free cash flow to debt to generally above 10%; and -- It decreases financial sponsor ownership. PREDICTIVE ONCOLOGY: Closes $545K in Registered Direct Offering --------------------------------------------------------------- Predictive Oncology Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Securities Purchase Agreement with several institutional and accredited investors for the sale by the Company of 363,336 shares of the Company's common stock, par value $0.01 per share, at a purchase price of $1.50 per share, in a registered direct offering. The offering closed on February 19, 2025. The Purchase Agreement contains customary representations and warranties and agreements of the Company and the investors and customary indemnification rights and obligations of the parties. Pursuant to the terms of each of the Purchase Agreements, the Company has agreed to certain restrictions on the issuance and sale of its Common Stock or Common Stock Equivalents (as defined in the Purchase Agreements) during the 5-day period following the closing of the offering, and for one year after the closing of the offering as concerns variable rate transactions, subject to certain exceptions contained therein. The gross proceeds to the Company from the offering are approximately $545,004, before deducting the placement agent's fees and other offering expenses. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The Shares were offered and sold by the Company pursuant to an effective shelf registration statement on Form S-3, which was filed with the Securities and Exchange Commission on May 21, 2024 and subsequently declared effective on May 21, 2024 (File No. 333-279123) (the "Registration Statement"), and a related prospectus supplement filed on February 19, 2025. The representations, warranties and covenants contained in the Purchase Agreement were made solely for the benefit of the parties to the Purchase Agreement. The Purchase Agreement is filed with this report only to provide investors with information regarding the terms of transaction, and not to provide investors with any other factual information regarding the Company. Stockholders should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual statement of facts or condition of the Company. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Purchase Agreement, and such representations and warranties only speak as of the date as to which they were given. Pursuant to an engagement letter dated as of May 21, 2024, between the Company and H.C. Wainwright & Co., LLC, as amended by the Letter Agreement, dated February 18, 2025 the Company has agreed to pay Wainwright an aggregate fee equal to 7% of the gross proceeds received by the Company from the sale of the securities in the offering as well as a management fee equal to 1.0% of such gross proceeds, and $15,000 for fees and expenses of legal counsel. Pursuant to the Engagement Letter, the Company also issued to Wainwright or its designees warrants to purchase up to 7% of the aggregate number of shares of Common Stock sold in the transactions, or warrants to purchase up to an aggregate of 25,434 shares of Common Stock. The Placement Agent Warrants are exercisable for five years from the commencement of sales in the offering and have an exercise price equal to 125% of the purchase price of share of Common Stock in this offering, or $1.875 per share. The Placement Agent Warrants and the shares issuable upon exercise of the Placement Agent Warrants were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and in reliance on similar exemptions under applicable state laws. The Engagement Letter has a 12-month tail, right of first refusal, indemnity and other customary provisions for transactions of this nature. About Predictive Oncology Headquartered in Pittsburgh, Pennsylvania, Predictive Oncology Inc. is a knowledge and science-driven company that applies artificial intelligence to support the discovery and development of optimal cancer therapies, which can ultimately lead to more effective treatments and improved patient outcomes. The Company uses AI and a proprietary biobank of 150,000+ tumor samples, categorized by tumor type, to provide actionable insights about drug compounds to improve the drug discovery process and increase the probability of drug compound success. The Company offers a suite of solutions for oncology drug development from early discovery to clinical trials. Minneapolis, Minnesota-based BDO USA, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. PREPAID WIRELESS: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------ Prepaid Wireless Group, LLC, filed with the U.S. Bankruptcy Court for the District of Maryland a Disclosure Statement to accompany Plan of Reorganization dated February 18, 2025. The Debtor is a limited liability company formed under the laws of the State of Maryland. The Debtor operates, through its subsidiaries, a mobile network aggregator ("MVNA"), which over the years has been one of the Country's preeminent MVNAs. The Debtor, prior to bankruptcy, through its wholly-owned subsidiary, Prepaid Wireless Wholesale, LLC ("PWW"), has been providing mobile telephone service to more than 4.5 million Americans in 42 states, over 80% of whom are low income individuals. As of the Petition Date, the Debtor has continued to manage and operate its business as a profitable MVNA and, through this Plan, intends to emerge from bankruptcy and assume the WSA, with hopes of returning to the symbiotic relationship conducted between the Debtor and T-Mobile prior to September 2024 for the remainder of the term of the WSA. As of the Petition Date, the Debtor estimated that unsecured claims held by creditors of the Debtor, total approximately $4,326,853.71, excluding amounts owed to T-Mobile. These unsecured claims include (i) accrued and unpaid trade and other unsecured debt incurred in the ordinary course of the Debtor's business and (ii) unpaid amounts owing to certain state taxing authorities. The Plan will be funded by Cash from the Debtor's operations as a going concern as well as additional funds from PWW and X Wireless. The Plan provides for distributions on account of secured claims, priority claims, general unsecured non-priority claims, and administrative claims, in priority of payment set forth under the Bankruptcy Code. It is expected that all creditors will receive payment in full, and T-Mobile and holders of general unsecured claims will also receive interest at a rate to be determined by the Bankruptcy Court to meet the requirements for confirmation. In addition, holders of Equity Interests will retain 100% of their respective Equity Interests. The Plan categorizes Allowed Claims against, and Equity Interests in, the Debtor into various classes that the Debtor believes are in accordance with the classification requirements established by the Bankruptcy Code. All Claims against the Debtor arising prior to the Petition Date will be paid and discharged under the Plan. Class 4 consists of General Unsecured Claims excluding the Class 1 Claim. Except to the extent that a holder of an Allowed Class 4 Claim agrees to a different and lesser treatment of such Claim, the holder shall receive an amount in Cash equal to the Allowed amount of such Claim, plus interest, in four equal quarterly payments over a one year period, with interest, commencing thirty days following the later to occur of (i) the Effective Date (or as soon as reasonably practicable thereafter) and (ii) the date on which such Claim is determined to be an Allowed Class 4 Claim. The Debtor may make payments sooner on account of the Class 4 Allowed Claims so long as payments to the Class 1 Claim are current and the Debtor, in its sole discretion, determines it may do so in its business judgment. This Class will receive a distribution of 100% of their allowed claims. Class 4 Claims are impaired under the Plan. Class 5 consists of the holders of membership interests in the Debtor. Upon the Effective Date, the holders of Class 5 Interests shall retain 100% of such Equity Interests. Class 5 Interests are unimpaired and deemed to accept the Plan. Except as otherwise provided in the Plan or any agreement, instrument or other document incorporated in the Plan, on the Effective Date, the Debtor shall continue to exist, pursuant to its organizational documents in effect prior to the Effective Date, without any prejudice to any right to terminate such existence (whether by merger or otherwise) in accordance with applicable Law after the Effective Date. To the extent such documents are amended on or prior to the Effective Date, such documents are deemed to be amended pursuant to the Plan without any further notice to or action, order or approval of the Bankruptcy Court. A full-text copy of the Disclosure Statement dated February 18, 2025 is available at https://urlcurt.com/u?l=Rv24Hb from PacerMonitor.com at no charge. Counsel for the Debtor: Irving E. Walker, Esq. Gary H. Leibowitz, Esq. Cole Schotz, P.C. 1201 Wills Street, Suite 230 Baltimore, MD 21231 Telephone: (410) 230-0660 Facsimile: (410) 230-0667 Email: iwalker@coleschotz.com -and- Michael A. Solimani, Esq. 1325 Avenue of the Americas, 19th Floor New York, NY 10019 (212) 752-8000 (212) 752-8393 (fax) Email: msolimani@coleschotz.com About Prepaid Wireless Group Prepaid Wireless Group, LLC is a provider of wireless telecommunications services in Rockville, Md. Prepaid Wireless Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-18852) on October 21, 2024, with $10 million to $50 million in both assets and liabilities. Paul Greene, chief executive officer, signed the petition. Judge Maria Ellena Chavez-Ruark oversees the case. The Debtor is represented by Irving Walker, Esq., at Cole Schotz, P.C. PRIME HARVEST: Trustee Taps Arrowhead Land as Real Estate Broker ---------------------------------------------------------------- Jim L. Parrack, Chapter 11 Trustee of Prime Harvest Inc., seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Arrowhead Land Company, LLC as his real estate broker. The firm will market and sell the Debtor's real property in Detroit, Red River County, Texas. As compensation, Price Edwards and Arrowhead would divide between them a fee equal to 3.5 percent of the price for which the real estate is sold. As disclosed in the court filings, Arrowhead Land Company is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Phillip Dodd Arrowhead Land Company Sapulpa, OK Phone: (817) 915-2502 About Prime Harvest Inc. Prime Harvest, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 24-10841) on April 1, 2024. In the petition signed by Calvin Burgess, president, the Debtor disclosed up to $100 million in assets and up to $50 million in liabilities. Judge Sarah A Hall presides over the case. Stephen J. Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, PC, serves as the Debtor's legal counsel. PRIME HARVEST: Trustee Taps Friedman Law Office as Eviction Counsel ------------------------------------------------------------------- Jim L. Parrack, Chapter 11 Trustee of Prime Harvest Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Friedman Law Office as his eviction attorneys. The firm will file an appropriate action to seek eviction of all persons residing on the Real Property. The firm will charge $350 per hour for the services rendered by Michael Friedman, attorney at Friedman Law. As disclosed in the court filings, Friedman is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Friedman, Esq. Friedman Law Office P.O. Box 467 Drexel Hill PA 19026 Telephone: (610) 259-7755 Fax: (610) 259-1220 Email: fmf@mfriedmanlaw.com About Prime Harvest Inc. Prime Harvest, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 24-10841) on April 1, 2024. In the petition signed by Calvin Burgess, president, the Debtor disclosed up to $100 million in assets and up to $50 million in liabilities. Judge Sarah A Hall presides over the case. Stephen J. Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, PC, serves as the Debtor's legal counsel. PRIME HARVEST: Trustee Taps Nutt Auction Company as Auctioneer -------------------------------------------------------------- Jim L. Parrack, Chapter 11 Trustee of Prime Harvest Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Nutt Auction Company, LLC as his auctioneer. The firm will work to advertise, market, and auction certain equipment, facilities, and other items of personal property. Nutt will receive a commission equal to 10 percent of the sales price. As disclosed in the court filings, Nutt is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: John Nutt Nutt Auction Company, LLC 1064 FM 1397 Texarkana, TX 75503 Phone: (903) 276-7179 Email: brooke@nuttauction.com About Prime Harvest Inc. Prime Harvest, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 24-10841) on April 1, 2024. In the petition signed by Calvin Burgess, president, the Debtor disclosed up to $100 million in assets and up to $50 million in liabilities. Judge Sarah A Hall presides over the case. Stephen J. Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, PC, serves as the Debtor's legal counsel. PRIME HARVEST: Trustee Taps Price Edwards as Real Estate Broker --------------------------------------------------------------- Jim L. Parrack, Chapter 11 Trustee of Prime Harvest Inc., seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Price Edwards and Company as his real estate broker. Price Edwards will work with Arrowhead Land Company, LLC, a farm and ranch real estate brokerage company with local expertise in the area, in the marketing and sale of the Debtor's real property in Detroit, Red River County, Texas. As compensation, Price Edwards and Arrowhead would divide between them a fee equal to 3.5 percent of the price for which the real estate is sold. As disclosed in the court filings, Arrowhead Land Company is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Jim Parrack Price Edwards and Company 210 Park Ave STE 700 Oklahoma City, OK 73102 Tel: (405) 843-7474 Fax: (405) 236-1849 About Prime Harvest Inc. Prime Harvest, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 24-10841) on April 1, 2024. In the petition signed by Calvin Burgess, president, the Debtor disclosed up to $100 million in assets and up to $50 million in liabilities. Judge Sarah A Hall presides over the case. Stephen J. Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, PC, serves as the Debtor's legal counsel. PRINCESS PORT: Christopher Hayes Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 17 appointed Christopher Hayes as Subchapter V trustee for Princess Port Bed and Breakfast. Mr. Hayes will be paid an hourly fee of $470 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hayes declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher Hayes 23 Railroad Avenue, #1238 Danville, CA 94526 Phone: (925) 725-4323 Email: chayestrustee@gmail.com About Princess Port Bed Princess Port Bed and Breakfast sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30117) on February 14, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Dennis Montali presides over the case. QUADRA FS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Quadra FS Inc. d/b/a Quadra Furniture Solutions d/b/a Quadra Furniture & Spaces 1 County Road, Unit B-1 Secaucus, NJ 07094 Business Description: Quadra is a luxury staging and furniture rental company offering bespoke design solutions to elevate the value and appeal of properties. With over two decades of expertise, the Company is committed to providing a customized approach to staging that delivers faster sales and higher prices for real estate owners. Chapter 11 Petition Date: March 2, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-12162 Debtor's Counsel: Kenneth L. Baum, Esq. LAW OFFICES OF KENNETH L. BAUM, LLC 201 W. Passaic Street, Suite 104 Rochelle Park, NJ 07662 Tel: (201) 853-3030 Fax: (201) 584-0297 E-mail: kbaum@kenbaumdebtsolutions.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Robert Sablic 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/X62BKAA/Quadra_FS_Inc__njbke-25-12162__0001.0.pdf?mcid=tGE4TAMA QUANTUM CORP: Debt Covenant Risks Raise Going Concern Doubt ----------------------------------------------------------- Quantum Corp. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended December 31, 2024, that there is substantial doubt about its ability to continue as a going concern. The Company's consolidated financial statements have been prepared in accordance with GAAP assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company's ability to continue as a going concern has been raised. Quantum stated that it believes it is probable that it will be in violation of the net leverage covenant at the testing date for the first quarter of fiscal 2026. If the Company is unable to obtain waivers, the Term Loan and PNC Credit Facility will become immediately due, and additional liquidity will be required to satisfy the obligations. Due to the fact that a violation of the debt covenants results in the debt becoming currently payable, the long-term portion of the Term Loan and PNC Credit Facility have been classified as a current liability in the accompanying consolidated balance sheet as of December 31, 2024. The Company entered into a Standby Equity Purchase Agreement on January 25, 2025, pursuant to which the Company has the right, but not the obligation, to sell up to $200 million of Common Stock at any time during the three-year period following the date of the SEPA. Additionally, the Company is evaluating strategies to obtain additional funding, however there is no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms. For the three and nine months of December 31, 2024, the Company reported net losses of $71,433,000 and $105,780,000, respectively, compared to net losses of $9,869,000 and $22,342,000, respectively for the same periods in 2023. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/ywrjj5hm About Quantum Corp. Quantum Corp., based in San Jose, California, specializes in technology and services that store and manage video and video-like data. It provides streaming solutions for video and rich media applications, as well as low-cost, high-density, massive-scale data protection and archive systems. The company aims to help customers capture, create, share, and preserve digital data for decades. As of December 31, 2024, the Company had $168,056,000 in total assets, $363,111,000 in total liabilities, and total stockholders' deficit of $195,055,000. QXC COMMUNICATIONS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: QXC Communications, Inc. 3785 N Federal Hwy, Ste 205 Boca Raton, FL 33432 Business Description: QXC Communications specializes in designing and deploying fiber-optic networks that offer high-speed internet, WiFi, HD TV, and VoIP voice services. The Company caters to a range of clients, residential communities, military bases, businesses, and outdoor venues. It uses AON (Active Optical Network) technology to ensure the highest quality connectivity with minimal interruptions. Chapter 11 Petition Date: February 28, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-12256 Judge: Hon. Mindy A Mora Debtor's Counsel: John E. Page, Esq. SHRAIBERG PAGE PA 2385 NW Executive Center Dr Suite 300 Boca Raton, FL 33431 Tel: 561-443-0800 Email: jpage@slp.law Total Assets: $11,677,760 Total Liabilities: $13,912,001 The petition was signed by John Von Stein as CEO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/N3SCBGY/QXC_Communications_Inc__flsbke-25-12256__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AT&T $244,000 PO Box 5019 Carol Stream, IL 60197 2. Bank of America Credit Card $10,276 PO Box 660441 Purchases Dallas, TX 75266-0441 3. Chase Credit Card $94,806 PO Box 15298 Purchases Wilmington, DE 19850-5298 4. Citi Credit Card $23,594 PO Box 790046 Purchases Saint Louis, MO 63179-0046 5. Crown Castle Fiber, LLC $12,277 PO Box 28730 New York, NY 10087-8730 6. Greg Sterijevski $103,838 13056 Anthorne Ln Boynton Beach, FL 33436 7. Internal Revenue Service Payroll Taxes $196,509 P.O. Box 7346 Philadelphia, PA 19114-7346 8. Karen Von Stein Potential $541,964 c/o Jake S. Breach of Blumstein, Esq. Contract Tripp Scott 110 SE 6th St Ste 1500 Fort Lauderdale, FL 33301-5039 9. Lumen Vendor $43,215 1025 Eldorado Blvd Broomfield, CO 80021 10. Meyers Group Rent $50,400 120 N Compass Way Dania Beach, FL 33004 11. Michelle Duffy Stock Pledge $130,000 955 Walnut Terrace Boca Raton, FL 33486 12. Millennium QXC $6,470,353 Holdings LLC f/k/a Millennium Infrastructure Fund LLC 2121 Hobbs Dr Delavan, WI 53115 13. Nagra $10,000 5090 N 40th St, Ste 450 Phoenix, AZ 85018 14. Netcom Business IT La Costa Rent $13,494 Solutions 15800 Pines Blvd, Ste 3019 Hollywood, FL 33027 15. Octal Encoder Networks Inc. $20,000 4350 Pinewalk Dr Alpharetta, GA 30022 16. Octal Encoder $25,796 Networks, Inc. 4350 Pinewalk Dr Alpharetta, GA 30022 17. Raines Legal Vendor $8,475 2500 N Military Tr, Ste 303 Boca Raton, FL 33431 18. Rapid Finance Future $115,731 4500 East West Receivables Hwy, 6th FL Bethesda, MD 20814 19. RTC Associates LLC $16,134 4330 South Lee St, Bldg 800B Buford, GA 30515 20. Telarus $18,268 45 W Sego Lily Dr, Ste 220 Sandy, UT 84070 REAVIS REHAB: Hires Barron & Newburger as Bankruptcy Counsel ------------------------------------------------------------ Reavis Rehab & Wellness Center Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Barron & Newburger, P.C. as its bankruptcy counsel. The firm will provide these services: (a) advise the Debtor of its rights, powers, and duties; (b) review the nature and validity of claims asserted against the property of the Debtor and advise it concerning the enforceability of such claims; (c) prepare on behalf of Debtor, all necessary and appropriate legal documents and review all financial and other reports to be filed in the Chapter 11 case; (d) advise the Debtor concerning and prepare responses to, legal papers which may be filed in the Chapter 11 case; (e) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (f) perform all other legal services for and on behalf of the Debtor which may be necessary and appropriate in the administration of the Chapter 11 case and its business; and (g) work with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for the Debtor. The firm will be paid at these hourly rates: Stephen Sather, Attorney $650 Other Attorneys $275 - $475 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $15,000 from the Debtor. Mr. Sather disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stephen Sather, Esq. Barron & Newburger P.C. 7320 N. Mopac Expressway, Ste. 400 Austin, TX 78731 Telephone: (512) 476-9103 Email: ssather@bn-lawyers.com About Reavis Rehab & Wellness Center Inc. Reavis Rehab & Wellness Center Inc. is a family-owned and operated therapy practice founded in 1984 specializing in the treatment of pain, injuries, and discomfort. The center offers a range of therapy programs provided by licensed physical, speech, and occupational therapists. Each treatment plan is tailored to meet individual patient goals, taking into account their symptoms, medical history, and any relevant health restrictions. Reavis Rehab & Wellness Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No.: 25-10126) on January 30, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. RED RIVER: J&J Clashes With Talc Cancer Plan Foes as Trial Ends --------------------------------------------------------------- Jef Feeley of Bloomberg News reports that Johnson & Johnson pressed a judge to approve its $9 billion bankruptcy settlement proposal for baby powder cancer claims, calling it the only feasible way to resolve more than 15 years of litigation. Opponents, however, criticized the company's efforts to secure support for the plan, arguing it is fundamentally flawed. "Time is of the essence," J&J attorney Alli Brown said Friday in her closing argument, stressing that the plan would settle tens of thousands of lawsuits alleging that asbestos-contaminated talc in its iconic product caused illnesses. 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. REMEMBER ME: Seeks Chapter 11 Bankruptcy Protection in Tennessee ---------------------------------------------------------------- On February 24, 2025, Remember Me Senior Care LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Tennessee. 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 Remember Me Senior Care LLC Remember Me Senior Care LLC located in Cleveland, TN, offers personalized assisted living and memory care services in a homelike environment. The facility provides a range of services, including help with daily activities, medication management, and specialized care for those with Alzheimer's or other dementias. Remember Me Senior Care LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February 18, 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: 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 RENOVARO INC: Posts $7.25 Million Net Loss in Fiscal Q2 ------------------------------------------------------- Renovaro Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $7,252,394 for the three months ended December 31, 2024, compared to a net loss of $4,529,121 for the three months ended December 31, 2023. For the six months ended December 31, 2024, the Company reported a net loss of $51,464,429, compared to a net loss of $13,704,149 for the same period in 2023. As of December 31, 2024, the Company had $111,340,272 in total assets, $29,280,954 in total liabilities, and total stockholders' equity of $82,059,318. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/etb52ydy About Renovaro Inc. Headquartered in Los Angeles, Calif., Renovaro Inc. -- http://www.renovarobio.com-- formerly Renovaro BioSciences Inc., is a biotechnology company intending, if the necessary funding is obtained, to develop advanced allogeneic cell and gene therapies to promote stronger immune system responses potentially for long-term or life-long cancer remission in some of the deadliest cancers, and potentially to treat or cure serious infectious diseases such as Human Immunodeficiency Virus (HIV) infections. As a result of the Company's acquisition of GEDi Cube Intl on Feb. 13, 2024, the Company has shifted the Company's primary focus and resources to the development of the GEDi Cube Intl technologies. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated Oct. 10, 2024, citing that the Company has incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations which raises substantial doubt about its ability to continue as a going concern. RENOVARO INC: To Restate Financials Due to Material Misstatements ----------------------------------------------------------------- Renovaro Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Audit Committee of the Board of Directors based on the recommendation of the Company's management, and after consultation with the Company's independent registered public accounting firm, concluded that the following contained material misstatements related to certain warrants that were exercised during the three months ended March 31, 2024, which had not been appropriately reflected as a component of the change in fair value of the contingent consideration in the Prior Filings: (i) the Company's previously issued unaudited interim condensed consolidated financial statements contained within the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, as amended, (ii) the Company's previously issued audited consolidated financial statements contained within the Annual Report on Form 10-K for the year ended June 30, 2024, and (iii) the Company's previously issued unaudited interim condensed consolidated financial statements within the Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 Accordingly, those financial statements should no longer be relied upon. Similarly, related reports filed with the Securities Exchange Commission, press releases, shareholder communications, investor presentations or other communications describing relevant portions of the Prior Filings' financial statements should no longer be relied upon The Company intends to restate the aforementioned financial statements by amending the Prior Filings as soon as reasonably practicable. About Renovaro Inc. Headquartered in Los Angeles, Calif., Renovaro Inc. -- http://www.renovarobio.com-- formerly Renovaro BioSciences Inc., is a biotechnology company intending, if the necessary funding is obtained, to develop advanced allogeneic cell and gene therapies to promote stronger immune system responses potentially for long-term or life-long cancer remission in some of the deadliest cancers, and potentially to treat or cure serious infectious diseases such as Human Immunodeficiency Virus (HIV) infections. As a result of the Company's acquisition of GEDi Cube Intl on Feb. 13, 2024, the Company has shifted the Company's primary focus and resources to the development of the GEDi Cube Intl technologies. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated Oct. 10, 2024, citing that the Company has incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had $111,340,272 in total assets, $29,280,954 in total liabilities, and total stockholders' equity of $82,059,318. RESHAPE LIFESCIENCES: Bigger Capital and Affiliates Disclose Stake ------------------------------------------------------------------ Bigger Capital Fund, LP, Bigger Capital Fund GP, LLC, District 2 Capital Fund LP, District 2 Capital LP, District 2 GP LLC, District 2 Holdings LLC, and Michael Bigger disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that they beneficially owned shares of ReShape Lifesciences Inc.'s Common Stock as of February 18, 2025. As of February 18, Bigger Capital beneficially owned: (i) 160,000 shares of Common Stock, and (ii) 160,000 shares of Common Stock issuable upon exercise of Warrants, the exercise of which are subject to shareholder approval and a 4.99% beneficial ownership limitation. The amounts do not include 160,000 shares issuable upon the exercise of Warrants, the exercise of which are subject to shareholder approval and a 4.99% beneficiary ownership limitation. Bigger GP, as the general partner of Bigger Capital, may be deemed to beneficially own the Issuer's securities described herein. Mr. Bigger, as the managing member of Bigger GP may be deemed to beneficially own the Issuer's securities described herein. As of February 18, District 2 CF beneficially owned: (i) 160,000 shares of Common Stock, and (ii) 160,000 shares of Common Stock issuable upon exercise of Warrants, the exercise of which are subject to shareholder approval and a 4.99% beneficial ownership limitation. The amounts do not include 160,000 shares issuable upon the exercise of Warrants, the exercise of which are subject to shareholder approval and a 4.99% beneficiary ownership limitation. District 2, as the investment manager of District 2 CF, may be deemed to beneficially own the Issuer's securities described herein beneficially owned by District 2 CF. District 2 GP, as the general partner of District 2 CF, may be deemed to beneficially own the Issuer's securities described herein beneficially owned by District 2 CF. District 2 Holdings, as the managing member of District 2 GP, may be deemed to beneficially own the Issuer's securities described herein beneficially owned by District 2 CF. Mr. Bigger, as the managing member of Bigger GP and the managing member of District 2 Holdings, may be deemed to beneficially own the: (i) 160,000 shares of Common Stock beneficially owned by Bigger Capital, (ii) 160,000 shares issuable upon exercise of Warrants, the exercise of which are subject to shareholder approval and a 4.99% beneficial ownership limitation owned by Bigger Capital, (iii) 160,000 shares of Common Stock, beneficially owned by District 2 CF, and (iv) 160,000 shares issuable upon exercise of Warrants, the exercise of which are subject to shareholder approval and a 4.99% beneficial ownership limitation owned by District 2 CF. Prior to market open on February 19, 2025, the Reporting Persons sold the Common Stock. The Warrants are not exercisable as of the date hereof and are subject to a 4.99% beneficial ownership limitation. The following percentages are based on 3,305,087 shares of Common Stock outstanding (excluding the Common Stock underlying the Warrants) as of the completion of the offering referred to in the Issuer's prospectus filed with the Securities Exchange Commission on February 18, 2025. As of the close of business on February 18, 2025: * each of Bigger Capital and Bigger GP may be deemed to beneficially own approximately 4.84% of the outstanding shares of Common Stock. Subsequent to February 18, 2025, each of Bigger Capital and Bigger GP had no beneficial ownership due to the sale of 160,000 shares of Common Stock and the requirement in the Warrants that the exercise of such securities is subject to shareholder approval. * each of District 2 CF, District 2, District 2 GP and District Holdings may be deemed to beneficially own approximately 4.84% of the outstanding shares of Common Stock. Subsequent to February 18, 2025, each of District 2 CF, District 2, District 2 GP and District Holdings had no beneficial ownership due to the sale of 160,000 shares of Common Stock and the requirement in the Warrants that the exercise of such securities is subject to shareholder approval. * Mr. Bigger may be deemed to beneficially own approximately 9.68% of the outstanding shares of Common Stock. Subsequent to February 18, 2025, Mr. Bigger had no beneficial ownership due to the sale of 320,000 shares of Common Stock and the requirement in the Warrants that the exercise of such securities is subject to shareholder approval. Bigger Capital may be reached through: Michael Bigger 11700 West Charleston Blvd., #170-659 Las Vegas, NV, 89135 Tel: 631-987-0235 A full-text copy of Bigger Capital's SEC Report is available at: https://tinyurl.com/49na7txb About Reshape Lifesciences Inc. ReShape Lifesciences Inc. (Obalon Therapeutics, Inc.) is a weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. Irvine, California-based RSM US LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 1, 2024, citing 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. As of Sept. 30, 2024, Reshape Lifesciences had $5.62 million in total assets, $4.13 million in total liabilities, and $1.49 million in total stockholders' equity. RESHAPE LIFESCIENCES: CVI Investments Holds 9.9% Equity Stake ------------------------------------------------------------- CVI Investments, Inc. and Heights Capital Management, Inc. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of February 18, 2025, they beneficially own 344,626 shares of ReShape Lifesciences Inc.'s common stock, representing 9.9% of the outstanding shares. Heights Capital Management, Inc. serves as the investment manager to CVI Investments, Inc. and may exercise voting and dispositive power over the shares. CVI Investments, Inc. may be reached through: Brian Sopinsky, Secretary Heights Capital Management, Inc. 101 California Street, Suite 3250 San Francisco, California 94111 Tel: 345-949-8080 A full-text copy of CVI Investments' SEC Report is available at: https://tinyurl.com/2j7zwnu7 About Reshape Lifesciences Inc. ReShape Lifesciences Inc. (Obalon Therapeutics, Inc.) is a weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. Irvine, California-based RSM US LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 1, 2024, citing 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. As of Sept. 30, 2024, Reshape Lifesciences had $5.62 million in total assets, $4.13 million in total liabilities, and $1.49 million in total stockholders' equity. RG AVIATION: Claims to be Paid From Continued Operations -------------------------------------------------------- RG Aviation LLC filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Plan of Reorganization for Small Business dated February 18, 2025. The Debtor is an LLC with one member, Rafael Guerrero. The Debtor started business in June 2022. The Debtor is in the business of airline transportation. The Sole asset at this point is an airplane worth 2.35 million while approximately 1.52 million is owed on that airplane. The Debtor had not been able to get final FAA Approval to fly however, they now have a contract with management company and should be able to begin to generate revenue by February 23, 2025 and can begin a budget effective that date. The debtor's plan is to restructure their secured debt of approximately 1.52 million with a 20-year amortization instead of the present 15-year amortization with a 7-year ballon if with the 7-year ballon to begin 30 days after the plan confirmation. Debtor has had discussions with Legacy bank and the bank is in agreement to those terms. The Debtor feels that with the restructure of its secured debt and the beginning of its generation of revenue it will be able to pay its debt service and generate of a profit going forward. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $16,000 per month. The final Plan payment is expected to be paid in November of 2025. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 0 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 2 consists of the Secured Claims of Legacy Bank & Trust Company. Paid at 5.75% interest with a 20-year amortization and with a 7-year ballon payment due July 2032 pursuant to a modified loan agreement. The Debtor has no non-priority unsecured creditors. Rafael Guerrero will retain his equity. The Plan shall be funded through the Disposable Income generated by Debtor's future operations. The Debtor will act as the disbursing agent for Plan payments. Disbursements will start no later than July 31st, 2025 and will continue for 5 months. Plan payments will equal 2,000 per month. A full-text copy of the Plan of Reorganization dated February 18, 2025 is available at https://urlcurt.com/u?l=FvAz8U from PacerMonitor.com at no charge. Counsel to the Debtor: Shawn J. Lau, Esq. LAU & ASSOCIATES, P.C. 4228 St. Lawrence Avenue Reading, PA 19606 Tel: (610) 370-2000 Fax: (610) 370-0700 E-mail: shawn_lau@msn.com About RG Aviation LLC RG Aviation, LLC is in the business of airline transportation. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-14201) on Nov. 22, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Rafael Guerrero as authorized representative of the Debtor. Judge Patricia M Mayer presides over the case. Shawn Lau, Esq., at Lau & Associates, PC represents the Debtor as counsel. RICHMOND TELEMATICS: Andrew Layden Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Richmond Telematics, Inc. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, Florida 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Richmond Telematics Richmond Telematics Inc. is an automotive repair shop located in West Melbourne, Fla., which specializes in transmission services. It conducts business under the name Richmond Transmission & Auto Service. Richmond Telematics filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00907) on February 18, 2025. In its petition, the Debtor reported total assets of $1,216,440 and total liabilities of $1,614,121. Judge Lori V. Vaughan handles the case. The Debtor is represented by: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Email: jeff@bransonlaw.com RISE MANAGEMENT: Seeks to Hire Steffes Firm LLC as Special Counsel ------------------------------------------------------------------ Rise Management, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ The Steffes Firm, LLC as special counsel. The firm will represent the Debtor for the limited purpose of investigating claims by or against related entities of the Debtor. The Steffes Firm will charge $500 per hour for its services, and will be reimbursed for all out of pocket expenses. The Steffes Firm represents no adverse interest to the Debtor, according to court filings. The firm can be reached through: William E. Steffes, Esq. THE STEFFES FIRM, LLC 13702 Coursey Blvd., Building 3 Baton Rouge, LA 70817 Tel: (225) 751-1751 Email: bsteffes@steffeslaw.com About Rise Management, LLC Rise Management LLC is primarily engaged in renting and leasing real estate properties. The Debtor owns three properties located in New Orleans having a total current value of $1.3 million. Rise Management LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-11535) on August 7, 2024. In the petition filed by Cullan Maumas of MagNola Ventures, LLC, the Debtor's manager, the Debtor reports total assets of $2,628,537 and total liabilities of $2,952,920. The Honorable Bankruptcy Judge Meredith S. Grabill oversees the case. The Debtor is represented by Patrick Garrity, Esq. at THE DERBES LAW FIRM, LLC. ROCK MEDICAL: Gets OK to Hire Spencer Fane LLP as Legal Counsel --------------------------------------------------------------- Rock Medical Group, LLC received approval from the U.S. Bankruptcy Court for the District of Nebraska to hire Spencer Fane L.L.P. as counsel. Spencer Fane will assist the Trustee in his investigation into the acts, conduct, assets, liabilities, and financial condition of the Debtor, the operation of the Debtor's business, and otherwise assist him in the discharge of his duties. The firm will be paid at these hourly rates: Eric Johnson $790 Zach Fairlie $750 Andrea Chase $630 Kristen Evans $400 Luzmarina Vargas $230 Partners and Of Counsel $450 to $880 Associates $325 to $510 Paralegals $175 to $315 The firm received from the Debtors a retainer of $100,000. Andrea Chase, Esq., a partner of Spencer Fane, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrea Chase, Esq. SPENCER FANE LLP 1000 Walnut Street, Suite 1400 Kansas City, MO 64106 Tel: (816) 292-8279 Fax: (816) 474-3216 Email: achase@spencerfane.com About Rock Medical Group Rock Medical Group, LLC is a solution-focused medical staffing agency offering medical staffing solutions for hospitals, long term care facilities, specialty nursing units, hospice care, memory care, rehabilitation facilities, surgical centers, and allied services. Rock Medical Group filed Chapter 11 petition (Bankr. D. Neb. Case No. 24-81090) on November 27, 2024, with up to $1 million in assets and up to $10 million in liabilities. Loren Rock, managing member and owner, signed the petition. Judge Thomas L. Saladino oversees the case. Patrick R. Turner, Esq., at Turner Legal Group, LLC, represents the Debtor as bankruptcy counsel. ROYAL SPADE: Seeks to Hire Demarco-Mitchell PLLC as Legal Counsel ----------------------------------------------------------------- Royal Spade Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Demarco Mitchell PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm will be paid at these rates: Robert T. DeMarco, Attorney $400 per hour Michael S. Mitchell, Attorney $300 per hour Barbara Drake, Paralegal $125 per hour The firm received from the Debtor a retainer in the amount of $7,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert T. DeMarco, Esq., a partner at Demarco-Mitchell 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: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 578-1400 Fax: (972) 346-6791 Email robert@demarcomitchell.com mike@demarcomitchell.com About Royal Spade Inc. Royal Spade Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-30495) on February 10, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Stacey G Jernigan handles over the case. Robert T DeMarco, Esq. at DEMARCO MITCHELL, PLLC represents the Debtor as counsel. RUSH INC: Gets OK to Hire Gutnicki LLP as Co-Bankruptcy Counsel --------------------------------------------------------------- Rush Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Miriam Stein Granek, Of Counsel to Gutnicki LLP as co-bankruptcy counsel. The firm will provide these services: a. negotiation with creditors; b. preparation of a plan; c. examination and resolution of claims filed against the estate; d. preparation and prosecution of adversary proceedings, if any; e. preparation of pleadings filed in the case; f. interaction with the trustee in this case; g. attendance at court hearings; and h. representation of the Debtor in matters before the Court. Gutnicki LLP will be paid at these rates: Miriam Stein Granek $450 per hour Attorney $345 per hour to $850 per hour Gutnicki LLP will also be reimbursed for reasonable out-of-pocket expenses incurred. Miriam Stein Granek, a partner at Gutnicki 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: Miriam Stein Granek Gutnicki LLP 4711 Golf Road, Suite 200 Skokie, IL 60076 Tel: (847) 745-6592 Email: mgranek@gutnicki.com About Rush Inc. Rush Inc. is involved in the transportation and logistics industry. Rush Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01695) on February 3, 2025. In its petition, the Debtor reports total assets of $547,000 and total liabilities of $2,241,538. Honorable Bankruptcy Judge David D. Cleary handles the case. The Debtor is represented by David Freydin, Esq., at LAW OFFICES OF DAVID FREYDIN, in Skokie, Illinois. RUSH INC: Seeks to Hire David Freydin PC as Bankruptcy Counsel -------------------------------------------------------------- Rush Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Law Offices of David Freydin PC as its bankruptcy counsel. The firm will render these services: (a) negotiate with creditors; (b) prepare a plan, corporate restructuring, analysis of claims and potential causes of action and other assets; and (c) represent the Debtor in matters before the court. The firm's attorneys will be paid at these hourly rates: David Freydin $450 Jan Michael Hulstedt $425 Derek Lofland $425 Jeremy Nevel $425 The firm received a prepetition retainer of $20,000 prior to the filing of the case. Mr. Freydin 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 Freydin, Esq. Law Offices of David Freydin PC 8707 Skokie Blvd., Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 Email: david.freydin@freydinlaw.com About Rush Inc. Rush Inc. is involved in the transportation and logistics industry. Rush Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01695) on February 3, 2025. In its petition, the Debtor reports total assets of $547,000 and total liabilities of $2,241,538. Honorable Bankruptcy Judge David D. Cleary handles the case. The Debtor is represented by David Freydin, Esq., at LAW OFFICES OF DAVID FREYDIN, in Skokie, Illinois. SACRAMENTO COUNTY HOUSING: S&P Affirms 'B+' Rating on Revenue Bonds ------------------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable on Sacramento County Housing Authority, Calif.'s series 2000 issue B multifamily housing revenue bonds (Cottage Estates Apartments). At the same time, S&P affirmed its 'B+' rating on the bonds. The outlook revision to negative reflects that we could lower the rating within the next year as the credit transitions toward a lower rating cap due to our projection that assets will be insufficient to cover the final bond maturity payment scheduled for Feb. 1, 2033. We have analyzed the transaction's environmental, social, and governance factors relative to its legal framework, operational risk framework, cash flow, and enhancement type, and views these factors as neutral in our credit analysis. The negative outlook reflects S&P Global Ratings' opinion that if current conditions persist, we could lower the rating within one year to transition the rating to the 'B-' rating cap, which could apply once the debt service coverage (DSC) shortfall is less than four years away. We expect coverage to be below 1x for the final maturity on Feb. 1, 2033. If current DSC trends stay on track, and we continue to view Feb. 1, 2033, as the date of potential default, we could lower the rating in the next year to transition toward a future rating cap of 'B-,' which we would expect to apply once the DSC shortfall is less than four years away. If our coverage projections worsen significantly and we project that default could occur sooner than 2033, we could lower the rating by multiple notches. Although unlikely, we could take a positive rating action if the transaction's fund balances increase from better-than-expected reinvestment earnings or if there is an additional deposit of funds sufficient to cover our projected shortfall. SAN FRANCISCO CARE: Taps Avison Young as Real Estate Broker ----------------------------------------------------------- San Francisco Care Center, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Avison Young - Northern California, Ltd. as its real estate broker. The broker will market and sell the Debtor's real property located at 1035 Van Ness Avenue, San Francisco, CA 94109. The broker will receive a commission equal to 1.5 percent of the gross sale price at closing. As disclosed in the court filings, Avison Young is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Laef Barnes Avison Young - Northern California, Ltd. 44 Montgomery Street, Suite 3300 San Francisco, CA 94104 Tel: (415) 349-3505 Fax: (415) 322-5055 About San Francisco Care Center San Francisco Care Center, LP owns and operates a residential care and memory facility for the elderly, with patients ranging in age from 80 to 100 years old. The Debtor provides services to assist residents with their daily activities, such as feeding, bathing, dressing, medication management, toileting and mobility support. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30025) on January 14, 2025. In the petition signed by Teresa Wong, managing partner, the Debtor disclosed up to $50 million in both assets and liabilities. The Debtor is represented by Sarah M. Stuppi, Esq. at Law Offices Of Stuppi And Stuppi. SEAQUEST HOLDINGS: Trustee Taps Sussman Shank as Legal Counsel -------------------------------------------------------------- Matt McKinlay, the Trustee for Seaquest Holdings, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ Sussman Shank LLP as his counsel. The firm's services include: (a) giving the Trustee legal advice with respect to its powers and duties as Chapter 11 Trustee; (b) preparing on behalf of the Trustee all necessary applications, answers, orders, reports, or other legal papers; and (c) performing for the Trustee any and all other legal services that may be necessary in connection with this matter. The firm's hourly rates are: Jeffrey C. Misley, Special Counsel $500/hr. Garrett S. Eggen, Attorney $420/hr. Joshua G. Flood, Attorney $420/hr. Majesta R. Racanelli, Paralegal $200/hr. Jeffrey Misley, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey C. Misley, Esq. Sussman Shank LLP 1000 SW Broadway, Suite 1400 Portland, OR 97205 Tel: (503) 227-1111 Email: jmisley@sussmanshank.com 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. at Johnson May, PLLC. SHARKY'S LLC: Seeks to Hire Tittle Law Group as Legal Counsel ------------------------------------------------------------- Sharky's LLC filed seeks approval from the U.S. Bankruptcy Court for the Southern 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 be paid at these rates: Brandon J. Tittle, Esq. $625 per hour Associates $305 to $495 per hour Paralegals $205 to $295 per hour 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 Sharky's LLC Sharky's LLC, doing business as Sharky's Tavern, is a wood-fired pizza restaurant and bar in Galveston, Texas. Sharky's LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30469) on January 30, 20. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $S00,000. The Debtor is represented by Brandon John Tittle, Esq., at Tittle Law Group, PLLC, in Frisco, Texas. SHREE AMRITAYA: Case Summary & Two Unsecured Creditors ------------------------------------------------------ Debtor: Shree Amritaya, LLC 317 East Main Street Branford, CT 06405 Business Description: Shree Amritaya, LLC is a real estate firm based in Branford, CT, focusing on single- asset properties. The Company owns the property at 315-317 East Main Street, Branford, CT 06405, which is valued at $500,000. Chapter 11 Petition Date: February 28, 2025 Court: United States Bankruptcy Court District of Connecticut Case No.: 25-30181 Debtor's Counsel: Joseph J. D'Agostino, Jr., Esq. ATTORNEY JOSEPH J. D'AGOSTINO, JR. 1062 Barnes Road, Suite 108 Wallingford, CT 06492 Tel: 203-265-5222 Fax: 203-774-1269 E-mail: joseph@lawjjd.com Total Assets: $525,000 Total Liabilities: $1,145,000 The petition was signed by Jay Patel 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/ZXB3H2A/Shree_Amritaya_LLC__ctbke-25-30181__0001.0.pdf?mcid=tGE4TAMA SILAS ENTERPRISE: Hires David P. Lloyd as Bankruptcy Counsel ------------------------------------------------------------ Silas Enterprise Company seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ David P. Lloyd, Ltd. as its bankruptcy counsel. The Debtor requires the services of the firm to represent it in matters concerning negotiation with creditors, preparation of a Chapter 11 plan and disclosure statement, examining and resolving claims filed against the estate, and the preparation and prosecution of adversary matters. David Lloyd, Esq., will be paid at his hourly rate of $400. His firm received an initial payment of $11,738 prior to the filing of this Chapter 11 case. The attorney disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. David P. Lloyd, Ltd. can be reached through: David P. Lloyd, Esq. David P. Lloyd, Ltd. 615B S. LaGrange Rd. LaGrange IL 60525 Telephone: (708) 937-1264 Facsimile: (708) 937-1265 Email: courtdocs@davidlloydlaw.com About Silas Enterprise Company Silas Enterprise Company is the fee simple owner of two properties described as 9927 S. Morgan St. and 8956 S. Union Ave. The Debtor also owns beneficial interests in two land trusts at 7011 S. Indiana Ave. and 7945 S. Dobson Ave. The total value of the properties is $954,000. Silas Enterprise Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No.: 25-01203) on January 27, 2025. In its petition, the Debtor reports total assets of $957,888 and total liabilities of $1,037,878. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by David P. Lloyd, Esq. at DAVID P. LLOYD, LTD. SINO GREEN: Posts $358,644 Net Loss in Fiscal Q2 ------------------------------------------------ Sino Green Land Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $358,644 on $116,936 of net revenues for the three months ended December 31, 2024, compared to a net loss of $272,803 on $360,761 of net revenues for the three months ended December 31, 2023. For the six months ended December 31, 2024, the Company had an accumulated deficit of $3,583,534, incurred a net loss of $691,975 and cash used in operating activities of $202,685. These factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the condensed consolidated financial statements are issued. In addition, the Company's independent registered public accounting firm, in their report on the Company's June 30, 2024, audited condensed consolidated financial statements, raised substantial doubt about the Company's ability to continue as a going concern. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4uys8542 About Sino Green Land Corp. Sino Green Land Corp. is a US holding company incorporated in Nevada. It conducts business through its Malaysia subsidiary "Tian Li Eco Holdings Sdn. Bhd", which is an environmental protection technology, recycling and renewal of plastic waste bottles and packaging materials being recycled and sale of recovered and recycled products, a company incorporated and based in Malaysia. With the mission to rooted in advocating for waste recycling, aiming for a sustainable environmental future. With its strategic initiatives, the company's objective is to become a prominent environmental recycling entity in Asia over the coming five years. As of December 31, 2024, the Company had $4,715,159 in total assets, $5,935,617 in total liabilities, and total stockholders' deficit of $1,220,458. SMOKECRAFT CLARENDON: Seeks to Tap CohnReznick LLP as Tax Preparer ------------------------------------------------------------------ Smokecraft Clarendon, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire CohnReznick LLP to furnish tax preparation services. The firm will receive a flat rate of $5,000 for its services. Stephanie O'Rourk, CPA, a partner at CohnReznick, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stephanie O'Rourk, CPA CohnReznick LLP 3560 Lenox Rd NE Atlanta, GA 30326 Phone: (516) 318-6078 About Smokecraft Clarendon Smokecraft Clarendon, LLC, owns and operates a barbecue restaurant in Arlington County, Virginia, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-13609) on April 29, 2024. In the petition signed by Andrew Darneille, manager, the Debtor disclosed $129,456 in total assets and $1,379,956 in total liabilities. Maurice Verstandig, Esq., at The VerStandig Law Firm represents the Debtor as legal counsel. SOLAR BIOTECH: Seeks to Hire Gibbons P.C. as Bankruptcy Counsel --------------------------------------------------------------- Solar Biotech, Inc. and Noblegen Inc. seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Gibbons P.C. as counsel. The firm's services include: a. providing legal advice regarding Delaware local rules, practices, precedents, and procedures and providing substantive and strategic advice on how to accomplish the Debtors' goals in connection with the prosecution of these cases, in all aspects of each bankruptcy proceeding; b. advising and assisting the Debtors with respect to their rights, powers and duties as debtors in possession and taking all necessary action to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any actions commenced against the Debtors, negotiating all disputes involving the Debtors, and preparing objections to claims filed against the Debtors' estates; c. preparing pleadings in connection with the Chapter 11 Cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates, including, without limitation, the preparation and defense of retention and fee applications for the Debtors' professionals; d. appearing in Court and at any meeting with the United States Trustee; e. taking any necessary action on behalf of the Debtors to pursue and obtain approval of a disclosure statement and confirmation of a chapter 11 plan; f. attending meetings including, without limitation, negotiating with representatives of creditors and other parties-in-interest; g. performing various services in connection with the administration of the Chapter 11 Cases, including, without limitation, (i) preparing agenda letters, certificates of no objection, certifications of counsel, notices of fee applications and hearings, and hearing binders of documents and pleadings, (ii) monitoring the docket for filings on pending matters that need responses; (iii) preparing and maintaining critical dates memoranda to monitor pending applications, motions, hearing dates, and other matters and the deadlines associated with the same, and (iv) handling inquiries and calls from creditors and counsel to interested parties regarding pending matters and the general status of the Chapter 11 Cases; and h. performing all other legal services assigned by the Debtors to Gibbons. The firm will be paid at these rates: John S. Mairo, Director $920 per hour Katharina Earle, Director $750 per hour Kyle P. McEvilly, Associate $485 per hour Neal Mitchell, Paralegal $350 per hour Consistent with Paragraph D.1 of the UST Guidelines, the firm provides the following information in further support of the Application: (a) Gibbons did not agree to any variation from, or alternative to, its standard or customary billing arrangements for matters of this nature, except that due to Mr. Mairo switching firms, it was agreed that Gibbons would apply 2024 rates consistent with Porzio's engagement, including a 5% discount on its monthly fee (not expense) amounts. (b) None of Gibbons' professionals included in this engagement have varied their rate based on the geographic location of the Chapter 11 Cases; (c) Gibbons did not represent the Debtors in the twelve months prior to the Petition Date; and (d) The Debtors and Gibbons, along with other Professionals, intend to develop a prospective budget and staffing plan in a reasonable effort to comply with the U.S. Trustee's request for information and additional disclosures. Consistent with the UST Guidelines, the budget may be amended as necessary to reflect changed circumstances or unanticipated developments. John Mairo, a director at the law firm of Gibbons P.C., disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John S. Mairo, Esq. Gibbons P.C. One Gateway Center Newark, NJ 07102 Tel: (973) 596-4428 Fax: (973) 639-6364 Email: jmairo@gibbonslaw.com About Solar Biotech Solar Biotech, Inc. and Noblegen Inc. are biotechnology companies with nearly five years of experience in scaling biotech designs and prototypes on a commercial scale. They provide services to customers in the form of various phases, which are as follows: (i) concept development; (ii) develop prototypes; (iii) optimize costs; (iv) use prototype samples for business development and sampling; and (v) commercialization agreements to help transfer developed technology into commercial products. By offering a wide range of services, the Debtors are able to successfully meet the varying needs of its customers across the biotech market. Solar Biotech and Noblegen filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-11402) on June 23, 2024, with $10 million to $50 million in both assets and liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Porzio, Bromberg & Newman, P.C. as bankruptcy counsel; Newpoint Advisors Corporation as financial advisor; and Epiq Corporate Restructuring, LLC as claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Brinkman Law Group, PC as bankruptcy counsel, Esbrook, PC as Delaware counsel, and Young America Capital, LLC as financial advisor. SOUTH REGENCY: Seeks to Hire Evans & Mullinix P.A. as Attorney -------------------------------------------------------------- South Regency Shops LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Evans & Mullinix, P.A. as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Colin N. Gotham $350 per hour Paralegals $125 per hour The firm received from the Debtor a retainer in the amount of $25,000, plus the filing fees of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Colin N. Gotham, Esq., a partner at Evans & Mullinix, P.A., 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: Colin N. Gotham, Esq. Evans & Mullinix, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Tel: (913) 962-8700 Fax: (913) 962-8701 Email: cgotham@emlawkc.com About South Regency Shops LLC South Regency Shops LLC owns a shopping center situated at 9296 Metcalf Avenue in Overland Park, Kansas, with an estimated current value of $810,000. South Regency Shops LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20140) on February 10, 2025. In its petition, the Debtor reports total assets of $817,347 and total liabilities of $2,578,359. Honorable Bankruptcy Judge Dale L. Somers handles the case. The Debtor is represented by Colin Gotham, Esq. at EVANS & MULLINIX, P.A. SOUTHERN PINESTRAW: Hires Tina B. Singletary CPA as Accountant -------------------------------------------------------------- Southern Pinestraw Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Tina B. Singletary CPA, Inc. as its accountant. The accountant will assist the Debtor in completing its 2023 corporate tax return and in preparing its 2024 tax return. The charge to complete the 2023 tax return is $3,930. The cost to prepare the 2024 tax return is $4,125. As disclosed in the court filings, Tina B. Singletary CPA is a disinterested person as defined in 11 U.S.C. Sec. 101(14). The accountant can be reached thro Tina B. Singletary, CPA Tina B. Singletary CPA, Inc. 226 NW Bloxham St Mayo, FL 32066 Tel: (386) 294-1040 About Southern Pinestraw Southern Pinestraw Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-10003) on January 7, 2025. In its petition, the Debtor reported $500,000 to $1 million in both assets and liabilities. Lisa Caryl Cohen, Esq., at Ruff & Cohen, P.A. represents the Debtor as legal counsel. STICKY FINGERS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Sticky Fingers Restaurants, LLC 1 South Main Street Greenville, SC 29601 Business Description: Sticky Fingers offers a variety of hickory- smoked meats and Southern barbecue specialties in a casual dining setting. Chapter 11 Petition Date: March 1, 2025 Court: United States Bankruptcy Court District of South Carolina Case No.: 25-00774 Debtor's Counsel: Robert H. Cooper, Esq. THE COOPER LAW FIRM 1610 Gowdeysville Road Gaffney, SC 29340 Tel: 864-271-9911 Fax: 864-232-5236 E-mail: rhcooper@thecooperlawfirm.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Christy Phillips as chief financial 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/JQN4OLY/Sticky_Fingers_Restaurants_LLC__scbke-25-00774__0001.0.pdf?mcid=tGE4TAMA STRONGHOLD CONSTRUCTION: Unsecureds Will Get 40% over 5 Years ------------------------------------------------------------- Stronghold Construction Inc., filed with the U.S. Bankruptcy Court for the Western District of North Carolina a Plan of Reorganization for Small Business under Subchapter V dated February 18, 2025. The Debtor is a roofing contractor operating as a "Storm Guard" franchisee in the western regions of North Carolina and eastern regions of Tennessee under franchise agreements with Storm Guard Corporate. The Debtor was formed as a North Carolina corporation in 2015 as "Storm Guard of Appalachia Inc." and thereafter changed its name to "Stronghold Construction Inc." Debtor's sole shareholder is Lincoln Koontz. In 2021, the Debtor became a Tennessee Storm Guard franchisee. Since 2015, the Debtor paid royalites and marketing fees to Storm Guard Corporate in the amount of 7.0% of gross sales on a monthly basis until recently as fees at that level have become unsustainable if the Debtor is to meet its normal business expenses. The Debtor's intent through this Plan is to pay Storm Guard Corporate reduced royalites during the term of the Plan with the consent of Storm Guard Corporate, which: (a) has provided the Debtor a $200,000 line of credit for the purposes of purchasing materials and pay labor necessary to expedite the Debtor's completion of roofing jobs; and (b) has offered, subject to Court approval, to assist the Debtor in completing its pre petition backlog of jobs outstanding as of the Petition Date and remaining incomplete as of the time of filing of this Plan, which, in the aggregate, will cause a loss for the Debtor. The Debtor's financial projections show that the Debtor will have cumulative PDI of $632,909.54 over a period of approximately 60 months. The final plan payment is expected to be paid on December 31, 2029. This Plan seeks to give the Debtor the opportunity to rehabilitate the Debtor's business operations and financial affairs by paying secured creditors over a period of approximately 60 months and capping the amount to be paid to unsecured creditors. This Plan provides for: one class of secured claims; one class of non priority unsecured claims; and one class of equity security holders. Stearns Bank, N.A., First Citizens, and Velocity (all of which are secured by blanket liens on the Debtor's assets in the respective order of priority as listed) shall be paid the full amount of their secured claim under section 506(a) of the Code over a period of approximately 60 months and shall retain their existing liens. Unsecured creditors holding allowed claims will receive, in the aggregate, the Debtor's projected disposable income for five years net of administrative expenses, which the Debtor estimates will provide an approximately forty percent distribution to general unsecured creditors through this Plan. Class 2 consists of General Unsecured Claims. Beginning on the first Quarterly Payment Date following the Administrative Expense Claim Satisfaction Date, the Debtor shall pay the Debtor's PDI in quarterly installments pro rata to holders of allowed unsecured claims. Class 2 is impaired under this Plan, and the holders of unsecured claims shall be permitted to vote on this Plan. Class 3 consists of Equity Interests. All equity interests in the Debtor held on the Petition Date shall be retained by such holders in the Reorganized Debtor unimpaired or unaffected by this Case. Class 3 is unimpaired by this Plan, and the holders of equity interests are conclusively presumed to accept this Plan. The Debtor will continue to operate its roofing business and make required payments from operations. In recognition of the cyclic nature of the Debtor's sales and revenue, Link shall honor Link's Salary Concession, effectively freeing up approximately $3,500 in value to help the Debtor make payments to secured and unsecured creditors during the first quarter of each calendar year during the Plan. In addition, Storm Guard Corporate will extend a line of credit to the Debtor in the maximum amount of $200,000.00 (inclusive of amounts advanced under the DIP Loan), solely for the purpose of funding purchases of materials or labor necessary to complete roofing jobs, to be repaid by the Debtor interest free as net cash becomes available from ordinary operations as determined in the Debtor's reasonable discretion, but no later than by the end of the Plan term. In addition, Storm Guard Corporate shall purchase the Debtor's pre-petition backlog of jobs outstanding as of the Petition Date and remaining incomplete as of the time of filing of this Plan, which, in the aggregate, will cause a loss for the Debtor and generate no net profit. A full-text copy of the Plan of Reorganization dated February 18, 2025 is available at https://urlcurt.com/u?l=JeV2It from PacerMonitor.com at no charge. Counsel to the Debtor: Michael L. Martinez, Esq. Grier Wright Martinez, PA 521 E. Morehead St., Ste. 440 Charlotte, NC 28202 Tel: (704) 375-3720 Fax: (704) 332-0215 Email: mmartinez@grierlaw.com About Stronghold Construction Inc. Stronghold Construction, Inc. is a professional roofing and restoration services provider in Johnson City, Tenn. Stronghold filed a Chapter 11 petition (Bankr. W.D. .C. Case No. 24-10199) on Nov. 21, 2024, with $1,891,844 in assets and $2,241,228 in liabilities. Lincoln Koontz, president of Stronghold, signed the petition. Judge Ashley Austin Edwards oversees the case. The Debtor is represented by Michael L. Martinez, Esq. at Grier Wright Martinez, PA. SWC INDUSTRIES: Hires Foley & Lardner LLP as Special Counsel ------------------------------------------------------------ SWC Industries, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of California to employ Foley & Lardner LLP as special counsel. The firm's services include: a. completing the Final Remedial Design Report and ancillary documents required by the Wisconsin Department of Natural Resources for the remediation of the Oak Creek Property; b. negotiating a final cost sharing and access agreement with Beazer East, Inc. for mobilization and remediation of the Oak Creek Property; c. negotiating and finalizing a Cooperation and Contribution Agreement with the City of Oak Creek; d. negotiating a permanent access easement and ancillary agreements with Beazer East, Inc. and the City of Oak Creek for maintaining continuing obligations following the remediation and redevelopment of the Oak Creek Property; e. negotiating one or more options for the sale or contribution of the Oak Creek Property to the City of Oak Creek and/or to a private developer; f. assisting with contractor bidding for remediation of the Oak Creek Property; and g. negotiating construction contracts with remediation contractors and construction insurance coverage. The firm will be paid at these hourly rates: Bruce A. Keyes $1,050 Attorneys $500 to $1,100 Paraprofessionals $155 to $580 Foley received Retainer payments of $663,000. The following is provided in response to the request for additional information set forth in Section D.1 of the UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Foley will bill its standard and customary rates for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: As set forth in the Motion, Applicant has provided services to the Debtors since at least 2009. This work has historically been billed at the firm's standard rates. In 2023, firm agreed to a discounted rate in connection with work specifically leading to submission of a Remedial Design Report with the Wisconsin Department of Natural Resources ("WDNR") for the remediation of the real property located at 9100 S 5th Avenue, Oak Creek, Wisconsin 58154 in the Oak Creek Matter, as described in the Motion. The Remedial Design Report was submitted on September 30, 2024. Because the agreed discounted was specific to work through that milestone, the firm's rates in connection with this employment revert to its standard and customary rates, effective with the rate change. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Yes. The firm has discussed with the Debtor the anticipated work in connection with the Oak Creek Matter based on a detailed schedule of deliverables that extends through the first quarter of 2027. The firm has discussed with the Debtor the anticipated budget for the anticipated work in connection with the Oak Creek Matter specifically for the period through the end of June 2025 (six-month budget) and more generally through the anticipated sale of the Property in 2027. The six-month budget projections were made on Jan 8, 2025, and presented during discussions with the client between January 8 and Jan 15, 2025. Bruce Keyes, Esq., an of counsel of Foley & Lardner, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bruce A. Keyes, Esq. Foley and Lardner LLP 777 East Wisconsin Avenue Milwaukee, WI 53202 Tel: (414) 297-4900 Fax: (414) 271-2400 Email: bkeyes@foley.com About SWC Industries LLC With principal operations in California and Massachusetts, SWC Industries LLC manufactures a range of innovative sealing and logistics equipment -- and offers related services -- that create efficiencies and reduce costs across multiple industries. In addition, the Company's San Diego-based business designs and develops a full suite of software designed to improve warehouse operations. SWC Industries LLC and 12 affiliates sought Chapter 11 protection (Bankr. N.D. Cal. Lead Case No. 24-51721) on Nov. 13, 2024. SWC listed assets and debt of $50 million to $100 million as of the bankruptcy filing. The Debtors tapped Allen Overy Shearman Sterling US LLP as lead restructuring counsel; Binder Malter Harris & Rome-Banks LLP as restructuring co-counsel and local counsel; Getzler Henrich & Associates LLC as financial advisor; and Gordian Group, LLC, as investment banker. Stretto, Inc., is the claims agent. SWC INDUSTRIES: March 20, 2025 Claims Filing Deadline Set --------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California set March 20, 2025, at 5:00 p.m. (prevailing Pacific Time), as the last date and time for person or entities to file proofs of claim against SWC Industries LLC and its debtor-affiliates. The Court also set May 12, 2025, at 5:00 p.m. (prevailing Pacific Time), as the deadline for governmental units to file their claims against the Debtors. Proofs of claim may be filed electronically (no paper claim required) through the portal of Stretto Inc., Debtors' claims agent, at https://cases.stretto.com/SWCIndustries. A proof of claim is a signed statement describing a creditor’s claim. A proof of claim form may be obtained at https://www.uscourts.gov, any bankruptcy clerk's office, or on the claims agent's website at https://cases.stretto.com/SWCIndustries. Proofs of claim must be actually received by the Debtors' claims agent, Stretto, on or before the applicable Bar Date, either at the following address: SWC Industries LLC, et al. Claims Processing c/o Stretto 410 Exchange, Suite 100 Irvine, CA 92602 About SWC Industries LLC With principal operations in California and Massachusetts, SWC Industries LLC manufactures a range of innovative sealing and logistics equipment -- and offers related services -- that create efficiencies and reduce costs across multiple industries. In addition, the Company's San Diego-based business designs and develops a full suite of software designed to improve warehouse operations. SWC Industries LLC and 12 affiliates sought Chapter 11 protection (Bankr. N.D. Cal. Lead Case No. 24-51721) on Nov. 13, 2024. SWC listed assets and debt of $50 million to $100 million as of the bankruptcy filing. The Debtors tapped Allen Overy Shearman Sterling US LLP as lead restructuring counsel; Binder Malter Harris & Rome-Banks LLP as restructuring co-counsel and local counsel; Getzler Henrich & Associates LLC as financial advisor; and Gordian Group, LLC, as investment banker. Stretto, Inc., is the claims agent. TEKNATOOL USA: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Teknatool USA, Inc. 7229A Bryan Dairy Road Seminole, FL 33777 Business Description: Teknatool USA, Inc. offers a wide array of woodturning tools and accessories, including lathes and chucks, catering to both hobbyists and professionals in the woodworking community. Chapter 11 Petition Date: February 28, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-01248 Judge: Hon. Catherine Peek McEwen Debtor's Counsel: Joel Aresty, Esq. JOEL M. ARESTY PA 309 1st Ave. S. Tierra Verde, FL 33715 Tel: (305) 904-1903 E-mail: aresty@icloud.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas Walker as CFO. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LZZ5DNQ/Teknatool_USA_Inc__flmbke-25-01248__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L5SKAII/Teknatool_USA_Inc__flmbke-25-01248__0001.0.pdf?mcid=tGE4TAMA TERRAFORM LABS: Jailed Ex-CEO Appeals to FTX Judge in Token Fight ----------------------------------------------------------------- James Nani of Bloomberg Law reports that the former CEO of Terraform Labs PTE Ltd. asked the judge overseeing FTX Trading Ltd.'s bankruptcy to help him force a public blockchain-based software system to hand over about $215 million worth of cryptocurrency so he can hand it over to creditors. Cryptocurrency exchange FTX's bankruptcy stay should be enforced against the Pyth Data Association, jailed Terraform co-founder Do Kwon said in a Thursday, February 27, 2025, court filing to the US Bankruptcy Court for the District of Delaware. About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money -- operates a price-stable cryptocurrency. The Company seeks to power the next-generation payment network and grow the real GDP of the blockchain economy. Terraform labs provides financial infrastructure for the next generation of decentralized application. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on January 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Zachary I Shapiro, Esq., at Richards, Layton & Finger, P.A. THERATECHNOLOGIES INC: Reports Reduced Net Loss of $8.31M for 2024 ------------------------------------------------------------------ Theratechnologies Inc. filed its annual report on Form 20-F with the Securities and Exchange Commission, reporting a net loss of $8.31 million on revenue of $85.87 million for the year ending Nov. 30, 2024. This marks a notable improvement compared to the previous year, when the Company incurred a net loss of $23.96 million on $81.76 million in revenue. As of Nov. 30, 2024, the Company had $53.34 million in total assets, $78.61 million in total liabilities, and a total deficit of $25.27 million. As at Nov. 30, 2024, cash amounted to $5,899,000 and bonds and money market funds amounted to $3,937,000 and the accumulated deficit is $416,887,000. Montreal, Canada-based KPMG LLP, the Company's auditor since 1993, issued a "going concern" qualification in its report dated Feb. 25, 2025. The report cited that the Company has incurred net losses and has an accumulated deficit and its debt agreements require debt covenants to be tested on a quarterly basis. The full resumption of distribution of EGRIFTA SV is dependent on FDA approval, which approval is outside of the control of the Company. There is material uncertainty related to events or conditions that cast substantial doubt about its ability to continue as a going concern. "The Company's ability to continue as a going concern requires the Company to continue to achieve positive cash flows through revenues generation and managing expenses, and meet the covenants of the TD Credit Agreement and the IQ Credit Agreement at all times, which require testing on a quarterly basis," the Company mentioned in the report. The full text of the Form 20-F is available at no cost at: https://www.sec.gov/Archives/edgar/data/1512717/000119312525035910/d857007d20f.htm About Theratechnologies Theratechnologies (TSX: TH) (NASDAQ: THTX) -- http://www.theratech.com/-- is a specialty biopharmaceutical company focused on the commercialization of innovative therapies that have the potential to redefine standards of care. The Company currently commercializes two approved products for people living with HIV, namely: EGRIFTA SV and Trogarzo in the United States. TOG HOTELS: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------ TOG Hotels Downtown, LLC asked the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, for authority to use cash collateral. The Debtor has an immediate need to use the cash collateral of Wells Fargo Bank, National Association as Trustee for the benefit of the registered holders of Wells Fargo Commercial Mortgage Pass-Through Certificate Holders, Series 2017-C39, the Debtor's secured creditor claiming liens on the Debtor's real and personal property, including cash and accounts. The Debtor's business involves the ownership and operation of a hotel in downtown Dallas, Texas under the Crowne Plaza brand. The Debtor can adequately protect the interests of the secured lender by providing it with post-petition liens, a priority claim in the Chapter 11 bankruptcy case, and ultimately cash flow payments. The Debtor asserts that this is an emergency matter since it has no outside sources of funding available to it and must rely on the use of cash collateral to continue its operations. A court hearing is scheduled for March 11. About TOG Hotels Downtown TOG Hotels Downtown, LLC operates the Crowne Plaza Dallas Downtown hotel, located at 1015 Elm Street in Dallas, Texas. TOG Hotels Downtown filed Chapter 11 petition (Bankr. N.D. Texas Case No. 25-30600) on February 20, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Scott W. Everett handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. TOUCH OF TEXAS: Unsecureds to Get 5 Cents on Dollar in Plan ----------------------------------------------------------- Touch of Texas, LLC filed with the U.S. Bankruptcy Court for the Northern District of New York a Plan of Reorganization for Small Business dated February 18, 2025. The Debtor is an LLC. Since 2016 the Debtor has been in the business of operating an entertainment venue. The Debtor's business began to suffer during the Covid pandemic in 2020. Debtor found it difficult to stay current on its ongoing payments for rent, electric service and its SBA loan. Debtor's electric service was disconnected for non-payment which drove Debtor to file this Reorganization case. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $1870.00. The final Plan payment is expected to be paid on May 1, 2030. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 5 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. Unsecured creditors will receive a total of $40,062.01 which will be distributed pro rata to all allowed unsecured claims. Debtor will pay a total of $667.70 per month to be distributed to unsecured creditors pro rata. It is anticipated that this will yield approximately 05 cents on the dollar of all unsecured allowed claims. This Class is impaired. Class 4 consists of Equity security holders of the Debtor. Equity interest holders shall receive 100% of the shareholder interests in the reorganized Debtor. This Class is unimpaired. The Plan will be implemented by the Debtor remitting payment to creditors from the Debtor's cash flow derived from income. Upon Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures, and equipment, will revert free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Plan of Reorganization dated February 18, 2025 is available at https://urlcurt.com/u?l=mcuXPB from PacerMonitor.com at no charge. About Touch of Texas Touch of Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-60930) on November 19, 2024, listing up to $50,000 in assets and up to $1 million in liabilities. Judge Patrick G. Radel oversees the case. The Debtor is represented by: Peter Alan Orville Orville & Mcdonald Law, PC Tel: 607-770-1007 Email: peteropc@gmail.com TRANSMEDCARE LLC: Seeks Chapter 11 Bankruptcy in Florida -------------------------------------------------------- On February 28, 2025, TransMedCare LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About TransMedCare LLC TransMedCare LLC specializes in long-distance non-emergency medical transportation services. The Company offers state-to-state and coast-to-coast transport, primarily for distances over 300 miles. Their services cater to individuals with medical needs, including the elderly, disabled, and post-surgical patients, ensuring safe and comfortable transfers between hospitals, nursing homes, assisted living facilities, hospice care facilities, or home to be with family. TransMedCare LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01162) on February 28, 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 Tiffany P. Geyer handles the case. The Debtor is represented by: Justin M. Luna, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue, Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: jluna@lathamluna.com TRINITY PLACE: Steel Partners and Affiliates Hold 40% Stake ----------------------------------------------------------- Steel Partners Holdings L.P., SPH Group LLC, SPH Group Holdings LLC, Steel Partners Holdings GP Inc., Steel Excel Inc., and Steel IP Investments, LLC disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of February 18, 2025, they beneficially owned 26,162,245 shares of Trinity Place Holdings Inc.'s common stock, representing 40% of the outstanding shares. Steel Partners Holdings L.P. may be reached through: Warren G. Lichtenstein Steel Partners Holdings L.P. 590 Madison Avenue, 32nd Floor New York, NY, 10022 Tel: 212-520-2300 A full-text copy of Steel Partners' SEC Report is available at: https://tinyurl.com/rj6uwdwk About Trinity Place Trinity Place Holdings Inc. is a real estate holding, investment, development, and asset management company. On Feb. 14, 2024, the Company's real estate assets and related liabilities were contributed to TPH Greenwich Holdings LLC, which is owned 95% by the Company, with an affiliate of the lender under the Company's corporate credit facility owning a 5% interest in, and acting as manager of, such entity. These real estate assets include: (i) the property located at 77 Greenwich Street in Lower Manhattan, which is substantially complete as a mixed-use project consisting of a 90-unit residential condominium tower, retail space, and a New York City elementary school; (ii) a 105-unit, 12-story multi-family property located at 237 11th Street in Brooklyn, New York; and (iii) a property occupied by retail tenants in Paramus, New Jersey. As of September 30, 2024, Trinity Place Holdings had $3 million in total assets, $1.5 million in total liabilities, and $1.5 million in total stockholders' equity. Going Concern The Company cautioned in its Quarterly Report for the period ended September 30, 2024, that there is substantial doubt about its ability to continue as a going concern. The Company said, "We have a limited amount of unrestricted cash and liquidity available for working capital and our cash needs are variable under different circumstances. If the Asset Management Agreement does not remain in place and the related fees are not increased significantly, the Company's cash and cash equivalents will not be sufficient to fund the Company's operations and corporate expenses beyond the next few months, unless we are able to raise additional capital or enter into a strategic transaction, creating substantial doubt about our ability to continue as a going concern. There is no assurance that we will be successful in consummating any such strategic transaction or obtaining capital sufficient to meet our operating needs, in each case, on terms or a timeframe acceptable to us or at all. Even if a strategic transaction and/or other transaction is entered into, the benefits to shareholders, if any, of such transactions are uncertain. Further, in the event that we are unable to identify or consummate such transactions, we would be required to evaluate additional alternatives in restructuring our business and our capital structure, including but not limited to, filing for bankruptcy protection, liquidating, dissolving and/or seeking another out-of-court restructuring of our liabilities or liquidation." TROPICANA BRANDS: Explores Chapter 11 Bankruptcy Filing ------------------------------------------------------- Bernadette Giacomazzo of RetailWire reports that Tropicana, a prominent player in the orange juice industry, is reportedly exploring a Chapter 11 bankruptcy filing. According to WFTV, its parent company, Tropicana Brands Group, has been facing ongoing financial struggles, with profits and sales steadily declining. Rising costs, intensified competition, and shifting consumer preferences have all contributed to the downturn. Additionally, U.S. citrus production has significantly decreased, diminishing the country's standing in the global market. The American Farm Bureau Federation notes that while the U.S. accounted for half of the world's orange production in 1970, its share fell to just 5% by 2024, with Brazil, China, and the European Union taking over much of the market. Tropicana executives have not commented on the bankruptcy speculation but have attributed some of the company's difficulties to recent hurricanes in Florida that severely impacted orange crops. CNN reports that Tropicana Brands Group's income declined 10% last quarter, with revenue falling by 4%, according to data from Debtwire. "Tropicana's financial struggles have raised concerns about how the company will manage its balance sheet. Tropicana faces an uphill battle," said Tim Hynes, head of credit research at Debtwire. About Tropicana Brands Group Tropicana Brands Group produces fruit juices, smoothies and other beverages based in Chicago, Illinois. TWENTY EIGHT: Seeks to Hire Victor W. Dahar PA as Legal Counsel --------------------------------------------------------------- Twenty Eight Hundred Lafayette, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ Victor W. Dahar, P.A. as counsel. The firm will render these services: (a) assist with preparation and review of bankruptcy schedules, statements of financial affairs and other documents required for filing the Debtor's case pursuant to the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and this court's local bankruptcy rules; (b) represent the Debtor at the meeting of creditors and at various other hearings in this case; (c) negotiate with the Debtor's secured creditors regarding the use of cash collateral; (d) negotiate with the Debtor's counterparties regarding the assumption or rejection of executory contracts and leases; (e) negotiate with the Debtor's creditors and other parties in interest regarding a plan of reorganization and disclosure statement; (f) negotiate with possible buyers of all or substantially all of the Debtor's real property; (g) prepare objections to motions for relief and post-petition/take-out financing issues; (h) prepare objections to motions and pending issues as they arise; (i) represent for turnover, preference actions, and other avoidance and/or subordination actions; (j) advise the Debtor regarding issues arising in this Chapter 11 proceeding; (k) review and analyze claims against the Debtor and the proper treatment of such claims; (l) negotiate with the creditor's committee, if any, and creditors, as necessary; and (m) perform all other necessary and proper legal services in connection with the Debtor's Chapter 11 case. The firm will charge $300 per hour for its legal services. The firm also received a retainer in the amount of $12,000 including the filing fee from the Debtor. Eleanor Wm. Dahar, Esq. an attorney at Victor W. Dahar, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eleanor Wm. Dahar, Esq. Victor W. Dahar, PA 20 Merrimack Street Manchester, NH 03101 Telephone: (603) 622-6595 Facsimile: (603) 647-8054 Email: vdaharpa@att.net About Twenty Eight Hundred Lafayette Established in 1992, Twenty Eight Hundred Lafayette, Inc. is a seafood restaurant with locations in Epping, Portsmouth, Salem, and North Hampton (seasonal) in New Hampshire. It conducts business under the names The Beach Plum 2 Portsmouth and The Beach Plum 3 Epping. Twenty Eight Hundred Lafayette filed Chapter 11 petition (Bankr. D.N.H. Case No. 25-10046) on January 27, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $1 million and $10 million. Judge Kimberly Bacher handles the case. The Debtor is represented by Eleanor Wm. Dahar, Esq. at Victor W. Dahar Professional Association. U-TELCO UTILITIES: Seeks Subchapter V Bankruptcy in New York ------------------------------------------------------------ On February 25, 2025, U-Telco Utilities Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of New York. According to court filing, the Debtor reports $1,184,527 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About U-Telco Utilities Inc. U-Telco Utilities Inc. specializes in the rental of commercial and industrial machinery and equipment, including heavy construction machinery such as dozers, excavators, and compact track loaders. The Company provides a diverse range of equipment for construction and mining operations, offering machinery for rent to support grading, excavation, and material screening projects. U-Telco Utilities Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30126) on February 25, 2025. In its petition, the Debtor reports total assets of $544,250 and total liabilities of $1,184,527. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by: Peter A. Orville, Esq. ORVILLE & MCDONALD LAW, P.C. 30 Riverside Drive Binghamton, NY 13905 Tel: 607-770-1007 Fax: 607-770-1110 UNIVERSAL SECURITY: Liquidity Issues Raise Going Concern Doubt -------------------------------------------------------------- Universal Security Instruments, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended December 31, 2024, that there is substantial doubt about its ability to continue as a going concern. Universal Security stated that during the nine-month period ending December 31, 2024, it recorded a net loss of $801,867 and used cash of $736,999 in operating activities. Approximately $435,000 of the loss from operations is related to costs incurred in furtherance of the proposed sale of the operating assets of the Company in accordance with the Asset Purchase Agreement. These expenditures used significant cash and have negatively impacted the Company's availability of cash advances under its factoring agreement. The Company has previously disclosed that it has limited financial resources and access to capital. Financing is limited to amounts available under the factoring agreement. The uncertainty associated with the recurring operating losses, and limited financial resources and access to capital, raise substantial doubt about its ability to continue as a going concern for at least one-year after February 14, 2024 -- the date the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q are issued. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5n7s2zxc About Universal Security Instruments Owings Mills, Md.-based Universal Security Instruments, Inc. -- https://www.universalsecurity.com/ -- is a manufacturer and distributor of safety and security devices. Founded in 1969, the Company has an over 56-year heritage of developing innovative and easy-to-install products, including smoke, fire and carbon monoxide alarms. As of December 31, 2024, the Company has $9,588,387 in total assets, $5,427,227 in total current liabilities, and total stockholders' equity of $4,161,160. US ECO PRODUCTS: Hires David R. Pinciaro CPA as Accountant ---------------------------------------------------------- US Eco Products Corporation seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ David R. Pinciaro, CPA, PC, Inc. as accountant. The firm will assist the Debtor with the preparation and filing of Federal and State tax returns. Pinciaro will provide services at a rate of $175 per hour. As disclosed in the court filings, David R. Pinciaro, CPA, PC, Inc. is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: David R Pinciaro, CPA David R Pinciaro, CPA, PC Inc. 8 Central St Ste 2 Topsfield, MA, 01983-1837 About US Eco Products Corporation US Eco Products Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 24-41263) on Dec. 9, 2024. In the petition signed by Doreen Blades, president, the Debtor disclosed $320,830 in total assets and $1,249,695 in total liabilities. Judge Elizabeth D. Katz oversees the case. Michael B. Feinman, Esq., at the Feinman Law Offices represents the Debtor as counsel. VERA RESTAURANT: Hires Peter Spindel Esq. P.A. as Legal Counsel --------------------------------------------------------------- Vera Restaurant Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Peter Spindel, Esq., P.A. as attorney. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements; (c) prepare legal documents; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these rates: Attorneys $450 per hour Paralegals $100 per hour The firm will be paid a retainer of $2,500. As disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter Spindel, Esq. PETER SPINDEL, ESQ., PA 5775 Blue Lagoon Dr., Ste. 300 Miami, FL 33126 Tel: (786) 355-4631 Fax: (305) 448-7788 Email: peterspindel@gmail.com About Vera Restaurant Inc. Vera Restaurant Inc. was founded by restaurateurs with diverse backgrounds but a common joy for delivering elevated experiences through food, drinks, and music. Vera Restaurant Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10623) on January 22, 2025. In its petition, the Debtor reports estimated assets between $50,000 and 100,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. VERDE RESOURCES: Board Appoints Duka Donaghy as Finance Director ---------------------------------------------------------------- Verde Resources, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Steven Sorhus tendered his resignation as Financial Controller and member of the Management Committee of the Company effective February 16, 2025. There have been no disagreements between the Company and Mr. Sorhus, to the knowledge of any executive officer, regarding the Company's operations, policies, or practices. On the same date, the Board of Directors has appointed Duka Donaghy as Director of Finance, replacing Steven Sorhus in his former role as Financial Controller and as a member of the Management Committee. About Verde Resources Headquartered in St. Louis, MO, Verde Resources, Inc. specializes in Net Zero road construction and building materials, driving innovations that enhance sustainability and advance environmental stewardship. Since 2021, the Company's BioFraction facility in Borneo has been converting palm waste into biochar and other sustainable byproducts. Kuala Lumpur, Malaysia-based J&S Associate PLT, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Oct. 16, 2024, citing that the company has incurred recurring losses and accumulated a deficit of $13,480,204 as of June 30, 2024. These matters raise substantial doubt about the Company's ability to continue as a going concern. The Company recorded a net loss of $3,187,774 and $3,998,960 for the years ended June 30, 2024, and 2023, respectively. As of Dec. 31, 2024, Verde Resources had $39.75 million in total assets, $1.79 million in total liabilities, and $37.96 million in total stockholders' equity. VETERANS HOLDINGS: Seeks to Hire Steffes Firm as Special Counsel ---------------------------------------------------------------- Veterans Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ The Steffes Firm, LLC as special counsel. The firm will represent the Debtor for the limited purpose of investigating claims by or against related entities of the Debtor. The Steffes Firm will charge $500 per hour for its services, and will be reimbursed for all out of pocket expenses. The Steffes Firm represents no adverse interest to the Debtor, according to court filings. The firm can be reached through: William E. Steffes, Esq. THE STEFFES FIRM, LLC 13702 Coursey Blvd., Building 3 Baton Rouge, LA 70817 Tel: (225) 751-1751 Email: bsteffes@steffeslaw.com About Veterans Holdings, LLC Veterans Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-12453) on December 17, 2024, with $1 million to $10 million in both assets and liabilities. Cullan Maumus, manager of Veterans Holdings, signed the petition. Judge Meredith S. Grabill represents the Debtor as legal counsel. Patrick Garrity, Esq., at the Derbes Law Firm, LLC, represents the Debtor as bankruptcy counsel. VIATRIS INC: S&P Downgrades ICR To 'BB+', Outlook Stable -------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating and issue-level ratings to 'BB+' from 'BBB-' on Viatris Inc. S&P lowered the commercial paper rating to 'B' from 'A-3'. S&P said, "We assigned a recovery rating of '3' to the company's senior unsecured notes, which indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. "The stable outlook reflects our expectation for leverage to generally remain 3.5x-4.0x over the next year and for the company to return to sustained revenue growth in 2026, helped by the maturing pipeline of patent-protected products." Viatris' sales and EBITDA margins were weaker than expected. S&P said, "Remediation costs associated with the company's Indore, India manufacturing site, which had received an FDA warning letter in June 2024, weighed on earnings, resulting in S&P Global Ratings-adjusted EBITDA margins of roughly 24% for 2024, versus our original expectations of 28%. The FDA action also resulted in an import restriction on 11 products until issues at the site are resolved. This includes key product lenalidomide, which we expect will see steep profitability declines in 2026 once volume-limiting agreements with the originator expire. The company lowered its 2025 sales guidance by $500 million and EBITDA estimates by $385 million for 2025. Viatris hopes to have the plant fully back online in late-2025. As a result, we expect leverage to remain in the 4x area for 2025 but decline below 4x in 2026. "We expect Viatris' S&P Global Ratings-adjusted leverage will remain above 3.5x over the intermediate term. The company's S&P Global-adjusted leverage was roughly 4.1x as of the end of 2024 and has been above our 3.5x downside trigger for the past several years, despite management's commitment to deleveraging toward its stated target of 2.8x-3.2x (equating roughly to our adjusted leverage of 3.5x). Despite seven quarters of consecutive organic revenue growth, its S&P Global Ratings-adjusted leverage has remained stubbornly high." Amid multiple divestitures, foreign exchange headwinds, and operational challenges, including the ongoing Indore FDA warning letter, the company has juggled debt repayment with competing priorities including accelerating growth via business development and increasing shareholder returns. S&P believes that management has made progress toward improving its product portfolio and has added a number of future growth drivers to its pipeline via moderate-sized acquisitions. The company also continued to generate strong annual free cash flow of over $2 billion, which, after dividends of roughly $600 million, gives Viatris significant flexibility to bolster its pipeline and further pay down debt. S&P said, "We continue to view Viatris' competitive position as solid, characterized by its good scale and market share; robust diversification across its businesses, products, geographies, payors, and manufacturing sites; and strong profit margins. Despite recent challenges, we believe Viatris remains one of the leading competitors in the global generic drug industry, along with similarly sized competitors Sandoz and Teva. We believe its market position (about 10% market share) and large portfolio of products afford it a modest competitive advantage and slightly better negotiating power with customers than its much smaller rivals, because of its general preference, in our view, for fewer, larger and--most importantly--more reliable suppliers. "Viatris also has good diversification across products, therapeutic areas, geographies, customers, payors, and manufacturing sites. We view Viatris' profitability (EBITDA margins) of 25%-27% as a distinct strength and indicative of the company's competitive advantage. The company, under Scott Smith, CEO since April 2023, has increasingly focused on building its branded drug franchise, which could provide higher margins and improved growth prospects. The branded pipeline continues to mature, though we see some execution risk with this strategy, given the company's relative limited experience with developing and marketing branded products. "The stable outlook reflects our expectation for leverage to generally remain 3.5x-4.0x and for the company to return to sustained revenue growth in 2026, helped by the maturing pipeline of patent protected products. "We would lower our ratings if Viatris' S&P Global Ratings-adjusted leverage exceeds 4.0x for an extended period. This could occur if the company experiences further operational setbacks that erode revenues and profitability. Leverage could also exceed 4.0x long term if management adopts a more aggressive financial policy involving higher levels of acquisitions or share repurchases. "We could raise the rating back to investment grade if the company reduces leverage below 3.5x on a sustained basis and consistently generates modest growth and solid profitability." VOSSEKUIL PROPERTIES: Hires Miller & Miller Law as Legal Counsel ---------------------------------------------------------------- Vossekuil Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to hire Miller & Miller Law, LLC as counsel. The firm will render these services: a. consulting with the Debtor's professionals or representatives concerning the administration of the Case; b. preparing and reviewing pleadings, motions, and correspondence; c. preparing bankruptcy schedules and statements; d. appearing at and being involved in proceedings before this Court; e. providing legal counsel to the Debtor in their investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor, the operation of the Debtor's business and any other matters relevant to the Case; f. advising the Debtor of its rights, powers and duties as debtor and debtor-in-possession; g. advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, debt restructurings, cash collateral arrangements, debtor in possession financing, and related transactions. h. analyzing the Debtor's proposed use of cash collateral and debtor-in-possession financing; i. reviewing the nature and validity of liens asserted against the property(s) of the Debtor and advising the Debtor concerning the enforceability of such liens; j. advising and assisting the Debtor concerning the actions that it might take to collect and recover property for the benefit of the Debtor's estate; k. 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 Case; l. advising the Debtor concerning, and preparing responses to, applications, motions, pleadings, notices, and other papers that may be filed and served in this Case; m. counseling the Debtor in connection with any sales outside the ordinary course of the Debtor's business under Section 363 of the Bankruptcy Code; n. preparing any and all financial statements, balance sheets, and related documents; o. assisting in preparation of the disclosure statement and plan of reorganization and attendant negotiations and hearings; p. attending meetings and negotiate with representatives of creditors and other parties in interest; and q. performing all other legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of this Case and the reorganization of the Debtor's business, including advising and assisting the Debtor with respect to debt restructurings, stock or asset dispositions, claim analysis and disputes, and legal issues involving general corporate, bankruptcy, labor, employee benefits, tax, finance, real estate and litigation matters. The hourly rates of the firm's counsel and staff are as follows: James Miller $450 Michelle A. Angell $375 Other Associate Attorneys $250 - $300 Paralegals $100 - $200 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. On Feb. 20, 2025, the firm received an initial retainer of $10,000 from the Debtor. Michelle Angell, Esq., an associate attorney at Miller & Miller, 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: Michelle A. Angell, Esq. Miller & Miller Law, LLC 633 W. Wisconsin Ave., Ste. 500 Milwaukee, WI 53203 Telephone: (414) 277-7742 Facsimile: (414) 277-1303 Email: michelle@millermillerlaw.com About Vossekuil Properties LLC Vossekuil Properties LLC is a limited liability company. Vossekuil Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-20671) on February 10, 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 Michelle A Angell, Esq., at MILLER & MILLER LAW, LLC. WATCHTOWER FIREARMS: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Watchtower Firearms, LLC 5 Windsor Ridge Frisco TX 75034 Business Description: Watchtower Firearms is a veteran-owned company offering a diverse range of firearms, including custom rifles, special edition rifles, and handguns. The Company serves military, law enforcement, hunting, and personal use markets. In addition to firearms, it provides suppressors, components, and specialized gear tailored to meet the needs of its customers. Chapter 11 Petition Date: February 27, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-40684 Debtor's Counsel: Joseph Acosta, Esq. CONDON TOBIN 8080 Park Lane Suite 700 Dallas TX 75231 Tel: 214-763-3440 Email: jacosta@condontobin.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Jason Colosky as CEO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YVWMNPQ/Watchtower_Firearms_LLC__txnbke-25-40684__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Dasan USA/Alpha Foxtrot Suppliers or $686,592 2400 Main Street NW Vendors Duluth, GA 30097 Tel: 678-591-6495 Email: jack.you@dasan-usa.com 2. Department of Treasury Excise Taxes $409,902 Alcohol and Tobacco Tax & Trade Bureau 550 Main Street, Suite 8002 Cincinnati, OH, 45202-5215 3. 2020 Exhibits, Inc. Services $359,781 10550 S. Sam Houston Pkwy W. Houston, TX, 77071 Tel: 713-346-0041 Email: denise.reyes@2020exhibits.com 4. ThinOps Services Services $242,611 9450 Pinecroft Ave. Suite 9545 The Woodlands, TX, 77387 Tel: 281-702-1026 Email: tom.moreno@thinops.com 5. MJD Solutions Suppliers or $198,400 502 Big Indian Loop Vendors Mooresville, NC, 28117 Tel: (760) 458-5894 Email: matthew@mjd.solutions 6. Royal Case Company Suppliers or $100,143 419 E. Lamar Street Vendors Sherman, TX, 75090 Tel: (903) 868-0288 Email: tthompson@royalcase.com 7. Check-Mate Manufacturing Suppliers or $96,984 370 Wyandanch Ave Vendors West Babylon, NY, 11704 Tel: (631) 491-1777 Email: brandon@checkmateindustries.com 8. United Protective Technologies Services $73,042 PO Box 1149 Locust, NC, 28097 Tel: (336) 247-5159 Email: dmoulton@upt-usa.com 9. Faxon Firearms Suppliers or $71,234 4348 Le Saint Court Vendors Fairfield, OH, 45014 Tel: (513) 646-0661 Email: Dustin.Wallace@faxonfirearms.com 10. Angry Bear Arms Suppliers or $68,042 P.O. Box 1182 Vendors Salem, MO, 65560 Caleb Shepard Tel: (417) 340-4327 Email: angrybeararms@gmail.com 11. Pierson Ferdinand LLP Services $60,928 14800 Frye Road, 2nd Floor Fort Worth, TX, 76155 12. FisherBroyles, LLP Services $59,930 P.O. Box 735232 Dallas, TX, 75373 13. Cutting Tools Suppliers or $56,103 5050 Ashley Ct. Vendors Houston, TX, 77041 Tel: (713) 466-0088 Email: info@cuttingtools.com 14. Safety Kleen Systems Inc. Services $54,522 PO BOX 975201 Dallas, TX, 75397 Tel: (281) 208-6500 15. Vaportech Services $48,004 PO Box 932614 Atlanta, GA, 31193 16. National Shooting Sports Foundation Services $47,334 PO Box 4110 Dept. 3510 Woburn, MA, 01888 17. Oracle America, Inc. Services $46,352 500 Oracle Parkway Redwood City, CA, 94065 Tel: (800) 762-5524 18. D&I Tool Suppliers or $44,329 16343 Waverly Drive Vendors Houston, TX, 77032 Tel: (281) 773-7030 Email: david@di-tool.com 19. A3D Manufacturing Suppliers or $41,601 15220 S. 50th St. Suite 105 Vendors Phoenix, AZ, 85044 Tel: (480) 454-5037 Email: michael@a3dmfg.com 20. Fusion Firearms Suppliers or $41,231 200 Rich Street Vendors Venice, FL, 34292 Tyler Serva Tel: (607) 221-7369 Email: tsfusion@outlook.com WEST CENTRO: Seeks to Hire Steffes Firm LLC as Special Counsel -------------------------------------------------------------- West Centro LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire The Steffes Firm, LLC as special counsel. The firm will represent the Debtor for the limited purpose of investigating claims by or against related entities of the Debtor. The Steffes Firm will charge $500 per hour for its services, and will be reimbursed for all out of pocket expenses. The Steffes Firm represents no adverse interest to the Debtor, according to court filings. The firm can be reached through: William E. Steffes, Esq. THE STEFFES FIRM, LLC 13702 Coursey Blvd., Building 3 Baton Rouge, LA 70817 Tel: (225) 751-1751 Email: bsteffes@steffeslaw.com About West Centro LLC West Centro LLC is primarily engaged in renting and leasing real estate properties. The Debtor is the owner of the real property located at 2100-2108 Franklin Street Gretna, LA 70053 valued at $2.4 million. West Centro LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-11536) on Aug. 7, 2024. In the petition filed by Cullan Maumus of MagNola Ventures, LLC, as manager, the Debtor reports total assets of $3,362,535 and total liabilities of $3,478,874. The Honorable Bankruptcy Judge Meredith S. Grabill oversees the case. The Debtor is represented by Patrick Garrity, Esq. at THE DERBES LAW FIRM, LLC. WILLIAM H. ZIEGENBALG: Hires Richard P. Cook PLLC as Attorney ------------------------------------------------------------- William H. Ziegenbalg, V. Agency LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Richard P. Cook, PLLC, as attorney. The firm will represent and assist Debtors in carrying out its duties under the provisions of Chapter 11 of the Bankruptcy Code. The firm will be paid at these rates: Richard P. Cook $400 per hour Legal assistant/Paralegal $100 per hour The firm was paid a retainer in the amount of $7,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard P. Cook, Esq., a partner at Richard P. Cook, 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 P. Cook Richard P. Cook, PLLC 7036 Wrightsville Ave, Suite 101 Wilmington, NC 28403 Telephone: (910) 399-3458 Email: Richard@CapeFearDebtRelief.com About William H. Ziegenbalg, V. Agency LLC William H. Ziegenbalg, V. Agency LLC is an insurance agency specializing in the sale and management of Allstate Insurance products under an R3001 Agreement. William H. Ziegenbalg, V. Agency LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00531) on February 13, 2025. In its petition, the Debtor reports total assets of $597,892 and total liabilities of $2,313,083. The Debtor is represented by Richard P. Cook, Esq. at RICHARD P. COOK, PLLC. XYZ HOME: Hires Jones & Walden LLC as Bankruptcy Counsel -------------------------------------------------------- XYZ Home Buyers, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to hire Jones & Walden LLC as counsel. The firm will provide these services: a. preparing pleadings and applications; b. conducting of examination; c. advising the Debtor of its rights, duties and obligations as a debtor-in-possession; d. consulting and representing the Debtor with respect to a Chapter 11 plan; e. performing those legal services incidental and necessary to the day-to-day operations of the Debtor's business, including, but not limited to, institution and prosecution of necessary legal proceedings, and general business legal advice and assistance; and f. taking any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm will be paid at these rates: Attorneys $350 to $500 per hour Paralegals and law clerks $150 to $250 per hour The firm holds a retainer in the amount of $13,499.50. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Cameron M. McCord, Esq., a partner at Jones & Walden 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: Thomas T. McClendon, Esq. JONES & WALDEN LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: tmcclendon@joneswalden.com About XYZ Home Buyers XYZ Home Buyers, LLC manages multiple residential rental properties. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-40081) on February 7, 2025. In the petition signed by James Bell, chief restructuring officer, the Debtor disclosed up to $500,000 in both assets and liabilities. Thomas T. McClendon, Esq., at Jones & Walden LLC, represents the Debtor as legal counsel. YELLOW CANOE: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Yellow Canoe, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. The Debtor operates multiple fast-casual restaurant franchises in North Carolina, including Schlotzsky's and Cinnabon. Its primary source of income is from ongoing operations, and it needs cash collateral for continued business activities. The Debtor's operations generate cash proceeds that may be considered cash collateral for the U.S. Small Business Administration, CT Corporation System, and North Mill Credit Trust, each of whom asserts liens on the Debtor's assets, including inventory and accounts receivable. The secured creditors' liens on the collateral securing their indebtedness extend to the Debtor's post-petition assets to the extent and amount that they are secured as of the petition date, according to the interim order. The interim order will remain in full force and effect until the earlier of (i) March 24; (ii) the termination of the interim order for cause including, but not limited to, breach of the terms and conditions of the interim order; or (iii) upon filing of a notice of default. About Yellow Canoe Yellow Canoe, LLC operates multiple fast-casual restaurant chain franchises. It operates two Schlotzsky's franchise stores and one Cinnabon franchise store. Yellow Canoe's restaurants are located in Apex, N.C. and Fayetteville, N.C. Yellow Canoe filed Chapter 11 petition (Bankr. E.D. N.C. Case No. 25-00618) on February 21, 2025, listing up to $100,000 in assets and up to $10 million in liabilities. Paul Sabattus, managing member of Yellow Canoe, signed the petition. Judge David M. Warren oversees the case. Lydia C. Stoney, Esq., at Hendren, Redwine & Malone, PLLC, represents the Debtor as legal counsel. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. 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