/raid1/www/Hosts/bankrupt/TCR_Public/250319.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Wednesday, March 19, 2025, Vol. 29, No. 77
Headlines
1708 W. SEAGULL: Hires EXP Realty as Real Estate Broker
901 S. LA: Seeks to Hire Totaro & Shanahan LLP as Counsel
A GRANDE PROMOTION: Court Extends Cash Collateral Access to May 31
AEMETIS INC: Expands Net Loss to $87.54 Million in 2024
AINOS INC: Extends Maturity of $1M Convertible Note With Li-Kuo Lee
AIR INDUSTRIES: Secures $1.5M Contracts for Landing Gear Components
AIR PROS: Case Summary & 30 Largest Unsecured Creditors
ALAMO BEER: Hires William B. Kingman P.C. as Counsel
ARTEX TELECOMMUNICATIONS: Gets Final OK to Use Cash Collateral
AVALON GLOBOCARE: Laboratory Services Buys Back Stake for $1.75MM
B.L.H.G. GROUP: Seeks Subchapter V Bankruptcy in Arizona
BAYSHORE SUITES: Seeks to Hire Dal Lago Law as Counsel
BENCH ACCOUNTING: Seeks Chapter 15 Bankruptcy with Sale Plan
BETA DRIVE: Hires Boytan & Associates LLP as Accountant
BLINC GROUP: Seeks Chapter 7 Liquidation in New York
BRIGHTMARK PLASTICS: Case Summary & 30 Top Unsecured Creditors
BRIGHTMARK PLASTICS: Seeks Chapter 11 Bankruptcy in Delaware
CAPSTONE COMPANIES: Adopts New Insider Trading Policy
CAPSTONE COMPANIES: Brian Rosen Joins Audit Committee
CELESTICA INC: S&P Upgrades ICR to 'BB+', Outlook Stable
CINEMA MANAGEMENT: Court Extends Cash Collateral Access to April 8
CLYDESDALE ACQUISITION: S&P Ups ICR to 'B+' on Pactiv Acquisition
CREATIVE REALITIES: $7M Deal Ends Dispute With Reflect Stockholders
CREATIVE REALITIES: Reports $3.51M Loss on $50.85M Sales in 2024
CRICKET AUTOMOTIVE: Gets Extension to Access Cash Collateral
CURIS INC: Fails to Meet Nasdaq's MVLS Requirement
DANG LA CONSTRUCTION: Tom Howley Named Subchapter V Trustee
DOUBLE HELIX: Seeks Chapter 11 Bankruptcy in Missouri
E.W. SCRIPPS: Secures $1.3 Billion Debt Refinancing
ECHOSTAR CORP: Lowers Net Loss to $124.5 Million in FY 2024
ELEGANZA TILES: Court OKs Deal to Use Cash Collateral Until May 3
ENSERVCO CORP: Marc Kramer Resigns From Board of Director
EUREKA REALTY: Samuel Dawidowicz Named Subchapter V Trustee
EXELA TECHNOLOGIES: Bondholders Tap SOLIC for Ch. 11 Restructuring
FEENEY ENTERPRISES: Hires Harry P. Stampler Inc. as Auctioneer
FIRST EMANUEL: Dwayne Murray Named Subchapter V Trustee
FLUENT INC: Must Raise $5M in Capital Under Amended Credit Deal
FOREVER 21: F21 OpCo's Case Summary & 30 Top Unsecured Creditors
FORMULATIONS PARENT: S&P Assigns 'B' ICR, Outlook Stable
FREEDOM MORTGAGE: S&P Affirms 'B' ICR, Outlook Stable
FREEDOM RAVE: Jean Goddard of NGS Named Subchapter V Trustee
FRISCO BAKING: Hires Jeffrey S. Shinbrot APLC as Counsel
FUEL FITNESS: Access to Cash Collateral Extended Until April 21
FUEL HOMESTEAD: Court Extends Cash Collateral Access to April 21
FUEL REYNOLDA: Court Extends Cash Collateral Access to April 21
GLASS MANAGEMENT: Hires William J. Factor as Special Counsel
GLOBALSTAR INC: 2024 Revenue Up 12% to Record $250.3 Million
GMT 3435 REALTY: Gets Final OK to Use Cash Collateral
GOL LINHAS: Judge Sets Chapter 11 Plan Hearing in May
GOTSTUFF INC: Hires Joyce W. Lindauer Attorney, PLLC as Attorney
HALL CONSTRUCTION: Gets OK to Use Cash Collateral Until May 8
HALL OF FAME: Increases CHCL Loan to $5.15 Million
HALL OF FAME: Nasdaq Grants Extension to Hold Annual Meeting
HAMMOCK COMMUNITIES: Court Extends Cash Collateral Access to May 1
HILTS LOGGING: Case Summary & Four Unsecured Creditors
IHEARTMEDIA INC: Posts $1.01 Billion Net Loss in FY 2024
INTEGRATED CARE: Hires Oliver & Cheek PLLC as Counsel
JAGUAR HEALTH: Adopts Limited Duration Stockholder Rights Plan
JM CARTER: Gets Final OK to Use Cash Collateral
JMMG2 LLC: Gerard Luckman Named Subchapter V Trustee
JOANN INC: Auctions 790 Store Leases, 5 Distribution Centers
K&NN TRUCKING: Court OKs Deal to Use CCG's Cash Collateral
KBS REAL ESTATE: Cuts Net Loss to $10.85M in 2024
KIB1 LLC: Case Summary & Six Unsecured Creditors
LE CONTE: Gets Final OK to Use Cash Collateral
LEROUX CREEK: Seeks to Hire SingerLewak LLP as Accountant
LI-CYCLE HOLDINGS: Glencore, Wood River Waive Market Cap Rules
LI-CYCLE HOLDINGS: Moves to OTCQX Following NYSE Delisting
LINK UP: Craig Geno Named Subchapter V Trustee
LIVEONE INC: CFO Carhart Reports 30K Shares, 100K Unvested RSUs
M6 ETX: S&P Raises ICR to 'B+' on Clearfork Midstream Acquisition
MARK'S POOL: Hires Haffner & Associates as Accountant
MBIA INC: Posts $447 Million Net Loss in FY 2024
MCCLATCHIE TREE: Gets Extension to Access Cash Collateral
MEDICAL PROPERTIES: Reports Q4 and Full-Year 2024 Results
MENORAH CAMPUS: Hires Gross Shuman P.C. as Attorney
MERCURITY FINTECH: Institutional Stakes Reinforce Growth Strategy
MODIVCARE INC: Board Director Garth Graham Steps Down
MOM CA: March 19 Deadline Set for Panel Questionnaires
NOVA CONSTRUCTORS: Court Extends Cash Collateral Access to April 25
ODEBRECHT ENGENHARIA: Seeks Chapter 15 Bankruptcy in New York
ODYSSEY HEALTH: Reports $220K Loss in Q2, $1.24M Loss Year-to-Date
OTB HOLDING: Hires Verita Global as Noticing and Claims Agent
OUTLOOK THERAPEUTICS: Stockholders Greenlight All Items at Meeting
PATTERN ENERGY: S&P Downgrades ICR to 'B+', Outlook Stable
PIER 115: Seeks Subchapter V Bankruptcy in New Jersey
PINEAPPLE PROPERTIES: Hires Mickler & Mickler LLP as Attorney
PINEAPPLE PROPERTIES: Hires Sheila Brown CPA as Accountant
PINEAPPLE PROPERTIES: Seeks to Tap Sheila Brown CPA as Accountant
PLZ CORP: S&P Places 'B-' Issuer Credit Rating on Watch Negative
POLARIS PARENT: S&P Downgrades ICR to 'CCC+', Outlook Stable
PROSPECT MEDICAL: Creditors Oppose Proposed Sale Process
QVC GROUP: Swings to $1.25 Billion Net Loss in FY2024
R&R MALONE: Paul Levine of Emery Named Subchapter V Trustee
RED OAK: S&P Affirms 'B+' Debt Rating on Term Loan B Add-On
REMNANT OF FAITH: Hires Gary G. Lyon as Bankruptcy Counsel
REYNOSO VINEYARDS: Trustee Hires Coldwell as Real Estate Broker
SAI BABA: Seeks to Hire Beaman & Bennington PLLC as Counsel
SASAS HOSPITALITY: Seeks Chapter 11 Bankruptcy in Illinois
SCHUMACHER GROUP: S&P Alters Outlook to Stable, Affirms 'B' ICR
SCILEX HOLDING: Finalizes Lidocaine License Deal with RoyaltyVest
SHARPLINK GAMING: $10M Income in 2024, 'Going Concern' Doubt Stays
SHIELDCOAT TECHNOLOGIES: Seeks Subchapter V Bankruptcy in Texas
SIGNATURE YHM: Seeks Chapter 11 Bankruptcy in Georgia
SILVER AIRWAYS: Gets Extension to Access Cash Collateral
SM MILLER: Gets Final OK to Use Cash Collateral
SOUTHERN CUTTERS: Alexandra Garrett Named Subchapter V Trustee
SSS MILWAUKEE: Seeks Chapter 11 Bankruptcy in Illinois
SUNATION ENERGY: Issues Series D Preferred Share as Collateral
TEGNA INC: Posts $599 Million Net Income in FY 2024
TINKER REAL: Seeks to Hire Paul Reece Marr PC as Counsel
TRILLION ENERGY: Settles Debt to Directors, Officers, Consultants
UNITED FIBER: Committee Taps Armory Consulting as Financial Advisor
US COATING: Hires Stichter Riedel Blain as Legal Counsel
VILLAGE ROADSHOW: Seeks Chapter 11 After Warner Bros. Dispute
VIRGINIA BEACH: Seeks Subchapter V Bankruptcy in Virginia
WORLD BRANDS: Seeks Chapter 11 Bankruptcy in Florida
WW INTERNATIONAL: Begins Private Talks w/ Lenders to Resolve Debt
YELLOW CORP: Creditors Unveil Plan to Split Trucker's $550MM
YOUTHFUL SOLUTIONS: Seeks Chapter 11 Bankruptcy in Texas
ZEVRA THERAPEUTICS: Sells Rare Disease PRV for $150 Million
*********
1708 W. SEAGULL: Hires EXP Realty as Real Estate Broker
-------------------------------------------------------
1708 W. Seagull, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Arizona to employ EXP Realty as real estate
broker.
The firm will market and sell the Debtor's real property described
as 1708 West Seagull Court, Chandler, AZ 85286.
The firm will be paid at a commission equal to 6 percent of the
total sale price of the Seagull Property.
Zachary Cates, a partner at EXP Realty, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Zachary Cates
EXP Realty
2219 Rimland Drive, Suite 301
Bellingham, WA 98226
Tel: (833) 303-0610
About 1708 W. Seagull, LLC
1708 W. Seagull, LLC is a single-asset real estate company based in
Chandler, Ariz.
1708 W. Seagull filed Chapter 11 petition (Bankr. D. Ariz. Case No.
25-00647) on January 24, 2025, listing between $1 million and $10
million in both assets and liabilities.
Judge Eddward P. Ballinger Jr. handles the case.
The Debtor is represented by Patrick F. Keery, Esq., at Keery
McCue, PLLC.
901 S. LA: Seeks to Hire Totaro & Shanahan LLP as Counsel
---------------------------------------------------------
901 S. La Brea Ave. LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Totaro &
Shanahan, LLP as counsel.
The firm's services include:
a. counseling of Debtor through meetings and phone calls,
discussions concerning the requirements of the Bankruptcy Code, the
Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules,
and the United States Trustee Guidelines;
b. documenting preparation or amendments concerning the
petition and schedules, status reports, review and consultation
concerning Monthly Operating Reports, and personal attendance at
all hearings, included but not limited to the Status Conference,
Initial Debtor Interview ("IDI"), the meeting of creditors pursuant
to Bankruptcy Code section 341(a) or any continuance thereof, all
status conferences; preparation of any first day motions and
employment applications and all hearings on motions, the disclosure
statement and plan;
c. consulting with Debtor's representative concerning
documents needed and reports to be prepared and consultation with
real estate counsel re title and other issues;
d. assisting Debtor in preparation of documents for compliance
with the requirements of the Office of the United States Trustee
("OUST");
e. negotiating with secured and unsecured creditors regarding
the amount and payment of their claims;
f. discussing with Debtor's representative concerning the
Disclosure Statement and plan of reorganization;
g. preparing of the Disclosure Statement and Chapter 11 Plan
of Reorganization and any amendments/changes to the same unless
filed as a Sub-V case which does not require a disclosure
statement;
h. submitting of ballots to creditors, tally of ballots and
submission to the Court;
i. responding to any objections to disclosure statement and/or
plan;
j. negotiating with creditors as to values, etc and the plan
of reorganization; and
k. responding to any motions for relief from stay, motions to
dismiss or any other motions or contested matters.
The firm will be paid at these rates:
Attorney $650 per hour
Paralegal $150 per hour
The firm will be paid a retainer in the amount of $18,000, and
$1,738 filing fee.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael R. Totaro, Esq., a partner at employ Totaro & Shanahan,
LLP, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Michael R. Totaro, Esq.
Totaro & Shanahan, LLP
P.O. Box 789
Pacific Palisades, CA 90272
Telephone: (310) 804 2157
Email: Ocbatty@aol.com
About 901 S. La Brea Ave. LLC
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.
901 S. La Brea Ave LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10504 on February 27,
2025. In its petition, the Debtor reports total assets of
$6,540,799 and total liabilities of $4,727,292.
Honorable Bankruptcy Judge Scott C. Clarkson handles the case.
The Debtor is represented by:
Michael R. Totaro, Esq.
TOTARO & SHANAHAN, LLP
PO Box 789
Pacific Palisades CA 90272
Tel: (310) 804-2157
Email: Ocbkatty@aol.com
A GRANDE PROMOTION: Court Extends Cash Collateral Access to May 31
------------------------------------------------------------------
A Grande Promotion Company, LLC received another extension from the
U.S. Bankruptcy Court for the District of Arizona to use cash
collateral.
The order authorized the company to use the cash collateral of the
U.S. Small Business Administration, a secured creditor, for
necessary business expenses per an approved budget.
As protection, SBA was granted a replacement lien on revenues
generated by the company after its Chapter 11 filing to the same
extent and with the same priority and validity as its
pre-bankruptcy lien.
The court remains in effect until May 31; until the company's
Chapter 11 plan is confirmed; or until its bankruptcy case is
converted or dismissed, whichever comes first.
About A Grande Promotion Company
A Grande Promotion Company, LLC, a company in Phoenix, Ariz., filed
Chapter 11 petition (Bankr. D. Ariz. Case No. 24-09458) on Nov. 5,
2024, listing $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Eugene Medrano, a member and manager of A
Grande, signed the petition.
Judge Scott H Gan oversees the case.
The Debtor is represented by Allan D. Newdelman, Esq., at Allan D.
Newdelman PC.
AEMETIS INC: Expands Net Loss to $87.54 Million in 2024
-------------------------------------------------------
Aemetis, Inc., has released its annual report on Form 10-K for the
year ending Dec. 31, 2024, revealing a significant expansion in the
Company's net loss, which grew to $87.54 million from $46.42
million in 2023. Total revenues for 2024 reached $267.64 million,
up from $186.72 million in the prior year.
As of Dec. 31, 2024, the Company reported $259.30 million in total
assets, $143.97 million in total current liabilities, $379.26
million in total long term liabilities, and a total stockholders'
deficit of $263.93 million.
The Company reported cash and cash equivalents totaling $0.9
million as of Dec. 31, 2024, with $0.8 million held by its North
American operations and $0.1 million by its India division. The
Company's current ratio was 0.31 and 0.43, respectively, at Dec.
31, 2024 and 2023. The Company anticipates that its future
liquidity will primarily come from cash flow generated by
operations, funds raised through equity sales, and new borrowing.
Incurrence of new debt and the associated use of proceeds from
future debt financings are subject to approval by its senior
lender.
The auditor's report, issued by RSM US LLP, raised additional
concerns, with the auditor issuing a "going concern" qualification.
The report highlighted that the Company has suffered recurring
losses from operations and has a net capital deficiency, casting
substantial doubt about the Company's ability to continue as a
going concern.
Historically, the Company has relied upon cash from debt and equity
financing activities to fund substantially all of the cash
requirements of its activities. As of Dec. 31, 2024, the Company
had an accumulated deficit of approximately $562.9 million.
Aemetis stated, "We may incur losses for an indeterminate period of
time and may not achieve consistent profitability. We expect to
rely on cash on hand; cash, if any, generated from our operations;
borrowing availability, if any, under our lines of credit; and
proceeds from future financing activities, if any, to fund the cash
requirements of our business. In some market environments, we may
have limited access to incremental financing, which could defer or
cancel growth projects, reduce business activity or cause us to
default on our existing debt agreements if we are unable to meet
our payment schedules. An extended period of losses or negative
cash flow may prevent us from successfully operating and expanding
our business."
For further details, the complete Form 10-K filing is available on
the U.S. Securities and Exchange Commission's website at:
https://www.sec.gov/Archives/edgar/data/738214/000143774925007768/amtx20241231_10k.htm
About Aemetis, Inc.
Founded in 2006 and headquartered in Cupertino, California,
Aemetis, Inc. -- www.aemetis.com -- is an international renewable
natural gas, and renewable fuels company focused on the operation,
acquisition, development and commercialization of innovative low
and negative carbon intensity products and technologies that
replace traditional fossil fuel products. The Company operates in
three reportable segments consisting of "California Ethanol,"
"California Dairy Renewable Natural Gas," and "India Biodiesel."
The Company's mission is to create sustainable and innovative
renewable fuel solutions that benefit communities and restore the
environment. The Company achieves this by establishing a local,
circular bioeconomy that utilizes agricultural products and waste
to produce low-carbon, advanced renewable fuels that reduce
greenhouse gas (GHG) emissions and enhance air quality by replacing
traditional fossil fuel products.
AINOS INC: Extends Maturity of $1M Convertible Note With Li-Kuo Lee
-------------------------------------------------------------------
Ainos, Inc., submitted a Form 8-K to the Securities and Exchange
Commission, revealing that it has agreed to modify the convertible
note with Li-Kuo Lee, pushing the due date to May 13, 2025. Ainos
entered into a Convertible Note Purchase Agreement with Li-Kuo Lee,
effective March 13, 2023, under which the Company issued a
Convertible Promissory Note to Li-Kuo Lee for a principal amount of
$1,000,000.
The principal amount and six percent compounded interest of the
Convertible Note are payable in cash on or before two years from
the effective date of the Note. If not earlier repaid, at the
election of the Purchaser, the Convertible Note will be converted
into shares of common stock, $0.01 par value per share of the
Company, or such other securities or property for which the
Convertible Note may become convertible, at a conversion price of
$1.50 (adjusted to $7.50 following the 1-for-5 reverse stock split
of the Company's common stock on Dec. 14, 2023), subject to certain
adjustments described in Section 2(b) of the Convertible Note.
About Ainos
Ainos, Inc. -- https://www.ainos.com/ -- formerly known as Amarillo
Biosciences, Inc., develops disruptive medical and healthcare
solutions based on its proprietary AI Nose and VELDONA
technologies. The name "Ainos" combines "AI" and "Nose" to signify
the Company's commitment to enabling AI with the ability to smell
and individuals to live healthier. The Company's clinical-stage
product pipeline includes AI-driven, telehealth-friendly POCT
solutions powered by AI Nose, VELDONA human and animal oral
therapeutics, and human orphan drugs.
In 2024, Ainos reported a net loss of $14.86 million, following net
losses of $13.77 million in 2023, $14.01 million in 2022, $3.89
million in 2021, and $1.45 million in 2020. As of Dec. 31, 2024,
the Company reported $28.82 million in total assets, $13.30 million
in total liabilities, and $15.52 million in total stockholders'
equity.
AIR INDUSTRIES: Secures $1.5M Contracts for Landing Gear Components
-------------------------------------------------------------------
Air Industries Group has received two contracts worth approximately
$1.5 million for landing gear components for both the US Air Force
B1-B Lancer bomber and the F-16 Fighting Falcon.
Lou Melluzzo, Chief Executive Officer of Air Industries Group
commented: "The market for supplying products used in maintenance,
repair, and overhaul of aircraft is very large. According to the
Congressional Research Service, a unit of the US Government, the US
Military budget for Operations & Maintenance (O&M) is approximately
185%, or nearly twice the size, of the budget for Procurement of
new products. The Pentagon's budget request for fiscal year 2025,
requests a 3.5% increase in O&M compared to a 2.2% decrease in
Procurement.
"Our reenergized business development activities are focused on
this large market. These two contracts, while individually modest
are important evidence of the growing success of our efforts."
About Air Industries
Headquartered in Bay Shore, New York, Air Industries Group (NYSE
American: AIRI) is a manufacturer of precision components and
assemblies for large aerospace and defense prime contractors. Its
products include landing gears, flight controls, engine mounts, and
components for aircraft jet engines, ground turbines, and other
complex machines.
Saddle Brook, New Jersey-based Marcum LLP, the Company's auditor
since 2008, issued a "going concern" qualification in its report
dated April 15, 2024. The report noted that for the period ending
March 31, 2024, the Company was not in compliance with the
financial covenants required under the terms of its current credit
facility. It is reasonably possible that the Company will not
receive a waiver and may fail to meet these financial covenants in
future periods. The Company is required to maintain a collection
account with its lender into which substantially all of the
Company's cash receipts are remitted. If the Company's lender were
to cease lending and keep the funds remitted to the collection
account, the Company would lack the funds to continue its
operations. Failure to receive a waiver or meet the financial
covenants in future periods raises substantial doubt about the
Company's ability to continue as a going concern.
As of September 30, 2024, Air Industries Group had $50.4 million in
total assets, $35.7 million in total liabilities, and $14.7 million
in total stockholders' equity.
AIR PROS: Case Summary & 30 Largest Unsecured Creditors
-------------------------------------------------------
Lead Debtor: AFH Air Pros, LLC
d/b/a Air Force Heating and Air
100 Corporate Park East Drive
LaGrange GA 30241
Business Description: Founded in 2017 in Fort Lauderdale, Florida,
Air Pros is a professional home services
provider specializing in HVAC installation,
repair, maintenance, and air quality
solutions for residential and commercial
clients. Air Pros also offer plumbing,
electrical services, and home warranties at
certain locations. Air Pros, which began
with one vehicle and two employees, now
operates over 600 vehicles, employs more
than 700 people, and serves customers in
eight states: Florida, Georgia, Alabama,
Mississippi, Louisiana, Texas, Colorado, and
Washington.
Chapter 11 Petition Date: March 16, 2025
Court: United States Bankruptcy Court
Northern District of Georgia
Twenty affiliated companies that concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
AFH Air Pros, LLC (Lead Case) 25-10356
Air Pros Atlanta LLC 25-10357
Air Pros Blue Star, LLC 25-10358
Air Pros Boca LLC 25-10359
Air Pros Colorado LLC 25-10360
Air Pros Dallas L.L.C. 25-10361
Air Pros One Source LLC 25-10362
Air Pros Solutions Holdings, LLC 25-10363
Air Pros Solutions, LLC 25-10364
Air Pros Texas LLC 25-10365
Air Pros Washington, LLP 25-10366
Air Pros West LLC 25-10367
Air Pros, LLC 25-10368
CM Air Pros, LLC 25-10369
Dallas Plumbing Air Pros, LLC 25-10370
Doug's Service Air Pros, LLC 25-10371
Dream Team Air Pros, LLC 25-10372
East Coast Mechanical, LLC 25-10373
Hansen Air Pros, LLC 25-10374
Mauzy Air Pros, LLC 25-10375
Judge: Hon. Paul Baisier
Debtors'
Bankruptcy
Counsel: David B. Kurzweil, Esq.
Matthew A. Petrie, Esq.
GREENBERG TRAURIG, LLP
Terminus 200
3333 Piedmont Road, NE, Suite 2500
Atlanta, Georgia 30305
Tel: (678) 553-2100
Email: kurzweild@gtlaw.com
petriem@gtlaw.com
Debtors'
Financial
Advisor: ACCORDION PARTNERS, LLC
Debtors'
Investment
Banker: JEFFERIES LLC
Debtors'
Notice,
Claims &
Balloting
Agent and
Administrative
Advisor: KURTZMAN CARSON CONSULTANTS, LLC
DBA VERITA GLOBAL
Estimated Assets
(on a consolidated basis): $100 million to $500 million
Estimated Liabilities
(on a consolidated basis): $100 million to $500 million
The petitions were signed by Andrew D.J. Hede as chief
restructuring officer.
A complete copy of the Lead Debtor's petition can be accessed for
free on PacerMonitor at:
https://www.pacermonitor.com/view/EC3BTJI/AFH_Air_Pros_LLC__ganbke-25-10356__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. C.M. Heating Inc. Seller Liability $6,147,003
OKG Group, Inc.
F/K/A CM Heating Inc
1500 Industry Street Ste 200
Everett, Wa 98203
Phone: 206-697-9258
Email: john@cmheating.com
james@cmheating.com
2. Despedida Holdings, Inc. Seller Liability $3,709,000
Jose Ramirez
19033 Jupiter River Road
Jupiter, Fl 33458
Email: joseramirez7@aol.Com
3. C&P Hansen Heating Seller Liability $2,644,000
And Cooling, Inc.
Chad Setchell
7718 Rockstone Lane S
Mobile, Al 36695
Email: chad@hansenair.com
4. Lagrange Air Force Seller Liability $1,544,498
Heating And Air, LLC
Gordon, Fournaris & Mammarella, P.A.
1925 Lovering Avenue
Wilmington, De 19806
Phone: 302-652-2900
Email: pgiordano@gfmlaw.com
5. Jack Denton Litigation $960,915
c/o Earl & Earl, PLLC
4565 Hilton Parkway
St. 228
Colorado Springs, Co 80907
Phone: 719-900-2500
Email: brian@earlandearl.com
6. Kroll, LLC Trade $874,660
Curtis B. Leitner
250 W. 55th Street
13th Floor
New York, NY 10019
Phone: 212-609-6853
Email: clietner@mccarter.com
7. West Georgia Indoor Seller Liability $685,502
Comfort, LLC
William Jones
100 Corporate Park E CT
Lagrange, GA 30241
Phone: 706-616-5721
Email: jones.william2208@gmail.Com
8. Universal Restoration, Inc Seller Liability $623,000
Mike Forgione
1060 NE 27th Way
Pompano Beach, Fl 33062
Phone: 954-605-9018
Email: sghkholdings@gmail.com
9. Doug's Service Company Seller Liability
$570,000
Jeff Tauzin
1459 Tiger Drive
Thibodaux, La 70301
Phone: 985-688-7044
Email: jeffdtauzin@gmail.com
10. First Insurance Funding Trade $553,503
1503 Cypress Rd
Pompano Beach, Fl 33060
Email: jill.rosenberg@firstinsurancefunding.com
11. One Source Home Service, LLC Seller Liability $545,000
Jason Bidwell
3914 Star Island Drive
Holiday, Fl 34691
Email: colorado.csr@airprosusa.com
12. Dream Team Services, LLC Seller Liability $450,000
Trey Annison
39062 Reinninger Rd
Denham Springs, LA 70706
Phone: 225-223-7445
Email: annisoninvestments@gmail.com
13. Enterprise FM Trust Trade $460,964
Mark J.Torre
600 Corporate Park Drive
St. Louis, Mo 63105
Phone: 706-298-9698
Email: mark.j.torre@efleets.com
14. Continental Casualty Company Trade $436,573
87 NE 44th St Suite 5
Oakland Park, Fl 33334
Tel: 954-688-4697
Fax: 877-296-3858
Email: info@ctlcasualty.com
15. Dallas Plumbing Company Seller Liability $280,000
Po Box 551648
Dallas, TX 75355
Fax: 214-348-1839
Email: service@dallasplumbing.com
16. Mcgee & Huskey, P.A. Litigation $224,139
Edward Mcgee, Jr.
2850 North Andrews Avenue
Fort Lauderdale, Fl 3331
Phone: 954-563-8200
Email: emcgee@mcgeehuskey.com
17. Learfield Communications, LLC Trade $205,043
5400 Lyndon B. Johnson Freeway
Suite 100
Dallas, TX 75240
Email: ar@learfield.com
18. Chantel Lester Litigation $197,878
Michael Gonzalez
1000 N. Ashley Drive
Suite 520
Tampa, Fl 33602
Fax: 813-282-7806
Email: michael@michaelgonzalezlaw.com
19. Florida Panthers Trade $139,416
Hockey Club Ltd.
Attn: General Counsel
One Panther Parkway
Sunrise, Fl 33323
Email: legal@floridapanthers.com
20. Wright Total Indoor Comfort LLC Litigation $125,000
Rasco Klock Perez & Nieto, P.L.
2555 Ponce De Leon Boulevard
Suite 600
Coral Gables, Fl 3313
Phone: 305-476-7100
Email: jantorcha@rascoklock.com
21. Effectv Trade $75,512
951 W Yamato Rd
Ste 265
Boca Raton, Fl 33431
Phone: 888-877-9799
Email: effectvclientcare@comcast.com
22. Cintas Corporation Litigation $62,526
Michael P. Bennett
3471 Main Highway
Suite 206
Coconut Grove, Fl 33133
Michael P. Bennett
Email: mbennett@bakattorneys.com
23. Datasite LLC Trade $52,426
733 S Marquette Ave. Suite 600
Minneapolis, Mn 55402
Email: datasitelegal@datasite.com
24. Adrienne Kostov Litigation $50,000
Theodore J. Berman
P.O. Box 272789
Boca Raton, Fl 33427
Phone: 561-826-5200
Email: service@thebermanlawgroup.com
25. Juan Estrada Litigation $50,000
Ashley Cassone
12800 University Drive
Suite 600
Ft. Myers, Fl 33907
Phone: 239-433-6880
Email: ashley.cassone@forthepeople.com
26. Unifirst Trade $48,707
Jorge Ramirez Almanza
68 Jonspin Road
Wilmington, Ma 01887-1090
Phone: 239-600-3580
Email: jorge_ramirezalmanza@unifirst.com
27. American Eagle Trade $43,260
Matt Villano
2600 S. River Road
Des Plaines, Il 60018
Phone: 847-699-0300
Email: matt.villano@americaneagle.com
28. HVAC Success Trade $36,582
28730 S Cargo Ct
Bonita Springs, Fl 34135
Phone: 239-390-8144
Email: kurt@hvacsuccess.com
29. Heat Transfer Systems Trade $33,304
Of Georgia, LLC
11350 Old Roswell Rd #1300
Alpharetta, Ga 30009
Phone: 770-475-7740
Email: dkelly@gacoolingtower.net;
munderwood@gacoolingtower.net
30. Gallagher Benefit Services, Inc. Trade $30,875
Odi Romero
7771 W Oakland Park Blvd
Sunrise, Fl 33351
Phone: 954-377-0581
Fax: 303-220-7010; 954-267-0401
Email: selectclientservice@ajg.com;
info@bcs-benefits.com
ALAMO BEER: Hires William B. Kingman P.C. as Counsel
----------------------------------------------------
Alamo Beer Company seeks approval from the U.S. Bankruptcy Court
for the Western District of Texas to employ William B. Kingman,
P.C. as counsel.
The firm's services include:
a. counseling the Debtor in matters relating to the
administration of this Bankruptcy Estate;
b. representing the Debtor in negotiations with various
creditors;
c. making court appearances and appearances before the U.S.
Trustee on behalf of the Debtor;
d. assisting in the preparation of the Debtor's plan of
reorganization and disclosure statement; and
e. preparing schedules and pleadings, analyzing, negotiating
and litigating claims which may be brought in the forms of
objections or as matters relating to the administration of this
case.
The firm will be paid at these rates:
William B. Kingman $450 per hour
Paralegal/Assistants $120 per hour
The firm will be paid a retainer in the amount of $42, 970.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
William B. Kingman, Esq., a partner at William B. Kingman, 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:
William B. Kingman, Esq.
William B. Kingman, P.C.
3511 Broadway
San Antonio, TX 78209
Telephone: (210) 829-1199
Email: bkingma@kingmanlaw.com
About Alamo Beer Company
Alamo Beer Company, LLC is a beverage manufacturer in San Antonio,
Texas.
Alamo Beer Company filed Chapter 11 petition (Bankr. W.D. Texas
Case No. 25-50245) on February 3, 2025, listing between $1 million
and $10 million in both assets and liabilities.
Judge Craig A. Gargotta handles the case.
The Debtor is represented by William B. Kingman, Esq., at the Law
Offices of William B. Kingman.
PlainsCapital Bank, LLC, as lender, is represented by:
Michael P. Menton, Esq.
Danika Lopez, Esq.
SettlePou
3333 Lee Parkway, Eighth Floor
Dallas, Texas 75219
Telephone: (214) 520-3300
Facsimile: (214) 526-4145
Email: mmenton@settlepou.com
dlopez@settlepou.com
ARTEX TELECOMMUNICATIONS: Gets Final OK to Use Cash Collateral
--------------------------------------------------------------
Artex Telecommunications LLC received final approval from the U.S.
Bankruptcy Court for the Eastern District of Texas, Sherman
Division, to use cash collateral.
The final order authorized the company to use funds per its budget,
with a 10% variance allowed. However, if Charter Communications
Operating, LLC stops using Artex's services, the right to use cash
collateral ends.
Secured lenders, including Advance Servicing, Inc., Alo Advance,
Baypoint Funding, LLC, Forest, and Slate Advance, assert liens on
Artex's accounts and proceeds.
As protection for using their cash collateral, the lenders were
granted replacement liens on the company's equipment, inventory and
accounts.
In addition, Artex was ordered to pay $712.50 to Advance Servicing;
$437.50 to Alo Advance; $237.50 to Baypoint Funding; $595 to
Forest; and $595 to Slate, starting April 20 until the dismissal or
conversion of Artex's Chapter 11 case or until confirmation of its
plan of reorganization.
About Artex Telecommunications
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.
The Debtor is represented by:
Robert DeMarco, III, Esq.
Robert Demarco
Tel: 972-991-5591
Email: robert@demarcomitchell.com
AVALON GLOBOCARE: Laboratory Services Buys Back Stake for $1.75MM
-----------------------------------------------------------------
As previously reported, Avalon GloboCare Corp. formed a wholly
owned subsidiary, Avalon Laboratory Services, Inc., which purchased
40% of the issued and outstanding equity interests of Laboratory
Services MSO, LLC.
On February 26, 2025, Avalon, Avalon Lab, Laboratory Services MSO,
and the other parties signatory thereto, entered into a Redemption
and Abandonment Agreement, whereby Laboratory Services MSO redeemed
the 40% equity interest in Laboratory Services MSO held by Avalon
Lab. The aggregate amount paid to Avalon Lab for the Redemption was
$1,745,000, to be paid as follows: one payment of $95,000 at the
closing of the Redemption and, beginning in March 2025, monthly
payments of $75,000 until December 2026.
In addition, pursuant to the terms of the Redemption Agreement, all
shares of Avalon's Series B Convertible Preferred Stock previously
issued to SCBC Holdings LLC as partial consideration for the equity
interests of Laboratory Services MSO, were permanently surrendered
and relinquished to Avalon for no additional consideration.
Avalon Globocare
Headquartered in Freehold, New Jersey, Avalon GloboCare Corp. --
http://www.avalon-globocare.com/-- is a commercial-stage company
dedicated to developing and delivering innovative, transformative
precision diagnostics and clinical laboratory services. Avalon is
working to establish a leading role in the innovation of diagnostic
testing, utilizing proprietary technology to deliver precise,
genetics-driven results. The Company also provides laboratory
services, offering a broad portfolio of diagnostic tests, including
drug testing, toxicology, and a broad array of test services, from
general bloodwork to anatomic pathology, and urine toxicology.
New York, NY-based Marcum LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April
15, 2024, citing that the Company has a significant working capital
deficiency, has incurred significant losses, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of September 30, 2024, Avalon GloboCare had $19,550,633 in total
assets, $14,149,229 in total liabilities, and $5,401,404 in total
equity.
B.L.H.G. GROUP: Seeks Subchapter V Bankruptcy in Arizona
--------------------------------------------------------
On March 11, 2025, B.L.H.G. Group LLC filed Chapter 11 protection
in the U.S. Bankruptcy Court for the District of Arizona.
According to court filing, the Debtor reports $2,155,970 in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About B.L.H.G. Group LLC
B.L.H.G. Group LLC, dba Smile Now Dental Implant, is a dental
practice based in Phoenix, AZ, specializing in dental implants. The
center offers a variety of implant services, including full-mouth
dental implants, single implants, zygomatic implants, and bone
grafting. The Company emphasizes convenience by providing
comprehensive treatment in a single location, utilizing advanced
technology such as CBCT imaging and digital smile design software.
The practice also offers financing options, flexible scheduling,
and same-day solutions for implants.
B.L.H.G. Group LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-02029) on
March 11, 2025. In its petition, the Debtor reports total assets of
$180,813 and total liabilities of $2,155,970.
Honorable Bankruptcy Judge Scott H. Gan handles the case.
The Debtor is represented by:
Allan D. NewDelman, Esq.
ALLAN D. NEWDELMAN, P.C.
80 East Columbus Avenue
Phoenix, AZ 85012
Tel: 602-264-4550
Fax: 602-277-0144
E-mail: anewdelman@adnlaw.net
BAYSHORE SUITES: Seeks to Hire Dal Lago Law as Counsel
------------------------------------------------------
Bayshore Suites, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Dal Lago Law as
counsel.
The firm's services include:
a. advising as to the Debtor's rights and duties in the Case;
b. preparing pleadings related to the Case, including
developing a plan of reorganization; and
c. taking any and all other necessary actions incident to the
proper preservation and administration of the estate.
The firm will be paid at these rates:
Attorneys:
Michael R. Dal Lago, Esq. $460 per hour
Christian Garrett Haman, Esq. $385 per hour
Jennifer M. Duffy, Esq. $360 per hour
Paraprofessionals:
Kim Christian $225 per hour
Fatema Bravo $175 per hour
Frances Vazquez $165 per hour
Grace Burnes $125 per hour
Prior to commencement of the bankruptcy case, the firm received
from the Debtor a retainer in the amount of $46,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael R. Dal Lago, Esq., a partner at Dal Lago Law, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Michael R. Dal Lago, Esq.
Christian Garrett Haman, Esq.
Jennifer M. Duffy, Esq.
Dal Lago Law
999 Vanderbilt Beach Road, Suite 200
Naples, FL 34108
Telephone: (239) 571-6877
Email: jduffy@dallagolaw.com
mike@dallagolaw.com
chaman@dallagolaw.com
About Bayshore Suites, LLC
Bayshore Suites LLC owns two properties: one at 3200-3248 Bayshore
Dr., Naples, FL 34112, valued at $4.6 million in liquidation, and
another at 2836 Shoreview Dr., Naples, FL 34112, with a liquidation
value of $1 million.
Bayshore Suites LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00218) on February
11, 2025. In its petition, the Debtor reports total assets of
$5,631,222 and total liabilities of $7,297,236.
Honorable Bankruptcy Judge Caryl E. Delano handles the case.
The Debtor is represented by Michael Dal Lago, Esq., at DAL LAGO
LAW.
BENCH ACCOUNTING: Seeks Chapter 15 Bankruptcy with Sale Plan
------------------------------------------------------------
Yun Park of Law360 reports that Bench Accounting Inc., a
Vancouver-based accounting and financial services firm, has filed
for Chapter 15 recognition in a Delaware bankruptcy court. The
company reports liabilities of approximately $51.5 million and
assets totaling $5.1 million, seeking court approval to sell its
assets.
About Bench Accounting Inc.
Bench Accounting Inc. and affiliates operated a unified business
under the "Bench" brand, offering accounting, bookkeeping, tax, and
various financial services to more than 10,000 clients across North
America, mainly small business owners. The Debtors provided their
clients with user-friendly financial software combined with
in-house bookkeepers to simplify year-round small business
bookkeeping. Due to a lack of funds to sustain operations, the
Debtors halted their business activities and laid off all employees
on Dec. 27, 2024.
Bench Accounting Inc. and affiliates sought relief under Chapter 15
of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10463)
on March 13, 2025.
Honorable Bankruptcy Judge Laurie Selber Silverstein handles the
case.
The Foreign Representative is KSV Restructuring Inc. The Foreign
Representative's Counsel is Matthew B. Lunn, Esq., Michael R.
Nestor, Esq., Elizabeth S. Justison, Esq., and Daniel Trager, Esq.,
at YOUNG CONAWAY STARGATT & TAYLOR, LLP, in Wilmington, Delaware.
BETA DRIVE: Hires Boytan & Associates LLP as Accountant
-------------------------------------------------------
Beta Drive Hotel Group LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Ohio to employ Boytan &
Associates, LLP as accountant.
The firm will prepare the Debtor's annual income tax returns,
monthly sales tax preparation, monthly bookkeeping and bank
reconciliations, monthly bankruptcy report preparation, and
documents of a financial nature and to respond to requests for
company information from the United States Trustee.
The firm will be paid at these rates:
Partners $250 per hour
Senior Accountant $85 per hour
Payroll Specialists $55 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Alex Boytan, a partner at Boytan & Associates, 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:
Alex Boytan
Boytan & Associates, LLP
800 Cross Pointe Road, Suite B
Gahanna, OH 43230
Tel: (614) 947-0888
About Beta Drive Hotel Group LLC
Beta Drive Hotel Group LLC, d/b/a Hilton Garden Inn Cleveland
East/Mayfield Village, is a hospitality company that operates the
Hilton Garden Inn Cleveland East/Mayfield Village, offering
amenities such as complimentary Wi-Fi, an indoor/outdoor pool, and
extensive meeting spaces.
Beta Drive Hotel Group LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-10849) on March
2, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Suzana Krstevski Koch handles the case.
The Debtor is represented by:
Frederic P. Schwieg, Esq.
FREDERIC P SCHWIEG ATTORNEY AT LAW
19885 Detroit Rd #239
Rocky River, OH 44116-1815
Tel: (440) 499-4506
Fax: (440) 398-0490
E-mail: fschwieg@schwieglaw.com
BLINC GROUP: Seeks Chapter 7 Liquidation in New York
----------------------------------------------------
Emlyn Cameron of Law360 reports that the Blinc Group Inc., a
cannabis vaping technology and service provider, has filed for
Chapter 7 bankruptcy in a New York court, listing liabilities of at
least $1 million.
About Blinc Group Inc.
Blinc Group Inc. is a cannabis vaping technology and service
provider.
Blinc Group Inc. sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10479) on March 14,
2025.
Honorable Bankruptcy Judge Michael E. Wiles handles the case.
The Debtor is represented by:
Ilana Volkov, Esq.
Mcgrail & Bensinger LLP
888-C Eighth Avenue, #107
New York, NY 10019
Tel: (201) 931-6910
Email: ivolkov@mcgrailbensinger.com
BRIGHTMARK PLASTICS: Case Summary & 30 Top Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Brightmark Plastics Renewal LLC
BME Renewable Polyfuels LLC
1725 Montgomery St. FL 3
San Francisco, CA 94111
Business Description: The Debtors, founded in 2016, utilize
proprietary processes and licensed
technology to convert hard-to-recycle
plastic waste into valuable chemical
feedstocks that can be used to make new
plastics. This innovative approach helps
reduce plastic waste by repurposing
hydrocarbons that would otherwise end up in
landfills, contributing to a more
sustainable environment.
Chapter 11 Petition Date: March 16, 2025
Court: United States Bankruptcy Court
District of Delaware
Three affiliated companies that simultaneously filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Brightmark Plastics Renewal LLC 25-10472
Brightmark Plastics Renewal Indiana LLC 25-10473
Brightmark Plastics Renewal Services LLC 25-10474
Judge: Hon. Laurie Selber Silverstein
Debtors'
Bankruptcy
Counsel: Jeremy W. Ryan, Esq.
R. Stephen McNeill, Esq.
Katelin A. Morales, Esq.
James R. Risener III, Esq.
Andrew C. Ehrmann, Esq.
POTTER ANDERSON & CORROON LLP
1313 North Market Street, 6th Floor
Wilmington, DE 19801
Tel: 302-984-6000
Fax: 302-658-1192
Email: jryan@potteranderson.com
rmcneill@potteranderson.com
kmorales@potteranderson.com
jrisener@potteranderson.com
aehrmann@potteranderson.com
Debtors'
Investment
Banker: SSG CAPITAL ADVISORS, LLC
Debtors'
Claims,
Noticing &
Solicitation
Agent: OMNI AGENT SOLUTIONS, INC.
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petitions were signed by Craig R. Jalbert as chief
restructuring officer.
Complete copies of the petitions can be accessed for free on
PacerMonitor at:
https://www.pacermonitor.com/view/2LG6TXY/Brightmark_Plastics_Renewal_LLC__debke-25-10472__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/2W4BYWY/Brightmark_Plastics_Renewal_Indiana__debke-25-10473__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/2RVW6RQ/Brightmark_Plastics_Renewal_Services__debke-25-10474__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Consolidated Mechanical Trade Debt $350,000
Inc. (CMI)
2900 Airpark Dr
Owensboro, KY 42301
Phone: 270-685-0148
Email: scampbell@cmipower.com
2. CB&I LLC d/b/a McDermott Trade Debt $301,912
915 N Eldridge Parkway
Houston, TX 77079
Phone: 713-375-8877
Email: cash.applications@mcdermott.com
3. Chemted LLC Trade Debt $151,200
981 TX- 174
Rio Vista, TX 76093
Phone: 214-680-6013
Email: kk@chemted.com
4. NES Global Ltd Trade Debt $80,000
One Memorial City Plaza
800 Gessner Dr, Suite 800
Houston, TX 77024
Phone: 713-551-4444
Email: us.receivables@nesgt.com
5. G & L Corporation Trade Debt $76,141
3101 Brooklyn Ave
Ft Wayne, IN 46809
Phone: 260-747-0541
Email: krista@g-lcorp.com
6. South Shore Controls, Inc Trade Debt $70,248
9395 Pinecone Dr
Mentor, OH 44060
Phone: 440-259-2500
Email: AR@southshorecontrols.com;
rhowell@southshorecontrols.com
7. Heat Power Trade Debt $68,691
Engineering Co. Inc. (HPE)
Sales Dept
702 Incentive Dr
Ft Wayne, IN 46825
Phone: 260-497-9500
Email: beth@hpewater.com
8. Shambaugh & Sons, L.P. Trade Debt $66,357
7614 Opportunity Dr
Ft Wayne, IN 46825
Phone: 260-487-7777
Email: aperkey@shambaugh.com
9. Rochem Americas Inc Trade Debt $58,047
426 30th St
Hermosa Beach, CA 90254
Phone: 574-360-4535
Email: nora@rochemamericas.com
10. E2G, The Equity Trade Debt $48,200
Engineering Group, Inc
Operations Coordinator
20600 Chagrin Blvd, Ste 1200
Shaker Heights, OH 44122
Phone: 216-283-9519
Email: accounting@e2g.com
11. Colliers, Engineering Trade Debt $22,809
& Design Inc
101 Crawfords Corner Rd, Ste 3400
Holmdel, NJ 07733
Phone: 732-383-1950
Email: remittanceadvice@collierseng.com
12. Krohne Inc Trade Debt $20,666
55 Cherry Hill Dr
Beverly, MA 01915
Phone: 978-535-6060
Email: AR@KROHNE.COM
13. Kammerer Inc Trade Debt $20,096
2348 E. Kammerer Road
Kendallville, IN 46755
Phone: 260-347-0389
Email: AR@kammerer-inc.com
14. Price Automation LLC Trade Debt $20,000
205 W 700 S
Pleasant Lake, IN 46779
Phone: 260-243-2271
Email: lance.price@p-automation.com
15. Brushy Creek Trade Debt $19,434
Industrial Solutions, LLC
2909 Graphic Place
Plano, TX 75075
Phone: 512-698-7800
Email: kt@bcindsol.com
16. BBC Pump & Equipment Company, Inc. Trade Debt $17,564
Sales Engineer
777 N Tibbs Ave
Indianapolis, IN 46222
Phone: 317-636-1111
Email: AR@bbcpump.com
17. Enpro, Inc Trade Debt $13,816
Sales Dept
121 S Lombard Rd
Addison, IL 60101 - 3084
Phone: 630-629-3504
Email: beth_obrien@enproinc.com
18. ZymeFlow Inc. Trade Debt $13,200
12600 N Featherwood Dr, Ste 330
Houston, TX 77034
Phone: 832-775-1560
Email: eddiekaye.jecmenek@zymeflow.com
19. George E. Booth Company, Inc. Trade Debt $12,802
8202 W 10th St
Indianapolis, IN 46214
Phone: 317-247-0100
Email: ar@gebooth.com
20. MTR Machining Concept, Inc. Trade Debt $11,675
2878 W 800 S
Ashley, IN 46705
Phone: 260-587-3381
Email: customerservice@mtrmachine.com
21. Industrial Applied Trade Debt $11,340
Technologies, LLC
2381 W Stadium Blvd
Ann Arbor, MI 48103
Phone: 501-773-7904
Email: tbearden.iatllc@gmail.com
22. IMET Corporation Trade Debt $10,000
P.O. Box 470812
Cleveland, OH 44147
Phone: 216-233-5486
Email: cmills@imet.net
23. Transmission & Trade Debt $9,993
Fluid Equipment Inc
Sales Dept
6912 Trafalgar Dr Ft Wayne, IN 46803
Phone: 260-478-1567
Email: ar@tfedirect.com
24. Hydrocarbon Filtration LLC Trade Debt $9,056
107 B Shooting Club Road
Boerne, TX 78006
Phone: 800-770-4510
Email: accounting@therigteam.com
25. Vecoplan LLC Trade Debt $7,330
5708 Uwharrie Road
Archdale, NC 27263
Phone: 336-861-4329
Email: ar.us@vecoplan.com
26. Kendall Electric Inc Trade Debt $6,996
5101 S Sprinkle Rd
Portage, MI 49002
Phone: 269-978-3838
Email: ar@kendallgroup.com
27. Larry's Lock & Safe Trade Debt $6,813
Service, Inc. d/b/a Lakeland
Electronics
1601 N Wayne St, Ste 107
Angola, IN 46703
Phone: 260-665-2127
Email: mike@lakelandelectronics.com
28. Flosource Inc. Trade Debt $6,422
1405 Hancel Parkway
Mooresville, IN 46158
Phone: 800-752-5959
Email: ar@flosource.com
29. IPS Resources LLC Trade Debt $6,129
146 Dixie Highway
Rossford, OH 46571
Phone: 419-531-3121
Email: accounting@ipscontractor.com
30. JK ICE Ventures Inc Trade Debt $6,000
d/b/a Industrial Contracting
& Engineering
319 Pokagon Trail, Suite C
Angola, IN 46703
Phone: 260-665-2123
Email: kwilliams@jici.com
BRIGHTMARK PLASTICS: Seeks Chapter 11 Bankruptcy in Delaware
------------------------------------------------------------
Beatriz Santos of Sustainable Plastics reports that Brightmark, a
US-based chemical recycling company, has filed for Chapter 11
bankruptcy for several subsidiaries related to its pyrolysis plant
in Ashley, Indiana. The affected entities include Brightmark
Plastics Renewal LLC, Brightmark Plastics Renewal Indiana, and
Brightmark Plastics Renewal Services LLC, according to filings with
the United States Bankruptcy Court for the District of Delaware.
The subsidiaries report approximately $178.35 million in secured
debt, including $172.5 million in green bonds. Brightmark defaulted
on a $12.9 million bond payment on March 1, 2025 and the debt also
includes a $5.585 million bridge loan issued on March 5.
Additionally, the subsidiaries estimate around $1.81 million in
unsecured debt.
According to court documents, the Ashley pyrolysis plant is
operating at just 5% capacity and is not generating sufficient
revenue to support ongoing operations. The facility, known as the
Circularity Centre, requires between $3.5 million and $4 million
per month to maintain operations and complete necessary
improvements to reach full capacity.
The Ashley plant, constructed in 2019, was designed to convert
approximately 100,000 tons of plastic waste annually into over 18
million gallons of ultra-low sulfur diesel, naphtha blend stocks,
and nearly 6 million gallons of wax. However, as of 2023, it had
processed only about 2,000 tons of plastic waste.
Brightmark has filed motions to continue operating during the
bankruptcy proceedings and to initiate an auction and sale process.
The company plans to provide financing to ensure the Ashley
facility has enough liquidity to maintain daily operations, with no
expected impact on the employment of its more than 90 staff
members.
Brightmark's founder and CEO, Bob Powell, stated that the filing is
a strategic move to secure the long-term viability of the Ashley
facility while reinforcing the company's commitment to the local
community. He emphasized that the filing is specific to the Ashley
plant and does not affect other parts of the business, including
the Circularity Centre in Thomaston, Georgia, which was announced
in 2024.
The Thomaston facility, expected to process over 400,000 tons of
plastic annually, is projected to cost approximately $950 million.
Brightmark is currently completing the filings necessary to obtain
the air permit for the plant and remains optimistic about its
future, viewing it as an essential part of the company's plastics
business.
Brightmark's proprietary pyrolysis technology converts end-of-life
plastics, which would otherwise be incinerated, landfilled, or
exported, into petrochemical feedstocks such as ultra-low sulfur
diesel, naphtha, and wax. Unlike conventional recycling methods,
the process accepts mixed, single-stream plastics, including
materials typically considered non-recyclable, such as plastic
film, flexible packaging, styrofoam, plastic beverage cups, car
seats, and children's toys.
About Brightmark Plastics
Brightmark Plastics and affiliates are US-based chemical recycling
companies.
Brightmark Plastics and affiliates sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10472)on
March 16, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $100 million and $500 million each.
Honorable Bankruptcy Judge Laurie Selber Silverstein handles the
case.
The Debtor is represented by Jeremy W. Ryan, Esq., and Andrew
Ehrmann, Esq., at Potter Anderson & Corroon, in Wilmington,
Delaware.
CAPSTONE COMPANIES: Adopts New Insider Trading Policy
-----------------------------------------------------
Capstone Companies, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company's
Board of Directors adopted an Insider Trading Policy to replace the
insider trading provisions of the existing Code of Ethics.
The new Insider Trading Policy updates the contact information for
notices and compliance inquiries; provides greater clarity for the
scope of the policy, especially in terms of Black Out periods; and
has new notice procedures for proposed trading in Company's
securities by Company's officers, directors and employees.
A full-text copy of the Insider Trading Policy is available at
https://tinyurl.com/yvwky5cf
About Capstone Companies Inc.
Deerfield Beach, Fla.-based Capstone Companies, Inc. is a public
holding company organized under the laws of the State of Florida.
The Company is a designer, manufacturer and marketer of consumer
products that are designed to simplify daily living through
technology.
Margate, Fla.-based Assurance Dimensions, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 29, 2024, citing that the Company has incurred
recurring operating losses, has incurred negative cash flows from
operations and has an accumulated deficit. These and other factors
raise substantial doubt about the Company's ability to continue as
a going concern.
As of September 30, 2024, Capstone Companies had $1,378,848 in
total assets, $4,102,475 in total liabilities, and $2,723,627 in
total stockholders' deficit.
CAPSTONE COMPANIES: Brian Rosen Joins Audit Committee
-----------------------------------------------------
Capstone Companies, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that Brian Rosen, an
existing Director of the Company, was appointed as a member of the
Audit Committee of the Company's Board of Directors.
Mr. Rosen's compensation as an Audit Committee member will be
participation in an equity incentive compensation plan that the
Company intends to adopt in the first fiscal quarter of 2025.
About Capstone Companies Inc.
Deerfield Beach, Fla.-based Capstone Companies, Inc. is a public
holding company organized under the laws of the State of Florida.
The Company is a designer, manufacturer and marketer of consumer
products that are designed to simplify daily living through
technology.
Margate, Fla.-based Assurance Dimensions, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 29, 2024, citing that the Company has incurred
recurring operating losses, has incurred negative cash flows from
operations and has an accumulated deficit. These and other factors
raise substantial doubt about the Company's ability to continue as
a going concern.
As of September 30, 2024, Capstone Companies had $1,378,848 in
total assets, $4,102,475 in total liabilities, and $2,723,627 in
total stockholders' deficit.
CELESTICA INC: S&P Upgrades ICR to 'BB+', Outlook Stable
--------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Toronto-based
electronics manufacturing services (EMS) provider Celestica Inc. to
'BB+' from 'BB'. S&P also raised its issue-level rating on the
company's senior secured revolver and term loan to 'BBB-'. The
recovery rating is '2'.
The stable outlook reflects S&P's expectation that Celestica's
EBITDA expansion will lead to strong FOCF generation and S&P Global
Ratings-adjusted debt to EBITDA of well below 2x for the next 12
months.
S&P said, "We expect demand from hyperscalers will drive strong
top-line growth in 2025. Celestica's revenues increased 21% in
2024, primarily from strong demand for data center hardware from
major hyperscalers. We expect increasing AI adoption will fuel
demand for its networking and custom ASIC servers and drive
significant growth through 2026. Through the end of 2024, the
company secured two 1.6T data center switch programs with
hyperscaler customers. Celestica has also been exploring
opportunities with digital native companies (which include
specialized AI cloud providers, on-prem enterprises supporting
proprietary AI, and sovereign governments) that will help diversify
its customer concentration. Examples include its 2024 project wins
with Groq and a hardware platform solution (HPS) win in 2025, where
Celestica will deliver an AI-optimized full rack, including its
1.6T switch designs.
"We project total revenue growth of about 11% for 2025. Our 2025
top-line growth assumption reflects our expectation that its
connectivity and cloud services (CCS) segment (67% of 2024
revenues) will grow significantly due to higher HPS revenue, partly
offset by lower enterprise revenue due to the anticipated
technology transition in an AI/ML compute program with a
hyperscaler customer. The enterprise end market is expected to
start recovering in the back half of 2025 as the company starts
ramping the AI/ML compute and rack programs with Groq. Our revenue
assumption also reflects our expectation that its advanced
technology solutions (ATS) segment (32% of 2024 revenues) will
remain flat versus 2024 as the demand growth will be offset by
revenue decline in aerospace and defense segment from non-renewal
of margin dilutive programs. We believe risk to our forecast is
limited because its recent program wins provide good revenue
visibility through 2027.
"Solid industry tailwinds and Celestica's strong market position
should drive further growth. We believe the company's long-term
growth prospects remain solid as continued investments in
higher-growth and higher-margin end markets, primarily data centers
backing AI, support future business growth. The increase in the
company's exposure to hyperscalers has driven the majority of its
growth in recent years. Consequently, in 2024, Celestica generated
39% of its revenues from its three largest hyperscaler customers.
We understand that the largest hyperscalers might opt to diversify
their manufacturers as the programs mature over time. However,
increased AI workloads and data center traffic will lead to 400G
upgrades to newer 800G and 1.6T programs for Celestica, which
should drive long-term growth for the company. Given increasing
demand for complex programs with a higher mix of design services,
we believe Celestica is well positioned to reap the benefit of the
industry tailwinds. Additionally, it has a significant installed
base of servers with a definite shelf life that need to be upgraded
over time, providing an ongoing revenue stream for the company.
"We expect Celestica's favorable mix will lead to continued
deleveraging through 2026. Given the significant high-margin growth
the company has experienced with hyperscalers in recent years,
Celestica's revenues and EBITDA margin surpassed its closest peer,
Sanmina Corp., in 2024. Celestica's rated peers, including Jabil,
Flex, and Sanmina, all experienced revenue declines in 2024 due to
macroeconomic headwinds that led to demand weakness in
telecommunications, automative, and industrials end markets,
similar to Celestica's revenues in those end markets. However,
Celestica's strong market position with hyperscalers more than
offset softness in its industrial and health care end markets.
Additionally, Celestica's ATS segment is well diversified between
various end markets including aerospace and defense, capital
equipment, health care, etc. We expect the favorable mix will the
enable company to sustain its current EBITDA margins through 2026,
leading to S&P Global Ratings-adjusted leverage of about 0.8x in
fiscal 2025 and 0.7x in 2026. Given the significant deleveraging in
2024, which is expected to continue through 2026, we changed our
financial risk profile assessment to modest. We note company has a
leverage ceiling of 2.0x-2.5x (usually +/-0.5x compared to S&P
Global Ratings-adjusted leverage) and it might consider an
opportunistic acquisition with the goal of deleveraging after a few
quarters. However, we believe its strong cash flow generation
provides strong liquidity for acquisitions before it needs to tap
into debt capital markets.
"Additionally, Celestica had zero borrowing under its accounts
receivables securitization facility as of December 2024. However,
we have conservatively assumed $200 million borrowing under this
facility going forward, which is added to our adjusted debt
calculation. Historically, the company used this facility for up to
$351 million (2022 and 2023) when its organic cash flow generation
was weaker.
"We expect strong free cash flow generation will provide Celestica
with a cushion to pursue capital allocation goals over the next 24
months. Celestica generated $673.2 million in S&P Global
Ratings-adjusted free cash flow in 2024, benefitting from higher
earnings. Although it increased capital expenditure (capex)
relative to historical levels to expand its capacity, its
maintenance capex is only about 40 basis points of total revenues.
Additionally, Celestica spent $271 million on its share repurchases
(inclusive of treasury shares for stock-based plans) in 2024 and
funded the repurchases with internally generated cash flow.
"We forecast Celestica will generate about $271.5 million of S&P
Global Ratings-adjusted free cash flow in fiscal 2025 and $538.6
million in fiscal 2026, primarily from earnings growth, leading to
FOCF to debt of 35% and 73% in 2025 and 2026, respectively. With
$423.3 million cash on hand and $738.9 million available under its
revolving credit facility after letters of credit as of December
2024, the company has ample liquidity to support growth. We expect
management will continue investing in organic growth including HPS
research and development, automation, and other initiatives and
will consider share repurchases and acquisitions opportunistically
going forward. We project about $360 million of annual spending on
acquisitions and share repurchases combined. Acquisitions will
likely focus on enhancing its capabilities and increasing scale
while expanding earnings per share.
"The stable outlook reflects our expectation that Celestica's
EBITDA expansion will lead to strong FOCF generation and S&P Global
Ratings-adjusted debt to EBITDA well below 2x for the next 12
months."
S&P could consider a downgrade in the next 12 months if:
-- Celestica's S&P Global Ratings-adjusted debt to EBITDA
approaches 2x due to a soft demand environment for some of the
company's product lines, leading to declining EBITDA; and
-- Celestica adopts a more aggressive financial policy in terms of
debt-funded shareholder returns and acquisitions, further
pressuring leverage measures.
S&P said, "We are unlikely to raise the rating to investment grade
within the next 12 months because Celestica's operating scale and
geographic or end-market diversification is weak relative to other
investment-grade rated technology hardware companies, and the
presence of larger players makes the industry competitive.
Consequently, we think a transformational acquisition would likely
be necessary (but not automatically sufficient) to achieve the
scale and end-market diversity required for us to consider a higher
rating."
CINEMA MANAGEMENT: Court Extends Cash Collateral Access to April 8
------------------------------------------------------------------
John Pringle, the Chapter 11 trustee for Cinema Management Group,
LLC, received another extension from the U.S. Bankruptcy Court for
the Central District of California, Los Angeles Division, to use
cash collateral.
The second interim order signed by Judge Neil Bason authorized the
trustee to use the cash collateral until April 8 to pay the
expenses set forth in its budget, with a 10% variance.
Netflix Worldwide Entertainment LLC, Hanmi Bank, Banc of California
National Association, and Bondit LLC may assert liens on Cinema's
cash collateral.
As protection, the secured creditors will receive replacement liens
on, and security interests in, the cash collateral and all other
assets of the estate that are subject to their pre-bankruptcy
liens.
In case of any diminution in the value of their interests in their
pre-bankruptcy collateral, the secured creditors will be granted
allowed superpriority administrative expense claims in the same
priority as the replacement liens.
A final hearing is scheduled for April 8.
Banc of California N.A. is represented by:
Alex M. Weingarten, Esq.
Willkie Farr & Gallagher LLP
2029 Century Park E
Los Angeles, CA 90067
Telephone: (310) 855-3000
Facsimile: (310) 855-3099
Email: aweingarten@willkie.com
-- and --
Elizabeth A. Wayne, Esq.
Willkie Farr & Gallagher LLP
300 N LaSalle Dr
Chicago, IL 60654
Telephone: (312) 728-9000
Facsimile: (312) 728-9199
Email: ewayne@willkie.com
-- and --
Jennifer J. Hardy, Esq.
Willkie Farr & Gallagher LLP
600 Travis St
Houston, TX 77002
Telephone: (713) 510-1700
Facsimile: (713) 510-1799
Email: jhardy2@willkie.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.
CLYDESDALE ACQUISITION: S&P Ups ICR to 'B+' on Pactiv Acquisition
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Clydesdale
Acquisition Holdings Inc. (dba Novolex) to 'B+' from 'B' and
removed it from CreditWatch, where S&P placed it with positive
implications on Dec. 10, 2024.
S&P said, "We assigned a 'B+' issue-level rating to Novolex's new
term loan B and senior secured notes with a recovery rating of '3'
(rounded estimate: 65%). At the same time, we raised the
issue-level rating to 'B+' from 'B' on the existing $2.44 billion
first-lien term loan and $500 million senior notes due 2029, and
$500 million senior notes due 2030. We also raised the issue-level
rating to 'B-' from 'CCC+' on the existing senior unsecured notes
due 2030.
"The stable outlook reflects our expectation that Novolex will
successfully integrate Pactiv Evergreen and execute on their
projected cost synergies, leading to expanded EBITDA margins and
higher profitability over the next 18 months and S&P adjusted debt
leverage around 6x."
Novolex announced that it expects to close its merger with Pactiv
Evergreen Inc. by April 1, 2025.
"The merger significantly increases the overall scale and scope of
Novolex. We believe the two companies are highly complementary in
terms of product offerings and end market customers, and along with
significant scale and further diversification in North America,
creates one of the largest flexible and rigid food and beverage
packaging manufacturers by revenue and EBITDA. On a pro forma
basis, we expect the combined company will generate over $9 billion
in revenue and S&P Global Ratings-adjusted EBITDA of $1.5 billion.
Both companies hold significant market share within fresh food
packaging, delivery and carry-out, and food merchandising markets,
and primarily sell to full-service restaurants (FSR), quick service
restaurants (QSR), distributors, grocery, and beverage and food
processors. Pactiv also comes with additional manufacturing
capabilities that are not currently offered by Novolex, including
paper packaging and molded fiber capabilities that should further
grow Novolex's product offerings. We believe Novolex will benefit
from the significant scale increase, and we believe there is a
significant advantage to the diversity of product provided by the
combined entities across substrate, solution, and price that will
provide for one-stop service for customers versus needing to rely
on competitors for adjacent product offerings. While the food and
beverage industry has seen some recent volatility as a result of
destocking and elevated inflation, pushing customers to reassess
buying habits, we generally view the end market as relatively
stable with the potential for moderate, low- to mid-single digit
percent revenue growth over the next several years.
"The additional sponsor equity contribution will lead to lower pro
forma leverage. Despite the additional term loan and senior notes
to finance the transaction, we are forecasting leverage to fall to
around 6.4x on a pro forma basis, down from roughly 8x in 2024,
primarily a result of the $2.75 billion equity contribution from
sponsors Apollo and its co-investors, and CPPIB. We are forecasting
additional deleveraging in the outer years as the company realizes
cost synergies and top line revenue growth in the low- to
mid-single digit percent area, supporting a higher margin profile.
The company is projecting $250 million in cost synergies to be
realized over the 18 months following close, across procurement,
sales, general, and administrative (SG&A) expenditures, and
operational initiatives, with a cost to achieve around $100
million. We believe the projected cost synergies are achievable and
have incorporated them into our forecast. We also believe the
company should benefit from revenue growth through additional
market share gain and share of wallet given the increased product
portfolio, as well as benefiting from Pactiv's distribution
network. As a result, we are forecasting mid-single digit revenue
growth in the outer years of our forecast, reflecting these scale
advantages.
"We expect Novolex will maintain robust liquidity, with roughly
$324 million of cash on hand post close, and an undrawn $1.03
billion revolving credit facility. As part of the transaction,
Novolex will assume $217 million of Pactiv debentures, which are
due December 2025. We forecast S&P Global Ratings-adjusted free
operating cash flow (FOCF) to be above $400 million over the next
two fiscal years, which will likely offset an uptick in capital
spending over the next few years. The company expects the increased
capital spending will decline as a percent of total sales as costs
related to the closure of Pactiv's Canton Mill and the Pine Bluff
divestiture roll off, and Novolex realizes benefits from its
warehouse optimization efforts, before settling into roughly around
3% of sales in the outer years.
"We are forecasting low-single digit revenue growth in 2025 as
volumes normalize. Volumes remained soft in 2024, leading to top
line revenue declines of 4.6%, given weaker demand environment as
inflation remained high, and a shift in mix as customers opted for
value over volume, pressuring margins. We expect to see a return to
more normalized volume levels given increased consumer spending and
promotional activity, but note the impacts from tariffs remain an
ongoing risk. Though we expect the impact from potential tariffs to
Novolex's cost base to be relatively limited given only 2% of sales
and 4% of costs of goods come from imported products respectively,
a pullback in consumer spending due to elevated prices could hinder
topline revenue growth in 2025.
"The stable outlook reflects our expectation that Novolex will
successfully integrate Pactiv Evergreen and execute its projected
cost synergies, leading to expanded EBITDA margins and higher
profitability over the next 18 months. The stable outlook also
reflects our expectation for volume recovery in 2025, leading to
low-single digit organic revenue growth in 2025. We expect on a pro
forma basis, Novolex will have S&P Global Ratings-adjusted leverage
around 6.4x."
S&P could lower the ratings if:
-- Sales volumes decline beyond expectations or pricing pressures
lead to significant margin pressure, such that leverage exceeds 7x
on a sustained basis; or
-- Novolex pursues additional debt funded acquisitions or
shareholder rewards that stress credit metrics.
S&P could raise the rating if:
-- The company and its financial sponsor commit to a more
conservative financial policy that supports leverage below 5x on a
sustained basis.
CREATIVE REALITIES: $7M Deal Ends Dispute With Reflect Stockholders
-------------------------------------------------------------------
Creative Realities, Inc., announced that it has reached a
settlement and resolved its dispute with former stockholders of
Reflect Systems, Inc. regarding the Company's responsibility to pay
former Reflect stockholders contingent supplemental cash payments
under the terms of the merger between the companies (the
"Guaranteed Consideration"). The settlement ends and releases the
Company from its obligation to pay the Guaranteed Consideration in
return for: (i) a cash payment of $3 million; (ii) a $4 million,
30-month promissory note; and (iii) the issuance of certain
warrants to acquire common stock of the Company. The Note is an
unsecured liability of the Company that bears interest at a rate of
14.0% per year, and requires the Company to make a to make a
balloon payment of $2.3 million on the maturity date, Sept. 14,
2027.
"I'm very pleased to announce this settlement with the former
Reflect stockholders, positioning us for a more certain future,"
said Rick Mills, chief executive officer. "We worked hard to
resolve this liability in a way that is beneficial to the Company,
our investors, and the former Reflect stockholders. We believe the
settlement accomplishes this objective and provides a great deal of
financial flexibility while removing a significant overhang on our
shares. CRI will pay $3 million in cash utilizing our existing
credit agreement with First Merchants Bank, and we entered into a
$4 million, 30-month promissory note that includes a balloon
payment in 2027. This long-term plan, along with warrants,
provides us time to continue growing the Company and enhance
shareholder value while giving former Reflect stockholders an
additional return on their investment. I think this is a win-win
for all involved that quantifies a payment schedule and eliminates
uncertainty through a clear, simplified financing structure. We
are very pleased with this development that allows us to focus on
expansion and improved operating results for the remainder of
fiscal 2025."
About Creative Realities
Headquartered in Louisville KY, Creative Realities -- www.cri.com
-- designs, develops and deploys digital signage-based experiences
for enterprise-level networks utilizing its Clarity, ReflectView,
and iShowroom Content Management System (CMS) platforms. The
Company is actively providing recurring SaaS and support services
across diverse vertical markets, including but not limited to
retail, automotive, digital-out-of-home (DOOH) advertising
networks, convenience stores, foodservice/QSR, gaming, theater, and
stadium venues. In addition, the Company assists clients in
utilizing place-based digital media to achieve business objectives
such as increased revenue, enhanced customer experiences, and
improved productivity. This includes the design, deployment, and
day to day management of Retail Media Networks to monetize
on-premise foot traffic utilizing its AdLogic and AdLogic CPM+
programmatic advertising platforms.
The independent registered public accounting firm's report on the
Company's Consolidated Financial Statements for the fiscal year
ended Dec. 31, 2024, included a note stating that there is
significant uncertainty regarding the Company's ability to continue
as a going concern within one year from the date the Consolidated
Financial Statements are issued. Grant Thornton LLP, the Company's
auditor since 2014 and based in Cincinnati, Ohio, emphasized that
the Company is facing challenges in generating adequate cash flow
to meet its contingent consideration obligations, which raises
considerable doubt about its ability to remain a going concern.
Creative Realities incurred a net loss of $3.51 million for the
year ending Dec. 31, 2024, compared to a net loss of $2.94 million
for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the
Company held total assets of $65.21 million, total liabilities of
$39.75 million and total shareholders' equity of $25.46 million.
CREATIVE REALITIES: Reports $3.51M Loss on $50.85M Sales in 2024
----------------------------------------------------------------
Creative Realities, Inc., has published its annual report on Form
10-K, revealing a net loss of $3.51 million on total revenues of
$50.85 million for the year ending Dec. 31, 2024, compared to a net
loss of $2.94 million on total revenues of $45.17 million for the
year ending Dec. 31, 2023.
The Company has experienced past net losses and has faced negative
cash flows from operations. Although the Company achieved net
income in 2022, it recorded a net loss in 2023 and 2024, and it
remains uncertain whether it will be able to achieve or improve
profitability in future periods.
In the report, the Company pointed out, "We have formulated our
business plans and strategies based on certain assumptions
regarding the acceptance of our business model and the marketing of
our products and services. Nevertheless, our assessments regarding
market size, market share, market acceptance of our products and
services and a variety of other factors may prove incorrect. Our
future success will depend upon many factors, including factors
beyond our control and those that cannot be predicted at this
time."
The cash flows provided by operating activities were $3.38 million
and $5.17 million for the years ended Dec. 31, 2024 and 2023,
respectively. The Company had a $531,000 decrease in cash provided
by operating activities due to changes in operating assets and
liabilities, primarily due to decreases in accounts payable, and
customer deposits, partially offset by a decrease in accounts
receivable.
Net cash spent on investing activities for the year ended Dec. 31,
2024, was $2.80 million, compared to $4.03 million for the same
period in 2023. As of Dec. 31, 2024, the Company has no
outstanding commitments for capital expenditures. The reduction in
capital expenditures in 2024 compared to prior period was
anticipated as the Company has been reducing third-party
development resources utilized for the modernization and
internationalization of its automotive platform, which launched to
user acceptance testing during the second quarter of 2024.
Net cash used in financing activities during the year ended Dec.
31, 2024 was $2.45 million compared to net cash provided by
financing activities of $137,000 for the same period in 2023. Net
cash used in financing activities for the year ended Dec. 31, 2024,
was primarily due to the repayment of related party term debt
amounting to $15.15 million, partially offset by net proceeds of
$13.04 million from borrowings and payments under the Company's
revolving credit facility.
As of Dec. 31, 2024, the Company held total assets of $65.21
million, total liabilities of $39.75 million and total
shareholders' equity of $25.46 million.
The independent registered public accounting firm's report on the
Company's Consolidated Financial Statements for the fiscal year
ended Dec. 31, 2024, included a note stating that there is
significant uncertainty regarding the Company's ability to continue
as a going concern within one year from the date the Consolidated
Financial Statements are issued. Grant Thornton LLP, the Company's
auditor since 2014 and based in Cincinnati, Ohio, emphasized that
the Company is facing challenges in generating adequate cash flow
to meet its contingent consideration obligations, which raises
considerable doubt about its ability to remain a going concern.
In response to these circumstances, the Company stated it is
actively exploring options to modify its debt facilities or raise
capital through equity financing. However, these plans are still
under evaluation, depend on market conditions, and in certain
aspects, are beyond the Company's control, making them uncertain.
Consequently, the Company has concluded that management's plans do
not alleviate the significant doubt regarding the Company's ability
to continue as a going concern.
For further details, the complete Form 10-K filing is available on
the U.S. Securities and Exchange Commission's website at:
https://www.sec.gov/Archives/edgar/data/1356093/000143774925007738/crex20241231_10k.htm
About Creative Realities
Headquartered in Louisville KY, Creative Realities --
http://www.cri.com/-- designs, develops and deploys digital
signage-based experiences for enterprise-level networks utilizing
its Clarity, ReflectView, and iShowroom Content Management System
(CMS) platforms. The Company is actively providing recurring SaaS
and support services across diverse vertical markets, including but
not limited to retail, automotive, digital-out-of-home (DOOH)
advertising networks, convenience stores, foodservice/QSR, gaming,
theater, and stadium venues. In addition, the Company assists
clients in utilizing place-based digital media to achieve business
objectives such as increased revenue, enhanced customer
experiences, and improved productivity. This includes the design,
deployment, and day to day management of Retail Media Networks to
monetize on-premise foot traffic utilizing its AdLogic and AdLogic
CPM+ programmatic advertising platforms.
CRICKET AUTOMOTIVE: Gets Extension to Access Cash Collateral
------------------------------------------------------------
Cricket Automotive Center, LLC received fourth interim approval
from the U.S. Bankruptcy Court for the Eastern District of North
Carolina to use cash collateral.
The fourth interim order authorized the company to use cash
collateral consistent with its 30-day budget, with a 10% variance
allowed. The budget shows total projected expenses of $116,263 for
March.
Secured creditors, including Cricket Service Center, LLC, a North
Carolina limited liability company, CT Corporation System and
Corporation Service Company, will receive a replacement lien on the
company's post-petition property of the same type that secured the
company's indebtedness.
In addition, the company was ordered to pay $2,000 to Cricket
Service Center and make lease payments to Texaco Since 1949, LLC
and Rollback at Ward, LLC.
Cricket Automotive Center was also ordered to keep the secured
creditors' collateral insured.
The next hearing is scheduled for March 31.
About Cricket Automotive Center
Cricket Automotive Center, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-04172) on
December 2, 2024, with $100,001 to $500,000 in assets and $500,001
to $1 million in liabilities.
Judge David M. Warren presides over the case.
William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC
is the Debtor's legal counsel.
Secured creditor Cricket Service Center, LLC is represented by:
Brian R. Anderson, Esq.
Fox Rothschild LLP
230 N. Elm Street, Suite 1200
Greensboro, NC 27401
Telephone: (336) 378-5205
Facsimile: (336) 378-5400
Email: Branderson@foxrothschild.com
CURIS INC: Fails to Meet Nasdaq's MVLS Requirement
--------------------------------------------------
Curis, Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that it received notice from the
Listing Qualifications Department of the Nasdaq Stock Market LLC
that the Company was not in compliance with Nasdaq Listing Rule
5550(b)(2), as the market value of the Company's listed securities
had been below $35,000,000 for the last 30 consecutive business
days. The Notice indicated that Nasdaq Listing Rule 5810(c)(3)(C)
provides the Company a compliance period of 180 calendar days, or
until August 20, 2025, to regain compliance with the MVLS
Requirement.
In order to regain compliance, the market value of the Company's
listed securities must close at $35,000,000 or more for a minimum
of 10 consecutive business days. If the Company does not regain
compliance within the Compliance Period, the Company will receive
written notification that its securities are subject to delisting
from the Nasdaq Capital Market.
There can be no assurance that the Company will be able to regain
compliance with the MVLS Requirement or otherwise maintain
compliance with Nasdaq's other listing requirements.
About Curis
Lexington, Mass.-based Curis, Inc. is a biotechnology company
focused on the development of emavusertib (CA-4948), an orally
available, small molecule inhibitor of Interleukin-1 receptor
associated kinase, or IRAK4. IRAK4 plays an essential role in the
toll-like receptor, or TLR, and interleukin-1 receptor, or IL-1R,
signaling pathways, which are frequently dysregulated in patients
with Cancer.
Boston, Mass.-based PricewaterhouseCoopers, the Company's auditor
since 2002, issued a "going concern" qualification in its report
dated February 8, 2024, citing that the Company has incurred losses
and cash outflows from operations that raise substantial doubt
about its ability to continue as a going concern."
DANG LA CONSTRUCTION: Tom Howley Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley
Law, PLLC as Subchapter V trustee for Dang La Construction and
Associates, LLC.
Mr. Howley will be paid an hourly fee of $575 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Howley declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Tom Howley, Esq.
Howley Law, PLLC
711 Louisiana Street, Suite 1850
Houston, TX 77002
Telephone: (713) 333-9120
Email: tom@howley-law.com
About Dang La Construction and Associates
Dang La Construction and Associates, LLC, a Houston-based company,
filed a petition under Chapter 11, Subchapter V of the Bankruptcy
Code (Bankr. S.D. Texas Case No. 25-30853) on February 14, 2025. In
its petition, the Debtor reported total assets of $60,305 and total
liabilities of $1,212,340.
Judge Alfredo R. Perez handles the case.
The Debtor is represented by:
Susan Tran Adams, Esq
Tran Singh, LLP
2502 La Branch St.
Houston, TX 77004
Email: stran@ts-llp.com
DOUBLE HELIX: Seeks Chapter 11 Bankruptcy in Missouri
-----------------------------------------------------
On March 10, 2025, Double Helix Corporation filed Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern District
of Missouri. 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 Double Helix Corporation
Double Helix Corporation, doing business as KDHX Community Media,
is a nonprofit organization based in St. Louis, Missouri, that
operates an independent, non-commercial radio station at 88.1 FM.
The station offers a wide variety of programming, including music,
as well as public affairs shows and educational content. In
addition to its radio broadcasts, KDHX engages with the local
community through events, educational programs, and support for
independent artists.
Double Helix Corporation sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-40745) on March 10,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Bonnie L. Clair handles the case.
The Debtor is represented by Robert Eggmann, Esq., at CARMODY
MACDONALD P.C., in Saint Louis, Missouri.
E.W. SCRIPPS: Secures $1.3 Billion Debt Refinancing
---------------------------------------------------
The E.W. Scripps Company (NASDAQ: SSP) said March 11, 2025, it has
entered into a transaction support agreement (TSA) with lenders
representing more than 70% of the aggregate principal amount of
Scripps' outstanding tranche B-2 term loans due May 2026 and
tranche B-3 term loans due June 2028. The company has also entered
into commitment letters with accounts receivable securitization
providers for a new A/R securitization facility and its revolving
banks to extend a portion of its revolving credit facility through
July 2027. These transactions will provide Scripps the runway and
liquidity to continue the progress of its strategic and operating
initiatives.
The transactions include:
* Repayment or extension of up to $1.3 billion of existing term
loans
The initial consenting lenders holding existing B-2 term
loans will exchange certain of their existing B-2 term loans (not
otherwise repaid as part of these transactions) for new B-2 term
loans due June 2028 and initial consenting lenders holding existing
B-3 term loans will exchange their existing B-3 term loans for a
combination of new B-2 term loans and new B-3 term loans due
November 2029.
* New committed financings to support successful execution of
the transactions
* The company executed commitment letters with new lenders to
provide for a $450 million accounts receivable securitization
facility, with a portion of such proceeds used to partially repay
the existing B-2 term loans and certain initial consenting holders
to provide new B-2 term loans, the proceeds of which will be used
for cash repayment of any existing B-2 term loans not exchanged or
repaid with the proceeds of the accounts receivable securitization
facility.
* Commitment to enter into a new revolving credit facility to
support go-forward liquidity
* The company executed a commitment letter with certain
existing lenders to provide a new $208 million revolving credit
facility due July 2027. The new revolving credit facility will
extend and substantially replace a portion of the company’s
existing revolving credit facility, with the remaining committed
amount of the existing revolver still available for draw.
All holders of existing B-2 term loans and existing B-3 term loans
will be offered the opportunity to exchange their term loans for
new B-2 term loans and/or new B-3 term loans, as applicable.
Following the transactions, no existing B-2 term loans will remain
outstanding. Existing B-3 term loans that remain outstanding after
the transaction will be subordinated in right of payment to the new
B-2 term loans, new B-3 term loans, new revolving credit facility
and non-extended revolving credit facility. The company expects to
complete the transactions by April.
"Our agreement includes a series of actions to transform Scripps'
balance sheet and strengthen our ability to implement key strategic
initiatives that support our ongoing transformation, " Scripps
Chief Financial Officer Jason Combs said. "We are grateful for the
broad-based support from our existing and new investors that
contributed to this attractive refinancing. As we move forward, we
remain focused on improving the company’s operating performance,
managing our debt and positioning the company for the future. "
"We are pleased to be announcing a significant round of debt
refinancing. Our highest priority remains reducing our total amount
of debt and improving the company's leverage with a focus that is
already yielding significant results. Our record political
advertising revenue and strategic expense management helped drive
down our leverage significantly, to 4.8x, at year-end 2024. That is
nearly a full turn below year-end 2023 levels," said Scripps
President and CEO Adam Symson.
"We also continue to make strong progress toward improving our
financial performance. Company leaders and I are determined to
continue this work as we move through 2025. We are on track, as we
laid out in November, to increase the Scripps Networks division
margin by at least 400-600 basis points this year. Further,
enterprise-wide, we are executing a transformation plan to improve
operating performance as we best position Scripps to create new
value."
Simpson Thacher & Bartlett LLP served as counsel and Perella
Weinberg Partners served as financial advisor to the company. Davis
Polk & Wardwell LLP served as counsel and Moelis & Company LLC
served as financial advisor to an ad hoc group of certain of the
initial consenting holders. Cahill Gordon & Reindel LLP acted as
counsel to JPMorgan Chase Bank, N.A., as left lead arranger with
respect to the new revolving credit facility. Mayer Brown LLP
served as counsel to PNC Bank, National Association, as
administrative agent and a lender with respect to the new accounts
receivable securitization facility. Orrick Herrington & Sutcliffe
LLP served as counsel to KKR Credit Advisors (US) LLC, on behalf of
itself, certain of its affiliates and its or their managed funds
and accounts, as a lender with respect to the new accounts
receivable securitization facility.
About Scripps
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media
company focused on creating a better-informed world. As one of the
nation's largest local TV broadcasters, Scripps serves communities
with quality, objective local journalism and operates a portfolio
of more than 60 stations in 40+ markets. Scripps reaches households
across the U.S. with national news outlets Scripps News and Court
TV and popular entertainment brands ION, ION Plus, ION Mystery,
Bounce, Grit and Laff. Scripps is the nation's largest holder of
broadcast spectrum. Scripps is the longtime steward of the Scripps
National Spelling Bee. Founded in 1878, Scripps' long-time motto
is: "Give light and the people will find their own way."
ECHOSTAR CORP: Lowers Net Loss to $124.5 Million in FY 2024
-----------------------------------------------------------
EchoStar Corporation filed its Annual Report on Form 10-K with the
U.S. Securities and Exchange Commission, reporting a net loss of
$124.5 million on total revenue of $15.8 billion for the year
ending Dec. 31, 2024. This compares to a net loss of $1.6 billion
on total revenue of $17 billion for the year ending Dec. 31, 2023.
As of December 31, 2024, EchoStar had $60.9 billion in total
assets, $40.7 billion in total liabilities, and total stockholders'
equity of $20.2 billion.
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/m9e53cuj
About Echostar
Headquartered in Englewood, Colorado, EchoStar Corporation is a
holding company that was organized in October 2007 as a corporation
under the laws of the State of Nevada. Its subsidiaries operate
four primary business segments: (1) Pay-TV; (2) Retail Wireless;
(3) 5G Network Deployment; and (4) Broadband and Satellite
Services.
As of December 31, 2024, EchoStar had $60.9 billion in total
assets, $40.7 billion in total liabilities, and total stockholders'
equity of $20.2 billion.
ELEGANZA TILES: Court OKs Deal to Use Cash Collateral Until May 3
-----------------------------------------------------------------
Eleganza Tiles, Inc. got the green light from the U.S. Bankruptcy
Court for the Central District of California, Santa Ana Division,
to use cash collateral on an interim basis.
The order authorized Eleganza Tiles to use the cash collateral of
the U.S. Small Business Administration on the terms and conditions
set forth in their stipulation, which gives the company until May 3
to access the cash collateral.
Pursuant to the stipulation, the SBA will be granted a replacement
lien on revenues generated by the company after its Chapter filing.
As additional protection, SBA will receive a monthly payment of
$2,498.
The next hearing is scheduled for April 23.
About Eleganza Tiles Inc.
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.
Eleganza Tiles Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10535) on March 2,
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 Scott C. Clarkson handles the case.
The Debtor is represented by:
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
ENSERVCO CORP: Marc Kramer Resigns From Board of Director
---------------------------------------------------------
Marc A. Kramer informed Enservco Corporation of his decision to
step down from his position on the Company's Board of Directors.
His departure was not due to any conflict with the Company
regarding its operations, policies, or practices, as stated in a
Form 8-K submitted to the Securities and Exchange Commission.
About Enservco
Enservco -- www.enservco.com -- provides a range of oilfield
services through its various operating subsidiaries, including hot
oiling, acidizing, frac water heating, and related services. The
Company has a broad geographic footprint covering major domestic
oil and gas basins across the United States. The Company owns and
operates a fleet of specialized trucks, trailers, frac tanks and
other well-site related equipment and serve customers in several
major domestic oil and gas producing areas, including the
Denver-Julesburg Basin ("DJ Basin")/Niobrara area in Colorado and
Wyoming, the San Juan Basin in northwestern New Mexico, the
Marcellus and Utica Shale areas in Pennsylvania and Ohio, the Jonah
area, Green River and Powder River Basins in Wyoming, and the Eagle
Ford Shale and East Texas Oilfield in Texas.
Houston, Texas-based Pannell Kerr Forster of Texas, P.C., the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated March 29, 2024, citing that the
Company has a significant working capital deficiency, has recurring
losses, and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
In its Quarterly Report for the period ending Sept. 30, 2024,
Enservco mentioned that it believes its current liquidity will not
be enough to cover its obligations for the next twelve months from
Dec. 30, 2024 (the filing date of the Quarterly Report).
EUREKA REALTY: Samuel Dawidowicz Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 2 appointed Samuel Dawidowicz as
Subchapter V trustee for Eureka Realty Corp.
Mr. Dawidowicz will be paid an hourly fee of $565 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Dawidowicz declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Samuel Dawidowicz
215 East 68th Street
New York, NY 10065
Phone: (917) 679-0382
About Eureka Realty Corp.
Eureka Realty Corp. is a single-asset real estate corporation based
in New York City.
Eureka Realty Corp. sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10345) on
February 26, 2025. In its petition, the Debtor reported between $1
million and $10 million in both assets and liabilities.
Judge Lisa G Beckerman handles the case.
EXELA TECHNOLOGIES: Bondholders Tap SOLIC for Ch. 11 Restructuring
------------------------------------------------------------------
SOLIC Capital Advisors, a leading financial advisory firm providing
investment banking, restructuring and distressed asset support
services, is representing the ad hoc group of bondholders of Exela
Technologies, a global business process automation company, in
connection with its chapter 11 cases, captioned In re DocuData
Solutions, Inc. pending in the United States Bankruptcy Court for
the Southern District of Texas. These proceedings involve the
restructuring of $1.3 billion of funded debt and the ad hoc group
is providing a new money DIP facility of up to $80 million.
The SOLIC Team is led by Reid Snellenbarger and Greg Hagood.
About SOLIC
SOLIC Capital Advisors is a leading financial advisory firm
providing investment banking, restructuring, and distressed asset
support services. SOLIC provides creative solutions to complex
challenges by combining market knowledge with deep industry
expertise to deliver optimal results for our clients. To learn
more, please visit www.soliccapital.com.
About Exela Technologies
Headquartered in Irving, Texas, Exela Technologies, Inc. --
http://www.exelatech.com/-- is a business process automation (BPA)
company, leveraging a global footprint and proprietary technology
to provide digital transformation solutions enhancing quality,
productivity, and end-user experience.
Exela Technologies Inc. and several other units sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.
25-90024) on March 3, 2025. In its petition, the Debtor reports
estimated assets between $500 million and $1 billion and
liabilities between $1 billion and $10 billion.
Honorable Bankruptcy Judge Christopher M. Lopez handles the case.
The Debtor is represented by:
Timothy Alvin Davidson, II, Esq.
Andrews Kurth LLP
600 Travis, Ste 4200
Houston, TX 77002
Telephone: (713) 220-3810
Facsimile: (713) 220-4285
FEENEY ENTERPRISES: Hires Harry P. Stampler Inc. as Auctioneer
--------------------------------------------------------------
Feeney Enterprises, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Harry P.
Stampler, Inc. as auctioneer.
The firm will auction the Debtor's furniture, fixtures, equipment
and its inventory.
The firm will be paid at 15 percent of the bid price.
Harry Stampler, a partner at Harry P. Stampler, 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:
Harry Stampler
Harry P. Stampler, Inc.
5412 Stirling Road
Davie, FL 33314
Tel: (954) 921-8888
About Feeney Enterprises, Inc.
Feeney Enterprises, Inc., operating under trade names including
Cabinet Maker Warehouse, Feeney Supply, and Bevel-Edge, is a
Stuart, Florida-based cabinet and supply distributor.
Feeney Enterprises filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10570) on
January 21, 2025. In its petition, the Debtor reported assets
between $100,000 and $500,000 and liabilities between $500,000 and
$1 million.
Judge Mindy A. Mora handles the case.
The Debtor is represented by Brian K. McMahon, Esq. at Brian K.
McMahon, PA.
FIRST EMANUEL: Dwayne Murray Named Subchapter V Trustee
-------------------------------------------------------
The Acting U.S. Trustee for Region 5 appointed Dwayne Murray, Esq.,
at Murray & Murray, LLC, as Subchapter V trustee for First Emanuel
Baptist Church.
Mr. Murray will be paid an hourly fee of $500 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Murray declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Dwayne Murray, Esq.
Murray & Murray, LLC
4970 Bluebonnet Blvd., Suite B
Baton Rouge, LA 70809
Tel: (225) 925-1110
Fax: (225) 925-1116
Email: dmm@murraylaw.net
About First Emanuel Baptist Church
First Emanuel Baptist Church filed Chapter 11 petition (Bankr. E.D.
La. Case No. 24-12026) on Oct. 16, 2024, listing between $1 million
and $10 million in both assets and liabilities.
Judge Meredith S. Grabill presides over the case.
Douglas Draper, Esq., at Heller, Draper & Horn, LLC represents the
Debtor as legal counsel.
FLUENT INC: Must Raise $5M in Capital Under Amended Credit Deal
---------------------------------------------------------------
Fluent Inc. filed a Form 8-K with the Securities and Exchange
Commission, announcing that on March 10, 2025, Fluent, LLC (the
"Borrower"), a wholly-owned subsidiary of the Company, entered into
the Fourth Amendment to the Credit Agreement with Crystal Financial
LLC, doing business as SLR Credit Solutions, acting as
administrative agent, lead arranger, and bookrunner.
Under the terms of the amendment, the Company is required to raise
at least $5 million in additional capital for the Borrower by March
20, 2025. In addition, the Fourth Amendment waived non-compliance
with the financial covenants as of Dec. 31, 2024, extended the
duration of the call protection applicable to the loans, and
modified the financial covenants, among other things. The Company
will seek to raise additional capital through equity, equity-linked
instruments, or subordinated debt financings; however, whether and
when the Company can effect such financings and how much capital
the Company can raise depends on a variety of factors, including,
among other factors, market factors, the trading price of the
Company's common stock, limitations on the amount of securities the
Company can sell, and the Company's determination as to the
appropriate sources of funding for its operations.
Earlier, on April 2, 2024, the Borrower entered into the Credit
Agreement with the Company, certain subsidiaries of the Borrower as
guarantors, SLR and other lenders party to the agreement from time
to time.
On Jan. 30, 2025, the Borrower and SLR entered into a letter
agreement (the "First Letter") to the Credit Agreement, pursuant to
which SLR extended the deadline for the delivery of the compliance
certificate for the fiscal month ended Dec. 31, 2024, and the
related notice of default, to March 4, 2025, while the parties
negotiated the Fourth Amendment to the Credit Agreement.
On March 3, 2025, the parties entered into a second letter
agreement (the "Second Letter"), extending the expiration date of
the First Letter to March 10, 2025. The Second Letter did not
otherwise substantively modify the First Letter or the Credit
Agreement.
About Fluent Inc.
Fluent, Inc. -- https://www.fluentco.com -- is a digital marketing
services company specializing in customer acquisition. The Company
operates highly scalable digital marketing campaigns that connect
advertiser clients with their target consumers. The Company
accesses these consumers through both its owned and operated
digital media properties and Commerce Media Solutions marketplace.
Since 2023, the Company delivered data-driven, performance-based
customer acquisition services for over 500 consumer brands, direct
marketers, and agencies across various industries, including Media
& Entertainment, Financial Products & Services, Health & Life
Sciences, Retail & Consumer, and Staffing & Recruitment.
Fluent said in its Quarterly Report on Form 10-Q for the period
ended Sept. 30, 2024, that "Based on current projections, the
Company expects to be in compliance with the new financial
covenants for each of the quarters in the twelve months following
the issuance date of this Quarterly Report on Form 10-Q. However,
the Company has not met its projections for certain recent
quarters, so there can be no assurance that the Company will meet
its projections in the future. If during any fiscal quarter, the
Credit Parties do not comply with any of their financial covenants,
such non-compliance would result in an event of default that would
give SLR the right to accelerate maturities. Additionally, if the
Company fails to raise capital in at least the amount required
under the Third Amendment by November 29, 2024, such failure would
also result in an event of default. In such case, the Company
would not have sufficient funds to repay the SLR Term Loan ... and
the SLR Revolver...In addition, even if the Company is able to
raise additional capital as required by the Third Amendment, there
is no assurance that such capital plus the available cash plus
borrowing base on the SLR Revolver will be sufficient to fund
operations over the next twelve months. If needed, the Company
will consider implementing other cost-saving measures, but there is
no guarantee that such plans would be successfully executed or have
the expected benefits. As a result, management concluded that there
is substantial doubt about the Company's ability to continue as a
going concern for one year after the date of this Quarterly Report
on Form 10-Q."
FOREVER 21: F21 OpCo's Case Summary & 30 Top Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: F21 OpCo, LLC
d/b/a Forever 21
110 East 9th Street, Suite A500
Los Angeles, CA 90079
Business Description: The Debtors, which operate 354 Forever 21
stores across the United States, sell trendy
clothing and accessories primarily through
brick-and-mortar locations in high-demand
shopping malls. They also offer merchandise
through their website, www.forever21.com.
Debtor F21 OpCo, LLC is the primary
operating Debtor responsible for most
operations, while Debtor F21 Puerto Rico,
LLC manages the Debtors' five stores in
Puerto Rico. Additionally, Debtor F21
GiftCo Management, LLC administers the
Debtors' gift card program.
Chapter 11 Petition Date: March 16, 2025
Court: United States Bankruptcy Court
District of Delaware
Three affiliated companies that simultaneously filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
F21 OpCo, LLC (Lead Case) 25-10469
F21 Puerto Rico, LLC 25-10470
F21 GiftCo Management, LLC 25-10471
Judge: Hon. Mary F. Walrath
Debtors'
Bankruptcy
Counsel: Andrew L. Magaziner, Esq.
Robert F. Poppiti, Jr., Esq.
Ashley E. Jacobs, Esq.
S. Alexander Faris, Esq.
Kristin L. McElroy, Esq.
Andrew M. Lee, Esq.
Sarah Gawrysiak, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Email: amagaziner@ycst.com
rpoppiti@ycst.com
ajacobs@ycst.com
afaris@ycst.com
kmcelroy@ycst.com
alee@ycst.com
sgawrysiak@ycst.com
Debtors'
Special
Corporate &
Finance
Counsel: PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
Debtors'
Restructuring
Consultant: BERKELEY RESEARCH GROUP, LLC
Debtors'
Notice &
Claims
Agent: VERITA GLOBAL
Debtors'
Investment
Banker: SSG CAPITAL ADVISORS, LLC
Debtors'
Liquidation
Advisor: HILCO MERCHANT REROURCES, LLC
GORDON BROTHERS RETAIL PARTNERS, LLC, and
SB360 CAPITAL PARTNERS, LLC
Estimated Assets
(on a consolidated basis): $100 million to $500 million
Estimated Liabilities
(on a consolidated basis): $1 billion to $10 billion
The petitions were signed by Stephen Coulombe as co-chief
restructuring officer.
A complete copy of the Lead Debtor's petition can be accessed for
free on PacerMonitor at:
https://www.pacermonitor.com/view/VGVZL5I/F21_OpCo_LLC__debke-25-10469__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Hangzhou Qidi Fashion Trade $11,497,512
Apparel Co Ltd
Julie Deng
Room 102, Block A, 1
Bldg, Jingwei
International Creative
Park, 279# Shiqiao Rd
Xiacheng District
Hangzhou, 310000
China
Julie Deng
Phone: +86-57188193501
Fax: +86-57188193567
Email: julie@hzbrightfashion.com
2. C & C Nantong Cathay Trade $11,108,937
Clothing Co Ltd
Alice
No.999, Pingchao Town,
Tongzhou
Room 1603, No.33
Gongnong Road
Nantong, 226100
China
Phone: +86-13906293660
Fax: +86-51381180005
Email: alice@cathayclothing.com
3. NKM Holdings Ltd Trade $10,746,471
11F, Bona International
Plaza, No. 456 Taikang
Middle Road
Ningbo, 315199
China
Phone: +86-574-87857878
Fax: +86-57487857871
Email: nkm@nkm.cn
4. Kisoo K Trading Co Ltd Trade $10,180,928
Jake
#5th Fl, Jaeyoung Bldg
63, Nonhyeon-Ro 31-Gil
Seocho-Gu, 06745
South Korea
Phone: +82-7070988787
Fax: +82-220887040
Email: jake@Kisoo1.co.kr
5. Leukon Inc Trade $10,016,172
Ks Ahn(LK)
Seongsu Hyundai
Terrace Tower, East
15F, Yeonmujang 5GA-Gil
Seongdong-Gu,
South Korea
Phone: +82-1088881193
Fax: +82-25651805
Email: ksahn@Leukon.co.kr
6. Jiangyin Kenadi Trade $9,149,317
International Trade Co Ltd
Serena Kim
Room 432, Building1,
No2, Binjiang West Rd
Shanghai, 07072
China
Phone: +86-13917663967
Email: serena@gnd-china.com
7. Manren HK Enterprise Limited Trade $7,014,039
RM D 10/F Tower A Billio
N Ctr 1 Wangkwong Rd
Kowloon Bay Kl
Hong Kong, 999077
Hong Kong
Phone: +86-2151695866
Fax: +86-2151761380
Email: document_sh@manren-sh.com
8. KNF International Co Ltd Trade $6,992,103
Heongsam Ma
408, Samseong-Ro,
Gangnam-Gu
Seoul, 06185
South Korea
Phone: +82-25501442
Fax: +82-25666880
Email: samma@knf-international.com
9. CFH Fashion Inc Trade $5,319,590
Andy Wang
625 S Berendo St #403
Los Angeles, Ca 90005
Phone: 390-629-3660
Fax: +86-51368716720
Email: andywang@cfhfashion.com
10. Nantong Z & Z Garment Trade $4,974,988
Co Ltd
Cao Yuhua
No.54,55, Xi Chan Si Cun,
Xiting Town, Tongzhou
District
Nantong City,
China
Phone: +86-51386111728
Fax: +86-051386515308
Email: michael@zz-garment.com
11. Shaoxing Lankou Trade $4,881,548
Trading Co Ltd
Wang Weiguo
Room 1803, Building 3,
Golden Times Mansion,
Yuecheng District
Shaoxing City, 312000
China
Phone: +86-13306756727
Fax: +86-57588037111
Email: wangwg@tianyultd.com
12. Nantong D & J Fashion Trade $4,438,493
Co Ltd
Jessica Qiu
5th Floor, Building
No.3, No.385 Guoqiang
Road. Nantong City
Nantong,
China
Phone: +86-51355081666
Fax: +86-513-55082810
Email: jessica@djfashion.com.cn
13. Shanghai Toex Trade $4,199,957
International Trading Co Ltd
Li Ge Bin
Floor 5, Building 6, No. 67
Zhujin Road,
Songjiang District,
Shanghai
Shanghai, 201615
China
Phone: +86-13917724425
Email: josh@toex.cn
14. Shanghai Fei Chuan Imp Trade $4,135,133
& Exp Corp
Meehua
Fl18 No.85 Loushanguan Road
Room 312. No. 25
Building, 664 Xin Hua Road
Shanghai, 200052
China
Phone: +86-02165350735
Email: meehua.p@snmindustry.com
15. Grand Apparels Trade $4,121,748
Designs Limited
Helen Liu
Room 807, Harbour
Crystal Centre, 100
Granville Road
Tsim Sha Tsui East,
100hkg
Hong Kong
Phone: +852-23688666
Fax: +85-223688669
Email: helen.liu@grandstep.cn
16. Qingdao Horizon Trade $3,738,236
Trading Co Ltd
Grace
No. 4 Pingxiang Road,
Shibei District
Qingdao, China
Phone: +86-53284971075
Email: grace@odhorizon.com
17. Hong Kong Butterfly Trade $3,372,941
Limited
He Juan
Unit 04, 7/F Bright Way
Tower No. 33 Mong Kok Road
Kowloon, 852
Hong Kong
Fax: +85-057584624761
Email: jiajia@yidiegarment.com
18. Weihai Hilow Imp & Exp Trade $3,126,911
Co Ltd
Weigon Zhao
Room 1409 No 268-2
Shichang Rd
Weihai, 264200
China
Phone: +86-63199509
Email: weigon.zhao@hilow.com.cn
19. Createx Holdings Trade $2,842,782
Limited
Alison Wu
Building #6-7, Tiankou
Industrial Zone,
Huangtian, Hangcheng,
Baoan District
Shenzhen, China
Phone: +852-25237012
Fax: +86-75527507734
Email: alisonwu@zhengxinfashion.com
20. Young Plus Trading HK Trade $2,668,247
Co Ltd
Gao Dou Feng
419 Room, Qiaoxing
Building No.33 Xingnan
Road Panyu District
Guangzhou, China
Phone: +86-18606411111
Fax: +86-2034330298
Email: gaodoufeng@bonglimtrading.com
21. Snogen Green Ltd Trade $2,653,954
Snogen Green Co.,Ltd
13F, (Seocho-Dong,
Gangnam Bldg.,) 396,
Seocho-Daero
Seocho-Gu, 06619
South Korea
Phone: +82-264966400
Fax: +82-264966480
Email: forever21@snogengreen.com
22. O & K Inc Dba One Clothing Trade $2,493,333
Henry Lee
2121 E. 37th St
Los Angeles, Ca 90058
Phone: 323-846-5700
Fax: 323-846-5832
Email: henry.lee@oneclothing.com
23. Bona Industrial Co Limited Trade $2,344,086
Yin Zhengwan
11/F Capital Centre 151
Gloucester Road
Wanchai
Hong Kong, 999077
Hong Kong
Phone: +86-2151761381
Fax: +85-230137332
Email: yinzhengwan@linsheng.sh.cn
24. New Century Textiles Ltd Trade $2,256,660
Cater
Rm 502-503, No.3
Bldg,Legend
Commercial Plaza, Lane
3599, Qixin Road
Shanghai, 201101
China
Phone: +86-213496385
Fax: +86-2154225780
Email: cater@newcenturytextiles.com
25. Guangzhou Hong Ying Trade $2,249,277
Da Clothing Co Ltd
Silvia Wen
1/F 3/F No.1 Building3 No.
14 Lixin 12 Road
Zengcheng
Guangzhou, 511340
China
Phone: +86-02062287968
Email: silvia@hongyingda.net
26. Denim & Beyond LLC Trade $2,200,011
Ceo Denim
3422 Hilldale Pt
San Antonio, Tx 78261
Phone: 302-232-4488
Email: ceo@denimbeyond.com
27. Global Fashion Trade $2,044,437
Resource Inc Dba Sss
Clothing
Michael Kim
3315 S Broadway
Los Angeles, Ca 90007
Phone: 213-973-5941
Fax: 213-973-5944
Email: michael@sssclothing.com
28. Ningbo Long Lan Trade $1,821,443
Fashion Garment Inc
Peter Chen
No.6 Huatianfan,
Chunhu Town, Fenghua District
Ningbo, 315506
China
Phone: +86-57488985209
Fax: +86-57488985201
Email: peter@longlanfs.com
29. Google Inc. Service $1,782,162
1600 Amphitheatre Provider
Parkway
Mountain View, Ca 94043
Fax: 650-253-0001
Email: collections@google.com
30. Ningbo Orient Hongye Trade $1,693,531
Imp & Exp Inc
Jilly Yang
No.97 Wujia Road,
Seduno Building,
Hengtong Plaza, Haishu
District, Ningbo
Shanghai, 201103
China
Phone: +86-2161031555
Fax: +86-2161031599
Email: jilly@orient-hongye.com
FORMULATIONS PARENT: S&P Assigns 'B' ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
U.S.-based specialty chemicals producer Formulations Parent Corp.
(dba Chase Corp.) with a stable outlook.
S&P said, "We assigned our 'B' issue-level rating and '3' recovery
rating (rounded estimate: 60%) to the proposed senior secured
credit facilities, which comprises a new revolver and a new term
loan B.
"The stable outlook reflects our expectation that the company's S&P
Global Ratings-adjusted debt to EBITDA ratio will remain between
4.5x-5.5x over the next 12 months which we consider appropriate for
the rating."
Chase Corp. is proposing to do a refinancing of its existing debt.
The company is seeking to refinance its existing capital structure
with a proposed $75 million revolving credit facility and a
proposed $475 million first lien term loan. The new facilities have
a term of five years and seven years, respectively, and will
replace the existing undrawn revolving credit facility (RCF) and
first-lien term loan maturing in 2029 and 2030, respectively. These
facilities were put in place by private equity sponsors KKR in
November 2023 as part of their acquisition of Chase. S&P said, "We
expect the refinancing transaction will provide Chase with some
extension of its debt maturities, some annual interest cost
savings, additional cash on the balance sheet, and better free
operating cash flows (FOCF). Formulations Parent Corp. will be the
issuer of the audited financial statements while Chase Corp. is the
main operating subsidiary."
The ratings on Chase Corp. reflect its relatively small scale and
narrow product focus, partially offset by its above-average
profitability and solid customer retention rates. Chase Corp. is a
relatively small player in the broad, highly fragmented coatings,
adhesives, tapes, sealants and waterproofing markets relative to
some larger producers that it competes with in certain categories.
It has a relatively narrow product focus relative to larger players
given the small niches that it caters to, including electronics in
automotive, industrial and consumer applications; grid and cabling
needs in utilities and infrastructure markets; and corrosion
protection and waterproofing of critical infrastructure such as
bridges and roadways. S&P said, "We note the company's exposure to
cyclical end markets of automotives, consumer electronics, and
industrial, which are vulnerable to currently elevated
macroeconomic uncertainty and demand shocks. Some of the company's
exposure is offset by more stable end markets of utilities and
infrastructure protection. Our business risk assessment also
reflects the specialized and mission critical nature of many of
Chase Corp.'s offerings (including those that have applications in
harsh environments such as undersea cabling). This and the
company's brand recognition in those markets mitigate substitution
risk to some degree, which is evidenced by high customer retention
rates and longstanding customer relationships. Our rating also
reflects the company's above-average profitability (with EBITDA
margins above 20%), low customer concentration, and relatively low
overall plant operating rates. The company has been able to
maintain above average EBITDA margins despite the impact from
NuCera Solutions--a business acquired in 2022--after a tornado
damaged a significant portion of the plant which resulted in a
portion of its production being outsourced to third parties via
tolling arrangements."
S&P said, "We expect weighted-average debt to EBITDA will be
4.5x-5.5x, leaving some cushion at the current rating. Assuming the
refinancing transaction closes as proposed, we expect the company's
S&P Global Ratings-adjusted debt to EBITDA will be slightly under
5x over the next 12 months. We expect earnings performance will
modestly improve in fiscal year 2025 compared to fiscal 2024
because of higher volumes, better pricing and better fixed-cost
absorption rates. (We note the company is changing its financial
year end to Dec. 31 beginning in 2024 from the historical Aug. 31).
We expect near-term macroeconomic risks and the company's material
exposure to cyclical industries could reduce its end-market demand
and, in turn, earnings. At the same time, we expect Chase Corp.
will maintain adequate liquidity with support from its cash
balances, full availability under the proposed revolver and
positive FOCF over the next 12 months. Given Chase's minimal
capital expenditure needs and our expectation for improving
earnings, we estimate it will continue to generate solid FOCF.
"Overall, the highly leveraged financial risk profile also reflects
its private-equity ownership. Chase Corp. is owned by
private-equity sponsor KKR since its take-private transaction in
November 2023. We note the sponsor's communicated commitment to
maintain a relatively conservative leverage profile relative to
other private-equity owned companies. We expect the company will
support its organic growth initiatives with potential mergers and
acquisitions (M&A) over the coming years given the nature of the
industry and its history of bolt-on acquisitions. We expect Chase
Corp. will have sufficient liquidity at close of the proposed
refinancing to support such M&A activity. We do not believe there
is yet a sufficient track record of prudent financial policies
under the relatively new ownership.
"The stable outlook reflects our expectation that the company's S&P
Global Ratings-adjusted debt to EBITDA will remain in the 4.5x-5.5x
range over the next 12 months and will have some cushion for any
unexpected performance weakness emanating from softer end-market
demand. We expect the company's EBITDA margins to be in the mid-20%
area for the next 12 months and gradually increase going forward,
supported by price-cost management and a gradual improvement in
volumes due to secular tailwinds in its key end markets. In our
base-case, we assume the company maintains disciplined financial
policy on acquisitions and shareholder returns."
S&P could take a negative rating action on Chase within the next 12
months if it expects weighted-average debt to EBITDA will be
greater than 6.5x with no prospects for improvement. This could
happen if:
-- Earnings decrease due to weaker-than-expected economic
activity, resulting in lower demand in key end markets;
-- The company loses key customers or distributors; or
-- It is unable to pass on any input cost increases.
S&P said, "We could also lower our rating if we believe the
company's financial policy to be more aggressive than we expect and
will impair its credit quality. This could happen if Chase Corp.
undertakes a large debt-funded acquisition or shareholder returns.
Additionally, we could take a negative rating action if the
company's liquidity significantly weakens."
S&P could take a positive rating action on Chase within the next 12
months if its S&P Global Ratings-adjusted debt to EBITDA ratio
approaches 4x consistently and EBITDA interest coverage ratio stays
above 2x. This could happen if:
-- Its operating performance is stronger than S&P expects due to
strong economic activity, leading to end-market demand growth;
-- The company gains market share or materially improves fixed
cost absorption due to higher volumes or footprint optimization;
or
-- Price improvement initiatives result in higher-than-expected
EBITDA margins. The company's EBITDA margins could also improve if
its product mix continues to shift more toward the sale of
higher-margin products, and lower-margin businesses are exited.
Before a positive rating action, S&P would also need clarity that
the company's financial policies would support credit measures at
these levels after factoring in growth initiatives.
FREEDOM MORTGAGE: S&P Affirms 'B' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on Freedom
Mortgage Holdings LLC (Freedom). S&P also affirmed its 'B'
issue-level rating on the company's senior unsecured notes with a
recovery rating of '4', indicating its expectation for meaningful
recovery (45%) in a simulated default scenario.
The stable outlook reflects S&P's expectation that Freedom will
maintain debt to EBITDA below 5x, debt to tangible equity below 2x,
and EBITDA interest coverage above 2x.
The ratings affirmation reflects Freedom Mortgage Holding's strong
operating performance in the servicing and originations segments,
balanced by recent increases in the company's gross debt.
Although Freedom operates in the highly cyclical residential
mortgage industry, the company's unpaid principal balance (UPB) of
its servicing-owned portfolio grew by 35.5% in 2024. As a result,
net loan servicing income grew to $1.7 billion in 2024 based on the
preliminary financials, from $1.4 billion in 2023. Freedom also
originated $122 billion in 2024, up from $28 billion in 2023,
primarily through the correspondent channel. As of Dec. 31, 2024,
its gross debt was $8.7 billion, up from $5.6 billion on Dec. 31,
2023, but S&P doesn't expect the company to raise significant debt
in 2025 for funding bulk mortgage servicing rights (MSR)
acquisition.
S&P said, "Despite the increase in gross debt, we expect Freedom's
leverage, as measured by debt to adjusted EBITDA, to remain
4.0x-5.0x and debt to tangible equity below 2.0x over the next
12-24 months. Following the $650 million February 2025 issuance,
we expect the pro forma adjusted debt to EBITDA be around 5.0x and
debt to tangible equity to be about 2.1x. Although above our
base-case expectation, we think Freedom will reduce leverage over
the next 12-24 months with strong earnings and retention.
"We expect Freedom's MSR portfolio to continue providing a
recurring revenue stream. Freedom's owned servicing portfolio's
unpaid principal balance grew to $626 billion as of Dec. 31, 2024,
from $462 billion a year ago, mainly driven bulk purchases and MSR
retentions (Freedom purchased $137 billion of MSRs in 2024,
compared with $39 billion in 2023). As interest rates remain
elevated, the speed of mortgage prepayments has slowed, extending
the duration of the underlying MSR cash flows. As a result, loan
servicing income grew 21.3% to $1.7 billion in 2024 based on the
preliminary financials.
"We think Freedom's liquidity remains sufficient to meet
operational needs. As of Dec. 31, 2024, the company had $995
million of unrestricted cash on its balance sheet and around $3.8
billion based on available collateral under its KeyBank line,
Ginnie Mae, and Fannie Mae funding note facilities. Positively,
forbearance levels and 60-plus-day delinquencies remain low.
"The stable outlook reflects our expectation that Freedom will
maintain debt to EBITDA below 5x, debt to tangible equity below 2x,
and EBITDA interest coverage above 2x. We also expect the company
will continue to build its servicing book organically and through
purchases while maintaining sufficient liquidity."
S&P could lower the ratings within the next 12 months if the
company's operating performance deteriorates materially or its
financial policy becomes more aggressive such that:
-- S&P expects the company to sustain debt to tangible equity over
2.0x, EBITDA interest coverage below 2x, or debt to EBITDA
significantly above 5x;
-- The company has a faster pace of MSR acquisitions or aggressive
dividends that increase leverage; or
-- It faces significant regulatory or compliance failures that
weaken its operating profitability or market position.
S&P could raise the ratings if it expects Freedom to maintain its
strong operating performance, debt to EBITDA below 4x, and debt to
tangible equity sustainably below 2.0x.
FREEDOM RAVE: Jean Goddard of NGS Named Subchapter V Trustee
------------------------------------------------------------
The Acting U.S. Trustee for Region 15 appointed Jeanne Goddard, a
certified public accountant at NGS, LLP, as Subchapter V trustee
for Freedom Rave Wear, Inc.
Ms. Goddard will be paid an hourly fee of $260 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Goddard declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jeanne Goddard, CPA, CFE, CIRA
NGS, LLP
6120 Paseo Del Norte Suite A-1
Carlsbad, CA 92011
Phone: (760) 930-0282
Email: jgoddard@NGSLLP.com
About Freedom Rave Wear Inc.
Established in 2024, Freedom Rave Wear Inc. is a California-based
company specializing in eco-friendly, vibrant festival apparel and
accessories.
Freedom Rave Wear filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. S.D. Calif. Case No. 25-00656) on
February 24, 2025. In its petition, the Debtor reported total
assets of $223,188 and total liabilities of $1,096,894.
Judge Christopher B. Latham handles the case.
The Debtor is represented by:
Larissa L Lazarus, Esq.
Law Offices of Mark L. Miller
2341 Jefferson Street Ste 100
San Diego, CA 92110
Tel: (619) 574-0551
Email: larissa@millerlegalcenter.com
FRISCO BAKING: Hires Jeffrey S. Shinbrot APLC as Counsel
--------------------------------------------------------
Frisco Baking Company, Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Jeffrey S.
Shinbrot, APLC to handle its Chapter 11 case.
The firm will be paid at the rate of $750 per hour for attorneys
and $150 per hour for paralegals. In addition, the firm will
receive reimbursement for out-of-pocket expenses incurred.
The Debtor paid the firm a pre-bankruptcy retainer in the amount of
$51,738.
Jeffrey Shinbrot, Esq., disclosed in a court filing that his firm
is a "disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Jeffrey S. Shinbrot, Esq.
JEFFREY S. SHINBROT, APLC
15260 Ventura Blvd., Suite 1200
Sherman Oaks, CA 91403
Telephone: (310) 659-5444
Facsimile: (310) 878-8304
Email: jeffrey@shinbrotfirm.com
About Frisco Baking Company, Inc.
Established in 1941, Frisco Baking Company, Inc. specializes in San
Francisco-style sourdough bread and a variety of baked goods such
as French and Italian rolls, baguettes, and specialty loaves. The
company offers wholesale services to restaurants and delis across
Los Angeles and Orange counties while maintaining retail operations
at its Los Angeles bakery.
Frisco Baking Company filed Chapter 11 petition (Bankr. C.D. Calif.
Case No. 25-11395) on February 24, 2025, listing between $1 million
and $10 million in assets and between $10 million and $50 million
in liabilities. Damon M. Perata, chief executive officer of Frisco
Baking Company, signed the petition.
Judge Neil W. Bason oversees the case.
The Debtor is represented by Jeffrey S. Shinbrot, Esq., at The
Shinbrot Firm.
FUEL FITNESS: Access to Cash Collateral Extended Until April 21
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Raleigh Division, extended Fuel Fitness, LLC's authority
to use cash collateral to fund its operations.
The interim order authorized the company to use cash collateral for
the period from March 22 to April 21 pursuant to its monthly
budget, with a 10% variance.
The budget shows total projected expenses of $73,043 for the
interim period.
Live Oak Banking Company and all other lien creditors were granted
a continuing post-petition security interest in and lien on all
personal property of the company to the same extent and with the
same priority as their pre-bankruptcy liens.
As additional protection, Live Oak Banking Company will receive
payment of $5,000 on or before April 15, 2025.
A follow-up hearing is scheduled for April 9, 2025.
About Fuel Fitness
Fuel Fitness, LLC, a company in Raleigh, N.C., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr.
E.D.N.C. Case No. 24-03698) on Oct. 22, 2024, with up to $100,000
in assets and up to $10 million in liabilities. Christopher Shawn
Stewart, member-manager, signed the petition.
Judge Joseph N. Callaway oversees the case.
The Debtor is represented by Philip Sasser, Esq., at Sasser Law
Firm.
Live Oak Banking Company, as secured creditor, is represented by:
William Walt Pettit, Esq.
Hutchens Law Firm
6230 Fairview Road, Suite 315
Charlotte, NC 28210
Phone: (704) 362-9255
walt.pettit@hutchenslawfirm.com
FUEL HOMESTEAD: Court Extends Cash Collateral Access to April 21
----------------------------------------------------------------
Fuel Homestead, LLC received sixth interim approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina, to use
cash collateral.
The sixth interim order authorized the company to use cash
collateral for operational expenses from March 22 to April 21, with
a 10% variance.
The budget shows total projected expenses of $94,530 for the
period.
Live Oak Banking Company and all other secured creditors were
granted a continuing post-petition security interest in and lien on
all personal property of the company to the same extent and with
the same priority as their pre-bankruptcy liens.
As additional protection, Live Oak Banking Company will receive
payment in the amount of $5,000 on or before April 15, 2025.
The next hearing is set for April 9.
About Fuel Homestead
Fuel Homestead, LLC, a company in Raleigh, N.C., sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case
No. 24-03699) on October 22, 2024, with up to $100,000 in assets
and up to $10 million in liabilities. Christopher Shawn Stewart,
member-manager, signed the petition.
Judge Joseph N. Callaway oversees the case.
The Debtor is represented by Philip Sasser, Esq., at Sasser Law
Firm.
Live Oak Banking Company can be reached through its counsel:
William Walt Pettit, Esq.
Hutchens Law Firm
6230 Fairview Road, Suite 315
Charlotte, NC 28210
(704) 362-9255
walt.pettit@hutchenslawfirm.com
FUEL REYNOLDA: Court Extends Cash Collateral Access to April 21
---------------------------------------------------------------
Fuel Reynolda, LLC received sixth interim approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina,
Raleigh Division, to use cash collateral to fund its operations.
The sixth interim order authorized the company to use cash
collateral for the period from March 22 to April 21 pursuant to its
monthly budget, with a 10% variance.
The budget shows total projected expenses of $91,215 for the
interim period.
Live Oak Banking Company and all other lien creditors were granted
a continuing post-petition security interest in and lien on all
personal property of the company to the same extent and with the
same priority as their pre-bankruptcy liens.
As additional protection, Live Oak Banking Company will receive
payment of $5,000.
The next hearing is set for April 9.
Live Oak Banking Company can be reached through its counsel:
William Walt Pettit, Esq.
Hutchens Law Firm
6230 Fairview Road, Suite 315
Charlotte, NC 28210
(704) 362-9255
walt.pettit@hutchenslawfirm.com
About Fuel Reynolda
Fuel Reynolda, LLC -- https://fuelfitnessclubs.com/about/ -- doing
business as Fuel Fitness, is a fitness center that offers the best
free weights, strength training/cardio equipment, group fitness
classes, personal training, childcare, recovery studio and smoothie
bar.
Fuel Reynolda sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03700) on October
22, 2024, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Christopher Shawn Stewart, member-manager,
signed the petition.
Judge Joseph N. Callaway oversees the case.
The Debtor is represented by:
Philip Sasser
Sasser Law Firm
Tel: 919-319-7400
Email: philip@sasserbankruptcy.com
GLASS MANAGEMENT: Hires William J. Factor as Special Counsel
------------------------------------------------------------
Glass Management Services, Inc. and its affiliate seek approval
from the U.S. Bankruptcy Court for the Northern District of
Illinois to employ Law Office of William J. Factor as special
counsel.
The Debtor needs the firm's legal assistance in connection with the
investigation and prosecution of claims against Lakeside Alliance,
Concrete Collective, and other potentially responsible Project
participants.
The firm will be paid at the rate of $325 to $450 per hour.
Alternatively, if there is a recovery after suit is filed, the firm
shall be paid 33 percent of the recovery.
William J. Factor, Esq., a partner at Law Office of William J.
Factor, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
William J. Factor, Esq.
Factorlaw
105 W. Madison Street, Suite 2300
Chicago, IL 60602
Tel: (312) 878-6976
Fax: (847) 574-8233
Email: wfactor@wfactorlaw.com
About Glass Management Services, Inc.
Glass Management Services, Inc. is a construction contractor based
in Illinois, specializing in glazing services. Established with a
focus on high-profile projects, the company has been involved in
significant developments, including the Obama Presidential Library,
Terminal 5 at O'Hare Airport, and multiple Chicago Public Schools
and CTA transit stations.
Glass Management Services sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14036) with
$3,029,997 in assets and $11,989,444 in liabilities. Ernest B.
Edwards, president of Glass Management Services, signed the
petition.
Hon. Janet S. Baer presides the case.
David P. Leibowitz, Esq., at Leibowitz, Hiltz & Zanzig, LLC
represents the Debtor as legal counsel.
GLOBALSTAR INC: 2024 Revenue Up 12% to Record $250.3 Million
------------------------------------------------------------
Globalstar, Inc. announced its financial results for the fourth
quarter and year ended December 31, 2024.
"Globalstar reported strong fourth quarter and full year results,
highlighted by a year-over-year revenue increase of 12%, marking an
annual record. Net loss for the year was $63.2 million, driven
predominantly by non-operating items such as a loss on
extinguishment of debt and foreign currency loss. However, adjusted
EBITDA* was a record $135.3 million in 2024, compared to $116.7
million for 2023. This increase was driven by strong revenue growth
across our key service offerings. Looking ahead to 2025, we are
reiterating our previously-issued financial guidance for the year,
with revenue expected to be in the range of $260 million to $285
million, and adjusted EBITDA margin expected to be approximately
50%, impacted by incremental strategic investments in terrestrial
network and other long-term growth initiatives," commented Rebecca
Clary, Chief Financial Officer.
Dr. Paul E. Jacobs, Chief Executive Officer, said, "2024 was a
remarkable year for Globalstar as we executed well on several key
initiatives that we believe will enable long-term, sustainable
growth. We made important strides enhancing our product portfolio
to address key end markets including consumer and government
defense. This is highlighted through our recent partnership
announcements with Parsons Corporation, Peiker Holding Company, and
Liquid Intelligent Technologies. Furthermore, the recent expansion
of our wholesale capacity arrangement demonstrates the importance
of our network and we are pleased to further this relationship."
Dr. Jacobs continued, "While 2024 was a success by many measures,
there remains a massive opportunity in front of us. We expect to
make continued progress on our recently announced partnerships,
along with the advances in our XCOM RAN technology, which we
demonstrated live for the first time at our analyst and investor
day in December. Finally, I would like to thank all of our
employees for their dedication and hard work throughout 2024."
RECENT OPERATIONAL HIGHLIGHTS
* Executed an updated services agreement with our wholesale
capacity customer, which includes development of a new satellite
constellation, expanded ground infrastructure and increased global
MSS licensing as described in more detail in our November 1, 2024
Form 8-K. Globalstar will retain 100% of all terrestrial, MSS and
other revenue and will continue to allocate 85% of its current and
future network capacity to render the satellite services to the
customer across existing and new satellites. Globalstar reserved
15% of its network capacity to service our direct MSS customers.
* Announced an exclusive partnership with Parsons Corporation
for public sector and defense applications and announced a
successful demonstration of Parsons' software-defined satellite
communications solution using Globalstar's Low Earth Orbit (LEO)
satellite constellation. The proof of concept, which commenced in
the first half of 2024, is progressing through the necessary steps
to enter commercial service. This successful demonstration marks an
important milestone as the first of its kind in North America. It
unlocks previously thought impossible, new mission-critical
solutions tailored for radio frequency-congested environments,
setting a new standard for global communication services in complex
and often challenging operating conditions.
* Commenced a strategic partnership with Peiker Holding GmbH
to bring satellite-based emergency services and telematics
capabilities to automotive original equipment manufacturers (OEMs).
The partnership enables Peiker to represent Globalstar in Europe
and support Globalstar not only with the introduction and
distribution in the European market, but also acting as a technical
support partner in relevant projects. In addition, Peiker will
contribute its own product development resources and initiatives to
optimize the performance of Globalstar technologies for other
automotive applications.
* Received a 15-year renewal of Globalstar's blanket mobile
earth terminal authorization from the Federal Communications
Commission. This radio station authorization provides our authority
to operate numerous categories of mobile earth terminals with its
U.S. and French-licensed NGSO satellites throughout the U.S. and
its territories for our millions of users.
FOURTH QUARTER FINANCIAL REVIEW
Revenue:
Total revenue for the fourth quarter of 2024 was $61.2 million,
which was comprised of $57.7 million of service revenue and $3.5
million of revenue generated from subscriber equipment sales. Total
revenue increased 17% from the prior year's fourth quarter due to
higher service revenue.
Higher service revenue of $8.7 million, or an increase of 18%, was
due primarily to higher wholesale capacity services. This increase
was due to fees earned related to certain expanded services that
began in 2024, which are expected to continue as we provide
services under the Updated Service Agreements.
Total subscriber driven revenue was down $1.3 million, due to
continued, expected churn in the Duplex subscriber base as well as
fewer gross activations for SPOT. Partially offsetting this decline
was an 8% increase in Commercial IoT due to increases in both
average subscribers and average revenue per user.
Loss from Operations:
Loss from operations was $4.2 million during the fourth quarter of
2024, compared to $12.0 million during the prior year's fourth
quarter. This improvement was due to higher revenue offset
partially by a slight increase in operating expenses.
Operating expenses were $65.4 million during the fourth quarter of
2024, compared to $64.4 million during the prior year's fourth
quarter, representing an increase of $1.0 million, or 2%. Higher
cost of services was offset partially by lower stock-based
compensation. Higher cost of services resulted primarily from
product development and network operating costs, such as personnel
and maintenance costs. These network-related costs are necessary to
support our new and upgraded global ground infrastructure; a
significant portion of these costs are reimbursed to us, and this
consideration is recognized as revenue. Stock-based compensation
was lower during the fourth quarter of 2024, resulting from the
timing of expenses associated with restricted stock units granted
to certain executives in connection with the intellectual property
license agreement with XCOM Labs, Inc. (now known as Virewirx,
Inc.).
Net Loss:
Net loss was $50.2 million for the fourth quarter of 2024 compared
to $15.1 million for the fourth quarter of 2023. In 2024, net loss
was driven by a non-cash loss on extinguishment of debt associated
with the paydown of the 2023 13% Notes as well as unfavorable
changes in foreign currency exchange rates. Other items partially
offset these unfavorable variances, including lower net interest
expense (due to higher capitalized interest) and a loss on equity
issuance associated with the warrants to purchase shares our common
stock issued during the fourth quarter of 2023 that did not recur
in 2024.
Adjusted EBITDA:
Adjusted EBITDA increased to $30.4 million for the fourth quarter
of 2024 from $25.1 million for the same period in 2023. This 21%
increase was due to higher revenue of $8.8 million offset partially
by a $3.5 million increase in operating expenses (both excluding
adjustments for non-cash or non-recurring items).
ANNUAL FINANCIAL REVIEW
Revenue:
Total revenue was $250.3 million during the twelve months ended
December 31, 2024, which was comprised of $237.7 million of service
revenue and $12.7 million of revenue generated from subscriber
equipment sales. Total revenue increased 12% from 2023 and reached
a record high for the Company. This increase was due to an increase
in service revenue, offset partially by a decrease in revenue
generated from subscriber equipment sales.
Service revenue increased $33.5 million, or 16%, during the twelve
months ended December 31, 2024, compared to the same period in
2023. Consistent with the quarterly results discussed above, higher
wholesale capacity revenue was the primary driver of this increase.
Higher Commercial IoT subscribers and ARPU also positively impacted
2024 revenue. Record service revenue from Commercial IoT during
2024 reflects growth with existing and new customers. 2024 service
revenue also reflects the positive impact from new revenue
arrangements, including services associated with our agreement with
Parsons Corporation for mission-critical governmental applications,
as well as services associated with XCOM RAN installations during
the year. Partially offsetting these positive revenue drivers were
fewer Duplex and SPOT subscribers during 2024.
Revenue generated from subscriber equipment sales decreased $7.0
million due primarily to the timing of sales of Commercial IoT
devices as well as competitive pressure on sales of SPOT devices.
Our pipeline for Commercial IoT sales opportunities remains strong,
evidenced by a 35% increase in equipment sales volume on a
consecutive quarter basis.
Loss from Operations:
Loss from operations was $0.9 million during 2024 compared to $0.2
million during 2023. This variance was due to higher operating
expenses, offset partially by an increase in revenue in 2024.
Higher cost of services and stock-based compensation were the
primary expense increases during 2024, offset partially by lower
cost of subscriber equipment.
The drivers of higher cost of services are consistent with the
quarterly discussion above, in addition to higher product
development costs as well as non-cash costs associated with the
Support Services Agreement (the "SSA") that we entered into in
August 2023 in connection with the XCOM License Agreement. The
decrease in cost of subscriber equipment is generally consistent
with the decrease in the related device sales revenue during 2024;
however, it is also related to margin improvement due to the mix of
products sold in each period as well as the cost improvement from
moving our manufacturing from China to Vietnam, which reduced
tariffs incurred for U.S. imports for a portion of 2024.
Net Loss:
Net loss was $63.2 million for 2024 compared to $24.7 million for
2023. This variance was due primarily to a higher loss on
extinguishment of debt and unfavorable fluctuations in foreign
currency exchange rates. During 2023, the payoff of the 2019
Facility Agreement resulted in a loss on extinguishment of debt
totaling $10.4 million; during 2024, the payoff of the 2023 13%
Notes resulted in a loss on extinguishment of debt totaling $27.4
million. Other items offset these unfavorable variances, including
lower net interest expense (due to higher capitalized interest) and
a loss on equity issuance associated with the warrants to purchase
shares of our common stock issued during the fourth quarter of 2023
that did not recur in 2024.
Adjusted EBITDA:
Adjusted EBITDA was $135.3 million in 2024, representing a margin
of 54% and reaching a record high for the Company. This 16%
increase from $116.7 million in 2023 was due to a $26.5 million
increase in total revenue (for reasons previously discussed),
offset partially by a $7.9 million increase in operating expenses
(both excluding adjustments for non-cash or non-recurring items).
Liquidity:
Cash and cash equivalents were $391.2 million as of December 31,
2024, compared to $56.7 million as of December 31, 2023. During
2024, net cash flows from operations of $439.2 million and net cash
flows from financing activities of $157.2 million were used to fund
capital expenditures of $260.6 million.
Operating cash flows include cash receipts from our customers,
primarily from the performance of wholesale capacity services, as
well as from subscribers for the purchase of equipment and
satellite voice and data services. We use cash in operating
activities primarily for network costs, personnel costs, inventory
purchases and other general corporate expenditures. Investing
outflows largely relate to network upgrades, including satellite
construction and launch costs. Financing activities relate
primarily to the 2021 and 2023 funding agreements with our largest
customer, the issuance of the Customer Class B Units, as well as
preferred stock dividend payments.
Cash flows during 2024 were significantly impacted by the Updated
Services Agreements. Since the execution of the Updated Services
Agreements in November 2024, the Company received cash payments
from its customer totaling $689 million, including proceeds from
the sale of Customer Class B Units (excluding in-kind
contributions), proceeds from the issuance of the Current Debt
Repayment that were used to pay off the 2023 13% Notes, and certain
advance service payments under the Infrastructure Prepayment. A
portion of the payments received was used to fund capital
expenditures for the Extended MSS Network; the remaining amount of
approximately $320 million was held in cash and cash equivalents as
of December 31, 2024 and will be used in 2025 to procure
infrastructure for the Extended MSS Network.
The total principal amount of our debt was $417.5 million at
December 31, 2024 and $398.7 million at December 31, 2023. This
increase was due primarily to proceeds from the 2023 funding
agreement and PIK interest payments made to the lenders of the 2023
13% Notes prior to their payoff, offset partially by scheduled
recoupments pursuant to the 2021 funding agreement.
FINANCIAL OUTLOOK
The Company reiterates its financial outlook for 2025 as follows:
* Total revenue between $260 million and $285 million
* Adjusted EBITDA margin of approximately 50%
About Globalstar Inc.
Headquartered in Covington, Louisiana, Globalstar Inc. provides
Mobile Satellite Services including voice and data communications
services globally via satellite. The Company offers these services
over its network of in-orbit satellites and its active ground
stations, which the Company refers to collectively as the
Globalstar System. In addition to supporting Internet of Things
data transmissions in a variety of applications, the Company
provides reliable connectivity in areas not served or underserved
by terrestrial wireless and wireline networks and in circumstances
where terrestrial networks are not operational due to natural or
man-made disasters.
* * *
Egan-Jones Ratings Company on January 15, 2025, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Globalstar, Inc. to CCC- from CC.
GMT 3435 REALTY: Gets Final OK to Use Cash Collateral
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
issued a final order authorizing GMT 3435 Realty, LLC to use the
cash collateral of SMS Financial Strategic Investments II.
The final order authorized the company to use cash collateral to
pay the expenses set forth in its budget, with a 10% variance
allowed.
The order granted protection to SMS in the form of a replacement
lien on GMT's assets and a superpriority administrative expense
claim.
As additional protection, the order approved the payment of $20,000
to SMS starting March 20.
GMT's authority to use the cash collateral terminates if its
Chapter 11 case is dismissed or converted to one under Chapter 7,
or if the company fails to comply with the terms of the interim
order.
SMS can be reached through its counsel:
Daniel Frank Florio, Jr., Esq.
Hugh Garris Jasne, Esq.
Jasne & Florio, L.L.P.
30 Glenn Street, Suite 103
White Plains, NY 10603
Tel: (914) 997-1212
Email: dff@jasneflorio.com
Email: hgj@jasneflorio.com
About GMT 3435 Realty
GMT 3435 Realty, LLC is primarily engaged in renting and leasing
real estate properties.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-36191) on December 8,
2024, with up to $10 million in both assets and liabilities. George
Gojcaj, manager, signed the petition.
Judge Kyu Young Paek oversees the case.
Anne J. Penachio, Esq., at Penachio Malara, LLP is the Debtor's
legal counsel.
Secured creditor SMS Financial Strategic Investments II is
represented by:
Daniel Frank Florio, Jr., Esq.
Hugh Garris Jasne, Esq.
Jasne & Florio, L.L.P.
30 Glenn Street, Suite 103
White Plains, NY 10603
Tel: (914) 997-1212
Email: dff@jasneflorio.com
Email: hgj@jasneflorio.com
GOL LINHAS: Judge Sets Chapter 11 Plan Hearing in May
-----------------------------------------------------
Rick Archer of Law360 Bankruptcy Authority reports that on Monday,
March 17, 2025, a New York bankruptcy judge approved GOL Linhas'
progression toward a May hearing on its Chapter 11 plan, dismissing
objections from noteholders and the U.S. Trustee's Office
concerning the plan disclosure the Brazilian airline intended to
provide to its creditors.
About Gol GOLL4.SA
GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircraft and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.
GOL Linhas Aereas Inteligentes S.A. and its affiliates and its
subsidiaries voluntarily filed for Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024.
GOL Linhas estimated $1 billion to $10 billion in assets as of the
bankruptcy filing.
The Debtors tapped Milbank Llp as counsel, Seabury Securities Llc
as restructuring advisor, financial advisor and investment banker,
Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed
LLP as aviation related counsel. Kroll Restructuring Administration
LLC is the claims agent.
GOTSTUFF INC: Hires Joyce W. Lindauer Attorney, PLLC as Attorney
----------------------------------------------------------------
Gotstuff, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to employ Joyce W. Lindauer
Attorney, PLLC to handle its Chapter 11 case.
The firm will be paid at these rates:
Joyce W. Lindauer $595 per hour
Associate $295 per hour
Paralegals and Legal Assistants $125 to 250 per hour
The firm will be paid a retainer in the amount of $11,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Joyce W. Lindauer, Esq., a partner at Joyce W. Lindauer Attorney,
PLLC, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer Attorney, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Tel: (972) 503 4033
Fax: (972) 503-4034
About Gotstuff Inc.
Gotstuff, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 25-30448) on February
4, 2025, listing between $100,001 and $500,000 in both assets and
liabilities.
Judge Scott W. Everett presides over the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC
represents the Debtor as bankruptcy counsel.
HALL CONSTRUCTION: Gets OK to Use Cash Collateral Until May 8
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, granted Hall Construction Co., Inc. interim
authority to use cash collateral until May 8.
The interim order signed by Judge Tiffany Geyer authorized the
company to use cash collateral to pay the expenses set forth in its
budget, which shows total projected expenses of $30,411.53 per
month.
Any secured creditor of the company will have a post-petition lien
on the cash collateral to the same extent and with the same
validity and priority as its pre-bankruptcy lien.
The next hearing is set for May 8.
About Hall Construction Co.
Hall Construction Co. Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06165) on
November 13, 2024, with up to $50,000 in assets and up to $500,000
in liabilities.
Judge Tiffany P. Geyer presides over the case.
The Debtor is represented by:
Scott W. Spradley, Esq.
The Law Offices pf Scott W. Spradley, P.A.
P.O. Box 1
301 S. Central Avenue
Flagler Beach, FL 32136
Tel: 386-693-4935
Email: scott@flaglerbeachlaw.com`
HALL OF FAME: Increases CHCL Loan to $5.15 Million
--------------------------------------------------
Hall of Fame Resort & Entertainment Company disclosed in a Form 8-K
Report filed with the U.S. Securities and Exchange Commission that
the Company, and its subsidiaries HOF Village Newco, LLC, a
Delaware limited liability company, HOF Village Retail I, LLC, a
Delaware limited liability company, and HOF Village Retail II, LLC,
a Delaware limited liability company, entered into a Third
Amendment to Note and Security Agreement, with CH Capital Lending,
LLC, a Delaware limited liability company. CHCL is an affiliate of
Stuart Lichter, a director of the Company.
The Third Amendment modifies the definition of "Facility Amount" in
Section 1 of the original note and security agreement (as amended
prior to the Third Amendment) to increase the facility amount from
$4,150,000 to $5,150,000 allowing the Borrowers to request an
additional $1,000,000 for general corporate purposes, subject to
certain restrictions.
About Hall of Fame Resort
Hall of Fame Resort & Entertainment Co. is a resort and
entertainment company leveraging the power and popularity of
professional football and its legendary players in partnership with
the National Football Museum, Inc., doing business as the Pro
Football Hall of Fame. Headquartered in Canton, Ohio, the Company
owns the DoubleTree by Hilton located in downtown Canton and the
Hall of Fame Village, which is a multi-use sports, entertainment,
and media destination centered around the PFHOF's campus.
According to the Company, it will need to raise additional
financing to accomplish its development plan and fund its working
capital. The Company is seeking to obtain additional funding
through debt, construction lending, and equity financing. There are
no assurances that the Company will be able to raise capital on
terms acceptable to the Company or at all. Cash flows generated
from the Company's operations are insufficient to meet its current
operating costs. If the Company is unable to obtain sufficient
amounts of additional capital, it may be required to reduce the
scope of its planned development, which could harm its financial
condition and operating results, or it may not be able to continue
to fund or must significantly curtail its ongoing operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern to meet its obligations as they come
due for the next 12 months.
As of September 30, 2024, Hall of Fame had $435,640,564 in total
assets, $341,938,767 in total liabilities, and $93,701,797 in total
equity.
HALL OF FAME: Nasdaq Grants Extension to Hold Annual Meeting
------------------------------------------------------------
As previously disclosed on the Current Report on Form 8-K filed
with the Securities and Exchange Commission, Hall of Fame Resort &
Entertainment Company received on January 10, 2025, a formal letter
from the Listing Qualifications Department of the Nasdaq Stock
Market notifying the Company that it did not comply with Listing
Rule 5620(a), which requires that it hold an annual meeting of
shareholders within 12 months of the end of the Company's fiscal
year end.
On February 18, 2025, the Company submitted to the Staff a plan of
compliance which describes the circumstances under which it became
noncompliant with the Rule and the Company's plan with which it
will regain compliance. The Staff has determined to grant the
Company an extension until June 30, 2025, to regain compliance with
the Rule by holding an annual meeting of shareholders.
About Hall of Fame Resort
Hall of Fame Resort & Entertainment Co. is a resort and
entertainment company leveraging the power and popularity of
professional football and its legendary players in partnership with
the National Football Museum, Inc., doing business as the Pro
Football Hall of Fame. Headquartered in Canton, Ohio, the Company
owns the DoubleTree by Hilton located in downtown Canton and the
Hall of Fame Village, which is a multi-use sports, entertainment,
and media destination centered around the PFHOF's campus.
According to the Company, it will need to raise additional
financing to accomplish its development plan and fund its working
capital. The Company is seeking to obtain additional funding
through debt, construction lending, and equity financing. There are
no assurances that the Company will be able to raise capital on
terms acceptable to the Company or at all. Cash flows generated
from the Company's operations are insufficient to meet its current
operating costs. If the Company is unable to obtain sufficient
amounts of additional capital, it may be required to reduce the
scope of its planned development, which could harm its financial
condition and operating results, or it may not be able to continue
to fund or must significantly curtail its ongoing operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern to meet its obligations as they come
due for the next 12 months.
As of September 30, 2024, Hall of Fame had $435,640,564 in total
assets, $341,938,767 in total liabilities, and $93,701,797 in total
equity.
HAMMOCK COMMUNITIES: Court Extends Cash Collateral Access to May 1
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, granted Hammock Communities, Inc. interim
authorization to use cash collateral until May 1.
The order signed by Judge Brendy Johnson authorized the company to
use cash collateral for court-approved expenses and operating costs
pursuant to its budget, with a 10% variance.
Any secured creditor will receive a post-petition lien on cash
collateral, with the same priority and validity as its
pre-bankruptcy lien.
Hammock Communities was ordered to keep its assets insured as
additional protection to secured creditors.
The next hearing is scheduled for May 1.
About Hammock Communities
Hammock Communities Inc., doing business as HC Builds, specializes
in creating unique residential communities, they offer a range of
housing options for individuals and families looking to settle in
the area.
Hammock Communities Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
24-03101) on October 15, 2024, with up to $50,000 in assets and up
to $10 million in liabilities. Richard J. Smith, president, signed
the petition.
Judge Jason A. Burgess handles the case.
The Debtor is represented by:
Scott W. Spradley, Esq.
Law Offices of Scott W. Spradley, P.A.
Tel: 386-693-4935
Email: scott@flaglerbeachlaw.com
HILTS LOGGING: Case Summary & Four Unsecured Creditors
------------------------------------------------------
Debtor: Hilts Logging & Excavating, LLC
179 Axtel Road
Edmeston, NY 13335
Business Description: Hilts Logging & Excavating specializes in
logging services, including timber
harvesting and land clearing, utilizing a
range of heavy machinery for forestry
operations.
Chapter 11 Petition Date: March 16, 2025
Court: United States Bankruptcy Court
Northern District of New York
Case No.: 25-60199
Judge: Hon. Patrick G Radel
Debtor's Counsel: Peter A. Orville, Esq.
ORVILLE & MCDONALD LAW, P.C.
30 Riverside Drive
Binghamton, NY 13905
Tel: 607-770-1007
Fax: 607-770-1110
Total Assets: $612,385
Total Liabilities: $1,404,316
The petition was signed by Jake Hilts as owner.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/PCUT75I/Hilts_Logging__Excavating_LLC__nynbke-25-60199__0001.0.pdf?mcid=tGE4TAMA
IHEARTMEDIA INC: Posts $1.01 Billion Net Loss in FY 2024
--------------------------------------------------------
iHeartmedia Inc. filed its Annual Report on Form 10-K with the U.S.
Securities and Exchange Commission, reporting a net loss of $1.01
billion on total revenue of $3.9 billion for the year ending Dec.
31, 2024. This compares to a net loss of $1.10 billion on total
revenue of $3.8 billion for the year ending Dec. 31, 2023.
As of Dec. 31, 2024, the Company had $5.6 billion in total assets,
$6.9 billion in total liabilities, and $1.4 billion in total
stockholders' deficit.
Completed Debt Exchange Transaction and Cost Efficiency Actions:
* Completed previously announced exchange with a group of debt
holders representing approximately 92% of the Company's outstanding
term loan and notes (the "Debt Exchange Transaction"); exchanging
approximately $4.8 billion of existing debt; extended maturities by
three years; kept consolidated annual cash interest essentially
flat; and provided debt reduction resulting in the lowest Net Debt
in the history of the Company
* Completed modernization cost reduction program expected to
generate $200 million of annual cost savings in 2025. Offset by $50
million of anticipated cost increases for 2025, for an expected net
cost reduction of $150 million
Q4 2024 Consolidated Results:
* Q4 Revenue of $1,118 million, up 4.8% (Excluding Q4
Political Revenue, Q4 Revenue down 1.8%)
* GAAP Operating income of $105 million vs. $80 million in Q4
2023
* Consolidated Adjusted EBITDA of $246 million, compared to
$208 million in Q4 2023, up 18.2%
* Cash provided by operating activities of $1 million
* Free Cash Flow of $(24) million included $89 million of Debt
Exchange Transaction fees and $46 million of the accrued interest
paid for the Debt Exchange Transaction that would have been paid in
2025 under the old debt terms
* Free Cash Flow excluding the impacts of the Debt Exchange
Transaction was $111 million
* Cash balance and total available liquidity2 of $260 million
and $686 million, respectively, as of December 31, 2024
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/2xs9xnaa
About iHeartMedia
iHeartmedia Inc. develops, owns, and operates the iHeart.com
Website, which includes a broad selection of video content posted
along with their stories.
* * *
As reported by the Troubled Company Reporter on March 5, 2024, S&P
Global Ratings lowered its issuer credit rating on iHeartMedia Inc.
to 'CCC+' from 'B' because it believes the company is dependent on
favorable business, financial, and economic conditions to meet its
financial obligations.
INTEGRATED CARE: Hires Oliver & Cheek PLLC as Counsel
-----------------------------------------------------
Integrated Care of Greater Hickory, Inc. seeks approval from the
U.S. Bankruptcy Court for the Eastern District of North Carolina to
employ The Law Offices of Oliver & Cheek, PLLC to handle its
Chapter 11 case.
The firm will be paid based upon its normal and usual hourly
billing rates and will be reimbursed for out-of-pocket expenses
incurred.
The Debtor paid the firm an initial retainer of $20,000, and $1,738
filing fee.
George Mason Oliver, Esq., a partner at Oliver & Cheek, 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:
George Mason Oliver, Esq.
The Law Offices of Oliver & Cheek, PLLC
P.O. Box 1548
New Bern, NC 28563
Tel: (252) 633-1930
Fax: (252) 633-1950
Email: george@olivercheek.com
About Integrated Care of Greater Hickory, Inc.
Integrated Care of Greater Hickory Inc. is a healthcare
organization in North Carolina, which provides comprehensive
support for adults, children, adolescents, and their families
facing various behavioral health challenges, such as addiction,
depression, anxiety, trauma, and more. The organization's primary
goal is to promote lifelong recovery through a range of
interventions, rather than just offering treatment. Additionally,
ICGH provides Peer Support Services, which are led by Certified
Peer Support Specialists -- individuals with personal,
transformative experiences who assist others struggling with mental
health issues, trauma, or substance use.
Integrated Care of Greater Hickory filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
25-00629) on February 21, 2025, listing between $500,000 and $1
million in assets and between $1 million and $10 million in
liabilities.
The Debtor is represented by George Mason Oliver, Esq., at The Law
Offices of Oliver & Cheek, PLLC.
JAGUAR HEALTH: Adopts Limited Duration Stockholder Rights Plan
--------------------------------------------------------------
Jaguar Health, Inc. announced that its Board of Directors has
adopted a limited duration stockholder rights plan.
"Jaguar, which, like many other biotechnology companies, continues
to experience a significant and ongoing dislocation in the trading
price of its common stock, has received an indication of interest
to acquire the Company. Our Board intends the Rights Plan to give
Jaguar stockholders more time to realize the long-term value of
their investment by discouraging significant open-market
accumulation of the Company's shares without appropriately
compensating all the Company's stockholders for control," said Lisa
Conte, Jaguar's president and CEO.
The Rights Plan is not intended to prevent or interfere with any
action with respect to the Company that the Board determines to be
in the best interests of the Company and its stockholders. Instead,
it will position the Board to fulfill its fiduciary duties on
behalf of all stockholders by ensuring that the Board has
sufficient time to make informed judgments about any attempts to
acquire the Company. The Rights Plan will encourage anyone seeking
to acquire the Company or gain a significant interest in the
Company to negotiate directly with the Board.
"Jaguar has multiple expected near-term catalysts. The Company is
supporting three proof-of-concept (POC) investigator-initiated
trials (IIT), and conducting two Phase 2 studies, of crofelemer,
our novel plant-based anti-secretory prescription drug, for the
rare diseases' short bowel syndrome with intestinal failure
(SBS-IF) and/or microvillus inclusion disease (MVID) in the US,
European Union, and/or Middle East/North Africa regions. The first
POC IIT results are expected to be available in the second quarter
of 2025, with additional POC IIT results expected throughout 2025.
In accordance with the guidelines of specific EU countries,
published data from clinical investigations in MVID and SBS-IF
could support reimbursed early patient access to crofelemer for
these debilitating conditions," Conte said. "Additionally, the
Company expects that, if even just a very small number of MVID
patients show benefit with the extremely safe profile of
crofelemer, this may potentially allow approval in the US for
crofelemer for MVID and qualify crofelemer for participation in
PRIME for this indication. PRIME is a European Medicines Agency
(EMA) program providing enhanced interaction and early dialogue
with developers of promising medicines that target an unmet medical
need, with the goal of optimizing development plans and speeding up
evaluation so the medicine can reach patients earlier."
Jaguar also remains focused on development of crofelemer for cancer
therapy-related diarrhea (CTD). As announced, the analysis of the
prespecified subgroup of adult patients with breast cancer from the
Company's recently conducted Phase 3 prophylactic OnTarget clinical
trial for diarrhea in adult patients with solid tumors receiving
targeted therapy with or without standard chemotherapy indicate
that crofelemer achieved statistically significant results in this
subgroup. These results were the subject of a December 11, 2024
poster presentation at the San Antonio Breast Cancer Symposium. The
Company will request a meeting with the FDA to discuss the results
of OnTarget in breast cancer patients and potential pathways to
bring crofelemer to this patient population as efficiently as
possible, and expects the meeting to take place in the second
quarter of 2025.
Further, the terms of the Rights Plan provide many recognized
stockholder protections, including:
* The rights will be exercisable only if an entity, person or
group acquires beneficial ownership of 20% or more of the total
voting power of the aggregate of all shares of the Company's Voting
Stock (as defined below) then outstanding in a transaction not
approved by the Board;
* The Rights Plan does not contain any dead-hand, slow-hand,
no-hand or similar features that would limit the ability of a
future board of directors to redeem the rights; and
* The Rights Plan does not preclude the Board from considering
an offer that recognizes the full value of the Company.
Pursuant to the Rights Plan, the Company will issue a dividend of:
(i) one preferred share purchase right for each share of
common stock and
(ii) one preferred stock purchase right for each share of
non-voting common stock outstanding as of the close of business on
March 10, 2025.
While the Rights Plan is effective immediately, the Rights
generally would become exercisable only if an entity, person or
group acquires beneficial ownership of 20% or more of the total
voting power of the aggregate of all shares of the Company's Voting
Stock then outstanding in a transaction not approved by the Board.
If the Rights become exercisable, each holder of a Class A Right or
Class B Right (other than the acquiring entity, person or group)
will have the right to purchase from the Company for $4.50, subject
to certain potential adjustments, shares of the Company's common
stock or non-voting common stock, respectively, having a market
value of twice that amount. In addition, at any time after an
entity, person or group acquires 20% or more of the total voting
power of the aggregate of all shares of the Company's Voting Stock
then outstanding, but less than 50% of the total voting power of
the aggregate of all shares of the Company's Voting Stock then
outstanding, the Board may exchange:
(i) one share of the Company's common stock per Class A Right
and
(ii) one share of the Company's non-voting common stock per
Class B Right (other than Rights owned by the acquiring entity,
person or group, which would have become void).
The Rights Plan has a term of one year and may expire earlier upon
the occurrence of certain specified events.
Further details about the Rights Plan will be contained in a
Current Report on Form 8-K and in a Registration Statement on Form
8-A that the Company will file with the U.S. Securities and
Exchange Commission available at:
https://tinyurl.com/462b5nsj
About Jaguar Health
Jaguar Health, Inc. -- http://www.jaguar.health-- is a
commercial-stage pharmaceuticals company focused on developing
novel, plant-based, sustainably derived prescription medicines for
people and animals with gastrointestinal ("GI") distress, including
chronic, debilitating diarrhea. Jaguar Health's wholly owned
subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and
commercializing proprietary plant-based human pharmaceuticals from
plants harvested responsibly from rainforest areas. The Company's
crofelemer drug product candidate is the subject of the OnTarget
study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea
in adult cancer patients receiving targeted therapy.
Larkspur, California-based RBSM, LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company has an accumulated deficit,
recurring losses, and expects continuing future losses. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
As of September 30, 2024, Jaguar Health had $58.5 million in total
assets, $42.9 million in total liabilities, $2.5 million in
redeemable preferred stock, and $13.1 million in total
stockholders' equity.
JM CARTER: Gets Final OK to Use Cash Collateral
-----------------------------------------------
JM Carter Plumbing, Inc. received final approval from the U.S.
Bankruptcy Court for the Northern District of Texas, Dallas
Division, to use cash collateral.
The final order authorized the company to use cash collateral
strictly for business operations based on its 30-day budget, which
shows total operational expenses of $57,417.84.
Secured Lenders, including the U.S. Small Business Administration,
BancorpSouth Bank, First Internet Bank of Indiana, Channel Partners
Capital, and UBank were granted a replacement liens on JM's assets
to protect against any diminution in the value of their
collateral.
As additional protection, First Internet Bank of Indiana will
receive a monthly payment of $10,000, starting this month until
confirmation of a Chapter 11 plan.
Meanwhile, JM will continue to pay the other secured lenders their
agreed-upon amounts. Payments to such lenders started in January.
About JM Carter Plumbing Inc.
JM Carter Plumbing Inc. specializes in plumbing repairs and water
heater installations.
JM Carter Plumbing filed Chapter 11 petition (Bankr. N.D. Texas
Case No. 24-33983) on December 6, 2024, with $100,000 to $500,000
in assets and $1 million to $10 million in liabilities. Josh
Rathbone, president of JM Carter Plumbing, signed the petition.
Judge Michelle V. Larson handles the case.
The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W.
Lindauer Attorney, PLLC.
JMMG2 LLC: Gerard Luckman Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at
Forchelli Deegan Terrana, LLP as Subchapter V trustee for JMMG2
LLC.
Mr. Luckman will be paid an hourly fee of $695 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Luckman declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gerard R. Luckman, Esq.
Forchelli Deegan Terrana, LLP
333 Earle Ovington Blvd., Suite 1010
Uniondale, NY 11553
Tel: (516) 812-6291
Email: gluckman@ForchelliLaw.com
About JMMG2 LLC
JMMG2 LLC filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-70789) on February 27,
2025, listing up to $50,000 in assets and between $100,001 and
$500,000 in liabilities.
Judge Louis A. Scarcella presides over the case.
Andrew R. Gottesman, Esq., at Rosenberg & Estis, P.C. represents
the Debtor as legal counsel.
JOANN INC: Auctions 790 Store Leases, 5 Distribution Centers
------------------------------------------------------------
GA Group, a leading asset disposition, valuation, appraisal, and
real estate services firm, and A&G Real Estate Partners, a national
real estate advisory firm specializing in lease optimization and
real estate sales, announced plans to auction 790 retail store
leases and five distribution centers in conjunction with the wind
down of operations of fabric and crafts retailer, JOANN, Inc.
following its filing for Chapter 11 bankruptcy on January 15,
2025.
The bid deadline for JOANN store leases and properties is April 16,
2025 and the auction is expected to take place in New York on April
22, 2025.
The available leases cover a range of property types across 49
states, including freestanding stores, power centers, strip malls,
and urban retail corridors, ranging from 7,500 to 52,000 square
feet. No fee-owned properties are available in the auction.
"This diverse portfolio offers strong real estate fundamentals,
prime high-traffic locations, and turnkey spaces ready for
immediate occupancy, " said Michael Jerbich of GA Group. "This
auction offers business owners and investors a prime opportunity to
expand their footprint and strengthen their local presence."
"The auction of JOANN's store leases presents a unique chance to
transform well-located retail spaces into thriving businesses,"
said Emilio Amendola, Co-President of A&G. "From specialty retail
and fitness centers to healthcare clinics and entertainment venues,
these properties offer limitless potential. For small business
owners and startups, this is an opportunity to lock in prime
locations at competitive rates--helping them grow, innovate, and
revitalize local economies."
GA Group was recognized as the successful bidder to serve as
exclusive agent to monetize substantially all JOANN's assets
pursuant to an order entered by the U.S. Bankruptcy Court for the
District of Delaware on February 26, 2025.
Most JOANN stores will stay open for going-out-of-business sales
through May 2025, or until supplies run out. Furniture, fixtures,
and equipment are also available for purchase. The retailer's
intellectual property will also be sold as part of this process.
About A&G Real Estate Partners
Established in 2012 by founders Emilio Amendola and Andrew Graiser,
A&G is a team of relationship builders, strategic negotiators, and
brand protectors dedicated to achieving maximum value for all
clients. We are proud to manage the entire commercial real estate
spectrum, including property assets undergoing acquisition,
auction, retail, office, and industrial transactions. Our goal is
to exceed client expectations by maximizing their value, minimizing
their loss, and protecting their brand heritage. For more
information, visit www.agrep.com
About GA Group
GA Group is a privately held, global firm offering a comprehensive
set of tailored solutions to meet our clients' diverse needs. Our
experts value, monetize, lend against, or acquire assets across a
broad range of sectors from both healthy and distressed companies.
GA Group and its predecessors are celebrating 50 years of customer
service, and the company's leadership has over 100 years of
collective experience in the industry. GA Group is majority-owned
by funds managed by Oaktree Capital Management, L.P.
About Joann Inc.
JOANN operates in the fabric and sewing industry with one of the
largest assortments of arts and crafts products. JOANN has
transformed itself into a fully-integrated, digitally-connected
omni-channel retailer.
JOANN reported a net loss of $200.6 million for the year ended Jan.
28, 2023.
On March 18, 2024, JOANN Inc. and 9 affiliates filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 24-10418). JOANN listed
$2,257,700,000 in assets against $2,440,700,000 in liabilities as
of Oct. 28, 2023.
Judge Craig T. Goldblatt oversees the case.
The Debtors tapped Latham & Watkins, LLP as legal counsel; Houlihan
Lokey Capital, Inc. as investment banker; and Alvarez & Marsal
North America, LLC, as financial advisor. Kroll Restructuring
Administration, LLC is the noticing agent.
JOANN Inc., on April 30, 2024 successfully emerged from its
court-supervised financial restructuring process.
2nd Attempt
Joann Inc. sought voluntary Chapter 11 petition for the second time
under U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25 10068) on
Jan. 15, 2025.
Kirkland & Ellis is serving as legal counsel to JOANN, with
Centerview Partners LLC serving as financial advisor and Alvarez &
Marsal North America, LLC serving as restructuring advisor.
K&NN TRUCKING: Court OKs Deal to Use CCG's Cash Collateral
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada approved a
stipulation between K11 Trucking, LLC and Commercial Credit Group,
Inc., allowing the company to use the secured creditor's cash
collateral.
The stipulation authorizes K11 Trucking to use cash collateral for
post-petition expenses. As protection, Commercial Credit Group will
be granted a post-petition replacement lien on assets of the
company, including trucks and trailers.
K11 Trucking was required to keep the secured creditor's collateral
insured.
About K&NN Trucking LLC
K&NN Trucking, LLC operates in the general freight trucking
industry.
K&NN Trucking sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 24-16543) on December 16,
2024. Nathan Nuesca, managing member of K&NN Trucking, signed the
petition.
As of November 30, 2024, K&NN Trucking had $809,191 in total assets
and $1,260,375 in total liabilities.
Judge Mike K. Nakagawa presides over the case.
The Debtor is represented by:
Damon K. Dias, Esq.
Dias Law Group, Ltd.
Tel: 702-380-3011
Email: ddias@diaslawgroup.com
KBS REAL ESTATE: Cuts Net Loss to $10.85M in 2024
-------------------------------------------------
KBS Real Estate Investment Trust III, Inc., submitted its annual
report on Form 10-K to the Securities and Exchange Commission,
revealing a net loss of $10.85 million for the year ending Dec. 31,
2024, reflecting a substantial improvement from the previous year's
loss of $157.5 million, with total revenues of $277.7 million in
2024, compared to $300.68 million in 2023.
As of Dec. 31, 2024, the Company held total assets of $1.82
billion, total liabilities of $1.57 billion and total stockholders'
equity of $256.56 million.
During the year ended Dec. 31, 2024, net cash provided by operating
activities was $7.7 million, a decline from $41.6 million in 2023.
This decrease was mainly caused by higher interest expenses, a
reduction in dividend income from the SREIT, the sale of real
estate properties in February and November 2024, an increased legal
and advisory fees related to the Company's debt restructuring and
capital raising initiatives, and the timing of payments and cash
receipts, offset by $6.6 million of interest rate swap settlement
proceeds received in 2024 for early terminated swaps.
For the year ended Dec. 31, 2024, the Company generated $157.9
million in net cash from investing activities, primarily from net
proceeds of $192.4 million from the sales of the McEwen Building
and Preston Commons, partially offset by $34.5 million spent on
real estate improvements.
During the year ended Dec. 31, 2024, financing activities saw a net
cash outflow of $174.9 million, primarily consisted of:
* $173.1 million of net cash used in debt financing as a result
of principal payments on notes payable of $198.5 million and
payments of deferred financing costs of $10.5 million,
partially offset by proceeds from notes payable of $35.9
million; and
* $1.9 million of restricted cash surrendered in connection with
the deed-in-lieu of foreclosure transaction related to 201
Spear Street.
In its audit report dated March 14, 2025, Ernst & Young LLP raised
concerns about the Company's ability to continue as a going
concern. The auditor pointed out significant doubts about whether
the Company can continue its operations due to $467.0 million in
loans coming due within the next year, along with required
principal payments due within the same timeframe.
The Company said it needs to sell several properties in 2025, 2026
and 2027 pursuant to loan agreements, but current market conditions
could lead to lower-than-expected prices. The Company is
considering raising capital through new equity or debt offerings,
depending on market improvements, and to delay nonessential
spending to manage cash flow effectively.
The Company stated that despite the substantial amount of
refinancing activity since February 2024, with over $1.3 billion of
debt refinanced or extended, there can be no assurances regarding
the success or timing of management's future plans. The ability to
refinance, restructure, extend debt, sell assets, or raise capital
depends on market conditions, with no guarantee of success or
timing.
Looking ahead, the Company has also mentioned that it might raise
its debt levels, possibly surpassing 75% of the value of its
tangible assets, which could have a big effect on its financial
situation.
For further details, the complete Form 10-K filing is available on
the U.S. Securities and Exchange Commission's Website at:
https://www.sec.gov/Archives/edgar/data/1482430/000148243025000021/kbsriii-20241231.htm
About KBS Real Estate
Newport Beach, California-based KBS Real Estate Investment Trust
III, Inc. -- http://www.kbsreitiii.com/-- is a Maryland-based
corporation that has chosen to be taxed as a real estate investment
trust ("REIT") and plans to maintain this status moving forward.
The Company conducts its business primarily through its Operating
Partnership, of which the Company is the sole general partner. The
Company has invested in a diverse portfolio of real estate
investments. As of Dec. 31, 2024, the Company owned 13 office
properties, one mixed-use office/retail property and an investment
in the equity securities of a Singapore real estate investment
trust (the "SREIT").
KIB1 LLC: Case Summary & Six Unsecured Creditors
------------------------------------------------
Three affiliated companies that simultaneously filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
KIB1 LLC 25-11426
8845 W. Flamingo Road, Suite 210
Las Vegas, NV 89147
KIB2 LLC 25-11427
8845 W. Flamingo Road, Suite 210
Las Vegas, NV 89147
KIB3 LLC 25-11428
8845 W. Flamingo Road, Suite 210
Las Vegas, NV 89147
Business Description: KIB1 LLC and its debtor affiliates are an
investment and real estate holding firms
headquartered in Las Vegas.
Chapter 11 Petition Date: March 16, 2025
Court: United States Bankruptcy Court
District of Nevada
Debtors' Counsel: Richard F. Holley, Esq.
SPENCER FANE LLP
300 South Fourth Street, Suite 1600
Las Vegas, NV 89101
Tel: (702) 408-3400
E-mail: rholley@spencerfane.com
Each Debtor's
Estimated Assets: $10 million to $50 million
Each Debtor's
Estimated Liabilities: $10 million to $50 million
The petitions were signed by William W. Plise, who is the manager
of Old Toll Road Managers, LLC, the manager of the Debtor.
Full-text copies of the petitions are available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/22GJ6LY/KIB1_LLC__nvbke-25-11426__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/JKFEVTA/KIB2_LLC__nvbke-25-11427__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/JYUNK2I/KIB3_LLC__nvbke-25-11428__0001.0.pdf?mcid=tGE4TAMA
List of Debtors' Six Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Madison Gayle, LLC Note1
c/o I. Scott Bogatz
Reid Rubinstein & Bogatz
300 South 4th Street
Suite 830
Las Vegas, NV 89101
2. SDIP Holdings, LLC Note1
c/o I. Scott Bogatz
Reid Rubinstein & Bogatz
300 South 4th Steet
Suite 830
Las Vegas, NV 89101
3. SDIP VB Manager, LLC Note1
c/o I. Scott Bogatz
Reid Rubinstein & Bogatz
300 South 4th Street
Suite 830
Las Vegas, NV 89101
4. SDIP VB, LLC, Note1
a Nevada limited liability
c/o I. Scott Bogatz
Reid Rubinstein & Bogatz
300 South 4th Street
Suite 830
Las Vegas, NV 89101
5. SDIP VB, LLC, an Note1
Arizona limited
c/o I. Scott Bogatz
Reid Rubinstein & Bogatz
300 South 4th Street
Suite 830
Las Vegas, NV 89101
6. William L. Lenhart Note1
c/o I. Scott Bogatz
Reid Rubinstein & Bogatz
300 South 4th Street
Suite 830
Las Vegas, NV 89101
Note1: Amount subject to confidential Settlement Agreement
LE CONTE: Gets Final OK to Use Cash Collateral
----------------------------------------------
Le Conte Westwood Development, LLC received final approval from the
U.S. Bankruptcy Court for the Central District of California, Los
Angeles Division, to use its secured creditors' cash collateral.
The final order authorizes the company to use cash collateral
pursuant to its court-approved budget until its reorganization plan
is confirmed or until its Chapter 11 case is dismissed or converted
to one under Chapter 7.
As protection for any diminution in the value of their collateral,
secured creditors will be granted replacement liens on the
properties, with the same extent, validity and priority as their
pre-bankruptcy liens.
Le Conte was ordered to pay post-petition property taxes for the
Holmby property as scheduled.
About Le Conte Westwood Development
Le Conte Westwood Development, LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No.
25-10261) on January 14, 2025, listing between $10 million and $50
million in both assets and liabilities. Logan Beitler, manager of
Le Conte, signed the petition.
Judge Vincent P. Zurzolo oversees the case.
The Debtor is Represented By:
Gary E. Klausner, Esq.
Levene, Neale, Bender, Yoo & Golubchik L.L.P.
Tel: 310-229-1234
Email: gek@lnbyg.com
LEROUX CREEK: Seeks to Hire SingerLewak LLP as Accountant
---------------------------------------------------------
Leroux Creek Food Corporation, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Colorado to employ SL Biggs, a
Division of SingerLewak LLP as accountant.
The firm's services include preparing and filing tax returns for
the 2024 tax year and as otherwise necessary regarding the Debtor's
taxes.
The firm will be paid at these rates:
Mark Dennis $450 per hour
Associates $225 per hour
The firm will be paid a retainer in the amount of $10,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mark Dennis, a partner at SL Biggs, a Division of SingerLewak 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:
Mark D. Dennis, CPA
SL Biggs, A Division of SingerLewak, LLP
2000 S. Colorado Blvd., Tower 2, Ste. 200
Denver, CO 80222
Tel: (303) 226-5471
Email: mdennis@slbiggs.com
About Leroux Creek Food Corporation, LLC
Leroux Creek Food Corporation, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo.
Case No. 24-15015) on August 27, 2024, listing $1 million to $10
million in both assets and liabilities. The petition was signed by
Edward Tuft as president.
Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR,
P.C. represents the Debtor as counsel.
LI-CYCLE HOLDINGS: Glencore, Wood River Waive Market Cap Rules
--------------------------------------------------------------
Li-Cycle Holdings Corp. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that it has issued
certain convertible notes that are currently held by Glencore
Canada Corporation, as amended and restated from time to time and
most recently on January 31, 2025, being:
(a) the senior secured convertible note originally issued and
sold to Glencore on March 25, 2024,
(b) the first amended and restated convertible note originally
issued to Glencore Ltd. on May 31, 2022 and
(c) the second amended and restated convertible note
originally issued to Glencore Ltd. on May 31, 2022.
In addition, on September 29, 2021, the Company issued a
convertible note that is currently held by Wood River Capital,
LLC.
Among other things, the Glencore Notes and the Koch Note each
provide that the OTC US Market is an "Eligible Market" for the
common shares of the Company, so long as the market capitalization
of the Company meets certain minimum requirements.
On February 25, 2025, the Company obtained waivers from each of
Glencore and Wood River, waiving, among other things, the minimum
market capitalization requirements for quoting Common Shares on the
OTC US Market, such that the OTC US Market will be an "Eligible
Market" under the terms of both the Glencore Notes and the Koch
Note, in each case during a period from February 25, 2025 to and
including April 30, 2025, subject to the terms and conditions
thereof.
About Li-Cycle Holdings Corp.
Li-Cycle Holdings Corp. is a Canada-based global lithium-ion
battery resource recovery company and pure-play lithium-ion battery
recycler.
Vaughan, Canada-based KPMG LLP, the Company's former auditor,
issued a "going concern" qualification in its report dated March
15, 2024, citing that the Company has suffered recurring losses
from operations since inception, continued cash outflows from
operating activities and paused its construction of the Rochester
Hub project, that raise substantial doubt about its ability to
continue as a going concern.
Li-Cycle reported a net loss of $138 million for the year ended
December 31, 2023, compared to net loss of $70.8 million for the
year ended December 31, 2022. As of June 30, 2024, Li-Cycle had
US$899.9 million in total assets, US$664.2 million in total
liabilities, and US$235.7 million in total equity.
LI-CYCLE HOLDINGS: Moves to OTCQX Following NYSE Delisting
----------------------------------------------------------
Li-Cycle Holdings Corp announced that its common shares have been
approved to trade on the OTCQX® Best Market, and that its common
shares will commence trading on OTCQX under the symbol "LICYF."
"Moving to OTCQX is expected to reduce our costs while continuing
to provide us efficient access to U.S. capital markets," said Ajay
Kochhar, Li-Cycle President and CEO. "We remain focused on
providing value for all stakeholders and advancing our key
priorities, especially securing a complete funding package for our
Rochester Hub project and satisfying funding conditions for the
first advance under our U.S. Department of Energy ("DOE") loan
facility. With our finalized DOE loan facility, top-tier
partnerships across the global critical minerals and lithium-ion
battery supply chains, and patented Spoke & Hub Technologies,
Li-Cycle plays an important role in strengthening the U.S. energy
industry due to our ability to produce critical minerals
domestically."
The transfer to OTCQX does not affect Li-Cycle's current day-to-day
business operations or its reporting obligations with the U.S.
Securities and Exchange Commission and under other applicable
securities laws. The OTCQX® Best Market is the highest level of
OTC Markets on which 12,000 U.S. and international securities
trade. Streamlined market requirements for OTCQX are designed to
help companies lower the cost and complexity of being publicly
traded while providing transparent trading for their investors. To
qualify for OTCQX, companies must meet high financial standards,
follow best-practice corporate governance, and demonstrate
compliance with applicable securities laws.
The Company received written notice today from the New York Stock
Exchange that it has suspended trading of Li-Cycle's common shares
effective immediately and started the process to delist the
Company's common shares from the NYSE. NYSE's actions relate to
recently enacted changes to Section 802.01C of the NYSE's Listed
Company Manual. The NYSE determined that the Company was not in
compliance with NYSE regulation, because the average closing price
of Li-Cycle's common shares was less than $1.00 over a consecutive
30 trading-day period and the Company had effected a reverse stock
split within the prior one-year period. The Company expects to
advise the NYSE that it will not appeal the NYSE's delisting
determination.
In addition to the OTCQX, the Company plans to list its common
shares on another eligible market in accordance with the terms of
its convertible debt. The Company has obtained waivers from its
convertible debt holders, Glencore Canada Corporation and Wood
River Capital, LLC, to permit the move to OTCQX as an eligible
market for the Company's common shares which waivers extend to
April 30, 2025. Additional information regarding the announcement,
including the form of waivers from Glencore Canada Corporation and
Wood River Capital, LLC, will be included in a Current Report on
Form 8-K to be filed with the SEC available at:
https://tinyurl.com/4ynrec47
About Li-Cycle Holdings Corp.
Li-Cycle Holdings Corp. is a Canada-based global lithium-ion
battery resource recovery company and pure-play lithium-ion battery
recycler.
Vaughan, Canada-based KPMG LLP, the Company's former auditor,
issued a "going concern" qualification in its report dated March
15, 2024, citing that the Company has suffered recurring losses
from operations since inception, continued cash outflows from
operating activities and paused its construction of the Rochester
Hub project, that raise substantial doubt about its ability to
continue as a going concern.
Li-Cycle reported a net loss of $138 million for the year ended
December 31, 2023, compared to net loss of $70.8 million for the
year ended December 31, 2022. As of June 30, 2024, Li-Cycle had
US$899.9 million in total assets, US$664.2 million in total
liabilities, and US$235.7 million in total equity.
LINK UP: Craig Geno Named Subchapter V Trustee
----------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Craig Geno, Esq., at
the Law Offices of Craig M. Geno, PLLC, as Subchapter V trustee for
The Link UP, LLC.
Mr. Geno will be paid an hourly fee of $250 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Geno declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Craig M. Geno, Esq.
Law Offices of Craig M. Geno, PLLC
587 Highland Colony Parkway
Ridgeland, MS 39157
Telephone: (601) 427-0048
Facsimile: (601) 427-0050
Email: cmgeno@cmgenolaw.com
About The Link UP
The Link UP, LLC filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-20934) on
February 25, 2025. In its petition, the Debtor reported between
$50,000 and $100,000 in assets and between $100,000 and $500,000 in
liabilities.
The Debtor is represented by:
Curtis D. Johnson, Jr., Esq.
Law Office of Johnson and Brown, P.C.
Suite 1002
1407 Union Avenue
Memphis, TN 38104
Phone: 901-725-7520
Fax: 901-725-7570
cjohnson@johnsonandjohnsonattys.com
LIVEONE INC: CFO Carhart Reports 30K Shares, 100K Unvested RSUs
---------------------------------------------------------------
Ryan Carhart, CFO, EVP, Controller, Treasurer & Secretary of
LiveOne, Inc. (LVO), disclosed in a Form 3 filed with the U.S.
Securities and Exchange Commission that as of February 27, 2025, he
beneficially owned 30,041 shares of common stock directly, as well
as 100,000 unvested restricted stock units (RSUs) from an original
grant of 150,000 RSUs under his employment agreement.
One-third of the RSUs vested on the first anniversary of his August
29, 2023, start date, with the remaining two-thirds set to vest in
equal amounts on the second and third anniversaries, subject to his
continued employment and potential accelerated vesting upon a
change of control.
About LiveOne
Headquartered in Beverly Hills, California, LiveOne, Inc. --
www.liveone.com -- is a creator-first, music, entertainment and
technology platform focused on delivering premium experiences and
content worldwide through memberships and live and virtual events.
The Company is a pioneer in the acquisition, distribution and
monetization of live music events, Internet radio,
podcasting/vodcasting and music-related membership, streaming and
video content. Through its comprehensive service offerings and
innovative content platform, it provides music fans the ability to
listen, watch, attend, engage and transact. Serving a global
audience, the Company's mission is to bring the experience of live
music and entertainment to consumers wherever music and
entertainment is watched, listened to, discussed, deliberated or
performed around the world.
Los Angeles, CA-based Macias Gini & O'Connell LLP, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated July 1, 2024. The report cited that the Company has
suffered recurring losses from operations, negative cash flows from
operating activities and has a net capital deficiency. These
matters raise substantial doubt about the Company's ability to
continue as a going concern.
M6 ETX: S&P Raises ICR to 'B+' on Clearfork Midstream Acquisition
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on M6 ETX
Holdings II MidCo LLC (M6 ETX) to 'B+' from 'B'.
S&P said, "At the same time, we assigned a 'BB-' issue-level rating
to the new $825 million term loan B due in 2032. The '2' recovery
rating indicates our expectation for substantial (70%-90%; rounded
estimate: 70%) recovery in the event of a payment default.
"The stable outlook reflects our expectation that the company's S&P
Global Ratings-adjusted debt to EBITDA will be just below 4x in
2025 and about 3.5x in 2026.
"Our 'B+' issuer credit rating on M6 ETX reflects its increased
asset base, higher expected EBITDA, and improved credit metrics
following the equity-financed acquisition of Clearfork Midstream.
We expect the company's EBITDA to grow at a mid-teens percentage
rate during the next two years as a result of strong natural gas
production in the Haynesville Basin and LNG demand in the Gulf
Coast. However, we note that M6 ETX's single basin asset
concentration, as well as volumetric risk in its gathering and
processing business and customer concentration are limiting factors
to its credit profile."
M6 ETX Holdings II MidCo LLC (M6 ETX), a Texas-based natural gas
gathering, processing, and transportation company in the
Haynesville Basin, announced the equity-financed acquisition of
Clearfork Midstream. M6 ETX is issuing an $825 million term loan to
refinance its existing debt and Clearfork's existing debt. S&P
expects the acquisition will increase M6 ETX's scale and its EBITDA
base while improving its credit metrics.
S&P said, "The acquisition of Clearfork Midstream strengthens M6
ETX's asset base and credit profile. We view the acquisition of
Clearfork Midstream as a credit positive development for M6 ETX,
providing additional volumes and improving its credit metrics.
Clearfork Midstream, an EnCap Flatrock portfolio company, operates
two gas gathering systems in the Hayneville. Its assets include 385
miles of pipeline, 1.65 bcf/d of treating capacity, and a
life-of-lease acreage dedication from key customers EXCO Resources
Inc. and TG Natural Resources. In our view, Clearfork system is
highly complementary to M6 ETX's existing assets and we expect the
company to integrate the newly acquired infrastructure promptly,
enhancing connectivity with existing assets in Shelby Trough in
East Texas. The acquisition enables M6 ETX to create a more
comprehensive wellhead-to-water natural gas gathering, treating,
and transportation network, improving its ability to connect
Haynesville production to rising Gulf Coast LNG demand. The company
intends to fund the transaction through a combination of equity and
$825 million term loan B due in 2032. The company will use proceeds
to refinance an existing $730 million term loan B maturing in 2027
and to retire Clearfork's $119 million outstanding debt.
"M6 ETX's financial profile will improve post-transaction. We
anticipate the transaction to improve M6 ETX's credit metrics. We
expect the acquisition will increase the company's EBITDA to a
range of $215 million to $250 million in 2025 and 2026 from $155
million in 2024. We expect leverage to decline to just below 4x in
2025 and to 3.5x in 2026 from 4.7x in 2024. We also anticipate M6
ETX to generate cash flow from operations in the range of $135
million to $185 million over the next two years, which should be
sufficient to cover capex and result in cash accumulation on the
balance sheet. Additionally, M6 ETX will be extending the maturity
of its $75 million revolving credit facility (RCF) from 2027 to
2030, and we expect it to remain undrawn given the company's cash
flow profile.
"Haynesville is positioned for long-term growth. We expect the
Haynesville basin to experience significant growth given its
proximity to Gulf Coast LNG terminals. In our view, production will
increase materially in 2026 following an uptick in the rig activity
in late 2025. In the interim, production should be supported by the
return of shut-in wells and the completion of drilled but
uncompleted well inventory. We expect downstream demand to grow
with the advancement of LNG infrastructure projects such as
Plaquemines LNG and Corpus Christi LNG Stage 3, as well as due to
an increase in power demand. Industry projections indicate that
Haynesville production could growth up to 50% by 2030. Given these
positive fundamentals our base case assumes M6 ETX EBITDA to grow
at a mid-teens percentage rate over the next three years.
"Volumetric risk remains a key challenge. Despite the favorable
market outlook, we view volumetric risk as a key credit
consideration for M6 ETX. While the company benefits from
take-or-pay and take-or-pay related contracts that account for 20%
and 27% of expected 2025 EBITDA, respectively, it remains exposed
to volumetric risk through acreage dedication contracts in its
gathering and processing segment. The company's single basin
exposure makes it susceptible to localized production trends. In
2024, M6 ETX experienced a 10% volume decline due to well shut-ins
by major exploration and production customers, driven by low
natural gas prices in the range of $2-$3 per mmBtu range. We expect
Henry Hub natural gas prices to exceed $3 per mmBtu in 2025 and $4
per mmBtu in 2026 and 2027. However, we note that Haynesville
production remains sensitive to spot natural gas prices. In our
view, M6 ETX EBTDA could be volatile if prices deteriorate due to
market shocks. Positively, the company is virtually insulated from
direct commodity price exposure, as about 90% of it EBITDA is
derived from fixed-fee contractors.
"We also view customer concentration as a risk factor. Following
the acquisition we expect M6 ETX's customer credit profile to
weaken with investment-grade customers making up to 30% of gross
margin, down from about 60% prior to the transaction. This shift
reflects increased exposure to Aethon United BR L.P. and EXCO
Resources Inc. We note that Aethon accounts for approximately 30%
of gross margin, while EXCO, Exxon Mobil and Sabine Oil and Gas
each contribute about 10%. However, we believe supportive
fundamentals in the Haynesville Basin provide some mitigation
against customer credit risk.
"Our stable outlook on M6 ETX reflects our expectation that,
following the acquisition of Clearfork Midstream, the company will
expand its EBITDA base, leading to our anticipated decline in
leverage from just below 4x in 2025 to 3.5x in 2026. We expect that
strong natural gas prices and growing LNG demand in the Gulf Coast
will drive higher production in the Haynesville, resulting in
increased volumes for M6 ETX."
S&P could take a negative rating action if it expects leverage
deteriorate to 5x or above. This could occur if:
-- Weaker natural gas prices lead to lower-than-expected
production on M6 ETX's dedicated acreage, resulting in EBITDA
falling below S&P's expectations.
-- Delays in LNG facility in-service dates in the Gulf Coast
reduce anticipated future natural gas production.
S&P could take a positive rating action on M6 ETX if the company
demonstrates leverage below 3.75x and maintains it at that level on
a sustained basis. This could follow the successful integration of
Clearfork Midstream's assets into M6 ETX network, resulting in
stronger operating performance and cash flow generation.
MARK'S POOL: Hires Haffner & Associates as Accountant
-----------------------------------------------------
Mark's Pool Service, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania to employ Haffner &
Associates as accountant.
The firm will prepare the Debtor's tax returns and other documents
relating to tax issues.
The firm will be paid a flat fee of $3,780 to prepare the yearly
tax returns for the Debtor.
Matthew W. Bispeck, CPA a partner at Haffner and Associates,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Matthew W. Bispeck, CPA
Haffner and Associates
128 E Main St.
Macungie, PA 18062
Tel: (610) 966-5137
About Mark's Pool Service, LLC
Mark's Pool Service, LLC, doing bsuiness as MPS Custom Pools, is a
pool contractor serving the Lehigh Valley area. It specializes in a
variety of services, from custom pool design and construction to
regular maintenance. Its offerings include concrete pools, custom
above-ground pools, custom inground pools, semi-inground pools,
fiberglass pools, pool renovations, tile work, upgrades, vinyl
pools, and weekly cleaning services.
Mark's Pool Service sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-10348) on January 28,
2025, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Mark D. Reynard, president of Mark's Pool
Service, signed the petition.
Judge Patricia M. Mayer presides over the case.
Frank S. Marinas, Esq. at Maschmeyer Marinas, P.C. represents the
Debtor as legal counsel.
MBIA INC: Posts $447 Million Net Loss in FY 2024
------------------------------------------------
MBIA Inc. filed its Annual Report on Form 10-K with the U.S.
Securities and Exchange Commission, reporting a net loss
attributable to the Company of $447 million on total revenue of $42
million for the year ending Dec. 31, 2024. This compares to a net
loss of $491 million on total revenue of $7 million for the year
ending Dec. 31, 2023.
As of Dec. 31, 2024, the Company had $2.2 billion in total assets,
$4.2 billion in total liabilities, and $2.1 billion in total
deficit.
According to MBIA, it has substantial indebtedness, and may incur
additional indebtedness, which could adversely affect its financial
condition, and/or our ability to obtain financing in the future,
react to changes in its business and/or satisfy its obligations.
As of December 31, 2024, MBIA Inc. had $440 million of medium-term
note liabilities, $278 million of Senior Notes liabilities and $204
million of investment agreement liabilities. Our substantial
indebtedness and other liabilities could have material consequences
because:
* it may be unable to obtain additional financing, should such
a need arise, which may limit our ability to satisfy obligations
with respect to our debt;
* a large portion of MBIA Inc.'s financial resources must be
dedicated to the payment of principal and interest on the Company's
debt, thereby reducing the funds available to use for other
purposes;
* it may be more difficult for the Company to satisfy
obligations to its creditors, resulting in possible defaults on,
and acceleration of, such debt;
* it may be more vulnerable to general adverse economic and
industry conditions;
* its ability to refinance debt may be limited or the
associated costs may increase;
* its flexibility to adjust to changing market conditions
could be limited; and
* The Company is exposed to the risk of fluctuations in
interest rates and foreign currency exchange rates because a
portion of its liabilities are at variable rates of interest or
denominated in foreign currencies.
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/4jjn5c8c
About MBIA
MBIA Inc., together with its consolidated subsidiaries, operates
within the financial guarantee insurance industry. MBIA manages its
business within three operating segments: 1) United States public
finance insurance; 2) corporate; and 3) international and
structured finance insurance. The Company's U.S. public finance
insurance portfolio is managed through National Public Finance
Guarantee Corporation, its corporate segment is managed through
MBIA Inc. and several of its subsidiaries, including its service
company, MBIA Services Corporation, and its international and
structured finance insurance business is primarily managed through
MBIA Insurance Corporation and its subsidiaries.
* * *
Egan-Jones Ratings Company on December 19, 2024, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by MBIA Inc.
MCCLATCHIE TREE: Gets Extension to Access Cash Collateral
---------------------------------------------------------
McClatchie Tree, LLC and McClatchie Property Management, LLC
received another extension from the U.S. Bankruptcy Court for the
Eastern District of Virginia, Richmon Division, to use cash
collateral.
The second interim order authorized the companies to use the cash
collateral of secured creditors to pay the expenses set forth in
their budget, with a 15% variance allowed.
As protection for the use of their cash collateral, Ascentium
Capital, On Deck Capital, Inc., Sheffield Financial, and Financial
Pacific Leasing, Inc. will continue to receive monthly payments of
$1,438.60, $795.38, $269.74, and $209.80, respectively.
In addition, the secured creditors were granted replacement liens
on their collateral.
A final hearing is schedulef for May 21.
About McClatchie
McClatchie Property Management, LLC provides janitorial services to
various businesses, including hospitals and churches.
McClatchie Property Management and McClatchie Tree, LLC filed
Chapter 11 petitions (Bankr. E.D. Va. Case Nos. 25-30237 and
25-30240) on January 22, 2025. At the time of the filing,
McClatchie Property Management reported $100,001 to $500,000 in
both assets and liabilities while McClatchie Tree reported up to
$50,000 in assets and $50,001 to $100,000 in liabilities.
Judge Klinette H. Kindred oversees the cases.
Lynn L. Tavenne, Esq., at Tavenner & Beran, PLC, represents the
Debtors as legal counsel.
MEDICAL PROPERTIES: Reports Q4 and Full-Year 2024 Results
---------------------------------------------------------
Medical Properties Trust, Inc. announced financial and operating
results for the fourth quarter and full-year ended December 31,
2024, as well as certain events occurring subsequent to quarter
end.
* Net loss of ($0.69) and Normalized Funds from Operations of
$0.18 for the 2024 fourth quarter and net loss of ($4.02) and NFFO
of $0.80 for the full-year 2024, all on a per share basis. Fourth
quarter 2024 net loss includes approximately $415 million ($0.69
per share) in impairments and fair market value adjustments related
to Prospect Medical Group and PHP Holdings;
* Completed a well-oversubscribed private offering of more
than $2.5 billion of senior secured notes due in 2032 at a blended
coupon rate of 7.885%, the proceeds from which will repay all debt
maturities until October 2026 and result in expected combined cash
and line of credit availability of $1.4 billion;
* Simultaneous to the senior secured notes offering, the
Company amended its line of credit to share collateral with the new
senior secured notes and received universal affirmation of the
long-standing banking group's approximate $1.5 billion commitment
with a fully extended (at MPT's option) maturity in June 2027;
* Commenced rent during the fourth quarter on a $50 million
building improvement project in Idaho Falls, Idaho;
* Sold two post-acute properties and agreed to sell an
additional general acute facility during January for combined
proceeds of approximately $45 million; and
* Declared a regular quarterly dividend of $0.08 per share in
February.
Edward K. Aldag, Jr., Chairman, President and Chief Executive
Officer, said, "We delivered on exactly what we said we would do in
2024 by using proceeds from transactions to accelerate repayment of
debt maturities. Our global real estate portfolio remains
attractive to sophisticated investors, as evidenced by our recent
five-and-a-half times oversubscribed secured notes transaction. We
improved the operator diversification of our portfolio and
effectively addressed all debt maturities through 2026, positioning
MPT to pursue a range of shareholder value initiatives in 2025."
PORTFOLIO UPDATE:
Medical Properties Trust has total assets of approximately $14.3
billion, including $8.6 billion of general acute facilities, $2.4
billion of behavioral health facilities and $1.6 billion of
post-acute facilities. As of December 31, 2024, MPT's portfolio
included 396 properties and approximately 39,000 licensed beds
leased to or mortgaged by 53 hospital operating companies across
the United States as well as in the United Kingdom, Switzerland,
Germany, Spain, Finland, Colombia, Italy and Portugal.
Hospitals around Europe are benefiting from strong reimbursement
trends, growing occupancy, and higher acuity levels. In the United
Kingdom, private medical insurance utilization has reached an
all-time high – enabling operators such as Circle Health to
deliver strong financial performance driven by volume growth as
increasingly complex cases are being addressed in the private
sector.
In the United States, hospital fundamentals continue to broadly
improve across the general acute segment as increasing admissions
and growing surgical volumes are driving improved coverage. In the
behavioral and post-acute segments, operators are reporting
consistent growth in inpatient admissions as well as improvements
in contract labor costs.
Following the first full quarter of operations since transitioning
15 hospitals to new operators in September, MPT is encouraged by
performance trends being reported across this portfolio as well as
by a fifth tenant who leased two additional facilities in November.
Across this footprint, our tenants have reported improving volumes,
increasing patient satisfaction, and stabilization of staffing and
supplies.
In January, Prospect Medical Group commenced an in-court
restructuring process under Chapter 11 of the U.S. Bankruptcy Code.
In February, MPT entered into a Term Sheet providing for a
settlement that will enable Prospect to sell its hospitals and the
related real estate with MPT's cooperation. This settlement is
subject to Bankruptcy Court approval.
OPERATING RESULTS:
Net loss for the fourth quarter and year ended December 31, 2024
was ($413 million) (($0.69) per share) and ($2.4 billion) (($4.02)
per share), respectively, compared to net loss of ($664 million)
(($1.11) per share) and net loss of ($556 million) (($0.93) per
share) in the year earlier periods. Net loss for the quarter ended
December 31, 2024 included, among other non-recurring items,
approximately $415 million of impairments and fair market value
adjustments related to Prospect and PHP.
NFFO for the fourth quarter and year ended December 31, 2024 was
$108 million ($0.18 per share) and $483 million ($0.80 per share),
respectively, compared to $218 million ($0.36 per share) and $951
million ($1.59 per share) in the year earlier periods.
About Medical Properties Trust
Medical Properties Trust, Inc. is a self-advised real estate
investment trust formed in 2003 to acquire and develop net-leased
hospital facilities. From its inception in Birmingham, Alabama, the
Company has grown to become one of the world's largest owners of
hospital real estate with 402 facilities and approximately 40,000
licensed beds in nine countries and across three continents as of
September 30, 2024. MPT's financing model facilitates acquisitions
and recapitalizations and allows operators of hospitals to unlock
the value of their real estate assets to fund facility
improvements, technology upgrades and other investments in
operations. For more information, please visit the Company's
website at www.medicalpropertiestrust.com
* * *
In Feb. 2025 S&P Global Ratings affirmed its 'CCC+' issuer credit
rating on Medical Properties Trust Inc. The outlook is negative.
At the same time, S&P assigned its 'B-' issue-level rating and '2'
recovery rating to the company's new senior secured notes. S&P also
affirmed its 'CCC+' issue-level rating on Medical Properties
Trust's senior unsecured notes and revised the recovery rating on
the notes to '4' from '3'.
MENORAH CAMPUS: Hires Gross Shuman P.C. as Attorney
---------------------------------------------------
Menorah Campus, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the Western District of New York to employ
Gross Shuman P.C. as attorney.
The firm's services include:
a. advising the Debtors of their rights, powers, and duties as
a debtors and debtors-in-possession in the orderly winddown and
liquidation of their businesses and the management of their
property;
b. preparing on behalf of the Debtors any and all necessary
motions, applications, answers, draft orders, other legal
pleadings, notices, schedules and other documents, and reviewing
financial and other reports to be filed in the Bankruptcy Cases;
c. advising the Debtors concerning, and preparing responses
to, applications, motions, other pleadings, notices and other
papers that may be filed and served in this Bankruptcy Cases;
d. advising the Debtors and assisting in the negotiation and
documentation of financing agreements, debt and cash collateral
orders and related transactions;
e. advising and counseling the Debtors with respect to any
sales of assets and negotiating and preparing the agreements,
pleadings, and other documents related thereto;
f. reviewing the nature and validity of any liens asserted
against the Debtors' property and advising the Debtors concerning
the enforceability of such liens;
g. advising the Debtors regarding their ability to initiate
actions to collect and recover property for the benefit of the
estates;
h. counseling the Debtors in connection with the formulation,
negotiation and drafting of an anticipated plan of liquidation and
related documents;
i. advising the Debtors concerning executory contracts and
unexpired lease assumptions, assignments, and rejections and lease
restructurings;
j. assisting the Debtors in reviewing, estimating, and
resolving claims asserted against the Debtors' estates;
k. commencing and conducting any and all litigation necessary
or appropriate to assert rights held by the Debtors, protect assets
of the Debtors' estates, or otherwise further the goals of
completing the Debtors' orderly liquidation;
1. providing general real estate and other non-bankruptcy
legal services as requested by the Debtors;
m. appearing in Court on behalf of the Debtors, as needed, in
connection with these Bankruptcy Cases; and
n. providing such other services to the Debtors as may be
necessary in these Cases or any related proceeding(s).
The firm will be paid at these rates:
Partners $300 to $450 per hour
Associates $250 to $300 per hour
Law Clerks $175 to $225 per hour
Paralegals $225 per hour
Prior to the filing of the bankruptcy case, Menorah Campus Inc.
paid the firm the amount of $91,067.09 as retainer.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Kevin R. Lelonek, Esq., a partner at Gross Shuman 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:
Kevin R. Lelonek, Esq.
Gross Shuman P.C.
465 Main Street, Suite 600
Buffalo, NY 14203
Tel: (716) 854-4300
Email: kielonek@gross—shuman.com
About Menorah Campus, Inc.
Menorah Campus Inc., doing business as Weinberg Campus, operates in
the healthcare sector.
Menorah Campus sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-10127) on February 6,
2025, listing between $10 million and $50 million in both assets
and liabilities.
On February 7, 2025, Menorah Campus Adult Home, Inc. (Case No.
25-10133), Menorah Campus Independent Senior Apartments, Inc. (Case
No. 25-10135) and Rosa Coplon Jewish Home & Infirmary (Case No.
25-bk-10132) filed Chapter 11 petitions.
Judge Carl L. Bucki oversees the cases.
The Debtors are represented by Kevin R. Lelonek, Esq., at Gross
Shuman, PC.
Foundation for Jewish Philanthropies, Inc., as creditor, is
represented by:
Raymond L. Fink, Esq.
John A. Mueller, Esq.
Lippes Mathias LLP
50 Fountain Plaza, Suite 1700
Buffalo, New York 14202
Telephone: (716) 853-5100
Facsimile: (716) 853-5199
Email: rfink@lippes.com
jmueller@lippes.com
MERCURITY FINTECH: Institutional Stakes Reinforce Growth Strategy
-----------------------------------------------------------------
Mercurity Fintech Holding Inc. announced an increase in
institutional ownership, as reflected in recent SEC 13F filings,
reinforcing MFH's position as a vertically integrated innovator at
the intersection of finance and technology.
The latest ownership reports reveal a diverse group of
institutional investors that have acquired stakes in MFH, including
asset managers and financial services firms: BlackRock, Inc.,
Millennium Management LLC, Qube Research & Technologies Ltd,
Goldman Sachs Group Inc., Point 72 Asia, UBS Group AG and more.
These filings do not specify investment intent or future trading
activity.
"We are encouraged by the institutional community's interest in
MFH's strategic priorities," said Shi Qiu, CEO of Mercurity Fintech
Holding Inc. "As financial institutions and enterprises prioritize
regulatory-compliant blockchain integration, and licensed financial
services-- offers a balanced platform for scalable growth. With
continued engagement from institutional investors demonstrating
engagement, MFH is well-positioned to continue executing its growth
strategy, strengthening our market position, and advancing
commitment to financial technology innovation."
About Mercurity
Formerly known as JMU Limited, Mercurity Fintech Holding Inc. is a
digital fintech company with subsidiaries specializing in
distributed computing and digital consultation across North America
and the Asia-Pacific region and is in the process of applying for
FINRA approval to add brokerage services to its business. The
Company's focus is on delivering innovative financial solutions
while adhering to principles of compliance, professionalism, and
operational efficiency. The Company's aim is to contribute to the
evolution of digital finance by providing secure and innovative
financial services to individuals and businesses.
Singapore-based Onestop Assurance PAC, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 22, 2024, citing that the Company has incurred recurring
operating losses and negative cash flows from operating activities
and has an accumulated deficit, which raise substantial doubt about
its ability to continue as a going concern.
Mercurity reported a net loss of $9.36 million for the year ended
Dec. 31, 2023, compared to a net loss of $5.63 million for the year
ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $30.39
million in total assets, $12.56 million in total liabilities, and
$17.83 million in total shareholders' equity.
MODIVCARE INC: Board Director Garth Graham Steps Down
-----------------------------------------------------
ModivCare Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that Garth Graham resigned from
the Board of Directors, effective as of February 28, 2025. His
resignation is not a result of any disagreement with the Company.
Leslie Norwalk, Chair of the Board, commented, "Garth's
contribution to Modivcare was critical as we considered the
importance of social determinants of health on our lines of
business. We appreciate his years of service and wish him well."
About ModivCare
ModivCare Inc. is a technology-enabled healthcare services company
that provides a suite of integrated supportive care solutions for
public and private payors and their members.
At December 31, 2024, ModivCare had 1,654,332,000 in total assets,
1,692,806,000 in total liabilities, and (38,474,000 in total
stockholders' deficit.
* * *
S&P Global Ratings lowered its issuer credit rating on ModivCare
Inc. to 'CCC+' from 'B-'. The outlook is negative.
MOM CA: March 19 Deadline Set for Panel Questionnaires
------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy cases of MOM CA Investco LLC,
et al.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/yvzrphuk and return by email it to
Malcolm M. Bates —- Malcolm.M.Bates@usdoj.gov — at the Office
of the United States Trustee so that it is received no later than
March 19, 2025 at 4:00 p.m..
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
Nineteen affiliates of MOM CA Investco LLC that simultaneously
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code.
Retreat at Laguna Villas, LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Del Del Case No. 25-10432) on March
10, 2025. In its petition, the Debtor reports total assets of $100
million to $500 million and total debts of $100 million to $500
million.
The petitions were signed by Mark Shinderman as chief restructuring
officer.
Honorable Bankruptcy Brendan Linehan Shannon handles the
case.
The Debtor is represented by POTTER ANDERSON & CORROON LLP and
BUCHALTER, A PROFESSIONAL CORPORATION as Restructuring
Co-Counsel.
The Debtor's Restructuring Advisor is FTI CONSULTING, INC.
NOVA CONSTRUCTORS: Court Extends Cash Collateral Access to April 25
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Tennessee
extended Nova Constructors, LLC's authority to use cash collateral
from March 7 to April 25.
The order signed by Judge Charles Walker authorized the company to
use cash collateral for business expenses as outlined in its
interim budget.
As protection, Pinnacle Bank was granted a replacement lien on
property acquired by the company after its Chapter 11 filing, to
the same extent and with the same priority as its pre-bankruptcy
lien.
In addition, the secured creditor will receive a monthly payment of
$2,000.
The next hearing is scheduled for April 23.
About Nova Constructors LLC
Nova Constructors LLC, formerly known as Noble Constructors, LLC,
is a full-service building company specializing in construction,
renovation, and pre-construction consulting. The company
comprehensive design and build services, handling projects such as
terrace builds, kitchen remodels, new garage additions, and lake
house renovations.
Nova Constructors sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00389) on January 30,
2025. In its petition, the Debtor reports total assets of $917,066
and total liabilities of $2,775,211.
Honorable Bankruptcy Judge Charles M Walker handles the case.
The Debtor is represented by:
R. Alex Payne, Esq.
Dunham Hildebrand Payne Waldron, PLLC
9020 Overlook Blvd., Suite 316
Brentwood, TN 37027
Tel: 629-777-6529
Fax: 615 777 3765
Email: alex@dhnashville.com
ODEBRECHT ENGENHARIA: Seeks Chapter 15 Bankruptcy in New York
-------------------------------------------------------------
Vince Sullivan of Law360 reports that Odebrecht Engenharia e
Construçao SA, a Brazilian construction conglomerate, has filed
for Chapter 15 protection in New York, aiming to secure recognition
of an ongoing insolvency case in Sao Paulo.
About Odebrecht Engenharia e Construçao SA
Odebrecht Engenharia e Construçao SA is a Brazilian company
specializing in large-scale civil engineering, construction, and
infrastructure development projects. It offers turnkey solutions,
managing every phase of construction from planning to execution for
both public and private sector clients. The Company operates in
five key sectors: urban development, energy, sanitation, industrial
plants, and transport and logistics. As a wholly owned subsidiary
of Novonor, OEC serves markets in Brazil, Angola, Peru, and the
United States.
Odebrecht Engenharia e Construçao SA sought relief under Chapter
15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10482)
on March 14, 2025.
Foreign Representative: Adriana Henry Meirelles
Av. das Nacoes Unidas, 14401, Torre
Aroeira, 5th Floor
Chacara Santo Antonio, Sao Paulo -
SP, 04730-090
Brazil
Foreign Proceeding: Judicial reorganization proceeding
in the 2nd Bankruptcy and Judicial
Reorganization Court of the State
Capital District of Sao Paulo
pursuant to Federal Law 11.101 of
February 9, 2005 of the laws of the
Federative Republic of Brazil
Foreign Representative's
Counsel: Luke A. Barefoot, Esq.
Thomas S. Kessler, Esq.
CLEARY GOTTLIEB STEEN & HAMILTON LLP
One Liberty Plaza
New York NY 10006
Tel: (212) 225-2000
Fax: (212) 225-3999
Email: lbarefoot@cgsh.com
tkessler@cgsh.com
ODYSSEY HEALTH: Reports $220K Loss in Q2, $1.24M Loss Year-to-Date
------------------------------------------------------------------
Odyssey Health, Inc. filed its quarterly report on Form 10-Q with
the Securities and Exchange Commission, revealing a net loss of
$220,126 for the three months ending Jan. 31, 2025. This marks a
sharp contrast to the net income of $13.28 million reported for the
same period last year.
For the six months ending Jan. 31, 2025, the Company posted a net
loss of $1.24 million, compared to a net income of $12.74 million
for the six months ending Jan. 31, 2024.
As of Jan. 31, 2025, the Company reported total assets of $266,866,
total current liabilities of $6.73 million, and a total
stockholders' deficit of $6.46 million.
The Company reported no revenues for the year ending July 31, 2024,
or for the six months ending Jan. 31, 2025, and it had an
accumulated deficit of $62,242,178 as of Jan. 31, 2025. For the
foreseeable future, the Company expects to experience continuing
operating losses and negative cash flows from operations. With
cash on hand amounting to only $7,187 as of Jan. 31, 2025, the
Company anticipates insufficient working capital to meet its
operational expenses through the third quarter of fiscal 2025.
Odyssey Health acknowledged that its ongoing operations are at risk
due to these financial challenges. The Company's ongoing survival
depends on the success of efforts to secure additional funds needed
to meet financial obligations and acquire sufficient capital to
execute its business strategy. The Company may raise funds
primarily through debt or equity issuances or by forming
partnerships with other companies. However, there is no guarantee
of successfully securing additional funding or collaborations, or,
if financing is available, that it will be obtained on favorable
terms. If the Company fails to secure the necessary funding in
time, it may need to scale down or potentially stop operations.
Odyssey Health emphasized in its report, "We are continually
adjusting our business plan to reflect our current liquidity
expectations. If we are unable to raise additional capital, secure
additional debt financing, secure additional equity financing,
secure a strategic partner, reduce our operating expenditures, or
seek bankruptcy protection, we will adjust our business plan.
Given our recurring losses, negative cash flow and accumulated
deficit, there is substantial doubt about our ability to continue
as a going concern."
For further details, the complete Form 10-Q filing is available on
the U.S. Securities and Exchange Commission's website at:
https://www.sec.gov/Archives/edgar/data/1626644/000168316825001617/odyssey_i10q-013125.htm
About Odyssey Health
Based in Las Vegas, NV, Odyssey Health, Inc. --
www.odysseyhealthinc.com -- focuses on developing or acquiring
innovative healthcare products, engaging third parties to
manufacture such products and then distributing the products
through various distribution channels, including third parties.
The Company has two different technologies in research and
development stage: the CardioMap heart monitoring and screening
device, and the Save a Life choking rescue device. To date, none
of its product candidates have received regulatory clearance or
approval for commercial sale.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated Nov. 13, 2024, citing that the Company has accumulated
deficit and negative cash flows from operations since inception and
is currently dependent on the stockholders and lenders to fund
operating activities.
For the fiscal year ended July 31, 2024, the Company's net loss
allocable to common stockholders was $905,771, and it had an
accumulated deficit of $61,003,146 at July 31, 2024. As of July
31, 2024, the Company had current liabilities of $5,919,895,
current assets of $56,943, and a working capital deficit of
$5,862,952.
OTB HOLDING: Hires Verita Global as Noticing and Claims Agent
-------------------------------------------------------------
OTB Holding LLC and its affiliates seeks approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Kurtzman Carson Consultants, LLC dba Verita Global ("Verita") as
the notice, claims, and solicitation agent.
The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Debtor's Chapter 11 case.
The firm will receive an advance payment in amount of $35,000 from
the Debtor.
Evan Gershbein, an executive vice president at Verita Global,
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:
Evan Gershbein
Verita Global
222 N. Pacific Coast Highway, 3rd Floor
El Segundo, CA 90245
Telephone: (310) 823-9000
Facsimile: (310) 823-9133
Email: egershbein@kccllc.com
About OTB Holding LLC
OTB Holding LLC The Debtors are the operators of the well-known
restaurant brand "On The Border Mexican Grill & Cantina," which
focuses on the development, operation, and franchising of casual
dining establishments in the U.S. and South Korea. Founded in 1982
in Dallas, Texas, On The Border is recognized for its sizzling
mesquite-grilled fajitas, award-winning margaritas, house-made
salsa, and endless chips and salsa. Over the past 40 years, the
brand has expanded from a single cantina into one of the most
popular Tex-Mex chains in the country, offering a wide range of
flavorful dishes inspired by Texas and Mexico. With more than 80
locations in the U.S. and internationally, it has become a go-to
spot for fresh Tex-Mex food and lively dining experiences. On The
Border stands out in the casual dining industry by leveraging its
unique and authentic brand. As of the Petition Date, the Debtors
continue to operate 60 restaurant locations across 18 states, all
of which are leased. In addition, the Company has franchise
agreements with third parties who run 20 additional locations in
the U.S. and South Korea.
The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ge. Case No. 25-52415 (SMS) on March 4, 2025. In
the petitions signed by Jonathan Tibus as chief restructuring
officer, the Debtor reports an estimated assets of $10 million to
$50 million and liabilities of $10 million to $50 million.
Seven affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
OTB Holding LLC (Lead Case) 25-52415
OTB Acquisition LLC 25-52416
OTB Acquisition of New Jersey LLC 25-52417
OTB Acquisition of Howard County LLC 25-52418
Mt. Laurel Restaurant Operations LLC 25-52419
OTB Acquisition of Kansas LLC 25-52420
OTB Acquisition of Baltimore County, LLC 25-52421
Judge Sage M. Sigler presides over the case.
Jeffrey R. Dutson, Esq., Brooke L. Bean, Esq., and Kyung Won Song,
Esq., at KING & SPALDING LLP, represent the Debtors as legal
counsel.
ALVAREZ & MARSAL NORTH AMERICA, LLC serves as the Debtors' Chief
Restructuring Officer Provider.
KURTZMAN CARSON CONSULTANTS, LLC serves as the Debtors' Claims &
Noticing Agent.
HILCO CORPORATE FINANCE, LLC represents the Debtors as Lead
Investment Banker.
OUTLOOK THERAPEUTICS: Stockholders Greenlight All Items at Meeting
------------------------------------------------------------------
Outlook Therapeutics, Inc., filed a Form 8-K with the Securities
and Exchange Commission reporting that at the Annual Meeting held
on March 11, 2025, the Company's stockholders:
1. elected Julian Gangolli, Ralph H. "Randy" Thurman, and
Lawrence A. Kenyon to serve as Class III directors on the Company's
Board of Directors until the Company's 2028 Annual Meeting of
Stockholders or until their successors have been duly elected and
qualified;
2. approved the potential issuance of more than 19.99% of the
Company's outstanding common stock upon the conversion of the Note,
at a conversion price per share that is less than the "minimum
price" under Nasdaq Listing Rule 5635, if required pursuant to the
terms of the Note;
3. approved the amendment of the Company's Restated Certificate
of Incorporation to increase the total number of shares of its
common stock authorized for issuance from 60,000,000 to 260,000,000
shares;
4. ratified the selection by the Audit Committee of KPMG LLP as
the Company's independent registered public accounting firm for its
fiscal year ending Sept. 30, 2025; and
5. approved a non-binding advisory vote on the compensation of
the Company's named executive officers.
The authorized number of shares of the Company's common stock was
increased pursuant to a Certificate of Amendment to the Restated
Certificate of Incorporation, which was filed with the Secretary of
State of Delaware on March 11, 2025, and became effective on that
date.
$33.1M Note Raised to Repay Existing Financial Obligations
Outlook Therapeutics also announced the successful closing of a
transaction on March 13, 2025, under a Securities Purchase
Agreement with Avondale Capital, LLC, a Utah-based lender, pursuant
to which the Company issued an unsecured convertible promissory
note for $33,100,000. The proceeds from this Note was used to
repay the full outstanding balance of $32,910,027.57 on its
previous convertible promissory note with Streeterville Capital,
LLC, dated Dec. 22, 2022, which was cancelled upon the issuance of
the new Note.
About Outlook Therapeutics
Headquartered in Iselin, New Jersey, Outlook Therapeutics --
http://www.outlooktherapeutics.com/-- is a biopharmaceutical
company focused on the development and commercialization of
ONS-5010 / LYTENAVA (bevacizumab-vikg; bevacizumab gamma), for the
treatment of retina diseases, including wet AMD. LYTENAVA
(bevacizumab gamma) is the first ophthalmic formulation of
bevacizumab to receive European Commission and MHRA Marketing
Authorization for the treatment of wet AMD. Outlook Therapeutics
is working to initiate its commercial launch of LYTENAVA
(bevacizumab gamma) in the EU and the UK as a treatment for wet
AMD, expected in the second quarter of calendar 2025. In the
United States, ONS-5010 / LYTENAVA is investigational, is being
evaluated in an ongoing non-inferiority study for the treatment of
wet AMD, and if successful, the data may be sufficient for Outlook
to resubmit a BLA to the FDA in the United States. If approved in
the United States, ONS-5010/LYTENAVA, would be the first approved
ophthalmic formulation of bevacizumab for use in retinal
indications,
including wet AMD.
Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated Dec. 27, 2024, citing that the Company has incurred recurring
losses from operations and negative cash flows from operations and
has an accumulated deficit, that raise substantial doubt about its
ability to continue as a going concern.
The Company has incurred net losses in each year since its
inception in Jan. 5, 2010, including net losses of $75.4 million
and $59.0 million for the years ended Sept. 30, 2024 and 2023,
respectively. The Company has not generated material revenue from
the sales of any product. The Company stated that its success
largely relies on its ability to generate revenue from the sales of
ONS-5010/LYTENAVA, which has been approved for treating wet AMD in
both the EU and the UK.
Through Sept. 30, 2024, the Company has funded substantially all of
its operations with $530.9 million in proceeds from the sale and
issuance of its equity and debt securities.
As of Sept. 30, 2024, Outlook Therapeutics reported $28.82 million
in total assets, $101.90 million in total liabilities, and a total
stockholders' deficit of $73.08 million. As of Sept. 30, 2024, the
Company's cash and cash equivalents balance was $14.9 million.
Management believes that the Company's existing cash and cash
equivalents as of Sept. 30, 2024, combined with $1,742,343 in net
proceeds from the sale of common stock under the BTIG ATM Offering
since Sept. 30, 2024, will not be sufficient to fund the Company's
operations for the next 12 months following the filing date of the
Form 10-K.
PATTERN ENERGY: S&P Downgrades ICR to 'B+', Outlook Stable
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating and issue-level
rating on the $639 million outstanding unsecured notes to 'B+' from
'BB-'. The recovery rating is '3', indicating meaningful (50%-70%;
rounded estimate: 55%) recovery in the event of a hypothetical
default.
S&P said, "We believe that SunZia will strengthen the group's
business risk, offering larger scale from 3.5 gigawatts (GW) of
wind and 3 GW of transmission capacity, as well as greater
diversity and cash flow stability through transmission capacity
payments, which are not exposed to market or resource risk.
"The stable outlook reflects our view that PEG will generate stable
cash flow from its contracted operating assets to support
development expenses and debt service in the next 12 months. We
also expect SunZia construction will remain on budget and on
schedule in 2025 with expected completion in mid-2026. We
anticipate equity contributions from sponsors in 2025 will aid
capital spending, including on Heritage Prairie, Ocotillo
repowering, and other development projects. We predicate our
expected adjusted leverage of 7x-7.5x on completion of SunZia
construction and execution of the required permanent financing to
repay approximately $8.8 billion of construction and term facility
debt.
"PEO's adjusted leverage increased to about 8x in 2024 from about
5.1x in 2023, driven by lower distributions and a higher debt
balance, a key driver for the downgrade. We expect PEO to finish
2024 with approximately $200 million in distributions from its
operating assets, down from about $245 million in 2023, leading to
a 30% decline in EBITDA in 2024. The decline was driven by lower
distributions from Western Spirit, Lanfine, Post Rock, Spring
Valley, Amazona, and Armow due to a combination of a drop in
merchant and renewable energy certificate pricing in 2024, which
was unusually high in 2023. Low wind resource, curtailment and
higher operating costs also affected some assets. PEO
distributions, excluding Western Spirit, peaked at about $248
million in 2021, but dropped more than 50% by 2024. Western Spirit,
which became operational in 2022 offset some of this decline and is
expected to account for about 40% of PEO's cashflows in 2024. We
expect Western Spirit will generate stable distributions and
continue to offset the decline of the rest of the operating assets
due to our assumption of future asset sales and other factors."
In December 2023, PEO issued a $250 million corporate term loan
under its restricted credit group to partially fund SunZia
construction costs and borrowed an expected $140 million on its
secured revolver during 2024 to fund development costs at Pattern
Development, bringing adjusted leverage to about 8x. Previously,
S&P expected the bridge loan to be repaid in 2024 and leverage to
range 4x-5x, leading to its view that the group's financial risk
has increased. S&P's 2024 adjusted debt leverage excludes operating
assets' debt.
PEO's financial support extended to the SunZia development combined
with the materiality of SunZia's expected cashflows led us to
revise the group credit profile to subsume Pattern Development
within the credit group. PEO's financial support to SunZia in the
last 12 months led us to include Pattern's development in the PEG
group credit profile. S&P believes the development segment is
integral to the group strategy because it provides PEO with a
pipeline of projects and PEG with potential higher return through
project development asset sales. At the same time, the upstream
segment is inherently risky because it requires large up-front
spending without a corresponding immediate cash flow benefit.
Furthermore, due to the uncertainty and timing of asset sale
proceeds, the development segment relies on the group to fund its
required development and prefinancing costs through equity
contributions, including excess cash flow from PEO.
S&P said, "Given the historical interlinkage between PEO and
Pattern Development, including a pattern of financial support to
the development segment, we view the group as a consolidated
corporate entity under our corporate methodology that will extend
support to core subsidiaries PEO and Pattern Development (and their
corresponding core assets including SunZia and Western Spirit). We
expect SunZia to account for more than 50% of project distributions
to PEO, which does not meet the minimum diversity requirement for
being rated under our project developer methodology. We also view
SunZia as a core asset, given its transformational impact to
Pattern's business risk. This indicates further departure from
developer methodology, which assumes low financial support for
developer subsidiaries because they are deemed nonstrategic or
moderately strategic.
"We expect PEG's consolidated leverage will peak at 11x-12x in 2025
but normalize to 7x-7.5x in 2026, when SunZia cash flow comes
online. It will be elevated in 2025 because we include
approximately $1.5 billion of amortizing debt from PEO's operating
subsidiaries, while SunZia is in construction. We expect total debt
at the end of 2025 will be $2.75 billion, which includes about $419
million in standard adjustments for operating leases and asset
retirement obligations as well as $130 million of the $260 million
of preferred security, which we treat as debt. In 2026, we expect
consolidated EBITDA will increase due to SunZia's run rate EBITDA,
assessed at the P90 level and adjusted for expected ownership
share. We attribute some increase to increased contributions from
Ocotillo, which is completing repowering in 2025. Further, we
include annual development and prefinancing costs and incorporate
in our forecast asset sales planned for 2026 and 2027, which it
will use to fund capital development spending. We expect cash flow
from Heritage Prairie, which will become operational in 2027, will
offset the decline in EBITDA from asset sales in 2027. We expect
adjusted debt balance will increase in 2026 with SunZia's permanent
financing. We expect our adjusted debt balance in 2027 will
increase with the addition of Heritage Prairie's debt balance
because we expect the asset will become operational in 2027.
"We revised PEG's business risk profile to satisfactory from fair,
underpinned by SunZia's value proposition to capture favorable
economic benefits through long-term power purchase agreements and
stable transmission fees. We believe SunZia is uniquely positioned
to bring electricity to capacity scarce markets such as California
and Arizona during peak evening demand when solar energy production
drops off. SunZia has 3.5 GW of generating capacity and will
harness power from about 1,000 wind turbines from the premier wind
zone in New Mexico, transporting it to California and other Western
markets via a 550-mile transmission line with total capacity of 3
GW. We believe that by integrating this infrastructure into the
grid, SunZia can capture increasing power purchase agreement (PPA)
prices, high resource adequacy payments, and a widened spread
between off-peak and on-peak power prices in the California
Independent System Operator. The wind PPA index has doubled since
2021 to about $65 per megawatt hour (MWh), which we think can
benefit SunZia as we expect the project to operate under long term
PPAs once it becomes operational. Capacity shortages due to
significant solar buildout and thermal retirements in California
have also sharply increased resource adequacy payments (RA). Market
participants in California reference bilateral RA payments from
$8.50 up to $30 per kilowatt month, a significant premium to other
power regions in the US like Pennsylvania-New Jersey-Maryland (PJM)
Interconnection, where capacity prices cleared at nearly $270 per
megawatt day in the most recent auction. We anticipate resource
adequacy (RA) prices in California will hold in the low double
digits ($/KW-month) through 2030, which we believe is credit
supportive for SunZia. We expect SunZia will reach about 75% - 80%
contractedness by commercial operation date (COD) with
investment-grade off-takers and an average power purchase agreement
tenure of about 15 years. We expect SunZia will account for more
than 50% of group EBITDA once it is operational. Additionally,
Sunzia transmission will earn fixed revenues based on the 30-year
transmission service agreement signed with SunZia Wind, which are
regulatory based and predictable.
"We consider the completion of the SunZia construction and firming
up of permanent financing a significant risk to our base-case
forecast. Our base case assumes that Pattern will complete
construction on schedule and within budget and the construction
loan will be repaid. We believe steady progress made year to date
mitigates construction risk. As of January 2025, the wind assets
are more than 50% complete and transmission is 77% complete.
Additionally, construction is progressing on schedule and on
budget.
"Further, we assume Pattern will repay the approximately $8.8
billion construction debt with a combination of permanent debt
financing, tax equity financing, and potential sale of project
equity, which will replace the tax equity term loan. We consider a
degree of uncertainty related to the execution of the permanent
financing due to a possible downturn in market environment,
regulatory changes, or other external factors. Therefore, a
material deviation from our base case, including higher than
expected debt outstanding, could weaken the group credit profile.
"The stable outlook reflects our view that PEG will generate stable
cash flow from its contracted operating assets to support
development expenses and debt service in the next 12 months. We
also expect SunZia construction will remain on budget and on
schedule in 2025, with expected completion in mid-2026. We
anticipate equity contributions from sponsors in 2025 will aid
capital spending, including on Heritage Prairie, Ocotillo
repowering, and other development projects. We expect adjusted
leverage will peak at 11x-12x in 2025 before normalizing to 7x-7.5x
once SunZia cash flow comes online in 2026. The inclusion of
project-level debt (about $1.5 billion) in our leverage
calculations drives the increase in leverage in 2025. Our 2026
adjusted leverage calculation assumes SunZia is operational, and we
include its run rate EBITDA and expected permanent debt in our
base-case forecast."
S&P could lower the rating on PEG if it expected the adjusted
leverage to increase above 8x on sustained basis. This could happen
with any of the following:
-- SunZia construction ran into material delays beyond June 2026
and construction cost significantly exceeds budget, increasing
uncertainty that Pattern will achieve our EBITDA and leverage
expectations including SunZia in 2026.
-- S&P said, "SunZia permanent debt financing exceeded our
base-case expectations due to lower tax equity or a lower asset
sale. Under our base case, we assume the $8.8 billion construction
loan will be repaid with a combination of permanent financing, tax
equity investment, and a potential sale of project equity." The
uncertainty of the timing and completion of the financings required
to repay the construction debt pose execution risk for PEG in the
next 12-24 months.
-- Pattern did not repay the remaining balance of the bridge loan
in 2025 and additional debt paydowns 2026 per S&P's base-case
forecast, increasing leverage.
-- Pattern did not execute asset sales under S&P's base case,
weakening liquidity.
-- Pattern experienced operational outages or low wind resource,
reducing cash flow from the operating portfolio.
S&P could raise the rating on Pattern if it expected consolidated
debt to EBITDA to decline below 6.5x and funds from operations
(FFO) to debt to increase above 10% on sustained basis after SunZia
becomes operational. This could happen if:
-- SunZia completed construction on schedule and within budget,
repaid construction debt and executed permanent structure in line
or better than S&P's expectations.
-- S&P expected Pattern to reduce leverage below S&P's
expectations in 2026.
PIER 115: Seeks Subchapter V Bankruptcy in New Jersey
-----------------------------------------------------
On March 12, 2025, Pier 115 LLC filed Chapter 11 protection in the
U.S. Bankruptcy Court for the District of New Jersey. According to
court filing, the Debtor reports between $1 million and $10
million in debt owed to 1 and 49 creditors. The petition states
funds will be available to unsecured creditors.
About Pier 115 LLC
Pier 115 LLC is a modern American restaurant located on the
waterfront in Edgewater, New Jersey. The establishment offers a
scenic view of the Hudson River, with a prime location that extends
out into the river, providing a relaxed atmosphere with views of
nearby Manhattan. The restaurant specializes in contemporary
American cuisine and also features a lounge area. Additionally,
Pier 115 hosts private events and offers services such as takeout
and delivery.
Pier 115 LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D.N.J. Case No. 25-12533 on March 12, 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:
Mark J. Politan, Esq.
POLITAN LAW, LLC
88 East Main Street, #502
Mendham, NJ 07945
Tel: 973-768-6072
E-mail: mpolitan@politanlaw.com
PINEAPPLE PROPERTIES: Hires Mickler & Mickler LLP as Attorney
-------------------------------------------------------------
Pineapple Properties of SA, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ Law
Offices of Mickler & Mickler, LLP as attorney.
The firm will render general representation of the Debtor in the
bankruptcy proceeding and the performance of all legal services for
the Debtor which may be necessary.
The firm will be paid at $300 to $400 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Bryan K. Mickler, Esq., a partner at Law Offices of Mickler &
Mickler, 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:
Bryan K. Mickler, Esq.
Law Offices of Mickler & Mickler, LLP
5452 Arlingon Expy.
Jacksonville FL 32211
Tel: (904) 725-0822
Fax: (904) 725-0855
Email: bkmickler@planlaw.com
About Pineapple Properties of SA, LLC
Pineapple Properties operates 44 Spanish Street Inn, a bed and
breakfast located in St. Augustine, Florida. Originally built in
1920, the Inn offers guests a historic setting with modern
amenities. The Inn has eight guest rooms, each featuring private
baths, and provides convenient access to local attractions.
Pineapple Properties of SA, LLC in Saint Augustine, FL, sought
relief under Chapter 11 of the Bankruptcy Code filed its voluntary
petition for Chapter 11 protection (Bankr. M.D. Fla. Case No.
25-00647) on March 5, 2025, listing $13,172 in assets and
$1,184,420 in liabilities. Brian A. Funk as managing member, signed
the petition.
Judge Jacob A Brown oversees the case.
LAW OFFICES OF MICKLER & MICKLER, LLP serve as the Debtor's legal
counsel.
PINEAPPLE PROPERTIES: Hires Sheila Brown CPA as Accountant
----------------------------------------------------------
Pineapple Properties of SA, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Sheila Brown, CPA as accountant.
The firm will assist in the preparation of the Debtor's monthly
accounting and bill pay services.
The firm will be paid $200 per month for the services rendered.
Sheila Brown, CPA 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:
Sheila Brown, CPA
100 Southpark Blvd #410
St. Augustine, FL 32086
Tel: (904) 484-5008
About Pineapple Properties of SA, LLC
Pineapple Properties operates 44 Spanish Street Inn, a bed and
breakfast located in St. Augustine, Florida. Originally built in
1920, the Inn offers guests a historic setting with modern
amenities. The Inn has eight guest rooms, each featuring private
baths, and provides convenient access to local attractions.
Pineapple Properties of SA, LLC in Saint Augustine, FL, sought
relief under Chapter 11 of the Bankruptcy Code filed its voluntary
petition for Chapter 11 protection (Bankr. M.D. Fla. Case No.
25-00647) on March 5, 2025, listing $13,172 in assets and
$1,184,420 in liabilities. Brian A. Funk as managing member, signed
the petition.
Judge Jacob A Brown oversees the case.
LAW OFFICES OF MICKLER & MICKLER, LLP serve as the Debtor's legal
counsel.
PINEAPPLE PROPERTIES: Seeks to Tap Sheila Brown CPA as Accountant
-----------------------------------------------------------------
Pineapple Properties of SA 2, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Sheila Brown, CPA as accountant.
The firm will assist in the preparation of the Debtor's monthly
accounting and bill pay services.
The firm will be paid $200 per month for the services rendered.
Sheila Brown, CPA 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:
Sheila Brown, CPA
100 Southpark Blvd #410
St. Augustine, FL 32086
Tel: (904) 484-5008
About Pineapple Properties of SA 2, LLC
Pineapple Properties of SA 2, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. M.D. Fla. Case No. 3:25-bk-00648) on March 5,
2025. The Debtor hires Law Offices of Mickler & Mickler, LLP as
counsel.
PLZ CORP: S&P Places 'B-' Issuer Credit Rating on Watch Negative
----------------------------------------------------------------
S&P Global Ratings placed all its ratings on PLZ Corp., including
the 'B-' issuer credit rating and its 'B-' issue-level rating on
its senior secured facilities due 2026, on CreditWatch with
negative implications.
S&P said, "We could resolve the CreditWatch placement if the
company successfully refinances its upcoming maturities. Assuming
we believe there is no further credit risk, we could potentially
remove the ratings from CreditWatch and affirm our 'B-' issuer
credit rating. Conversely, if PLZ is unable to refinance its senior
secured facilities, we could lower our ratings by one or more
notches.
"We believe PLZ Corp. will face increasing refinancing risk as its
debt maturities draw nearer. The company's capital structure
comprises a revolving credit facility and a first-lien term loan
facility, both of which will become current in the next 2-5 months
(April 30, 2025, for the revolver and Aug. 3, 2025, for the term
loan). While the revolving credit facility remains undrawn, the
outstanding balance on PLZ's first-lien term loan, which accounts
for the majority of its debt, is significant. Given the company's
rapidly approaching maturities, we revised our assessment of its
capital structure to negative. However, we believe that PLZ's
financial sponsor, Pritzker Private Capital, will continue to
support its operations during challenging periods.
"If the company fails to address these upcoming maturities in a
timely manner, we believe its capital structure would become
unsustainable over the next six months. This reflects our
expectation that PLZ's inability to refinance its debt would
severely limit its liquidity over the following 12 months and
increase the risk of a default. Additionally, the resolution of the
CreditWatch will be predicated on our review of the impact of
higher interest rates on the company's cash flows and financial
ratios."
PLZ's improved profitability offsets the contraction in its sales
in 2024. The company has concentrated on enhancing the efficiency
of its cost structure by implementing initiatives, such as network
optimization, which resulted in reduced facilities footprint. PLZ
also benefited from the stabilization of raw material costs
throughout the year, which contributed to the improvement in its
margin. Additionally, management is actively targeting
higher-margin customers while phasing out lower-margin ones, which
has led to a more-favorable customer mix. S&P said, "We believe
this strategy helps mitigate the decline in the company's sales
volumes stemming from its reduced customer base and weaker demand.
We project that PLZ will expand its S&P Global Ratings-adjusted
EBITDA margins by around 450 basis points in 2024 relative to 2023.
We anticipate the improvement in its margin will also reflect its
unusually weak performance in the last quarter of 2023, which we do
not expect it to replicate in the final quarter of 2024."
PLZ's credit metrics will likely remain appropriate for the current
rating. While the company's refinancing risk has increased, it was
able to sequentially improve its profitability through 2024. S&P
said, "Therefore, we anticipate PLZ will reduce its debt leverage
to the 8.5x-9.0x range by end of 2024, which compares with over 10x
as of the end of 2023. We view the company's very weak performance
in the last quarter of 2023 as an abnormality and expect its
earnings in the corresponding quarter of 2024 will be much
stronger. We expect PLZ will gradually improve its earnings in 2025
and 2026 on new business wins, the streamlining of its fixed costs
following its plant closures, greater fixed cost absorption, and
incremental volume growth. In addition, we expect the company will
reduce its debt leverage below 8.0x by end of 2025 and on a
weighted average basis maintain S&P Global Ratings-adjusted debt to
EBITDA in the 6.5x-8.0x range.
"We could resolve the CreditWatch placement if PLZ successfully
refinances its upcoming maturities without materially increasing
its interest burden. If we believe there is no further credit risk
arising from a potential increase in the company's interest expense
or macroeconomic factors, like increased tariffs that could
negatively impact its end-market demand, we could remove our
ratings from CreditWatch and affirm the 'B-' issuer credit rating.
Conversely, if PLZ is unable to refinance its senior secured
facilities in a timely manner, we could lower our ratings by one or
more notches."
POLARIS PARENT: S&P Downgrades ICR to 'CCC+', Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
provider of automotive risk and asset management software and
services Polaris Parent LLC (Solera) and its first-lien term loan
tranches to 'CCC+' from 'B-'.
S&P said, "The stable outlook reflects our view that Solera has
sufficient liquidity over at least the next 12 months to meet its
minimum operating needs and that it will likely extend the June
2026 maturity of its $500 million revolving credit facility. At the
same time, we believe the company's elevated leverage of about 8x
and high debt service burden resulting in weak cash generation
after debt servicing could make its long-term capital structure
unsustainable."
While liquidity is currently sufficient, Solera will need to
considerably improve its cash generation after debt servicing to no
longer rely on its revolver. Solera reported negative FOCF of
about $172 million in the first nine months of this fiscal year,
resulting in an increasing reliance on its revolver, which it
partially paid down with a $350 million secured term loan with a
payment-in-kind (PIK) toggle feature due in 2028. This new facility
(backed by previously unencumbered European subsidiaries) and other
minor ancillary facilities obtained in the fiscal year helped
increase its total available liquidity to about $466 million as of
Dec. 31, 2024, from about $290 million as of March 31, 2024.
However, S&P would view this as a near-term reprieve if the company
is still not able to generate significant cash internally to
sustainably meet its debt servicing requirements without needing to
rely on its revolver, which still had an outstanding $145 million
balance at the end of December.
With weaker revenue growth and net working capital flows than in
our last projections, S&P now expects a net cash burn (after debt
amortization and dividends to noncontrolling interests) of up to
$20 million in fiscal 2026. Although this represents a potential
return to positive FOCF of about 1% of debt helped by lower average
interest rates and potential net working capital improvements, it
remains lower than its prior expectation of at least 2% FOCF to
debt in fiscal 2026.
S&P said, "The stable outlook reflects our view that Solera has
sufficient liquidity over at least the next 12 months to meet its
minimum operating needs and that it will likely extend the June
2026 maturity of its $500 million revolving credit facility. At the
same time, we believe the company's elevated leverage of about 8x
and high debt service burden resulting in weak cash generation
after debt servicing could make its long-term capital structure
unsustainable."
S&P could lower its rating on Solera if it expects there to be:
-- Sustained negative FOCF generation or significantly reduced
total available liquidity such that it is unable to manage its debt
servicing obligations;
-- Weaker-than-expected revenues or EBITDA margins such that S&P
believes there could be significant risk in refinancing upcoming
debt maturities. This could be due to continued elevated customer
churn in the Fleet Solutions business; or
-- An increased risk over the next 12 months of the company
needing to consider a debt amendment or exchange transaction that
S&P views as offering less than the original promise of its debt
obligations to lenders.
S&P could upgrade Solera if:
-- The company improved its organic revenue growth, which could
include a stabilization in Fleet Solutions, greater transaction
volumes and pricing in other business segments, or market share
gains;
-- S&P expects long-term EBITDA cash interest coverage will
improve to the mid-1x area and FOCF to debt improve to at least 2%
on a sustained basis helped by EBITDA growth from cost savings or a
sustained decrease in base interest rates; and
-- The company maintains a history of sustained liquidity
improvements after accounting for potential seasonality and debt
servicing outflows.
An upgrade would likely require all these factors to be met.
PROSPECT MEDICAL: Creditors Oppose Proposed Sale Process
--------------------------------------------------------
Alex Wolf of Bloomberg Law reports that the creditors of Prospect
Medical Holdings Inc. are challenging the level of control that
landlord Medical Properties Trust (MPT) is aiming to secure over
the sale of Prospect's healthcare assets in California and
Connecticut.
An official committee of creditors has filed a request with the US
Bankruptcy Court for the Northern District of Texas, urging it to
reject the proposed bidding procedures in Prospect's Chapter 11
case, claiming they unfairly benefit MPT.
About Prospect Medical Holdings
Prospect Medical Holdings owns Roger Williams Medical Center, Our
Lady of Fatima Hospital, and several other healthcare facilities.
Prospect Medical Holdings sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on
January 11, 2025. In the petition filed by Paul Rundell, as chief
restructuring officer, the Debtor reports estimated assets and
liabilities between $1 billion and $10 billion each.
Honorable Bankruptcy Judge Stacey G. Jernigan handles the case.
The Debtors' General Bankruptcy Counsel is Thomas R. Califano,
Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas,
Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne
G. Wallice, Esq., at Sidley Austin LLP, in New York.
The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA,
LLC.
The Debtors' Investment Banker is HOULIHAN LIKEY, INC.
The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT
SOLUTIONS, INC.
QVC GROUP: Swings to $1.25 Billion Net Loss in FY2024
-----------------------------------------------------
QVC Group, Inc. filed its Annual Report on Form 10-K with the U.S.
Securities and Exchange Commission, reporting a had net losses of
$1.25 billion on $10.04 billion of total revenue and net loss of
$94 million on $10.91 billion of total revenue for the years ended
December 31, 2024 and 2023, respectively.
As of Dec. 31, 2024, the Company had $9.24 billion in total assets,
$10.13 billion in total liabilities, and $885 million in total
stockholders' equity.
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/nh3d6cxm
About QVC Group
QVC Group, Inc., formerly known as Qurate Retail, Inc. --
https://www.qvcgrp.com/ -- owns interests in subsidiaries and other
companies which are primarily engaged in the video and online
commerce industries. Through our subsidiaries and affiliates, we
operate in North America, Europe and Asia. Its principal
businesses and assets include our consolidated subsidiaries QVC,
Inc., Cornerstone Brands, Inc., and other cost method investments.
* * *
As reported by TCR on April 22, 2024, S&P Global Ratings revised
its outlook to stable from negative and affirmed all its ratings on
U.S.-based video commerce and online retailer Qurate Retail Inc.,
including its 'CCC+' Company credit rating. The stable outlook
reflects S&P's expectation that Qurate will maintain sufficient
liquidity over the next 12 months despite its view that its capital
structure remains unsustainable, as further cost reductions offset
sales weakness and support profit recovery.
R&R MALONE: Paul Levine of Emery Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 2 appointed Paul Levine, Esq., at Emery
Greisler, LLC as Subchapter V trustee for R&R Malone II, Inc.
Mr. Levine 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. Levine declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Paul A. Levine, Esq.
Emery Greisler, LLC
677 Broadway, 8th Floor
Albany, New York 12207
Tel: (518) 433-8800 x313 |
Email: plevine@lemerygreisler.com
About R&R Malone II
R&R Malone II, Inc. filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. N.Y. Case No. 25-30140) on
February 27, 2025, listing between $100,001 and $500,000 in both
assets and liabilities.
Judge Wendy A. Kinsella presides over the case.
RED OAK: S&P Affirms 'B+' Debt Rating on Term Loan B Add-On
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B+' rating, with a '2' recovery
rating, on Red Oak Power LLC's term loan B (TLB).
Red Oak plans to issue an incremental $40 million TLB. The project
will use proceeds to pay a distribution to the sponsor.
Red Oak has increased its hedged capacity via heat rate call
options (HRCOs), providing robust cash flow visibility that
partially offsets the increased debt, but at the same time
increases its exposure to operational risks.
The '2' recovery rating indicates S&P's expectation for substantial
(70%-90%; rounded estimate: 85%) recovery.
S&P said, "The stable outlook reflects our expectation that Red Oak
will maintain average debt service coverage (DSCR) above 2.00x
during the initial term loan period (2024-2030) and a minimum DSCR
of at least 1.29x for the project life during the post-refinancing
period (2031-2042), where we model a fully amortizing structure. We
forecast $135 million of TLB outstanding at maturity in 2030."
Incremental debt is offset by robust medium-term hedged energy
margins and improved capacity prices. The incremental $40 million
TLB will be offset by Red Oak's increased hedge book following
issuance in 2024, which will provide solid energy margins including
robust hedge premiums, combined with improving capacity prices. As
a result, S&P now forecasts $135 million TLB balance at maturity,
up slightly from our prior forecast. Hedged energy margins now make
up to 60% of hedged annual capacity in the prompt year, decreasing
in later years, although we expect management will continue to
layer on hedges.
The additional hedges (HRCOs) improve cash flow visibility but
increase operating leverage. The project now has significant hedges
in place for 2025-2029, improving cash flow visibility, but at the
same time increasing its exposure to operational risks. S&P said,
"With the HRCOs in place, we forecast solid hedged energy margins
in our base-case scenario; however, if the project experiences
operational problems, in particular forced outages when combined
with high spot power prices, it will have to buy power in the open
market to deliver on the HRCOs if and when called. We see this risk
as partially mitigated by the maximum hedged capacity of 60%
annually, which is supported by a 3x1 plant configuration, meaning
the plant can meet the hedges if one combustion turbine is offline.
In addition, the project has forced outage insurance which provides
protection if more than one combustion turbine is offline."
S&P said, "Red Oak has also demonstrated very low EFORd over the
past few years, which continued in 2024; in our base-case scenario,
we expect the project will maintain this level of EFORd. A low
EFORd indicates the project can not only capitalize on robust power
markets but also deliver on the HRCOs; however, should the project
experience elevated EFORd, this could put more pressure on metrics
compared with projects that do not have HRCOs.
"We do not view the upsize as opportunistic given management's
approach to hedging. We do not believe management is looking to
upsize due to market conditions but rather as a result of
incremental hedges put in place after issuance. Management said it
would execute on hedges following financial close, as under the
previous agreements its ability to hedge was limited. Consequently,
we view this transaction as management carrying out its strategy
and improving cash flow visibility and margins.
"The stable outlook reflects our expectation that Red Oak will
maintain average DSCRs above 2.0x during the initial term loan
period (2024-2030) and a minimum DSCR of at least 1.29x during the
post-refinancing period (2031-2042), where we assume a fully
amortizing structure. We forecast about $135 million of TLB
outstanding at maturity in 2030."
S&P could lower its rating if Red Oak is unable to sustain DSCRs
above 1.20x. This could stem from:
-- Weaker realized spark spreads or lower PJM capacity prices for
delivery year 2026-2027 and beyond;
-- Unplanned outages that substantially affect generation or
result in a reduced capacity bonus;
-- Operational issues exacerbated by reduced HRCO premiums or net
outflows;
-- Economic factors in which the power plant dispatches materially
lower than our base-case expectations; or
-- The project's excess cash flows don't translate into debt
paydown, resulting in a TLB balance of more than about $140 million
at maturity.
S&P said, "We could raise the rating if we expect the project to
approach a minimum base-case DSCR close to 1.50x. We would expect
this to materialize only via significant improvement in spark
spreads and uncleared capacity prices in PJM's EMAAC zone while
realizing favorable capacity factors. We would also need to see
that a stronger financial performance is reflected in higher
deleveraging during the term loan period."
REMNANT OF FAITH: Hires Gary G. Lyon as Bankruptcy Counsel
----------------------------------------------------------
Remnant of Faith seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Texas to employ Gary G. Lyon as general
bankruptcy counsel.
The firm will render these services:
(a) furnish legal advice to the Debtor with regard to its
powers, duties and responsibilities as a debtor-in-possession and
the continued management of its affairs and assets under chapter
11;
(b) prepare, for and on behalf of the Debtor, all necessary
applications, motions, answers, orders, reports and other legal
papers;
(c) prepare a disclosure statement and plan of reorganization
and other services incident thereto;
(d) investigate and prosecute preference and fraudulent
transfers actions arising under the avoidance powers of the
Bankruptcy Code; and
(e) perform all other legal services for the Debtor which may be
necessary.
Gary G. Lyon will be paid at these hourly rates:
Attorneys $500
Paralegals $75
The Debtor paid Gary G. Lyon a retainer in the amount of $3,717.
Gary G. Lyon will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Gary G. Lyon, Esq. assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.
Gary G. Lyon can be reached at:
Gary G. Lyon, Esq.
6401 W. Eldorado Parkway, Ste 234
McKinney, TX 75070
Tel: (214) 620-2034
Fax: (469) 521-7219
E-mail: glyon.attorney@gmail.com
About Remnant of Faith
Remnant of Faith, located in Dallas, TX, is a Pentecostal church
dedicated to empowering individuals through worship, ministry, and
community outreach.
Remnant of Faith a/k/a Remnant of Faith Church of God in Christ in
Dallas TX, sought relief under Chapter 11 of the Bankruptcy Code
filed its voluntary petition for Chapter 11 protection (Bankr. E.D.
Tex. Case No. 25-40620) on March 4, 2025, listing $1,442,744 in
assets and $1,060,106 in liabilities. Lorenzo Plater, serving as
president/CEO/pastor, signed the petition.
BAILEY JOHNSON & LYON, PLLC serve as the Debtor's legal counsel.
REYNOSO VINEYARDS: Trustee Hires Coldwell as Real Estate Broker
---------------------------------------------------------------
Janina M. Hoskins, the Trustee for Reynoso Vineyards, Inc., seeks
approval from the U.S. Bankruptcy Court for the Northern District
of Illinois to employ Coldwell Banker Realty as real estate
broker.
The firm will market and sell the Debtor's real property known as
Reynoso Estate Vineyards located at 25500 River Road, Cloverdale,
California.
The firm will be a commission of 3 percent of the purchase price of
the property.
Jeffrey Bounsall, a partner at Coldwell Banker Realty, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jeffrey Bounsall
Coldwell Banker Realty
600 Bicentennial Way, Suite 100
Santa Rosa, CA 95403
Tel: (707) 527-8567
About Reynoso Vineyards, Inc.
Reynoso Vineyards Inc. is a family-owned vineyard in the Alexander
Valley of Sonoma County California.
Reynoso Vineyards Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15572) on October 18,
2024. In the petition filed by Joseph Reynoso, president, the
Debtor disclosed between $10 million and $50 million in both assets
and liabilities.
Judge Deborah L. Thorne oversees the case.
Michael J. Greco, Esq., serves as the Debtor's counsel.
SAI BABA: Seeks to Hire Beaman & Bennington PLLC as Counsel
-----------------------------------------------------------
Sai Baba Hospitality of NC LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to
employ Beaman & Bennington, PLLC to handle its Chapter 11 case.
The firm will be paid a retainer in the amount of $ $20,000
inclusive of $1,738 filing fee. It will also be reimbursed for
reasonable out-of-pocket expenses incurred.
Mr. Eisner 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:
Benjamin R. Eisner, Esq.
Beaman & Bennington, PLLC
304 Nash Street NE
Wilson, NC 27893
Tel: (252) 237-9020
Fax: (252) 243-5174
Email: Bre@beamanlaw.com
About Sai Baba Hospitality of NC LLC
Sai Baba Hospitality of NC LLC owns a hotel located at 2149 N
Marine Blvd., Jacksonville, NC, having an appraised value of $4.3
million.
Sai Baba Hospitality of NC LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No.
24-02714) on August 14, 2024, In the petition filed by Arti Jethwa,
as general manager, the Debtor reports total assets of $4,300,000
and total liabilities of $1,900,000.
Honorable Bankruptcy Judge David M. Warren oversees the case.
The Debtor is represented by:
Benjamin R. Eisner, Esq.
THE LAW OFFICES OF OLIVER & CHEEK, PLLC
PO Box 1548
New Bern, NC 28563
Tel: (252) 633-1930
Fax: (252) 633-1950
Email: ben@olivercheek.com
SASAS HOSPITALITY: Seeks Chapter 11 Bankruptcy in Illinois
----------------------------------------------------------
On March 10, 2025, SASAS Hospitality LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Illinois. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed
to 50 and 99 creditors. The petition states funds will be available
to unsecured creditors.
About SASAS Hospitality LLC
SASAS Hospitality LLC is a hospitality company that owns a property
at 5105 S Howell Ave, Milwaukee, WI.
SASAS Hospitality LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-03643) on March 10,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Jacqueline P. Cox handles the case.
The Debtor is represented by:
Paul M. Bach, Esq.
BACH LAW OFFICES
P.O. Box 1285
Northbrook, IL 60065
E-mail: paul@bachoffices.com
SCHUMACHER GROUP: S&P Alters Outlook to Stable, Affirms 'B' ICR
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating and its
'B' issue-level ratings on The Schumacher Group of Delaware Inc. 's
(SCP) revolver and first-lien term loan.
S&P said, "We also revised the outlook to stable from negative,
reflecting our expectation that the company will generate 1%-2%
revenue growth organically, sustain improved EBIDTA margin in the
7%-8% range, and generate positive free cash flow in 2025 as
working capital headwinds relating to the NSA program subsides. The
company's cash flows are supported by recently extended interest
rate hedges. That said, it is still experiencing some tightness in
labor market, substantial reliance on hospital provided subsidies,
and modestly unfavorable trends in reimbursement.
"The outlook revision to stable from negative reflects our
expectation that SCP will generate positive free cash flow in 2025,
following free cash flow deficits in 2023 and 2024 and S&P Global
Ratings-adjusted leverage of about 5x in 2025. About 35% of SCP's
commercial patient volume has been out of network and potentially
subject to the arbitration process under NSA legislation. The
backlog in claim processing and resolution delayed collections and
substantial working capital outflows in 2023 and 2024. Over the
course of 2024, the company's working capital movements somewhat
progressed due to the improvement in claim resolution and
processing times. In addition, SCP Health is in advanced talks with
one of the major payors, which will bring in about 40 thousand
patients in- network in the second quarter of 2025. We view this as
positive since it will help release some of the working capital
pressures for 2025. We have not modeled in any additional pressure
from the payors into our forecasts."
Separately, SCP entered into a joint venture with Christus Health
system (51% ownership) to provide services to about 80 hospital
programs, driving revenues about 30% higher and adding about $35
million of annual incremental EBITDA in 2024. SCP's S&P adjusted
EBITDA margin for 2024 improved to 7.8% in 2024 from 6.1% in 2023,
helped by improved operating leverage, an increase in hospital
subsidies, and moderate improvements in the labor markets, which
point to easing labor inflation. S&P expects EBITDA margins to
remain 7%-8% for 2025 and 2026.
Given the revenue growth and margin improvement, S&P expects S&P
Global Ratings-adjusted leverage to be below 5x in 2024 but be at
or above 5x for 2025 and beyond given SCP's financial-sponsor
ownership, which typically supports shareholder-friendly activities
including acquisitions and/or dividends.
SCP's hedges provide some degree of protection. In January 2025,
the company terminated its existing hedges and entered into two
interest rate cap transactions for a notional amount of $180
million each, capped at 2.833%, terminating at the end of 2027.
This benefits the company's cash flow generation in the current
interest rate environment.
S&P said, "We expect same-site organic revenue growth of 1%-2%
supplemented by revenue from new contracts. SCP is one of the
largest physician groups providing emergency physicians to
hospitals. The industry is fragmented and highly competitive, with
low barriers to entry. In addition, large and powerful private
third-party payers such as UnitedHealthcare seek to limit emergency
room utilization and increases in reimbursement rates. We expect
low-single-digit percent same-site patient volume growth
supplemented by additional growth from new contracts. The company
has increased hospital contracts revenue by remediating
underperforming contracts with the hospitals as well as providing
additional services to the hospitals.
"Over the longer term, we expect pressure on emergency department
volumes to continue given the focus on driving lower-acuity
patients to lower-cost care including telehealth, urgent care, and
multicare facilities."
Reimbursement pressures remain a key risk, especially amid labor
inflation. The Centers for Medicare & Medicaid Services finalized a
Medicare Physician Fee Schedule rate cut of 2.83% for 2025. This is
fifth consecutive year physician payments have decreased, which is
a key risk for the industry, both from government and commercial
payers, whose rates are declining or not rising as fast as labor
costs. S&P expects only flat to modest increases in reimbursement
from commercial payers and for leading service providers to seek
subsidies from hospital customers. In addition, commercial payors
continue to pressure physician groups for lower rates.
S&P said, "The stable outlook reflects our expectation that SCP
will generate organic revenue growth of 1%-2%, supplemented by new
contract wins sustain margins in the range of 7%-8%, and that
working capital will be less of a headwind given improvement in the
processing of claims subject to arbitration under the NSA. We
expect SCP to generate free operating cash flow (FOCF) to debt of
at least 2% in 2025. It also reflects our view that the
private-equity owners will prioritize shareholder returns over
deleveraging and the company will generally sustain leverage above
5x over time.
"We could consider a lower rating if SCP's FOCF to debt falls below
2%, potentially stemming from changes in the NSA process,
reimbursement pressure, an increase in labor inflation, significant
declines in emergency room visit volumes, underperforming
contracts, or net contract losses.
"While we view an upgrade as unlikely, we could raise the rating if
SCP reduces leverage to below 5x and its FOCF to debt rises above
5%, likely due to a change in the financial policy by the sponsor.
That said, we would only consider an upgrade if we believe these
improved credit metrics will be maintained, though we view it as
unlikely given financial-sponsor ownership and the company's likely
appetite for acquisitions."
SCILEX HOLDING: Finalizes Lidocaine License Deal with RoyaltyVest
-----------------------------------------------------------------
As previously announced by Scilex Holding Company on October 8,
2024, the Company entered into that certain Rest of World License
Term Sheet with certain investors, pursuant to which the parties
agreed to negotiate in good faith additional agreements required to
effectuate such term sheet.
On February 22, 2025, Scilex Pharmaceuticals Inc. entered into a
License Agreement with RoyaltyVest Ltd. with respect to services,
compositions, products, dosages and formulations comprising
lidocaine that have been or are later developed by or on behalf of
Scilex Pharma, including the product and any future product defined
as a "Product" under Scilex Pharma's existing:
(i) Product Development Agreement, dated as of May 11, 2011,
with Oishi Koseido Co., Ltd. and Itochu Chemical Frontier
Corporation, as amended, and
(ii) the associated Commercial Supply Agreement, dated February
16, 2017, between Scilex Pharma, Oishi and Itochu, as amended,
which include:
(a) ZTlido (lidocaine topical system) 1.8%, including the
composition of matter with the NDC 69557-111-30 and
(b) SP-103.
The Lido License Agreement supersedes and replaces the ROW Term
Sheet.
Under the Lido License Agreement, Scilex Pharma granted to the
Licensee during the Lido License Term a worldwide (other than the
United States and certain territories stated in the Lido License
Agreement), exclusive, non-transferable right, license and interest
in, to, and under all Product Rights Controlled by Scilex Pharma to
develop, manufacture, obtain and maintain regulatory approvals for,
commercialize and otherwise exploit all Lido Products, in all cases
solely for commercialization of the Lido Products outside of the
United States and certain territories stated in the Lido License
Agreement. The Licensee granted to Scilex Pharma a non-exclusive,
non-transferable, right and license under the Licensee Non-Blocking
Patents:
(i) in the Licensor Territory, to develop, manufacture, obtain
and maintain regulatory approvals for, commercialize and otherwise
exploit Lido Product for commercialization of Lido Products in the
Licensor Territory in the Field (each as defined therein), and
(ii) worldwide, to develop and manufacture Lido Product for
commercialization in the Licensor Territory in the Field.
Each of the Licensee and Scilex Pharma will receive 50% of the Net
Revenue generated, and the Licensee shall effect the foregoing by
paying to Scilex Pharma its share of the Net Revenue on a quarterly
basis.
Pursuant to the Lido License Agreement, the Licensee shall:
(i) use commercially reasonable efforts to obtain and maintain
regulatory approval for the Lido Product in at least one Major
Market Country (as defined therein) within 18 months after the Lido
Effective Date, and
(ii) commit $200,000, or its equivalent in kind, annually
towards such efforts until it obtains regulatory approval for the
Lido Product in the Lido Licensee Territory.
Scilex Pharma shall use commercially reasonable and diligent
efforts to obtain and maintain regulatory approvals for SP-103 and
all existing Lido Products in each country or jurisdiction in the
Licensor Territory.
Promptly after the Lido Effective Date, Scilex Pharma is required
to:
(i) facilitate an introduction between Oishi, Itochu, and the
Licensee, and
(ii) use reasonable efforts to cause each of Oishi and Itochu
to accept a direct engagement with the Licensee for the
manufacturing or supply of the Lido Product in finished dosage
form.
In addition, Scilex Pharma agreed to appoint the Licensee as its
exclusive distributor of the Lido Product in the Licensee Territory
during the Lido License Term.
The term of the Lido License Agreement commences on the Lido
Effective Date and continues until expiration of the last to expire
Licensed Patents, unless earlier terminated.
In connection with Lido License Agreement, the Company entered into
that certain Parent Guarantee for Lidocaine License Agreement with
the Licensee, pursuant to which the Company agreed to guarantee the
due and proper performance of Scilex Pharma's obligations under the
Lido License Agreement on the terms and conditions set forth in the
Parent Guarantee. Pursuant to the terms of the Parent Guarantee,
the Company shall provide the Licensee with written notice of any
Change of Control (as defined therein) of Scilex Pharma within five
business days after the consummation of such Change of Control, and
the Parent Guarantee and the guarantee obligations shall
automatically terminate upon the consummation of such Change of
Control.
About Scilex Holding Company
Palo Alto, Calif.-based Scilex Holding Company --
www.scilexholding.com -- is an innovative revenue-generating
company focused on acquiring, developing and commercializing
non-opioid pain management products for the treatment of acute and
chronic pain and, following the formation of its proposed joint
venture with IPMC Company, neurodegenerative and cardiometabolic
disease. Scilex targets indications with high unmet needs and large
market opportunities with non-opioid therapies for the treatment of
patients with acute and chronic pain and is dedicated to advancing
and improving patient outcomes. Scilex's commercial products
include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription
lidocaine topical product approved by the U.S. Food and Drug
Administration for the relief of neuropathic pain associated with
postherpetic neuralgia, which is a form of post-shingles nerve
pain; (ii) ELYXYB, a potential first-line treatment and the only
FDA-approved, ready-to-use oral solution for the acute treatment of
migraine, with or without aura, in adults; and (iii) Gloperba, the
first and only liquid oral version of the anti-gout medicine
colchicine indicated for the prophylaxis of painful gout flares in
adults.
As of Sept. 30, 2024, Scilex had $100.43 million in total assets,
$311.75 million in total liabilities, and a total stockholders'
deficit of $211.32 million.
As of Sept. 30, 2024, Scilex's negative working capital was $241.7
million, including cash and cash equivalents of approximately $0.1
million. During the nine months ended Sept. 30, 2024, the Company
had operating losses of $55.0 million and cash flows received from
operating activities of $16.8 million. The Company had an
accumulated deficit of $556.6 million as of Sept. 30, 2024.
The Company has plans to obtain additional resources to fund its
currently planned operations and expenditures
and to service its debt obligations for at least 12 months from the
issuance of its unaudited condensed consolidated financial
statements through a combination of equity offerings, debt
financings, collaborations, government contracts or other strategic
transactions. Although the Company believes such plans, if
executed, should provide the Company with financing to meet its
needs, successful completion of such plans is dependent on factors
outside its control. As a result, management has concluded that the
aforementioned conditions, among other things, raise substantial
doubt about the Company's ability to continue as a going concern
for one year after the date the unaudited condensed consolidated
financial statements are issued.
SHARPLINK GAMING: $10M Income in 2024, 'Going Concern' Doubt Stays
------------------------------------------------------------------
Sharplink Gaming, Inc. filed its annual report on Form 10-K with
the Securities and Exchange Commission, disclosing a net income of
$10.10 million and revenues totaling $3.66 million for the year
ending Dec. 31, 2024. This marks a considerable improvement
compared to the previous year, when the Company posted a net loss
of $14.24 million and revenues of $4.95 million.
As of Dec. 31, 2025, the Company had $2.57 million in total assets,
$488,300 in total liabilities, and $2.08 million in equity held by
shareholders.
The Company has a history of incurring net losses and may, as
stated, not be able to achieve or sustain profitability in the
future. As of Dec. 31, 2024, the Company had an accumulated
deficit of $(77,808,959). The Company is unable to forecast when
or if it will become profitable or maintain profitability.
In light of this, the Company has indicated that it is consistently
reviewing approaches to secure the necessary additional capital for
future operations. These strategies may involve, but are not
limited to, equity offerings, debt issuance, exploring potential
business combination, entering into alternative financing
agreements, and restructuring its operations to boost revenues and
reduce costs. However, the Company acknowledges the potential
challenges it may face in securing additional equity or debt
financing when needed, or obtaining liquidity on favorable terms,
if at all.
In its March 14, 2025 report, Cherry Bekaert LLP, the Company's
auditor since 2022, issued a "going concern" qualification citing
that the Company has recurring losses and negative cash flows from
operations that raise substantial doubt about its ability to
continue as a going concern.
The Company clarified in the report that "Until we can generate a
sufficient amount of revenue to finance our capital needs, which we
may never achieve, we expect to finance our cash needs primarily
through public or private equity financings or conventional debt
financings. We cannot be certain that additional funding will be
available on acceptable terms, or at all. If we are not able to
secure additional funding when needed to support our business
growth and to respond to business challenges, track and comply with
applicable laws and regulations, develop new technology and
services or enhance our existing offering, improve our operating
infrastructure, enhance our information security systems to combat
changing cyber threats and expand personnel to support our
business, we may have to delay or reduce the scope of future growth
initiatives."
Additionally, the Company noted that securing additional equity
financing could dilute the ownership percentage of its current
shareholders. The economic impact of such dilution will be
considerable if its stock price does not significantly rise, or if
the sale price is lower than what certain shareholders paid. Any
debt financing could impose significant limitations on the
Company's operations, and creditors may demand further collateral
from its assets. According to the Company, if it is unable to
obtain the necessary funding, it may be compelled to halt or scale
back operations, which would negatively impact its results,
financial health, and stock value.
For further details, the complete Form 10-K filing is available on
the SEC's website at:
https://www.sec.gov/Archives/edgar/data/1981535/000143774925007821/sbet20241231_10ka.htm
About SharpLink Gaming
Headquartered in Minneapolis, Minnesota, SharpLink --
http://www.sharplink.com/-- is a trusted marketing partner for
leading sportsbooks and online casino operators globally. Through
its iGaming affiliate network, PAS.net, the company specializes in
driving qualified traffic, player acquisition, retention, and
conversions for U.S.-regulated and international iGaming operators.
PAS.net has earned industry recognition as the Top Affiliate
Website and Top Affiliate Program in the European online gambling
industry for four years in a row. Additionally, SharpLink operates
state-specific affiliate marketing websites to attract and drive
local sports betting and casino gaming traffic to its licensed
partners.
SHIELDCOAT TECHNOLOGIES: Seeks Subchapter V Bankruptcy in Texas
---------------------------------------------------------------
Shieldcoat Technologies Inc. filed Chapter 11 protection in the
U.S. Bankruptcy Court for the Eastern District of Texas.
According to court filing, the Debtor reports $3,005,698 in
debt owed to 100 and 199 creditors. The petition states funds
will be available to unsecured creditors.
About Shieldcoat Technologies Inc.
Shieldcoat Technologies Inc., dba Cybershield, specializes in
metallized plastic solutions, offering services such as EMI/RFI
shielding, ESD control, chrome plating, and military specification
(Mil-Spec) coatings, including CARC coatings. The Company provides
electroless and electroplating services, conductive paint
applications, and FIP gaskets for various industries, including
consumer electronics, telecommunications, industrial equipment,
medical devices, and military/aerospace sectors. Additionally,
Cybershield offers value-added services such as injection molding,
mechanical assembly, and other manufacturing support to streamline
production and improve supply chain efficiency.
Shieldcoat Technologies Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No.
25-90067) on March 7, 2025. In its petition, the Debtor reports
total assets of $824,621 and total liabilities of $3,005,698.
Bankruptcy Judge Joshua P. Searcy handles the case.
The Debtor is represented by:
Robert C Lane, Esq.
THE LANE LAW FIRM
6200 Savoy Dr Ste 1150
Houston TX 77036-3369
Tel: (713) 595-8200
E-mail: notifications@lanelaw.com
SIGNATURE YHM: Seeks Chapter 11 Bankruptcy in Georgia
-----------------------------------------------------
On March 11, 2025, Signature YHM Land LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Georgia. According to court filing, the Debtor reports $1
million and $10 million in debt owed to 1 and 49 creditors. The
petition states funds will not be available to unsecured
creditors.
About Signature YHM Land LLC
Signature YHM Land LLC operates in the real estate sector.
Signature YHM Land LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga.Case No.: 25-50324) on March 11,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by:
Jeffrey I. Golden, Esq.
GOLDEN GOODRICH LLP
3070 Bristol Street, Suite 640
Costa Mesa, CA 92626
Tel: (714) 966-1000
E-mail: jgolden@go2.law
SILVER AIRWAYS: Gets Extension to Access Cash Collateral
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Fort Lauderdale Division, issued its fifth interim order allowing
Silver Airways, LLC and Seaborne Virgin Islands, Inc. to continue
using cash collateral.
The fifth interim order authorized the companies to use the cash
collateral of secured lenders through March 21 in accordance with
the approved budget.
Secured lenders, including Brigade Agency Services, LLC, Argent
Funding, LLC, and Volant SVI Funding, LLC were granted replacement
liens on personal property of the companies junior and subordinate
to the carve-out.
As additional protection, secured lenders will be granted a
superpriority administrative expense claim in the amount of any
diminution in the value of their cash collateral.
A final hearing is scheduled for March 20.
Brigade can be reached through its counsel:
Frank P. Terzo, Esq.,
Nelson Mullins Riley & Scarborough, LLP
100 S.E. 3rd Avenue, Suite 2700
Fort Lauderdale, FL 33394
Telephone: 954-764-7060
Fax: 954-761-8135
Email: frank.terzo@nelsonmullins.com
Argent Funding and Volant can be reached through their counsel:
Regina Stango Kelbon, Esq.
Blank Rome, LLP
1201 N. Market Street, Suite 800
Wilmington, DE 19801
Phone: +1.302.425.6400
Fax: +1.302.425.6464
Email: regina.kelbon@blankrome.com
About Silver Airways
Silver Airways, LLC is a regional U.S. airline operating flights
between gateways in Florida, the Southeast and The Bahamas. The
Silver Airways fleet is comprised of modern, state of the art
aircraft with reliable, fuel-efficient turbo-prop engines.
In the summer of 2018, Silver completed the acquisition of Seaborne
Airlines, a San Juan, Puerto Rico-based air carrier serving
destinations throughout Puerto Rico, the U.S. Virgin Islands, and
other countries in the Caribbean. Seaborne provides connections
throughout the Caribbean via the carrier's hub in San Juan, while
also serving as the most critical link between St. Croix and St.
Thomas with the carrier's seaplane operation.
Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11
petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on December 30,
2024. At the time of the filing, Silver Airways reported $100
million to $500 million in assets and liabilities while Seaborne
reported $1 million to $10 million in assets and liabilities.
Judge Peter D. Russin oversees the cases.
The Debtors are represented by:
Brian P. Hall, Esq.
Tel: 404-815-3537
Email: bhall@sgrlaw.com
SM MILLER: Gets Final OK to Use Cash Collateral
-----------------------------------------------
SM Miller Enterprises, Inc. received final approval from the U.S.
Bankruptcy Court for the Northern District of Texas, Dallas
Division, to use cash collateral.
The final order authorized the company to use cash collateral to
pay ordinary and necessary business expenses as set forth in the
budget, with allowed variance
of 10% per line item and a 15% variance overall.
The U.S. Small Business Administration, a secured creditor, was
granted a replacement lien on post-petition accounts to the same
extent and with the same priority and validity as its
pre-bankruptcy lien.
About SM Miller Enterprises Inc.
SM Miller Enterprises Inc. is a contract line-haul dry freight
provider based in Dallas, Texas.
SM Miller Enterprises filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-30527) on
February 13, 2025. In its petition, the Debtor reported between
$100,000 and $500,000 in assets and between $1 million and $10
million in liabilities.
Judge Stacey G. Jernigan handles the case.
The Debtor is represented by:
Jacob King, Esq.
Munsch Hardt Kopf & Harr, P.C.
500 N. Akard St., Ste. 4000
Dallas, TX 75201
Tel: 214-855-7500
Email: jking@munsch.com
SOUTHERN CUTTERS: Alexandra Garrett Named Subchapter V Trustee
--------------------------------------------------------------
Mark Zimlich, the U.S. Bankruptcy Administrator for the Southern
District of Alabama, appointed Alexandra K. Garrett as Subchapter V
trustee for Southern Cutters Land Clearing and Hauling LLC.
About Southern Cutters Land Clearing and Hauling
Southern Cutters Land Clearing and Hauling, LLC filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.
Ala. Case No. 25-10519) on February 26, 2025, listing up to $1
million in both assets and liabilities. The petition was signed by
Alicia N. Wolford as member.
Judge Henry A. Callaway oversees the case.
Anthony B. Bush, Esq., at the Bush Law Firm, LLC, represents the
Debtor as bankruptcy counsel.
SSS MILWAUKEE: Seeks Chapter 11 Bankruptcy in Illinois
------------------------------------------------------
On March 10, 2025, SSS Milwaukee Hospitality LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Illinois. According to court filing, the Debtor reports $10
million and $50 million in debt owed to 100 and 199 creditors.
The petition states funds will be available to unsecured
creditors.
About SSS Milwaukee Hospitality LLC
SSS Milwaukee Hospitality LLC is a hospitality company that owns a
hotel located at 5311 South Howell Avenue in Milwaukee, Wisconsin.
SSS Milwaukee Hospitality LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-03642) on March
10, 2025. In its petition, the Debtor reports estimated assets
between $1 million and $10 million and estimated liabilities
between $10 million to $50 million.
Honorable Bankruptcy Judge Donald R. Cassling handles the case.
The Debtor is represented by:
Penelope Bach, Esq.
BACH LAW OFFICES
P.O. Box 1285
Northbrook, IL 60065
Tel: (847) 564-0808x216
Fax: (847) 564-0985
E-mail: pnbach@bachoffices.com
SUNATION ENERGY: Issues Series D Preferred Share as Collateral
--------------------------------------------------------------
As more fully described in SUNation Energy, Inc.'s previously filed
periodic reports, on July 22, 2024, the Company obtained bridge
loan financing for working capital purposes from Conduit Capital
U.S. Holdings LLC, an unaffiliated lender. Pursuant thereto,
Conduit loaned the principal sum of $1,000,000 to the Company on an
original issue basis of 20% and accordingly, Conduit advanced
$800,000 to the Company. The loans due to Conduit will accrue
interest on the unpaid principal amount, without deduction for the
OID, at an annual rate of 20%; provided that payment in full on the
Conduit Maturity Date satisfies the interest accrual on the loans
from initial issuance to the Conduit Maturity Date. All such loans
are secured by a pledge of all of the Company's assets. As a
condition to such loan(s), the Company agreed to cause the
nomination of a designee of Conduit for election to its Board of
Directors. The loans due to Conduit will become due on July 21,
2025; provided that if the Company consummates one or more equity
offerings prior to the Conduit Maturity Date in which it derives
aggregate gross proceeds of at least $3.15 million, it will be
required to repay the unpaid principal balance of the Initial
Conduit Loan, including the OID, simultaneous with the closing(s)
of such offering(s); and further provided that if the Company
consummates one or more equity offerings prior to the Conduit
Maturity Date in which it derives aggregate gross proceeds of at
least $4.4 million, the Company will be required to repay the
entire unpaid principal amount of all loans due to Conduit,
including the OID, simultaneous with the closing(s) of such
offering(s).
On February 26, 2025, the Company entered into a consent and waiver
agreement to the loan agreement with Conduit. In accordance
therewith, the Company issued one share of Series D Preferred Stock
to Conduit as further collateral security for the Conduit Loan. The
Series D Preferred Stock was issued in accordance with a
Certificate of Designation of Preferences, Rights, and Limitations
filed with the State of Delaware on February 27, 2025. In
connection with the issuance of the share of Series D Preferred
Stock, Conduit granted an irrevocable proxy to the Company to vote
such share on as as-converted basis as a single class with the
holders of the Company's common stock. Such share is being held in
escrow by legal counsel to the Company, and upon full payment of
the Conduit Loan, the share will be returned to the Company and
will be cancelled.
About SUNation Energy,
fka Pineapple Energy Inc.
SUNation Energy Inc., formerly known as Pineapple Energy Inc. is
focused on growing leading local and regional solar, storage, and
energy services companies nationwide.
Melville, N.Y.-based UHY LLP, the Company's auditor since 2023,
issued a "going concern" qualification in its report dated March
29, 2024, citing that the Company's current financial position and
the Company's forecasted future cash flows for 12 months beyond the
date of issuance of the financial statements indicate that the
Company will not have sufficient cash to make the first SUNation
earnout payment in the second quarter of 2024 or the first
principal payment of the Long-Term Note due on November 9, 2024,
factors which raise substantial doubt about the Company's ability
to continue as a going concern.
TEGNA INC: Posts $599 Million Net Income in FY 2024
---------------------------------------------------
TEGNA Inc. filed its Annual Report on Form 10-K with the U.S.
Securities and Exchange Commission, reporting a net income of $599
million on total revenue of $3.1 billion for the year ending Dec.
31, 2024. This compares to a net income of $476.3 million on total
revenue of $2.9 billion for the year ending Dec. 31, 2023.
As of Dec. 31, 2024, the Company had $7.3 billion in total assets,
$4.3 billion in total liabilities, and $3 billion in total equity.
"As TEGNA enters its next chapter, we are reinventing how we create
and monetize content to capture the full opportunity in both linear
TV and digital," said Mike Steib, CEO. "With rapid advancements in
technology and a shifting regulatory landscape, we see tremendous
potential in broadcasting. Backed by industry-leading brands, top
talent, and a strong balance sheet, we are well-positioned to seize
transformative moments in media and build a sustainable future for
local news."
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/37ydktrh
About TEGNA
Headquartered in Tysons Corner, Virginia, TEGNA Inc. (NYSE: TGNA)
is an American publicly traded broadcast, digital media and
marketing services company. It was created on June 29, 2015, when
the Gannett Company split into two publicly traded companies.
TEGNA reported a net income of $476.7 million attributable to the
Company for the year ended December 31, 2023, compared to a net
income of $630.5 million attributable to the Company for the year
ended December 31, 2022. As of June 30, 2024, TEGNA had $7.1
billion in total assets, $4.3 billion in total liabilities, and
$2.8 billion in total equity.
Egan-Jones Ratings Company, on January 16, 2024, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by TEGNA Inc.
TINKER REAL: Seeks to Hire Paul Reece Marr PC as Counsel
--------------------------------------------------------
Tinker Real Estate Investments LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Paul Reece Marr, PC as counsel.
The firm will render these services:
(a) provide the Debtor with legal advice regarding its powers
and duties;
(b) prepare on behalf of the Debtor the necessary legal papers
pursuant to the Bankruptcy Code; and
(c) perform all other legal services in the Chapter 11
bankruptcy proceeding for the Debtor which may be reasonably
necessary.
The firm will be paid at these rates:
Paul Reece Marr, Attorney $475 per hour
Paralegal $250 per hour
In addition, the firm will seek reimbursement to expenses
incurred.
Mr. Marr 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:
Paul Reece Marr, Esq.
Paul Reece Marr, PC
6075 Barfield Road, Suite 213
Sandy Springs, GA 30328
Tel: (770) 984-2255
Email: paul.marr@marrlegal.com
About Tinker Real Estate Investments LLC
Tinker Real Estate Investments LLC is a single asset real estate
debtor, as defined in 11 U.S.C. Section 101(51B).
Tinker Real Estate Investments LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-52199) on
February 28, 2025. In its petition, the Debtor reports estimated
assets between $1 million and $10 million and estimated liabilities
between $500,000 and $1 million.
The Debtor is represented by Paul Reece Marr, Esq., at PAUL REECE
MARR, P.C.
TRILLION ENERGY: Settles Debt to Directors, Officers, Consultants
-----------------------------------------------------------------
Trillion Energy International Inc., announced on February 27, 2025,
the issuance of an aggregate of 3,516,493 common shares of the
Company in settlement of $204,436.07 in debt owed by the Company to
directors, officers and consultants.
Sean Stofer, Trillion's Interim CEO & Chairman of the Board stated,
"I would like to thank the directors and employees who have opted
to receive amounts payable to them in Shares. This is a show of
confidence in Trillion as we continue to move forward aggressively
with plans to recommence drilling and workovers on our projects".
In connection with the Debt Settlement, an aggregate of 1,209,413
common shares of the Company were issued for 2024 directors fees
and certain management services from directors and an officer of
the Company.
The Insider Settlement is considered a "related-party transaction"
within the meaning of Multilateral Instrument 61-101 - Protection
of Minority Security Holders in Special Transactions. The Company
has relied on exemptions from the formal valuation and minority
shareholder approval requirements of MI 61-101 contained in
sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the
related party participation in the Debt Settlement based on that
the fair market value of such insider participation does not exceed
25% of the Company's market capitalization.
About Trillion Energy
Trillion Energy International Inc. and its consolidated
subsidiaries is a Canadian based oil and gas exploration and
production company.
Alberta, Canada-based MNP LLP, the Company's auditor, issued a
"going concern" qualification in its report dated May 7, 2024,
citing that the Company has a negative working capital position,
has accumulated deficits, and negative cash flows from operations,
which raise substantial doubt about its ability to continue as a
going concern.
UNITED FIBER: Committee Taps Armory Consulting as Financial Advisor
-------------------------------------------------------------------
The official committee of unsecured creditors of United Fiber
Comm., Inc., seeks approval from the U.S. Bankruptcy Court for the
Central District of California to employ Armory Consulting Company
as financial advisor.
The firm will provide these services:
a. monitor Debtor's financial and operating performance
including current operations, receipts and disbursements, monthly
operating reports, and other financial and operating analyses or
periodic reports provided by Debtor;
b. perform due diligence with respect to the assets and
liabilities, business, financial conditions, and opportunities for
the Debtor to enhance its value;
c. assess cash and liquidity requirements of the Debtor;
d. investigate potential causes of action, including avoidance
actions such as potentially preferential or fraudulent transfers
against insiders or third parties;
e. analyze the potential values of the Debtor's assets and
businesses, the secured and unsecured claims, and the potential
recoveries to the unsecured creditors;
f. assist in the negotiations, evaluation, and formulation of
any financial transaction, any proposed plan of reorganization, or
restructuring-related alternatives;
g. assist with the development of a plan of reorganization;
h. assist the Committee in determining the best strategy for
maximizing values for creditors;
i. provide testimony (including deposition testimony) before
the Bankruptcy Court on matters within the Firm's expertise; and
j. provide such other services to the Committee as may be
necessary in the Case.
The firm will be paid at these rates:
Principal $625 per hour
Senior Consultants $525 to $575 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
James Wong, a partner at Armory Consulting Company, 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:
James Wong
Armory Consulting Company
3943 Irvine Blvd., #253,
Irvine, CA 92602
Tel: (714) 222-5552
Email:jwong@armoryconsulting.com
About United Fiber Comm.
United Fiber Comm., Inc. is a telecommunications contractor in
California, with offices in Goleta, Corona, and Vista.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-16470) on October
29, 2024, with $1,663,379 in assets and $8,172,909 in liabilities.
Raymond Martinez, chief executive officer, signed the petition.
Judge Scott H. Yun oversees the case.
The Debtor is represented by Robert P. Goe, Esq., at Goe Forsythe &
Hodges, LLP.
US COATING: Hires Stichter Riedel Blain as Legal Counsel
--------------------------------------------------------
US Coating Specialists LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Stichter,
Riedel, Blain & Postler, P.A. as counsel.
The firm's services include:
a. rendering legal advice with respect to the Debtor's powers
and duties as debtor in possession, the continued operation of the
Debtor's business, and the management of its property;
b. preparing on behalf of the Debtor necessary motions,
applications, orders, reports, pleadings, and other legal papers;
c. appearing before this Court and the United States Trustee
to represent and protect the interests of the Debtor;
d. assisting with and participating in negotiations with
creditors and other parties in interest in formulating a plan of
reorganization, drafting such a plan, and taking necessary legal
steps to confirm such a plan;
e. representing the Debtor in all adversary proceedings,
contested matters, and matters involving administration of this
case;
f. representing the Debtor in negotiations with potential
financing sources, and preparing contracts, security instruments,
and other documents necessary to obtain financing; and
g. performing all other legal services that may be necessary
for the proper preservation and administration of this Chapter 11
case.
The firm will be paid at these rates:
Attorneys $350 to $600 per hour
Paralegals $200 to $250 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Elena Paras Ketchum, Esq., a partner at Stichter, Riedel, Blain &
Postler, 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:
Mark F. Robens, Esq.
Stichter Riedel Blain & Postler, P.A.
110 East Madison Street, Suite 200
Tampa, FL 33602
Tel: (813) 229-0144
Email: mrobens@srbp.com
About US Coating Specialists LLC
US Coating Specialists, LLC is a licensed commercial roofing
company in Florida, offering services like SPF spray foam,
silicone, and metal roofing. It also provides roof repairs,
maintenance, and emergency services for commercial and industrial
buildings. The company works with trusted partners and offers
financing options for new roofing systems.
US Coating Specialists filed Chapter 11 petition (Bankr. S.D. Fla.
Case No. 25-11972) on February 25, 2025, listing up to $10 million
in both assets and liabilities. Anthony Flett, chief executive
officer of US Coating Specialists, signed the petition.
Judge Mindy A. Mora oversees the case.
Mark F. Robens, Esq., at Stichter, Riedel, Blain, & Postler P.A.,
represents the Debtor as legal counsel.
Leaf Capital Funding, LLC, as lender, may be reached at:
Brian Kestenbaum
Manager
110 S. Poplar Street, Suite 101
Wilmington, DE 19108
Email: sbarnett@leafnow.com
VILLAGE ROADSHOW: Seeks Chapter 11 After Warner Bros. Dispute
-------------------------------------------------------------
Emily Lever of Law360 reports that Village Roadshow, a film
production company, filed for Chapter 11 bankruptcy in Delaware on
Monday, March 17, 2025, citing around $390 million in debt. The
company blames its financial troubles on a dispute with production
partner Warner Bros. over the release of a 2021 sequel to The
Matrix.
About Village Roadshow
Village Roadshow is a film production company.
Village Roadshow sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-10475) on March 17,
2025. In its petition, the Debtor reports estimated assets between
$100 million and $500 million and estimated liabilities between $1
billion and $10 billion.
The Debtor is represented by Benjamin C. Carver, Esq., Joseph M.
Mulvihill, Esq., and Carol E. Thompson, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware.
VIRGINIA BEACH: Seeks Subchapter V Bankruptcy in Virginia
---------------------------------------------------------
On March 7, 2025, Virginia Beach Patios Inc. filed Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern District
of Virginia. According to court filing, the
Debtor reports $1,233,715 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
About Virginia Beach Patios Inc.
Virginia Beach Patios Inc. is a family-owned contractor
specializing in designing and building custom outdoor living
spaces, including custom pools, outdoor kitchens, fire features, or
artistic structures. The Company is committed to delivering
high-quality craftsmanship and creating functional, beautiful
environments that enhance the homeowner's outdoor experience. With
personalized service and innovative designs, the Company transforms
ordinary yards into extraordinary outdoor retreats.
Virginia Beach Patios Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No.
25-70478) on March 7, 2025. In its petition, the Debtor reports
total assets of $186,926 and total liabilities of $1,233,715.
The Debtor is represented by:
Carolyn Bedi, Esq.
BEDI LEGAL, P.C.
1305 Executive Blvd, Suite 110
Chesapeake, VA 23320
Tel: 757-222-5842
E-mail: carolyn@bedilegal.com
WORLD BRANDS: Seeks Chapter 11 Bankruptcy in Florida
----------------------------------------------------
2n March 14, 2025, World Brands Inc. filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Southern District of Florida.
According to court filing, the Debtor reports $3,692,774 in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About World Brands Inc.
World Brands Inc. focuses on custom printed paper packaging and
provides a diverse selection of products such as clamshells, hot
cups, cold cups, vision boxes, paper bags, wet wipes, kraft trays,
pizza boxes, and hoagie boxes under its own brand. Additionally,
the Company offers private label products, tailored packaging
solutions, and book printing services.
World Brands Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No.: 25-12653) on March 12,
2025. In its petition, the Debtor reports total assets of
$2,357,099 and total Liabilities of $3,692,774.
Honorable Bankruptcy Judge Corali Lopez-Castro handles the case.
The Debtor is represented by:
Daniel R. Fogarty, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
110 E. Madison St., Suite 200
Tampa, FL 33602
Tel: (813) 229-0144
E-mail: dfogarty@srbp.com
WW INTERNATIONAL: Begins Private Talks w/ Lenders to Resolve Debt
-----------------------------------------------------------------
Dorothy Ma of Bloomberg Law reports that the lenders to WW
International Inc. are engaging in confidential discussions with
the diet company as it aims to cut interest expenses amid
persistent revenue declines, according to individuals familiar with
the matter.
The company, known for operating under the WeightWatchers brand,
has been consulting with lender advisers since at least January
2025, as previously reported by Bloomberg News. Now, the lenders
themselves are actively participating in the negotiations, which
remain in the early stages, the sources said, requesting anonymity
due to the sensitivity of the talks.
About WW International
Headquartered in New York, WW International Inc. is a technology
company at the forefront of weight health, grounded in nutritional
and behavior change science. The Company is powered by its weight
loss and weight management programs, its award-winning app and its
commitment to tailoring solutions for its members to improve their
weight health, including providing medical weight management
treatment via access to clinician-prescribed weight management
medications and related support through the WeightWatchers Clinic
affiliated practices.
WW International reported a net loss of $112.25 million in 2023
following a net loss of $256.87 million in 2022. As of March 30,
2024, WW International had $654.25 million in total assets, $1.76
billion in total liabilities, and a total deficit of $1.11
million.
* * *
As reported by the TCR on Nov. 20, 2024, S&P Global Ratings lowered
the issuer credit rating on WW International Inc. to 'CCC' from
'CCC+'. The outlook is negative.
At the same time, S&P lowered the ratings on the company's senior
secured debt to 'CCC' from 'B-'. S&P also revised downward its
recovery rating on the debt to '4' from '2', indicating its
expectation for average recovery (30%-50%; rounded estimate 30%) in
the event of a payment default. This reflects the secular decline
in the traditional weight loss category as evidenced by continued
subscriber losses due to increased competition, as well as an aging
demographic with weaker demand from younger consumers and an
overall weaker brand name.
The negative outlook reflects the potential for a debt
restructuring, including potentially a bankruptcy filing, over the
subsequent 12 months.
YELLOW CORP: Creditors Unveil Plan to Split Trucker's $550MM
------------------------------------------------------------
Steven Church of Bloomberg News reports that the creditors of
bankrupt trucking company Yellow Corp. are preparing to submit
their own plan in the coming days to divide the remaining $550
million in cash and bring the bankruptcy case to a close.
According to lawyers handling the insolvency case, two of Yellow's
largest pension plans have reached an agreement with a creditors
committee to resolve a lengthy legal dispute with the company and
its hedge-fund owners. Court records show that the ongoing battle
has already resulted in tens of millions of dollars in legal fees.
To date, no proposed plan has gained sufficient support from
creditors to advance.
About Yellow Corporation
Yellow Corporation -- www.myyellow.com -- operates logistics and
less-than-truckload (LTL) networks in North America, providing
customers with regional, national, and international shipping
services throughout. Yellow's principal office is in Nashville,
Tenn., and is the holding company for a portfolio of LTL brands
including Holland, New Penn, Reddaway, and YRC Freight, as well as
the logistics company Yellow Logistics.
Yellow Corporation and 23 affiliates concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before
the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp. had
$2,152,200,000 in total assets against $2,588,800,000 in total
liabilities. The petitions were signed by Matthew A. Doheny as
chief restructuring officer.
The Debtors tapped Kirkland & Ellis LLP as restructuring counsel;
Pachulski Stang Ziehl & Jones LLP as Delaware local counsel;
Kasowitz, Benson and Torres LLP as special litigation counsel;
Goodmans LLP as special Canadian counsel; Ducera Partners LLC as
investment banker; and Alvarez and Marsal as financial advisor.Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Milbank LLP serves as counsel to certain investment funds and
accounts managed by affiliates of Apollo Capital Management, L.P.
White & Case LLP serves as counsel to Beal Bank USA.
Arnold & Porter Kaye Scholer LLP serves as counsel to the United
States Department of the Treasury.
On August 16, 2023, the United States Trustee for Region 3
appointed an official committee of unsecured creditors in these
Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer &
Feld LLP and Benesch, Friedlander, Coplan & Aronoff LLP as counsel;
Miller Buckfire as investment banker; and Huron Consulting Services
LLC as financial advisor.
YOUTHFUL SOLUTIONS: Seeks Chapter 11 Bankruptcy in Texas
--------------------------------------------------------
On March 10, 2025, Youthful Solutions LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Western District
of Texas. According to court filing, the Debtor reports between$1
million and $10 million in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.
About Youthful Solutions LLC
Youthful Solutions LLC, operating as Youthful Solutions MediSpa, is
a high-quality medical aesthetics and wellness practice located in
Cedar Park, Texas, offering a wide range of services including
medical facials, anti-wrinkle treatments (like Botox and Dysport),
skin rejuvenation treatments, body contouring, and wellness
services such as weight loss and hormone balancing. The Company's
mission is to help both men and women improve their appearance and
overall well-being.
Youthful Solutions LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No.25-10319) on March 10,
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 Shad Robinson handles the case.
The Debtor is represented by:
Frank B Lyon, Esq.
FRANK B LYON
PO Box 50210
Austin TX 78763-0210
Tel: (512) 345-8964
E-mail: frank@franklyon.com
ZEVRA THERAPEUTICS: Sells Rare Disease PRV for $150 Million
-----------------------------------------------------------
Zevra Therapeutics, Inc., a commercial-stage company focused on
providing therapies for people living with rare disease, announced
on Feb. 27, 2025, that it has entered into a definitive asset
purchase agreement to sell its Rare Pediatric Disease Priority
Review Voucher (PRV) for gross proceeds of $150 million upon the
closing of the transaction, which is expected to take place within
30 to 45 days, subject to customary closing conditions.
LaDuane Clifton, Zevra's Chief Financial Officer said, "This
non-dilutive capital strengthens our balance sheet by adding gross
cash proceeds of 150 million, supporting continued investment in
our strategic priorities, which include executing the commercial
launches of MIPLYFFATM and OLPRUVA®, and advancing our pipeline of
product candidates to address unmet needs within the rare disease
community."
The PRV was granted to Zevra in September 2024 following approval
by the U.S. Food and Drug Administration of MIPLYFFA (arimoclomol),
which is indicated for use in combination with miglustat for the
treatment of neurological manifestations of Niemann-Pick disease
type C (NPC) in adult and pediatric patients 2 years of age and
older. The transaction is subject to customary closing conditions,
including expiration of the applicable waiting period under the
Hart-Scott Rodino Antitrust Improvements Act (HSR). Cantor
Fitzgerald acted as Zevra's exclusive financial advisor and Latham
& Watkins LLP acted as Zevra's legal advisor for this transaction.
About Zevra Therapeutics
Celebration, Fla.-based Zevra Therapeutics, Inc. is a company
focused on developing therapies for rare diseases with limited or
no treatment options. The company aims to create transformational
therapies by combining science, data, and patient needs. Utilizing
unique, data-driven development and commercialization strategies,
Zevra Therapeutics overcomes complex drug development challenges to
provide new therapies for the rare disease community.
During the year ended December 31, 2023, Zevra Therapeutics
incurred a net loss of $46 million, compared to a net loss of $26.8
million in 2022. As of September 30, 2024, Zevra Therapeutics had
$191.6 million in total assets, $121.8 million in total
liabilities, and $69.8 million in total stockholders' equity.
Orlando, Fla.-based Ernst & Young LLP, the company's auditor since
2022, issued a "going concern" qualification in its report dated
April 1, 2024. The qualification cited sustained recurring losses,
negative cash flows from operations, and substantial doubt about
the company's ability to continue as a going concern.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The single-user TCR subscription rate is $1,400 for six months
or $2,350 for twelve months, delivered via e-mail. Additional
e-mail subscriptions for members of the same firm for the term
of the initial subscription or balance thereof are $25 each per
half-year or $50 annually. For subscription information, contact
Peter A. Chapman at 215-945-7000.
*** End of Transmission ***