/raid1/www/Hosts/bankrupt/TCR_Public/161025.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, October 25, 2016, Vol. 20, No. 298
Headlines
1729 27TH ST.: Presidential Bank Wants Right to Use Cash Revoked
25 LANG ST LLC: Can Use Sunrise Housing Cash Through Nov. 30
25 LANG ST LLC: Wants to Use Cash Collateral Through January 31
A. H. COOMBS: Seeks to Employ Hans Hafen as Accountant
ABENGOA BIOENERGY: Has Until Jan 19 to File Reorganization Plan
AC I TOMS: Hires Holliday Fenoglio as Real Estate Broker
ADI LIQUIDATION: Hires Bayard PA as Conflicts Counsel
ADVANCED MICRO DEVICES: Reports 2016 Third Quarter Results
AEROPOSTALE INC: Taps Development Specialist to Provide CRO
AK BUILDERS: Hires Edmund J. Paulus as Counsel
ALGODON WINES: Adopts Amendments to 2016 Stock Option Plan
ALLWAYS EAST: Allowed to Get Capital Solutions Financing
ALLWAYS EAST: Can Get $625K DIP Loan on Final Basis
ALTOMARE AUTO: Seeks Plan Exclusivity Extension Until Feb. 22
AMERICAN NATIONAL CARBIDE: To Seek Plan Confirmation on Nov. 28
AMSHALE ENERGY: Taps Heller Draper as Legal Counsel
ANK LLC: Unsecured Creditors To Be Paid $1.4-Mil. By Dec. 2036
AVATAR PACKAGING: Can Use Centennial Bank Cash Collateral
AWR WHOLESALE: Hires Kamelot Auctions to Sell Inventory
AZTEC OIL: To Form Liquidating Trust Under Ch. 11 Plan
B. L. GUSTAFSON: Wants Plan Filing Period Extended to January 21
BALZARINI REALTY: Unsecured Creditors to Get 2.5% Under Exit Plan
BARA HOLDINGS: Hires Porter Law as Attorney
BATTALION RESOURCES: Seeks to Hire EKS&H as Accountant
BIJAY K. CHHETRI: Court Denies Approval of Disclosure Statement
BLAIR OIL: Trustee Selling Denver Property to Sansevere for $263K
BRIDGE CORNER STONE: Taps Ballstaedt Law Firm as Legal Counsel
BRIGHTLEAF TECHNOLOGIES: Ch. 11 Plan Proposes to Form New Entity
CALLSOCKET II: Hires Kornfield Nyberg as Counsel
CAMINO AGAVE: Taps Valeo Capital as Financial Advisors
CAMPBELL GRAPHICS: November 30 Plan Confirmation Hearing
CAPITAL INVESMENTS: Sale of Broward Property for $70K Approved
CAR CHARGING: Inks Purchase Agreement with JMJ Financial
CARIBBEAN CREAMERY: Disclosures Okayed, Plan Hearing on Nov. 15
CARLBROOK SCHOOL: Panel Hires Reid Collins as Litigation Counsel
CHC DEVELOPMENT: Seeks to Employ Hans Hafen as Accountant
CHINA FISHERY: Seeks Approval to Expand Scope of RSR Employment
CITIES GRILL: Can Use Cash Collateral on Interim Basis
COMPCARE MEDICAL: Hearing on Disclosures Set For Nov. 29
COMSTOCK MINING: Incurs $2.19 Million Net Loss in Third Quarter
CONTROL VALVE: Hires Heller Draper as Counsel
COSHOCTON MEMORIAL: Plan Exclusivity Extended Through Jan. 26
CROFCHICK INC: Unsecureds To Recover 30% Under Plan
CS MINING: Wants Plan Filing Period Moved Thru March 2017
DAVAMADA INC: Unsecureds To Recoup 1.58%-1.72% Under Plan
DAVID PROCTOR: Asks Court to Extend Plan's Term to Nov. 2018
DAWSON INTERNATIONAL: Court Extends Plan Filing Period to Jan. 23
DEAN YOUNG: Wells Fargo Opposed to Cash Collateral Use
DESARROLLADORA LCP: Dec. 14 Plan Confirmation Hearing Set
DIAMOND TANK: Hires On Point Tax as Accountant
DIAMOND TANK: Taps Stewart McKeehan as Special Counsel
DIAMOND TANK: US Trustee Questions Financial Projections
DONALD SWEAT: Disclosure Statement Hearing on Dec. 1
DORAL DENTAL: Unsecureds To Recover 100% Under Plan
DORAN LOFTS: Disclosures OK'd; Plan Confirmation Hearing on Dec. 7
DOUBLE VISION: Hires Pepper & Nason as Attorney
DTREDS LLC: Expects At Least $250,000 in Plan Recoveries
DTREDS LLC: Plan Approval Hearing Slated for Dec. 7
EDNA BLANKINSHIP: Disclosure Statement Hearing on Dec. 13
ELITE RESEARCH: Authorized to Use Wells Fargo Cash Collateral
ELOY LEAL: Disclosures Okayed, Plan Confirmation Hearing on Nov. 9
ESSEX CRANE: SSG Acted as Investment Banker in Maxim Asset Sale
FIORELLA INC: Case Summary & 6 Unsecured Creditors
FIVE-R EXCAVATING: Plan Filing Period Extended
FORT WALKER: Hires Carolina Realty as Estate Broker
FOUNTAINS OF BOYNTON: Solicitation Period Extended to Nov. 14
FOUR WELLS: Seeks to Hire Pointer Appraisal Services
FUNDACION HISPANOAMERICANA: Hires Lozada Law as Attorney
GAMALIER GONZALEZ: Plan Confirmation Hearing Set for Nov. 16
GASTAR EXPLORATION: Announces Oklahoma Development Agreement
GBD 40 LLC: Taps Nathan & Associates as Real Estate Broker
GEORGE RICHARDS: Disclosures OK'd; Plan Hearing on Dec. 1
GEORGE RICHARDS: Unsecureds To Get $466 Payment Under Ch. 11 Plan
GERALD'S VIDALIA: Court Refuses to Extend Exclusivity Periods
GF FINANCE: Seeks to Hire Anthony Ostlund as Special Counsel
GOLFSMITH INT'L: Committee Taps Chaitons as Canadian Counsel
GOLFSMITH INT'L: Committee Taps Province as Financial Advisor
GOLFSMITH INT'L: Creditors' Panel Taps Cooley as Lead Counsel
GOLFSMITH INT'L: Creditors' Panel Taps Polsinelli as Counsel
GOLFSMITH INT'L: Hires A&G as Real Estate Advisor
GRANVILLE BRINKMAN: Unsecured Creditors to Get De Minimis Recovery
GRIMMETT BROTHERS: Court OKs Use of WTSB Cash Collateral
GROVE PLAZA PARTNERS: Unsecureds To Recoup Bet. 10.58%-100%
GUILFORT DIEUVIL: To Pay Caliber Home $3,508 Per Month Over 25 Yrs.
HARMAC CORP: Seeks to Use Credit Union's Cash Collateral
HCA HOLDINGS: Fitch Affirms 'BB' IDR; Outlook Stable
HEALTH DIAGNOSTIC: Court Approves Settlement Deal With LeClairRyan
HECTOR ANIBAL: Dec. 7 Plan Confirmation Hearing Set
HI-TEMP SPECIALTY: Panel Hires Pollack & Flanders as Counsel
HME HOLDINGS: Hires RSM Puerto Rico as Accountant
HTY INC: Seeks to Hire Craig M. Geno as Legal Counsel
IMX ACQUISITION: Taps Kurtzman Carson as Claims Agent
INSTITUTE OF CARDIOVASCULAR: Has Until Nov. 26 to Use Cash
INT'L SHIPHOLDING: Creditors' Panel Hires AMA as Financial Advisor
INT'L SHIPHOLDING: Creditors' Panel Hires Pachulski as Counsel
ISLANDWIDE LOGISTICS: Hires RSM Puerto Rico as Accountant
IVAN A. RODRIGUEZ PAGAN: Wins Confirmation of Amended Plan
J L LEASING: Auction of Truck, Trailer Assets Set for Dec. 16
JACK HARRY GRANT: Unsecureds To Recoup 3.4% Under Plan
JAMES A. CRIPE: Disclosure Statement Hearing on Nov. 17
JAMES BRIAN CARROLL: Unsecureds To Recoup 90.3% Under Plan
JAMES RUSSELL SUMMERS: Unsecureds To Recoup 100% Under Plan
JEANETTE GUTIERREZ: Disclosures Okayed, Plan Hearing on Nov. 22
JEFFREY SCOTT NICHOLS: Unsecured Creditors to be Paid 20%
JOHN Q. HAMMONS: Seeks to Hire Alvarez & Marsal as Appraiser
KAIDANS INC: Hearing on Disclosures Set For Dec. 7
KEITH BRADLEY KRAMER: Hearing on Disclosures Set For Nov. 16
KESWICK REAL: Plan Outline Okayed, Confirmation Hearing on Dec. 8
KEY ENERGY: Case Summary & 30 Largest Unsecured Creditors
KEY ENERGY: Files for Ch. 11 with Deal to Reduce Debt by $750-Mil.
KEY ENERGY: Seeks Authorization to Use Cash Collateral
KIMBERLY GREGORY BROWN: Unsecureds To Recoup 2.5% Under Plan
LASTING IMPRESSIONS: Hires Miceli as Appraiser
LBG HOLDINGS: Seeks to Hire Matthew Woermer as Special Counsel
LEE BROTHERS: Voluntary Chapter 11 Case Summary
LINC USA: Panel Hires Pillsbury Winthrop as Substitute Counsel
LYONDELL CHEMICAL: Len Blavatnik Defends Boom-Era Merger
MARC SPECTOR: Files Disclosure Statement & Plan of Reorganization
MARION CLAY: Disclosures OK'd; Plan Confirmation Hearing on Jan. 5
MARITIMO OFFSHORE: Chapter 15 Case Summary
MARITIMO OFFSHORE: Seeks U.S. Recognition of Australian Proceeding
MASO SUITES: Court Prohibits Cash Collateral Use
MCDAIN GOLF: Lenders to Get $25,000 in 60 Mos. at 3% Interest
MEDICAL CASE MANAGEMENT: DADS Objects to Disclosure Statement
MEDOMICS LLC: Trustee Taps SulmeyerKupetz as Legal Counsel
METLCAST INDUSTRIES: Seeks to Hire Bridgepoint and M&A Securities
MID CITY TOWER: Seeks to Hire Pamela Magee as New Legal Counsel
MIRAMBICA INC: Selling Substantially All Assets to Patels for $600K
MODERN SHOE: Seeks Dec. 31 Plan Filing Period Extension
MOTEL TROPICAL: Hires Charneco as Accountant
MULBERRY HOLDING: Hires Group Twenty Six as Realtor
MULTIMEDIA PLATFORMS: Court Denies Cash Collateral Motion
MULTIMEDIA PLATFORMS: Seeks to Hire Seese as Legal Counsel
NAS HOLDINGS: Can Use BB&T Cash Collateral Through Nov. 2
NELCO MLK: Hires Soldnow LLC as Auctioneer
NEW PHOENIX METALS: Hires Bill Short as CRO & Financial Consultant
NOTIS GLOBAL: Default Notice Raises Going Concern Doubt
OAKS OF PRARIE: Has Until Nov. 30 to Use Cash Collateral
OLIVE BRANCH: Can Utilize NSB Cash Collateral Until Nov. 30
OLIVE BRANCH: Wants to Continue Using Cash through January 31
OLMOS EQUIPMENT: Unsecureds To Be Paid With Funds From Asset Sales
OMNI LOOKOUT: Seeks to Employ Frank Lyon as Attorney
ORIENTAL CANTONES: Jan. 2017 Disclosure Statement Hearing Set
PACIFIC ANDES: Seeks to Hire Klestadt Winters as Legal Counsel
PALMER FARMS: Gets Permission to Use GWB Cash Collateral
PANADERIA ZULMA: Hires MRO Attorneys as Counsel
PAONESSA ALFOMBRAS: Hires MRO Attorneys as Counsel
PARTIES ARE US: Plan Hearing Continued to Nov. 16
PERIODONTAL CARE: Disclosure Statement Hearing on Nov. 22
PODIUM PERFORMANCE: Can Use Cash Collateral Through Dec. 31
PORTOFINO TOWERS: Wants Plan Filing Period Moved to January 2017
POST EAST: Can Use Connect REO Cash Through Oct. 31
PRECISION CASTING: Can Use Up To $175K Cash
PRINTING AND BIKE: Unsecureds To Recoup 6% Under Plan
QUINTESS LLC: Can Obtain Interim Financing, Use Cash Collateral
R.E.S. NATION: Wants Authorization to Use BOA Cash Collateral
RESTAURANT EL OBRERO: Unsecureds To Get 5.65%-5.97% Under Plan
RICHARD A. WHITE: Nov. 17 Disclosure Statement Hearing Set
RMPC HABILITATIVE: Unsecureds To Recoup 75% Under Plan
RMS TITANIC: Hires Dentons LLP as Securities Counsel
ROMAD REALTY: Has Until Jan. 20 to File Chapter 11 Plan
ROSE MARIE ALLEGRO: Husband Objects to Disclosure Statement
SA INTER INVEST: Needs Until Feb. 2017 to File Consensual Plan
SANTA CRUZ BERRY: Selling KPR Interest to Crandall for $40K
SMITH MOVERS: Hearing on Disclosures & Plan Set For Dec. 6
SPI SOLAR: EnSync Delivers Notice of Default of Supply Pact
ST LUKE BAPTIST: Court Allows Cash Collateral Use
STARR PASS: To Sell Primary Real Property to Pay Creditors
STUART ROBERT HANSEN: Unsecureds To Recover 25% Under Plan
T C & PAM: Plan Outline Okayed, Confirmation Hearing on Dec. 7
TALBOT ENTERPRISES: Disclosures OK'd; Dec. 22 Plan Hearing
TALLAHASSEE INDOOR: Seeks to Hire Robert Bruner as Legal Counsel
TANGO TRANSPORT: Disclosures Okayed, Plan Hearing on Dec. 13
TERRILL MANUFACTURING: Request for Turnover of Bank Funds Denied
THOMAS A. PICKETT: Unsecureds To Recoup 10% Under Ch. 11 Plan
TOBITHA BRYANT: Disclosures OK'd; Plan Hearing on Nov. 30
TRANSPORT EXPRESS: Hires Dickensheet & Associates as Appraiser
TROUBLESOME CREEK: Case Summary & 20 Largest Unsecured Creditors
TWO MILE RANCH: Court Allows Cash Collateral Use
UNCLE MUNCHIES: Wants Plan Filing Period Extended to Feb. 27
URBANCORP INC: In CCAA Proceedings; KSV Kofman Named as Monitor
VACA BRAVA: Unsecured Creditors to Recoup 10.57% Under Exit Plan
VACATION FUN: Taps Avanesian Law Firm as Legal Counsel
VAIR RESOURCES: Hires Maida Law Firm as Attorney
VIASAT INC: Egan-Jones Hikes Sr. Unsecured Ratings to B+
VICTOR RODRIGUEZ: Disclosures Okayed, Plan Hearing on Nov. 30
W.G.O.V. INC: Disclosures Okayed; Plan Hearing Set for Dec. 21
WILFRED HOLZINGER: Files Second Amended Disclosure Statement
WPCS INTERNATIONAL: Appoints Charles Benton as Board Chairman
YELLOW CAB COOPERATIVE: Selling All Assets to Big Dog for $1.3M
ZLOOP INC: MSS Tries To Block Approval of Disclosures & Plan
*********
1729 27TH ST.: Presidential Bank Wants Right to Use Cash Revoked
----------------------------------------------------------------
Presidential Bank, FSB, asks the U.S. Bankruptcy Court for the
District of Columbia to revoke 1729 27th St. SE, LLC's right to use
cash collateral.
Presidential Bank tells the Court that it was informed by
Nationwide Insurance that insurance coverage for the Debtor's sole
asset -- real property located at 1729 27th Street, N.W.
Washington, D.C. -- was cancelled on Sept. 22, 2016. Presidential
Bank further tells the Court that its counsel had repeatedly
requested that the Debtor provide appropriate documentation that
the Property is, in fact, insured, and that despite these requests,
the Debtor has refused to provide proof of such insurance.
Presidential Bank relates that the Order permitting the Debtor to
use Presidential Bank's cash collateral expressly requires the
Debtor to maintain insurance on the Property. Presidential Bank
further relates that the Order provides that the Debtor's failure
to comply with any requirement in the Order will constitute cause
to terminate the Debtor's right to utilize the Presidential Bank's
cash collateral.
Presidential Bank contends that the Debtor's failure to maintain
insurance on the Property is sufficient ground to revoke the
Debtor's right to utilize Presidential Bank's cash collateral.
A full-text copy of Presidential Bank's Motion, dated Oct. 19,
2016, is available at
http://bankrupt.com/misc/172927thStSE2016_1600402_48.pdf
Presidential Bank is represented by:
Robert E. Greenberg, Esq.
Thomas F. Murphy, Esq.
Lindsay A. Thompson, Esq.
FRIEDLANDER MISLER, PLLC
5335 Wisconsin Avenue, NW, Suite 600
Washington, D.C. 20015
Telephone: (202) 872-0800
About 1729 27th St., SE
1729 27th St. SE, LLC, filed a chapter 11 petition (Bankr. D.D.C.
Case No. 16-00402-SMT) on Aug. 16, 2016. The petition was signed
by Kevin Green, managing member. The Debtor is represented by
William C. Johnson, Jr., Esq., at the Law Office of William
Johnson. The Debtor estimated assets and liabilities at $500,001
to $1 million at the time of the filing.
25 LANG ST LLC: Can Use Sunrise Housing Cash Through Nov. 30
------------------------------------------------------------
Judge Bruce A. Harwood of the U.S. Bankruptcy Court for the
District of New Hampshire authorized 25 Lang St, LLC to use Sunrise
Housing, LLC's cash collateral through Nov. 30, 2016.
The Debtor is a real estate holding company with a principal
address of 832 Route 3, Unit #1, Holderness, New Hampshire.
The Debtor contended that only Sunrise Housing held a first
priority lien on the prepetition cash collateral, and the Debtor
claims that it is behind on its monthly mortgage payments to
Sunrise Housing.
The Debtor was permitted to pay the costs and expenses incurred by
it in the ordinary course of business during the period beginning
October 13, 2016 through November 30, 2016.
The approved Budget provided for total expenses in the amount of
$3,814 for each of the periods of October 13, 2016 to October 31,
2016, and November 1, 2016 to November 30, 2016.
The Debtor was directed to pay Sunrise Housing its monthly mortgage
payment in the amount of $2,470, commencing November 1, 2016, which
will be the normal mortgage payments and loan payments going
forward.
Sunrise Housing was granted a post-petition replacement lien and
security interest in all post-petition property of the estate of
the same type against which Sunrise Housing, held validly perfected
and not avoidable liens and security interests as of the Petition
Date.
A final hearing on the Debtor’s use of cash collateral is
scheduled on Nov. 16, 2016 at 2:00 p.m. The deadline for the
filing of objections to the Debtor's use of cash collateral is set
on Nov. 9, 2016.
A full-text copy of the Debtor's First Day Motion dated October 20,
2016 is available at https://is.gd/TeU0GG
A full-text copy of the Order dated October 20, 2016 is available
at https://is.gd/tbWyzY
25 Lang St, LLC is represented by:
S. William Dahar II, Esq.
VICTOR W. DAHAR, P.A.
20 Merrimack Street
Manchester, NH 03101
Telephone: (603) 622-6595
Sunrise Housing, LLC can be reached at:
SUNRISE HOUSING, LLC.
P.O. Box 2156,
Windham, Maine, 04062
About 25 Lang St. LLC
25 Lang St, LLC is a real estate holding company with a principal
address of 832 Route 3, Unit #1, Holderness, New Hampshire. The
Debtor is owned and operated by Maria E. Healey. The business has
been in operation since 2014. The Debtor does not have any
employees.
25 Lang St. LLC filed a Chapter 11 petition (Bankr. D.N.H. Case No.
16-11445), on October 13, 2016. The Petition was signed by Maria
E. Healey, managing member. The Debtor is represented by S.
William Dahar, II, Esq., at Victor W. Dahar, P.A. At the time of
filing, the Debtor estimated assets at $0 to 50,000 and liabilities
at $100,001 to $500,000.
25 LANG ST LLC: Wants to Use Cash Collateral Through January 31
---------------------------------------------------------------
25 Lang St, LLC seeks authority from the U.S. Bankruptcy for the
District of New Hampshire for the continued use of cash collateral
in the ordinary course of the Debtor's business for the period
December 1, 2016 to January 31, 2017.
The Debtor relates that it needs to use the cash collateral
consisting of revenue from rent receipts to pay monthly mortgages
and expenses through January 31, 2017.
The Debtor's proposed Budget projects that during the Budget Period
it will generate approximately $4,014.00 in income from rent from
December, 2016 and $4,014.00 in income from rent from January,
2017.
The Debtor believes that Sunrise Housing, LLC holds a first
priority lien on the prepetition cash collateral. The Debtor also
claims that it is behind on its monthly mortgage payment to Sunrise
Housing. The Debtor proposes to grant Sunrise Housing a
replacement lien on the estate's post-petition accounts receivable
and cash proceeds.
The Debtor tells the Court that Sunrise has liens on all of the its
business assets, equipment, and real estate. The Debtor further
tells the Court that it has no cash with which to operate other
than cash collateral.
The Debtor contends that its budget demonstrates that it will
generate sufficient positive cash flow from its operations to meet
all of its post-petition operating and other expenses, maintain its
levels of accounts receivable and inventory, and generate surplus
cash.
A full-text copy of the Debtor's Motion dated October 20, 2016 is
available at https://is.gd/Y66eon
About 25 Lang St. LLC
25 Lang St, LLC is a real estate holding company with a principal
address of 832 Route 3, Unit #1, Holderness, New Hampshire. The
Debtor is owned and operated by Maria E. Healey. The business has
been in operation since 2014. The Debtor does not have any
employees.
25 Lang St. LLC filed a Chapter 11 petition (Bankr. D.N.H. Case No.
16-11445), on October 13, 2016. The Petition was signed by Maria
E. Healey, managing member. The Debtor is represented by S.
William Dahar, II, Esq., at Victor W. Dahar, P.A. At the time of
filing, the Debtor estimated assets at $0 to $50,000 and
liabilities at $100,000 to $500,000.
A. H. COOMBS: Seeks to Employ Hans Hafen as Accountant
------------------------------------------------------
A.H. Coombs, LLC, seeks authorization from the U.S. Bankruptcy
Court for the District of Utah to employ Hans A. Hafen and the
professional accounting firm Adams, Hafen & Co. as accountants.
The Debtor requires Adams Hafen to provide with independent
guidance, assistance, and advice, and timely and adequately assist
Red Rock Legal Services, P.L.L.C., to prosecute the bankruptcy case
and assist the Debtor with the oversight and management of
financial and monthly reporting matters.
Adams Hafen will also be paid at these hourly rates:
Hans A. Hafen $80
Support Staff $40 - $65
Adams Hafen will also be reimbursed for allowable costs advanced on
behalf of the Debtor.
Hans A. Hafen, 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 Debtors and
their estates.
Adams Hafen can be reached at:
Hans A. Hafen, CPA
ADAMS, HAFEN & CO.
1086 South Main Plaza, Suite #201
St. George, UT 84770
Phone : 435-673-6156
Fax: 435-673-3900
Email hans.hafen@officecpa.com
About A. H. Coombs
CHC Development Co., Inc., was incorporated in 1976 to develop and
operate a business as the Green Valley Spa Resort. A.H. Coombs,
LLC, was created about the same time to own and hold the real
property where CHC would operate the Spa Resort.
CHC Development Co. and A.H. Coombs, LLC, filed Chapter 11
bankruptcy petitions (Bankr. D. Utah. Case No. 16-25558 and
16-25559) on June 25, 2016. The petitions were signed by Alan H.
Coombs, president.
CHC estimated assets at $0 to $50,000 and liabilities at $100,001
to $500,000 at the time of the filing. A.H. Coombs estimated
assets and debt at $0 to $50,000 at the time of the filing.
ABENGOA BIOENERGY: Has Until Jan 19 to File Reorganization Plan
---------------------------------------------------------------
Judge Kathy A. Surratt-States of the U.S. Bankruptcy Court for the
Eastern District of Missouri extended Abengoa Bioenergy US Holding,
LLC, et. al.'s exclusive periods to file a plan of reorganization
and solicit votes on the plan, to January 19, 2017 and March 20,
2017, respectively.
Absent the extension, the Original Debtors, Abengoa Bioenergy US
Holding, LLC, et al., had until October 21, 2016 to file their plan
of reorganization, and until December 20, 2016 to solicit votes on
their plan of reorganization. On the other hand, Maple Debtors,
Abengoa Bioenergy Meramec Renewable, LLC, et al., had until October
10, 2016 to file a plan of reorganization, and until December 9,
2016, to solicit acceptances to their plan.
The Debtors related that they worked diligently with their advisors
to obtain DIP Financing, and to develop a budget that would enable
to the Debtors to accomplish their near-term operational goals,
instill confidence in their suppliers, customers, and employees,
and facilitate the marketing process in order to maximize the value
of the Debtors' assets.
The Debtors contended that with the sale of substantially all of
their assets almost complete, the Debtors, together with their
advisors, were currently focused on developing a chapter 11 plan.
The Debtors further contended that they were also working with the
Official Committee of Unsecured Creditors' advisors towards
consensually resolving any issues the Official Committee of
Unsecured Creditors may have with the plan, which will save estate
resources and wind down the chapter 11 cases in a more timely
fashion.
About Abengoa Bioenergy US Holding, LLC.
Abengoa Bioenergy is a collection of indirect subsidiaries of
Abengoa S.A., a Spanish company founded in 1941. The global
headquarters of Abengoa Bioenergy is in Chesterfield, Missouri.
With a total investment of $3.3 billion, the United States has
become Abengoa S.A.'s largest market in terms of sales volume,
particularly from developing solar, bioethanol, and water
projects.
Spanish energy giant Abengoa S.A. is an engineering and clean
technology company with operations in more than 50 countries
worldwide that provides innovative solutions for a diverse range of
customers in the energy and environmental sectors. Abengoa is one
of the world's top builders of power lines transporting energy
across Latin America and a top engineering and construction
business, making massive renewable-energy power plants worldwide.
On Nov. 25, 2015, in Spain, Abengoa S.A. announced its intention to
seek protection under Article 5bis of Spanish insolvency law, a
pre-insolvency statute that permits a company to enter into
negotiations with certain creditors for restricting of its
financial affairs. The Spanish company is facing a March 28, 2016,
deadline to agree on a viability plan or restructuring plan with
its banks and bondholders, without which it could be forced to
declare bankruptcy.
Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary
Chapter 7 petition for Abengoa Bioenergy of Nebraska, LLC ("ABNE")
and on Feb. 11, 2016, filed an involuntary Chapter 7 petition for
Abengoa Bioenergy Company, LLC ("ABC"). ABC's involuntary Chapter
7 case is Bankr. D. Kan. Case No. 16-20178. ABNE's involuntary Case
is Bankr. D. Neb. Case No. 16-80141. An order for relief has not
been entered, and no interim Chapter 7 trustee has been appointed
in the Involuntary Cases. The petitioning creditors are represented
by McGrath, North, Mullin & Kratz, P.C.
On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC and five
affiliated debtors each filed a Chapter 11 voluntary petition in
St. Louis, Missouri, disclosing total assets of $1.3 billion and
debt of $1.2 billion. The cases are pending before the Honorable
Kathy A. Surratt-States and are jointly administered under Bankr.
E.D. Mo. Case No. 16-41161.
The Debtors have engaged DLA Piper LLP (US) as counsel, Armstron
Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC as
financial advisor, Lazard as investment banker and Prime Clerk LLC
as claims and noticing agent.
AC I TOMS: Hires Holliday Fenoglio as Real Estate Broker
--------------------------------------------------------
AC I Toms River LLC, seeks authority from the U.S. Bankruptcy Court
for the Southern District of New York to employ Holliday Fenoglio
Fowler, L.P. as real estate broker to the Debtor.
AC I Toms requires Holliday Fenoglio to market and sell the
Debtor's real property known as Hooper Commons located at 1358
Hooper Avenue, Toms River, New Jersey.
Holliday Fenoglio will be paid a commission of 1% of the gross
purchase price, or alternatively, a $100,000 Break Fee if Debtor
terminates agreement.
Thomas Didio, member of Holliday Fenoglio Fowler, L.P., 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.
Holliday Fenoglio can be reached at:
Thomas Didio
HOLLIDAY FENOGLIO FOWLER, L.P.
200 Campus Drive
Florham Park, NJ 07932
Tel: (973) 549-2000
Fax: (973) 549-2060
About AC I Toms
AC I Toms River LLC owns the real property and improvements thereon
located at 1400 Hooper Avenue, Toms River, New Jersey, from which
the shopping center commonly known as Hooper Commons operates. The
property consists of 28 storefronts, of which 25 are occupied. The
anchor tenants at the property are Dollar Tree, DSW and Michaels.
The property is currently the subject of a foreclosure action
commenced by RCG. CBRE is the court-appointed rent receiver who
currently manages the property.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 16-22023) on Jan. 8, 2016, disclosing under $1
million in both assets and liabilities. Arnold Mitchell Greene,
Esq., at Robinson Brog Leinwand Greene Genovese & Gluck, PC, serves
as the Debtor's bankruptcy counsel.
A Receiver has been appointed for the Debtor's property. The
Receiver has remained in place and continuing to act in accordance
with a prepetition receiver order through October 15, 2016.
No official committee of unsecured creditors has been appointed in
the case.
ADI LIQUIDATION: Hires Bayard PA as Conflicts Counsel
-----------------------------------------------------
ADI Liquidation, Inc. fka AWI Delaware, Inc. and its
debtor-affiliates seek authorization from the U.S. Bankruptcy Court
for the District of Delaware to employ Bayard, P.A. as special
conflicts counsel for the Debtors, nunc pro tunc to September 7,
2016.
The Debtors propose to employ Bayard to represent the Debtors as
special conflicts counsel for matters in which Saul Ewing, the
Debtors' primary counsel, has an actual or potential conflict of
interest. These matters are comprised of
certain avoidance actions commenced on September 7, 2016.
The Debtors require Bayard to:
(a) provide legal advice to the Debtors with respect to legal
disputes in which conflicts of interest prevent
representation by Saul Ewing; and
(b) negotiate, draft, and pursue all litigation and
documentation necessary in conjunction with such legal
disputes.
Bayard will be paid at these hourly rates:
Justin R. Alberto, Director $475
Evan T. Miller, Associate $450
Gregory J. Flasser, Associate $305
Larry Morton, Paralegal $295
Directors $475-$975
Associates and Counsel $305-$450
Legal Assistants $240-$295
Bayard will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Justin R. Alberto, director of Bayard, 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 Debtors and their estates.
The Bankruptcy Court will hold a hearing on the application on
October 25, 2016, at 10:00 a.m. Objections were due October 10,
2016.
Bayard can be reached at:
Justin R. Alberto, Esq.
Bayard, P.A.
222 Delaware Ave., Ste. 900
Wilmington, DE 19801
Tel: (302) 429-4226
Fax: (302) 658-6395
E-mail: jalberto@bayardlaw.com
About Associated Wholesalers
Founded in 1962 and headquartered in Robesonia, Pennsylvania,
Associated Wholesalers Inc. serviced 800 supermarkets, specialty
stores, convenience stores and superettes with grocery, meat,
produce, dairy, frozen foods and general merchandise/health and
beauty care products. AWI, with distribution facilities in
Robesonia, Pennsylvania, and York, Pennsylvania, served the
mid-Atlantic United States. AWI is owned by its 500 retail
members, who in turn operate supermarkets. AWI had 1,459
employees.
White Rose Inc. is a food wholesaler and distributor serving the
greater New York metropolitan area. The company traces its origins
to 1886, when brothers Joseph and Sigel Seeman founded Seeman
Brothers & Doremus to provide grocery deliveries throughout New
York City. White Rose carries out its operations through three
leased warehouse and distribution centers, two of which area
located in Carteret, New Jersey, and one in Woodbridge, New Jersey.
White Rose has 777 employees.
Associated Wholesalers and its affiliates sought Chapter 11
bankruptcy protection on Sept. 9, 2014, to sell their assets under
11 U.S.C. Sec. 363 to C&S Wholesale Grocers, absent higher and
better offers. The Debtors were granted joint administration of
their Chapter 11 cases for procedural purposes, under the lead case
of AWI Delaware, Inc., Bankr. D. Del. Case No. 14-12092.
As of the Petition Date, the Debtors owed the Bank Group
(consisting of lenders, Bank of America, N.A., Bank of American
Securities LLC as sole lead arranger and joint book runner, Wells
Fargo Capital Finance, LLC as joint book runner and syndication
agent, and RBS Capita, as documentation agent) an aggregate
principal amount of not less than $131,857,966 (inclusive of
outstanding letters of credit), plus accrued interest. The Debtors
estimate trade debt of $72 million. AWI Delaware disclosed $11,440
in assets and $125,112,386 in liabilities as of the Chapter 11
filing.
Saul Ewing LLP and Rhoads & Sinon LLP serve as legal advisors to
the Debtors, Lazard Middle Market serves as financial advisor, and
Carl Marks Advisors as restructuring advisor to AWI. Carl Marks'
Douglas A. Booth has been tapped as chief restructuring officer.
Epiq Systems serves as the claims agent.
The Official Committee of Unsecured Creditors is represented by
David B. Stratton, Esq., and Evelyn J. Meltzer, Esq., at Pepper
Hamilton, LLP, in Wilmington, Delaware; and Mark T. Power, Esq.,
and Christopher J. Hunker, Esq., at Hahn & Hessen LLP, in New York.
The Committee also has retained Capstone Advisory Group, LLC,
together with its wholly-owned subsidiary Capstone Valuation
Services, LLC, as its financial advisors.
The Troubled Company Reporter, on Nov. 5, 2014, reported that the
Bankruptcy Court authorized Associated Wholesalers to sell
substantially all of its assets, including their White Rose grocery
distribution business, to C&S Wholesale Grocers, Inc. The C&S
purchase price consists of the lesser of the amount of the bank
debt, which totals about $18.1 million and $152 million, plus other
liabilities, which amount is valued at $194 million. C&S,
according to Bill Rochelle and Sherri Toub, bankruptcy columnists
for Bloomberg News, ended up paying $86.5 million more cash to be
anointed as the winner at the auction.
Associated Wholesalers, which changed its name to AWI Delaware,
Inc., prior to the approval of the sale. AWI Delaware notified the
Bankruptcy Court on Nov. 12, 2014, that closing occurred in
connection with the sale of their assets to C&S. AWI Delaware then
changed its name to ADI Liquidation, Inc., following the closing of
the sale.
As reported in the Feb. 29 edition of the TCR, ADI Liquidation,
Inc., f/k/a AWI Delaware, Inc., filed with the U.S. Bankruptcy
Court for the District of Delaware a Chapter 11 plan of liquidation
and an accompanying disclosure statement.
The TCR reported on July 29, 2016, that ADI Liquidation, Inc., et
al., filed with the U.S. Bankruptcy Court for the District of
Delaware a disclosure statement relating to the first amended
Chapter 11 plan of liquidation. The Disclosure Statement is
available at http://bankrupt.com/misc/deb14-12092-3063.pdf
ADVANCED MICRO DEVICES: Reports 2016 Third Quarter Results
----------------------------------------------------------
Advanced Micro Devices, Inc., reported a net loss of $406 million
on $1.30 billion of net revenue for the three months ended
Sept. 24, 2016, compared to a net loss of $197 million on $1.06
billion of net revenue for the three months ended Sept. 26, 2015.
For the nine months ended Sept. 24, 2016, the Company reported a
net loss of $446 million on $3.16 billion of net revenue compared
to a net loss of $558 million on $3.03 billion of net revenue for
the nine months ended Sept. 26, 2015.
As of Sept. 24, 2016, Advanced Micro had $3.61 billion in total
assets, $3.23 billion in total liabilities and $385 million in
total stockholders' equity.
"Our third quarter financial results highlight the progress we are
making across our business," said Lisa Su, AMD president and CEO.
"We now expect to deliver higher 2016 annual revenue based on
stronger demand for AMD semi-custom solutions and Polaris GPUs.
This positions us well to accelerate our growth in 2017 as we
introduce new high-performance computing and graphics products."
Cash and cash equivalents were $1,258 million at the end of the
quarter, up $301 million from the end of the prior quarter. The
quarter-end cash balance includes approximately $274 million of net
proceeds from recent capital markets transactions.
For Q4 2016, AMD expects revenue to decrease 18 percent
sequentially, plus or minus 3 percent. The midpoint of guidance
would result in Q4 2016 revenue increasing approximately 12 percent
year-over-year and 2016 revenue increasing 6 percent from 2015.
A full-text copy of the press release is available for free at:
https://is.gd/XzzFB5
About Advanced Micro Devices
Sunnyvale, California-based Advanced Micro Devices, Inc., is a
global semiconductor company. The Company's products include x86
microprocessors and graphics.
Advanced Micro incurred a net loss of $660 million on $3.99 billion
of net revenue for the year ended Dec. 26, 2015, compared to a net
loss of $403 million on $5.50 billion of net revenue for the year
ended Dec. 27, 2014.
* * *
As reported by the TCR on Oct. 22, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Sunnyvale,
Calif.-based Advanced Micro Devices Inc. to 'CCC+' from 'B-'.
"The downgrade reflects our expectation that AMD will experience a
more gradual return to revenue growth, ongoing competitive
challenges to restore operating profitability, and more severe
operating losses and negative free cash flow through 2016 than we
had previously forecast, despite recent improvements to its
liquidity," said Standard & Poor's credit analyst John Moore.
As reported by the TCR on March 16, 2016, Fitch Ratings has
downgraded and withdrawn the ratings for Advanced Micro Devices,
Inc. (AMD) including the Long-term Issuer Default Rating (IDR) to
'CCC' from 'B-'. The downgrade reflects prospects for negative
free cash flow (FCF) over the intermediate term and the consequent
liquidity issues and refinancing risk that could develop as the
2019 and 2020 debt maturities approach.
In July 2015, Moody's Investors Service lowered Advanced Micro
Devices, Inc's ("AMD") corporate family rating to Caa1 from B3, and
the ratings on the senior unsecured notes to Caa2 from Caa1. The
downgrade of the corporate family rating to Caa1 reflects AMD's
prospects for ongoing operating losses over the next year and
negative free cash flow.
AEROPOSTALE INC: Taps Development Specialist to Provide CRO
-----------------------------------------------------------
Aeropostale, Inc. and its debtor-affiliates seek authorization from
the U.S. Bankruptcy Court for the Southern District of New York to
employ Development Specialists, Inc. and designate William A.
Brandt, Jr., as chief restructuring officer, nunc pro tunc to
September 19, 2016.
The Debtors require Mr. Brandt and Development Specialists to:
(a) assist the Debtors with the transition under the Court-
approved agreements between the Debtors and the members of
the consortium that purchased substantially all of the
Debtors' business assets, including management of the
Debtors' rights under and compliance with the applicable
purchase agreement, agency agreement and transition
services agreements;
(b) implement the post-closing, pre-confirmation wind-down of
the estates, including reconciliation and resolution of
claims and collection of estate assets excluded from the
Court-approved purchase;
(c) monitor and otherwise interface with the agent in
connection with the store closing sales being conducted by
Hilco Merchant Services and Gordon Bros;
(d) oversee the budget process in connection with the Debtors'
use of cash collateral and payment of estate liabilities;
(e) assist in the further development and implementation of an
amended liquidating chapter 11 plan; and
(f) assist with such other matters as may be requested by the
Board, the Debtors or the Debtors' outside counsel that
fall within Development Specialists' expertise and that are
mutually agreeable.
Development Specialists will be paid at these hourly rates:
Fred C. Caruso $660
Patrick J. O'Malley $595
Joseph J. Luzinski $590
Senior Managing Directors $575-$590
Directors/Managing Directors $320-$460
Associates/Senior Associates $190-$290
Pursuant to the terms of the Engagement Letter, the Debtors have
agreed to compensate Development Specialists at a fixed rate of
$100,000 per month, payable in advance, for the services of the
CRO.
Development Specialists will also be reimbursed for reasonable
out-of-pocket expenses incurred.
William A. Brandt, Jr., president and CEO of Development
Specialists, 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 Debtors and
their estates.
Development Specialists
William A. Brandt, Jr.
DEVELOPMENT SPECIALISTS, INC.
110 E. 42nd St., Ste. 1818
New York, NY 10017
Tel: (312) 263-4141
E-mail: bbrandt@dsi.biz
About Aeropostale Inc.
Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women and
men through its Aeropostale(R) and Aeropostale Factory(TM) stores
and website and 4 to 12 year-olds through its P.S. from Aeropostale
stores and website. The Company provides customers with a focused
selection of high quality fashion and fashion basic merchandise at
compelling values in an exciting and customer friendly store
environment. Aeropostale maintains control over its proprietary
brands by designing, sourcing, marketing and selling all of its own
merchandise. As of May 1, 2016 the Company operated 739
Aeropostale(R) stores in 50 states and Puerto Rico, 41 Aeropostale
stores in Canada and 25 P.S. from Aeropostale(R) stores in 12
states. In addition, pursuant to various licensing agreements, the
Company's licensees currently operate 322 Aeropostale(R) and P.S.
from Aeropostale(R) locations in the Middle East, Asia, Europe, and
Latin America. Since November 2012, Aeropostale, Inc. has operated
GoJane.com, an online women's fashion footwear and apparel
retailer.
Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016. The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.
The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.
The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc., as restructuring advisor; Stifel, Nicolaus &
Company, Inc., and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors; Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.
Judge Sean H. Lane is assigned to the cases.
The U.S. trustee for Region 2 on May 11, 2016, appointed seven
creditors of Aeropostale Inc. to serve on the official committee
of unsecured creditors. The Committee hired Pachulski Stang Ziehl
& Jones LLP as counsel.
AK BUILDERS: Hires Edmund J. Paulus as Counsel
----------------------------------------------
AK Builders and Coatings, Inc., seeks authority from the U.S.
Bankruptcy Court for the Eastern District of California to employ
Law Office of Edmund J. Paulus as counsel to the Debtor.
AK Builders requires Edmund J. Paulus to perform any legal services
required to complete the Debtor's Chapter 11 bankruptcy
proceedings.
Edmund J. Paulus will be paid a retainer in the amount of $2,500.
Edmund J. Paulus will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Edmund J. Paulus, Esq., member of the Law Office of Edmund J.
Paulus, 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.
Edmund J. Paulus can be reached at:
Edmund J. Paulus, Esq.
P.O. Box 221121
Sacramento, CA 95822
Tel: (916) 868-9244
Fax: (888) 441-1449
About AK Builders
AK Builders and Coatings, Inc., based in Sacramento, CA, filed a
Chapter 11 petition (Bankr. E.D. Cal. Case No. 16-25556) on August
23, 2016. The Hon. Robert S. Bardwil presides over the case. Edmund
J. Paulus, Esq., at the Law Office of Edmund J. Paulus, as
bankruptcy counsel.
In its petition, the Debtor estimated $1 million to $10 million in
assets and $500,000 to $1 million in liabilities. The petition was
signed by Alifeleti Kaufana Vaituulala, CEO/president.
No official committee of unsecured creditors has been appointed in
the case.
ALGODON WINES: Adopts Amendments to 2016 Stock Option Plan
----------------------------------------------------------
The Board of Directors of Algodon Wines & Luxury Development Group,
Inc., adopted the 2016 Stock Option Plan. On Oct. 20, 2016, the
Board adopted amendments to the 2016 Plan to clarify certain items
in Section 2 -- Definitions and Section 4 -- Shares Available for
Awards.
About Algodon Wines
New York-based Algodon Wines & Luxury Development Group, Inc.,
operates Algodon Mansion, a Buenos Aires-based luxury boutique
hotel property. This lifestyle related real estate development
company has also redeveloped, expanded and repositioned a winery
and golf resort property called Algodon Wine Estates for
subdivision of a portion of this property for residential
development.
As of June 30, 2016, Algodon Wines had $7.72 million in total
assets, $3.97 million in total liabilities and $3.75 million in
total stockholders' equity.
The Company reported a net loss of $8.27 million in 2015 following
a net loss of $9.06 million in 2014.
Marcum LLP, in New York, NY, issued a "going concern" qualification
on the consolidated financial statements for the year ended Dec.
31, 2015, citing that the Company 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.
ALLWAYS EAST: Allowed to Get Capital Solutions Financing
--------------------------------------------------------
Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York authorized Allways East Transportation, Inc.,
to enter into a factoring arrangement with Capital Solutions
Bancorp and sell certain accounts receivable on a final basis.
The Debtor previously sought authorization from the Court to obtain
debtor-in-possession accounts receivable factoring from Capital
Solutions Bancorp, in order to obtain the necessary capital for the
Debtor to fund, among other things, the Debtor's ongoing expenses
and business operations in the ordinary course, and to confirm a
plan of reorganization.
The Debtor is authorized, on a final basis, to receive advances
from the sale of accounts receivable to Capital Solutions Bancorp,
up to a maximum aggregate amount of $1,500,000. The Debtor is also
authorized to sell accounts receivable and obtain advances thereon,
so long as the unpaid balance of obligations to Capital Solutions
Bancorp does not exceed $1,500,000, exclusive of fees and other
charges permitted under the DIP Loan Documents.
Capital Solutions Bancorp is granted a perfected first priority
lien in the Debtor's accounts receivable and the proceeds
therefrom.
Judge Drain acknowledged that the Debtor had satisfied the El Jebel
II, LLC secured claim and lien in full by paying the amount of
$89,711 from the Retained Advances. Judge Drain held that El Jebel
will no longer have any lien or security interest in the Debtor's
assets.
A full-text copy of the Final Order, dated Oct. 20, 2016, is
available at
http://bankrupt.com/misc/AllwaysEast2016_1622589rdd_145.pdf
About Allways East Transportation
Headquartered in Yonkers, New York, Allways East Transportation
Inc. filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y.
Case No. 16-22589) on April 28, 2016. The petition was signed by
Marlaina Koller, vice president. Judge Robert D. Drain presides
over the case. Erica Feynman Aisner, Esq. and Julie Cvek Curley,
Esq., at Delbello Donnellan Weingarten Wise & Wiederkehr, LLP,
serves as the Debtor's bankruptcy counsel. The Debtor estimated
assets and liabilities at $1 million to $10 million at the time of
the filing.
ALLWAYS EAST: Can Get $625K DIP Loan on Final Basis
---------------------------------------------------
Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York authorized Allways East Transportation, Inc.,
to incur postpetition secured indebtedness from Merchants
Automotive Group, Inc.
Merchants Automotive Group and the Debtor entered into a Master
Open End Lease Agreement wherein Merchants Automotive Group agreed
to lease certain small passenger buses and minivans to the Debtor
for use in its business, and the Debtor agreed to pay rent to
Merchants Automotive Group.
The Debtor related that in order to effectuate its reorganization,
the Debtor, or its affiliate Allways North Transportation, Inc.,
intends to enter into an agreement with the County of Dutchess, New
York for transportation services. The Debtor further related that
all of the vehicles that may be used by Allways North in
performance of the Services Contract, if applicable, are leased or
sub-leased by the Debtor to Allways North, and in many cases leased
by Merchants Automotive Group to the
Debtor under their Lease Agreement.
The Debtor contended that as a condition of Dutchess County
entering into the Services Contract, the Debtor and/or Allways
North is required to post a performance bond. The Debtor further
contended that it intends to use the DIP Financing from Merchants
Automotive Group to procure the performance bond and to confirm a
plan of reorganization.
The material terms, among others, of the DIP Loan are:
(1) Co-Obligors: The Debtor and Allways North are jointly and
severally liable under the DIP Loan Documents.
(2) Type/Amount: A line of credit not to exceed the maximum
principal amount of $325,000 and a letter of credit facility in the
maximum amount of $300,000.
(3) Purpose: The DIP Loan will be made available to the
Borrowers in accordance with the Interim Order and the Order and
the DIP Loan Documents for the following uses: for the payment of
administrative expense claims, cure costs and attorneys' fees
associated with the Lease, for the payment of bank fees, lender's
attorneys' fees and costs associated with the DIP Loan and
obtaining a letter of credit, and for other costs and expenses
necessary for the reorganization of the Debtor.
(4) Closing Date: On a date agreed to by the parties within
30 days of the Bankruptcy Court's entry of an order approving the
DIP Loan, the parties will execute the DIP Loan Documents.
(5) Maturity: The DIP Loan will be payable in full on the
first day of the twenty-fourth month following the Closing Date.
(6) Interest Rate/Payments: The DIP Loan will accrue interest
at the rate of five percent per annum. Payments on the DIP Loan
will be due on the first day of each month and paid in equal
monthly installments of principal and interest, amortized over a
period of 24 months.
(7) Priority and Collateral: As collateral for the DIP Loan,
Merchants Automotive Group will be granted:
(i) a perfected first priority lien in the Debtor's
accounts receivable relating to the Services Contract in an amount
up to 75% of the indebtedness existing at any time under the DIP
Loan and the proceeds therefrom;
(ii) a perfected first priority lien on at least 92
presently unencumbered vehicles presently owned by the Borrowers;
and
(iii) a perfected first priority lien on all vehicles
presently subject to any Lease Schedule as the Debtor pays off its
obligations under the Lease with respect to such vehicles.
(8) Adequate Protection and Use of Cash Collateral: The
Borrowers will ensure that the value of current, non-delinquent,
accounts receivable is at all times an amount greater than 75% of
the balance remaining on the DIP Loan. If at any point prior to
the Maturity Date, the value of current, non-delinquent, accounts
receivable drops below this threshold, the Borrowers will make an
additional payment of principal to reduce the amount due under the
DIP Loan until this condition is satisfied. The Borrowers will
provide Merchants Automotive Group with monthly reports of their
accounts receivable to ensure compliance with this provision.
A full-text copy of the Final Order dated Oct. 19, 2016, is
available at
http://bankrupt.com/misc/AllwaysEast2016_1622589rdd_144.pdf
About Allways East Transportation
Headquartered in Yonkers, New York, Allways East Transportation
Inc. filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y.
Case No. 16-22589) on April 28, 2016. The petition was signed by
Marlaina Koller, vice president. Judge Robert D. Drain presides
over the case. Erica Feynman Aisner, Esq., and Julie Cvek Curley,
Esq., at Delbello Donnellan Weingarten Wise & Wiederkehr, LLP,
serves as the Debtor's bankruptcy counsel. The Debtor estimated
assets and liabilities at $1 million and $10 million at the time of
the filing.
ALTOMARE AUTO: Seeks Plan Exclusivity Extension Until Feb. 22
-------------------------------------------------------------
Altomare Auto Group LLC d/b/a Union Volkswagen and Altomare 22
Union, LLC ask the U.S. Bankruptcy Court for the District of New
Jersey to extend the Debtor's exclusive period for filing a Plan of
Reorganization through Feb. 22, 2017, and to obtain confirmation of
such Plan through June 22, 2017.
Pursuant to the Bankruptcy Code, the Debtors are provided with an
exclusive period within which to file a plan of reorganization and
to obtain confirmation of a plan until Oct. 25, 2016 and Dec. 24,
2016, respectively.
Since this case involves two separate Debtors, each Debtor has
unique set of assets and creditors. Accordingly, the Debtors are
still taking steps to streamline their businesses, disposing of
excess inventory, and processing a sale of substantially all of its
assets. In addition, the Debtors have resolved contested secured
claims and is in the process of pursuing litigation against third
parties in an attempt to increase available assets for distribution
to creditors.
The Debtors tell the Court that they have spent the bulk of their
time in Chapter 11 in negotiating cash collateral arrangements with
the secured creditors, as well as negotiating and ultimately
obtaining approval for a sale of substantially all of the assets in
the Debtors' estate. Unfortunately, there was insufficient time
before the current exclusivity period expires to circulate and file
a Plan of reorganization and Disclosure Statement.
Furthermore, the Debtors need additional time in order to advise
creditors as to the proposed distribution of the portion of
settlement proceeds anticipated to be received by the estate from
settlement of the Volkswagen of America litigation, and there is
still a need to determine as to allocation to each individual
dealer, such as the Debtors, from the settlement proceeds derived
from that litigation. As of this time, that information has not
yet been made available to the Debtors.
A hearing will be held on November 15, 2016 at 10:00 a.m. to
consider the Debtors' application for exclusivity extension.
About Altomare Auto
Altomare Auto Group, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. N.J. Case No. 16-22376) on June 27,
2016. On June 30, 2016, Altomare 22 Union, LLC filed a Chapter 11
petition (Bankr. D. N.J. Case No. 16-22628). The petitions were
signed by Anthony Altomare, managing member.
The cases are jointly administered and are assigned to Judge John
K. Sherwood.
At the time of the filing, Altomare Auto disclosed $9.04 million in
assets and $12.78 million in liabilities. Meanwhile, Altomare 22
disclosed $256,877 in assets and $6.24 million in liabilities.
No official committee of unsecured creditors has been appointed in
the case.
AMERICAN NATIONAL CARBIDE: To Seek Plan Confirmation on Nov. 28
---------------------------------------------------------------
Judge David R. Jones on Oct. 17, 2016, approved the disclosure
statement explaining American National Carbide Co.'s proposed
Chapter 11 plan and fixed:
* Nov. 18, 2016 as the last day for filing written acceptances
or rejections of the Plan.
* Nov. 18, 2016, as the last day for filing and serving written
objections to confirmation of the Plan.
* Nov. 28, 2016, at 10:00 a.m. as the hearing on confirmation of
the Plan.
A disclosure statement under chapter 11 of the Bankruptcy Code was
filed by the Debtor on Aug. 26, 2016 with respect to a plan under
chapter 11 of the Code filed by Debtors on Aug. 26, 2016, as
supplemented and corrected on Oct. 17, 2016.
As reported in the Sept. 22, 2016 edition of the TCR, the Debtor
proposed a Chapter 11 plan that provides that general unsecured
creditors will receive a promissory note for 100% of each allowed
claim payable over 72 months at the prime rate of interest on the
confirmation date, currently, 3.0% interest. The Debtor proposes
to devote its earnings over the coming 72 months to retirement of
100% of its pre-petition liabilities at present value. A copy of
the Disclosure Statement is available at:
http://bankrupt.com/misc/txsb16-30992-177.pdf
About American National Carbide
American National Carbide Co. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Tex. Case No. 16-30992) on Feb.
26, 2016. The petition was signed by Greg Stroud, president.
The Debtor is represented by Donald L Wyatt, Esq., at the Law
Offices of Donald L. Wyatt Jr. PC. The case is assigned to Judge
David R. Jones.
The Debtor disclosed total assets of $8.83 million and total debt
of $7.22 million.
AMSHALE ENERGY: Taps Heller Draper as Legal Counsel
---------------------------------------------------
Amshale Energy, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to hire legal counsel in
connection with its Chapter 11 case.
The company proposes to hire Heller, Draper, Patrick, Horn, &
Dabney, LLC to give legal advice regarding its rights and duties,
prepare a plan of reorganization, and assisting in the negotiation
of financing agreements.
Heller Draper's hourly rates for bankruptcy work range from $225 to
$510 for attorneys and $120 for paralegals.
Douglas Draper, Esq., disclosed in a court filing that the firm is
a "disinterested person" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Douglas S. Draper, Esq.
Heller, Draper, Patrick, Horn, & Dabney, LLC
650 Poydras Street, Suite 2500
New Orleans, LA 70130
Phone: (504) 299-3300
Fax: (504) 299-3399
About Amshale Energy
Amshale Energy, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N. D. Texas Case No. 16-33754) on September
26, 2016. The petition was signed by John Houghtaling, Houghtaling
Enterprises LLC, managing member.
The case is assigned to Judge Stacey G. Jernigan.
At the time of the filing, the Debtor estimated its assets and
liabilities at $10 million to $50 million.
ANK LLC: Unsecured Creditors To Be Paid $1.4-Mil. By Dec. 2036
--------------------------------------------------------------
ANK, LLC, filed with the U.S. Bankruptcy Court for the District of
Maryland a second amended disclosure statement referring to the
Debtor's second amended plan of reorganization dated Oct. 17,
2016.
Holders of Class 6 General Unsecured Claims will each receive a pro
rata percentage of a single payment of $1,458,305.43, which will be
made on or before Dec. 31, 2036. To the extent a claim is a
disputed claim, the Debtor will not be required to make the
applicable disputed portion of a payment to the holder of the
disputed claim that would otherwise be payable to said disputed
claim. In the event that the claim becomes allowed, the Debtor
will thereafter pay the appropriate amount to the holder of the
claim in accordance with the terms of the Plan and in the same
manner as any other creditor of the same class. No creditors will
be paid outside of the Plan. Class 6 is an impaired class of
claims under the Plan.
The funds necessary to implement the Plan will be generated from
(1) the Debtor's projected collection of business income, and the
purchase of the reorganized Debtor's equity interests; and (2) the
sale of the Debtor's property or refinance of the Class 4 Claim at
the end of the plan term. The Debtor's projected income, together
with projected purchase proceeds of the Debtor's new equity
interest(s), are sufficient to fund the consecutive monthly
disbursement requirements outlined in the Plan. The final balloon
payment to be made to Class 6 general unsecured creditors is
approximately $341,000 less than the current value of the Property;
thus, the sale or refinance of the property will be sufficient to
generate funds to pay the Class 6 payment proposed by the Plan.
The Second Amended Disclosure Statement is available at:
http://bankrupt.com/misc/mdb15-27357-75.pdf
The Second Amended Plan was filed by the Debtor's counsel:
Catherine K. Hopkin, Esq.
Marissa K. Lilja, Esq.
Tydings & Rosenberg LLP
100 East Pratt Street, 26th Floor
Baltimore, Maryland 21202
Tel: (410) 752-9700
E-mail: chopkin@tydingslaw.com
mlilja@tydingslaw.com
As reported by the Troubled Company Reporter on Sept. 27, 2016, the
Bankruptcy Court denied the previous disclosure statement, which
explained the Debtor's proposed plan to exit Chapter 11 protection.
In an order issued Sept. 15, Judge Robert Gordon said that the
disclosure statement "lacks adequate information" and must be
amended.
About ANK LLC
ANK LLC owns and operates an office building located at 31 Walker
Avenue, Pikesville, Maryland, at which it leases commercial office
space to tenants.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Md. Case No. 15-27357) on Dec. 17, 2015. The
petition was signed by Brenda J. Faulk, sole and managing member.
The case is assigned to Judge Robert A. Gordon.
At the time of the filing, the Debtor estimated its assets and
debts at $1 million to $10 million.
AVATAR PACKAGING: Can Use Centennial Bank Cash Collateral
---------------------------------------------------------
Judge K. Rodney May of the U.S. Bankruptcy Court for the Middle
District of Florida, authorized Avatar Packaging, Inc. to the use
Centennial Bank's cash collateral.
The Debtor was directed to pay adequate protection to Centennial
Bank in the amount of $5,000 per month, beginning on December 1,
2016.
Judge May held that the funds in the amount of $20,728.81 which
Centennial Bank set off pre-petition will be deemed an additional
adequate protection payment and will be applied to the post
petition months of September, October, and November 2016.
Centennial Bank was granted a replacement lien on all property
acquired or generated post-petition by the Debtor's continued
operations to the same extent and priority and of the same kind and
nature as they would have had prior to the filing of the bankruptcy
case and subject to all objections and avoidance claims.
A continued hearing on the use of cash collateral is scheduled on
November 10, 2016 at 10:00 a.m.
A full-text copy of the Order, dated October 20, 2016, is available
at https://is.gd/ZGA99m
About Avatar Packaging
Avatar Packaging, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M. D. Fla. Case No. 16-08094) on September
20, 2016. The petition was signed by Vance D. Fairbanks, Jr.,
chief executive officer. The Debtor is represented by Samantha L.
Dammer, Esq., at Tampa Law Advocates, P.A. At the time of the
filing, the Debtor disclosed $1.79 million in assets and $1.85
million in liabilities.
AWR WHOLESALE: Hires Kamelot Auctions to Sell Inventory
-------------------------------------------------------
AWR Wholesale Inc., seeks authority from the U.S. Bankruptcy Court
for the Southern District of New York to employ Kamelot Auctions
and Appraisals as auctioneer to the Debtor.
AWR Wholesale requires Kamelot Auctions to market and sell some of
the Debtor's inventory.
Kamelot Auctions will be paid a commission, as follows:
-- 15% for a Final Bid of $0-$999
-- 10% for a Final Bid of $1,000-$2,999
-- 8% for a Final Bid of $3,000 and above
Kamelot Auctions will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Jeffrey Kamal, member of Kamelot Auctions and Appraisals, 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.
Kamelot Auctions can be reached at:
Jeffrey Kamal
KAMELOT AUCTIONS AND APPRAISALS
4700 Wissahickon Avenue, Suite 107
Philadelphia, PA 19144
Tel: (215) 438-6990
Fax: (215) 438-6992
About AWR Wholesale
AWR Wholesale Inc, sought protection under Chapter 11 (Bankr.
S.D.N.Y. Case No. 16-11691) on June 9, 2016. The petition was
signed by Alan Moss, president. The Debtor is represented by
Gilbert A. Lazarus, Esq., at Law Office of Gilbert A. Lazarus,
PLLC. The Debtor estimated assets of $1 million to $10 million and
debts of $100,000 to $500,000.
The case is assigned to Judge James L. Garrity, Jr.
No official committee of unsecured creditors has been appointed in
the case.
AZTEC OIL: To Form Liquidating Trust Under Ch. 11 Plan
------------------------------------------------------
Aztec Oil & Gas, Inc., and Azetec Energy, LLC, filed with the U.S.
Bankruptcy Court for the Southern District of Texas a disclosure
statement describing the Debtors' Chapter 11 plan of liquidation.
Under the Plan, Class 3 General Unsecured Claims are impaired and
payments to the holders are distributed by liquidating trustee via
available cash pro rata to holders of allowed general unsecured
claims.
Based on the claims register and the schedules, unsecured claims of
over $5 million have been filed against the Debtors. This number
may not include all tort claims, unliquidated claims or claims for
litigation damages. The Debtors expect that a significant number
of unsecured proofs of claim maybe the subject to objection. The
Debtors are unable to predict the outcome of any anticipated claim
objections that may be filed due to pending objections and
adversary proceedings.
Credit Suisse, Ltd.'s secured claim, estimated to total
$186,015.66, is impaired, and will be treated in accordance with
the results of Adversary No. 16-03106.
On the Effective Date, a liquidating trust will be created. The
Liquidating Trust will be governed by the liquidating trust
agreement, the Plan and the confirmation court order. The terms of
the employment of the Liquidating Trustee will be set forth in the
Liquidating Trust Agreement or the confirmation court order. On
the Effective Date, the Debtors will transfer to the Liquidating
Trust the retained assets. All transfers to the Liquidating Trust
will be free and clear of all liens, claims, interests and
encumbrances. Holders of allowed claims will look solely to the
Liquidating Trust for the satisfaction of their claims. For
federal income tax purposes, the transfer of the identified assets
to the Liquidating Trust will be deemed to be a transfer to the
holders of allowed claims (who are the Liquidating Trust
beneficiaries), followed by a deemed transfer by such beneficiaries
to the Liquidating Trust.
The Disclosure Statement is available at:
http://bankrupt.com/misc/txsb16-31895-160.pdf
About Aztec Oil & Gas
Houston, Texas-based Aztec Oil & Gas, Inc. (Bankr. S.D. Tex. Case
No. 16-31895) and affiliates Aztec Energy, LLC (Bankr. S.D. Tex.
Case No. 16-31896), Aztec Operating Company (Bankr. S.D. Tex. Case
No. 16-31897), Aztec Drilling & Operaring LLC (Bankr. S.D. Tex.
Case No. 16-31898), Aztec VIIIB Oil & Gas LP (Bankr. S.D. Tex. Case
No. 16-31899), Aztec VIIIC Oil & Gas LP (Bankr. S.D. Tex. Case No.
16-31900), Aztec XA Oil & Gas LP (Bankr. S.D. Tex. Case No.
16-31901), Aztec XB Oil & Gas LP (Bankr. S.D. Tex. Case No.
16-31902), Aztec XC Oil & Gas LP (Bankr. S.D. Tex. Case No.
16-31903), Aztec XI-A Oil & Gas LP (Bankr. S.D. Tex. Case No.
16-31904), Aztec XI-B Oil & Gas LP (Bankr. S.D. Tex. Case No.
16-31905), Aztec XI-C Oil & Gas LP (Bankr. S.D. Tex. Case No.
16-31907), Aztec XI-D Oil & Gas LP (Bankr. S.D. Tex. Case No.
16-31908), Aztec XII-A Oil & Gas LP(Bankr. S.D. Tex. Case No.
16-31909), Aztec XII-B Oil & Gas LP (Bankr. S.D. Tex. Case No.
16-31910), Aztec XII-C Oil & Gas LP (Bankr. S.D. Tex. Case No.
16-31911), Aztec Comanche A Oil & Gas LP (Bankr. S.D. Tex. Case No.
16-31912), and Aztec Comanche B Oil & Gas, LP (Bankr. S.D. Tex.
Case No. 16-31913) filed separate Chapter 11 bankruptcy petitions
on April 13, 2015. The petitions were signed by Jeremy Driver,
president.
Judge David R. Jones presides over Aztec Oil & Gas' case. Judge
Marvin Isgur presides over the cases of Aztec Energy, LLC, and
Aztec Operating Company.
Kristin Nicole Rhame, Esq., at Christin, Smith & Jewell, LLP,
serves as the Debtors' bankruptcy counsel.
Aztec Oil & Gas, Inc., estimated assets between $100,000 and
$500,000 and its liabilities between $500,000 and $1 million.
Aztec Energy, LLC, and Aztec Operating Company each estimated their
assets and liabilities at up to $50,000 each.
B. L. GUSTAFSON: Wants Plan Filing Period Extended to January 21
----------------------------------------------------------------
B. L. Gustafson, LLC asks the U.S. Bankruptcy Court for the Western
District of Pennsylvania to extend the Debtor's exclusive period
and deadline to file a Plan until Jan. 21, 2017, and the time for
obtaining acceptances to the Plan to March 22, 2017.
Initially, the Debtor had the exclusive right to file a Chapter 11
Plan until April 26, 2016 and to obtain acceptances of the Plan
until June 25, 2016. However, the deadlines were extended to Oct.
23, 2016 and Dec. 22, 2016, respectively.
According to the Debtor, it is not seeking to extend exclusivity to
pressure creditors. The Debtor relates that the Court has held
various Status Conference hearing over the prior two months and is
aware of the Debtor's continued efforts to file all of the
necessary documents required by the Department of Revenue. The
Debtor is still in the process of complying with that request and a
Status Report from the Debtor which is due on Nov. 10, 2016 with a
continued hearing on Nov. 17.
About B.L. Gustafson, LLC
B.L. Gustafson, LLC filed a Chapter 11 petition (Bankr. W.D. Penn.
Case No. 15-11361) on December 28, 2015. The petition was signed
by its Manager, Brian L. Gustafson. The case is assigned to Judge
Thomas P. Agresti. The Debtor's counsel is Guy C. Fustine, Esq. at
Knox McLaughlin Gornall & Sennett, P.C., 120 West Tenth Street,
Erie, PA. At the time of filing, the Debtor had $100,000 to
$500,000 in estimated assets and $500,000 to $1 million in
estimated liabilities.
BALZARINI REALTY: Unsecured Creditors to Get 2.5% Under Exit Plan
-----------------------------------------------------------------
Unsecured creditors of Balzarini Realty LLC will get 2.5% of their
claims under the company's proposed plan to exit Chapter 11
protection.
Under the restructuring plan, general unsecured creditors will
receive a sum of $2,305 or 2.5% of their claims against Balzarini
within 30 days of the effective date of the plan.
Payments will be distributed pro rata to general unsecured
creditors, which assert a total of $92,200 in claims.
The source of funds for the initial distribution includes
Balzarini's rental income and miscellaneous funds accumulated by
the company during the pendency of its bankruptcy case, according
to the disclosure filed on Oct. 14 in the U.S. Bankruptcy Court for
the District of Massachusetts.
A copy of the disclosure statement is available for free at
https://is.gd/di0P0s
Balzarini Realty is represented by:
Laurel E. Bretta, Esq.
Bretta & Grimaldi P.A.
77 Mystic Avenue
Medford, MA 02155
Phone: (781) 395-0090
Email: bglaw@lbretta.com
About Balzarini Realty
Balzarini Realty, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Mass. Case No. 16-10005) on January 4,
2016. The petition was signed by Anthony Balzarini, manager.
At the time of the filing, the Debtor estimated assets and
liabilities of less than $500,000.
BARA HOLDINGS: Hires Porter Law as Attorney
-------------------------------------------
Bara Holdings 23 East, LLC, seeks authority from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Porter Law Network as attorney to the Debtor.
Bara Holdings requires Porter Law to:
a. give the Debtor legal advice with respect to its powers and
duties as debtor-in-possession in the continued management
of its assets;
b. prepare such applications, motions, complaints, orders,
reports, pleadings, plans, disclosure statements or other
papers on the Debtor's behalf that may be necessary in
connection with this case;
c. take such action as may be necessary with respect to claims
that may be asserted against the Debtor; and
d. perform all other legal services for the Debtor which may
be required in connection with this case.
Porter Law will be paid at these hourly rates:
Karen J. Porter $425
Legal Assistants $150
Porter Law will be paid a retainer in the amount of $5,000, and the
filing fee of $1,717.
Porter Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Karen J. Porter, member of Porter Law Network, 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.
Porter Law can be reached at:
Karen J. Porter, Esq.
PORTER LAW NETWORK
230 West Monroe, Suite 240
Chicago, IL 60606
Tel: (312) 372-4400
Fax: (312) 372-4160
About Bara Holdings 23 East
Bara Holdings 23 East LLC is an Illinois limited liability company
that was established in 2010. It is engaged in the business of
operating an Italian restaurant and bar located at 23 East Jackson
Blvd., Chicago, Illinois, which opened in 2011.
Bara Holdings 23 East LLC filed a Chapter 11 petition (Bankr. N.D.
Ill. Case No. 16-30069) on September 21, 2016, disclosing under $1
million in both assets and liabilities. The petition was signed by
Matthew T. Aiyash, manager. The Debtor is represented by Karen J.
Porter, Esq., at Porter Law Network.
The Debtor will continue to manage its business and property as a
debtor-in-possession of the Italian restaurant and bar, and to
reorganize its financial affairs. No trustee or creditors committee
has been appointed by the court.
The Debtor filed two previous Chapter 11 cases. The first case,
Case No. 12-33535, was filed on Aug. 23, 2012, and was dismissed on
March 11, 2013. The second case, Case No. 13-26593, was filed on
June 28, 2013, and closed on April 23, 2014, after the confirmation
of a 100% repayment plan and the entry of a final decree.
No official committee of unsecured creditors has been appointed in
the case.
BATTALION RESOURCES: Seeks to Hire EKS&H as Accountant
------------------------------------------------------
Battalion Resources, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to hire an accountant in
connection with the Chapter 11 cases of the company and its
affiliates.
The company proposes to hire EKS&H LLLP to provide accounting
services, which include preparing income tax returns, providing
expert testimony, and processing financial transactions.
Douglas Reeb, a partner at EKS&H, will be primarily responsible for
the engagement. He will be paid an hourly rate of $100.
In a court filing, Mr. Reeb disclosed that he and his firm do not
hold any interest adverse to Battalion Resources and its
affiliates.
The firm can be reached through:
Douglas Reeb
EKS&H LLLP
979 East Tufts Avenue, Suite 400
Denver, CO 80237
Phone: (303) 740-9400
Fax: (303) 740-9009
About Battalion Resources
Battalion Resources, LLC, Storm Cat Energy (USA) Operating
Corporation, Storm Cat Energy (Powder River), LLC and Storm Cat
Acquisitions, LLC filed chapter 11 petitions (Bankr. D. Colo. Case
Nos. 16-18917, 16-18920, 16-18922, and 16-18925, respectively) on
September 8, 2016. The petitions were signed by Christopher M.
Naro, chief financial officer.
The Debtors are represented by Theodore J. Hartl, Esq., at
Lindquist & Vennum LLP - Denver. Battalion Resources' case is
assigned to Judge Thomas B. McNamara, while Storm Cat Energy (USA)
Operating Corporation's case is assigned to Judge Elizabeth E.
Brown.
Battalion Resources disclosed total assets at $3.53 million and
total liabilities at $83.41 million. Storm Cat Energy (USA)
disclosed total assets at $931,740 and total liabilities at $77.57
million.
No official committee of unsecured creditors has been appointed in
the case.
BIJAY K. CHHETRI: Court Denies Approval of Disclosure Statement
---------------------------------------------------------------
The Hon. Robert A. Gordon of the U.S. Bankruptcy Court for the
District of Maryland has denied approval of BiJay K. Chhetri and
Shashi Chhetri's disclosure statement dated July 21, 2016.
No objections to the Disclosure Statement were filed.
At a hearing held on Oct. 12, 2016, the Court indicated that the
Disclosure Statement was deficient and specified the items that
needed to be addressed further to correct the deficiencies.
The Debtors will have 30 days from the Oct. 17 entry of the court
order to file an amended disclosure statement to correct the
deficiencies specified by the Court.
BiJay K. Chhetri and Shashi Chhetri filed for Chapter 11 bankruptcy
protection (Bankr. D. Md. Case No. 15-14626) on April 1, 2015.
John C. Gordon, Esq., serves as the Debtor's bankruptcy counsel.
BLAIR OIL: Trustee Selling Denver Property to Sansevere for $263K
-----------------------------------------------------------------
Blair Oil Investments, LLC ("BOI"), by Jeffrey A. Weinman, Chapter
7 Trustee of the bankruptcy estate of Peter H. Blair, asks the U.S.
Bankruptcy Court for the District of Colorado to authorize the sale
of real property located in Denver County, Colorado, known as 33
North Pennsylvania Street, Unit B, Denver, Colorado, including an
adjacent parking garage space 33B ("Denver Property"), to Corinne
M. Sansevere for $262,500.
Mr. Blair's bankruptcy estate is the holder of 100% of the
membership of BOI. The Trustee has therefore elected himself as
the Manager of BOI for purposes of this Bankruptcy Case and removed
all prior Managers.
BOI is the owner of the Denver Property. BOI also owns certain
personal property located at the Denver Property, including
appliances and miscellaneous household goods. Pursuant to 11
U.S.C. Sec. 541, such property is property of the bankruptcy
estate.
Prepetition, on Dec. 2, 2103, the Debtor entered into a Residential
Lease with Option to Purchase Agreement ("Lease") with Todd A.
Searles. The term of the Lease runs through Dec. 31, 2017 unless
otherwise agreed or terminated. The Lease contains other covenants
and conditions. Under the terms of the Lease, Mr. Searles had an
option to purchase the Denver Property for the price of $225,000.
A dispute arose between BOI and Mr. Searles concerning the
short-term rental of the Denver Property and whether such rental
was a breach of the Lease. To avoid the costs, delays, and
uncertainty of litigation, BOI and Mr. Searles have entered into a
Settlement Agreement to resolve their disputes. The Debtor filed a
motion to approve the Settlement Agreement. Christopher Blair, as
Successor Trustee, filed an objection to the Motion.
Previously, the Debtor sought and obtained the Court's approval to
employ a real estate broker to assist the Debtor with listing and
marketing the Denver Property for sale.
The Debtor has entered into a Contract to Buy and Sell Real Estate
from the Purchaser to purchase the Denver Property for the sum of
$262,500, following a counteroffer by the Debtor ("Sansevere
Contract"). The Sansevere Contract includes the purchase of the
appliances within the Property. Under the Sansevere Contract, the
Debtor will receive the purchase funds at closing.
The Sansevere Contract expressly provides that the Debtor must
obtain this Court's approval of the Contract no later than Nov. 23,
2016. Thus, time is of the essence.
A copy of the Sansevere Contract attached to the Motion is
available for free at:
http://bankrupt.com/misc/Blair_Oil_148_Sales.pdf
The Debtor will obtain a title policy to insure the title to the
property in a form acceptable to Ms. Sansevere and pay for the
customary closing costs, including the costs of a title policy, any
other ordinary and necessary costs of sale such as transaction
fees, delivery fees, etc., from the proceeds of the sale of the
Denver Property. To the extent that there are real property taxes
owing the Debtor will pay such real estate taxes from the proceeds
of the sale.
To the best of the Debtor's knowledge there are no liens or
encumbrances against the Denver Property except for real estate
taxes and HOA dues. The Debtor is current on all such obligations.
The Debtor disputes any other liens.
The Debtor therefore asserts that the sale is in the estate's best
interests and the creditors of the estate. The sale provides funds
for distributions to unsecured creditors in the estate.
After paying closing costs, title fees, any taxes and commissions
(approximately $17,500), the Debtor estimates that the Estate will
receive approximately $245,000 from the sale of the Denver Property
for the benefit of creditors. The Debtor will pay the sum of
$10,000 to Mr. Searles for his early vacating the Denver Property
under the Settlement Agreement, together with $1,800 for return of
Mr. Searles' option funds and security deposit. Thus, the Debtor
will receive $233,200 from the sale to Sansevere. As a result,
this sale will net the Estate more funds than if Mr. Searles were
to exercise his purchase option under the Lease.
The Debtor's realtor, Ms. Flanagan, of LIV Sotheby's International
Realty, assisted the Debtor in entering into the Sansevere
Contract. Ms. Flanagan will be entitled to receive a 6% commission
on the sale of the Property, approximately $15,750. The Debtor
intends to compensate Ms. Flanagan from the proceeds of the sale of
the Denver Property as part of the closing costs. Such costs would
also be an administrative expense of the Estate subject to priority
pursuant to 11 U.S.C. Sec. 503(b). The Debtor therefore seeks
Court approval to compensate Ms. Flanagan pursuant to 11 U.S.C.
Sec. 330.
The Debtor also requests that the Court lift the stay provided by
Fed.R.Bankr.P. 6004(h), which automatically stays for 14 days an
order authorizing the use, sale or lease of property other than
cash collateral.
Since the Sansevere Contract requires Court approval by Nov. 23,
2016 and Mr. Searles to vacate the Property, the Debtor requests
that the Court hold a hearing on the Motion and the motion to
approve the Settlement Agreement as soon as possible.
About Blair Oil Investments
Blair Oil Investments, LLC, sought Chapter 11 protection (Bankr.
D.
Col. Case No. 15-15009) May 7, 2015. The Debtor estimated assets
and liabilities in the range of $1 million to $10 million. The
Debtor tapped Harvey Sender, Esq., at the Sender Wasserman
Wadsworth, P.C., as counsel.
Peter H. Blair filed his voluntary petition for relief under
Chapter 11 of the Bankruptcy Code also on May 7, 2015 (Case No.
15-15008). On Aug. 20, 2015, Mr. Blair's bankruptcy case was
converted to a case under Chapter 7. Jeffrey A. Weinman is the
Chapter 7 Trustee for Mr. Blair's bankruptcy estate. Mr. Blair's
bankruptcy estate is the holder of 100% of the membership of BOI.
BRIDGE CORNER STONE: Taps Ballstaedt Law Firm as Legal Counsel
--------------------------------------------------------------
Bridge Corner Stone, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Nevada to hire a new legal counsel.
The company proposes to hire the Ballstaedt Law Firm to replace
David Riggi, Esq., who withdrew as its attorney last month.
The services to be provided by the firm include assisting Bridge
Corner Stone and its affiliate Rancho Mart, LLC in the recovery and
liquidation of their assets, and in preparing a Chapter 11 plan of
reorganization.
Attorneys and paralegals at Ballstaedt will be paid $300 per hour
and $150 per hour, respectively.
Seth Ballstaedt, Esq., disclosed in a court filing that he has no
connection with the companies or any of their creditors.
Ballstaedt can be reached through:
Seth Ballstaedt, Esq.
Ballstaedt Law Firm
9555 S. Eastern Avenue, Suite 210
Las Vegas, NV 89123
Phone: (702) 715-0000
Fax: (702) 666-8215
Email: help@ballstaedtlaw.com
About Bridge Corner Stone
Bridge Corner Stone, LLC and Rancho Mart, LLC sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Lead Case
No. 16-13493) on June 24, 2016. The petition was signed by Dawit
Ambaye, manager.
The case is assigned to Judge Bruce T. Beesley.
At the time of the filing, Bridge Corner Stone estimated assets of
less than $50,000 and liabilities of $1 million to $10 million.
BRIGHTLEAF TECHNOLOGIES: Ch. 11 Plan Proposes to Form New Entity
----------------------------------------------------------------
BrightLeaf Technologies, Inc., filed with the U.S. Bankruptcy Court
for the District of Colorado a revised disclosure statement for the
Debtor's first amended plan of reorganization.
Under the First Amended Plan, a new entity will be formed and named
Carpe Solar, LP. The Debtor will receive a 52% limited partnership
interest in the new entity on the Effective Date in return for the
transfer of certain assets and liabilities. Carpe will be the
recipient of the $15 million loan from Signal Lake. The first
$2,605,000 of the $15,000,000 loan will be transferred to Debtor to
pay creditors per the Plan prior to the Effective Date.
On the Effective Date, Carpe will transfer $2,605,000 to the Debtor
pursuant to the terms of an Asset Purchase Agreement for payment to
creditors. In return, and after payment is made to the Class One
DIP Lending Group, the Debtor will transfer all of its assets to
Carpe as consideration for the $2,605,000 and a 52% limited
partnership interest in Carpe. Additionally, and pursuant to the
asset purchase agreement, Carpe will assume all liability relating
to the Debtor's construction and warranty related liabilities
through an assumption and assignment of the Debtor's pre-petition
construction contracts. As specified in the Asset Purchase
Agreement, Carpe will complete all construction work and warranty
repairs. Carpe's assumption of liability for pre-petition warranty
and construction claims will increase payment to the members
holding Class 4 General Unsecured Claims.
Class 1 - DIP Lending Group's Secured Claim will be allowed and
deemed to be allowed in an amount to be determined prior to the
Effective Date (expected to be approximately $1,176,000). The
Debtor will make a cash payment to the DIP Lending Group on the
Effective Date in the amount of $1,176,000 representing a repayment
of all funds advanced to the Debtor pursuant to the DIP Financing
Agreement plus interest and any applicable prepayment fees. Class
1 is unimpaired.
The Debtor has obtained financing on favorable terms from Signal
Lake Partners. Signal Lake intends to provide debt financing in
the aggregate principal amount of $15 million at an interest rate
not to exceed 6% to allow Debtor to emerge from bankruptcy, pay
claims and develop operations to manufacture its solar capture
technology at an industrial level.
The Revised Disclosure Statement is available at:
http://bankrupt.com/misc/cob16-10121-143.pdf
As reported by the Troubled Company Reporter on Sept. 6, 2016, the
Debtor previously filed a Chapter 11 plan of reorganization that
proposed to set aside $777,000 to pay its general unsecured
creditors. Under that plan, each general unsecured creditor would
receive its pro-rata share of $777,000. General unsecured
creditors would also receive 100% of any partnership distributions
allocated to the company from Carpe Solar, LP, during the previous
year, up to payment of 100% of each claim.
About BrightLeaf Technologies
BrightLeaf Technologies, Inc., fka BrightLeaf Power and
Aquasoladyne Partners, L.P., is a solar energy company
headquartered in Montrose, Colorado. It makes a
photovoltaic-powered generator that produces both electricity and
heat energy, a process called "cogeneration". Douglas Kiesewetter
founded the Company in 2008.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D.
Colo. Case No. 16-10121) on Jan. 7, 2016, listing $1.3 million in
total assets and $11.8 million in total liabilities.
Judge Elizabeth E. Brown presides over the case.
Debtor's Counsel: Craig K. Schuenemann, Esq.
Craig K. Schuenemann, Esq., at Bryan Cave LLP serves as the
Debtor's bankruptcy counsel.
CALLSOCKET II: Hires Kornfield Nyberg as Counsel
------------------------------------------------
CallSocket II, L.P., seeks authority from the U.S. Bankruptcy Court
for the Northern District of California to employ Kornfield Nyberg
Bendes & Kuhner, P.C. as counsel to the Debtor.
CallSocket II requires Kornfield Nyberg to:
a. give the Debtor legal advice with respect to its powers and
duties as debtor-in-possession in the continued operation
of its business and management of its property;
b. prepare on behalf of the Debtor, as debtor-in-possession,
the necessary applications, answers, orders, reports and
other legal papers; and
c. perform all other legal services for the Debtor which may
be necessary in the case.
Kornfield Nyberg will be paid at these hourly rates:
Eric A. Nyberg $425
Charles N. Bendes $390
Chris D. Kuhner $385
Sarah L. Little $375
Nancy Nyberg $80
Kornfield Nyberg will be paid a retainer in the amount of $60,000.
Kornfield Nyberg will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Eric A. Nyberg, member of Kornfield Nyberg Bendes & Kuhner, P.C.,
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.
Kornfield Nyberg can be reached at:
Eric A. Nyberg, Esq.
KORNFIELD NYBERG BENDES & KUHNER, P.C.
1970 Broadway, Suite 225
Oakland, CA 94612
Tel: (510) 763-1000
Fax: (510) 273-8669
About CallSocket II, L.P.
CallSocket II, L.P., based in Oakland, CA, filed a Chapter 11
petition (Bankr. N.D. Cal. Case No. 16-42823) on October 10, 2016.
The Hon. Roger L. Efremsky presides over the case. Eric A. Nyberg,
at Kornfield Nyberg Bendes & Kuhner, P.C., as bankruptcy counsel.
In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities. The petition was signed by Thomas
Henderson, managing member of SFRC LLC, sole member of CallSocket
II LLC, general partner of CallSocket II LP.
CAMINO AGAVE: Taps Valeo Capital as Financial Advisors
------------------------------------------------------
Camino Agave, Inc. seeks authorization from the U.S. Bankruptcy
Court for the Western District of Texas to employ Valeo Capital,
LLC as financial advisors, nunc pro tunc to the September 7, 2016
petition date.
The Debtor requires Valeo Capital to:
(a) assist the Debtor in the preparation of cash requirements,
cash forecasts and financial projections;
(b) make recommendations to the President and Board of
Directors concerning various alternatives in eliminating
costs in order to maximize short-term and long-term cash
flow and in executing of approved cost-reduction measures;
(c) formulate, recommend and, if requested, execution of the
overall strategy and alternatives for the various potential
sale opportunities the Debtor is currently contemplating or
may contemplate in the future;
(d) provide advice on the formulation and, if requested,
execution of the overall strategy and alternatives for the
various potential sale opportunities the Debtor is
currently contemplating or may contemplate in the future;
(e) assess and analyze the sale or potential sale of the
Debtor, as a going concern and as an Asset sale with the
assistance to the Debtor's professional advisors, as
requested;
(f) assist in negotiations with lenders, creditors and parties
in interest as required in accomplishing the aforementioned
goals of the Debtor; and
(g) assist with other matters as may be requested that fall
within Valeo's expertise and pursuant to the direction of
the president and the board of directors.
Bobby J. Baggett will be paid $275 per hour.
Valeo Capital will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Valeo Capital required a retainer of $5,000.
Mr. Baggett, managing partner of Valeo Capital, 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 estate.
Valeo Capital can be reached at:
Bobby J. Baggett
VALEO CAPITAL, LLC
8235 Douglas Avenue
Dallas, TX 75225
Tel: (214) 871-9650
Fax: (214) 871-1910
About Camino Agave
Camino Agave, Inc., filed a chapter 11 petition (Bankr. W.D. Tex.
Case No. 16-52063) on Sept. 7, 2016. The Debtor is represented by
Dean W. Greer, Esq.
The Debtor is an oil field construction business. It maintains
offices in Cotulla Floresville; Kennedy: and Pecos, Texas. The
Debtor installs infrastructure for drilling before and after the
rig. It provides for the installation of the roads, pads, reserve
pits, and fraq ponds. After a rig leaves the location it provides
waste management services and transportation of the drill cuttings
and other waste. The Debtor installs pipelines and well head
facilities production equipment. It has been operating for more
than 16 years.
CAMPBELL GRAPHICS: November 30 Plan Confirmation Hearing
--------------------------------------------------------
The disclosure statement explaining Campbell Graphics, Inc.'s plan
of reorganization dated August 24, 2016, is approved, and November
30, 2016, is fixed as the hearing date to consider confirmation of
the plan. November 23 is fixed as the last day for filing written
acceptances or rejections of the Plan.
The Troubled Company Reporter previously reported that the Debtor's
Plan provides that Class 6 General Unsecured Claims estimated at
$602,376.67 are impaired. General Unsecured Claims will share pro
rata 12 quarterly distributions in the amount of 50% of quarterly
net cash flow. The extent of the recovery for Class 6 Claims is
speculative. Class 6 Claims may receive little to no recovery.
Cash consideration necessary for the Reorganized Debtor to make
payments or distributions pursuant to the Plan will be obtained
from ongoing business operations.
The Disclosure Statement is available at:
http://bankrupt.com/misc/vaeb16-30523-90.pdf
Headquartered in Richmond, Virginia, Campbell Graphics, Inc., dba
AlphaGraphics No. 521 filed for Chapter 11 bankruptcy protection
(Bankr. E.D. Va. Case No. 16-30523) on Feb. 9, 2016, estimating
its
assets at between $100,000 and $500,000 and liabilities at between
$1 million and $10 million. The petition was signed by Craig H.
Campbell, Sr., president.
Judge Kevin R. Huennekens presides over the case.
Robert S. Westermann, Esq., and Rachel A. Greenleaf, Esq., at
Hirschler Fleischer, P.C., in Richmond, Virginia, serves as the
Debtor's bankruptcy counsel.
CAPITAL INVESMENTS: Sale of Broward Property for $70K Approved
--------------------------------------------------------------
Judge Brian F. Kenney of the U.S. Eastern District of Virginia
authorized Capital Investments, LLC, to sell its residential real
property located at 2798 NW 15th Court, Fort Lauderdale, Broward
County, Florida, more particularly described as Real Property Tax
ID No. 494232013400, to Wythe Capital Trust, LLC, for $70,000.
The property is being sold in "as-in" condition.
The settlement agent for the transactions is authorized to
disburse, at closing, the proceeds of the property to pay (i) all
seller closing costs, including a brokerage commission of 6% of the
purchase price to broker Lynne H. Gewant; (ii) all unpaid real
estate taxes; (iii) the estate carve out; and (iv) all remaining
proceeds to G.W. Investments, Inc.
The 14-day stay period imposed by Bankruptcy Rule 6004(h) is
waived.
About Capital Investments
Capital Investments, LLC, is a Virginia limited liability company
in the business of purchasing, renovating, and selling residential
real property in Maryland, Virginia and Florida. Its sole member
is Abbas Ghassemi.
On Oct. 7, 2015, Ghassemi filed a voluntary petition for relief
under Chapter 7 of the Bankruptcy Code (Bankr. E.D. Va. Case No.
15-13511).
Capital Investments, LLC, sought Chapter 11 protection (Bankr.
E.D.
Va. Case No. 15-13600) on Oct. 15, 2015. The petition was signed
by Ghassemi, manager. The Hon Judge Robert G. Mayer is assigned
to
the case. The Debtor estimated assets of $1 million to $10
million
and $1 million to $10 million in debt.
CAR CHARGING: Inks Purchase Agreement with JMJ Financial
--------------------------------------------------------
Car Charging Group, Inc., entered into a Securities Purchase
Agreement dated Oct. 7, 2016, with JMJ Financial, a Nevada sole
proprietorship. In accordance with its terms, the Purchase
Agreement became effective upon (i) execution by the Parties of the
Purchase Agreement, Note, the Warrant, and (ii) delivery of an
initial advance pursuant to the Note of $500,000, which occurred on
Oct. 13, 2016. The Note and Warrant were issued on Oct. 13, 2016.
Pursuant to the Purchase Agreement, JMJ purchased from the Company
(i) a Promissory Note in the aggregate principal amount of up to
$3,725,000 due and payable on the earlier of Feb. 15, 2017, or if
the Listing Approval End Date is Feb. 28, 2017, March 31, 2017, or
the third business day after the closing of the Public Offering,
and (ii) a Common Stock Purchase Warrant to purchase 714,285 shares
of the Company's common stock at an exercise price per share equal
to the lesser of (i) 80% of the per share price of the Common Stock
in the Company's contemplated Public Offering, (ii) $0.70 per
share, (iii) 80% of the unit price in the Public Offering (if
applicable), (iv) the exercise price of any warrants issued in the
Public Offering, or (v) the lowest conversion price, exercise
price, or exchange price, of any security issued by the Company
that is outstanding on Oct. 13, 2016. Additionally, pursuant to
the Purchase Agreement, on the fifth trading day after the pricing
of the Public Offering, but in no event later than Feb. 28, 2017,
or, if the Listing Approval End Date is Feb. 28, 2017, in no event
later than March 31, 2017, the Company shall deliver to JMJ such
number of duly and validly issued, fully paid and non-assessable
Origination Shares (as defined in the Purchase Agreement) equal to
$1,680,000, divided by the lowest of (i) $0.70 per share, or (ii)
the lowest daily closing price of the Common Stock during the ten
days prior to delivery of the Origination Shares (subject to
adjustment for stock splits), or (iii) 80% of the Common Stock
offering price of the Public Offering, or (iv) 80% of the unit
price offering price of the Public Offering (if applicable), or (v)
the exercise price of any warrants issued in the Public Offering.
Pursuant to the Note, JMJ is obligated to provide the Company
additional $250,000 or $500,000 advances under the Note as certain
milestones, contained in the Funding Schedule within the Note, are
achieved. In the event of an Additional Advance, the Company shall
deliver an additional warrant within three days of such advances in
the form of the Warrant, with the following terms: (i) an aggregate
exercise amount equal to 100% of the principal sum attributable to
the Additional Advance or Further Advance, respectively (ii) at the
per share exercise price then in effect on the Warrant, and (iii)
the number of shares for which the Additional Warrant is
exercisable equal to the aggregate exercise amount for the
Additional Warrant divided by the exercise price. JMJ may, at its
election, exercise the Warrant, and each Additional Warrant, if
any, pursuant to a cashless exercise.
If the Company fails to repay the balance due under the Note, or
issues a Variable Security (as defined in the Note) up to and
including the date of the closing of the Public Offering, JMJ has
the right to convert all or any portion of the outstanding Note
into shares of Common Stock, subject to the terms and conditions
set forth in the Note. All amounts due under the Note become
immediately due and payable upon the occurrence of an event of
default as set forth in the Note.
About Car Charging
Miami Beach, Florida-based Car Charging Group, Inc., is a leading
owner, operator, and provider of electric vehicle charging
equipment and networked EV charging services. The Company offers
both residential and commercial EV charging equipment, enabling EV
drivers to easily recharge at various location types.
As of June 30, 2016, Car Charging had $2.43 million in total
assets, $20.68 million in total liabilities, $825,000 in series B
convertible preferred stock, and a $19.07 million total
stockholders' deficiency.
Car Charging reported a net loss attributable to common
shareholders of $9.58 million in 2015 compared to a net loss
attributable to common shareholders of $22.71 million in 2014.
Marcum LLP, in New York, NY, issued a "going concern" qualification
on the consolidated financial statements for the year ended Dec.
31, 2015, noting that the Company has incurred net losses since
inception and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
CARIBBEAN CREAMERY: Disclosures Okayed, Plan Hearing on Nov. 15
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico will
consider approval of the Chapter 11 plan of Caribbean Creamery Inc.
at a hearing on November 15.
The court will also consider at the hearing the final approval of
the company's disclosure statement, which it conditionally approved
on October 13.
The deadline for creditors to cast their votes and file their
objections is three days prior to the hearing.
The Debtor's Plan will be funded by and through (a) the Debtor's
cash reserves as of the effective date of the Plan and (b) the
future cash flows generated by the Debtor's business.
Holders of Class 3 General Unsecured Claims will be satisfied via
monthly payments starting at the effective date of the Plan.
Total
distribution on Class 3 Claims is estimated at $38,700, which is a
5.00% distribution on these claims.
Holders of Class 2 Allowed Priority Claims filed by Governmental
Entities will receive a 100% distribution on their claims, plus
interest based on an interest rate of 4.00%. Holders of Class 1
BDE Secured Claims will receive the amount of $70,000, which will
be paid via monthly installments of $717 for a term of 120 months.
A full-text copy of the Disclosure Statement dated October 7,
2016,
is available at http://bankrupt.com/misc/prb16-00367-68.pdf
About Caribbean Creamery
Caribbean Creamery Inc. filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 16-00367) on January 22, 2016, and is represented by Jose
M. Prieto Carballo, Esq., at JPC Law Office. The case is assigned
to Judge Enrique S. Lamoutte Inclan.
CARLBROOK SCHOOL: Panel Hires Reid Collins as Litigation Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of The Carlbrook
School, LLC seeks authorization from the U.S. Bankruptcy Court for
the Western District of Virginia to retain Reid Collins & Tsai LLP
as special litigation counsel to the Committee.
The Committee requires Reid Collins to investigate and, if
appropriate, pursue cases of action held by the Debtor's estate
against its current or former officers, directors, and other
insiders or affiliates that may include, but not limited to the
following: Justin Merritt, Grant Price, Christopher Soto, Karen
Fitzhugh, Melissa Peacock, Gregory Braund, John Hensen, Kelly
Dunbar, and Andrew Coe.
Reid Collins has agreed to be compensated for its services on a
fully contingent basis. In consideration for the risk that Reid
Collins is undertaking by working on a contingent basis, the
Committee has agreed to pay Reid Collins 40% of any Gross
Recoveries obtained for the Debtor's estate, subject to approval by
the Court.
Reid Collins will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Craig A. Boneau, partner of Reid Collins, 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 estate.
Reid Collins can be reached at:
Craig A. Boneau, Esq.
REID COLLINS & TSAI LLP
1301 S. Capital of Texas Hwy.
Building C, Suite 300
Austin, TX 78746
Tel: (512) 647-6123
Fax: (512) 647-6129
E-mail: cboneau@rctlegal.com
About The Carlbrook School
The Carlbrook School, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W. D. Va. Case No. 16-60268) on
February 17, 2016. The petition was signed by Justin J. Merritt,
managing member of Education Management Services, LLC, manager of
The Carlbrook School, LLC.
The case is assigned to Judge Paul M. Black.
At the time of the filing, the Debtor estimated its assets at
$100,000 to $500,000 and debts at $1 million to $10 million.
CHC DEVELOPMENT: Seeks to Employ Hans Hafen as Accountant
---------------------------------------------------------
CHC Development Co., Inc. seeks authorization from the U.S.
Bankruptcy Court for the District of Utah to employ Hans A. Hafen
and the professional accounting firm of Adams, Hafen & Co. as
accountants.
The Debtor requires Adams Hafen to provide with independent
guidance, assistance, and advice and can timely and adequately
assist Red Rock Legal Services, P.L.L.C. to adequately prosecute
the bankruptcy case and assist the Debtor with the oversight and
management of financial and monthly reporting matters.
Adams Hafen will also be paid at these hourly rates:
Hans A. Hafen $80
Support Staff $40 - $65
Adams Hafen will also be reimbursed for allowable costs advanced on
behalf of the Debtor.
Hans A. Hafen, 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 Debtors and their estates.
Adams Hafen can be reached at:
Hans A. Hafen, CPA
ADAMS, HAFEN & CO.
1086 South Main Plaza, Suite #201
St. George, UT 84770
Phone : 435-673-6156
Fax: 435-673-3900
Email hans.hafen@officecpa.com
About CHC Development
CHC Development Co., Inc., was incorporated in 1976 to develop and
operate a business as the Green Valley Spa Resort. A.H. Coombs,
LLC, was created about the same time to own and hold the real
property where CHC would operate the Spa Resort.
CHC Development Co. and A.H. Coombs, LLC, filed Chapter 11
bankruptcy petitions (Bankr. D. Utah. Case No. 16-25558 and
16-25559) on June 25, 2016. The cases are assigned to Judge
William T. Thurman. The petitions were signed by Alan H. Coombs,
president.
CHC estimated assets at $0 to $50,000 and liabilities at $100,001
to $500,000 at the time of the filing. A.H. Coombs estimated
assets and debt at $0 to $50,000 at the time of the filing.
CHINA FISHERY: Seeks Approval to Expand Scope of RSR Employment
---------------------------------------------------------------
China Fishery Group Ltd. (Cayman) asked the U.S. Bankruptcy Court
for the Southern District of New York to allow RSR Consulting, LLC
to also provide services to Pacific Andes Resources Development
Limited.
Pacific Andes filed for Chapter 11 protection on Sept. 29. The
case is not yet jointly administered with the bankruptcy cases
filed on June 30 by its affiliates, including China Fishery.
As restructuring consultant, RSR will provide these services to the
company:
(a) act as a liaison and coordinate information flow and
efforts among the management, financial advisors,
creditors and their advisors, and the U.S. Trustee's
office
(b) assist the management in the coordination and production
of information;
(c) attend court hearings and Section 341 meetings with
creditors, if required;
(d) assist the Debtors in the preparation of periodic
reporting packages that may be required for their
creditors;
(e) provide expert testimony, if required; and
(f) review restructuring alternatives and projections
provided by the Debtors' professionals in connection
with putting forth plans to the constituents and the
court.
The hourly rate for the firm's managing directors is $390 while the
hourly rate for its managers and consultants ranges from $250 to
$375.
RSR is a "disinterested person" as defined in section 101(14) of
the Bankruptcy Code, according to court filings.
About China Fishery Group Limited
China Fishery Group Limited (Cayman), et al., along with certain
non-debtor affiliated entities, are part of a business group known
as the Pacific Andes Group, which is the 12th largest seafood
company in the world and one of the world's foremost vertically
integrated seafood companies. Hong Kong based-The Pacific Andes
Group provides seafood products to leading global wholesalers,
processors and food service companies and has operations across the
seafood value chain.
China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Case No. 16-11895) on June 30, 2016. The petition was signed by Ng
Puay Yee, chief executive officer.
The case is assigned to Judge James L. Garrity Jr.
At the time of the filing, the Debtor estimated its assets at $500
million to $1 billion and debts at $10 million to $50 million.
Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve as
legal counsel. The Debtor has tapped Goldin Associates, LLC, as
financial advisor and RSR Consulting LLC as restructuring
consultant.
CITIES GRILL: Can Use Cash Collateral on Interim Basis
------------------------------------------------------
Judge Catharine R. Aron of the U.S. Bankruptcy Court for the Middle
District of North Carolina authorized Cities Grill and Bank, Inc.,
to use cash collateral on an interim basis.
The Debtor's duly scheduled creditors are CommunityOne Bank, N.A.,
NewBridge Bank, the Internal Revenue Service and GRP Funding.
Judge Aron acknowledged that there is some confusion as to which
creditors have security upon the receivables of the corporation,
and that the Debtor and the creditors need time to confirm the
security held by their respective UCC filings and lien positions
between them.
The Debtor was authorized to use cash collateral for its ordinary
and reasonable operating expenses.
While the Debtor contended that the secured creditors were entitled
to adequate protection relative to their interests, Judge Aron did
not grant them any form of adequate protection.
The Debtor was directed to provide the secured creditors with a
budget to actual report, on a monthly basis, reflecting the actual
income received and the expenses incurred during the previous month
compared to the approved Budget.
A full-text copy of the Order, dated Oct. 19, 2016, is available at
http://bankrupt.com/misc/CitiesGrill2016_1650876_70.pdf
About Cities Grill and Bar
Cities Grill and Bar, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D.N.C. Case No. 16-50876) on Aug. 25,
2016. The petition was signed by Sammy Ballas, vice president.
The case is assigned to Judge Catharine R. Aron. At the time of
filing, the Debtor disclosed total assets at $3.28 million and
total liabilities at $3.01 million.
COMPCARE MEDICAL: Hearing on Disclosures Set For Nov. 29
--------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
will hold on Nov. 29, 2016, at 1:30 p.m. a hearing to consider
Compcare Medical, Inc.'s disclosure statement in support of the
Debtor's Chapter 11 plan of reorganization dated Oct. 17, 2016.
Objections to the Disclosure Statement must be filed at least 14
days before the hearing.
The Plan proposed by the Debtor will provide for, among other
things, the payment in full of all priority tax debt, the payment
in full of all secured debt, and a 19% dividend to non-priority,
non-insider general unsecured creditors.
The Debtor requests that the Court set this schedule:
-- Confirmation hearing notice and Dec. 13, 2016
solicitation package must be served
-- deadline to vote Dec. 27, 2016
-- deadline to file and serve any Dec. 27, 2016
objection to the Plan
-- deadline to file replies to any Jan. 3, 2017
objections to the Plan
-- confirmation hearing Jan. 10, 2017
About CompCare Medical
CompCare Medical Inc. filed a Chapter 11 petition (Bankr. C.D. Cal.
Case No. 16-15707) on June 27, 2016, disclosing under $1 million in
both assets and liabilities. The petition was signed by Alphonso
Benton, president. The Debtor is represented by Todd L. Turoci,
Esq., at The Turoci Firm.
No official committee of unsecured creditors has been appointed in
the case.
COMSTOCK MINING: Incurs $2.19 Million Net Loss in Third Quarter
---------------------------------------------------------------
Comstock Mining Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
available to common shareholders of $2.19 million on $1.13 million
of total revenues for the three months ended Sept. 30, 2016,
compared to a net loss available to common shareholders of $7.95
million on $4.34 million of total revenues for the three months
ended Sept. 30, 2015.
For the nine months ended Sept. 30, 2016, Comstock Mining reported
a net loss available to common shareholders of $9.09 million on
$4.64 million of total revenues compared to a net loss available to
common shareholders of $9.98 million on $15.87 million of total
revenues for the same period last year.
As of Sept. 30, 2016, the Company had $36.24 million in total
assets, $18.82 million in total liabilities and $17.41 million in
total stockholders' equity.
The Company has recurring net losses from operations and an
accumulated deficit of $208.2 million at Sept. 30, 2016. For the
nine-month period ended Sept. 30, 2016, the Company recognized a
net loss of $9.1 million and used $3.2 million of cash in
operations. As of Sept. 30, 2016, the Company had cash and cash
equivalents of $0.4 million, current assets of $10 million and
current liabilities of $7.8 million, resulting in current assets in
excess of current liabilities of approximately $2.2 million. On
March 31, 2016, and April 13, 2016, the Company completed an
underwritten public offering totaling 11,500,000 shares of its
common stock. Gross proceeds to the Company from this offering were
approximately $4.0 million before deducting underwriting
commissions and other offering expenses of $0.5 million paid by the
Company.
The Company's current capital resources include cash and cash
equivalents and other working capital resources, cash generated
through operations, assets held for sale and existing financing
arrangements including a lease financing agreement and the
revolving credit facility with Auramet International, LLC. The
Revolving Credit Facility was fully paid on April 1, 2016, from
part of the proceeds from the sale of the Company's common stock on
March 31, 2016. Under the Revolving Credit Facility, the Company
may have borrowings of up to $10 million outstanding at any given
time, subject to satisfying certain conditions and obtaining
certain consents. The Revolving Credit Facility has a maturity of
April 28, 2018, and allows for re-advances on the facility up to
the $10 million availability. The Company has financed its
exploration, development and start up activities principally from
the sale of equity securities and, to a lesser extent, debt
financing. While the Company has been successful in the past in
obtaining the necessary capital to support its operations,
including registered equity financings from its existing shelf
registration statement, borrowings or other means, there is no
assurance that the Company will be able to obtain additional equity
capital or other financing, if needed.
Effective June 28, 2016, the Company entered into a sales agreement
with respect to an at-the-market offering program pursuant to which
the Company may offer and sell, from time to time at its sole
discretion, shares of its common stock, having an aggregate
offering price of up to $5.0 million. The Company pays the sales
agent a commission of 2.5% of the gross proceeds from the sale of
such shares. The Company is not obligated to make any sales of
shares under the ATM Agreement, and if it elects to make any sales,
the Company can set a minimum sales price for the shares.
The Company believes that it will have sufficient funds to sustain
its operations during the next 12 months as a result of the sources
of funding.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/OPzUrm
About Comstock Mining
Virginia City, Nev.-based Comstock Mining Inc. is a Nevada-based,
gold and silver mining company with extensive, contiguous property
in the historic Comstock district. The Company began acquiring
properties in the Comstock District in 2003. Since then, the
Company has consolidated a substantial portion of the Comstock
district, secured permits, built an infrastructure and brought the
exploration project into test mining production. The Company
continues acquiring additional properties in the Comstock
district, expanding its footprint and creating opportunities for
exploration and mining. The goal of the Company's strategic plan
is to deliver stockholder value by validating qualified resources
(measured and indicated) and reserves (probable and proven) of
3,250,000 gold equivalent ounces by 2013, and commencing
commercial mining and processing operations by 2011, with annual
production rates of 20,000 gold equivalent ounces.
Comstock Mining reported a net loss available to common
shareholders of $15.9 million on $18.5 million of total revenues
for the year ended Dec. 31, 2015, compared to a net loss available
to common shareholders of $13.3 million on $25.6 million of total
revenues for the year ended Dec. 31, 2014.
CONTROL VALVE: Hires Heller Draper as Counsel
---------------------------------------------
Control Valve Specialists, Inc., seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to employ
Heller Draper Patrick Horn & Dabney, L.L.C. as counsel to the
Debtor.
Control Valve requires Heller Draper to:
a. advise the Debtor with respect to its rights, powers and
duties as Debtor and Debtor in Possession in the continued
operation and management of its business and property;
b. prepare and pursue confirmation of a plan of reorganization
and approval of a disclosure statement;
c. prepare on behalf of the Debtor all necessary applications,
motions, answers, proposed orders, other pleadings,
notices, schedules and other documents, and reviewing all
financial and other reports to be filed;
d. advise the Debtor concerning and preparing responses to
applications, motions, pleadings, notices and other
documents which may be filed by other parties herein;
e. appear in Court to protect the interests of the Debtor
before the bankruptcy Court;
f. represent the Debtor in connection with use of cash
collateral and obtaining postpetition financing;
g. advise the Debtor concerning and assist in the negotiation
and documentation of financing agreements, cash collateral
orders and related transactions;
h. investigate the nature and validity of liens asserted
against the property of the Debtor, and advising the Debtor
concerning the enforceability of said liens;
i. investigate and advise the Debtor concerning, and take
such action as may be necessary to collect, income and
assets in accordance with applicable law, and the recovery
of property for the benefit of the Debtor's estate;
j. advise and assist the Debtor in connection with any
potential property dispositions;
k. advise the Debtor concerning executory contract and
unexpired lease assumptions, assignments and rejections and
lease restructuring, and recharacterizations;
l. assist the Debtor in reviewing, estimating and resolving
claims asserted against the Debtor's estate;
m. commence and conduct litigation necessary and appropriate
to assert rights held by the Debtor, protect assets of the
Debtor's chapter 11 estate or otherwise further the goal of
completing the Debtor's successful reorganization; and
n. perform all other legal services for the Debtor which may
be necessary and proper in the bankruptcy case.
Heller Draper will be paid at these hourly rates:
Cherie Dessauer Nobles $250
Paralegals $120
Law Clerks $120
Heller Draper will be paid a retainer in the amount of $25,000, of
which $6,078 was applied for fees and expenses for prepetition
services and expenses, including $1,717.00 in filing fees.
Heller Draper will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Cherie Dessauer Nobles, member of Heller Draper Patrick Horn &
Dabney, L.L.C., 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.
Heller Draper can be reached at:
Cherie Dessauer Nobles, Esq.
HELLER DRAPER PATRICK HORN & DABNEY, L.L.C.
650 Poydras Street, Suite 2500
New Orleans, LA 70130
Tel: (504) 299-3300
Control Valve Specialists
Based in Houma, Louisiana, Control Valve Specialists, Inc., is an
aftermarket parts manufacturer and supplier specializing in control
valve parts for industrial plants, refineries, and other oil and
gas companies. Robert Moate is the 100% equity owner.
Control Valve filed a Chapter 11 petition (Bankr. E.D. La. Case No.
16-12521) on Oct. 12, 2016, disclosing under $1 million in both
assets and liabilities. Kristal M. Richard, the vice president,
signed the petition.
The Debtor's petition estimated $500,000 to $1 million in assets
and debt. But the balance sheet attached to the petition disclosed
$2,007,558 in assets and $3,903,113 in liabilities as of Oct. 12,
2016.
No official committee of unsecured creditors has been appointed in
the case.
COSHOCTON MEMORIAL: Plan Exclusivity Extended Through Jan. 26
-------------------------------------------------------------
Judge Alan M. Koschik of the U.S. Bankruptcy Court for the Northern
District of Ohio extended the exclusive periods of Coshocton County
Memorial Hospital Association to file a plan and solicit
acceptances to the plan to January 26, 2017 and March 28, 2017,
respectively.
The Troubled Company Reporter said on Oct. 12, 2016, that the
Debtor intended to propose a consensual chapter 11 plan, however,
given the number of matters still outstanding with respect to the
sale of its assets and other related matters, the Debtor needs
additional time to formulate and negotiate the details.
Particularly, the Debtor had received approval of the sale of its
assets to the stalking horse bid from Prime Healthcare Foundation,
Inc. and Prime Healthcare-Coshocton, LLC at a sale hearing on
September 27, 2016, and currently, the Debtor's management and
professionals will be working diligently to close a sale in the
coming weeks.
About Coshocton County Memorial Hospital
Association
Coshocton County Memorial Hospital Association aka CCMH aka
Coshocton Hospital aka Coshocton County Memorial Hospital operates
a general acute care not-for-profit hospital in Coshocton, Ohio.
The hospital has been designated as a Sole Community Hospital and
is licensed for 56 beds. In addition to the main hospital
facility, the Debtor has a number of primary care and specialty
physician clinics. The Debtor has annual net revenue of more than
$50 million and employs more than 400 individuals. The hospital is
located in eastern central Ohio between Columbus and Pittsburgh and
is the only hospital within 25 miles. It has been serving the
healthcare needs of the community for more than 100 years.
Coshocton County Memorial Hospital Association filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio
Case No. 16-51552) on June 30, 2016. The petition was signed by
Lorri Wildi, chief executive officer. The case is pending before
Judge Alan M. Koschik.
The Debtor estimated assets at $10 million to $50 million and
liabilities at $10 million to $50 million.
McDonald Hopkins LLC serves as the Debtor's counsel. Garden City
Group, LLC, is the Debtor's notice, claims and balloting agent.
On July 8, 2016, the U.S. Trustee for Region 9 appointed four
creditors of Coshocton County Memorial Hospital Association to
serve on the official committee of unsecured creditors.
CROFCHICK INC: Unsecureds To Recover 30% Under Plan
---------------------------------------------------
Crofchick, Inc., and Crofchick Realty, LLC, filed with the U.S.
Bankruptcy Court for the Middle District of Pennsylvania a first
amended disclosure statement dated Oct. 15, 2016, describing the
Debtor's first amended plan of reorganization dated Oct. 15, 2016.
Class 4 General Unsecured Claims are impaired and will receive a
distribution of 30% of their allowed claims in equal monthly
installments over a period of 60 months commencing no greater than
30 days following the effective date of the Plan.
Payments and distributions under the Plan will be funded from the
Debtor's operating income, including, but not limited to, rental
payments received from, or paid directly to creditors by, an
affiliate of the Debtor, Crofchick, Realty, LLC.
The Amended Disclosure Statement is available at:
http://bankrupt.com/misc/pamb15-03723-130.pdf
As reported by the Troubled Company Reporter on Aug. 16, 2016, the
U.S. Trustee, in his objections to the previous disclosure
statements filed by the Debtors, said that each Debtor was
proposing a Chapter 11 plan that violated the absolute priority
rule.
About Crofchick
Crofchick, Inc., and Crofchick Realty, LLC, filed for Chapter 11
bankruptcy protection (Bankr. M.D. Pa. Case No. 15-03723 and
15-03724) on Aug. 30, 2015. Tullio DeLuca, Esq., serves as the
Debtors' bankruptcy counsel.
On June 22, 2016, the Debtors each filed its Chapter 11 Small
Business Disclosure Statement and Chapter 11 Small Business Plan.
CS MINING: Wants Plan Filing Period Moved Thru March 2017
---------------------------------------------------------
CS Mining, LLC asks the U.S. Bankruptcy Court for the District of
Utah for a 90-day extension of its exclusive periods within which
to file and solicit acceptances of a chapter 11 bankruptcy plan,
through and including, March 2, 2017 and May 1, 2017,
respectively.
Pursuant to the Bankruptcy Code, the Debtor has the exclusive right
to file a plan of reorganization or liquidation until Dec. 2, 2016,
and the exclusive right to solicit and obtain acceptances for a
plan until Jan. 31, 2017.
The Debtor tells the Court that it has focused significant efforts
on transitioning into chapter 11, filing various "first day" and
"second day" motions -- all of which have been approved -- and
obtaining the debtor-in-possession financing necessary to
maintaining its going concern value to, in turn, maximize the value
of its assets in connection with its anticipated Bankruptcy Code
363 sale.
Eventually, all of these efforts of the Debtor resulted in the
entry of the Final DIP Financing Order on Oct. 11, 2016, providing
the Debtor with the liquidity necessary to maintain its operations
while seeking to formulate a chapter 11 bankruptcy plan, including
funding a going-concern, value-maximizing sale process, and
preparation of the Bidding Procedures Motion, which sets forth the
proposed bidding and sale procedures to establish a competitive
auction and sale process to maximize value for the estate.
According to the Debtor, the short time period within which the
Debtor has undertaken major efforts attendant to these various
tasks has left insufficient time to complete its plan formulation
process, so that without such an extension of the Exclusive
Periods, the Debtor run the risk of being distracted by one or more
competing plans rather than focusing on maximizing recovery for
creditors.
About CS Mining
CS Mining, LLC, is a mining and processing company headquartered in
Milford, Utah.
Purported creditors R.J. Bayer Professional Geologist, LLC;
Minerals Advisory Group, LLC; Rollins Construction & Trucking, LLC;
Rollins Machine, Inc.; and Oxbow Sulphur, Inc., filed an
involuntary petition to put the Company into Chapter 11 bankruptcy
(Bankr. D. Utah Case No. 16-24818) on June 2, 2016. Brahma Group,
Inc. subsequently joined the petition.
On August 4, 2016, the Debtor filed its Notice of Filing Letter to
the Consent and Proposed Form of Order, together with a proposed
form of Order for Relief, which Order was entered by the Court on
the Relief Date. Pursuant to the Order for Relief, CS Mining
continues to operate its business and manage its properties as a
debtor-in-possession pursuant to Chapter 11 of the Bankruptcy Code.
Judge William T. Thurman presides over the case.
The Petitioners are represented by Martin J. Brill, Esq., at
Levene, Neale, Bender, Yoo & Brill L.L.P and George B. Hofmann,
Esq., at Cohne Kinghorn PC.
CS Mining tapped Snell & Wilmer L.L.P. as local counsel, and Pepper
Hamilton LLP as its legal counsel, nunc pro tunc to June 2, 2016.
FTI Consulting, Inc. as restructuring advisor. Epiq Bankruptcy
Solutions, LLC as claims and noticing agent.
The U.S. Trustee on August 12 appointed an Official Committee of
Unsecured Creditors. The Committee hired Levene, Neale, Bender,
Yoo & Brill L.L.P. as lead counsel and Cohne Kinghorn as local
counsel.
DAVAMADA INC: Unsecureds To Recoup 1.58%-1.72% Under Plan
---------------------------------------------------------
Davamada, Inc.'s small business disclosure statement and plan dated
October 14, 2016, provides that Class 2 Unsecured Convenience
Claims under or equal to $10,000, will receive a lump-sum
distribution of $1,000, on the effective date of the plan, while
Class 3 Unsecured convenience class that are over $10,001, will
receive a lump-sum distribution of $3,000 on the effective date of
the plan, a second lump-sum distribution of $3,500 at the 13 month
of the Plan and third and final lump-sum distribution of $3,500 on
month 30 of the Plan.
Each claim holder under Class 2 will receive pro-rata
distributions, as per the allowed amounts. Based on the current
allowed amounts, each claim holder in Class 2 will receive
approximately 1.58% of the allowed amount.
Each claim holder under Class 3 will receive pro-rata
distributions, as per the allowed amounts. Based on the current
allowed amounts, each claim holder in Class 3 will receive
approximately 1.72% of the allowed amount.
Mr. Hector L. Andujar Aguiar, the equity interest holder, will
receive no distribution under the reorganization plan.
A full-text copy of the Disclosure Statement dated October 14,
2016, is available at:
http://bankrupt.com/misc/prb15-10223-124.pdf
* * *
Judge Brian K. Tester has conditionally approved the Disclosure
Statement and scheduled the hearing for the consideration of the
final approval of the Disclosure Statement and the confirmation of
the Plan and of any objections as may be made to either for
November 16, 2016, at 9:00 a.m.
Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 10 days prior to the date of
the hearing on confirmation of the Plan.
Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan shall be filed on/or before 10
days prior to the date of the hearing on confirmation of
the Plan.
The Debtor will file with the Court a statement setting forth
compliance with each requirement in Section 1129, the list of
acceptances and rejections and the computation of the same, within
seven working days before the hearing on confirmation.
About Davamada, Inc.
Davamada, Inc., filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 15-10223) on Dec. 23, 2015. Javier Vilarino, Esq.,
at Vilarino & Associates LLC serves as the Debtor's bankruptcy
counsel.
DAVID PROCTOR: Asks Court to Extend Plan's Term to Nov. 2018
------------------------------------------------------------
David Irving Proctor filed with the U.S. Bankruptcy Court for the
Eastern District of Washington a motion for conditional approval of
the Debtor's disclosures for its second post-confirmation
modification of plan.
Objections to the Debtor's request must be filed today, Oct. 19,
2016.
The Debtor's proposed modifications include:
a. the term of the Plan will be extended two additional years
from Nov. 23, 2016 to Nov. 23, 2018;
b. if there is no pending private sale of the 100 acre parcel
by June 20, 2018, or if that pending sale does not close
prior to Oct. 31, 2018, it will be sold by public auction
with not less than 15 days notice to creditors of the date,
time and place of auction, which will occur no later than
60 days from the notice of the date, time and place of
auction;
c. the effective date of the second post-confirmation
modification of the Plan will be June 29, 2016; and
d. Newport Equipment Enterprises will be paid in full at
closing from proceeds of property to which its lien
attaches.
The motion and the Second Post-confirmation modification of the
Plan are available at:
https://is.gd/EheaeU
https://is.gd/MMYeP8
About David Irving Proctor
David Irving Proctor and Idamae Deloris Proctor sought Chapter 11
protection (Bankr. E.D. Wash. Case No. 10-02249) April 14, 2010.
Judge Patricia C. Williams is assigned to the case. The Debtor
estimated assets and liabilities in the range of $1,000,001 to
$10,000,000. The Debtor tapped Ian Ledlin, Esq., at Phillabaum
Ledlin Matthews & Sheldon PLL as counsel. The petition was signed
by David Irving Proctor and Idamae Deloris Proctor.
DAWSON INTERNATIONAL: Court Extends Plan Filing Period to Jan. 23
-----------------------------------------------------------------
James L. Garrity, Jr. of the U.S. Bankruptcy Court for the Southern
District of New York extended Dawson International Investments
(Kinross) Inc., et al.'s exclusive periods to file a chapter 11
plan and solicit acceptances to the plan to January 23, 2017 and
March 24, 2017, respectively.
The Debtors contended that the issues to be addressed in
conjunction with formulating a viable chapter 11 plan include,
complex issues regarding the termination of a pension plan, and the
determination of the magnitude of potential environmental claims
that might exist against one or more of the estates.
The Court, through its Order dated August 31, 2016, authorized the
Debtors to investigate and initiate a standard termination of the
pension plan. The Debtors related that they were beginning to
undergo that process.
The Debtors told the Court that while the General Bar Date for
claims to be filed against the estates was August 15, 2016, the
Governmental Bar Date is November 23, 2016 and has not yet
occurred. The Debtors anticipated that certain governmental
agencies will likely file claims against certain of the Debtors'
estates based on alleged environmental liabilities.
About Dawson International Investments (Kinross) Inc.
Dawson International is in the cashmere business. It comprises two
trading divisions, based in the UK and the USA. The UK division
comprises the Barrie Knitwear business, based in Hawick Scotland.
It manufactures highest quality cashmere garments at its factory in
the Scottish borders and sells to some of the world's most
prestigious couture houses, department stores and private label
retail outlets.
Based in Natick, Massachusetts, Ilion Properties, Inc., Dawson
International Investments (Kinross) Inc., Dawson International
Properties, Inc., DCC USA Inc., and Dawson Luxury Garments LLC
filed separate Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y.
Case Nos. 16-11550 to 16-11554) on May 27, 2016. The Hon. James L.
Garrity Jr. presides over the cases.
Patrick L. Hayden, Esq., and Nathan S. Greenberg, Esq., at
McGuireWoods LLP, serve as counsel to the Debtors.
The Debtors estimate their assets and liabilities at:
Estimated Estimated
Assets Liabilities
----------- -----------
Ilion Properties, Inc. $1MM-$10MM $1MM-$10MM
Dawson International Investments $1MM-$10MM $1MM-$10MM
Dawson International
Properties, Inc. $1MM-$10MM $1MM-$10MM
DCC USA Inc. $1MM-$10MM $1MM-$10MM
The petitions were signed by David G. Cooper, president and sole
director.
DEAN YOUNG: Wells Fargo Opposed to Cash Collateral Use
------------------------------------------------------
Wells Fargo Bank, N.A. asks the U.S. Bankruptcy Court for the
District of South Carolina to prohibit Dean Young Enterprises, LLC
from using its cash collateral.
Wells Fargo tells the Court that it holds a secured claim against
the Debtor in the amount of $246,346.83, by virtue of a Promissory
Note in the original principal amount of $552,500, and a Renewal
Note in the original principal amount of $179,821. The Notes are
secured by a certain Real Estate Mortgage and Security Agreement
and further secured by an Assignment of Leases, Rents and Profits.
The Mortgage and Assignment encumber the Debtor's real property
commonly identified as 100 Old Barnwell Road, West Columbia, South
Carolina. The Mortgage also grants Wells Fargo a security interest
in all of the Debtor's personal property.
Wells Fargo tells the Court that the Debtor defaulted multiple
times on the Loan Documents pre-petition prompting Wells Fargo to
file a foreclosure and collection action in the Lexington County,
South Carolina Circuit Court. Wells Fargo further tells the Court
that before the Foreclosure Action could be completed, the Debtor
filed its bankruptcy petition.
Wells Fargo contends that it opposes the use of the cash collateral
unless the Debtor provides monthly adequate protection payments to
Wells Fargo in the amount of $3,964, representing the current
approximate monthly payment due on the Loan Documents.
Wells Fargo asserts that the Debtor must be required to account for
any cash collateral received post-petition and turn that cash over
to Wells Fargo.
A full-text copy of the Motion, dated October 20, 2016, is
available at https://is.gd/gjJGz5
Attorneys for Wells Fargo Bank, N.A.:
George B. Cauthen, Esq.
Graham S. Mitchell, Esq.
NELSON MULLINS RILEY & SCARBOROUGH LLP
1320 Main Street / 17th Floor
Post Office Box 11070 (29211-1070)
Columbia, SC 29201
Telephone: (803) 799-2000
E-Mail: george.cauthen@nelsonmullins.com
graham.mitchell@nelsonmullins.com
About Dean Young Enterprises,LLC.
Dean Young Enterprises, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.S.C. Case No. 16-04214) on August 19,
2016. The petition was signed by Dean Young, vice president. The
case is assigned to Judge David R. Duncan. At the time of the
filing, the Debtor estimated its assets and debts at $1 million to
$10 million.
The Debtor is represented by Jane H. Downey, Esq. at Moore Taylor
Law Firm, P.A. The Debtor hired Colliers International South
Carolina, Inc. as its real estate agent.
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Dean Young Enterprises, LLC.
DESARROLLADORA LCP: Dec. 14 Plan Confirmation Hearing Set
---------------------------------------------------------
Judge Brian K. Tester of the U.S. Bankruptcy Court for the District
of Puerto Rico approved the amended disclosure statement explaining
Desarrolladora LCP, Corp.'s Chapter 11 plan, and will convene a
hearing to consider confirmation of the Debtor's Plan on December
14, 2016, at 9:00 A.M.
Objections to confirmation of the Plan must be filed on or before
seven days prior to the Confirmation Hearing Date.
At the confirmation hearing, the Court will conclude the estimated
date for "substantial consummation" of the Plan as defined in
Section 1101(2) of the Bankruptcy Code.
Class 3 General Unsecured Claims estimated at $1,723,373.30 are
impaired.
Holders of these claims in excess of $20,000, excluding those from
the equity holder and the Debtor's affiliates and the claim from
Oriental Bank, will be paid in full satisfaction of their claims
10% thereof through 60 equal consecutive monthly installments of
$1,940.14, commencing on the Effective Date of the Plan and
continuing on the 30th day of the subsequent 59 months. The
Holders of allowed General Unsecured Claims of $20,000 or less,
will receive in full satisfaction of their claims 10% thereof, on
the Effective Date of the Plan. Oriental Bank's proof of claim
number 20, resulting from the Debtor's guarantee of a personal loan
by its shareholder, will continue to be paid by that Shareholder,
without any payments under the Plan.
Claims will be paid with available funds arising from the Debtor's
operations, available cash balance as of the Effective Date of the
Plan, the collections of the Debtor's accounts receivable, and the
Debtor's continued operations.
The Amended Disclosure Statement is available at:
http://bankrupt.com/misc/prb15-10349-109.pdf
Headquartered in San Juan, Puerto Rico, Desarrolladora LCP, Corp.,
is a corporation organized under the laws of the Commonwealth of
Puerto Rico in August 2004. Since that date, and up to Dec. 31,
2007, the Debtor was in its development stage, primarily engaged in
obtaining financing, constructing a building at Goyco Street,
corners of Muñoz Rivera Avenue and Baldorioty Street, Caguas,
Puerto Rico, marketing and entering into lease agreements for
office spaces thereat, and in other administrative functions.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 15-10349) on Dec. 30, 2015, listing $4.55 million
in total assets and $3.79 million in total liabilities. The
petition was signed by Manuel Morales Lopez, president.
Charles Alfred Cuprill-Hernandez, Esq., at Charles A Cuprill, PSC
Law Office serves as the Debtor's bankruptcy counsel.
DIAMOND TANK: Hires On Point Tax as Accountant
----------------------------------------------
Diamond Tank Rentals, Inc., TNT Forklifts, Inc., and Diamond T.
Industries, LLC seek authorization from the U.S. Bankruptcy Court
for the Northern District of Texas to employ Gregory Carrigan and
the accounting firm of On Point Tax Consulting, Inc. as accountant,
effective September 12, 2016.
The Debtors believe a variety of accounting matters exist as to the
assets and liabilities of the estate that require accounting
assistance.
On Point Tax will be paid at these hourly rates:
Gregory Carrigan $150-$250
Assistants $100
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Gregory Carrigan, sole shareholder of On Point Tax, 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 Debtors and their estates.
On Point Tax can be reached at:
Gregory Carrigan
ON POINT TAX CONSULTING, INC.
22115 NW Imbrie Drive #104
Hillsboro, OR 97124
Tel: (719) 495-3525
Fax: (719) 495-3525
E-mail: greg@onpointtax.com
About Diamond Tank Rentals
Diamond Tank Rentals Inc., Diamond T. Industries LLC and TNT
Forklifts Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N. D. Texas Lead Case No. 16-41547) on April 15, 2016.
The petition was signed by Roger Turner, president. The Debtor is
represented by Eric A. Liepins, Esq., at Eric A. Liepins, P.C. The
case is assigned to Judge Russell F. Nelms. The Debtor estimated
assets at $0 to $50,000 and liabilities at $1 million to $10
million at the time of the filing.
DIAMOND TANK: Taps Stewart McKeehan as Special Counsel
------------------------------------------------------
Diamond Tank Rentals, Inc., TNT Forklifts, Inc., and Diamond T.
Industries, LLC seek authorization from the U.S. Bankruptcy Court
for the Northern District of Texas to employ Stewart McKeehan
("Firm"), as special counsel for the Debtors, effective September
26, 2016.
The Debtors require the firm to represent it on certain collection
matters.
The firm will be paid at these hourly rates:
Stewart McKeehan $250
Paralegals and
Legal Assistants $30-$50
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Stewart McKeehan 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 Debtors and their estates.
The firm can be reached at:
Stewart McKeehan, Esq.
617 E 7th Street
Odessa, TX 79761
Tel: (432) 332-3156
About Diamond Tank Rentals
Diamond Tank Rentals Inc., Diamond T. Industries LLC and TNT
Forklifts Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N. D. Texas Lead Case No. 16-41547) on April 15, 2016.
The petition was signed by Roger Turner, president. The Debtor is
represented by Eric A. Liepins, Esq., at Eric A. Liepins, P.C. The
case is assigned to Judge Russell F. Nelms. The Debtor estimated
assets at $0 to $50,000 and liabilities at $1 million to $10
million at the time of the filing.
DIAMOND TANK: US Trustee Questions Financial Projections
--------------------------------------------------------
William T. Neary, the U.S. Trustee for Region 6, says the Joint
Disclosure Statement dated Sept. 20, 2016, of Diamond Tank Rental,
Inc., Diamond T. Industries, LLC, and TNT Forklifts, Inc., has
financial projections that are divorced from the Debtors'
historical performance. Given that creditors need accurate
financial projections to evaluate plan feasibility, the U.S.
Trustee asserts that the Court should deny approval of the
Disclosure Statement.
The Debtors' Plan and Disclosure Statement include combined
financial projections for a five-year period commencing September
2016. Under the proposed plan, the Debtors would begin making
monthly plan payments totaling $103,500 per month starting in
February 2017. The projections predict the following adjusted net
income for September 2016 through December 2016:
Month Adjusted Net Income
----- -------------------
September 2016 $26,811
October 2016 $42,158
November 2016 $101,626
December 2016 $131,360
The U.S. Trustee avers that the Debtors should have burden to
explain why creditors should have confidence to trust financial
projections in light of their postpetition financial losses as
reflected on their monthly operating reports.
The Debtors, the U.S. Trustee, should also include estimated
allowed administrative claims payable as of the effective date in
their financial projections.
The United States Trustee reserves his rights to object to
confirmation, including on the basis of feasibility.
Bankruptcy-Exit Plan
Diamond Tank Rentals, Inc., and its affiliates on Sept. 20, 2016,
filed a restructuring plan that says non-insider unsecured
creditors holding Class 8 claims will share pro-rata in the
"unsecured creditors' pool." The Debtors will make equal payments
each month for a period of 60 months to the unsecured creditors'
pool. Class 8 unsecured creditors, which assert a total of $450,000
in claims, will be paid quarterly.
The restructuring plan will be funded from the sale of certain
assets of the Debtors, and income from the continued operation of
their business, according to the Debtors' disclosure statement
explaining the Plan.
A copy of the Disclosure Statement is available for free at
https://is.gd/OkLIPc
About Diamond Tank
Diamond Tank Rentals Inc., Diamond T. Industries LLC and TNT
Forklifts Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex. Lead Case No. 16-41547) on April 15, 2016.
The petition was signed by Roger Turner, president.
The cases were assigned to Judge Russell F. Nelms.
At the time of the filing, Diamond Tank estimated assets of less
than $50,000 and liabilities of $1 million to $10 million.
The Debtors are represented by Eric A. Liepins, Esq., at Eric A.
Liepins, P.C., as counsel.
DONALD SWEAT: Disclosure Statement Hearing on Dec. 1
----------------------------------------------------
A disclosure statement and plan under Chapter 11 of the Bankruptcy
Code was filed on behalf of debtor Donald R. Sweat on Oct. 17,
2016. Judge Jimmy L. Croom ordered that the hearing to consider
approval of the Disclosure Statement will be held on Dec. 1, 2016,
at 9:30 a.m. at 111 S. Highland, Jackson, TN. Objections to the
Disclosure Statement can be filed at any time prior to the actual
approval of the Disclosure Statement.
Donald R. Sweat filed a Chapter 11 petition (Bankr. W.D. Tenn. Case
No. 16-10107) on Jan. 19, 2016.
The Debtor's attorney:
Thomas Harold Strawn, Jr.
STRAWN & EDWARDS, PLLC
314 North Church Ave.
Dyersburg, TN
Tel: (731) 285-3375
Fax: (731) 285-3392
E-mail: tstrawn42@bellsouth.net
DORAL DENTAL: Unsecureds To Recover 100% Under Plan
---------------------------------------------------
Doral Dental, P.A., filed with the U.S. Bankruptcy Court for the
Southern District of Florida a disclosure statement describing the
Debtor's plan of reorganization.
Under the Plan, general unsecured creditors are classified in Class
5, and will receive a distribution of 100% of their allowed
claims.
Payments and distributions under the Plan will be funded by the
debtor by the ongoing operation of the business.
The Disclosure Statement is available at:
http://bankrupt.com/misc/flsb16-13927-68.pdf
Doral Dental, PA, is a professional corporation, a dental practice
located at 10818 NW 58 St, Miami, Florida 33178. Insiders of the
Debtor consist of owner Dr. Kerry Smith, the dentist.
The Debtor filed a Chapter 11 Petition (Bankr. S.D. Fla. Case No.
16-13927) on March 21, 2016. The Debtor is represented by Joel M.
Aresty, Esq.
DORAN LOFTS: Disclosures OK'd; Plan Confirmation Hearing on Dec. 7
------------------------------------------------------------------
The Hon. Sheri Bluebond of the U.S. Bankruptcy Court for the
Central District of California has approved Doran Lofts, LLC's
first amended disclosure statement dated Oct. 5, 2016.
The hearing on confirmation of the Plan will be held on Dec. 7,
2016, at 2:00 p.m. Any opposition to confirmation of the Plan must
be filed by Nov. 18, 2016, which is also the deadline for the
submission of ballots to accept or reject the Plan.
The Debtor's brief in support of confirmation and the ballot tally
will be filed and served by Nov. 23, 2016.
As reported by the Troubled Company Reporter on Sept. 26, 2016, the
Debtor filed the First Amended Disclosure Statement describing the
Debtor's Second Amended Plan, which proposes to pay creditors from
the proceeds of the sale of the property.
About Doran Lofts
Doran Lofts, LLC, owns, operates, and developed the property, a
20-unit apartment building which is the principal asset of the
Debtor. The Debtor's principal liabilities are the secured liens
on the property.
The Debtor filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
16-10015) on Jan. 4, 2016. The Debtor is represented by James A.
Tiemstra, Esq., at Tiemstra Law Group PC.
DOUBLE VISION: Hires Pepper & Nason as Attorney
-----------------------------------------------
Double Vision Inc., d/b/a Vision Day Spa, seeks authority from the
U.S. Bankruptcy Court for the Southern District of West Virginia to
employ Pepper & Nason as attorney to the Debtor.
Double Vision requires Pepper & Nason to:
a. give the Debtor legal advice with respect to its powers and
duties as Debtor-in-Possession in the continued operation
of its business and management of its property;
b. prepare on behalf of the Debtor as Debtor-in-Possession
necessary application, answers, orders, reports and other
legal papers; and
c. perform all other legal services for the Debtor-in-
Possession which may be necessary herein.
Pepper & Nason will be paid at these hourly rates:
William W. Pepper $300
Andrew S. Nason $300
Pepper & Nason will be paid a retainer in the amount of $2,720.
Pepper & Nason will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Andrew S. Nason, member of Pepper & Nason, 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.
Pepper & Nason can be reached at:
Andrew S. Nason, Esq.
PEPPER & NASON
8 Hale Street
Charleston, WV 25301
Tel: (304) 346-0361
About Double Vision Inc.
Double Vision Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S. D. W.V. Case No. 16-20560) on October 4,
2016, disclosing under $1 million in both assets and liabilities.
The petition was signed by Ted Brightwell, president. The Debtor is
represented by Andrew S. Nason, Es. at Pepper & Nason.
No official committee of unsecured creditors has been appointed in
the case.
DTREDS LLC: Expects At Least $250,000 in Plan Recoveries
--------------------------------------------------------
DTREDS, LLC, filed a second amended disclosure statement dated
October 14, 2016, a full-text copy of which is available at:
http://bankrupt.com/misc/vaeb15-12488-247.pdf
The debtor said it cannot accurately estimate how large the
contribution to the Plan from either of these source may be, but it
believes in good faith that it is reasonable to assume that it
would be not less than $250,000.
The debtor also has a good faith belief that it will succeed in
many claims objections which will reduce the pool of unsecured
creditors and increase the dividend to those who remain. The
debtor intends to object to at least $1,050,000 in filed unsecured
claims.
The Second Amended Plan says there are in excess of 380 unsecured
non-priority claims scheduled in the Debtor's case totaling more
than $6,757,544. The Debtor's First Amended Disclosure Statement
said that there are in excess of 380 unsecured non-priority claims
either filed or scheduled in the Debtor's case totaling more than
$6,900,000.
The debtor estimates that its Second Amended Chapter 11 Plan will
distribute an approximate 5% dividend to all unsecured claimants.
The yearly dividend paid to all unsecured creditors as a class is
not more than $78,698.
The debtor's amended Plan proposes that certain receivables due to
the debtor, those related to Red River Army Base and Offutt Air
Force base be collected through the counsel for the Official
Committee of Unsecured Creditors, or the Debtor's counsel, or some
other designee if that counsel is unwilling to serve, and who will
be the estate's special counsel for that propose.
The Debtor estimates the Red River Claim to be approximately
$1,500,000 of which approximately $600,000 was signed off on and
approved by the on-site contracting officer in 2014. The prime
contractor obligated to pay the debtor, Harris IT Services, has
without just cause refused to pay on any of the submitted invoices.
All of these receivables are fully encumbered by liens in favor of
Action Capital and EagleBank, in that order.
The Offutt claim is estimated to be approximately $1,000,000. These
claims are both subject to the lien held by EagleBank. The
Debtor's claim is against NCI, Information Systems, Inc., for work
performed at the Offutt Air Force Base. The prime contractor did
not flow down the DAVIS-BACON requirements for the project, nor did
it approve payments to the scope of work changes that were required
based on filed conditions. In addition, the Debtor asserts that
because the work was performed throughout the Winter, and equitable
adjustment for weather is also justified. To support this claim,
the Department of Labor has forced NCI to pay DAVIS-BACON wages to
employees who performed work on this site, and the Debtor's claim
for contract value would have an equal claim for adjustment.
EagleBank has agreed to allow 30% of any recovery on these claims,
net of attorney's fees and expanses to be paid into the Plan.
About DTREDS, LLC
DTREDS, LLC, is a single member Limited Liability Corporation
organized under the laws of the State of Delaware, with its
principal place of business in Loudoun County, Virginia. All
outstanding shares in the corporation are owned by Nathaniel
Ferraco, who is the sole managing member.
The Debtor filed a Chapter 11 Petition (Bankr. E.D. Va. Case No.
15-12488) on July 20, 2015. The case is assigned to Judge Robert
G. Mayer. The Debtor is represented by Richard G. Hall, Esq., in
Annandale, Virginia. At the time of filing, the Debtor had
$100,000 to $500,000 in estimated assets and $10 million to $50
million in estimated liabilities. The petition was signed by
Nathaniel James Ferraco, owner.
DTREDS LLC: Plan Approval Hearing Slated for Dec. 7
---------------------------------------------------
Judge Robert G. Mayer on Oct. 18, 2016, approved the Second Amended
Disclosure Statement filed by DTREDS, LLC on Oct. 14, 2016, as
amended, with respect to the Amended Plan filed on Sept. 23, 2016.
Judge Mayer ruled that:
* The last day for filing acceptances or rejections of the plan
is Dec. 2, 2016.
* The Debtor will file a summary ballots on or before Dec. 6,
2016, and serve a copy of the summary of ballots on the United
States Trustee.
* Objections to confirmation of the Plan will be filed no later
than Dec. 2, 2016.
* The hearing on the confirmation of the Plan will be held on
Dec. 7, 2016 at 10:30 a.m.
About DTREDS, LLC
DTREDS, LLC, is a single member Limited Liability Corporation
organized under the laws of the State of Delaware, with its
principal place of business in Loudoun County, Virginia. All
outstanding shares in the corporation are owned by Nathaniel
Ferraco, who is the sole managing member.
The Debtor filed a Chapter 11 Petition (Bankr. E.D. Va. Case No.
15-12488) on July 20, 2015. The case is assigned to Judge Robert
G. Mayer. The Debtor is represented by Richard G. Hall, Esq., in
Annandale, Virginia. At the time of filing, the Debtor had
$100,000 to $500,000 in estimated assets and $10 million to $50
million in estimated liabilities. The petition was signed by
Nathaniel James Ferraco, owner.
EDNA BLANKINSHIP: Disclosure Statement Hearing on Dec. 13
---------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York is
set to hold a hearing on December 13, at 10:00 a.m., to consider
approval of the disclosure statement explaining the Chapter 11 plan
of reorganization of Edna Blankinship.
The hearing will take place at the Conrad B. Duberstein Courthouse,
271-C Cadman Plaza East, Brooklyn, New York.
Under the Plan filed on Aug. 12, 2016, holders of allowed Class 6
-
General Unsecured Claims, which total approximately $1,311 based
upon a filed proof of claim by the Internal Revenue Service, will
be paid in full in cash on the Effective Date, plus interest at
the
legal rate as it accrues from the Petition Date through the date
of
payment. The payment will be made from cash on hand. This class
is unimpaired and deemed to have accepted the Plan.
Effective Date payments will be paid from the sale proceeds of the
Caton Place property. The sale will be conducted under the
procedures annexed as Exhibit A to the Plan. The Debtor estimates
$492,012 will be needed as follows: (a) Class 1 New York City lien
payoff approximately $422,000, (b) Class 2 mortgage reinstatement
$689, (c) Class 5 General Unsecured Claims $1,311, (d)
unclassified
priority tax claims of $8,018.22 and (e) Administrative Expense
Claims $60,000. Post-petition debt service will be paid from from
the proceeds of the sale of the Caton Place Property, operating
income from the the Debtor's properties at 405/407 Parkside Avenue
and 409/411 Parkside Avenue, and the Debtor's retirement income.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/nyeb16-41560-30.pdf
Edna Parks Blankinship is an an 80 year old widow. She owns three
parcels of real property in Brooklyn, New York. Her bankruptcy
was
the result of a pending tax foreclosure sale due to unpaid New
York
City real estate tax and water charges on her property at 55 Caton
Place.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr.
E.D.N.Y. Case No. 16-41560) on April 13, 2016. Mark A. Frankel,
Esq., at Backenroth Frankel & Krinsky LLP serves as the Debtor's
bankruptcy counsel.
ELITE RESEARCH: Authorized to Use Wells Fargo Cash Collateral
-------------------------------------------------------------
Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern
District of Florida authorized Elite Research Institute, Inc. to
use Wells Fargo Bank, N.A.'s cash collateral on an interim basis
through October 31, 2016.
Judge Mark authorized the Debtor to use cash collateral to continue
its business operations and to pay its regular operating expenses
in accordance with the Budget.
Wells Fargo was granted a replacement lien on all property acquired
or generated post petition by the Debtor to the same extent and
priority, and of the same kind and nature as Wells Fargo's
prepetition liens and security interests in the cash collateral,
subject and junior to the fees of the Office of the U.S. Trustee.
A final hearing on the Debtor's use of cash collateral is scheduled
on October 31, 2016, 2016 at 10:00 a.m.
A full-text copy of the Order, dated October 20, 2016, is available
at https://is.gd/JSK9FE
About Elite Research Institute
Elite Research Institute, Inc., filed a chapter 11 petition (Bankr.
E.D. Fla. Case No. 16-23683) on Oct. 5, 2016. The petition was
signed by Antolin Benitez, president. The Debtor is represented by
Jacqueline Calderin, Esq., at Ehrenstein Charbonneau Calderin. The
case is assigned to Judge Robert A. Mark. The Debtor estimated
assets at $0 to $50,000 and liabilities at $1 million to $10
million at the time of the filing.
ELOY LEAL: Disclosures Okayed, Plan Confirmation Hearing on Nov. 9
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas will
consider approval of the Chapter 11 plan of reorganization of Eloy
Leal at a hearing on November 9, 2016.
The hearing will be held at 1:30 p.m., at the U.S. Courthouse, Room
204, 501 W. Tenth Street, Fort Worth, Texas.
The court had earlier issued an order conditionally approving the
Debtor's disclosure statement allowing him to start soliciting
votes from creditors. .
The October 13 order set an October 27 deadline for creditors to
cast their votes. The deadline for creditors to file their
objections to the plan is November 2, 2016.
Class 3 General Unsecured Class Unsecured portion of Internal
Revenue Service are impaired. Distributions will be paid starting
60 days after Confirmation, over a ten-year period.
Payments and distributions under the Plan will be funded by the
normal operations of the insurance agency.
The Disclosure Statement is available at:
http://bankrupt.com/misc/txnb15-44232-73.pdf
About Eloy Leal
Eloy Leal filed a voluntary petition for relief under Chapter 7 on
Oct. 22, 2015. On April 11, 2016, the Debtor converted the case to
a Chapter 11 case (Bankr. N.D. Tex. Case No. 15-44232). The Debtor
is represented by Craig D. Davis, Esq., at Davis, Ermis & Roberts,
P.C., in Arlington, Texas.
ESSEX CRANE: SSG Acted as Investment Banker in Maxim Asset Sale
---------------------------------------------------------------
SSG Capital Advisors, LLC ("SSG") acted as the investment banker to
Essex Crane Rental Corp. ("ECRC" or the "Company") in the sale of
its core assets to Maxim Crane Works, L.P. ("Maxim"), a portfolio
company of Apollo Global Management ("Apollo"). The sale was
effectuated under UCC Article 9 and closed in September 2016.
Founded in 1960, the Company is one of North America's largest bare
rental crawler crane providers. ECRC specializes in heavy lift
capacity cranes with lift capabilities ranging from 100 to 440
tons, and also offers specialty attachments that can increase lift
capacity up to 660 tons. The Company utilizes its diverse
geographic footprint across the United States to service customers
throughout North America. The Company's cranes are used primarily
in construction activities, including large infrastructure and
industrial projects. While utilization of hydraulic cranes has
rebounded and been trending upward since 2010, continued
under-utilization in the conventional crane fleet negatively
impacted the overall fleet's utilization. The existing capital
structure severely constrained cash flow and management's ability
to re-invest in growth through replacement of the rental fleet,
particularly the older conventional models.
SSG was retained as ECRC's exclusive investment banker in December
2015. SSG conducted a comprehensive marketing process, contacting
a broad universe of strategic and financial buyers to achieve an
optimal outcome for the Company and its key stakeholders. The
process attracted significant interest from the market with Maxim,
a portfolio company of Apollo, ultimately submitting the most
compelling offer to ECRC and its stakeholders. Subsequent to the
sale to Maxim, SSG also assisted Essex's stakeholders in selling
the Company's non-core assets to Walter Payton Power Equipment,
LLC.
Maxim Crane Works, L.P., is the largest coast-to-coast supplier of
crane rental and lifting services, including engineering,
specialized rigging and heavy haul capabilities.
Apollo Global Management is a leading global alternative investment
manager that invests in private equity, credit and real estate,
with significant distressed expertise.
Other professionals who worked on the transaction include:
-- Stephen S. Gray of Gray & Company, LLC, Chief Restructuring
Officer to Essex Crane Rental Corp.;
-- Matthew D. Pascucci and Rudolph J. Morando, Jr. of Deloitte
CRG, financial advisor to Essex Crane Rental Corp.;
-- William R. Baldiga, Todd J. Emmerman, Bennett S. Silverberg,
Mary D. Bucci, Helene D. Jaffe, Kevin P. Joyce, Barbara J. Kelly,
Steven T. Cheng and Jonathan T. Fitzsimons of Brown Rudnick LLP,
counsel to Essex Crane Rental Corp.;
-- Jeremy M. Downs, Denise B. Caplan, Stephen J. Legatzke and
Priyanko Paul of Goldberg Kohn Ltd., counsel to the senior lending
group;
-- Paul J. Andrews and Vladimir A. Kasparov of Andrews Advisory
Group, financial advisor to the senior lending group;
-- Brian P. Finnegan, Brian M. Janson, Peter E. Fisch, Alyssa F.
Wolpin, Zachary J. King, Daniel Kunstlinger, Nicole A. Escobar,
Matthew R. Vittone and Eric C. Johnson of Paul, Weiss, Rifkind,
Wharton & Garrison LLP, counsel to Maxim Crane Works, L.P.;
-- Scott N. Schreiber of Clark Hill PLC, counsel to Maxim Crane
Works, L.P.; and
-- Steven Perl and Stanley Chae of PricewaterhouseCoopers,
financial advisor to Maxim Crane Works, L.P.
FIORELLA INC: Case Summary & 6 Unsecured Creditors
--------------------------------------------------
Debtor: Fiorella, Inc.
dba George's Auto Repair and Service
1748 Long Bow Lane
Clearwater, FL 33764
Case No.: 16-09052
Chapter 11 Petition Date: October 21, 2016
Court: United States Bankruptcy Court
Middle District of Florida (Tampa)
Debtor's Counsel: Buddy D Ford, Esq.
BUDDY D. FORD, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Tel: 813-877-4669
Fax: 813-877-5543
E-mail: Buddy@TampaEsq.com
All@tampaesq.com
Total Assets: $440,400
Total Liabilities: $1.73 million
The petition was signed by George Nicovic, president.
A copy of the Debtor's list of six unsecured creditors is available
for free at http://bankrupt.com/misc/flmb16-09052.pdf
FIVE-R EXCAVATING: Plan Filing Period Extended
----------------------------------------------
Five-R Excavating, Inc. asks the U.S. Bankruptcy Court for the
Western District of Pennsylvania to extend its exclusive period to
file a chapter 11 plan and disclosure statement from August 23,
2016 to October 23, 2016.
The Debtor contends that it needs additional time to evaluate its
financial position and put forward a confirmable chapter 11 plan of
reorganization. The Debtor intends to continue its negotiations
with the Internal Revenue Service to put forth a confirmable
chapter 11 plan. The Debtor relates that without an Agreement with
the IRS at this time, the Debtor cannot successfully reorganize but
would like to explore all options prior to filing a plan or
requesting conversion.
About Five-R Excavaiting, Inc.
Five-R Excavating, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Pa., Case No. 16-20639) on February
25, 2016. The petition was signed by Shirley Jeanne Ritenour,
president. The Debtor is represented by Corey J. Sacca, Esq., at
Bononi & Company, P.C. The case is assigned to Judge Gregory L.
Taddonio. The Debtor estimated assets of $0 to $50,000 and debts
of $1 million to $10 million.
FORT WALKER: Hires Carolina Realty as Estate Broker
---------------------------------------------------
Fort Walker Holdings, LLC seeks authorization from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to employ
Carolina Realty Group as real estate broker.
The Debtor requires the services of Carolina Realty in connection
with the sale of a real property located at 31 Ft. Walker Drive,
Hilton Head Island, SC 29928.
Carolina Realty will be compensated at a commission rate of 6% of
the sales price of the property sold. Commission reduced to 5% if
Gerry or Dan Prud'homme are the selling agents.
Dan Prud'homme, of Carolina Realty, 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 estate.
Carolina Realty can be reached at:
Dan Prud'homme
CAROLINA REALTY GROUP
3 Executive Park Road
Hilton Head Island, SC 29928
Tel: (843) 341-5660
E-mail: dan@thebestaddressintown.com
Fort Walker Holdings LLC, based in Pittsburg, Pa., filed a Chapter
11 petition (Bankr. W.D. Pa. Case No. 16-22609) on July 14, 2016.
The Hon. Gregory L. Taddonio presides over the case. Robert O.
Lamp, Esq. serves as bankruptcy counsel.
In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities. The petition was signed by William E.
Connolly, principal.
FOUNTAINS OF BOYNTON: Solicitation Period Extended to Nov. 14
-------------------------------------------------------------
Judge Erik K. Kimball of the U.S. Bankruptcy Court for the Southern
District of Florida extended Fountains of Boynton Associates,
Ltd.'s exclusive period to solicit acceptances of its plan of
reorganization to November 14, 2016.
The Debtor filed a plan of reorganization and disclosure statement
on May 5, 2016. By prior Court Order, the Solicitation Period was
extended to September 14, 2016.
The Debtor related that the hearing on the Disclosure Statement had
been continued to September 14, 2016, in order for the Debtor to
negotiate the terms of a consensual plan or structured dismissal
with its largest creditor, Hanover Acquisition 3, LLC. The Debtor
further related that the parties had reached an agreement in
principle to resolve the case and are finalizing a written
settlement agreement, which the Debtor anticipated presenting to
the Court shortly.
About Fountains of Boynton Associates, Ltd.
Fountains of Boynton Associates, Ltd., based in Boynton Beach,
Fla., sought Chapter 11 bankruptcy protection (Bankr. S.D. Fla.
Case No. 16-11690) on Feb. 5, 2016. The Debtor considers itself a
"single asset real estate". The Hon. Erik P. Kimball oversees the
case. Bradley S Shraiberg, Esq., and Patrick Dorsey, Esq., at
Shraiberg, Ferrara, & Landau, serve as the Debtor's counsel. The
petition was signed by John B. Kennelly, manager.
The Debtor disclosed total assets of $71,421,648 and total
liabilities of $53,672,029 at the time of filing.
FOUR WELLS: Seeks to Hire Pointer Appraisal Services
----------------------------------------------------
Four Wells Limited seeks approval from the U.S. Bankruptcy Court
for the Northern District of Ohio to hire Pointer Appraisal
Services LLC.
Four Wells tapped the firm as appraiser for certain real properties
owned by the company and its affiliates. The services to be
provided by the firm include preparing a report of valuation and
providing a quantitative level sales comparison analysis for the
properties.
The firm's professionals and their hourly rates are:
Russell Kitzberger $250
Michael Harris $150
Estimators $100
Analysts $125
Researchers $75
Russell Kitzberger, president of Pointer, disclosed in a court
filing that the members and employees of the firm are
"disinterested persons" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Russell Kitzberger
Pointer Appraisal Services, LLC
3867 W. Market Street, Unit 224
Akron, OH 44333-2449
Phone: (866) 495-4990 x3
Fax: (866) 509-8728
Email: Russ@PointerAppraisal.com
About Four Wells
Four Wells Limited, based in Aurora, OH, filed a Chapter 11
petition (Bankr. N.D. Ohio Case No. 16-50851) on April 13, 2016.
The Hon. Alan M. Koschik presides over the case. Michelle
DiBartolo-Haglock, Esq., at Thomas Trattner & Malone, LLC, as
bankruptcy counsel.
In its petition, the Debtor estimated $1 million to $10 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Louis Telerico, managing member.
No official committee of unsecured creditors has been appointed in
the case.
FUNDACION HISPANOAMERICANA: Hires Lozada Law as Attorney
--------------------------------------------------------
Fundacion HispanoAmericana De Autismo Inc., seeks authority from
the U.S. Bankruptcy Court for the District of Puerto Rico to employ
Lozada Law & Associates, LLC as attorney to the Debtor.
Fundacion HispanoAmericana requires Lozada Law to represent the
Debtor in the bankruptcy proceedings.
Lozada Law will be paid at these hourly rates:
Maria Soledad Lozada $200
Associates $150
Paralegal $75
Lozada Law will be paid a retainer in the amount of $2,000.
Lozada Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Maria Soledad Lozada, member of Lozada Law & Associates, LLC,
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.
Lozada Law can be reached at:
Maria Soledad Lozada, Esq.
LOZADA LAW & ASSOCIATES, LLC
PO Box 9023888
San Juan, PR 00902-3888
Tel: (787) 533-1400
Email: msl@lozadalaw.com
About Fundacion HispanoAmericana
Fundacion Hispanoamericana De Autismo Inc., based in Cabo Rojo, PR,
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-07574) on
September 22, 2016. Maria Soledad Lozada, Esq., at Lozada Law &
Associates, LLC, as bankruptcy counsel.
In its petition, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Angel Lopez Nunci, president.
No official committee of unsecured creditors has been appointed in
the case.
GAMALIER GONZALEZ: Plan Confirmation Hearing Set for Nov. 16
------------------------------------------------------------
U.S. Bankruptcy Judge Brian K. Tester entered an order
conditionally approving the disclosure statement explaining the
Chapter 11 Plan of debtor Gamalier Gonzalez Trucking Inc. The
Court will hold a hearing to consider final approval of the
Disclosure Statement and the confirmation of the Plan, and of
objections on Nov. 16, 2016 at 9:00 a.m. at the U.S. Bankruptcy
Court, U.S. Post Office and Courthouse Building, 300 Recinto Sur,
Courtroom No. 1, Second Floor, San Juan, Puerto Rico.
The debtor and parties in interest may now solicit acceptances or
rejections of the debtor's Plan of Reorganization pursuant to 11
USC Section 1125.
Plan votes are due on or before 10 days prior to the date of the
hearing on confirmation of the Plan.
Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan must be filed on or before 10
days prior to the date of the hearing on confirmation of the Plan.
At the confirmation hearing the Court will conclude the estimated
date for "substantial consummation" of the Plan as defined in 11
USC 1101(2).
As reported by the Troubled Company Reporter, Gamalier Gonzalez
Trucking's Plan provides that Class 5 All Other General Unsecured
Claims will consist of the general unsecured claims listed in the
schedules and those who filed proof of claims. Once the Oct. 11,
2016 bar date for general unsecured creditors has elapsed if any
additional claims are filed, and including accordingly.
As of Oct. 3, 2016, there are four general unsecured creditors who
filed its respective proof of claimholders: (1) "Centro de
Recaudaciones de Ingresos Municipales" (claim 2) with $2,448.92;
(2) Banco Popular de Puerto Rico (claim 3) with 836.39; (3) Puerto
Rico Treasury Department (Hacienda) (claim 4) with 15,719.66; and
(4) Internal Revenue Service (IRS) with $3,398.28.
The entire class will receive the amount calculated as liquidation
value under a Hypothetical Chapter 7 liquidation analysis for a
total amount of $22,026.05, plus 2.0% interest during 60 months
counting from the Effective Date. It means that the entire Class
4
will receive a monthly payment in the amount of $386.07 during 60
months counting from the Effective Date. The Debtor will
distribute this monthly payment at pro rata of each claimholders
claims.
Funding the plan will be from the collection of any account
receivable and services provided by the Debtor and any other
business that Debtor wild be engaged during the life of the Plan.
The Disclosure Statement is available at:
http://bankrupt.com/misc/prb16-04601-54.pdf
About Gamalier Gonzalez
Gamalier Gonzalez Trucking Inc. is a corporation created to
operate
two business simultaneously: (1) to transport and goods delivery
in
"dry load" trucks, and (2) to provide heavy equiment services like
leveling plots and ground movements.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 16-04601) on June 8, 2016. Jaime
Rodriguez-Perez, Esq., at Jaime Rodriguez Law Office, PSC, serves
as the Debtor's bankruptcy counsel.
GASTAR EXPLORATION: Announces Oklahoma Development Agreement
------------------------------------------------------------
Gastar Exploration Inc. announced that it has executed a definitive
agreement with a large private global investment fund to jointly
develop up to 60 Gastar operated wells in the STACK Play in
Kingfisher County, Oklahoma. The drilling program will target the
Meramec and Osage formations within the Mississippi Lime on a
contract area within three townships covering approximately 18,000
undeveloped net mineral acres under leases held by Gastar. Gastar
will be the operator of all wells jointly developed under the
Development Agreement.
Under the Development Agreement, the Investor will fund 90% of
Gastar's working interest portion of drilling and completion costs
to initially earn 80% of Gastar's working interest in each new well
(in each case, proportionately reduced by other participating
working interests in the well). As a result, Gastar will pay 10%
of its working interest portion of those costs for 20% of its
original working interest in the well.
The proposed Drilling Program wells will be mutually developed in
three tranches of 20 wells each. The locations of the first 20
wells have been mutually agreed upon with 18 wells targeting the
Meramec formation and two wells targeting the Osage formation. The
locations of the second tranche of 20 Drilling Program wells will
be at the election of the Investor and the third tranche of 20
wells will require mutual consent. With respect to each 20 well
tranche, when the Investor has achieved an aggregate 15% internal
rate of return for its investment in the tranche, its interest will
be reduced from 80% to 40% of Gastar's original working interest
and Gastar's working interest increases from 20% to 60% of Gastar's
original working interest. When a tranche IRR of 20% is achieved
by the Investor, its working interest decreases to 10% and Gastar's
working interest increases to 90% of the working interest
originally owned by it. The parties to the Development Agreement
can mutually agree to expand the Drilling Program’s contract area
and formation focus.
Key highlights of the Development Agreement are:
* Enhances Gastar's ability to hold acreage by production,
reducing future lease renewal costs;
* Increased drilling activity allows for more rapid delineation
of Gastar's STACK acreage;
* Investor earns only an interest in the well bores drilled
under the Drilling Program, with Gastar retaining all
operational control and right to keep offset formation
locations at its full original working interest.
* Gastar may book offsetting proved undeveloped locations at
full original working interest; and
* Gastar's 10% carried working interest and projected future
reversionary interests will increase production and cash flow
while reducing capital requirements.
J. Russell Porter, Gastar's president and CEO, commented, "This
Development Agreement greatly expands our ability to delineate and
hold our acreage in the STACK Play without putting undue pressure
on our balance sheet or requiring equity issuances in the current
market. The structure of this Drilling Program, which allows us to
revert to 90% of Gastar's original interest after our partner
receives a 20% return, reflects our confidence in the quality of
our acreage. We will also benefit from information garnered from
the Drilling Program to develop future offset locations for our own
interest. We have already commenced drilling five of the initial
20 wells that will be included in the first tranche of the Drilling
Program. We also plan to continue to drill and complete wells
apart from the Development Agreement on acreage outside of the
contract area as we further explore and develop our Oklahoma
acreage."
Canadian County Property Sale
Gastar has entered into a purchase and sale agreement to sell
certain non-core leasehold interests primarily in northeast
Canadian County and also in southeast Kingfisher County, Oklahoma
to a private third party for approximately $71.0 million (of which
up to $10 million is contingent upon the satisfaction of certain
conditions), subject to certain adjustments. The transaction is
expected to close on or before Nov. 18, 2016, with a property sale
effective date of Aug. 1, 2016.
"The sale of these assets will allow us to focus on and accelerate
our core STACK delineation program in northern Kingfisher and
southern Garfield Counties, Oklahoma, while significantly enhancing
our liquidity position," said J. Russell Porter, Gastar's president
and CEO. "Assuming completion of this transaction, our June 30,
2016 pro forma Mid-Continent area net acreage would be
approximately 83,200 net surface acres, including acreage dedicated
under our Development Agreement, with approximately 1,031 net STACK
locations."
"Upon closing of this sale, we expect to have ample liquidity to
support our capital expenditure plans for the remainder of 2016 and
2017. On a pro forma basis as of September 30, 2016, and after
payment of 20% of the Canadian County net sales proceeds to reduce
revolving credit facility debt, Gastar would have a cash position
of approximately $102.4 million."
The sales price includes allocated value for 19,100 net acres and
current production of approximately 181 barrels of oil equivalent
per day from 25 gross (11.2 net) wells, of which 32% is oil. The
closing of the proposed property sale is subject to the
satisfaction of customary closing conditions.
Revolving Credit Facility Amendment
Effective Oct. 14, 2016, Gastar entered into an amendment to its
revolving credit facility. Key amendment terms include:
* Borrowing base reaffirmed at $100.0 million (the current
amount outstanding under the facility) with next
redetermination scheduled for November 2016;
* Revolver debt balance to be reduced by 20% of any future net
sales proceeds from the sale of the Company's South STACK
acreage primarily located in Canadian County, Oklahoma;
* Minimum interest coverage ratio reduced to 0.8 to 1.0 for
fourth quarter 2016 and first quarter 2017, 1.0 to 1.0 for
second quarter 2017 and 2.50 to 1.0 thereafter, each as
determined using adjusted EBITDA for previous four quarters;
and
* Modifies provisions related to lien and asset dispositions to
accommodate the Drilling Program.
A full-text copy of the Form 8-K report is available for free at:
https://is.gd/kyfxa2
About Gastar Exploration
Houston, Texas-based Gastar Exploration Inc. --
http://www.gastar.com/
-- is an independent energy company engaged in the exploration,
development and production of oil, condensate, natural gas and
natural gas liquids in the United States. Gastar's principal
business activities include the identification, acquisition, and
subsequent exploration and development of oil and natural gas
properties with an emphasis on unconventional reserves, such as
shale resource plays.
Gastar Exploration reported a net loss attributable to common
stockholders of $473.98 million for the year ended Dec. 31, 2015,
compared to net income attributable to common stockholders of
$36.52 million for the year ended Dec. 31, 2014.
As of June 30, 2016, Gastar had $287 million in total assets, $449
million in total liabilities and a total stockholders' deficit of
$162 million.
* * *
As reported by the TCR on March 15, 2016, Standard & Poor's Ratings
Services lowered its corporate credit rating on Gastar Exploration
to 'CCC-' from 'CCC+'. The downgrade follows Gastar's announcement
that it had just $29 million of cash on hand and a fully drawn
revolver. The company's borrowing base current stands at $180
million, but will be reduced to $100 million at the earlier of the
close of the Appalachian asset sale or April 10, 2016. Proceeds
from the Appalachian asset sale are expected to be $80 million.
In May 2016, Moody's Investors Service downgraded the Corporate
Family Rating of Gastar to 'Caa3' from 'Caa1'. The rating outlook
was changed to 'negative' from 'stable'. The downgrade of Gastar's
CFR to Caa3 reflects the company's weakened liquidity and reduced
size following the sale of its Appalachian assets in April 2016.
GBD 40 LLC: Taps Nathan & Associates as Real Estate Broker
----------------------------------------------------------
GBD 40, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Arizona to hire a real estate broker.
The Debtor proposes to hire Nathan & Associates, Inc. in connection
with the sale of its real property.
Nathan & Associates does not represent any interest adverse to the
interest of the Debtor, according to court filings.
The firm maintains an office at:
Nathan & Associates, Inc.
7600 E. Doubletree Ranch Road, Suite 150
Scottsdale, AZ 85258
Phone: +1 480-367-0700
About GBD 40 LLC
GBD 40, LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ariz. Case No. 16-10895) on September 22, 2016.
The petition was signed by Greg Sarandi, authorized member.
The case is assigned to Judge Brenda K. Martin. The Debtor is
represented by Edwin B. Stanley, Esq., at Simbro & Stanley, PLC.
At the time of the filing, the Debtor estimated its assets and
liabilities at $1 million to $10 million.
GEORGE RICHARDS: Disclosures OK'd; Plan Hearing on Dec. 1
---------------------------------------------------------
The Hon. Dennis Montali of the U.S. Bankruptcy Court for the
Northern District of California has tentatively approved George
Henry Richards' amended combined plan and disclosure statement
dated Oct. 14, 2016.
The hearing on final approval of the disclosure statement and on
confirmation of the plan will be on Dec. 1, 2016, at 10:00 a.m.
Objections to the Disclosure Statement and confirmation of the
Plan, as well as the written objections to the ballots accepting or
rejecting the Plan, must be filed by Nov. 23, 2016.
As reported by the Troubled Company Reporter on Oct. 6, 2016, the
Debtor filed with the Court the Combined Plan of Reorganization and
Disclosure Statement, which proposes a 10% recovery for allowed
general unsecured claims to be paid over 60 months.
George Richards sought bankruptcy protection (Bankr. N.D. Cal. Case
No. 11-49583) on Sept. 6, 2011. Matthew D. Metzger, Esq., at
Belvedere Legal, PC, serves as the Debtor's bankruptcy counsel.
GEORGE RICHARDS: Unsecureds To Get $466 Payment Under Ch. 11 Plan
-----------------------------------------------------------------
George Henry Richards filed with the U.S. Bankruptcy Court for the
Northern District of California a combined plan of reorganization
and tentatively approved disclosure statement dated Oct. 14, 2016.
Under the Plan, Class 2(b) - Other General Unsecured Claims will
get a total monthly payment of $466.97. Creditors under this class
will receive 10% of their allowed claim in 60 equal monthly
payments, due on the 1st day of the month beginning on the month
after the Effective Date. This class is impaired and is entitled
to vote on confirmation of the Plan.
On the Effective Date, all property of the estate and interests of
the Debtor will vest in the reorganized Debtor free and clear of
all claims and interests except as provided in this Plan.
The obligations to creditors that the Debtor undertakes in the
confirmed Plan replace those obligations to creditors that existed
prior to the Effective Date of the Plan. The Debtor's obligations
under the confirmed Plan constitute binding contractual promises
that, if not satisfied through performance of the Plan, create a
basis for an action for breach of contract under California law.
To the extent a creditor retains a lien under the Plan, that
creditor retains all rights provided by such lien under applicable
non-Bankruptcy law.
The Combined Plan and Tentatively Approved Disclosure Statement is
available at http://bankrupt.com/misc/canb14-30320-160.pdf
As reported by the Troubled Company Reporter on Oct. 6, 2016, the
Debtor filed with the Court a combined plan and disclosure
statement that proposed a 10% recovery for allowed general
unsecured claims to be paid over 60 months.
George Richards sought bankruptcy protection (Bankr. N.D. Cal. Case
No. 11-49583) on Sept. 6, 2011. Matthew D. Metzger, Esq., at
Belvedere Legal, PC, serves as the Debtor's bankruptcy counsel.
GERALD'S VIDALIA: Court Refuses to Extend Exclusivity Periods
-------------------------------------------------------------
Judge Edward J. Coleman, III of the U.S. Bankruptcy Court for the
Southern District of Georgia denied Gerrald's Vidalia Sweet Onions,
Inc.'s request for an extension of its exclusive periods to file a
plan and solicit acceptances to the plan.
The Debtor previously asked the Court to extend its exclusive plan
filing period to January 6, 2017 and its exclusive solicitation
period to May 8, 2017.
Judge Coleman found that the Debtor's Motion did not specify any
factors which justify the extension of the exclusivity period. The
Debtor did not present any evidence during the hearing on its
Motion.
Judge Coleman noted that, as of the period reported by the Debtor's
July Monthly Operating Report, cumulative crop sales totaled
$582,228.40, but the cumulative disbursements totaled $828,385.67,
creating a net operating loss of $246,157.27 accruing after the
Petition Date.
Pursuant to the July Monthly Operating Report, as of July 31, 2016,
post-petition accounts payables totaled $86,417.75, and the
outstanding balance due the Debtor's post-petition lender, Mr. R.J.
Pope, totaled $209,100.00. As of the period reported by the July
Monthly Operating Report, the outstanding post-petition debt
totaled $295,517.75.
Based on the July Monthly Operating Reports, the August Weekly
Operating Reports prepared by the Debtor in compliance with the
Court's Order Allowing the Use of Cash Collateral for the Period
Ending November 30, 2016 and the Cash Requirements Budget attached
to the Cash Collateral Order, the Debtor will incur a net loss for
year-end 2016 in the amount of $158,313.04, and debt incurred
post-petition should increase to $175,910.00. Rabo AgriFinance,
LLC's projected administrative expense priority claim, arising from
the Debtor's failure to pay Rabo AgriFinance amounts due pursuant
to the Cash Collateral Order will be $561,605.40.
Judge Coleman held that the Debtor bears the burden of proving that
cause exists to extend the exclusive period for filing a plan and
for soliciting acceptance of its plan. He further held that the
Debtor has not made much progress towards reorganizing and does not
have the ability to reorganize. He added that the Debtor is unable
to pay its debts as they become due.
Rabo AgriFinance, LLC is represented by:
David A. Garland, Esq.
MOORE, CLARKE, DUVALL & RODGERS, P.C.
2829 Old Dawson Road (31707)
Post Office Drawer 71727
Albany, GA 31708-1727
Telephone: (229) 888-3338
Email: dgarland@mcdr-law.com
About Gerrald's Vidalia Sweet Onions, Inc.
Gerrald's Vidalia Sweet Onions, Inc. filed a chapter 11 petition
(Bankr. S.D. Ga. Case No. 16-60091-EJC) on February 26, 2016.
GF FINANCE: Seeks to Hire Anthony Ostlund as Special Counsel
------------------------------------------------------------
GF Finance, Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Arizona to hire Anthony Ostlund Baer & Louwagie,
P.A. as its special counsel.
The firm will assist GF Finance in pursuing the collection of
unpaid loans from borrowers in Minnesota and North Dakota,
including a $4 million owed by Sczepanski Farms, LLC to the
company.
Anthony Ostlund will also assist the company in investigating
whether it has potential claims against former employees in
Minnesota and North Dakota.
The firm's professionals and their hourly rates are:
Partners $290 - $625
Associates $175 - $250
Legal Assistants $150 - $205
Law Clerks $125
Case Assistants $65 - $75
Anthony Ostlund does not hold or represent any interest adverse to
the interest of GF Finance, according to court filings.
The firm can be reached through:
Kristin B. Rowell, Esq.
Anthony Ostlund Baer & Louwagie, P.A.
90 South 7th Street
3600 Wells Fargo Center
Minneapolis, MN 55402
Phone: 612-349-6969/612-492-8202
Fax: 612-349-6996
Email: krowell@anthonyostlund.com
Email: info@anthonyostlund.com
About GF Finance
GF Finance, Inc., based in Phoenix, AZ, filed a Chapter 11 petition
(Bankr. D. Ariz. Case No. 16-10282) on Sept. 7, 2016. The petition
was signed by Stephen T. Hansen, as president and owner. Stephen
T. Hansen himself simultaneously filed his own Chapter 11 petition
(Case No. 16-10283). The Hon. Paul Sala presides over the cases.
Mr. Hansen is a 74-year old resident of the State of Arizona
currently residing in Scottsdale with Roberta (aka Bobbi), his
loving and devoted wife of 32 years. Hansen operated successful
equipment finance and car rental businesses in the State of North
Dakota for more than 40 years.
Debtor GFF is a privately-held North Dakota corporation 100% owned
by Hansen. GFF is in the equipment financing and leasing business
specializing in over-the-road tractors and trailers, farm
equipment, and light-duty construction equipment. GFF has not
originated any new business during the 12 months preceding its
bankruptcy case and was (and is) in the process of winding down.
No official committee of unsecured creditors has been appointed in
the case.
Todd A. Burgess, Esq., at Gallagher & Kennedy, P.A., is the
bankruptcy counsel to the Debtors. The Debtors also tapped MCA
Financial Group Ltd. as financial advisor and Ritchie Bros.
Auctioneers and Steffes Group as equipment auctioneers.
The court established Nov. 7, 2016 as the last day for all
creditors and parties-in-interests to file proofs of claim in the
bankruptcy case.
GOLFSMITH INT'L: Committee Taps Chaitons as Canadian Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Golfsmith
International Holdings, Inc., et al., seeks authorization from the
U.S. Bankruptcy Court for the District of Delaware to retain
Chaitons LLP as Canadian counsel to the Committee, nunc pro tunc to
September 29, 2016.
The Committee requires Chaitons to:
a. represent the Committee at hearings in the CCAA Proceeding
and any other related proceedings;
b. review and analyze all pleadings, orders, statements of
operations, schedules, and other legal documents in the
CCAA Proceeding or any other proceedings in Canada relating
to the Debtors, the Canadian Debtor Affiliates or any of
their respective property, assets or businesses;
c. report to and advise the Committee and its United States
professional advisors (the "U.S. Advisors") regarding the
ramifications of the motions before the Canadian Court in
relation to the chapter 11 cases;
d. advise the Committee and its U.S. Advisors on matters
involving Canadian law and practice and any proposed asset
dispositions relevant to the chapter 11 cases;
e. advise the Committee and its U.S. Advisors on the status of
the Golf Town Transaction;
f. assist the U.S. Advisors in their analysis of, and
negotiations with, the Debtors, the Canadian Debtor
Affiliates or any third party concerning matters related
to, among other things, the disposition of assets and
formulating the terms of any plan or plans of
reorganization for the Debtors and/or the Canadian Debtor
Affiliates;
g. assist with the Committee's investigation of any of the
assets, liabilities of the Debtors in Canada, intercompany
loans and other matters between the Debtors and the
Canadian Debtor Affiliates and the financial condition of
and the operations of the businesses of the Canadian Debtor
Affiliates;
h. assist the Committee and its U.S. Advisors in analyzing
the claims of the creditors of the Canadian Debtor
Affiliates and the Debtors (including assisting the
Committee's U.S. Advisors with a lien perfection analysis);
i. prepare on behalf of the Committee any pleadings, orders,
reports and other legal documents as may be necessary in
furtherance of the Committee's interests and objectives;
j. assist and advise the Committee and the U.S. Advisors with
respect to any matters that they may request; and
k. perform all other legal services as described by the
Committee and its U.S. Advisors, which may be necessary and
proper for the Committee to discharge its duties in the
chapter 11 proceedings.
Chaitons will be paid at the hourly rate of $695, where Harvey
Chaiton is the only professional working for the case.
Chaitons will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Chaitons did not represent the Committee or any
members thereof in the 12 months prepetition.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Yes. For the period from September 29, 2016 through
December 31, 2016.
Harvey Chaiton, member of Chaitons LLP, 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 Committee or the creditors of the Debtors' estates.
Chaitons can be reached at:
Harvey Chaiton, Esq.
CHAITONS LLP
5000 Younge Street, 10th Floor
Toronto, Canada
Tel: (416) 222-8888
E-mail: harvey@chaitons.com
About Golfsmith International
Headquartered in Austin, Texas, Golfsmith International Holdings,
Inc., the parent company of Golfsmith International, Inc., is a
holding company. The Company is a specialty retailer of golf and
tennis equipment, apparel, footwear and accessories. The Company
operates as an integrated multi-channel retailer, providing its
customers the convenience of shopping in the retail stores across
United States, through its Internet site,
http://www.golfsmith.com/,and from its catalogs. The Company
offers a product selection that features national brands, pre-owned
clubs and its branded products. It offers a number of customer
services and customer care initiatives, including its club trade-in
program, 30-day playability guarantee, 115% low-price guarantee,
its credit card, in-store golf lessons, and SmartFit, its
club-fitting program. As of Jan. 1, 2011, the Company operated 75
stores in 21 states and 33 markets.
Golfsmith International Holdings, Inc., and 12 affiliates filed
Chapter 11 petitions (Bankr. D. Del. Case No. 16-12033) on Sept.
14, 2016, and are represented by Mark D. Collins, Esq., John H.
Knight, Esq., Zachary I. Shapiro, Esq., and Brett M. Haywood, Esq.,
at Richards, Layton & Finger, P.A., in Wilmington, Delaware; and
Michael F. Walsh, Esq., David N. Griffiths, Esq., and Charles M.
Persons, Esq., at Weil, Gotshal & Manges LLP, in New York.
The Debtors' financial advisor is Alvarez & Marsal North America,
LLC. The Debtors' investment banker is Jefferies LLC. The Debtors'
claims, noticing and solicitation agent is Prime Clerk LLC.
At the time of filing, the Debtor had $100 million to $500 million
in estimated assets and $100 million to $500 million in estimated
liabilities.
Andrew Vara, acting U.S. trustee for Region 3, on Sept. 23, 2016,
appointed seven creditors to serve on the official committee of
unsecured creditors. The Committee hires Cooley LLP as lead
counsel, Chaitons LLP as Canadian counsel, Polsinelli PC as
Delaware counsel, Province, Inc. as financial advisor, A&G Realty
Partners as real estate advisor, Pope Shamsie & Dooley LLP as tax
accountants.
GOLFSMITH INT'L: Committee Taps Province as Financial Advisor
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of Golfsmith
International Holdings, Inc., et al., seeks authorization from the
U.S. Bankruptcy Court for the District of Delaware to retain
Province, Inc. as financial advisor to the Committee, nunc pro tunc
to September 23, 2016.
The Committee requires Province to:
a. analyze the Debtors' business, restructuring plan, assets
and liabilities, and overall financial condition;
b. assist the Committee in determining how to react to the
Debtors' restructuring plan or in formulating and
implementing its own plan;
c. monitor the financing and sale process, interfacing with
the Debtors' professionals, and advising the committee
regarding the process;
d. prepare, or review as applicable, avoidance action and
claim analyses;
e. review the Debtors' financial reports, including, but not
limited to, SOFAs, Schedules, cash budgets, and Monthly
Operating Reports;
f. advise the Committee on the current state of these chapter
11 cases;
g. advise the Committee in negotiations with the Debtors and
third parties as necessary;
h. if necessary, participating as a witness in hearings before
the bankruptcy court with respect to matters upon which
Province has provided advice; and
i. other activities as are approved by the Committee, the
Committee's counsel, and as agreed to by Province.
Province will be paid at these hourly rates:
Principal $660-$700
Director/Managing Director $470-$620
Associate/Sr. Associate $330-$460
Analyst/Sr. Analyst $250-$320
Para professional $100
Province will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Paul Huygens, member of Province, Inc., 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 Committee or the creditors of the Debtors' estates.
Province can be reached at:
Paul Huygens
PROVINCE, INC.
1560 Sawgrass Corp.
Parkway Floor 4
Sunrise, FL 33323
Tel: (702) 685-5555
Fax: (702) 685-5556
About Golfsmith International
Headquartered in Austin, Texas, Golfsmith International Holdings,
Inc., the parent company of Golfsmith International, Inc., is a
holding company. The Company is a specialty retailer of golf and
tennis equipment, apparel, footwear and accessories. The Company
operates as an integrated multi-channel retailer, providing its
customers the convenience of shopping in the retail stores across
United States, through its Internet site,
http://www.golfsmith.com/,and from its catalogs. The Company
offers a product selection that features national brands, pre-owned
clubs and its branded products. It offers a number of customer
services and customer care initiatives, including its club trade-in
program, 30-day playability guarantee, 115% low-price guarantee,
its credit card, in-store golf lessons, and SmartFit, its
club-fitting program. As of Jan. 1, 2011, the Company operated 75
stores in 21 states and 33 markets.
Golfsmith International Holdings, Inc., and 12 affiliates filed
Chapter 11 petitions (Bankr. D. Del. Case No. 16-12033) on Sept.
14, 2016, and are represented by Mark D. Collins, Esq., John H.
Knight, Esq., Zachary I. Shapiro, Esq., and Brett M. Haywood, Esq.,
at Richards, Layton & Finger, P.A., in Wilmington, Delaware; and
Michael F. Walsh, Esq., David N. Griffiths, Esq., and Charles M.
Persons, Esq., at Weil, Gotshal & Manges LLP, in New York.
The Debtors' financial advisor is Alvarez & Marsal North America,
LLC. The Debtors' investment banker is Jefferies LLC. The Debtors'
claims, noticing and solicitation agent is Prime Clerk LLC.
At the time of filing, the Debtor had $100 million to $500 million
in estimated assets and $100 million to $500 million in estimated
liabilities.
Andrew Vara, acting U.S. trustee for Region 3, on Sept. 23, 2016,
appointed seven creditors to serve on the official committee of
unsecured creditors. The Committee hires Cooley LLP as lead
counsel, Chaitons LLP as Canadian counsel, Polsinelli PC as
Delaware counsel, Province, Inc. as financial advisor, A&G Realty
Partners as real estate advisor, Pope Shamsie & Dooley LLP as tax
accountants.
GOLFSMITH INT'L: Creditors' Panel Taps Cooley as Lead Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of Golfsmith
International Holdings, Inc., et al., seeks authorization from the
U.S. Bankruptcy Court for the District of Delaware to retain Cooley
LLP as lead counsel to the Committee, nunc pro tunc to September
23, 2016.
The Committee requires Cooley to:
a. attend the meetings of the Committee;
b. review financial and operational information furnished by
the Debtors to the Committee;
c. analyze and negotiate the budget and the terms of debtor in
possession financing;
d. assist in the Debtors' efforts to reorganize or sell their
assets in a manner that maximizes value for creditors;
e. review and investigate the liens of purported secured
parties;
f. review and investigate prepetition transactions in which
the Debtors and their insiders were involved;
g. assist the Committee in negotiations with the Debtors and
other parties in interest on any proposed Chapter 11 plan
or exit strategy for these cases;
h. confer with the Debtors' management, counsel and investment
banker and any other retained professional;
i. confer with the principals, counsel and advisors of the
Debtors' lenders and equity holders;
j. review the Debtors' schedules, statements of financial
affairs and business plan;
k. advise the Committee as to the ramifications regarding all
of the Debtors' activities and motions before this Court;
l. file appropriate pleadings on behalf of the Committee;
m. review and analyze the Debtors' professionals' work product
and report to the Committee;
n. provide the Committee with legal advice in relation to the
chapter 11 cases;
o. prepare various pleadings to be submitted to the Court for
consideration; and
p. perform such other legal services for the Committee as may
be necessary or proper in these proceedings.
Cooley will be paid at these hourly rates:
Lawrence C. Gottlieb, Senior Counsel $1,120
Jeffrey L. Cohen, Partner $850
Michael Aaron Klein, Associate $800
Richelle Kalnit, Associate $800
Sarah Carnes, Associate $495
Mollie Canby, Paralegal $225
Cooley will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: Cooley has agreed to discount Lawrence C.
Gottlieb's fees by 20% and the other Cooley
professionals' fees by 15% from their standard
hourly rates.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Cooley did not represent the Committee in the 12
months prepetition. Cooley has in the past
represented, currently represents, and may
represent in the future certain Committee members
and their affiliates in their capacities as members
of official committees in other Chapter 11 cases or
in their individual capacities.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Yes. For the period from September 23, 2016 through
and including December 31, 2016.
Jeffrey L. Cohen, member of Cooley LLP, 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 Committee or the creditors of the Debtors' estates.
Cooley can be reached at:
Lawrence C. Gottlieb, Esq.
Jeffrey L. Cohen, Esq.
Michael Klein, Esq.
Richelle Kalnit, Esq.
COOLEY LLP
The Grace Building
1114 Avenue of the Americas
New York, New York 10036
Tel: (212) 479-6000
Fax: (212) 479-6275
E-mail: lgottlieb@cooley.com
jcohen@cooley.com
mklein@cooley.com
rkalnit@cooley.com
About Golfsmith International
Headquartered in Austin, Texas, Golfsmith International Holdings,
Inc., the parent company of Golfsmith International, Inc., is a
holding company. The Company is a specialty retailer of golf and
tennis equipment, apparel, footwear and accessories. The Company
operates as an integrated multi-channel retailer, providing its
customers the convenience of shopping in the retail stores across
United States, through its Internet site,
http://www.golfsmith.com/,and from its catalogs. The Company
offers a product selection that features national brands, pre-owned
clubs and its branded products. It offers a number of customer
services and customer care initiatives, including its club trade-in
program, 30-day playability guarantee, 115% low-price guarantee,
its credit card, in-store golf lessons, and SmartFit, its
club-fitting program. As of Jan. 1, 2011, the Company operated 75
stores in 21 states and 33 markets.
Golfsmith International Holdings, Inc., and 12 affiliates filed
Chapter 11 petitions (Bankr. D. Del. Case No. 16-12033) on Sept.
14, 2016, and are represented by Mark D. Collins, Esq., John H.
Knight, Esq., Zachary I. Shapiro, Esq., and Brett M. Haywood, Esq.,
at Richards, Layton & Finger, P.A., in Wilmington, Delaware; and
Michael F. Walsh, Esq., David N. Griffiths, Esq., and Charles M.
Persons, Esq., at Weil, Gotshal & Manges LLP, in New York.
The Debtors' financial advisor is Alvarez & Marsal North America,
LLC. The Debtors' investment banker is Jefferies LLC. The Debtors'
claims, noticing and solicitation agent is Prime Clerk LLC.
At the time of filing, the Debtor had $100 million to $500 million
in estimated assets and $100 million to $500 million in estimated
liabilities.
Andrew Vara, acting U.S. trustee for Region 3, on Sept. 23, 2016,
appointed seven creditors to serve on the official committee of
unsecured creditors. The Committee hires Cooley LLP as lead
counsel, Chaitons LLP as Canadian counsel, Polsinelli PC as
Delaware counsel, Province, Inc. as financial advisor, A&G Realty
Partners as real estate advisor, Pope Shamsie & Dooley LLP as tax
accountants.
GOLFSMITH INT'L: Creditors' Panel Taps Polsinelli as Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Golfsmith
International Holdings, Inc., et al., seeks authorization from the
U.S. Bankruptcy Court for the District of Delaware to retain
Polsinelli PC as Delaware counsel to the Committee, nunc pro tunc
to September 23, 2016.
The Committee requires Polsinelli to:
a. provide legal advice regarding the powers and duties
available to the Creditors' Committee, an official
committee appointed under section 1102 of the Bankruptcy
Code;
b. assist Cooley in the investigation of the acts, conduct,
assets, liabilities and financial condition of the Debtors,
the operation of the Debtors' businesses, and any other
matter relevant to these cases or to the formulation of a
plan or plans of reorganization or liquidation;
c. assist Cooley in preparing on behalf of the Creditors'
Committee necessary applications, motions, complaints,
answers, orders, agreements and other legal papers;
d. review, analyze and assist Cooley and the Creditors'
Committee in responding to all pleadings filed by the
Debtors or other parties-in-interest and appearing in Court
to present necessary motions, applications and pleadings
and to otherwise protect the interest of the Creditors'
Committee;
e. consult with the Debtors and their professionals, other
parties-in-interest and their professionals, and the United
States Trustee concerning the administration of the
Debtors' respective estates;
f. represent the Creditors' Committee in hearings and other
judicial proceedings;
g. advise the Creditors' Committee on practice and procedure
in the Court and regarding the Local Rules and local
practice; and
h. perform all other legal services for the Creditors'
Committee with the Cases.
Polsinelli will be paid at these hourly rates:
Christopher A. Ward, Shareholder $600
Shanti M. Katona, Shareholder $400
Jarrett Vine, Associate $360
Lindsey M. Suprum, Paralegal $240
Polsinelli will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Polsinelli did not represent the client
prepetition.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Polsinelli developed and shared with the Creditors'
Committee and Cooley a budget and staffing plan to
comply with the U.S. Trustee's requests for
information and additional disclosures, and any
orders of this Court. Should these Cases continue
beyond the initial budgeted period, Polsinelli
intends to work with the Creditors' Committee and
Cooley to develop a prospective budget and staffing
plan to comply with the Office of the United States
Trustee's requests for information and additional
disclosures through the conclusion of these Cases.
Christopher A. Ward, member of Polsinelli PC, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and that Polsinelli, its
shareholders, counsel, and associates: a. are not creditors, equity
security holders, or insiders; b. are not and were not, within two
years before the date of the filing of the petitions, directors,
officers, or employees of the Debtors; and c. do not have interests
materially adverse to the interests of the estates or of any class
of creditors or equity security holders, by reason of any direct or
indirect relationship to, connection with, or interest in, the
Debtors, or for any other reason.
Polsinelli can be reached at:
Christopher A. Ward, Esq.
Shanti M. Katona, Esq.
POLSINELLI PC
222 Delaware Avenue, Suite 1101
Wilmington, DE 19801
Tel: (302) 252-0920
Fax: (302) 252-0921
E-mail: cward@polsinelli.com
skatona@polsinelli.com
About Golfsmith International
Headquartered in Austin, Texas, Golfsmith International Holdings,
Inc., the parent company of Golfsmith International, Inc., is a
holding company. The Company is a specialty retailer of golf and
tennis equipment, apparel, footwear and accessories. The Company
operates as an integrated multi-channel retailer, providing its
customers the convenience of shopping in the retail stores across
United States, through its Internet site,
http://www.golfsmith.com/,and from its catalogs. The Company
offers a product selection that features national brands, pre-owned
clubs and its branded products. It offers a number of customer
services and customer care initiatives, including its club trade-in
program, 30-day playability guarantee, 115% low-price guarantee,
its credit card, in-store golf lessons, and SmartFit, its
club-fitting program. As of Jan. 1, 2011, the Company operated 75
stores in 21 states and 33 markets.
Golfsmith International Holdings, Inc., and 12 affiliates filed
Chapter 11 petitions (Bankr. D. Del. Case No. 16-12033) on Sept.
14, 2016, and are represented by Mark D. Collins, Esq., John H.
Knight, Esq., Zachary I. Shapiro, Esq., and Brett M. Haywood, Esq.,
at Richards, Layton & Finger, P.A., in Wilmington, Delaware; and
Michael F. Walsh, Esq., David N. Griffiths, Esq., and Charles M.
Persons, Esq., at Weil, Gotshal & Manges LLP, in New York.
The Debtors' financial advisor is Alvarez & Marsal North America,
LLC. The Debtors' investment banker is Jefferies LLC. The Debtors'
claims, noticing and solicitation agent is Prime Clerk LLC.
At the time of filing, the Debtor had $100 million to $500 million
in estimated assets and $100 million to $500 million in estimated
liabilities.
Andrew Vara, acting U.S. trustee for Region 3, on Sept. 23, 2016,
appointed seven creditors to serve on the official committee of
unsecured creditors. The Committee hires Cooley LLP as lead
counsel, Chaitons LLP as Canadian counsel, Polsinelli PC as
Delaware counsel, Province, Inc. as financial advisor, A&G Realty
Partners as real estate advisor, Pope Shamsie & Dooley LLP as tax
accountants.
GOLFSMITH INT'L: Hires A&G as Real Estate Advisor
-------------------------------------------------
Golfsmith International Holdings, Inc., et al., seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ
A&G Realty Partners as real estate advisor to the Committee.
Golfsmith International requires A&G to:
a. consult with the Debtors to discuss the Debtors' goals,
objectives, and financial parameters in relation to their
properties and leases;
b. negotiate on behalf of the Debtors with the Debtors'
landlords for purposes of assisting the Debtors in
obtaining rent concessions and other modifications of
lease terms;
c. negotiate on behalf of the Debtors with the Debtors'
landlords for purposes of assisting the Debtors in
obtaining early termination rights;
d. negotiate on behalf of the Debtors with the Debtors'
landlords and other third parties on behalf of the Debtors
in order to assist the Debtors in obtaining lease claim
mitigation;
e. negotiate with the Debtors' landlords on their behalf in
order to assist the Debtors in obtaining extensions of the
time to assume or reject their leases;
f. perform a real estate market analysis for the Debtors; and
g. report periodically to the Debtors regarding the status of
negotiations and performance of the Services.
A&G will be paid as follows:
a. Monetary Lease Modifications. For each monetary lease
modification obtained by A&G on behalf of the Debtors, A&G
shall be entitled to a fee of two percent (2%) of the
occupancy cost savings (the "Minimum Monetary Lease
Modification Fee"). If A&G attains a certain level
of Occupancy Cost Savings (as defined in the Services
Agreement) on behalf of the Debtors, A&G shall also be
entitled to the following fees (the "Incremental Monetary
Lease Modification Fees"), in addition to the Minimum
Monetary Lease Modification Fee:
(i) If A&G Realty obtains $10 million in Occupancy Cost
Savings, it shall be entitled to an additional one
percent (1%) of the total Occupancy Cost Savings.
(ii) If A&G Realty obtains $15 million in Occupancy Cost
Savings, it shall be entitled to an additional two
percent (2%) of the total Occupancy Cost Savings.
(iii) If A&G Realty obtains $20 million in Occupancy Cost
Savings, it shall be entitled to an additional three
percent (3%) of the total Occupancy Cost Savings.
b. Non-Monetary Lease Modifications. For each non-monetary
lease modification obtained by A&G on behalf of the
Debtors, it shall be entitled to a fee of $1,500 per lease.
However, for a reduction of base term or a reduction in
square footage obtained by A&G Realty, A&G shall be
entitled to a fee in the amount of the greater of $4,000 or
one percent (1%) of the Occupancy Cost Savings per lease.
c. Early Termination Rights. For each early termination right
obtained by A&G on behalf of the Debtors, it shall be
entitled to a fee of $1,000 per lease.
d. Lease Payment Modification Fee. For each acceptable lease
payment modification obtained by A&G Realty on behalf of
the Debtors, it shall be entitled to a fee of $1,500 per
lease.
e. Lease Claim Mitigations. For each Lease Claim Mitigation
(as defined in the Services Agreement) obtained by A&G
on behalf of the Debtors, it shall be entitled to a fee of
3.5% of the savings per claim.
f. Lease Terminations. For each lease termination obtained by
A&G on behalf of the Debtors, it shall be entitled to a fee
of four percent (4%) of the Occupancy Cost Savings per
lease. A&G shall also be entitled to a fee of four percent
(4%) of any gross proceeds received by the Debtor from the
landlord, assignee, sublessee or other party in connection
with any lease sale, assignment, termination or sublease.
g. Time Extensions. For each extension of time to assume or
reject a lease obtained by A&G on behalf of the Debtors,
A&G shall be entitled to a fee of $500 per lease.
h. Desktop Real Estate Analysis. A&G shall be paid a fee of
$20,000 upon completion of a desktop market value analysis.
A&G will be paid a retainer in the amount of $150,000.
A&G will also be reimbursed for reasonable out-of-pocket expenses
incurred.
Andrew Graiser, member A&G Realty Partners, LLC, 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 Debtors and their estates.
A&G can be reached at:
Andrew Graiser
A&G REALTY PARTNERS, LLC
445 Broadhollow Road, Suite 410
Melville, NY 11747
Tel: (631) 420-0044
About Golfsmith International
Headquartered in Austin, Texas, Golfsmith International Holdings,
Inc., the parent company of Golfsmith International, Inc., is a
holding company. The Company is a specialty retailer of golf and
tennis equipment, apparel, footwear and accessories. The Company
operates as an integrated multi-channel retailer, providing its
customers the convenience of shopping in the retail stores across
United States, through its Internet site,
http://www.golfsmith.com/,and from its catalogs. The Company
offers a product selection that features national brands, pre-owned
clubs and its branded products. It offers a number of customer
services and customer care initiatives, including its club trade-in
program, 30-day playability guarantee, 115% low-price guarantee,
its credit card, in-store golf lessons, and SmartFit, its
club-fitting program. As of Jan. 1, 2011, the Company operated 75
stores in 21 states and 33 markets.
Golfsmith International Holdings, Inc., and 12 affiliates filed
Chapter 11 petitions (Bankr. D. Del. Case No. 16-12033) on Sept.
14, 2016, and are represented by Mark D. Collins, Esq., John H.
Knight, Esq., Zachary I. Shapiro, Esq., and Brett M. Haywood, Esq.,
at Richards, Layton & Finger, P.A., in Wilmington, Delaware; and
Michael F. Walsh, Esq., David N. Griffiths, Esq., and Charles M.
Persons, Esq., at Weil, Gotshal & Manges LLP, in New York.
The Debtors' financial advisor is Alvarez & Marsal North America,
LLC. The Debtors' investment banker is Jefferies LLC. The Debtors'
claims, noticing and solicitation agent is Prime Clerk LLC.
At the time of filing, the Debtor had $100 million to $500 million
in estimated assets and $100 million to $500 million in estimated
liabilities.
Andrew Vara, acting U.S. trustee for Region 3, on Sept. 23, 2016,
appointed seven creditors to serve on the official committee of
unsecured creditors. The Committee hires Cooley LLP as lead
counsel, Chaitons LLP as Canadian counsel, Polsinelli PC as
Delaware counsel, Province, Inc. as financial advisor, A&G Realty
Partners as real estate advisor, Pope Shamsie & Dooley LLP as tax
accountants.
GRANVILLE BRINKMAN: Unsecured Creditors to Get De Minimis Recovery
------------------------------------------------------------------
Granville Alan Brinkman and Robbin Rena Brinkman filed with the
U.S. Bankruptcy Court for the Western District of Washington at
Tacoma a plan and accompanying disclosure statement, which propose
that unsecured creditors will be paid approximately 0.002% of their
claims.
The Debtor will pay unsecured creditors $3,608.28 annually to be
shared pro-rata amongst all unsecured creditors, with a higher
payment in the fifth year of $2,537 per month times the number of
months from the fifth anniversary of the Petition Date to the fifth
anniversary of the Effective Date. However, if the Debtors realize
full recovery on the judgment in the litigation involving Dickinson
Investments, LLC, Dickinson State University Foundation, and other
entities in North Dakota, the unsecured class could receive up to
an additional $500,000 to $600,000, to be split pro rata, and
payment could be as high as 14 percent.
The implementation of, and the distributions required under, the
Plan will be accomplished through the Debtors' operation of Bar C,
LLC, and from contribution of future monthly distribution income
from Greenwood. Bar C, LLC, operations and profitability are
dependent on the market and may not be profitable year after year.
The Plan also binds the Debtors to distribute 100% of the
non-exempt amount of half the recovery of Part 1 and all of Part 2
of the North Dakota Judgment.
A full-text copy of the Disclosure Statement dated October 14,
2016, is available at:
http://bankrupt.com/misc/wawb15-44496-101.pdf
Granville Alan Brinkman and Robbin Rena Brinkman filed a Chapter 11
petition (Bankr. W.D. Wash Case No. 15-44496) on September 28,
2015.
GRIMMETT BROTHERS: Court OKs Use of WTSB Cash Collateral
--------------------------------------------------------
Judge Robert L. Jones of the U.S. Bankruptcy Court for the Northern
District of Texas authorized Grimmett Brothers, Inc. to use West
Texas State Bank of Snyder's cash collateral on a final basis.
Judge Jones authorized the Debtor to use cash collateral to pay
normal and ordinary expenses incurred in continuing its operations
until the earlier of the effective date of the Debtor's plan of
reorganization or further order of the Court.
West Texas State Bank was granted a lien on its post-petition
assets of the same class as those in which there exists a properly
perfected pre-petition security interest. It was also granted a
superpriority lien to the extent that the amount of its lien
against the Debtor's cash collateral is diminished.
The Debtor was also required by Judge Jones to provide a
pre-confirmation lien on Debtor's 319.4 acres of land located at
2000 CR 1163 Hermleigh, TX 79526.
Debtor was ordered to send copies of its monthly operating reports
as well as copies of its monthly financial statements to West Texas
State Bank's counsel.
A full-text copy of the Final Order, dated October 20, 2016, is
available at https://is.gd/tOypWP
About Grimmett Brother's Inc.
Grimmett Brother's, Inc., was formed in 1944. It is a family owned
Texas corporation that operates as a service company to the
oilfield, providing dirt, mud, gravel and caliche to oil drilling
sites. The Debtor builds oil field location sites, roads, and
pits, among others, in preparation for the drilling. The primary
facility is located at 1312 Avenue R, Snyder, Texas 79549. The
Debtor also has two other locations in Andrews, Texas and Sterling
City, Texas.
Grimmett Brother's filed a Chapter 11 petition (Bankr. N.D. Tex.
Case No. 16-50183) on Aug. 26, 2016. The petition was signed by
Billy Grimmett, president. The Debtor is represented by Max Ralph
Tarbox, Esq., at Tarbox Law, P.C. Judge Robert L. Jones presides
over the case. The Debtor estimated $10 million to $50 million in
assets and $1 million to $10 million in liabilities at the time of
the filing.
Secured creditor West Texas State Bank is represented by Dax D.
Voss, Esq., at Field, Manning, Stone, Hawthorne & Aycock, P.C.
GROVE PLAZA PARTNERS: Unsecureds To Recoup Bet. 10.58%-100%
-----------------------------------------------------------
Grove Plaza Partners, LLC, filed with the U.S. Bankruptcy Court for
the Northern District of California a combined plan of
reorganization and disclosure statement dated Oct. 17, 2016.
Under the Plan, Class 2(a) General Unsecured Claims -- totaling
$508,009.83 -- will be paid 100% of their allowed claims over time
from the sale of real property. The amount to be paid is estimated
at $508,009.83.
Creditors in this class will receive a pro rata share of net
proceeds generated by the Debtor's sales of real property promptly
after the close of escrow after each sale, provided that all Class
1 claims are paid (or paid and reserved for) in full. The Debtor
anticipates that the first distribution to claims in this class
will come from the third sale of the aforesaid four parcels. Pro
rata means the entire amount of the fund divided by the entire
amount owed to creditors with allowed claims in this class.
The Debtor estimates that creditors in this class will receive 100%
of their claims if the real property is sold for an aggregate value
of between $16.5 million to $23.7 million and between 10.58% and
100% if sold for $15.5 million. The minimum aggregate sale price
under this Plan is $15.5 million. For the purposes of
illustration, a sale for $14 million would likely result in no
distribution to creditors in this class.
Claims in this class will be paid without interest.
On the Effective Date, all remaining property of the estate and
interests of the Debtor (if any) will vest in the reorganized
Debtor, free and clear of all claims and interests. Obligations to
creditors that Debtor undertakes in the confirmed Plan replace
those obligations to creditors that existed prior to the Effective
Date of the Plan.
The Debtor's obligations under the confirmed Plan constitute
binding contractual promises that, if not satisfied through
performance of the Plan, create a basis for an action for breach of
contract under California law. To the extent a creditor retains a
lien under the Plan, that creditor retains all rights provided by
the lien under applicable non-Bankruptcy law.
As reported by the Troubled Company Reporter on Oct. 10, 2016, the
Debtor filed with the Court a combined plan of reorganization and
disclosure statement dated Oct. 3, 2016, which proposed that
general unsecured creditors will recover 15.5% to 100% over time
from the sale of real property.
The Combined Plan and Disclosure Statement is available at:
http://bankrupt.com/misc/canb16-30531-114.pdf
About Grove Plaza Partners
Headquartered in Redwood Shores, Cal., Grove Plaza Partners, LLC
filed for Chapter 11 bankruptcy protection (Bankr. N.D. Cal. Case
No. 16-30531) on May 13, 2016, estimating its assets and
liabilities at between $10 million and $50 million. The petition
was signed by George A. Arce, Jr., manager.
Reno F.R. Fernandez, Esq., at MacDonald Fernandez LLP, serves as
the Debtor's bankruptcy counsel. The case is assigned to Judge
Dennis Montali.
GUILFORT DIEUVIL: To Pay Caliber Home $3,508 Per Month Over 25 Yrs.
-------------------------------------------------------------------
Guilfort Dieuvil filed with the U.S. Bankruptcy Court for the
Southern District of Florida an amended disclosure statement
referring to the Debtor' amended plan of reorganization.
The hearing at which the Court will determine whether to finally
approve this Disclosure Statement and confirm the Plan will take
place on Nov. 15, 2016, at 10:30 a.m.
Under the Plan, Class 2A - Secured Claim of Caliber Home Loans,
Inc. servicer for U.S. Bank Trust NA as Trustee for LSF9 Master
Participation Trust is impaired. The Debtor filed a motion to
value this claimant's collateral and the Court entered an agreed
order granting, in part, that motion. The total amount of this
creditor's claim that is secured by the real property in this class
is $600,000, which sum the Debtor will pay to this creditor over 25
years at 5% simple interest in equal monthly payments of $3,508 at
which point this claimant's lien will be fully satisfied and
released; taxes and insurance will be paid by the Debtor directly.
Payments to start on the Effective Date of the Plan and no
prepayment penalties will apply. The remainder of this claimant's
claim ($844,965.99) will be treated as a general unsecured claim in
class 15.
The Amended Disclosure Statement is available at:
http://bankrupt.com/misc/flsb15-26560-218.pdf
As reported by the Troubled Company Reporter on Sept. 19, 2016, the
Debtor filed with the Court a disclosure statement describing the
plan of reorganization filed by the Debtor on Aug. 22, 2016. Under
that Plan, Class 15 General Unsecured Class is impaired and the
holders are expected to recover 1.03%.
Guilfort Dieuvil is an individual. He operated a real estate
business that focused on assisting borrowers who were in default on
their mortgage or facing imminent default, in attempting to save
their homes or otherwise transition into other housing
arrangements. Part of this business involved short sales, with
deficiency waivers.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr. S.D.
Fla. Case No. 15-26560) on Sept. 16, 2015.
HARMAC CORP: Seeks to Use Credit Union's Cash Collateral
--------------------------------------------------------
HarMac Corp., Mary Street Housing, LLC, 111 Cherry Street, Inc.,
137 West 5th Associates, LLC and 301 3rd Street LLC filed with the
U.S. Bankruptcy Court for the District of New Jersey a motion to
use cash collateral.
The Debtors are owners of these residential rooming houses and a
commercial office building throughout Union County:
a. Harmac owns an office building with four units, three of
which are rented, located at 1429 US-22, Mountainside, NJ 07092
(the "Harmac Property").
b. MSH owns a rooming house located at 1163-1165 Mary Street,
Elizabeth, New Jersey, which has 14 rental units (the "MSH
Property").
c. 111 Cherry owns a rooming house located at 111-113 Cherry
Street, Elizabeth, New Jersey, which has 14 rental units (the "111
Cherry Property").
d. 137 West owns a rooming house located at 137 West 5th Avenue,
Roselle, New Jersey, which has 20 rental units1 (the "137 West
Property").
e. 301 3rd owns a rooming house located at 301 3rd Street,
Elizabeth, New Jersey, which has 17 rental units (the "301 3rd
Property").
The Financial Resources Federal Credit Union ("FRFCU") is the
primary secured creditor, which has outstanding claims on account
of a $600,000 Note issued by Harmac ("Harmac Note"), a $1,500,000
Line of Credit Note entered into by Harmac, 111 Cherry, 137 West
and 19 Edgar St. ("LOC"), $550,000 Note entered into by MSH (the
"MSH Note"), a $187,500 entered into by 301 3rd (the "301 3rd
Note").
On June 1, 2015, each of the Debtors defaulted on their obligations
to FRFCU.
On June 10, 2016, judgment was entered against the Debtors in the
action in the Superior Court of New Jersey, Mercer Vicinage, Law
Division captioned Financial Resources Federal Credit Union v. Mary
Street Housing LLC, et al., Docket No. L-2034-15 (the "Law Division
Action"), in these amounts:
Debtor Amount
------ ------
MSH $576,078
Harmac $555,216
$1,599,151
301 3rd $496,297
111 Cherry $1,599,151
137 West $1,599,151
On July 22, 2016, the Honorable Joseph P. Perfilio, J.S.C., entered
identical orders in foreclosure actions directing the Debtors and
tenants of each respective property to turnover all rents to FRFCU
(collectively, the "Rent Turnover Orders").
On Sept. 13, 2016, FRFCU filed a motion for order appointing
receiver, compelling turnover of all rents, profits, security and
proceeds and authorizing receiver to offer for sale the mortgaged
real property in the foreclosure actions.
The Debtors now ask the Court to approve the preliminary and final
use of cash collateral to preserve their assets so as to maintain
and maximize its value for the benefit of all parties-in-interest,
and to also continue providing services to their tenants.
Each Debtor's estimated receipts for a 60-day period:
Debtor October November
------ ------- --------
Harmac Corp. $3,505 $4,105
301 3rd Street $5,057 $5,057
111 Cherry Street $5,306 $5,306
137 West 5th $9,074 $9,074
Estimated total expenses for a 60-day period:
Debtor October November
------ ------- --------
Harmac Corp. $1,486 $795
301 3rd Street $1,914 $3,032
111 Cherry Street $1,629 $2,691
137 West 5th $2,296 $4,093
Richard D. Trenk, Esq., at Trenk, Dipasquale, Della Fera & Sodono,
P.C., avers that in the present matter, Debtors' secured creditor
will be adequately protected during the pendency of Debtors'
bankruptcy case. With regard to Debtors' assets: (a) a recent
appraisal of the property owned by Harmac evidences a value of
$765,000; (b) a recent appraisal of the property owned by MSH
evidences a value of $720,000; (c) a recent appraisal of the
property owned by 111 Cherry evidences a value of $625,000 (See
Exhibit C); (d) a recent appraisal of the property owned by 137
West evidences a value of $1,125,000; and (e) a recent appraisal of
the property owned by 301 3rd evidences a value of $550,000. Thus,
in total, the properties owned by Debtors have a value of over
$3,785,000. Accordingly, FRFCU has an equity cushion of
approximately $855,260 based on the total value of all the
properties.
According to Mr. Trenk, on a going-forward basis, the Debtors also
will be able to adequately protect their secured creditor through
future revenues. As set forth in the budget, there are funds
sufficient remaining to protect the secured lender. Moreover, the
Debtors propose only paying amounts that are absolutely necessary
to maintain the buildings and the Debtors' business. These amounts
are necessary to protect the health and welfare of the tenants,
something to date the secured lender has not done.
The Debtors are prepared to discuss with all of its creditors the
development of both a financial and operational restructuring plan.
The authority to use alleged cash collateral will enable Debtors
to engage in those discussions and accomplish their reorganization,
while operating in the ordinary course.
A copy of the Motion is available for free at:
http://bankrupt.com/misc/njb16-29580_8_Cash_M_Harmac.pdf
A copy of the Budget is available at:
http://bankrupt.com/misc/njb16-29580_8_Cash_Budget_Harmac.pdf
About Harmac Corp., et al.
Headquartered in New Jersey, HarMac Corp., et al., are engaged in
the rental business owning four residential rooming houses
(specifically for low income individuals) with 69 units and a
commercial office building located in Union County. The units
consist of studios and shared living spaces, and most rents are
subsidized.
HarMac Corp., Mary Street Housing, LLC, 111 Cherry Street, Inc.,
137 West 5th Associates, LLC and 301 3rd Street, LLC, each filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
D.N.J. Lead Case No. 16-29568) on Oct. 13, 2016. The Chapter 11
cases are assigned to Judge Vincent F. Papalia.
HCA HOLDINGS: Fitch Affirms 'BB' IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed HCA Holdings Inc.'s ratings, including
the 'BB' Issuer Default Rating. The Rating Outlook is Stable. The
ratings apply to $31.5 billion of debt outstanding at June 30,
2016.
KEY RATING DRIVERS
Industry-Leading Financial Flexibility: HCA's financial flexibility
has improved significantly in recent years as a result of organic
growth in the business as well as proactive management of the
capital structure. The company has hospital industry-leading
operating margins and generates consistent and ample discretionary
free cash flow (FCF; operating cash flows less capital expenditures
and distributions to minority interests).
Transition to Public Ownership Complete: The sponsors of a 2006 LBO
previously directed HCA's financial strategy, but their ownership
stake decreased steadily following a 2011 IPO and HCA has appointed
six independent members to the 11-member board of directors (BOD),
bringing the total to eight.
More Predictable Capital Deployment: Under the direction of the LBO
sponsors, HCA's ratings were constrained by shareholder-friendly
capital deployment; the company has funded $7.5 billion in special
dividends and several large repurchases of the sponsors' shares
since 2010. Fitch believes HCA will have a more consistent and
predictable approach to funding shareholder payouts under public
ownership and an independent BOD.
Expect Stable Leverage: Fitch forecasts that HCA will produce
discretionary FCF of about $2 billion in 2016, and will prioritize
use of cash for organic investment in the business and share
repurchases. At 4.1x, HCA's gross debt/EBITDA is below the average
of the group of publicly traded hospital companies, and Fitch does
not believe that there is a compelling financial incentive for HCA
to apply cash to debt reduction.
Secular Headwinds to Operating Outlook: Measured by revenues, HCA
is the largest operator of for-profit acute care hospitals in the
country, with a broad geographic footprint. The company benefited
from this favorable operating profile during a period of several
years of weak organic operating trends in the for-profit hospital
industry. Although operating trends improved industrywide starting
in mid-2014, secular challenges, including a shift to lower-cost
care settings driven by health insurer scrutiny of hospital care
and increasing healthcare consumerism, are a continuing headwind to
organic growth.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for HCA include:
-- Organic revenue growth of 4%-5% in 2016 and 2017, driven by
a 2%-3% increase in patient volumes with the remainder
contributed by growth in pricing;
-- Operating EBITDA margin compression of about 100 basis
points (bps) through the end of 2019, primarily as the
result of negative operating leverage as patient volume
growth rates slow versus the higher level seen in 2014-2015
and growth in pricing slows;
-- Fitch forecasts EBITDA of $8.5 billion and discretionary FCF
of $2.0 billion in 2016 for HCA, with capital expenditures
of about $2.7 billion. Higher capital spending is related
to growth projects that support the expectation of EBITDA
growth through the forecast period;
-- The majority of discretionary FCF is directed towards share
repurchases, and debt due in 2016-2019 is refinanced,
resulting in gross debt/EBITDA of 3.5x-4.0x through the
forecast period.
RATING SENSITIVITIES
Maintenance of a 'BB' Issuer Default Rating (IDR) considers HCA
operating with debt leverage sustained around 4.0x and with a FCF
margin of 4%-5%. A downgrade of the IDR to 'BB-' is unlikely in
the near term, since these targets afford HCA with significant
financial flexibility to increase acquisitions and organic capital
investment while still returning a substantial amount of cash to
shareholders through share repurchases.
An upgrade to a 'BB+' IDR is possible if HCA maintains debt
leverage at 3.5x or below. In addition to a commitment to operate
with lower leverage, improvement in organic operating trends in the
hospital industry would support a higher rating for HCA. Evidence
of an improved operating trend would include sustained positive
growth in organic patient volumes, sustained improvement in the
payor mix with fewer uninsured patients and correspondingly lower
bad debt expense, and limited concern that profitability will
suffer from drops in reimbursement rates.
LIQUIDITY
HCA's liquidity profile is solid. There are no significant debt
maturities in 2016-2017. Large maturities include $500 million of
HCA Inc. unsecured notes in 2018, $2.1 billion of HCA Inc. secured
notes in 2019 and $3.0 billion of ABL revolver borrowings maturing
in 2019. Fitch believes that HCA's operating outlook and financial
flexibility are amongst the best in the hospital industry,
affording the company good market access to refinance upcoming
maturities.
At June 30, 2016, HCA's liquidity included $691 million of cash on
hand, $2 billion of available capacity on its senior secured credit
facilities and latest 12 months (LTM) discretionary FCF of about
$2.4 billion. HCA's EBITDA/interest paid is solid for the 'BB'
rating category at 4.8x and the company had an ample operating
cushion under its bank facility financial maintenance covenant,
which requires debt net of cash maintained at or below 6.75x
EBITDA.
The secured debt rating is one notch above the IDR, illustrating
Fitch's expectation of superior recovery prospects in the event of
default. The first-lien obligations, including the bank debt and
the first-lien secured notes, are guaranteed by all material wholly
owned U.S. subsidiaries of HCA that are 'unrestricted subsidiaries'
under the HCA unsecured note indenture dated
Dec. 16, 1993.
Because of restrictions on the guarantor group as stipulated by the
1993 indenture, the credit facilities and first-lien notes are not
100% secured; the subsidiary guarantors of the first-lien
obligations comprised about 44% of consolidated total assets at
June 30, 2016. The ABL facility has a first-lien interest in
substantially all eligible accounts receivable (A/R) of HCA, Inc.
and the guarantors, while the other bank debt and first-lien notes
have a second-lien interest in certain of the receivables.
The HCA unsecured notes are rated at the same level as the IDR
despite the substantial amount of secured debt to which they are
subordinated, with secured leverage of about 2.8x. If HCA were to
layer more secured debt into the capital structure, such that
secured debt leverage is greater than 3.0x, it could result in a
downgrade of the rating on the HCA unsecured notes to 'BB-'. The
bank agreements include a 3.75x first lien secured leverage ratio
debt incurrence test.
The HCA Holdings Inc. unsecured notes are rated two-notches below
the IDR to reflect the substantial structural subordination of
these obligations, which are subordinate in right of payment to all
debt outstanding at the HCA level. At June 30, 2016, leverage at
the HCA and HCA Holdings Inc. level was 4.0x and 4.1x,
respectively.
FULL LIST OF RATING ACTIONS
Fitch has affirmed these ratings:
HCA Inc.
-- IDR at 'BB';
-- Senior secured credit facilities (cash flow and asset
backed) at 'BB+/RR1';
-- Senior secured first lien notes at 'BB+/RR1';
-- Senior unsecured notes at 'BB/RR4'.
HCA Holdings Inc.
-- IDR at 'BB';
-- Senior unsecured notes at 'B+/RR6'.
The Rating Outlook is Stable.
HEALTH DIAGNOSTIC: Court Approves Settlement Deal With LeClairRyan
------------------------------------------------------------------
Judge Kevin R. Huennekens of the United States Bankruptcy Court for
the Eastern District of Virginia granted the motion filed by
Richard Arrowsmith, in his capacity as the Liquidating Trustee of
the HDL Liquidating Trust, for approval of a settlement agreement
between the HDL Liquidating Trust and LeClairRyan, A Professional
Corporation under Federal Rule of Bankruptcy Procedure 9019.
The Liquidating Trustee filed the motion on September 1, 2016,
seeking to resolve claims asserted on behalf of the HDL Liquidating
Trust against LeClairRyan in connection with LeClairRyan's
prepetition representation of the debtors.
The pertinent provisions of the Settlement Agreement provide for
LeClairRyan to pay the HDL Liquidating Trust the sum of $20,375,000
and for the parties to release all claims that each has against the
other.
Tipton Golias, Joseph Golias, Donald Golias, Wyndell L Golias
Voting Trust, Helena Laboratories Corporation, Karla Falgout,
Pamela Oates, Eric Petersen, John Tessler, David Mayes, Noel
Bartlett, Robert Galen, Joseph McConnell, LaTonya S. Mallory, and
G. Russell Warnick filed objections to the Motion on September 15,
2016. Satyanarain Rangarajan, Floyd Calhoun Dent, III, Bradley
Johnson, and BlueWave Healthcare Consultants, Inc. filed joinders
to the objections to Settlement Agreement.
One of the Objectors, G. Russell Warnick, argued that the Court
should deny the benefit of the Settlement Agreement outright to all
creditors. Warnick asserted that the amount of the Settlement
Agreement is not reasonable in light of the full value of the
Liquidating Trustee's claims against LeClairRyan. Warnick,
however, failed to provide any evidence in support of this
contention.
Warnick next asserted that the Liquidating Trustee deprived the
Court of information that was necessary for the Court to properly
evaluate the Settlement Agreement; and so the Court must deny the
Motion for lack of evidentiary support. Warnick sought at the
Hearing to illicit testimony from counsel for the Liquidating
Trustee regarding his analysis of the legal positions the parties
had advanced and his negotiating strategy. Judge Huennekens,
however, held that in reviewing the Liquidating Trustee's decision,
the Court need only consider the legal positions underlying the
disputed claims, and the Court will not invade the Liquidating
Trustee's attorney/client privilege.
Another Objector, LaTonya S. Mallory, raised concerns along with
Warnick over whether the Settlement Agreement will release claims
that they purport to hold individually against LeClairRyan. Judge
Huennekens clarified that the Liquidating Trustee can only release
claims constituting estate property, and that the LeClairRyan
release included in the Settlement Agreement only affects former
officers and directors of HDL in their derivative, not individual
capacities.
All of the Objectors addressed section 10 of the Settlement
Agreement which provides that "LeClairRyan shall have and be
entitled to the benefits and protections available to released
parties under Code of Virginia section 8.01-35.1 . . . ." Judge
Huennekens found that the Objectors misapprehended the reference to
Code of Virginia section 8.01-35.1 in the Settlement Agreement.
The judge pointed out that the Liquidating Trustee does not seek,
nor is he getting, a preadjudication of the impact of Va. Code Ann.
section 8.01-35.1 on any future claims or defenses that may be
asserted by the Objectors in response to the Complaint. Judge
Huennekens explained that the Court is confirming merely that the
Settlement Agreement qualifies as a covenant not to sue or release,
and that the appropriate time to make a determination about the
application of Va. Code Ann. section 8.01-35.1 is in the future,
when claims or defenses asserted by or against the Objectors are
considered.
Objectors Malory and Warnick contended that after the amendment of
Va. Code Ann. section 8.01-35.1 in 2007, it no longer applies to
economic damages. Judge Huennekens held that while the impact of
the 2007 amendment is disputed by the parties, this Objection of
Malory and Warnick is premature because the issue now before the
Court is merely whether the Liquidating Trustee has met the
requirements under Bankruptcy Rule 9019 for approval of the
Settlement Agreement.
Judge Huennekens held that "The uncontroverted evidence presented
at the Hearing established that the Settlement Agreement was the
hard-fought product of an intense, arms-length mediation process
that lasted nearly nine months. The parties utilized the skills of
an independent mediator who had experience in legal malpractice,
healthcare regulation, fraud, and complex commercial disputes. The
Liquidating Trustee relied heavily upon the advice of financial
advisors, tax counsel, bankruptcy counsel, and legal malpractice
counsel in evaluating the terms of the Settlement Agreement."
Judge Huennekens thus concluded that the Liquidating Trustee has
met his burden under Bankruptcy Rule 9019 of proving that the
Settlement Agreement represents a fair and equitable deal for all
parties and is above the lowest point of reasonableness.
A full-text copy of Judge Huennekens' October 14, 2016 memorandum
opinion is available at
http://bankrupt.com/misc/vaeb15-32919-1529.pdf
About Health Diagnostic
Health Diagnostic Laboratory, Inc., Central Medical Laboratory,
LLC, and Integrated Health Leaders, LLC, are health care
businesses based in Richmond, Virginia. HDL is a blood testing
company.
Health Diagnostic Laboratory, Inc. (Bankr. E.D. Va. Case No.
15-32919) and affiliates Central Medical Laboratory, LLC (Bankr.
E.D. Va. Case No. 15-32920) and Integrated Health Leaders, LLC
(Bankr. E.D. Va. Case No. 15-32921) filed separate Chapter 11
bankruptcy petitions on June 7, 2015. The petitions were signed
by Martin McGahan, chief restructuring officer.
HDL disclosed $96,130,468 in assets and $108,328,110 in
liabilities as of the Chapter 11 filing.
Justin F. Paget, Esq., Tyler P. Brown, Esq., Jason W. Harbour,
Esq., and Henry P. (Toby) Long, III, Esq. at Hunton & Williams LLP
serve as the Debtors' bankruptcy counsel.
Alvarez & Marsal is the Debtors' financial advisor. Robert S.
Westermann, Esq., at Hirshler Fleisher, P.C., serve as the
Debtors' conflicts counsel. American Legal Claims Services, LLC,
is the Debtors' claims, noticing and balloting agent. Ettin Group,
LLC, will market and sell the miscellaneous equipment and other
assets.
MTS Health Partners, L.P., serves as investment banker.
To assist them with their restructuring efforts and to help
maximize the value of their estates, the Debtors filed with the
Court an application seeking entry of an order authorizing the
Debtors to retain Alvarez & Marsal Healthcare Industry Group, LLC
("A&M") to provide the Debtors with a Chief Restructuring Officer
and certain additional personnel. Richard Arrowsmith is presently
the CRO.
On June 16, 2015, the Office of the United States Trustee for the
Eastern District of Virginia appointed the Committee, consisting of
the following seven members: (i) Oncimmune (USA) LLC; (ii) Aetna,
Inc.; (iii) Pietragallo Gordon Alfano Bosick & Raspanti, LLP; (iv)
Mercodia, Inc.; (v) Numares GROUP Corporation; (vi) Kansas
Bioscience Authority; and (vii) Diadexus, Inc. On Sept. 23, 2015,
Oncimmune (USA) LLC resigned from the Committee and, on Nov. 3,
2015, the U.S. Trustee appointed Cleveland Heart Lab, Inc. to the
Committee.
The Creditors Committee retained Cooley LLP as its counsel and
Protiviti Inc. as its financial advisor.
* * *
On Nov. 5, 2015, the Court entered an order setting Dec. 22, 2015,
as the Bar Date for the filing of all proofs of claim.
The Debtors have sold substantially all of their operating assets
pursuant to two separate sales approved by the Court.
On Jan. 4, 2016, the Debtors filed a proposed Plan of Liquidation
and Disclosure Statement.
The Troubled Company Reporter on May 20, 2016, reported that Judge
Kevin R. Huennekens of the U.S. Bankruptcy Court for the Eastern
District of Virginia, Richmond Division, overruled the objections
to Health Diagnostic Laboratory, Inc., et al.'s Modified Second
Amended Plan of Liquidation and approved the Liquidating Plan and
approved the Plan.
HECTOR ANIBAL: Dec. 7 Plan Confirmation Hearing Set
---------------------------------------------------
Judge Brian K. Tester of the U.S. Bankruptcy Court for the District
of Puerto Rico approved the disclosure statement explaining Hector
Anibal Martinez Hernandez's plan and will convene a hearing on
December 7, 2016, at 9:00 A.M., to consider confirmation of the
Plan.
That any objection to confirmation of the plan shall be filed on/or
before seven days prior to the date of the hearing on confirmation
of the Plan.
The Troubled Company Reporter, on Sept. 13, 2016, reported that the
Debtor's Plan proposes that holders Class 7 General Unsecured
Creditors will receive from the Debtor a non-negotiable,
non-interest bearing, promissory note dated as of the Effective
Date. Creditors in this class will receive a total repayment of
100% of their claimed or listed debt plus 3.5% annual interest.
These claims, which total $47,814.69, will be paid in five equal
annual payments of $11,236.46 (this payment includes principal and
interest) each. The first annual payment will be due Sept. 1,
2017, and subsequently the first day of September of each year. The
Class is impaired.
The allowed liability to unsecured creditors is in the amount of
$1,344,966.97.
The source of payments proposed under the Plan will come from the
Debtor's income from businesses and sale of real properties.
The Disclosure Statement is available at:
http://bankrupt.com/misc/prb15-03458-111.pdf
Hector Anibal Martinez Hernandez filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 15-03458) on May 7, 2015, and is
represented by Homel Antonio Merado Justiniano, Esq.
HI-TEMP SPECIALTY: Panel Hires Pollack & Flanders as Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Hi-Temp Specialty
Metals, Inc. seeks authorization from the U.S. Bankruptcy Court for
the Eastern District of New York to retain Pollack & Flanders, LLP
as special counsel to the committee, nunc pro tunc to September 20,
2016.
The Committee requires Pollack & Flanders to obtain Court
authorization, if necessary, and prosecute claims and causes of
action held by the Debtor's estate against any or all of Wells
Fargo Bank, National Association, and its affiliates.
The Committee and Pollack & Flanders have agreed that Pollack &
Flanders' fees for services rendered as special counsel for the
Committee will be paid on a contingency-fee basis. The Committee
and Pollack & Flanders have agreed that if any property or other
value is recovered or provided from Wells Fargo for the benefit of
any or both of the Debtor's estate and the Debtor's general
unsecured creditors, whether by settlement, judgment, order, or
otherwise, Pollack & Flanders will be paid for its services a fee
of 33.33% of all Recoveries.
Anthony L. Gray, co-founder of Pollack & Flanders, 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 estate.
Pollack & Flanders can be reached at
Anthony L. Gray
POLLACK & FLANDERS, LLP
20 Park Plaza, Suite 605
Boston, MA 02116
Tel: (617) 259-3000
Fax: (617) 259-3050
E-mail: tgray@pollackandflanders.com
About Hi-Temp Specialty Metals
Founded in 1982, Hi-Temp Specialty Metals, Inc., is a recycler and
provider of specialty recycled metals for the super alloy industry.
Hi-Temp is a wholly-owned subsidiary of Hi-Temp Acquisition Corp.,
Inc. Joseph Smokovich owns 87% of HTAC common stock and the
remaining 13% is owned by Larry Stryker, a former employee. Hi-Temp
employs between 20 to 25 people.
Hi-Temp sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. E.D.N.Y. Case No. 16-72767) on June 22, 2016. The case is
assigned to Judge Louis A. Scarcella. The petition, signed by
President and Chief Executive Officer Joseph Smokovich, estimated
assets in the range of $10 million to $50 million and liabilities
of up to $50 million.
The Debtor is represented by Gerard DiConza, Esq., at Diconza
Traurig Kadish LLP.
HME HOLDINGS: Hires RSM Puerto Rico as Accountant
-------------------------------------------------
HME Holdings, Inc., seeks authority from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ RSM Puerto Rico as
accountant to the Debtor.
HME Holdings requires RSM Puerto Rico to:
a. prepare or review of bankruptcy court required monthly
operating reports;
b. reconcile of proof of claims;
c. prepare or review of the Debtor's projections;
d. analyze profitability of Debtor's operations;
e. assist in the development or review of plan of
reorganization or disclosure statement;
f. consult strategic alternatives and developments of business
plan;
g. any other consulting and expert witness services relating
to various bankruptcy matters such as insolvency,
feasibility forensic accounting, etc., as necessary.
RSM Puerto Rico will be paid at these hourly rates:
Doris Barroso Vicen, Partner $235
Managers $100-$150
Seniors $75-$90
Staff $60-$70
RSM Puerto Rico will be paid a retainer in the amount of $5,000.
RSM Puerto Rico will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Doris Barroso Vicen, member of RSM Puerto Rico, 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.
RSM Puerto Rico can be reached at:
Doris Barroso Vicen
RSM PUERTO RICO
1000 San Roberto
San Juan, PR 00926
Tel: (787) 751-6164
Fax: (787) 759-7479
About HME Holdings, Inc.
HME Holdings, Inc. filed a chapter 11 petition (Bankr. D.P.R. Case
No. 16-07686) on September 28, 2016. The petition was signed by
Ivan Marin, authorized representative. The Debtor is represented by
Carmen D. Conde Torres, Esq. and Luisa S. Valle Castro, Esq., at C.
Conde & Associates. The Debtor estimated assets at $100,000 to
$500,000 and liabilities at $1 million to $10 million at the time
of the filing.
The Debtor provides management services for its two related
parties: Islandwide Logistics, Inc. and P.J. Rosaly Enterprises,
Inc. It runs the human resources, business development, information
and technology, finance and accounting departments for both P.J.
Rosay Enterprises and Islandwide Logistics. Together, the three
entities form the Islandwide Group.
No official committee of unsecured creditors has been appointed in
the case.
HTY INC: Seeks to Hire Craig M. Geno as Legal Counsel
-----------------------------------------------------
HTY, Inc. seeks approval from the U.S. Bankruptcy Court for the
Northern District of Mississippi to hire legal counsel in
connection with its Chapter 11 case.
HTY proposes to hire the Law Offices of Craig M. Geno PLLC to
provide legal services, including advising the company regarding
any Chapter 11 plan of reorganization.
The firm's professionals and their hourly rates are:
Craig M. Geno $350
Associates $225
Paralegals $175
Legal Assistants $175
In a court filing, Mr. Geno, Esq., disclosed that his firm does not
represent any interest adverse to HTY or its bankruptcy estate.
The firm can be reached through:
Craig M. Geno, Esq.
Jarret P. Nichols, Esq.
Law Offices of Craig M. Geno PLLC
587 Highland Colony Parkway
Ridgeland, MS 39157
Tel: 601-427-0048
Fax: 601-427-0050
Email: cmgeno@cmgenolaw.com
jnichols@cmgenolaw.com
About HTY Inc.
HTY, Inc. sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N. D. Miss. Case No. 16-13370) on September 28, 2016. The
petition was signed by Nathan Yow, president.
At the time of the filing, the Debtor estimated assets of $1
million to $10 million and liabilities of less than $1 million.
IMX ACQUISITION: Taps Kurtzman Carson as Claims Agent
-----------------------------------------------------
IMX Acquisition Corp. seeks approval from the U.S. Bankruptcy Court
for the District of Delaware to hire Kurtzman Carson Consultants
LLC as its claims and noticing agent.
The services to be provided by the firm include overseeing the
distribution of notices, and the processing and docketing of proofs
of claim filed in the Chapter 11 cases of IMX and its affiliates.
IMX provided KCC a retainer in the amount of $20,000. The firm
will hold the retainer as security for the payment of its fees and
expenses.
Evan Gershbein, senior vice-president at KCC's corporate
restructuring division, disclosed in a court filing that the firm
is a "disinterested person" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Evan Gershbein
Kurtzman Carson Consultants LLC
2335 Alaska Avenue
El Segundo, CA 90245
Phone: 310-823-9000
Fax: 310-823-9133
About IMX Acquisition
IMX Acquisition Corp., also known as Ion Metrics Inc., and its
affiliates, comprise a leading designer and manufacturer of systems
and sensors that detect trace amounts of explosives and drugs.
Their products, which include handheld and desktop detection
devices, are used in a variety of security, safety, and defense
industries, including aviation, transportation, and customs and
border protection. The Debtors have sold more than 5,000 of their
detection products to customers such as the United States
Transportation Security Administration, the Canadian Air
Transportation Security Authority, and major airports in the
European Union.
IMX Acquisition Corp. sought Chapter 11 proctection (Bankr. D. Del.
Case No. 16-12238) on Oct. 10, 2016. The case is assigned to Judge
Brendan Linehan Shannon.
The Debtor estimated assets and liabilities in the range of $100
million to $500 million.
The Debtor tapped Paul V. Shalhoub, Esq. and Debra C. McElligott,
Esq. and Jennifer J. Hardy, Esq. at Willkie Farr & Gallagher, LLP
as counsel.
The petition was signed by William J. McGann, president.
INSTITUTE OF CARDIOVASCULAR: Has Until Nov. 26 to Use Cash
----------------------------------------------------------
Judge Jerry A. Funk of the U.S. Bankruptcy Court for the Middle
District of Florida authorized Institute of Cardiovascular
Excellence, PLLC and its affiliated debtors to use Fifth Third Bank
and the U.S. Small Business Administration's cash collateral on a
final basis, until Nov. 26, 2016.
The approved Budget covered the period beginning with the week
ending Oct. 8, 2016 and ending on the week ending Nov. 19, 2016.
The Budget provides for total disbursements in the amount of
$660,238.
Fifth Third Bank and the U.S. Small Business Administration were
grated a valid, perfected lien upon, and security interest in, to
the extent and in the order of priority of any valid lien
prepetition, all cash or other proceeds generated post-petition by
the Prepetition Collateral.
Judge Funk held that the Lenders were entitled to credit bid their
full claims at any sale involving their collateral.
Fifth Third Bank was granted an administrative expense claim to the
extent that the adequate protection given is insufficient and/or
does not offset any diminution of value in the cash collateral.
The Debtor was directed to maintain insurance coverage for the
Prepetition Collateral an name Fifth Third Bank as loss payee.
A full-text copy of the Order, dated Oct. 19, 2016, is available at
http://bankrupt.com/misc/InstituteofCardiovascularExcellence2016_316bk01491jaf_265.pdf
About Institute of Cardiovascular Excellence
Institute of Cardiovascular Excellence, PLLC, based in Ocala,
Florida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
16-01491) on April 20, 2016. The petition was signed by Asad
Qamar, manager. The Debtor is represented by Aaron A Wernick,
Esq., at Furr & Cohen, PA. The Debtor estimated $0 to $50,000 in
assets and $10 million to $50 million in liabilities at the time of
the filing.
Judge Jerry A. Funk presides over the case.
No official committee of unsecured creditors has been appointed in
the case.
INT'L SHIPHOLDING: Creditors' Panel Hires AMA as Financial Advisor
------------------------------------------------------------------
The Official Committee of Unsecured Creditors of International
Shipholding Corporation, et al., seeks authorization from the U.S.
Bankruptcy Court for the Southern District of New York to retain
AMA Capital Partners, LLC as financial advisor to the Committee,
nunc pro tunc to September 12, 2016.
The Committee requires AMA Capital to:
a. become familiar with and analyze the Debtors' business,
restructuring plan, assets and liabilities, and overall
financial condition;
b. assist the Committee in determining how to react to the
Debtors' restructuring plan or in formulating and
implementing its own plan;
c. monitor the financing and sale process, interfacing with
the Debtors' professionals, and advising the Committee
regarding the process;
d. prepare, or review as applicable, avoidance action and
claim analyses;
e. assist the Committee in reviewing the Debtors' financial
reports, including, but not limited to, SOFAs, Schedules,
cash budgets, and Monthly Operating Reports;
f. advise the Committee on the current state of these chapter
11 cases;
g. advise the Committee in negotiations with the Debtors and
third parties as necessary;
h. if necessary, participate as a witness in hearings before
the bankruptcy court with respect to matters upon which AMA
has provided advice; and
i. other activities as are approved by the Committee, the
Committee's counsel, and as agreed to by AMA.
AMA Capital will be paid a flat fee of $75,000 per month.
AMA Capital will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Kenneth L. Becker, member of AMA Capital Partners, LLC, 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 Debtors and its estates.
AMA Capital can be reached at:
Kenneth L. Becker
AMA CAPITAL PARTNERS, LLC
405 Lexington Ave., Suite 67
New York, NY 10174
Tel: (212) 682-3344
About International Shipholding
International Shipholding Corporation filed a Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 16-12220) on July 31, 2016. Its
affiliated Debtors also filed separate Chapter 11 petitions. The
petitions were signed by Manuel G. Estrada, vice president and
chief financial officer.
The Debtors are represented by David H. Botter, Esq., Sarah Link
Schultz, Esq., and Travis A. McRoberts, Esq., at Akin Gump Strauss
Hauer & Feld LLP. The Debtors' Restructuring Advisor is Blackhill
Partners, LLC. Their Claims, Noticing & Balloting Agent is Prime
Clerk LLC.
The Debtors disclosed total assets at $305.08 million and total
debts at $226.83 million as of March 31, 2016.
William K. Harrington, the U.S. Trustee for the Southern District
of New York, on Sept. 1 appointed three creditors to serve on the
official committee of unsecured creditors of International
Shipholding Corporation. The Committee hires Pachulski Stang Ziehl
& Jones LLP as counsel, AMA Capital Partners, LLC as financial
advisor.
INT'L SHIPHOLDING: Creditors' Panel Hires Pachulski as Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors of International
Shipholding Corporation, et al., seeks authorization from the U.S.
Bankruptcy Court for the Southern District of New York to retain
Pachulski Stang Ziehl & Jones LLP as counsel to the Committee, nunc
pro tunc to September 12, 2016.
The Committee requires Pachulski to:
a. assist, advise, and represent the Committee in its
consultations with the Debtors regarding the administration
of the bankruptcy case;
b. assist, advise, and represent the Committee in analyzing
the Debtors' assets and liabilities, investigating the
extent and validity of liens and participating in and
reviewing any proposed asset sales, any asset dispositions,
financing arrangements and cash collateral stipulations or
proceedings;
c. assist, advise, and represent the Committee in connection
with the transfers of any programs operated by the Debtors
to different agencies;
d. assist, advise, and represent the Committee in any manner
relevant to reviewing and determining the Debtors' rights
and obligations under leases and other executory contracts;
e. assist, advise, and represent the Committee in
investigating the acts, conduct, assets, liabilities, and
financial condition of the Debtors, the Debtors' operations
and the desirability of the continuance of any portion of
those operations, and any other matters relevant to the
cases or to the formulation of a plan;
f. assist, advise, and represent the Committee in its
participation in the negotiation, formulation, and drafting
of a plan of liquidation or reorganization;
g. advise the Committee on the issues concerning the
appointment of a trustee or examiner under section 1104 of
the Bankruptcy Code;
h. assist, advise, and represent the Committee in
understanding its powers and its duties under the
Bankruptcy Code and the Bankruptcy Rules and in performing
other services as are in the interests of those represented
by the Committee;
i. assist, advise, and represent the Committee in the
evaluation of claims and on any litigation matters,
including avoidance actions and claims against directors
and officers and any other party; and
j. provide such other services to the Committee as may be
necessary in the bankruptcy cases.
Pachulski will be paid at these hourly rates:
Partners $595-$1,195
Of Counsel $550-$975
Associates $425-$550
Paralegals $295-$325
Pachulski will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Not applicable.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Not applicable.
Robert J. Feinstein, member of Pachulski Stang Ziehl & Jones LLP,
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 Committee, the Debtor,
creditors, any other party-in-interest, their respective attorneys
and accountants, and the United States Trustee, or any person
employed in the office of the United States Trustee.
Pachulski can be reached at:
Robert J. Feinstein, Esq.
Bradford J. Sandler, Esq.
Steven W. Golden, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
780 Third Avenue, 34th Floor
New York, New York 10017
Telephone: (212) 561-7700
Facsimile: (212) 561-7777
Email: rfeinstein@pszjlaw.com
bsandler@pszjlaw.com
sgolden@pszjlaw.com
About International Shipholding
International Shipholding Corporation filed a Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 16-12220) on July 31, 2016. Its
affiliated Debtors also filed separate Chapter 11 petitions. The
petitions were signed by Manuel G. Estrada, vice president and
chief financial officer.
The Debtors are represented by David H. Botter, Esq., Sarah Link
Schultz, Esq., and Travis A. McRoberts, Esq., at Akin Gump Strauss
Hauer & Feld LLP. The Debtors' Restructuring Advisor is Blackhill
Partners, LLC. Their Claims, Noticing & Balloting Agent is Prime
Clerk LLC.
The Debtors disclosed total assets at $305.08 million and total
debts at $226.83 million as of March 31, 2016.
William K. Harrington, the U.S. Trustee for the Southern District
of New York, on Sept. 1 appointed three creditors to serve on the
official committee of unsecured creditors of International
Shipholding Corporation. The Committee hires Pachulski Stang Ziehl
& Jones LLP as counsel, and AMA Capital Partners, LLC as financial
advisor.
ISLANDWIDE LOGISTICS: Hires RSM Puerto Rico as Accountant
---------------------------------------------------------
Islandwide Logistics, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ RSM
Puerto Rico as accountant to the Debtor.
Islandwide Logistics requires RSM Puerto Rico to:
a. prepare or review of bankruptcy court required monthly
operating reports;
b. reconcile of proof of claims;
c. prepare or review of the Debtor's projections;
d. analyze profitability of Debtor's operations;
e. assist in the development or review of plan of
reorganization or disclosure statement;
f. consult strategic alternatives and developments of business
plan;
g. provide any other consulting and expert witness services
relating to various bankruptcy matters such as insolvency,
feasibility forensic accounting, etc., as necessary.
RSM Puerto Rico will be paid at these hourly rates:
Doris Barroso Vicen, Partner $235
Managers $100-$150
Seniors $75-$90
Staff $60-$70
RSM Puerto Rico will be paid a retainer in the amount of $5,000.
RSM Puerto Rico will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Doris Barroso Vicen, member of RSM Puerto Rico, 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.
RSM Puerto Rico can be reached at:
Doris Barroso Vicen
RSM PUERTO RICO
1000 San Roberto
San Juan, PR 00926
Tel: (787) 751-6164
Fax: (787) 759-7479
About Islandwide Logistics
Islandwide Logistics, Inc. filed a chapter 11 petition (Bankr.
D.P.R. Case No. 16-07693) on September 28, 2016. The petition was
signed by Ivan Marin, president. The Debtor is represented by
Carmen D. Conde Torres, Esq. and Luisa S. Valle Castro, Esq., at C.
Conde & Associates. The Debtor estimated assets and liabilities at
$1 million to $10 million at the time of the filing.
The Debtor operates over 300,000 square feet of warehouse space
dedicated to providing its clients with inventory management that
includes full inventory systems integration, electronic order
processing, RF capability and retail time sensitive delivery
service. Logistics' distribution center is designed to ensure the
uninterrupted flow of the supply-chain RF Capable Warehouses. There
are two related parties to this company: P.J. Rosaly Enterprises
and HME Holdings, Inc.
No official committee of unsecured creditors has been appointed in
the case.
IVAN A. RODRIGUEZ PAGAN: Wins Confirmation of Amended Plan
----------------------------------------------------------
U.S. Bankruptcy Judge Enrique S. Lamoutte Inclan granted final
approval to the disclosure statement and confirmed the Amended
Chapter 11 Plan of debtor Ivan A. Rodriguez Pagan.
The Debtor filed the disclosure statement on May 26, 2016. The
Debtor filed the Amended plan on Oct. 4.
Ivan A Rodriguez Pagan filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 15-09507) on November 30, 2015.
J L LEASING: Auction of Truck, Trailer Assets Set for Dec. 16
-------------------------------------------------------------
J L Leasing & Transportation filed on October 14, 2016, a second
amended disclosure statement, a full-text copy of which is
available at http://bankrupt.com/misc/wawb15-13813-244.pdf
In the Second Amended Disclosure Statement, the Debtor disclosed
its plans on placing all of its truck and trailer assets for sale
with Ritchie Brothers Auction with the auction scheduled to take
place on December 16, 2016. In the interim, in order to maximize
funds for creditors of the estate, the debtor intends to continue
marketing and attempting to sell those assets subject to court
approval on either November 17, 2016, or December 1, 2016. Any
truck and trailer assets that the debtor has not sold prior to
December 16, 2016 will be placed for sale at the Ritchie Brother
auction to be held on that date.
Sales proceeds sufficient to pay estimated and reduced costs of
operation during the completion of the debtor's wind down and
cessation of business operations and liquidation of all assets will
be held in the debtor's account. Excess proceeds will be held in
the trust account of the debtor's attorneys.
The Debtor will pay all secured creditors claims from the proceeds
of sale of their collateral. The Debtor will make distributions to
other claimants according to the priorities as established under
the Bankruptcy Code and the plan and as funds are available to make
distributions. No distributions will be made to a lower priority
class until funds are available to pay a higher priority class in
full.
About J L Leasing
J L Leasing & Transportation is a trucking company, incorporated in
Washington on Dec. 13, 2001 and it is headquartered in Enumclaw,
Washington. Prior to that time the business was a sole
proprietorship operated by Frank Letourneau's father and mother
since approximately 1993. J L Leasing's primary trucking
activities are in the state of Washington including container
shipping for companies importing and exporting goods through the
ports of Washington, Oregon and British Columbia, and transporting
produce and other commodities in Washington, Oregon and British
Columbia.
J L Leasing & Transportation sought Chapter 11 protection (Bankr.
W.D. Wash. Case No. 15-13813) on June 23, 2015. The petition was
submitted by Jutta Letourneau, CEO and Sole Member Board of
Directors. The Debtor estimated assets in the range of $0 to
$50,000 and $500,000 to $1,000,000 in debt. Lasher Holzapfel
Sperry & Ebberson PLLC serves as counsel.
JACK HARRY GRANT: Unsecureds To Recoup 3.4% Under Plan
------------------------------------------------------
Jack Harry Grant filed with the U.S. Bankruptcy Court for the
Western District of Washington for Seattle a plan and accompanying
disclosure statement, which propose that all general unsecured
creditors will be paid, pro rata, a total of $27,165, in 60 equal
monthly installments with the first installment of $452.76 to be
paid on the first of the monthly following the Effective Date.
The Unsecured Dividend represents approximately 3.4% distribution
to unsecured creditors.
Funds for implementation of the Plan will be derived from the
Debtor's rental income and law practices located in the U.S. and
Canada. The Debtor's current total net monthly income is estimated
to be $9,281.89, which represents a net income from the vacation
rental and two law practices.
A full-text copy of the Disclosure Statement dated October 14,
2016, is available at:
http://bankrupt.com/misc/wawb16-13921-32.pdf
A hearing on the approval of the disclosure statement is scheduled
for November 18, 2016, at 9:30 a.m.
Jack Harry Grant filed a Chapter 11 petition (Bankr. W.D. Wash.
Case No. 16-13921) on July 28, 2016, and is represented by Masafumi
Iwama, Esq., at Iwama Law Firm.
JAMES A. CRIPE: Disclosure Statement Hearing on Nov. 17
-------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
is set to hold a hearing on November 17, at 10:00 a.m., to consider
approval of the disclosure statement explaining the Chapter 11 plan
of James Cripe.
The hearing will take place at the U.S. Courthouse, Bankruptcy
Courtroom, 17 South Park Row, Erie, Pennsylvania. Objections are
due by November 10.
The plan proposes to pay holders of Class 3 unsecured claims
$393.96 per month for 72 months, which will result to 10.4%
recovery.
The Debtor is the proprietor of Asbury Manor Mobile Home Park in
Meadville, Pennsylvania and of Wilderness Mobile Home Park in
Clarendon, Pennsylvania. Payments under the plan will be funded by
revenues generated by the property.
About James A. Cripe
James A. Cripe (Bankr. W.D. Pa. Case No. 15-10070) filed a Chapter
11 petition on January 21, 2015. The case is assigned to Judge
Thomas P. Agresti. The Debtor is represented by Gary Skiba, Esq.
JAMES BRIAN CARROLL: Unsecureds To Recoup 90.3% Under Plan
----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia is
set to hold a hearing on December 1, at 11:00 a.m., to consider
approval of the disclosure statement explaining the Chapter 11 plan
of reorganization of James Brian Carroll.
The hearing will take place at Chief Judge St. John's Courtroom,
Courtroom One, 4th Floor, 600 Granby Street, Norfolk, Virginia.
Objections must be filed on or before seven days prior to the
hearing.
The Debtor filed with the Bankruptcy Court a disclosure statement
dated Oct. 12, 2016.
The total balance owed to unsecured creditors, as of the Petition
Date, was $767,425.06, not including the disputed claims. These
claims are not entitled to any interest. All payments contemplated
will be made on a pro rata basis and payments will be remitted on a
quarterly basis, starting in year one of the Plan (with three
quarterly payments in the first year) and going through the end of
the term of Plan, with quarterly payments beginning in April 2017.
The months of the quarterly payments during Years 2 - 7 will be
January, April, July and October of each year, excluding the first
year of the Plan.
The total amount to be paid to Class 14 is $693,083.20, which
represents 90.3% payout to holders of claims that make up the Class
14 Caims. Excluded from this calculation are the two disputed
debts, one with Time to Harvest, LLC and the other with Dawn to
Dusk, LLC. Class 14 is impaired and entitled to vote.
The Debtor believes that he will have enough cash on hand on the
Effective Date of the Plan to pay all the claims and expenses
require to be paid on that date.
The Disclosure Statement is available at:
http://bankrupt.com/misc/vaeb16-70766-69.pdf
The Plan was filed by the Debtor's counsel:
Kelly M. Barnhart, Esq.
ROUSSOS, GLANZER & BARNHART, PLC
580 E. Main Street, Suite 300
Norfolk, VA 23510
Tel: (757) 622-9005
Fax: (757) 624-9257
E-mail: barnhart@rgblawfirm.com
James Brian Carroll is a resident of Smithfield, Virginia, who has
been farming since 1990. In addition to farming, he also provides
part-time handy services to the general public and began working at
a funeral home this past year. It is anticipated that he will be a
funeral director with Little's Funeral Home & Cremation Service.
His non-filing spouse is retired and who is currently raising
cattle. The Debtor has grown his farming operations from 100 acres
to approximately 2,500 acres as of 2015. He has grown cotton,
corn, soybeans, edible soybeans and wheat. At this time, his crops
include two different types of soybean. His income is primarily
received from his farming operations.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr. E.D.
Va. Case No. 16-70766) on March 7, 2016.
JAMES RUSSELL SUMMERS: Unsecureds To Recoup 100% Under Plan
-----------------------------------------------------------
James Russell Summers filed with the U.S. Bankruptcy Court for the
Eastern District of Tennessee a disclosure statement to the
Debtor's plan of reorganization dated Aug. 5, 2016.
Class XII General Unsecured Claims total approximately $110,423.83.
These claims will be paid back in full at 100%. These claims will
be paid over 240 months with payments of $730 per month with the
first payment to begin within 30 days of the Effective Date and on
the 1st day of the month thereafter with an interest rate of 5.0%.
The Disclosure Statement is available at:
http://bankrupt.com/misc/tneb15-14469-78.pdf
The Plan was filed by the Debtor's counsel:
W. Thomas Bible, Jr., Esq.
LAW OFFICE OF W. THOMAS BIBLE, JR.
6918 Shallowford Road, Suite 100
Chattanooga, TN 37421
Tel: (423) 424-3116
Fax: (423) 553-0639
E-mail: tom@tombiblelaw.com
James Russell Summers has been renting properties since 1990.
During that time he has built a portfolio of 31 units. The Debtor
works metal/construction work, bail bonds work and also runs a used
furniture business. Debtor financed the real estate properties
with several lenders. The Debtor's construction work had slowed
down due to the economy and rentals had become vacant. The Debtor
also had several employees who accessed monies without permission.
In 2015 First National Bank threatened foreclosure on some secured
properties
The Debtor filed for Chapter 11 bankruptcy protection (Bankr. E.D.
Tenn. Case No. 15-14469) on Oct. 12, 2015.
JEANETTE GUTIERREZ: Disclosures Okayed, Plan Hearing on Nov. 22
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Texas will
consider approval of the Chapter 11 plan of reorganization of
Jeanette Gutierrez at a hearing on November 22.
The hearing will be held at 9:30 a.m., at the U.S Bankruptcy Court,
Courtroom No. 3, Fifth Floor, Old Post Office Building, 615 East
Houston Street, San Antonio, Texas.
The court had earlier approved the Debtor's disclosure statement,
allowing her to start soliciting votes from creditors.
The October 13 order set a November 10 deadline for creditors to
cast their votes and file their objections.
Under the proposed plan, a portion of the secured claim held by
Bexar County Texas in the amount of $23,825 will be paid from the
proceeds generated from the sale of the Debtor's real properties.
The balance of the claim in the amount of $12,338 will be paid
according to the Debtor's proposed plan payment schedule.
Bexar County will be paid interest at the rate of 12% per annum,
and will retain its pre-bankruptcy lien securing the claim until it
is paid in full.
About Jeanette M. Gutierrez
Jeanette M. Gutierrez and her spouse own and operate a couple of
businesses San Antonio, Texas, including GP Auto Sales, Inc., which
is involved in used car sales; Gutierrez P. Enterprises, LLC, which
owns and rents several residual rental properties in San Antonio,
Texas; and FCRE, Inc.
Jeanette M. Gutierrez sought Chapter 11 protection (Bankr. W.D.
Tex. Case No. 15-52100g) on Aug. 31, 2015.
The Debtor tapped David T. Cain, Esq., at the Law Office of David
T. Cain as counsel.
JEFFREY SCOTT NICHOLS: Unsecured Creditors to be Paid 20%
---------------------------------------------------------
Unsecured creditors will get 20% of their claims under the Chapter
11 plan of reorganization of Jeffrey Scott Nichols.
The plan filed on Oct. 13 with the U.S. Bankruptcy Court for the
Western District of Texas proposes to pay Class 10 unsecured
creditors 20% of their allowed claims through equal monthly
payments of principal based on a three-year plan term.
The projected monthly payments are estimated to be in the amount of
$111, and will be disbursed on a pro-rata basis to unsecured
creditors. Payments will start on the first day of the third month
following the effective date of the plan.
The plan will be funded from the Debtor's income generated from the
operations of his business, according to the disclosure statement
explaining the plan.
A copy of the disclosure statement is available for free at
https://is.gd/ZeGTau
The Debtor is represented by:
William R. Davis, Jr., Esq.
Langley & Banack, Inc.
745 E. Mulberry, Suite 900
San Antonio, TX 78212
Tel: (210) 736-6600
About Jeffrey Scott Nichols
Jeffrey Scott Nichols is an independent manufacturer's
representative for Transpro Associates, Inc. His business focuses
on vehicle electrical systems.
The Debtor sought protection under Chapter 13 of the Bankruptcy
Code on January 29, 2016. The case was converted to a Chapter 11
case (Bankr. W.D. Texas Case No. 16-5021) on April 12, 2016.
The Debtor's bankruptcy filing is the result of a large
pre-petition income tax liability.
JOHN Q. HAMMONS: Seeks to Hire Alvarez & Marsal as Appraiser
------------------------------------------------------------
John Q. Hammons Fall 2006, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Kansas to hire Alvarez &
Marsal Valuation Services, LLC as appraiser.
The firm will provide opinions of the market value of the assets of
the Revocable Trust of John Q. Hammons. These assets include a
semi-professional baseball stadium, vacant land and the trust's
equity ownership interests in certain companies.
The firm's professionals and their hourly rates are:
Managing Directors $585
Senior Directors $495
Directors $400
Managers $375
Senior Associates $315
Associates $225
Staff $155
Gary Frantzen, managing director at Alvarez & Marsal, disclosed in
a court filing that his firm is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Gary T. Frantzen
Alvarez & Marsal Valuation Services, LLC
540 West Madison Street, Suite 1800
Chicago, IL 60661
Tel: +1 312 601 4220
Fax: +1 312 332 4599
About John Q. Hammons Fall 2006, LLC
Springfield, Mo.-based John Q. Hammons Hotels & Resorts (JQH) --
http://www.jqhhotels.com/-- is a private, independent owner and
manager of hotels in the United States, representing brands such
as: Marriott, Hilton, Embassy Suites by Hilton, Sheraton, IHG,
Chateau on the Lake Resort / Spa & Convention Center, and Plaza
Hotels Collection. It has portfolio of 35 hotels representing
approximately 8,500 guest rooms/suites in 16 states.
John Q. Hammons Fall 2006, LLC, and its affiliated Debtors filed
chapter 11 petitions (Bankr. D. Kan. Case Nos. 16-21139 to
16-21208) on June 26, 2016. The petitions were signed by Greggory
D. Groves, vice president.
The Debtors are represented by Mark A. Shaiken, Esq., Mark S.
Carder, Esq., and Nicholas Zluticky, Esq., at Stinson Leonard
Street LLP. The Debtors' conflict counsel is Victor F. Weber,
Esq., at Merrick Baker and Strauss PC.
At the time of filing, the Debtors estimated assets at $100 million
to $500 million and liabilities at $100 million to $500 million.
KAIDANS INC: Hearing on Disclosures Set For Dec. 7
--------------------------------------------------
The Hon. Jason D. Woodard of the U.S. Bankruptcy Court for the
Northern District of Mississippi has scheduled for Dec. 7, 2016, at
9:30 a.m. the hearing to consider the disclosure statement filed by
Southeastern Entertainment, LLC, in Kaidans, Inc.'s Chapter 11
case.
Objections to the Disclosure Statement must be filed by Nov. 18,
2016.
Southeastern Entertainment is represented by:
Bradley T. Golmon, Esq.
Holcomb, Dunbar, Watts, Best, Masters & Golmon, P.A.
400 South Lamar Boulevard, Suite A
Post Office Drawer 707
Oxford, MS 38655
Tel: (662) 234-8775
E-mail: bgolmon@holcombdunbar.com
Headquartered in Oxford, Mississippi, Kaidans, Inc. dba University
Inn filed for Chapter 11 bankruptcy protection (Bankr. N.D. Miss.
Case No. 13-15275) on Dec. 24, 2013, estimating its assets and
liabilities at between $1 million and $10 million each. The
petition was signed by Rajendra C. Patel, president. Craig M.
Geno, Esq., at the Law Offices Of Craig M. Geno, PLLC, serves as
the Debtor's counsel.
KEITH BRADLEY KRAMER: Hearing on Disclosures Set For Nov. 16
------------------------------------------------------------
The Hon. Frank W. Volk of the U.S. Bankruptcy Court for the
Southern District of West Virginia has scheduled for Nov. 16, 2016,
at 1:30 p.m. the hearing to consider the approval of Keith Bradley
Kramer's combined disclosure statement and plan of reorganization
dated Sept. 21, 2016.
Objections to the Disclosure Statement must be filed by Nov. 7,
2016.
Keith Bradley Kramer filed for Chapter 11 bankruptcy protection
(Bankr. E.D. Mich. Case No. 15-46671) on April 28, 2015.
KESWICK REAL: Plan Outline Okayed, Confirmation Hearing on Dec. 8
-----------------------------------------------------------------
Keswick Real Estate LLC is now a step closer to emerging from
Chapter 11 protection after a bankruptcy court approved the outline
of its plan of reorganization.
The U.S. Bankruptcy Court for the Eastern District of New York on
October 13 gave the thumbs-up to the disclosure statement after
finding that it contains "adequate information."
The order set a November 18 deadline for creditors to cast their
votes and file their objections.
A court hearing to consider confirmation of the plan is scheduled
for December 8, at 11:00 a.m.. The hearing will take place at the
U.S. Bankruptcy Court, 290 Federal Plaza, Central Islip, New York.
The Debtor's First Amended Disclosure Statement provides that Class
4 unsecured claims will be paid 50% pro rata over 60 months in
equal installments under the Plan.
The Amended Disclosure Statement, among other things, reveals that
monthly payments for General Unsecured Claims would be
approximately $172, pro rata. The payments may however increase
by
$2,800 based on the treatment of the non-priority tax portion of
Class 1 Governmental Unit Lien Claims.
The Original Disclosure Statement noted that monthly payment for
General Unsecured Claims was $334.
A copy of the First Amended Disclosure Statement dated Sept. 29,
2016 is available at http://bankrupt.com/misc/nyeb16-72262-37.pdf
About Keswick Real Estate
Keswick Real Estate LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 16-72262) on May 20,
2016. The petition was signed by Fredrick Olivieri, sole member.
The Debtor is represented by Salvatore LaMonica, Esq., and Jordan
Pilevsky, Esq., at LaMonica Herbst & Maniscalco, LLP. The case is
assigned to Judge Louis A. Scarcella.
At the time of the filing, the Debtor disclosed $1.30 million in
assets and $1.21 million in debt.
KEY ENERGY: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:
Debtor Case No.
------ --------
Misr Key Energy Investments, LLC 16-12305
1301 McKinney, Suite 1800
Houston, TX 77010
Key Energy Services, Inc. 16-12306
1301 McKinney, Suite 1800
Houston, TX 77010
Key Energy Services, LLC 16-12307
Misr Key Energy Services, LLC 16-12308
Type of Business: The Debtor, and its wholly owned subsidiaries,
provide a full range of well services to major
oil companies, foreign national oil companies
and independent oil and natural gas production
companies. The Debtor's services include rig-
based and coiled tubing-based well maintenance
and workover services, well completion and
recompletion services, fluid management
services, fishing and rental services, and other
ancillary oilfield services.
Chapter 11 Petition Date: October 24, 2016
Court: United States Bankruptcy Court
District of Delaware (Delaware)
Debtors'
General
Counsel: James F. Conlan, Esq.
Larry J. Nyhan, Esq.
Andrew F. O'Neill, Esq.
SIDLEY AUSTIN LLP
One South Dearborn Street
Chicago, Illinois 60603
Tel: (312) 853-7000
Fax: (312) 853-7036
E-mail: jconlan@sidley.com
lnyhan@sidley.com
aoneill@sidley.com
- and -
Jeffrey E. Bjork
Christina M. Craige, Esq.
SIDLEY AUSTIN LLP
555 West Fifth Street, Suite 4000
Los Angeles, California 90013
Tel: (213) 896-6000
Fax: (213) 896-6600
E-mail: jbjork@sidley.com
ccraige@sidley.com
Debtors'
Delaware
Counsel: Robert S. Brady, Esq.
Edwin J. Harron, Esq.
Ryan M. Bartley, Esq.
YOUNG, CONAWAY, STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, Delaware 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
E-mail: rbrady@ycst.com
eharron@ycst.com
rbartley@ycst.com
Debtors'
Investment
Bankers: PJT PARTNERS LP
280 Park Avenue
New York City,
New York 10017
Debtors'
Financial
Advisors: ALVAREZ AND MARSAL NORTH AMERICA, LLC
2100 Ross Avenue, 21st Floor
Dallas, Texas, 75201
Debtors'
Notice,
Claims,
Solicitation
and Voting
Agent: EPIQ BANKRUPTCY SOLUTIONS, LLC
777 Third Avenue, 12th Floor
New York City
New York, 10017
Total Assets: $1.12 billion as of June 30, 2016
Total Debt: $1.16 billion as of June 30, 2016
The petitions were signed by Marshall J. Dodson, chief financial
officer, senior vice president and treasurer.
List of Debtor's 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
The Bank of New York Mellon 6.75% Notes Due $675,000,000
Trust Co. NA 2021
Attn: Chief Financial Officer
911 Washington Ave
St. Louis, MO 63101
Contact: Chief Financial Officer
Tel: 314-613-8200
Fax: 314-613-8238
Howard Supply Trade $325,144
Attn: Peggy Aven
4100 International Plaza
Ft. Worth, TX 76109
Contact: Peggy Aven
Tel: 940-683-4920
Fax: 817-529-8062
Email: paven@howard-supply.com
Unifirst Trade $305,227
Attn: Chief Financial Officer
200 N Sam Houston Road
Mesquite, TX 75149
Tel: 978-658-8888
Email: ar@unifirst.com
Tenaris Coiled Tubes LLC Trade $301,526
Attn: Chief Financial Officer
8615 E Sam Houston Pkway N
Houston, TX 77044
Tel: 281-458-2883
Fax: 281-458-8938
Steel Service Oilfield Tubular Trade $190,223
Email: rp@steelserviceoilfield.com
National Oilwell Varco LP Trade $166,894
Email: bernie.smith@nov.com
Global Tubing, LLC Trade $160,029
Email: info@global-tubing.com
Weatherford Artificial Lift Trade $126,328
Email: deborah.kerley@weatherford.com
Bridgestone Americas Trade $104,509
Email: Arremittance@bfusa.com
Cameron Trade $99,013
Email: fernando.arrendo@c-a-m.com
Harlow Sammons of Odessa, Inc. Trade $91,679
Email: hhanson@harlowsammons.com
Horizon Cable Service, Inc. Trade $73,774
Email: floyd.horizoncable@coxinet.net
Fleetpride Trade $69,752
Email: keyorders@fleetpride.com
Certex USA Inc. Trade $64,932
Email: lcawthron@certex.com
Indepdendent Pipe and Supply Corp. Trade $63,913
DNOW LLP Trade $61,744
Email: allison.braswell@dnow.com
Integrated Control Solutions Trade $61,497
Email: swcentral@gmail.com;
sales@swdcentral.com
Pettigrew Specialty Co. Trade $59,942
Email: jared@pettigrewspecialty.com
Permian Disposal Services Trade $53,925
Email: tnelsonpds@outlook.com
Granite Telecommunications LLC Trade $52,099
Bruckner Truck Sales Trade $44,099
Email: sbrown@brucknertruck.com
United Rentals Trade $40,268
GC Products Trade $39,133
Email: Heather@gcproducts.us
Aries Freight Systems LP Trade $38,804
Performance Truck & Diesel Trade $35,709
Email: pr4mns.aol.com
Logal Oil Tools Trade $34,361
Email: dan@loganoiltools.com
Hydradyne LLC Trade $32,701
Email: hss1920@yahoo.com
IBM Corporation Trade $31,750
Email: rojog@mx1.ibm.com;
askusar@ca.ibm.com
Donnelley Financial LLC Trade $31,685
Coil Solutions Inc. Trade $30,877
Email: Alice.villarreal@coilsolutions.com
KEY ENERGY: Files for Ch. 11 with Deal to Reduce Debt by $750-Mil.
------------------------------------------------------------------
Key Energy Services, Inc., and three of its subsidiaries sought
bankruptcy protection with an agreement to reduce their funded debt
from approximately $1 billion to roughly $250 million. The Debtors
expect a swift emergence from Chapter 11 with a manageable debt
load that they can service with cash from operations.
The Chapter 11 cases were filed with the backing from 100% in
principal amount and 100% in number of holders of term loan claims
and 99.89% in principal amount and 93.88% in number of holders of
senior notes claims.
Marshall J. Dodson, chief financial officer of Key Energy,
explained in a declaration filed with the Bankruptcy Court that the
combination of prolonged, depressed oil prices and the resulting
reduction in demand for well services, along with an increase in
competitive pricing among well services providers, have materially
and adversely affected the Debtors' results of operations, cash
flows and financial condition.
"The Debtors have taken numerous steps to streamline their
operations and reduce costs, including by downsizing their
workforce, closing locations, and focusing on their core North
American businesses," related Mr. Dodson. "Over the past 18
months, the Debtors have sold numerous assets, have sold or given
up leases on approximately 25 locations, have reduced their
headcount by approximately 55% and reduced benefits for employees,
and have tightened their invoicing processes to expedite cash
receipts," he added.
In light of the downturn in the industry, the Debtors engaged in
months of intensive negotiation with the creditor parties regarding
the terms of a potential restructuring.
Plan Support Agreement
On Aug. 24, 2016, the Supporting Term Lenders and the Supporting
Noteholders led by Cortland Capital Market Services LLC (as term
loan agent), Bank of America, N.A. (as term loan lead arranger),
Credit Suisse Securities (USA) LLC, Merrill Lynch, J.P. Morgan
Securities LLC and Morgan Stanley & Co. Incorporated (as
underwriters) entered into the Plan Support Agreement which forms
the backbone for the consensual restructuring of the Debtors'
funded indebtedness. The terms of the Agreement will be
implemented through a joint prepackaged plan of reorganization,
subject to the Court's approval.
"The Plan Support Agreement establishes the framework for the
development and solicitation of the Plan, which has been formulated
not only to eliminate debt, but to maintain the underlying value of
the Debtors' businesses and to position the Debtors for future
growth. This contemplated process was designed to save the Debtors
significant administrative costs and prevent any potential drag on
their businesses, and will result in a far better outcome for the
estates than a potential free-fall bankruptcy that could be
necessary without the Plan Support Agreement," said Mr. Dodson.
The Plan Support Agreement includes an agreement by the Term Loan
Lenders to forbear as to certain defaults through the filing of the
Chapter 11 cases in exchange for another $10 million loan paydown,
without prepayment penalty. In conjunction with entering into the
Plan Support Agreement, Key and Key Energy Services, LLC entered
into the ABL Forbearance Agreement with ABL Agent and certain ABL
Lenders, which provided consent to the $10 million loan paydown to
the Term Loan Lenders and an agreement to forbear prior to the
Debtors' Chapter 11 cases.
According to the Debtors, the Plan Support Agreement represents a
significant step forward in resolving their financial difficulties
by right-sizing their balance sheet through a consensual and swift
restructuring process.
Backstop Agreement and Rights Offering
Pursuant to the Plan Support Agreement, on Sept. 21, 2016, the
Debtors commenced a rights offering for shares in Reorganized Key
to be issued on the Effective Date. Under the terms of the Plan,
95% of the shares available through the Rights Offering could be
purchased by qualifying noteholders and 5% of those shares could be
purchased by qualifying equity holders, who were pre-qualified by
the Debtors to participate in the Rights Offering. The size of the
Rights Offering ultimately depends upon a calculation of
Reorganized Key's "Minimum Liquidity" on the Effective Date.
Reorganized Key is required to issue $85 million in shares through
the Rights Offering, and, depending upon the calculation of
"Minimum Liquidity," up to $25 million (in $1 million increments)
of additional shares. The entire Rights Offering has been
backstopped by certain Supporting Noteholders, subject to the terms
of the Backstop Agreement.
It is currently contemplated that the proceeds from the Primary
Rights Offering and, if applicable, the Incremental Liquidity
Rights Offering (including any proceeds from the Backstop
Commitment), will be used (i) for the Cash distribution to Class 3
(Term Loan Claims), (ii) to pay certain Restructuring transaction
fees, (iii) for general corporate and business purposes and (iv) to
make distributions to Holders of Claims contemplated under the
Plan.
The Plan Support Agreement sets forth a $250 million term exit
facility to be provided by, and serve as a distribution to, Holders
of Term Loan Claims.
First Day Motions
Contemporaneously with the Chapter 11 petitions, the Debtors have
filed a number of first day motions, consisting of administrative
motions, motions relating to the Debtors' business operations, and
motions related to confirmation of the Plan and assumption of the
Plan Support Agreement. The Debtors are seeking permission to,
among other things: (a) establish notice and objection procedures
for transfer of equity securities and claims of worthless stock
deductions, (b) use cash collateral, (c) continue using their
existing cash management system, (d) pay employee obligations (e)
prohibit utility companies from discontinuing services, and (f) pay
prepetition claims of trade creditors. A full-text copy of the
declaration in support of the First Day Motions is available for
free at:
http://bankrupt.com/misc/4_KEY_Affidavit.pdf
About Key Energy
Headquartered in Houston, Texas, Key Energy, Inc., claims to be the
largest domestic onshore, rig-based well servicing contractor based
on the number of rigs owned. The Company, which currently has
approximately 2,900 employees, provides a full range of well
services to major oil companies, foreign national oil companies and
independent oil and natural gas production companies including
Chevron Texaco Exploration and Production.
Key was organized in April 1977 and commenced operations in July
1978 under the name National Environmental Group, Inc. In December
1992, the Company's name was changed to "Key Energy Group, Inc."
and then was subsequently changed to "Key Energy Services, Inc." in
December 1998.
The Debtors own approximately 880 rigs of various sizes,
approximately 2,500 trucks and similar vehicles, and thousands of
pieces of other equipment related to their businesses. The Debtors
also own more than 135 pieces of real estate, including, among
other things, various permitted disposal wells for disposal of
saltwater and other fluid byproducts. In addition, the Debtors own
certain patents and other intellectual property.
Each of Misr Key Energy Investments, LLC, Key Energy Services,
Inc., Key Energy Services, LLC and Misr Key Energy Services, LLC
filed a voluntary petition under Chapter 11 of the Bankruptcy Code
on Oct. 24, 2016 (Bankr. D. Del. Proposed Lead Case No. 16-12306).
Key's other domestic and foreign subsidiaries are not part of the
bankruptcy filing.
As of the second quarter of 2016, the Company had approximately
$1.13 billion in total assets and approximately $1 billion in
aggregate funded debt. As of the date of the Petition Date, the
Debtors hold approximately $29.8 million in encumbered,
unrestricted cash. The Debtors currently have approximately $13.4
million of trade debt and other debt owed to general unsecured
creditors, as disclosed in court papers.
The Debtors have hired Sidley Austin LLP as general bankruptcy
counsel; Young, Conaway, Stargatt & Taylor, LLP as Delaware
counsel; PJT Partners LP as investment bankers; Alvarez and Marsal
North America, LLC as financial advisors; and Epiq Bankruptcy
Solutions, LLC as notice, claims, solicitation and voting agent.
KEY ENERGY: Seeks Authorization to Use Cash Collateral
------------------------------------------------------
Key Energy Services, Inc. and its affiliated debtors seek authority
from the U.S. Bankruptcy Court for the District of Delaware to use
cash collateral until January 15, 2017.
The Debtors' proposed 13-Week Budget covers the period commencing
from October 30, 2016 through January 22, 2017, and projects total
operating cash disbursements of $106,567 and a total restructuring
disbursements of $14,396.
The Debtors relate that they have approximately $330 million in
secured obligations, comprised of:
(a) $288.8 million in outstanding loans under the Term Loan
Facility, which was entered into between the Debtor Key Energy
Services, LLC together with Cortland Capital Market Services LLC in
its capacity as Agent, the lender parties thereto, and Bank of
America, N.A. in its capacity as sole Lead Arranger and Bookrunner.
(b) $38.5 million under the ABL Credit Facility, consisting of
issued and outstanding, undrawn letters of credit, which was
entered into between the Debtors, with Bank of America, N.A. in its
capacity as administrative agent and co-collateral agent, and Wells
Fargo Bank, National Association, as co-collateral agent, and each
of the lenders party thereto, and Merrill Lynch, Pierce, Fenner &
Smith Incorporated and Wells Fargo as Joint Lead Arrangers and
Joint Bookrunners, and Wells Fargo as sole Syndication Agent.
The Debtors tell the Court that they have granted security
interests in and liens on all or substantially all of their assets
to secure their obligations under the Term Loan Facility and ABL
Credit Facility.
As of the Petition Date, the Debtors have approximately $50 million
in cash on hand, all or substantially all of which constitutes Cash
Collateral.
The Debtors relate that they provide extensive and sophisticated
services to oil and gas companies. The Debtors further relate that
to support these businesses during the Chapter 11 Cases, the
Debtors must be able to use Cash Collateral in order to fund for
the continued management, operation, and preservation of the
Debtors' businesses. The Debtors add that without access to Cash
Collateral, their ability to restructure as contemplated under
their Plan Support Agreement and their Plan will be jeopardized,
and the Debtors could be forced to ultimately liquidate.
The Debtors propose to pay the Term Loan Agent cash payments of all
accrued but unpaid pre-petition fees, interest at the non-default
contract rate and other amounts payable under the Term Loan
Documents and current cash payment as and when due of interest at
the non-default contract rate and all other amounts that become
payable under the Term Loan Documents from the Petition Date
through the Plan Effective Date.
The Debtors also propose to pay the ABL Admin Agent cash payments
of all accrued but unpaid pre-petition fees, interest at the
non-default contract rate the Honored Letter of Credit Interest
Rate, any other amounts payable under the ABL Documents and current
cash payment in an amount equal to current payment of letter of
credit fees, fronting fees, interest at the non-default contract
rate and all other amounts payable under the ABL Documents through
the Plan Effective Date.
As additional adequate protection for the ABL Secured Parties, the
Debtors intend to maintain an amount equal to the $18,605,000
pledged to the ABL Admin Agent plus the sum of the Accounts Formula
Amount.
A full-text copy of the Debtors' Motion, dated October 24, 2016, is
available at https://is.gd/GTy6hA
About Key Energy Services, Inc.
Key Energy Services, Inc. (NYSE: KEG), a Maryland corporation,
claims to be the largest onshore, rig-based well servicing
contractor based on the number of rigs owned. The Company was
organized in April 1977 and commenced operations in July 1978 under
the name National Environmental Group, Inc. In December 1992, the
Company became Key Energy Group, Inc. and it changed its name to
Key Energy Services, Inc. in December 1998.
Key Energy reported a net loss of $917.70 million on $792.32
million of revenues for the year ended Dec. 31, 2015, compared to a
net loss of $178.62 million on $1.42 billion of revenues for the
year ended Dec. 31, 2014.
As of March 31, 2016, the Company had $1.22 billion in total
assets, $1.16 billion in total liabilities and $58.87 million in
total equity.
* * *
As reported by the TCR on June 20, 2016, S&P Global Ratings lowered
its corporate credit rating on U.S.-based Key Energy Services Inc.
to 'CC' from 'CCC-'. "The downgrade follow's Key's disclosure that
it entered into confidential agreements with certain holders of its
6.75% senior notes due 2021 and certain lenders of the term loans
regarding a financial restructuring," said S&P Global Ratings
credit analyst David Lagasse.
The TCR reported on May 20, 2016, that Moody's Investors Service
downgraded Key Energy's Corporate Family Rating (CFR) to 'Ca' from
'Caa2', Probability of Default Rating (PDR) to 'Ca-PD' from
'Caa2-PD', and senior unsecured rating to 'Ca' from 'Caa3'. The
SGL-4 Speculative Grade Liquidity (SGL) Rating was affirmed.
KIMBERLY GREGORY BROWN: Unsecureds To Recoup 2.5% Under Plan
------------------------------------------------------------
Kimberly Gregory Brown filed with the U.S. Bankruptcy Court for the
District of Utah a plan of reorganization and accompanying
disclosure statement, which propose that holders of Class 6
nonpriority unsecured claims will receive a pro rata distribution
of no less than $10,800 to be paid at various rates ranging from
$1.00 to $300.00 per month for a period of 36 months commencing in
approximately February 2017.
Class 6 claimants will also receive periodic distributions from
sale/liquidation/payout of certain interests/stocks/investments,
which assets are not subject to the Brent Brown security interest.
If none of those interests ever pay out or result in income to the
debtor, class 6 claimants will receive approximately 2.5% of the
amount of their claims from the Debtor's monthly distribution.
A full-text copy of the Disclosure Statement dated October 14,
2016, is available at http://bankrupt.com/misc/utb16-23742-73.pdf
Kimberly Gregory Brown sought Chapter 11 protection (Bankr. D. Utah
Case No. 16-23742) on May 2, 2016. Roger A. Kraft, Esq., at Roger
A. Kraft, Attorney at Law, P.C., serves as the Debtor's counsel.
LASTING IMPRESSIONS: Hires Miceli as Appraiser
----------------------------------------------
Lasting Impressions Landscape Contractors, Inc., seeks authority
from the U.S. Bankruptcy Court for the District of Maryland to
employ Miceli Appraisers & Liquidators as appraiser to the Debtor.
Lasting Impressions requires Miceli to:
a. conduct onsite appraisals of the machinery, equipment and
other personal property on a basis of Fair Market Value and
Fair Liquidation and Value subject to various accepted
methods of appraisal, and prepare a report of findings and
opinions concerning same; and
b. provide testimony and preparation of same respective to the
findings and opinions contained in the report.
Miceli will be paid at the hourly rate of $200.
Miceli will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Carl Miceli, member of Miceli Appraisers & Liquidators, 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.
Miceli can be reached at:
Carl Miceli
MICELI APPRAISERS & LIQUIDATORS
171 Willis Street
Westminster, MD 21157
Tel: (410) 655-2169
About Lasting Impressions
Lasting Impressions Landscape Contractors, Inc. sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No.
15-24433) on October 16, 2015, disclosing under $1 million in both
assets and liabilities. The Debtor is represented by John Douglas
Burns, Esq., at The Burns Law Firm, LLC.
No official committee of unsecured creditors has been appointed in
the case.
LBG HOLDINGS: Seeks to Hire Matthew Woermer as Special Counsel
--------------------------------------------------------------
LBG Holdings LLC seeks approval from the U.S. Bankruptcy Court for
the District of Connecticut to hire Matthew Woermer, Esq., as
special counsel.
Mr. Woermer will represent the company in a foreclosure proceeding
initiated by its secured creditor OOPS Holdings LLC, which holds
lien interest on its real property located in Waterbury,
Connecticut.
LBG Holdings proposes to pay Mr. Woermer an hourly rate of $295 for
his services.
Mr. Woermer does not represent any interest adverse to LBG
Holdings, and is "disinterested" as defined in section 101(14) of
the Bankruptcy Code.
About LBG Holdings
LBG Holdings LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Conn. Case No. 15-21224) on July 10,
2015. The petition was signed by Tammy L. Gomes, member.
At the time of the filing, the Debtor estimated assets and
liabilities of less than $1 million.
LEE BROTHERS: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Lee Brothers, LLC
2518 Marshall Road, Unit B
Biloxi, MS 39531
Case No.: 16-51836
Chapter 11 Petition Date: October 21, 2016
Court: United States Bankruptcy Court
Southern District of Mississippi
(Gulfport-6 Divisional Office)
Judge: Hon. Katharine M. Samson
Debtor's Counsel: Patrick A. Sheehan, Esq.
SHEEHAN LAW FIRM
429 Porter Avenue
Ocean Springs, MS 39564-3715
Tel: 228-875-0572
Fax: 228-875-0895
E-mail: pat@sheehanlawfirm.com
Mike@sheehanlawfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Anthony Lee, manager.
The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.
LINC USA: Panel Hires Pillsbury Winthrop as Substitute Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors of Linc USA GP, seeks
authorization from the U.S. Bankruptcy Court for the Southern
District of Texas to retain Pillsbury Winthrop Shaw Pittman LLP as
substitute attorney of McKool Smith, P.C., to the Committee.
The Committee requires Pillsbury Winthrop to:
a. advise the Committee with respect to its rights, powers,
and duties under the bankruptcy code;
b. assist and advise the Committee in its consultations with
the Debtor in relation to the administration of the
bankruptcy cases;
c. assist the Committee's investigation of the acts, conduct,
assets, liabilities, and financial condition of the Debtor
and of the operation of Debtor's business;
d. assist the Committee in its analysis of, and negotiation
with, the Debtor, or any third party concerning matters
related to, among other things, the terms of chapter 11
plan;
e. assist the Committee in requesting the appointment of a
trustee or examiner, should such action become necessary;
f. prepare all necessary motions, applications, responses,
objections, reports and pleadings on behalf of the
Committee;
g. review, analyze and respond as necessary to all
applications, motions, orders, statements of operations and
schedules filed with the Court, and advise the Committee as
to their propriety; and
h. perform such other legal services as may be required to
represent the interests of the Committee and unsecured
creditors in these cases.
Pillsbury Winthrop will be paid at these hourly rates:
Hugh M. Ray, III, Partner $750
Christopher R. Mirick, Partner $750
Matthew J. Oliver, Associate $495
Pillsbury Winthrop will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Hugh M. Ray, III, member of Pillsbury Winthrop Shaw Pittman LLP,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and its
attorneys does not have any connections or adverse interest with
the Debtors, creditors, any other party in interest, their
respective attorneys and accountants, the U.S. Trustee, or any
person employed in the office of the U.S. Trustee.
Pillsbury Winthrop can be reached at:
Hugh M. Ray, III, Esq.
PILLSBURY WINTHROP SHAW PITTMAN LLP
Two Houston Center
909 Fannin, Suite 2000
Houston, TX 77010-1028
Tel: (713) 276-7600
Fax: (713) 276-7673
About Linc USA GP
Each of Linc USA GP, Linc Energy Finance (USA), Inc., Linc Energy
Operations, Inc., Linc Energy Resources, Inc., Linc Gulf Coast
Petroleum, Inc., Linc Energy Petroleum (Wyoming), Inc., Paen Insula
Holdings, LLC, Diasu Holdings, LLC, Diasu Oil & Gas Company, Inc.,
Linc Alaska Resources, LLC and Linc Energy Petroleum (Louisiana),
LLC filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-32689) on May
29, 2016.
Linc USA GP and its subsidiaries operate an independent oil and gas
exploration and production business with a primary focus on
conventional onshore and shallow state water properties along the
Gulf Coast of Texas and properties in the Powder River Basin of
Wyoming. The Debtors, through their majority owned subsidiary,
Renaissance Umiat, LLC (which is not a Debtor), also own oil and
gas properties in the Umiat field on Alaska's North Slope. The
Debtors are ultimately owned by Linc Energy Ltd., an Australian
corporation established in the year 2000, shares of which were
listed on the Singapore Stock Exchange. Linc Energy Ltd. entered
into voluntary administration in Australia on April 15, 2016.
The Debtors estimated assets in the range of $50 million to $100
million and debts of up to $500 million. As of the Petition Date,
the Debtors estimate that they owed approximately $5.8 million to
their vendors.
Bracewell LLP serves as the Debtors' counsel. Kurtzman Carson
Consultants LLC acts as the Debtors' notice, claims and balloting
agent.
Judge David R Jones presides over the cases.
The Office of the U.S. Trustee on June 17 appointed three creditors
of Linc USA GP and its affiliates to serve on the official
committee of unsecured creditors. The Creditors' Committee has
tapped Pillsbury Winthrop Shaw Pittman LLP as substitute attorney
to McKool Smith, P.C.
LYONDELL CHEMICAL: Len Blavatnik Defends Boom-Era Merger
--------------------------------------------------------
Patrick Fitzgerald, writing for The Wall Street Journal Pro
Bankruptcy, reported that billionaire deal maker Len Blavatnik
defended his merger of Lyondell Chemical and Basell AF as he took
the witness stand on Oct. 21, 2016, in a $1.5 billion clawback
lawsuit brought for the benefit of the chemical giant's creditors.
According to the report, Mr. Blavatnik, one of the richest people
in America, told a New York courtroom that he combined Lyondell
with Basell "for the long term" and not to turn a quick profit.
The Troubled Company Reporter, on Oct. 19, 2016, citing Bloomberg
News, reported that almost a decade after the ill-fated deal that
created chemical giant LyondellBasell Industries, creditors headed
to court to try to recover billions of dollars that they say Len
Blavatnik extracted before the company went bankrupt.
WSJ related that Mr. Blavatnik's Basell paid $48 a share for
Lyondell, what the creditors call a "blowout price" that allowed
the Houston-based chemical company's shareholders to collect $12.5
billion from the merger. The boom-era deal loaded the company up
with more than $20 billion in debt just before global commodity
markets tumbled amid the global financial crisis, WSJ said. A
little more than a year after the merger, LyondellBasell filed for
bankruptcy, WSJ pointed out.
The creditors' lawsuit, filed more than seven years ago by a trust
created as part of the bankruptcy case, seeks to hold Mr. Blavatnik
and others accountable for a deal they claim essentially doomed the
combined company to failure by using unrealistic financial
projections and loading it up with too much debt, the WSJ report
related.
The TCR previously reported that, at a trial that began Oct. 17,
2016, in Manhattan bankruptcy court, the creditors will seek to
claw back more than $1.7 billion from Blavatnik, his firm Access
Industries Holdings LLC and other affiliates. They're also seeking
about $2 billion more from Blavatnik and other executives for
alleged mismanagement of LyondellBasell, which filed for bankruptcy
in 2009, the TCR report related.
About Lyondell Chemical
Rotterdam, Netherlands-based LyondellBasell Industries is one of
the world's largest polymers,
petrochemicals and fuels companies. Luxembourg-based Basell AF
and Lyondell Chemical Company merged operations in 2007 to form
LyondellBasell Industries, the world's third largest independent
chemical company. LyondellBasell became saddled with debt as
part of the US$12.7 billion merger. Len Blavatnik's Access
Industries owned the Company prior to its bankruptcy filing.
On Jan. 6, 2009, LyondellBasell Industries' U.S. operations,
led by Lyondell Chemical Co., and one of its European holding
companies -- Basell Germany Holdings GmbH -- filed voluntary
petitions to reorganize under Chapter 11 of the U.S. Bankruptcy
Code to facilitate a restructuring of the company's debts. The
case is In re Lyondell Chemical Company, et al., Bankr. S.D.N.Y.
Lead Case No. 09-10023). Seventy-nine Lyondell entities filed
for Chapter 11. Luxembourg-based LyondellBasell Industries AF
S.C.A. and another affiliate were voluntarily added to Lyondell
Chemical's reorganization filing under Chapter 11 protection on
April 24, 2009.
Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in
New York, served as the Debtors' bankruptcy counsel. Evercore
Partners served as financial advisors, and Alix Partners and its
subsidiary AP Services LLC, served as restructuring advisors.
AlixPartners' Kevin M. McShea acted as the Debtors' Chief
Restructuring Officer. Clifford Chance LLP served as
restructuring advisors to the European entities.
LyondellBasell emerged from Chapter 11 bankruptcy protection in
May 2010, with a plan that provides the Company with US$3 billion
of opening liquidity. A new parent company, LyondellBasell
Industries N.V., incorporated in the Netherlands, is the
successor of the former parent company, LyondellBasell Industries
AF S.C.A., a Luxembourg company that is no longer part of
LyondellBasell. LyondellBasell Industries N.V. owns and operates
substantially the same businesses as the previous parent company,
including subsidiaries that were not involved in the bankruptcy
cases. LyondellBasell's corporate seat is Rotterdam,
Netherlands, with administrative offices in Houston and
Rotterdam.
MARC SPECTOR: Files Disclosure Statement & Plan of Reorganization
-----------------------------------------------------------------
Marc Spector and Syri Kristin Hall filed with the U.S. Bankruptcy
Court for the District of Arizona a disclosure statement describing
the Debtor's plan of reorganization.
Currently the Debtors have five creditors:
1. Ocwen Loan Servicing claims to be the current mortgage
holder for the Debtor's residence at 2205 Edgewood Drive
in Sedona, Arizona, and they are the largest claimant at
$983,621.89. This claim has been disputed and an
objection to their claim will follow the Disclosure
Statement and Plan;
2. Department of the Treasury, IRS has filed a claim in the
amount of $257,808.41 with $17,300 as secured and
$145,163.58 as a priority claim. This claim has been
disputed and objected to with a response from the IRS and
a further objection forthcoming. This claim is against
Hideaway Restaurant LLC, an entity which has been through
Chapter 7 and all assets have been liquidated;
3. Davis, Miles, McGuire, PLLC has not filed a claim; their
notice to the debtors is for legal fees in the amount of
approximately $60,000. This amount is not secured and is
Disputed;
4. Lease Finance Group is a claim for an Equipment Lease to
The Hideaway Restaurant. A lease that was never enacted
and not signed for by anyone from Hideaway Restaurant, LLC.
This claim is against Hideaway Restaurant LLC, which has
been through Chapter 7 with all assets having been
liquidated. This claim is not secured and is disputed;
and
5. U.S. Department of Justice is a claim for Trustee Fees in
the amount of approximately $1,347.01 against Hideaway
Restaurant LLC, an entity which has been through Chapter 7
and all assets have been liquidated. This claim is not
secured.
The Disclosure Statement is available at:
http://bankrupt.com/misc/azb16-03788-75.pdf
The Plan was filed by the Debtors' counsel:
Marc Spector, Syri Kristin Hall
2205 Edgewood Drive
Sedona, AZ 86336
Tel: (928) 274-2075
E-mail: marc.r.spector@gmail.com
Marc Spector and Syri Kristin Hall are husband and wife and have in
the past, From February 1978 until November 2013, been the
operators of The Hideaway Restaurant located in Sedona, Arizona.
Marc Spector and Syri Kristin Hall filed for Chapter 11 bankruptcy
protection (Bankr. D. Ariz. Case No. 16-03788) on April 11, 2016.
MARION CLAY: Disclosures OK'd; Plan Confirmation Hearing on Jan. 5
------------------------------------------------------------------
The Hon. Katharine M. Samson of the U.S. Bankruptcy Court for the
Southern District of Mississippi has approved Marion Clay & Gravel,
LLC's disclosure statement dated Aug. 24, 2016, referring to the
Debtors' plan of reorganization dated Aug. 24, 2016.
A hearing on confirmation of the Plan will be held on Jan. 5, 2017,
at 9:00 a.m.
Objections to the confirmation of the Plan must be filed by Dec.
22, 2016.
Dec. 29, 2016, is the last day for submitting ballots of
acceptance or rejection of the Plan.
About Marion Clay & Gravel
Marion Clay & Gravel, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S. D. Miss. Case No. 15-50724) on April
30, 2015. The petition was signed by Harry Varnadoe, member.
The case is assigned to Judge Katharine M. Samson.
At the time of the filing, the Debtor estimated its assets and
debts at $1 million to $10 million.
MARITIMO OFFSHORE: Chapter 15 Case Summary
------------------------------------------
Chapter 15 Debtor: Maritimo Offshore PTY.LTD.
15 Waterway Drive, Coomera
Queensland 4210
Austrailia
Chapter 15 Case No.: 16-31613
Type of Business: Vessel Manufacturer
Chapter 15 Petition Date: October 21, 2016
Court: United States Bankruptcy Court
District of Connecticut (New Haven)
Chapter 15 Petitioners: Brian Silvia and Andrew Cummins
Chapter 15 Petitioners' Counsel: Matthew K. Beatman, Esq.
ZEISLER & ZEISLER, P.C.
10 Middle Street, 15th Floor
Bridgeport, CT 06604
Tel: (203) 368-4234
E-mail: MBeatman@zeislaw.com
- and -
Carol A. Crossett, Esq.
BELLAVIA BLATT & CROSSETT, P.C.
200 Old Country Road, Suite 400
Mineola, NY 11501
Tel: (516) 873-3000
Fax: (516) 873-9032
E-mail: ccrossett@dealerlaw.com
Estimated Assets: Not Indicated
Estimated Debts: Not Indicated
MARITIMO OFFSHORE: Seeks U.S. Recognition of Australian Proceeding
------------------------------------------------------------------
Maritimo Offshore PTY LTD, a manufacturer of luxury and cruising
motor yachts, sports yachts and other vessels, filed a Chapter 15
petition in the U.S. Bankruptcy Court for the District of
Connecticut (Case No. 16-31613), seeking recognition in the United
States of an insolvency proceeding currently pending in Australia.
The petitions were signed by Brian Silvia and Andrew Cummins,
partners at BRI Ferrier, as duly appointed administrators pursuant
to Section 436A of the Australian Corporations Act 2001.
Maritimo was placed into voluntary administration in Australia on
Oct. 11, 2016. The Board of Directors of Maritimo concluded that
the Company was likely to become insolvent at some point and
decided that the best course to maximize the chance of the Company
continuing in existence is through the administration process.
Upon the commencement of the Australian Voluntary Administration, a
stay went into effect enjoining all actions, and all persons and
entities from commencing or continuing any pending actions against
Maritimo or its assets in Australia, absent leave from the
Australian Court.
The Petitioners seek recognition of the Australian Voluntary
Administration as a foreign main proceeding to stay a lawsuit
currently pending in Connecticut District Court, and the
commencement of any other proceedings against the Company in the
United States.
Although Maritimo has no principal place of business or employees
in the United States, the Company inchoate intangible property in
the form of cross claims against co-defendants in a proceeding
commenced in the Connecticut District Court.
In July 2015, Richard and Shelia Dubois, and Michael Flors,
commenced a proceeding (as amended) against Maritimo, et al.,
seeking damages in excess of $1 million, based on a number of
alleged claims, including, without limitation, breach of contract.
The case is in Re: Richard and Shelia Dubois, Michael Flors v.
Maritimo Offshore PTY, LTD., Maritimo USA, Edwin Fairbanks and
Fairbanks Yacht Group, LLC, United States District Court for the
District of Connecticut, New Haven, Connecticut, Case No.
3:15:CV-01114-JAM.
Maritimo, along with the co-defendants, filed a motion to dismiss
the Amended Complaint, which Motion remains pending as of the
Petition Date.
Maritimo has also been served with cross claims and amended cross
claims by the co-defendants Edwin Fairbanks and Fairbanks Yacht
Group, which are also the subject of the motions to dismiss by
Maritimo, which are pending. The Fairbanks Defendants seek
damages, for alleged non-payment of commissions against Maritimo
arising from the transaction with the Plaintiffs, and for a
separate transaction, of approximately $200,000, based on several
alleged claims, including, without limitation, breach of contract,
and seek indemnification and contribution as well sa recovery of
their attorneys' fees and costs.
Maritimo filed cross claims against Fairbanks Defendants in turn
for indemnification, contribution and damages for negligent
misrepresentation, including recovery of its costs and attorneys
fees in defending the District Court Proceeding.
"Given the District Court Proceeding, and the potential for other
actions against Maritimo, by other actors or entities in the United
States, relief from this Court is necessary to extend the
moratorium in Australia to the United States, vis-a-vis, the
Chapter 15 Petition as the Voluntary Administration meets the
requirements for recognition as a foreign main proceeding,
triggering the automatic stay under the Bankruptcy Code," the
Petitioners said.
"A stay of action against Maritimo will not only preserve
Maritimo's assets for the benefit of creditors, but also allow the
Petitioners to devote their full attention to effectively and
efficiently proceed with the Voluntary Administration in Australia,
rather than diverting the Administrators' and Maritimo's attention,
assets and resources in defending any proceedings in the United
States," they added.
Maritimo has six full-time employees in Australia. Maritimo is
100% owned by Maritimo Properties PTY LTD.
Maritimo owes approximately US$13 million to a related secured
creditor which is a member of the Maritimo Group, as disclosed in
Court documents.
Zeisler & Zeisler, P.C. and Bellavia Blatt & Crossett, P.C.
represent as counsel to the Petitioners.
MASO SUITES: Court Prohibits Cash Collateral Use
------------------------------------------------
Judge Eduardo V. Rodriguez of the U.S. Bankruptcy Court for the
Southern District of Texas entered an order prohibiting Maso
Suites, LLC, from using cash collateral.
Ricardo Reynoso and Raquel Reynoso filed a motion seeking an order
(i) prohibiting the Debtor from using cash collateral, and (ii)
directing the Debtor to provide an accounting and for the turnover
of the cash collateral. The Reynosos related that they had not
been offered any adequate protection for the Debtor's use of cash
collateral. They further related that the Debtor had not filed a
motion to obtain the Court's permission to allow it to use cash
collateral in the case.
Neither the Debtor nor the U.S. Trustee responded to the Reynosos'
Motion. No party in interest filed an objection or requested for a
hearing with respect tot eh Motion.
A full-text copy of the Order, dated Oct. 19, 2016, is available at
http://bankrupt.com/misc/MasoSuites2016_1670281_25.pdf
About Maso Suites
Maso Suites, LLC, filed a Chapter 11 petition (Bankr. S.D. Tex.
Case No. 16-70281) on July 1, 2016. The petition was signed by
Antonio Gonzalez, president. The Debtor is represented by Jose
Luis Flores, Esq., at the Law Office of Jose Luis Flores. The
Debtor estimated assets and liabilities at $50,001 to $100,000 at
the time of the filing.
MCDAIN GOLF: Lenders to Get $25,000 in 60 Mos. at 3% Interest
-------------------------------------------------------------
McDain Golf Center of Monroeville, LP, filed an amended disclosure
statement dated October 14, 2016, a full-text copy of which is
available at:
http://bankrupt.com/misc/pawb16-20229-60.pdf
Under the Plan, Class 2 Specialty Lenders has a lien on the
tangible assets of the Debtor. The Debtor will pay them $25,000 in
60 equal payments plus 3% interest of $449.22 a month for the
secured portion of their claim.
Class 3, Priority and secured taxes, will be paid in full over 60
months following confirmation with post-confirmation interest of
4%. The Debtor will pay class 3 approximately $ 2,537.36 per month
to pay this class in full over 60 months.
Class 3 Priority Claimants are:
IRS $1,577.45
PADOR $224.84
PADOL $735.07
The Class 4 Claims of General Unsecured Creditors will be paid
$36,000 over 60 months without interest. The Debtor will make
monthly payments of approximately $600.00 to the class without
interest in 60 payments. Class 4 will not receive any interest on
their claims.
Class 5 comprises the lease with Michael & Claudia Vuick for a 1990
Kubota F2100 a 1990 B 7200. The principal of the Debtor and his
wife are purchasing and renting a necessary piece of equipment to
the Debtor. This is a 3-year lease with a payment of $165.00
monthly on each lease.
Class 6, Equity interests in the Debtor, will be retained as
modified by the Plan. The Debtor will not issue any dividends. The
principal of the Debtor will limit his post–confirmation salary
to $ 12,000.00; but it may only be paid in any month if all the
plan payments have been made
McDain Golf Center of Monroeville, LP, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Penn., Case No.
16-20229) on Jan.26, 2016, estimating its assets at up to $50,000
and liabilities at between $500,001 and $1 million. The Debtor is
represented by Donald R. Calaiaro, Esq., at Calaiaro Valencik.
MEDICAL CASE MANAGEMENT: DADS Objects to Disclosure Statement
-------------------------------------------------------------
The Texas Department of Aging and Disability Services ("DADS")
filed a limited objection to the disclosure statement explaining
Medical Case Management & Social Services, Inc.'s plan of
reorganization to, among other things: (1) seek clarification and
detail with respect to certain Medicaid provider agreements with
DADS that the Debtor seeks to assume under its proposed Plan of
Reorganization, and (2) ensure that upon confirmation of any Plan
of Reorganization, the Debtor will continue to comply with all
statutory and contractual obligations required by all Medicaid
provider agreements assumed by the Debtor under these plans.
The Troubled Company Reporter, on Sept. 28, 2016, reported that the
Debtor's Plan provides for the reorganization of the company and
contemplates the payment in full of allowed claims.
Administrative claims will be paid in full, in cash, on the later
of the effective date of the plan; 14 days after the entry of an
order allowing the claims; or upon such other terms as may be
agreed upon by the company and holders of the claims.
Payments under the plan after the effective date will be made by
Medical Case with revenues from the operation of its business. The
company may receive from its shareholder funds sufficient to pay in
full administrative claims and the secured claim of Tarrant
County.
Existing management will continue to manage the day-to-day
operations of the company's business following confirmation of the
plan. Consummation of the plan will occur upon the effective date
of the plan.
About Medical Case Management
Medical Case Management & Social Services, Inc. provides services
to critically ill children and young adults. The Debtor's services
are provided to its clients at a leased residential home located in
Arlington, Texas.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N. D. Texas Case No. 15-43260) on August 12, 2015, and
is represented by Marilyn D. Garner, Esq., in Arlington, Texas.
The petition was signed by Donald Ramsey, president.
The case is assigned to Judge Michael Lynn.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of $1 million to $10 million.
MEDOMICS LLC: Trustee Taps SulmeyerKupetz as Legal Counsel
----------------------------------------------------------
The Chapter 11 trustee of MEDomics, LLC seeks approval from the
U.S. Bankruptcy Court for the Central District of California to
hire legal counsel.
David Goodrich, the court-appointed trustee, proposes to hire
SulmeyerKupetz to provide legal services in connection with the
MEDomics' Chapter 11 case.
The firm's hourly rates range from $450 to $800 for attorneys, and
$210 to $225 for paraprofessionals.
Steven Werth, Esq., at SulmeyerKupetz, disclosed in a court filing
that his firm neither holds nor represents any interest adverse to
the interest of MEDomics' bankruptcy estate or any of its
creditors.
The firm can be reached through:
Mark S. Horoupian, Esq.
Steven F. Werth, Esq.
SulmeyerKupetz
A Professional Corporation
333 South Hope Street, 35th Floor
Los Angeles, CA 90071-1406
Tel: 213-626-2311
Fax: 213-629-4520
Email: mhoroupian@sulmeyerlaw.com
Email: swerth@sulmeyerlaw.com
About MEDomics, LLC
Azusa, Calif.-based MEDomics, LLC, provides genetic testing
services. MEDomics, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. C.D. Cal. Case No. 16-14355) on April 5, 2016. The
petition was signed by Steve Sommer as Managing Member. The Debtor
estimated assets in the range of $500,000 to $1 million and
estimated liabilities in the range of $1 million to $10 million.
The Debtors have hired Illyssa Fogel, Esq., at Illyssa I. Fogel &
Associates as counsel. Judge Neil W. Bason has been assigned the
cases.
METLCAST INDUSTRIES: Seeks to Hire Bridgepoint and M&A Securities
-----------------------------------------------------------------
Metlcast Industries LLC seeks approval from the U.S. Bankruptcy
Court for the District of Kansas to hire investment brokers and
advisors.
Metlcast proposes to hire Matt Plooster and Adam Claypool, both
principals of Bridgepoint Holdings LLC, and M&A Securities Group,
Inc., to help the company obtain supplemental financing.
A fee equal to 10% of the amount of the total consideration for the
transaction will be paid to the investment brokers and advisors for
their services.
Matt Plooster disclosed in a court filing that he and his firm do
not represent any interest adverse to the Debtor's bankruptcy state
or its creditors.
Bridgepoint can be reached through:
Matt Plooster
Bridgepoint Holdings LLC
816 P. Street, Suite 200
Lincoln, NE 68508
About Metlcast Industries LLC
Metlcast Industries LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Kan. Case No. 15-41190) on November 20,
2015. The petition was signed by Christopher B. Stokes, managing
member of Vestar Enterprises, LLC, sole member of Metlcast
Industries, LLC.
The case is assigned to Judge Janice Miller Karlin.
At the time of the filing, the Debtor disclosed $4.67 million in
assets and $8.86 million in liabilities.
MID CITY TOWER: Seeks to Hire Pamela Magee as New Legal Counsel
---------------------------------------------------------------
Mid City Tower, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Louisiana to hire a new legal counsel.
The company proposes to hire Attorney Pamela Magee LLC to replace
Stewart Robbins & Brown LLC, and pay the firm an hourly rate of
$350.
Pamela Magee, Esq., disclosed in a court filing that she has no
connection with Mid City Tower or any of its creditors.
Ms. Magee's contact information is:
Pamela Magee, Esq.
Attorney Pamela Magee LLC
P.O. Box 59
Baton Rouge, LA 70821
Phone: (225) 367-4662
Email: pam@AttorneyPamMagee.com
About Mid City Tower
Mid City Tower, LLC, based in Baton Rouge, LA, filed a Chapter 11
petition (Bankr. M.D. La. Case No. 16-10877) on July 26, 2016. The
Hon. Douglas D. Dodd presides over the case. Brandon A. Brown,
Esq., and Ryan James Richmond, Esq., at Stewart Robbins & Brown,
LLC, serve as bankruptcy counsel.
In its petition, the Debtor estimated $1 million to $10 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Mathew S. Thomas, manager.
MIRAMBICA INC: Selling Substantially All Assets to Patels for $600K
-------------------------------------------------------------------
Mirambica, Inc., asks the U.S. Bankruptcy Court for the District of
New Jersey to authorize "bidding procedures" in connection with the
sale of substantially all of assets to Jigna Patel and Minakshiben
Patel for $600,000, subject to higher and better bids.
The Debtor, a New Jersey Limited Liability Company, is a 26-room
motel located in Absecon City, Galloway Township, Atlantic County,
New Jersey.
Prior to the Petition Date, these parties asserted secured claims
against the Debtor, which according to Debtor's schedules, are
approximately: (i) First Nation Bank of Pennsylvania ("FNB")
$1,500,000; and (ii) FNA Jersey Boi ("FNA") $150,000. In terms of
priority of Debt, as to the motel, FNA is in first position, FNB is
in second position.
From the time of its formation, the Debtor has been
undercapitalized. The Debtor's Chapter 11 filing was precipitated
by a number of factors, generally relating to the efforts of the
secured creditors to foreclose on the Debtor's property. The
Debtor was unable to pay its mortgage obligations as they became
due, and consequently, FNB proceeded with foreclosure litigation.
The Debtor, in an attempt to continue to control the operation of
its business, commenced the Chapter 11 case.
The Debtor has met and/or conferred with real estate developers,
local and state governmental authorities and agencies, possible
investors and other motel owners and managers in an attempt to
privately sell the motel. The Counsel's efforts, to date, have
proven unsuccessful. It is against this background that the Motion
is filed.
Comly Auctioneers & Appraisers (Auctioneer) will oversee and
supervise the sale of the Debtor's Assets through its Chapter 11
proceedings, including, but not limited to: (i) developing a list
of suitable potential buyers who will be contacted by Auctioneer;
(ii) supervising the execution of confidentiality agreements for
potential buyers; (iii) supervising due diligence requests for all
potential buyers; and (iv) soliciting competitive offers from
potential buyers, and structuring the transaction and negotiating
the transaction agreements
The only offer received through the Debtor's marking efforts was in
the form of a proposed Asset Purchase Agreement ("APA"), executed
on Oct. 20, 2016, to be consummated under Section 363 of the
Bankruptcy Code. The APA contemplates a bid in the amount of
$600,000 by the Patels.
The sale includes substantially all of Debtor's assets, including,
but not limited to, equipment, inventory, customer lists, customer
contracts, license agreements, names, marks, goodwill and other
intangible assets relating to, used in connection with or resulting
from Debtor, as more fully described in the APA. All assets
included in the sale will be assigned, transferred, conveyed and
delivered to the Patels free and clear of all liens, encumbrances,
claims and interests, in each case of any kind or nature.
The proposed sale of the Debtor's assets contemplated by APA is
subject to higher and better offers, and a competitive Chapter 11
auction process that will assure that the maximum value for the
Debtor's business assets will be realized. Accordingly, the Debtor
has filed the Motion seeking the establishment of Bidding and Sale
procedures and, following a subsequent hearing, approval of a sale
of substantially all of their assets.
The proposed Bidding Procedures provide as follows:
a. Bid Deadline: Nov. 16, 2016 at 12:00 noon (ET)
b. Initial Overbid Amount: Stalking Horse Bid plus $10,000
c. Bid Closing: Nov. 30, 2016
d. Good Faith Deposit: At least 10% of the cash purchase price
payable at the closing of the Sale.
e. Auction: The Auction will commence at 10:00 a.m. (ET) on
Nov. 30, 2016 at the U.S. Bankruptcy Court, Mitchell H. Cohen U.S.
Courthouse, 400 Cooper Street, 4th Floor, Camden, New Jersey.
f. Overbid Increment: With minimum overbid increments being in
an amount not less than $10,000.
To induce the Proposed Buyer to expend the time, energy and
resources necessary to submit a stalking horse bid, the Debtor has
agreed to provide, and to seek the Court's approval of, certain bid
protections provided to the Proposed Buyer under the APA. In
particular, the Debtor has agreed to provide the Proposed buyer a
"Break-up Fee" equal to $10,000 and an "Expense Reimbursement" not
to exceed $15,000. The Break-up Fee and Expense Reimbursement, and
the circumstances in which they should be paid, have been heavily
negotiated by the Debtor and the Proposed Purchaser.
After the Bidding Procedures are approved, the Auctioneer will
resume their efforts to market the Debtor's business to generate
higher and better offers. The Procedures seek to provide a focal
point for the ongoing efforts to attract qualified over bidders,
provide direction to the parties interested in presenting a
competing bid, and bring the process to a fair, orderly and
expeditious conclusion. Pursuant to the Procedures, among other
things, potential over bidders will receive notice of the Bidding
Procedures for qualifying as a bidder and for submitting a
qualified bid. In addition, creditors and other parties in
interest will receive reasonable notice of a hearing to consider
the proposed sale and have an opportunity to object, and parties to
executory contracts, any unexpired leases to be assumed and
assigned will have reasonable notice an opportunity to object to
such assumption and assignment.
The Debtor believes that an immediate going concern sale of
substantially all of its assets is essential to maximize asset
value and recoveries by stakeholders. Prompt Court approval of the
Bidding Procedures for the sale contemplated by the APA will
provide for and assure the continuity of the business and preserve
the value of operations for a potential buyer.
Under the APA, any cure amounts owed to non-Debtor counterparties
will be paid either at closing by the Debtor from the sale proceeds
or, to the extent that the Debtor and the counterparty do not agree
on the amount necessary to cure defaults prior to closing from an
escrow account to be funded as of the closing date with sale
proceeds.
The Debtor has amply demonstrated sound business judgment in
entering into the APA, which provides for the assumption and
assignment of certain contracts and leases. The contracts and
leases will be assigned in conjunction with the sale of
substantially all of the Debtor's assets, pursuant to a transaction
that will provide consideration to the estate. The Debtor seeks
authority to assign and sell to the Proposed Buyer or the
prevailing bidder all of the contracts, pursuant to the Purchase
Agreement believes that the Proposed Buyer will be able to
demonstrate adequate assurance of future performance.
To maximize the value received for the Purchased Assets, the Debtor
seeks to close the sale as soon as possible after the Sale Hearing.
Accordingly, the Debtor requests that the Court waive the 10-day
stay period under Bankruptcy Rules 6004(h) and 6006(d) or, in the
alternative, if an objection to sale is filed and upheld by the
Court, reduce the stay period to the minimum amount of time needed
by the objecting party to seek a stay pending appeal.
About Mirambica, Inc.
Mirambica, Inc., based in Absecon, New Jersey, filed a Chapter 11
petition (Bankr. D.N.J. Case No. 13-36808) on Sept. 16, 2015. The
Hon. Gloria M. Burns presides over the case. The petition was
signed by Baldev Patel, president.
In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities.
Joel Lee Schwartz, Esq., at Law Offices of Joel Schwartz, serves as
the Debtor's bankruptcy counsel.
No official committee of unsecured creditors has been appointed in
the case.
MODERN SHOE: Seeks Dec. 31 Plan Filing Period Extension
-------------------------------------------------------
MSC Liquidation LLC f/k/a Modern Shoe Company LLC and HU
Liquidation LLC ask the U.S. Bankruptcy Court for the District of
Massachusetts to extend their exclusive period for obtaining
acceptances of its chapter 11 plan from October 31, 2016 to
December 31, 2016.
The Debtors and the Official Committee of Unsecured Creditors filed
a Joint Plan of Liquidation on August 24, 2016, before the
expiration of the 120-day exclusive period in which to file a plan.
An amended proposed Disclosure Statement and Liquidation Plan were
later filed on October 11, 2016 and October 14, 2016,
respectively.
The Court approved the Disclosure Statement and solicitation
procedures on October 14, 2016.
The Debtor relates that the solicitation package was mailed out to
all parties entitled to vote on the plan and all other parties
entitled to the notice on October 14, 2016. The Debtor further
relates that a hearing to approve the Liquidation Plan is scheduled
for November 22, 2016 and November 14, 2016 is the deadline to
object to the Liquidation Plan and the deadline to submit votes in
favor of or opposition to the Liquidation Plan. The Debtor adds
that the confirmation hearing date is 22 days after the expiration
of the Exclusive Acceptance Period.
The Debtors contend that while they and their counsel have moved
toward acceptance of a Chapter 11 plan with all deliberate speed,
they now require a brief extension of the Exclusive Acceptance
Period -- substantially less than the 14-month extension that would
be permitted under 11 U.S.C. Section 1121(d)(2)(B) -- to complete
the solicitation process approved by the Court for the Liquidation
Plan they and the Official Committee have jointly submitted.
About MSC Liquidation LLC
Headquartered in Hyde Park, Massachusetts, MSC Liquidation LLC
f/k/a Modern Shoe Company LLC and HU Liquidation LLC f/k/a Highline
United LLC were specialty designers, wholesalers, and importers of
premium-segment footwear. They provided design specifications,
including style, color, and material, to third party manufacturers,
and the footwear is manufactured overseas, primarily in China, by
JS Macao International, Universal Max and Ash (HK) Limited, which
companies share some common ownership with Modern Shoe's ultimate
ownership. Modern Show also previously manufactured handbags, but
discontinued that business in November 2015.
Modern Shoe and Highline United filed separate Chapter 11
bankruptcy petitions (Bankr. D. Mass. Case Nos. 16-11658 and
16-11659) on May 2, 2016. The petitions were signed by Kimberley
Bradley as COO and CFO.
Modern Shoe estimated assets in the range of $1 million to $10
million and liabilities of up to $50 million. Highline United
estimated assets and liabilities in the range of $10 million to $50
million.
The Debtors have hired Foley Hoag LLP as counsel, Verdolino &
Lowey, P.C. as accountant and BErickson Group, LLC as restructuring
advisor.
Judge Melvin S. Hoffman has been assigned the cases.
The Official Committee of Unsecured Creditors hired Brown Rudnick
LLP as its legal counsel, CBIZ Corporate Recovery Services as its
financial advisor.
MOTEL TROPICAL: Hires Charneco as Accountant
--------------------------------------------
Motel Tropical Inc., seeks authority from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Juan A. Feliciano
Charneco as accountant to the Debtor.
Motel Tropical requires Charneco to analyze and prepare the
financial documentation required in a Chapter 11 proceeding.
Charneco will be paid at these hourly rates:
Partners $90
Manager $60
Staff Accountants $40
Secretarial Services $25
Charneco will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Juan A. Feliciano Charneco, CPA, assured the Court that the firm is
a "disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtor and its estates.
Charneco can be reached at:
Juan A. Feliciano Charneco
151 Miguel Salas
Arecibo, PR 00612
About Motel Tropical
Motel Tropical Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-00966) on February 11,
2016, disclosing under $1 million in both assets and liabilities.
The Debtor is represented by Isabel M. Fullana, Esq., at
Garcia-Arregui & Fullanan PSC.
The Debtor manages a motel business located at Carr 2.KM 110.7 Ave.
Militar, Isabel Puerto Rico. The property on which the Debtor
operates is leased to Manuel Gonzalez Valeting.
No official committee of unsecured creditors has been appointed in
the case.
MULBERRY HOLDING: Hires Group Twenty Six as Realtor
---------------------------------------------------
Mulberry Holding Corp., seeks authority from the U.S. Bankruptcy
Court for the District of New Jersey to employ Group Twenty Six as
realtor to the Debtor.
Mulberry Holding requires Group Twenty Six to:
a. market and sell the Debtor's property located at 335
Mulberry Street, Newar, NJ;
b. qualify potential buyers;
c. assist with the sale negotiations;
d. coordinate the closing of title; and
e. provide other similar services if requested by the Debtor.
Group Twenty Six will be paid a commission of 6% based on the
selling price.
Nathan Sprague, member of Group Twenty Six, 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.
Group Twenty Six can be reached at:
Nathan Sprague
GROUP TWENTY SIX
115 River Road, Suite 103
Edgewater, NJ 07020
Tel: (201) 969-2626
About Mulberry Holding
Mulberry Holding Corp., filed a Chapter 11 bankruptcy petition
(Bankr. D.N.J. Case No. 16-25680) on August 16, 2016, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by David L. Stevens, Esq., at Scura Wigfield Heyer &
Stevens.
No official committee of unsecured creditors has been appointed in
the case.
MULTIMEDIA PLATFORMS: Court Denies Cash Collateral Motion
---------------------------------------------------------
Judge Raymond B. Ray of the U.S. Bankruptcy Court for the Southern
District of Florida denied Multimedia Platforms Worldwide, Inc., et
al.'s request to use cash collateral, without prejudice.
White Winston Select Asset Funds, LLC, had objected to the Debtor's
Cash Collateral Motion.
A full-text copy of the Order, dated Oct. 19, 2016, is available at
http://bankrupt.com/misc/MultimediaPlatforms2016_1623603rbr_36.pdf
White Winston Select Asset Funds, LLC, is represented by:
Paul L. Orshan, Esq.
ORSHAN, P.A.
1 Southeast 3rd Avenue, Suite 1445
Miami, FL 33131
Telephone: (305) 529-9380
E-mail: paul@orshanpa.com
About Multimedia Platforms Worldwide
Multimedia Platforms Worldwide, Inc. and two affiliated debtors
filed for Chapter 11 protection (Bankr. S.D. Fla. Case No.
16-23603) on Oct. 4, 2016. The petitions were signed by Bobby
Blair, CEO. The cases are assigned to the Judge Raymond B. Ray.
The Debtors are represented by Michael D. Seese of Seese, P.A. At
the time of filing, MPW estimated assets at $0 to $50,000 and
liabilities at $1 million to $10 million.
The Debtor did not include a list of its largest unsecured
creditors when it filed the petition. A full-text copy of the
petition is available for free at:
http://bankrupt.com/misc/flsb16-23603.pdf
MULTIMEDIA PLATFORMS: Seeks to Hire Seese as Legal Counsel
----------------------------------------------------------
Multimedia Platforms Worldwide, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire
Seese, P.A. as legal counsel .
The firm will provide legal services in connection with the Chapter
11 cases of Multimedia Platforms and its affiliates.
The services include advising the companies regarding matters of
bankruptcy law, assisting them in the disposition of their assets,
and preparing a plan of reorganization.
Michael Seese, Esq., the attorney designated to represent the
companies, will be paid an hourly rate of $515.
In a court filing, Mr. Seese disclosed that he and his firm are
"disinterested persons" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Michael D. Seese, Esq.
Seese, P.A.
101 N.E. 3rd Avenue, Suite 410
Ft. Lauderdale, FL 33301
Tel: (954) 745-5897
Email: mseese@seeselaw.com
About Multimedia Platforms
Multimedia Platforms Worldwide, Inc. and two affiliated debtors
filed for Chapter 11 protection (Bankr. S.D. Fla. Lead Case No.
16-23603) on Oct. 4, 2016. The petition was signed by Bobby Blair,
CEO. The case is assigned to the Judge Raymond B. Ray. The
Debtors are represented by Michael D. Seese of Seese, P.A. At the
time of filing, the Debtor estimated assets at $0 to $50,000 and
liabilities at $1 million to $10 million.
NAS HOLDINGS: Can Use BB&T Cash Collateral Through Nov. 2
----------------------------------------------------------
Judge Catharine R. Aron of the U.S. Bankruptcy Court for the Middle
District of North Carolina authorized Nas Holdings, Inc. to use
cash collateral on an interim basis, through November 2, 2016.
The Debtor was authorized use the cash collateral for its ordinary
and reasonable operating expenses.
The approved Budget provides for total expenses in the amount of
$32,925.17 for the month of October 2016.
The Debtor is indebted to BB&T by virtue of two loans. The monthly
payments for the two loans are $7,269.00 and $3,730.00
respectively. BB&T holds secured liens against restaurant
equipment and fixtures of the Debtor.
Judge Aron ordered BB&T to retain its liens on all prepetition
collateral and granted BB&T with replacement liens upon all
collateral of the type and kind upon which they have and had
prepetition liens, to the same extent, priority, and validity as it
had pre-petition.
Judge Aron directed the Debtor to continue to make regular monthly
payments to BB&T as they come due, and continuously maintain an
insurance policy on the restaurant equipment and fixtures.
A further interim hearing on the Debtor's continued use of cash
collateral is scheduled on November 2, 2016 at 2:00 p.m.
A full-text copy of the Sixth Interim Order, dated October 18,
2016, is available at https://is.gd/6ydBAh
About NAS Holdings
NAS Holdings, Inc., sought chapter 11 protection (Bankr. M.D.N.C.
Case No. 16-50346) on April 1, 2016. The petition was signed by
Neeket Vadgama, vice president. The Debtor is represented by
Kenneth Love, Esq., at Love and Dillenbeck Law, PLLC. The case is
assigned to Judge Catharine R. Aron. The Debtor estimated assets
of $500,000 to $1 million and debt of $1 million to $10 million.
The Debtor is a holding company, running three franchises of Brixx
Wood Fired Pizza in Greensboro and Winston Salem, North Carolina
and in Marietta, Georgia.
The Bankruptcy Administrator was unable to form a creditors'
committee in the Debtor's chapter 11 cases.
NELCO MLK: Hires Soldnow LLC as Auctioneer
------------------------------------------
NELCO MLK Property, LLC, seeks authority from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Soldnow, LLC,
d/b/a Tranzon Driggers as auctioneer to the Debtor.
NELCO MLK requires Soldnow, LLC to auction and sell the Debtor's
real property located at 403, 405, 407 and 503, Dr. Martin Luther
King Jr., Tampa, FL.
Soldnow, LLC will be paid a buyer's premium equal 10% of the high
bid amount. Soldnow, LLC is authorized to share a portion of his
commission equal to 2% of the high bid amount with a properly
registered buyer's broker and 2% of the high bid amount with a
properly registered seller's broker.
Jon K. Barber, member of Soldnow, LLC, d/b/a Tranzon Driggers,
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.
Soldnow, LLC can be reached at:
Jon K. Barber
SOLDNOW, LLC, D/B/A TRANZON DRIGGERS
101 East Silver Springs Boulevard, Suite 304
Ocala, FL 34470
Tel: (877) 374-4437
About Nelco MLK
Nelco MLK Property LLC filed a Chapter 11 petition in the U.S.
Bankruptcy Court for the Middle District of Florida (Tampa) on
January 29, 2016, disclosing under $1 million in both assets and
liabilities. The case (Case No. 16-00737) is assigned to Judge
Catherine Peek McEwen. The Debtor has tapped David W Steen, P.A.,
as its legal counsel.
The U.S. Trustee has been unable to appoint an official committee
of unsecured creditors in the case.
NEW PHOENIX METALS: Hires Bill Short as CRO & Financial Consultant
------------------------------------------------------------------
New Phoenix Metals, Ltd. and Carl Equipment, Ltd. seek
authorization from the U.S. Bankruptcy Court for the Northern
District of Texas to employ Bill Short, CPA as chief restructuring
officer and financial consultant for the Debtors as of September
16, 2016.
The Debtors require Mr. Short to provide management, financial
advisory and accounting services as CRO in the Bankruptcy Case,
which include:
(a) overall management of the Debtors of the companies
including hiring and firing, defining employees duties and
responsibilities, and establishing compensation rates;
(b) prepare amendments to schedules and the statement of
financial affairs and preparation of monthly operating
reports to support the Chapter 11 case administration;
(c) review and assess cash flow and prepare forecasts and
projections, and monitor actual cash flow versus
projections;
(d) prepare updated cash flow projections as needed to be filed
with the court;
(e) assist in preparing and assembling information for exhibits
to motions for relief that may be filed with the court and
support the Debtors' bankruptcy counsel in same;
(f) provide testimony in bankruptcy court hearings as required;
(g) administer post-petition banking facilities;
(h) review ongoing strategic initiatives and assess financial
and liquidity impact;
(i) negotiate/communicate with lenders, creditors and
stakeholders during the bankruptcy proceeding;
(j) coordinate sales of assets, as may be required;
(k) direct operations with management including oversight and
approval of disbursements, and approval of all contracts
and administrative services;
(l) prepare periodic progress reports and review financial
results with stakeholders and lenders;
(m) engage personnel and professionals as may be required for
orderly administration of bankruptcy case and the Company;
and
(n) other duties as mutually agreed upon or otherwise approved
by the Court.
Mr. Short will be paid at these hourly rates:
Bill Short $175
Associate $90
Mr. Short will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The Debtors will provide $5,000 retainer to Mr. Short upon the
approval of the Court.
A retainer of $5,000 will be payable upon the approval of Mr.
Short's employment by the Bankruptcy Court.
Bill A. Short 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 Debtors and
their estates.
Mr. Short can be reached at:
Bill A. Short
5646 Milton Street, Suite 716
Dallas, TX 75225
Tel: (214) 213-4622
Fax: (214) 236-0038
E-mail: bshort@flash.net
About New Phoenix Metals
Established in 1998, New Phoenix Metals, Ltd., is a residential and
industrial recycling company. The industrial division services
companies in a four-state region (Oklahoma, Texas, Arkansas, and
Louisiana) and its facility in Greenville, Texas, serves the public
and small scrap dealers of Northeast Texas and Southern Oklahoma.
New Phoenix Metals is a full-service industrial recycling company
located in Greenville, Texas (40 miles Northeast of Dallas). New
Phoenix Metals also has a residential division for recycling
household scrap metals including aluminum, steel, copper and
brass.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex. Case No. 16-32075) on May 26, 2016. The
petition was signed by Marcus D. Carl, partner.
The case is assigned to Judge Stacey G. Jernigan.
At the time of the filing, the Debtor estimated its assets and
liabilities at $1 million to $10 million.
NOTIS GLOBAL: Default Notice Raises Going Concern Doubt
-------------------------------------------------------
Notis Global, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
income of $6.55 million on $271,425 of net revenue for the three
months ended June 30, 2016, compared to a net loss of $11.39
million on $84,365 of net revenue for the same period in 2015.
For the six months ended June 30, 2016, the Company listed a net
income of $7.80 million on $523,983 of net revenue, compared to a
net loss of $15.83 million on $150,757 of net revenue for the same
period in the prior year.
The Company's balance sheet at June 30, 2016, showed total assets
of $7.15 million, total liabilities of $24.54 million and
stockholders' deficit of $17.39 million.
During the six months ended June 30, 2016, the Company had negative
cash flow from operations of $2.6 million and negative working
capital of $19.7 million. During the year ended December 31, 2015,
the Company had a net loss of approximately $50.5 million, negative
cash flow from operations of $9.6 million and negative working
capital of $32.9 million. The Company will need to raise capital
in order to fund its operations. The Company is also in the
process of obtaining final approval on a settlement agreement in
their Class action and Derivative lawsuits and recently received a
Wells Notice from the SEC in connection with misstatements by prior
management in the Company's financial statements for 2012, 2013 and
the first three quarters of 2014. On September 22, 2016, the
Company received notice of an Event of Default and Acceleration
from one of its lenders regarding a Promissory Note issued on March
14, 2016. The Company has negotiated a 30-day forbearance on
acceleration of the note. The Company is unable to predict the
outcome of these matters, however, a rejection of the settlement
agreements or adverse action of the SEC or legal action taken by
the Company's lenders could have a material adverse effect on the
financial condition, results of operations and/or cash flows of the
Company and their ability to raise funds in the future. These
factors, among others, raise substantial doubt about the Company's
ability to continue as a going concern.
A full-text copy of the Company's Form 10-Q is available at:
https://is.gd/npThGT
Notis Global, Inc., formerly Medbox, Inc. provides specialized
services to the hemp and marijuana industry. The Los Angeles-based
Company enters into joint ventures and operating and management
agreements with its partners, conducts consulting services for its
clients, and acts as a distributor of hemp products processed by
its contract partners.
OAKS OF PRARIE: Has Until Nov. 30 to Use Cash Collateral
--------------------------------------------------------
Judge Thomas M. Lynch of the U.S. Bankruptcy Court for the Northern
District of Illinois authorized The Oaks of Prairie Point
Condominium Association to use Illinois State Bank's cash
collateral on an interim basis, from Nov. 1, 2016 through Nov. 30,
2016.
The Debtor was directed to pay Illinois State Bank the sum of
$10,729 on or before Nov. 15, 2016.
Illinois State Bank was granted a valid and perfected, enforceable
security interest in and to the Debtor's post-petition accounts,
assessments and other receivables, to the extent and priority of
its alleged prepetition liens.
Judge Lynch ordered the Debtor to maintain and pay premiums for
insurance to cover all of its assets from fire, theft and water
damage.
A status hearing on the Debtor's Motion is scheduled on Nov. 23,
2016 at 10:30 a.m.
A full-text copy of the Order, dated Oct. 19, 2016, is available at
http://bankrupt.com/misc/OaksofPrairie2016_1680238_76.pdf
About The Oaks of Prairie Point
Condominium Association
The Oaks of Prairie Point Condominium Association is an Illinois
corporation that owns and operates condominium buildings located in
Lake in the Hills, Illinois, known as "The Oaks of Prairie Point
Condominium".
The Oaks of Prairie Point Condominium sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
16-80238) on Feb. 3, 2016. The petition was signed by Donna Smith,
property manager. The Debtor is represented by Thomas W. Goedert,
Esq., at Crane, Heyman, Simon, Welch & Clar, in Chicago, Illinois.
The case is assigned to Judge Thomas M. Lynch. The Debtor
estimated assets and liabilities at $1 million to $10 million at
the time of the filing.
OLIVE BRANCH: Can Utilize NSB Cash Collateral Until Nov. 30
-----------------------------------------------------------
Judge Bruce A. Harwood of the U.S. Bankruptcy Court for the
District of New Hampshire authorized Olive Branch Real Estate
Development, LLC to use the cash collateral of Norway Saving Bank
in the ordinary course of its business pending a final hearing on
the Motion.
The Debtor contended that the sole cash collateral lien holder of
the Debtor is the secured creditor Norway Saving Bank. The Debtor
further contended that Norway Saving Bank has a lien on the
Debtor’s business assets and real estate.
The Debtor related that it has no cash with which to operate other
than cash collateral. The Debtor further related that such cash
is necessary to pay operating expenses and payments, and monthly
mortgage payments.
The Debtor was authorized to pay the costs and expenses incurred by
Debtor in the ordinary course of business during the period from
October 13, 2016 through November 30, 2016.
The approved Budget provides for total expenses in the amount of
$2,105 for each of the periods of October 13, 2016 to October 31,
2016 and November 1, 2016 to November 30, 2016.
The Debtor was directed to pay Norway Saving Bank monthly mortgage
payments in the amount of $1,187, commencing November 1, 2016.
Norway Saving Bank was granted a post-petition replacement lien and
security interest in all post-petition property of the estate of
the same type against which Norway Saving Bank, held validly
perfected and not avoidable liens and security interests as of the
Petition Date.
A final hearing on the Debtor’s use of cash collateral is
scheduled on Nov. 16, 2016 at 2:00 p.m. The deadline for the
filing of objections to the Debtor's use of cash collateral is set
on Nov. 9, 2016.
A full-text copy of the Debtor's First Day Motion dated October 20,
2016 is available at https://is.gd/oXrzu1
A full-text copy of the Order dated October 20, 2016 is available
at https://is.gd/4BZlmi
Olive Branch Real Estate Development, LLC is represented by:
S. William Dahar II, Esq.
VICTOR W. DAHAR, P.A.
20 Merrimack Street
Manchester, NH 03101
Telephone: (603) 622-6595
Norway Saving Bank can be reached at:
NORWAY SAVING BANK
261 Main Street
P.O. Box 347
Norway, Maine 04268
About Olive Branch Real Estate Development
Olive Branch Real Estate Development, LLC is a real estate
development company with a principal address of 832 Route 3, Unit
#1, Holderness, New Hampshire. The Debtor is owned and operated by
Gerard M. Healey. The business has been in operation since 2011.
The Debtor does not have any employees.
Olive Branch Real Estate Development LLC filed a Chapter 11
petition (Bankr. D.N.H. Case No. 16-11444), on October 13, 2016.
The Petition was signed by Gerard M. Healey, managing member. The
Debtor is represented by S. William Dahar, II, Esq., at Victor W.
Dahar Professional Association. At the time of filing, the Debtor
estimated assets at $0 to $50,000 and liabilities at $100,000 to
$500,000.
OLIVE BRANCH: Wants to Continue Using Cash through January 31
-------------------------------------------------------------
Olive Branch Real Estate Development, LLC asks the U.S. Bankruptcy
Court for the District of New Hampshire for authorization to
continue using cash collateral from December 1, 2016 to January 31,
2017.
The Debtor relates that it needs the use of the cash collateral
consisting of revenue from rental receipts to pay its monthly
mortgages and expenses through January 31, 2017.
The Debtor projects that during the Budget Period it will generate
a monthly rental income from its tenants of approximately $2,400
each month from December 2016 and January, 2017. The Debtor
further projects that the amount of disbursements will be at $2,105
per month.
The Debtor contends that its proposed Budget shows that the Debtor
will be able to meet its operating costs and expenses during the
Use Period considering that it will have a surplus cash-on-hand of
approximately $295 per month at the end of the Budget Period.
The Debtor believes that Norway Saving Bank holds a first priority
lien on the prepetition cash collateral. The Debtor also claims
that it is behind on its monthly mortgage payment to Norway Saving
Bank. The Debtor proposes to grant Norway Saving Bank, a
replacement lien on the estate's post-petition accounts receivable
and the cash proceeds, as adequate protection.
The Debtor tells the Court that Norway Saving Bank has liens on all
of the its business assets and equipment and real estate. The
Debtor further tells the Court that it has no cash with which to
operate other than cash collateral, and that such cash is necessary
to pay operating expenses and payments, and monthly mortgage
payments in order to provide adequate protection of the security
interest of Norway Saving Bank in the cash collateral and to
protect the interest of other creditors.
A full-text copy of the Debtor's Motion dated October 20, 2016 is
available at https://is.gd/aabWqt
About Olive Branch Real Estate Development
Olive Branch Real Estate Development, LLC is a real estate
development company with a principal address of 832 Route 3, Unit
#1, Holderness, New Hampshire. The Debtor is owned and operated by
Gerard M. Healey. The business has been in operation since 2011.
The Debtor does not have any employees.
Olive Branch Real Estate Development LLC filed a Chapter 11
petition (Bankr. D.N.H. Case No. 16-11444), on October 13, 2016.
The Petition was signed by Gerard M. Healey, managing member. The
Debtor is represented by S. William Dahar, II, Esq., at Victor W.
Dahar P.A. At the time of filing, the Debtor estimated assets at
$0 to $50,000 and liabilities at $100,001 to $500,000.
OLMOS EQUIPMENT: Unsecureds To Be Paid With Funds From Asset Sales
------------------------------------------------------------------
Olmos Equipment Inc. filed with the U.S. Bankruptcy Court for the
Western District of Texas a disclosure statement for the Debtor's
plan of reorganization.
Class 7 Unsecured Claims are estimated at $9,277,000. Under the
Plan, only after fully satisfying the Class 1, 2, 3, 4, 5 and 6
creditors' allowed claims, then, commencing on April 30, 2017, and
continuing on each April 30, June 30, Sept. 30 and Dec. 31 of each
year until the Class 7 allowed claims are paid in full, the Debtor
or litigation trustee, as the case may be, will distribute funds
generated from (a) the sale of any assets, (b) the collection of
any receivables or (c) any claims or litigation to the Class 7
Creditors on a pro rata basis.
The distributions and payments provided for in the Plan will be
funded by the Debtor's cash on hand at Confirmation, the Debtor's
collection of receivables and the proceeds from the sale of the
Debtor's assets. Colglazier Properties of San Antonio will serve
as the real estate broker for the Debtor's real property. The
Debtor's personal property will be sold, on or before Jan. 31,
2017, by private sale, Richie Brothers Auctioneers, Mel Davis
Auctions and/or another equipment liquidator.
The Disclosure Statement is available at:
http://bankrupt.com/misc/txwb16-51834-122.pdf
About Olmos Equipment
Olmos Equipment Inc. filed a Chapter 11 petition (Bankr. W.D. Tex.
Case No. 16-51834) on Aug. 12, 2016. The petition was signed by
Larry Struthoff, president. The Debtor is represented by William
B. Kingman, Esq., at the Law Offices of William B. Kingman, PC. The
case is assigned to Judge Craig A. Gargotta. The Debtor estimated
assets at $1 million to $10 million and liabilities at $10 million
to $50 million at the time of the filing.
Judge Craig A. Gargotta, the United States Bankruptcy Judge for
the
District of Texas, entered an order approving the appointment of
Randolph N. Osherow as Chapter 11 Examiner for the Debtor, Olmos
Equipment, Inc.
OMNI LOOKOUT: Seeks to Employ Frank Lyon as Attorney
----------------------------------------------------
Omni Lookout Ridge, LP, seeks authorization from the U.S.
Bankruptcy Court for the Western District of Texas to employ Frank
B. Lyon, Esq., as Attorney.
The Debtor requires Frank Lyon to:
(a) give the Debtor legal advice with respect to its powers
and duties as Debtor-in-Possession in the continued operation of
its business and management of the property;
(b) advise the Debtor of its responsibilities under the
Bankruptcy Code and assist with such;
(c) prepare and file the voluntary petition and other
paperwork necessary to commence the proceeding;
(d) assist the Debtor in preparing and filing the required
Schedules, Statement of Affairs, Monthly Financial Reports, the
Initial Debtor Report and other documents required by the
Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the
Local Rules of the Court and the administration procedures of the
Office of the United States Trustee;
(e) represent the Debtor in connection with the adversary
proceedings and other contested and uncontested matters, both in
the Court and in other court of competent jurisdiction, concerning
any and all matters related to the bankruptcy proceedings and the
financial affairs of the Debtor, including, but not limited to,
litigation affecting property of the Estate, suits to avoid or
determine lien rights or other property interests of creditors and
other parties in interest objections to disputed claims, motions to
assume or reject leases and other executory contracts, motions for
relief from the automatic stay and motions concerning the discovery
of documents and other information relating to any of the
foregoing;
(f) represent the Debtor in the negotiation and documents of
any sales or refinancing of the property of the estate, and in
obtaining the necessary approvals of such sales or refinancing by
the Court; and,
(g) assist the Debtor in the formulation of a plan of
reorganization and the disclosure statement, and in taking the
necessary steps in the Court to obtain approval of such disclosure
statement and confirmation of such plan of reorganization.
Frank Lyon professionals will be paid at these hourly rates:
Frank B. Lyon, Esq. $395
Catherine Lenox $305
Contract and of counsel attorneys $305
Legal Assistants $105
Pre-petition, the Debtor paid Frank Lyon the sum of $5,000 of which
$2,000 went to pre-petition fees and expenses and $1,717 for the
Chapter 11 filing fee, resulting in a retainer of $1,283. The
source of the funds for the pre-petition payments and the retainer
paid to Frank Lyon was the pre-petition income of the Debtor. The
Debtor and Gregory Hall have agreed to tender to Frank Lyon's trust
account within fifteen days of invoice, an amount such that the
retainer will not dip below $15,000 assuming that all of Frank
Lyon's invoices will be approved by the Court. Post-petition Frank
Lyon has received an additional $5,000 retainer from Mr. Hall.
Frank B. Lyon, Esq., sole practitioner of the Firm, 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 Debtors and their estates.
Frank Lyon can be reached at:
Frank B. Lyon, Esq.
FRANK B. LYON
3508 Far Boulevard
Two Far West Plaza, Suite 170
Austin, TX 78731
Phone: 512-345-8964
Fax: 512-697-0047
Email: frank@franklyon.com
About Omni Lookout Ridge
Omni Lookout Ridge, LP aka Omni G.P., LLC, General Partner filed a
Chapter 11 petition (Bankr. W.D. Tex. Case No.: 16-11048) on
September 6, 2016, and is represented by Frank B. Lyon, Esq., in
Austin, Texas.
At the time of filing, the Debtor had $0 to $50,000 in estimated
assets and $1 million to $10 million in estimated liabilities.
The petition was signed by Gregory Hall, manager.
ORIENTAL CANTONES: Jan. 2017 Disclosure Statement Hearing Set
-------------------------------------------------------------
Judge Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the District of Puerto Rico will convene a hearing on January 10,
2017, at 10:00 a.m., to consider the adequacy of the disclosure
statement explaining Oriental Cantones, Inc.'s plan of
reorganization.
Objections to the form and content of the disclosure statement
should be in writing and filed with the court and served upon
parties in interest at their address of record not less than 14
days prior to the hearing. Objections not timely filed and served
will be deemed waived
The Troubled Company Reporter, on Octt. 17, 2016, reported that the
Debtor's Plan provides that priority unsecured creditors will
receive a distribution of no less than 100% of their allowed claims
over a period of five years. There are no to general unsecured
creditors.
Payments and distributions under the Plan will be funded by rental
income, income from service granted by the Debtor.
The Disclosure Statement is available at:
http://bankrupt.com/misc/prb16-02759-46.pdf
Oriental Cantones, Inc., incorporated under the laws of the
Commonwealth of Puerto Rico, operates a business that is dedicated
to the rental of real estate property. It has real estate
property in the amount of approximately $525,000.00, that is the
commercial property, which consists of a building and two houses
that are the subject of rentals.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 16-02759) on April 8, 2016. Robert Millan, Esq.,
at Millan Law Offices serves as the Debtor's bankruptcy counsel.
Shun Ming Lu Cen is the administrator of the corporation's affairs
and has power of attorney through the corporation's President, Fung
Wing Fung, who resides in the State of Florida. He is the managing
officer in control of the Debtor.
PACIFIC ANDES: Seeks to Hire Klestadt Winters as Legal Counsel
--------------------------------------------------------------
Pacific Andes Resources Development Limited seeks approval from the
U.S. Bankruptcy Court for the Southern District of New York to hire
legal counsel in connection with its Chapter 11 case.
The company proposes to hire Klestadt Winters Jureller Southard &
Stevens, LLP to give advice regarding its duties, prosecute actions
to protect its Chapter 11 estate, and assist the company in
obtaining confirmation of a bankruptcy plan.
The firm's professionals and their hourly rates are:
Tracy Klestadt $675
Partners $475 - $575
Associates $250 - $375
Paralegals $150
In a court filing, Tracy Klestadt, Esq., the attorney designated to
represent the company, disclosed that the firm is "disinterested"
as defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Tracy L. Klestadt, Esq.
John E. Jureller, Esq.
Christopher Reilly, Esq.
200 West 41st Street, 17th Floor
New York, NY 10036
Tel: (212) 972-3000
Fax: (212) 972-2245
Email: tklestadt@klestadt.com
About Pacific Andes
Pacific Andes Resources Development Limited sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S. D. N.Y. Case No.
16-12739) on September 29, 2016. The petition was signed by Ng
Puay Yee, Annie (Jessie), executive chairman.
The case is assigned to Judge James L. Garrity Jr.
At the time of the filing, the Debtor estimated its assets at $1
billion to $10 billion and debts at $100 million to $500 million.
The Debtor's case is not jointly administered with the case of its
affiliate China Fishery Group Ltd. (Cayman), which sought Chapter
11 protection on June 30, 2016.
PALMER FARMS: Gets Permission to Use GWB Cash Collateral
--------------------------------------------------------
Judge Brenda Moody Whinery of the U.S. Bankruptcy Court for the
District of Arizona authorized Palmer Farms, Incorporated, and its
affiliated debtors to use Great Western Bank, N.A.'s cash
collateral, despite Great Western Bank's objection.
It was previously reported by TCR that the Debtors are indebted to
Great Western Bank, N.A., in the amount of over $4,400,000, and
Great Western Bank applied for a receiver to take possession of
Debtor's Palmer Farms and Palmer Cattle and noticed a trustee's
sale of the farm property for Sept. 6, 2016.
The Debtors were authorized to use cash collateral for the sole
purpose of paying for the expenses of the Debtor Palmer Farms, Inc.
to preserve the going concern of Palmer Farms and harvest the
cotton crop currently planted by Palmer Farms.
Palmer Farms' preliminary Budget for the month of November 2016
projects total cash inflows of 100,000.00 from crop sales, and
total cash outflows of $46,900.
Judge Whinery ordered the Debtors to file their monthly operating
report for the month of September 2016, on or before October 31,
2016, and thereafter timely file all monthly operating reports as
they become due pursuant to applicable U.S. Trustee guidelines.
A continued hearing on the Debtors’ request to use cash
collateral is scheduled on December 7, 2016 at 11:15 a.m.
A full-text copy of the Second Stipulated Interim Order, dated
October 20, 2016, is available at https://is.gd/Wr2J0D
About Palmer Farms, Incorporated
Palmer Farms, Incorporated, Palmer Cattle, LLC, Marco Duane Palmer
and Elena Pavlovna Palmer filed chapter 11 petitions (Bankr. D.
Ariz. Case Nos. 4:16-bk-10202-BMW, 4:16-bk-10201-BMW, and
4:16-bk-10206-SHG, respectively) on Sept. 2, 2016. The petition
was signed by Marco D. Palmer, manager.
Palmer Farms and Palmer Cattle are represented by Michael McGrath,
Esq., Isaac D. Rothschild, Esq., and Jeffrey J. Coe, Esq., at Mesch
Clark Rothschild. Marco D. and Elena P. Palmer are represented by
Dennis J. Clancy, Esq., at Raven, Clancy & McDonagh, P.C.
At the time of filing, the Debtor estimated assets at $500,000 to
$1 million and liabilities at $1 million to $10 million. The case
is assigned to Judge Brenda Moody Whinery.
Marco and Elena Palmer are husband and wife and live in Thatcher,
Arizona. Marco is a fifth generation farmer who has farmed in
Thatcher for over 40 years. Marco Palmer is the former
vice-president of the irrigation district in Thatcher, Arizona. In
about 2010, the Palmers expanded into cattle ranching.
Palmer Farms operates a farm on approximately 1200 acres in
Thatcher, Arizona. Farms primarily grows cotton and durum wheat and
employs four employees. Palmer Farms currently subleases about 500
acres to Danny Curley.
Palmer Cattle is a cattle ranch but does not currently own any
cattle. The ranch owns equipment and feed and has the capacity to
raise cattle, however, in July of 2014, Great Western Bank, N.A.
directed Palmer Cattle to not purchase any cattle, despite knowing
that Palmer Cattle had acquired a large amount of feed and
equipment for the cattle operation.
PANADERIA ZULMA: Hires MRO Attorneys as Counsel
-----------------------------------------------
Panaderia Zulma Inc. seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ MRO Attorneys at
Law, LLC as counsel.
The Debtor requires MRO to:
(a) represent the Debtor in the bankruptcy case;
(b) give the Debtor legal advise with respect to its powers and
duties as a debtor in possession in the continued operation
of the Debtor's business; and
(c) perform all legal services for the Debtor as may be
necessary in the reorganization of the Debtor's business.
MRO will be compensated at a rate of $200 per hour for services to
be rendered by Myrna L. Ruiz-Olmo.
MRO will also be reimbursed for reasonable out-of-pocket expenses
incurred.
A retainer fee of $10,000, plus the $1,717 filing fee were paid by
a third party prior to the bankruptcy filing.
Myrna L. Ruiz-Olmo 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 estate.
MRO can be reached at:
Myrna L. Ruiz-Olmo, Esq.
MRO ATTORNEYS AT LAW, LLC
P.O. Box 367819
San Juan, PR 00936-7819
Tel: (787) 237-7440
E-mail: mro@prbankruptcy.com
Panaderia Zulma Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-07217) on September 11, 2016, disclosing
under $1 million in both assets and liabilities.
The Debtor is represented by Myrna L. Ruiz-Olmo, Esq.
PAONESSA ALFOMBRAS: Hires MRO Attorneys as Counsel
--------------------------------------------------
Paonessa Alfombras, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ MRO Attorneys at
Law, LLC as counsel to the Debtor.
Paonessa Alfombras requires MRO Attorneys to:
a. give the Debtor legal advise with respect to its powers and
duties as debtor-in-possession in the continued operation
of the Debtor's business; and
b. perform all legal services for the Debtor as may be
necessary in the reorganization of the Debtor's business.
MRO Attorneys will be paid at the hourly rate of $200.
MRO Attorneys will be paid a retainer in the amount of $6,000.
MRO Attorneys will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Myrna L. Ruiz-Olmo, member of MRO Attorneys at Law, LLC, 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.
MRO Attorneys can be reached at:
Myrna L. Ruiz-Olmo, Esq.
MRO ATTORNEYS AT LAW, LLC
P.O. Box 367819
San Juan, PR 00936-7819
Tel: (787) 237-7440
E-mail: mro@prbankruptcy.com
About Paonessa Alfombras
Paonessa Alfombras, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-00532) on Jan. 28, 2016,
disclosing under $1 million in both assets and liabilities. MRO
Attorneys at Law, LLC serves as counsel to the Debtor.
The U.S. Trustee has been unable to appoint an official committee
of unsecured creditors in the case.
PARTIES ARE US: Plan Hearing Continued to Nov. 16
-------------------------------------------------
Judge Frank W. Volk convened a hearing Oct. 5, 2016, to consider
approval of Parties Are Us, Inc.'s Amended Disclosure Statement
filed Aug. 12, 2016, and Amended Chapter 11 Small Business Plan
filed Aug. 1, 2016. Attorneys for the Debtor, Branch Banking &
Trust, United States Trustee, and the Internal Revenue Service
appeared at the hearing.
Judge Volk ruled that good cause exists to continue the hearing.
"It is ORDERED that this matter will be continued to 1:30 p.m. on
Nov. 16, 2016, in Bankruptcy Courtroom A, 6400 Robert C. Byrd U.S.
Courthouse, 300 Virginia Street East, Charleston, West Virginia,"
the judge declared.
As reported in the Troubled Company Reporter on Sept. 6, 2016, the
Debtor proposed a plan of reorganization that provides that general
unsecured creditors will receive a distribution of 100% to be paid
over a period of 72 months or less, without interest. The Debtor
believes that it will have sufficient cash on hand and cash flow
over the next 72 months from operating revenue to pay all the
claims and expenses of the proposed Plan in full. A copy of the
Disclosure Statement is available at:
http://bankrupt.com/misc/wvsb15-20180-120.pdf
About Parties Are Us
Parties Are Us, Inc., d/b/a H&H Enterprises Entertainment Services,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.W. Va. Case No. 15-20180) on April 2, 2015.
The case is assigned to Judge Frank W. Volk.
At the time of the filing, the Debtor estimated its assets and
debt at $500,001 to $1 million.
The Debtor's attorney:
Mitchell Lee Klein, Esq.
3566 Teays Valley Road
Hurricane, WV 25526
Tel: (304) 562-7111
E-mail: mitch@ksgwv.com
PERIODONTAL CARE: Disclosure Statement Hearing on Nov. 22
---------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Tennessee is
set to hold a hearing on November 22, at 9:00 a.m., to consider
approval of the disclosure statement explaining the Chapter 11 plan
of reorganization of Periodontal Care Center PLLC.
The hearing will take place at Courtroom 2, Second Floor, Customs
House, 701 Broadway, Nashville, Tennessee. Objections are due by
November 13.
Periodontal Care is represented by:
Elliott Warner Jones, Esq.
Emerge Law PLC
2021 Richard Jones Road, Suite 240
Nashville, TN 37215
Tel: 615-953-2629
Email: elliott@emergelaw.net
About Periodontal Care Center
Periodontal Care Center, PLLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M. D. Tenn. Case No. 15-08656) on
December 2, 2015. The petition was signed by Jean-Max Jean-Pierre,
owner and member.
The case is assigned to Judge Charles M. Walker.
At the time of the filing, the Debtor estimated assets of less than
$1 million and liabilities of $1 million to $10 million.
PODIUM PERFORMANCE: Can Use Cash Collateral Through Dec. 31
-----------------------------------------------------------
Judge Paul G. Hyman, Jr. of the U.S. Bankruptcy Court for the
Southern District of Florida authorized Podium Performance, LLC to
use SunTrust Bank's cash collateral, on an interim basis through
December 31, 2016.
The Debtor owes Suntrust Bank approximately $469,000. The
indebtedness is secured by real property owned by a non-debtor.
Judge Hyman acknowledged the necessity of the Debtor's use of the
cash collateral for an effective reorganization and to avoid harm
to the Debtor's bankruptcy estate, as it will enable the Debtor to
pay its regular business operating expenses and administrative
expenses and other ordinary expenses as they become due.
The approved 3-month Budget covers the months of October 2016 to
December 2016. The Budget provides for total salary and wages in
the amount of $48,342, total fixed business expenses in the amount
of $58,868, and other expenses totaling $6,273.
The Debtor was directed to make adequate protection payments to
SunTrust Bank in the amount of $1,325 on Nov. 1, 2016, $1,325 on
Dec. 1, 2016, and monthly adequate protection payments to SunTrust
Bank in the amount of $2,783 beginning on Jan. 1, 2017 until the
Debtor's authorization to use cash collateral expires.
SunTrust Bank was granted replacement liens on all property
acquired or generated post-petition by the Debtor to the same
extent and priority and of the same kind and nature as SunTrust's
prepetition liens and security interests in the cash collateral
The Debtor undertook to file its Plan and Disclosure Statement on
or before December 1, 2016. Judge Hyman held that failure of the
Debtor to meet this deadline shall be deemed an event of Cash
Collateral Order default.
The Debtor agreed to use best efforts to meet the following
deadlines:
(1) obtain approval of any Disclosure Statement filed
by the Debtor on or before Jan. 13, 2017;
(2) obtain an order approving Debtor’s Plan on or
before March 15, 2017; and
(3) for the Effective Date of any Plan filed by the
Debtor to take place on or before April 1, 2017.
A full-text copy of the Order, dated October 20, 2016, is available
at https://is.gd/Od1M7f
About Podium Performance
Podium Performance, LLC, filed a Chapter 11 petition (Bankr. S.D.
Fla. Case No. 16-21400) on August 18, 2016. The petition is signed
by Peter Willis, managing member. The Debtor is represented by
Nadine V. White-Boyd, Esq., at White-Boyd Law. The Debtor
estimated assets at $100,001 to $500,000 and liabilities at
$500,001 to $1 million at the time of the filing.
PORTOFINO TOWERS: Wants Plan Filing Period Moved to January 2017
----------------------------------------------------------------
Portofino Towers 1002 LLC asks the U.S. Bankruptcy Court for the
Southern District of Florida to extend its exclusive period to file
a plan of reorganization to January 17, 2017, and solicit
acceptances of that plan through April 17, 2017.
The Debtor asserts that it has engaged in meaningful settlement
negotiations with its lender and made a substantial offer.
Although the Lender ordered an appraisal at the end of September,
but nothing has been resolved as of this date. Accordingly, the
Debtor requires more time to negotiate with creditors since the 120
day exclusive period to file a plan was slated to expire October
19, 2016, absent an extension.
About Portofino Towers
Portofino Towers 1002 LLC filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Fla. Case No. 16-18808) on June 21, 2016. Hon. Laurel
M. Isicoff presides over the case. Joel M. Aresty, P.A.,
represents the Debtor as counsel. In its petition, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
The petition was signed by Laurent Benzaquen, authorized
representative.
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Portofino Towers 1002 LLC.
POST EAST: Can Use Connect REO Cash Through Oct. 31
---------------------------------------------------
Judge Ann M. Nevins of the U.S. Bankruptcy Court for the District
of Connecticut authorized Post East, LLC, to use Connect REO LLC's
cash collateral.
The Debtor was authorized to use rentals or other funds that may
constitute cash collateral up to the total amount of expenses
projected to be $34,351, for the period Aug. 1, 2016 through Oct.
31, 2016.
The Debtor was directed to make monthly adequate protection
payments to Connect REO in the amount of $5,500.
Connect REO was granted security interests in all post-petition
rents and leases, subordinate to all Chapter 11 quarterly fees.
A continued hearing on the use of cash collateral is scheduled on
Oct. 26, 2016 at 10:00 a.m.
A full-text copy of the Order, dated Oct. 19, 2016, is available at
http://bankrupt.com/misc/PostEast2016_1650848_52.pdf
About Post East
Post East, LLC, owns real estate at 740-748 Post Road East,
Westport, Connecticut. The property is commercial real estate
which presently has seven leased spaces. The secured creditor is
Connect REO, LLC, which is owed $1,043,000.
Post East, LLC, filed for Chapter 11 bankruptcy protection (Bankr.
D. Conn. Case No. 16-50848) on June 27, 2016. The petition was
signed by Michael F. Calise, member. The Debtor is represented by
Carl T. Gulliver, Esq., at Coan Lewendon Gulliver & Miltenberger
LLC. The Debtor estimated assets and liabilities at $1 million to
$10 million at the time of the filing.
PRECISION CASTING: Can Use Up To $175K Cash
-------------------------------------------
Judge Thomas B. McNamara of the U.S. Bankruptcy Court for the
District of Colorado authorized Precision Casting Prototypes &
Engineering, Inc. to use cash collateral in an amount not to exceed
$175,000.
The Debtor was directed to pay prepetition employee wage and
benefit claims, in an amount not to exceed $30,000, prior to entry
of a final order.
A Final Hearing on the Debtor's continued use of cash collateral is
scheduled on October 31, 2016, at 9:00 a.m. The deadline for filing
objections to the Debtor's continued use of cash collateral is set
on October 27, 2016.
A full-text copy of the Order, dated October 20, 2016, is available
at https://is.gd/vQozhS
About Precision Casting
Precision Casting Prototypes & Engineering, Inc., is a veteran
owned foundry and machine shop in Colorado serving the entire
United States. Precise Cast operates at a leased property at 7501
East Dahlia Street in Commerce City, Colorado. Precise Cast
specializes in rapid prototyping and the precision casting and
machining of aluminum, magnesium, and zinc parts primarily for
Fortune 500 companies in the aerospace, defense, automotive,
commercial vehicle, electronic, and medical device industries.
Precision Casting Prototypes & Engineering filed a Chapter 11
petition (Bankr. D. Colo. Case No. 16-20113) on Oct. 13, 2016. The
petition was signed by Craig R. Reeves, president. The Debtor is
represented by Kenneth J. Buechler, Esq., at Buechler & Garber,
LLC. The case is assigned to Judge Thomas B. McNamara. The Debtor
estimated $500,000 to $1 million in assets and $1 million to $10
million in debt at the time of the filing.
PRINTING AND BIKE: Unsecureds To Recoup 6% Under Plan
-----------------------------------------------------
Printing and Bike Corporation filed with the U.S. Bankruptcy Court
for the District of Puerto Rico a plan of reorganization and
accompanying disclosure statement, which propose that the aggregate
dividend to general unsecured creditors classified in Class 5 would
be fixed in the amount of $5,000, with payments to be distributed
pro-rata among outstanding and allowed claims.
On the consummation date, Class 5 claimants will receive from the
Debtors a non-negotiable, non-interest bearing promissory note,
dated as of the Effective Date, providing for a total amount of
$5,000, which will be payable in consecutive monthly installments
of $83.00 during a period of five years, starting on the Effective
Date; with a monthly pro-rata distribution among all members of
this Class 5. This dividend equal for a 6% of their allowed
claims.
Administrative expenses are classified in Class 1 and will be paid
in cash and in full as soon as practicable or agreed with the
creditor on the later of (a) the Effective Date or (b) the date any
claim becomes an allowed Administrative Claim.
Secured claim is classified in Class 2, comprised by Banco Popular
de PR. This bank filed the claim number 6 in the amount of
$149,344, this classified as a secured claim. This BPPR's claim
was a mortgage loan secured by the Debtors' commercial property
located at 175B Calle Jose C Barbosa, Las Piedras, Puerto Rico
The Class 3 consist of all allowed priority claims pursuant to
Section 507(a)(4), namely for employee benefits, specifically
vacations, up to a maximum of $11,725 for each individual, earned
within 180 days before the date of the filing of the petition.
Employee vacations accrued or owed within 180 days prior to filing
the Debtors' petition were scheduled and claimed in the amount of
$1,450. All allowed amounts owed under this class will be paid in
the ordinary course of business of the debtor. In the alternative,
members of this class which are no longer employed by the debtor
will receive full payment on account of their claim on the
effective date of the plan.
The Class 4 consists of a Proof of Claim No. 4 filed by Xerox
Corporation in the amount of $10,166.39 in relation with a lease
agreement between this creditor and the Debtor. The creditor's
claim will be paid in full through monthly over a period of five
years, starting on the Effective Date.
The Plan will be implemented as required under Section 1123(a) (5)
of the Code with the daily operations of the business and its
resulting operating cash flows. Debtor will retain property of the
estate in order to operate its business and produce cash flow for
the execution of the Plan
A full-text copy of the Disclosure Statement dated October 14,
2016, is available at http://bankrupt.com/misc/prb15-10240-71.pdf
Judge Brian K. Tester on Oct. 18, 2016, ruled that Printing and
Bike Corporation's Disclosure Statement filed on Oct. 14, 2016, is
conditionally approved.
A hearing to consider final approval of the Disclosure Statement
and confirmation of the Plan and of objections as may be made to
either will be held on Nov. 16, 2016 at 9:00 a.m. at the U.S.
Bankruptcy Court, U.S. Post Office and Courthouse Building, 300
Recinto Sur, Courtroom No. 1, Second Floor, San Juan, Puerto Rico.
Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 10 days prior to the date of
the hearing on confirmation of the Plan.
Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan shall be filed on/or before 10
days prior to the date of the hearing on confirmation of the Plan.
About Printing and Bike
Printing and Bike Corporation filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 15-10240) on Dec. 24, 2015, estimating less than $1
million in assets and debt. The Debtor is represented by Alexis A.
Betancourt Vincentry, Esq., at Lugo Mender Group LLC.
QUINTESS LLC: Can Obtain Interim Financing, Use Cash Collateral
---------------------------------------------------------------
Judge Joseph G. Rosania, Jr. of the U.S. Bankruptcy Court for the
District of Colorado authorized Quintess, LLC to obtain
post-petition financing and use cash collateral on an interim
basis.
The Debtor is wholly owned by Vacation Group, LLC, which is wholly
owned by its Lender. The Debtor owes its Lender $2,662,500 plus
accrued interest, fees and costs. The Debtor granted the Lender a
lien and security interest upon substantially all of the Debtor's
assets as security for its obligations.
The Debtor executed a Stipulation with the Lender, wherein the
Lender agreed to advance the principal sum of $337,500 after Oct.
7, 2016 on a secured basis.
The Debtor was authorized to use cash collateral to pay the
reasonable, ordinary, and necessary expenses of operating and
maintaining its business.
Judge Rosania held that the post-petition loans will be secured by
a first priority security interest and lien upon all prepetition
and postpetition assets and property of the Debtor, but excluding
avoidance actions under Chapter 5 of the Bankruptcy Code.
The Lender was granted a replacement lien upon all postpetition
assets of the Debtor’s estate, but excluding avoidance actions
under Chapter 5 of the Bankruptcy Code, to the same extent,
validity and priority of the Lender’s prepetition liens upon and
security interests in the Debtor’s assets, subject to the
Carve-Out.
The Carve-Out consists of all allowed professional fees and
disbursements of professionals retained by the Debtor or any
committee appointed in the Casee, quarterly fees required to be
paid pursuant to 28 U.S.C. Section 1930(a)(6), and any fees payable
to the Clerk of the Bankruptcy Court.
The Debtor’s authority to use Cash Collateral will terminate on
the earlier of:
(i) the effective date of any confirmed plan of
reorganization;
(ii) conversion of the Debtor’s case to Chapter 7;
(iii) dismissal of the Debtor’s case; or
(iv) upon default by the Debtor of any provision, term, or
condition of the Stipulation which is not timely cured.
A final hearing on the Debtor's Motion is scheduled on November 16,
2016, at 3:00 p.m. The deadline for the filing of objections to
the Debtor's Motion is set on November 2, 2016.
A full-text copy of the Interim Order, dated October 20, 2016, is
available at https://is.gd/vymObx
About Quintess, LLC
Quintess, LLC, filed a chapter 11 petition (Bankr. D. Colo. Case
No. 16-19955) on Oct. 7, 2016. The petition was signed by Pete
Estler, CEO. The Debtor is represented by Duncan E. Barber, Esq.,
at Shapiro Bieging Barber Otteson LLP and Ron Bender, Esq., at
Levene, Neale, Bender, Yoo & Brill LLP. The case is assigned to
Judge Joseph G. Rosania, Jr. The Debtor estimated assets at $0 to
$50,000 and liabilities at $1 million to $10 million at the time of
the filing.
R.E.S. NATION: Wants Authorization to Use BOA Cash Collateral
--------------------------------------------------------------
R.E.S. Nation, LLC asks the U.S. Bankruptcy Court for the Southern
District of Texas for authorization to use the cash collateral of
Bank of America, N.A.
The Debtor tells the Court that the use of cash collateral is
necessary for continued operation of the Debtor's business and
maintain its value as a going concern. The Debtor further tells the
Court that without the use of cash collateral, it will not be able
to pay wages, salaries, commissions, rent and other operating
expenses incurred in the ordinary course of its business without
such authority to the immediate use of cash collateral.
The Debtor is indebted to Bank of America in the principal amount
of $459,199, as of September 23, 2016. The debt is secured by the
Debtor's personal property, which consist of accounts, chattel
paper, equipment, negotiable and nonnegotiable documents,
substitutes or replacements for any collateral, and supporting
obligations covering any collateral, among others.
The Debtor believes that the value of the Pre-Petition Collateral
exceeds the amount of the indebtedness owed to Bank of America, and
its existing equity cushion will protect Bank of America against
any degradation in its security position during the interim period.
Despite the existing equity cushion, the Debtor proposes to make
monthly interest payments to Bank of America.
The Debtor's proposed Budget through November 8, 2016, provides for
total expenses in the amount of $169,900.
The Debtor contends that Bank of America has consented to the
Debtor's use of cash collateral through November 7, 2016 pursuant
to the Interim Budget.
A full-text copy of the Debtor's Motion with Budget, dated October
20, 2016, is available at https://is.gd/nhzIqm
R.E.S. Nation, LLC is represented by:
Susan C. Mathews, Esq.
BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ
A Professional Corporation
1301 McKinney St., Suite 3700
Houston, TX 77010
Telephone: (713) 650-9700
Facsimile: (713) 650-9701
Email: smathews@bakerdonelson.com
Bank of America, N.A. is represented by:
Richard G. Dafoe, Esq.
Vincent Serafino Geary Waddell Jenevein, P.C.
1601 Elm Street, Suite 4100
Dallas, TX 75201
Phone: (214) 979-7427
Fax: 214-979-7402
Email: rdafoe@vilolaw.com
About R.E.S. Nation LLC.
R.E.S. Nation, LLC's business consists of representing commercial
and industrial businesses that buy electricity in deregulated
service territories, where the Debtor procures customers for retail
energy providers pursuant to written agreements with the provider
and is paid a commission over time during the term of the customer
agreement.
R.E.S. Nation, LLC filed a Chapter 11 petition (Bankr. S.D. Tex.
Case No. 16-34744), on September 23, 2016. The petition was signed
by Jeffrey Nowling, manager. The Debtor is represented by Susan C.
Matthews, Esq. at Baker, Donelson, Bearman, Caldwell & Berkowitz,
APC. At the time of filing, the Debtor estimated assets and
liabilities at $0 to $50,000.
RESTAURANT EL OBRERO: Unsecureds To Get 5.65%-5.97% Under Plan
--------------------------------------------------------------
Restaurant El Obrero Inc. filed with the U.S. Bankruptcy Court for
the District of Puerto Rico a small business plan and disclosure
statement, which propose that holders of unsecured convenience
claims that are under or equal to $5,000 will recover 5.65% of the
allowed amount, while holders of unsecured convenience class claims
that are over $5,000 will recover 5.97% of the allowed amount.
The Municipal Revenue Collection Center's secured claim, which
totals $9,158.03, will be paid in 48 monthly installments of
$203.72 for principal and interest.
The secured claim of Oriental Bank, which encumbers the parking lot
for customers who visit the restaurant and which balance due is
$219,365.17, will be paid the current regular payment of $2,008.30
per the original contract. The secured claim of Oriential Bank,
which encumbers the commercial lot from which the Debtor operates
its business and which balance due is $85,325.05, will be paid the
current regular payment of $1,743.01 per the original contract.
Luis Ortiz Torres, the equity interest holder, will receive no
distribution under the reorganization plan.
The Plan will be implemented with the continued operation of the
Debtor's business endeavors.
A full-text copy of the Disclosure Statement dated October 14,
2016, is available at:
http://bankrupt.com/misc/prb15-10208-111.pdf
Restaurant El Obrero Inc., which operates a restaurant, filed a
Chapter 11 petition (Bankr. D.P.R. Case No. 15-10208) on December
23, 2015, and is represented by Javier Vilarino, Esq., at Vilarino
& Associates LLC.
RICHARD A. WHITE: Nov. 17 Disclosure Statement Hearing Set
----------------------------------------------------------
Judge Carlota M. Bohm of the U.S. Bankruptcy Court for the Western
District of Pennsylvania will convene a hearing on November 17,
2016, at 2:00 P.M., to consider approval of the disclosure
statement explaining Richard A. White, Sr., and Brenda L. White's
amended plan.
November 10 is the last day for filing and serving objections to
the Disclosure Statement and to file a request for payment of an
administrative expense claim.
The Troubled Company Reporter, on Oct. 21, 2016, reported that the
Debtors'amended plan provides that Class VI general unsecured
claims will be impaired and will be paid a total of 5% of their
allowed claims.
These creditors have filed timely claims: PNC Bank (Proof Claim #1)
in the amount of $6,696.11; Internal Revenue Service (Proof Claim
#3) in the amount of $6,390.30; and, Candica, LLC (Proof Claim #4)
in the amount of $832.66. However, the claim of Candica is
disputed as a claim listed originally as, Capital One, in the
Debtors' prior bankruptcy case, (Bankr. W.D. Pa. Case No.
11-26668). The Debtors received their discharge of this debt on
Sept. 8, 2013. Thus, Candica will not receive any distribution
(and will not be entitled to vote) as no valid, legal claim exists.
The amount of $654.32 will be prorated between PNC and the IRS and
will be paid within one year following confirmation of the plan.
The Debtors will fund their Chapter 11 reorganization through their
incomes derived from truck hauling. The Debtor-Wife is seeking
employment to increase household income sufficient to fund their
Chapter 11 plan and pay household expenses.
The Disclosure Statement is available at:
http://bankrupt.com/misc/pawb14-22576-148.pdf
Richard A. White is self employed as a Tri-Axle Dump Truck driver.
Brenda L. White works part time as a Cook at G&D Market and
homemaker.
Mr. White is now operating a trucking company under the new LLC.
He
has a long standing contract with several slag sites near their
home, and in their county. These relationships are expected to
continue and flourish allowing the Debtor to haul slag, soil and
misc. raw materials.
The Debtors had previously filed a voluntary Chapter 13 case on
Oct. 31, 2011, at (Bankr. W.D. Pa. Case No. 11-26668). Their
prior
Chapter 13 plan provided for monthly payments of $3,500 per month
dedicated to the cure and reinstatement of their first mortgage to
HSBC, payoff of the vehicle loan to Springfield Financial,
Cramdown
action against Household Realty, payment of delinquent real estate
taxes to Fayette County Tax Claim Bureau, payment of income taxes
to Central Tax Bureau, IRS and PA Dept of Rev., as well as, 0%
distribution to unsecured creditors. Their Plan was confirmed, on
an interim basis, by the Court on Dec. 5, 2011. However the
amended plan dated July 18, 2012, was denied on April 17, 2013.
Due to significantly increased fuel expenses by the
Debtor-Husband,
their plan became unfeasible, and their case was converted to
Chapter 7 on May 13, 2013. The Debtors received their Chapter 7
discharge on Sept. 8, 2013.
The Debtors experienced a sizeable reduction in income during the
winter months of 2015 - 2016 as local area temperatures were
higher
than usual due to El Nino. As a result, the Debtor did not have
as
many jobs which required the use of hauling gravel & cinders to
various location. This reduced income.
The Debtors filed for Chapter 11 bankruptcy protection (Bankr.
W.D.
Pa. Case No. 14-22576) on June 25, 2014.
RMPC HABILITATIVE: Unsecureds To Recoup 75% Under Plan
------------------------------------------------------
RMPC Habilitative Services, LLC, filed with the U.S. Bankruptcy
Court for the Western District of Pennsylvania an amended
disclosure statement to accompany the Debtor's plan dated Oct. 15,
2016.
Under the Plan, the general unsecured creditors will be paid 75% of
their filed claims. General unsecured non-tax claims total
$110,952.99. General unsecured tax claims total $55,387.99.
Funds for plan payments will come from the business each month.
The Amended Disclosure Statement is available at:
http://bankrupt.com/misc/pawb15-23409-145.pdf
The Plan was filed by the Debtor's counsel:
Franklin L. Robinson, Jr., Esq.
5907 Penn Avenue, Suite 200
Pittsburgh, PA 15206
Tel: (412) 363-6685
E-mail: Frobi69704@aol.com
RMPC Habilitative Services, LLC, filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Penn. Case No. 15-23409) on Sept. 16, 2015,
estimating its assets at between $50,001 and $100,000 and
liabilities at between $500,001 and $1 million. Franklin L.
Robinson, Jr., Esq., serves as the Debtor's bankruptcy counsel.
RMS TITANIC: Hires Dentons LLP as Securities Counsel
----------------------------------------------------
RMS Titanic, Inc., et al., seek authority from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Dentons LLP as
outside general counsel and securities counsel to the Debtor,
effective as of September 1, 2016.
RMS Titanic requires Dentons LLP to render legal services to the
Debtors on a variety of corporate, commercial securities matters
and on an as needed basis throughout the course of the Chapter 11
chapter 11 cases, including, without limitation, bankruptcy and
other matters.
Dentons LLP will be paid at these hourly rates:
Michael Froy, Partner $600
Samuel Schlessinger, Partner $600
Paralegals $240
Dentons LLP will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Oscar N. Pinkas, partner of the law firm of Dentons US LLP, 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 Debtors and their estates.
Dentons LLP can be reached at:
Oscar N. Pinkas, Esq.
DENTONS US LLP
1221 Avenue of the Americas
New York, NY 10020
Tel: (212) 768-6701
About RMS Titanic
RMS Titanic, Inc., a wholly owned subsidiary of Premier
Exhibitions, Inc., is the only company permitted by law to recover
objects from the wreck of Titanic. The Company was granted
Salvor-In-Possession rights to the wreck of Titanic by the United
States District Court for the Eastern District of Virginia, Norfolk
Division in 1994 and has conducted eight research and recovery
expeditions to Titanic recovering approximately 5,000 artifacts.
In the summer of 2010, RMS Titanic, Inc. conducted a
ground-breaking expedition to Titanic 25 years after its discovery,
to undertake innovative 3D video recording, data gathering and
other technical measures so as to virtually raise Titanic,
preserving the legacy of the ship for all time.
About Premier Exhibitions
Premier Exhibitions, Inc. (Nasdaq: PRXI), located in Atlanta,
Georgia, is a foremost presenter of museum quality exhibitions
throughout the world. Premier is a recognized leader in developing
and displaying unique exhibitions for education and entertainment
including Titanic: The Artifact Exhibition, BODIES...The
Exhibition, Tutankhamun: The Golden King and the Great Pharaohs,
Pompeii The Exhibition, Extreme Dinosaurs and Real Pirates in
partnership with National Geographic. The success of Premier
Exhibitions, Inc. lies in its ability to produce, manage, and
market exhibitions. Additional information about Premier
Exhibitions, Inc. is available at the Company's Web site
http://www.PremierExhibitions.com/RMS Titanic and seven of its
subsidiaries filed voluntary petitions for reorganization under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No.
16-02230) on June 14, 2016. Former Chief Financial Officer and
Chief Operating Officer Michael J. Little signed the petitions. The
Debtors estimated both assets and liabilities in the range of $10
million to $50 million.
The Chapter 11 cases are assigned to Judge Paul M. Glenn.
Guy Gebhardt, acting U.S. trustee for Region 21, on August 24,
2016, appointed three creditors to serve on the official committee
of unsecured creditors of RMS Titanic, Inc., and its affiliates.
The Committee hired Storch Amini & Munves PC and Thames Markey &
Heekin, P.A. as counsel.
On August 24, 2016, the U.S. Trustee formed a five-member committee
of equity security holders of Premier Exhibitions. Andrew Shapiro
of Lawndale Capital Management, LLC serves as chairman of the
equity committee. The Equity Committee retains Landau Gottfried &
Berger LLP as counsel and Akerman LLP as co-counsel.
ROMAD REALTY: Has Until Jan. 20 to File Chapter 11 Plan
-------------------------------------------------------
Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York extended Romad Realty Inc.'s exclusive periods
to file a chapter 11 plan and solicit acceptances to the plan to
January 20, 2017 and March 22, 2017, respectively.
Absent the extension, the Debtor's exclusive period for filing a
plan would have expired on September 22, 2016. The Debtor's
exclusive period to solicit acceptances to its plan was set to
expire on November 22, 2016.
The Debtor told the Court that it should be granted the requested
extensions so that it would have sufficient time to formulate and
then confirm its plan.
The Debtor believed that it was nearing the end of its
reorganization. The Debtor related that it was in negotiations
with a third-party to whom the Debtor will potentially sell its
property, which consists of an apartment building located at 2201
Davidson Avenue, Bronx, New York, and which is made up of 48
residential units.
The Debtor contended that while the potential purchaser and the
Debtor are negotiating the ultimate purchase price, the potential
purchaser has been in discussions with the City of New York and its
agencies as it relates to the Property. The Debtor further
contended that discussions with respect to the Property were going
forward on a dual track with the Debtor and purchaser discussing
the sale price while the purchaser and New York City were in
discussions with how to remediate the Property. The Debtor told
the Court that when these two distinct negotiations were finalized,
the Debtor would submit a plan of reorganization for solicitation
and confirmation.
About Romad Realty Inc.
Romad Realty Inc. filed a chapter 11 petition (Bankr. S.D.N.Y. Case
No. 15-12644) on September 28, 2016. The petition was signed by
David Goldwasser, president. The Debtor is represented by Arnold
Mitchell Greene, Esq., at Robinson Brog Leinwand Greene Genovese &
Gluck, P.C. The Debtor estimated assets and liabilities at $1
million to $10 million at the time of the filing.
ROSE MARIE ALLEGRO: Husband Objects to Disclosure Statement
-----------------------------------------------------------
David Allegro, husband of Debtor Rose Marie Allegro, objects to
Article II, Paragraph B of the Disclosure Statement explaining the
Debtor's Plan, saying in that it materially and significantly
misstates the nature of funds owed by and between the parties.
According to Mr. Allegro, he is holder of an equitable marital and
community interest in and to property of the Debtor, some or all of
which may be except from the attachment or execution of creditors.
Mr. Allegro further complains that the Disclosure Statement would
show that the Debtor misstates the anticipation of monthly support
in that the division of assets in the divorce may significantly, if
not completely reduce any support that the Debtor might receive on
her behalf.
The Troubled Company Reporter, on Sept. 29, 2016, reported that the
Debtor's Plan provides that general unsecured claims are impaired.
Holders of Class 3 General Unsecured Claims estimated at
$106,508.60 will be paid in full within 18 months. Class 4 General
Unsecured Claims - DUC estimated at $72,500 will also be paid in
full in 18 months.
The Debtor believes that she will be able to satisfy all claims in
full within 18 months from the Effective Date. The equity of
Tremont is anticipated to be in excess of all prority tax and
allowed unsecured claims in the aggregate.
The Disclosure Statement is available at:
http://bankrupt.com/misc/txnb16-32028-44.pdf
Mr. Allegro is represented by:
Gary G. Lyon, Esq.
BAILEY, JOHNSON AND LYON, PLLC
6401 W. Eldorado Parkway, Suite #234
McKinney, TX 75070
Tel: (214) 620-2034
Rose Marie Allegro filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Tex. Case No. 16-32028) on May 20, 2016. Robert
Thomas DeMarco, Esq., at Demarco-Mitchell, PLLC, serves as the
Debtor's bankruptcy counsel.
SA INTER INVEST: Needs Until Feb. 2017 to File Consensual Plan
--------------------------------------------------------------
SA Inter Invest 1, LLC, asks the U.S. Bankruptcy Court for the
Southern District of Florida for a 90-day extension of its
exclusive period to solicit acceptances for its Chapter 11 Plan,
from November 10, 2016 to February 10, 2017.
The Debtor said it needs time to complete mediation or settlement
of a contested matter with JP Morgan Chase Bank NA, and set and
notice a confirmation hearing.
The Debtor relates that a Plan and Disclosure Statement were filed
within the original exclusive period, but the solicitation period
was extended because the Debtor had been negotiating with counsel
of JPMorgan, K Kevin L Hing, since February 2016 about adequate
protection and plan treatment.
However, the Debtor was continuously advised that negotiations
would be forthcoming, and then on July 27, 2016, the Debtor was
advised by Andrew Zaron, Esq. -- azaron@leoncosgrove.com -- at Leon
Cosgrove, LLC that he had just been retained by the Bank. At that
point the Debtor's counsel uploaded a mediation order, and
mediation was set for September.
The Debtor further relates that the Bank then wanted, and the
Debtor agreed to, a third appraisal of the Debtor's property, but
the results have not yet been released. Accordingly, the Debtor
requires some more time for the results of the appraisal to be
released as this would directly affect negotiations with the Bank
for a consensual plan and disclosure, and thereafter to set and
notice a confirmation hearing.
About SA Inter Invest
Headquartered in Miami Beach, Florida, SA Inter Invest 1, LLC,
filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case
No. 15-31770) on Dec. 16, 2015, estimating its assets and
liabilities at between $1 million and $10 million each. The
petition was signed by Laurent Benzaquen, manager. Judge Jay A.
Cristol presides over the case. Joel M. Aresty, Esq., at Joel M.
Aresty P.A. serves as the Debtor's bankruptcy counsel.
No official committee of unsecured creditors has been appointed in
the case.
SANTA CRUZ BERRY: Selling KPR Interest to Crandall for $40K
-----------------------------------------------------------
Santa Cruz Berry Farming Co., LLC, asks the U.S. Bankruptcy Court
for the Northern District of California to authorize the sale of
its membership interest in Kanaka Peaks Research, LLC ("KP") to
Beth Crandall ("Stalking Horse Bidder") or an assignee for $40,000,
subject to overbid.
A hearing on the Motion is set for Nov. 17, 2016 at 10:30 a.m.
The Debtor believes a qualified overbid that otherwise complies
with Sections 363(f) and 365 of the Bankruptcy Code is the most
efficient and expeditious resolution of the Debtor's insolvency
situation. Though there is a dispute as to the actual percentage
of the Debtor's membership interest in KPR, the minium membership
interest in KPR held by the Debtor is 25%. The Debtor believes that
the proposed sale to the highest qualified overbidder, and
consistent with Sections 363 and 365 of the Bankruptcy Code, is the
best result for all parties. Further, the Stalking Horse Bidder
will be entitled to assert her Right of First Refusal to match any
valid overbidder.
The salient terms of the Stalking Horse Bidder's offer are:
a. The Stalking Horse Bidder (or Assignee) will acquire the
Debtor's membership interest in KPR;
b. Total purchase price will be $40,000 or if increased by a
bona fide overbid in an amount no less than required in the Bid
Procedures;
c. The Stalking Horse Bidder has paid an initial deposit of
$4,000;
d. The Stalking Horse Bidder will assume no liabilities or
obligations of the Debtor;
e. The Stalking Horse Bidder will acquire the Debtor's
membership interest in KPR free and clear of any and all debts,
liens, claims, causes of action, and security interests, whether
known or unknown, if at all, on Nov. 17, 2016;
f. The closing for the sale of the Debtor's membership interest
in KPR by the highest qualified bidder will occur on Dec. 1, 2016;
g. The minimum incremental overbids will begin at least $5,000
higher than the opening bid (the initial next highest opening bid
will be no less than $45,000), and will be in minimum increments of
$5,000; and
h. The Stalking Horse Bidder, in her capacity as the existing
co-member in KPR, is expressly preserving her Right of First
Refusal to match any higher bona fide overbids re: the Debtor's
sale of its interest in KPR.
The Debtor asks the Court to waive the requirements of a stay
pursuant to Rule 6004(g) of the Federal Rules of Bankruptcy
Procedure.
About Santa Cruz Berry Farming
Watsonville, California-based Santa Cruz Berry Farming grows
conventional and organic strawberries. The privately owned
company
was founded by and is currently managed by Fritz Koontz. Seven
Seas Berry Sales, a division of the Tom Lange Co., is the sales
agent for the Company.
Santa Cruz Berry Farming Company, LLC, and Corralitos Farms, LLC,
commenced Chapter 11 bankruptcy cases (Bankr. N.D. Cal. Case Nos.
15-51771 and 15-51772) in San Jose, California, on May 25, 2015.
The Debtors tapped Thomas A. Vogele, Esq., at Thomas Vogele and
Associates, APC, in Costa Mesa, California, as counsel.
The Official Committee of Unsecured Creditors has retained Michael
A. Sweet, Esq., and Dale L. Bratton, Esq., at Fox Rothschild LLP,
as attorneys.
SMITH MOVERS: Hearing on Disclosures & Plan Set For Dec. 6
----------------------------------------------------------
The Hon. Jacqueline P. Cox of the U.S. Bankruptcy Court for the
Northern District of Illinois has scheduled for Dec. 6, 2016, at
10:30 a.m. a combined hearing to consider the adequacy of the
Debtor's second amended disclosure statement and second amended
plan of reorganization.
Objections to the adequacy of the Disclosure Statement or the
confirmation of the Plan must be filed by Nov. 14, 2016.
The last day to file ballots accepting or rejecting the Plan is
Nov. 14, 2016.
As reported by the Troubled Company Reporter on Oct. 13, 2016, the
Debtor filed a second amended disclosure statement proposing to pay
holders of Class 3 General Unsecured Claims 5% of their claims
without interest for a total distribution of $29,666.
Smith Movers Inc. filed a Chapter 11 petition (Bankr. N.D. Ill.
Case No. 15-35798) on October 21, 2015, and is represented by
William E. Jamison, Jr., Esq., at William E. Jamison Jr. &
Associates.
Smith Movers is engaged in the general commercial and residential
moving business.
SPI SOLAR: EnSync Delivers Notice of Default of Supply Pact
-----------------------------------------------------------
EnSync, Inc., d/b/a EnSync Energy Systems, on Oct. 24, 2016,
reported that due to the failure of SPI Solar Inc. (fka Solar Power
Inc.) ("SPI") to meet its purchase obligations under its supply
agreement with EnSync, EnSync has delivered a formal Notice of
Default to SPI. In this Notice of Default, EnSync informed SPI
that to cure its breach of the supply agreement, by November 23,
2016 SPI would need to (1) purchase and pay for Products (and
related Services) (as such terms are defined in the supply
agreement) from EnSync with a minimum total aggregated 5 MW of
rated power, with discharge time of two or more hours and (2) order
additional Products (and related Services) from EnSync with an
additional minimum total aggregated 10 MW of rated power, with
discharge time of two or more hours, including paying a 50 percent
deposit for those Products (and related Services). If SPI fails to
meet these requirements, EnSync intends to terminate the supply
agreement. Following the termination of the supply agreement, it
will no longer be possible for SPI to satisfy the conditions that
would have enabled it to convert its shares of EnSync's Series C
Convertible Preferred Stock into common stock. Similarly, it will
no longer be possible for the warrant to purchase shares of common
stock acquired by SPI to become exercisable.
About EnSync Energy Systems
EnSync, Inc. (nyse mkt:ESNC), dba EnSync Energy Systems --
http://www.ensync.com/-- is a developer of innovative energy
management systems for the utility, commercial, industrial and
multi-tenant building markets.
ST LUKE BAPTIST: Court Allows Cash Collateral Use
-------------------------------------------------
Judge Robert Kwan of the U.S. Bankruptcy Court for the Central
District of California approved the Stipulation between St. Luke
Baptist Church, d/b/a St. Luke Holy Baptist Church and the
Southwest Baptist Conference authorizing the Debtor to use cash
collateral starting April 28, 2016 the dismissal of the bankruptcy
case.
The Debtor was authorized to use $2,400 generated from the Debtor's
real properties located at 3406 Denver Avenue, Long Beach CA 90801
and 3420 Denver Avenue, Long Beach, CA 90810 for payment to BDM
Mortgage as provided in the Stipulation.
The Troubled Company Reporter has earlier said that the Debtor has
two secured creditors:
(1) BDM Mortgage, which is the holder of the first deed of
trust secured by the four real properties, and to whom the Debtor
owes approximately $293,000. The Debtor's monthly payment to BDM
Mortgage is $3,894.
(2) Southwest Baptist, which is the holder of the second deed
of trust secured by the four real properties, and to whom the
Debtor owes $164,302. The Debtor's monthly payment to Southwest
Baptist is $833.
A full-text copy of the Order, dated October 20, 2016, is available
at https://is.gd/dMywSn
About St. Luke Baptist Church
Long Beach, California-based St. Luke Baptist Church, doing
business as St. Luke Holy Baptist Church, sought the Chapter 11
protection (Bankr. C.D. Cal. Case No. 16-15570) on February 29,
2016. The petition was signed by Michele A. Dobson, the Debtor's
counsel. Judge Robert Kwan presides over the case. The Debtor is
represented by Michele A. Dobson, Esq., at the Law Offices of
Michele A. Dobson. At the time of filing, the Debtor estimated its
assets at $500,000 to $1 million and debt at $100,000 to $500,000.
STARR PASS: To Sell Primary Real Property to Pay Creditors
----------------------------------------------------------
Starr Pass Residential, LLC, filed with the U.S. Bankruptcy Court
for the District of Arizona a second amended disclosure statement
dated Oct. 17, 2016, describing the Debtor's second amended plan of
reorganization dated Oct. 17, 2016.
The Second Amended Plan is a sale plan. The Debtor hopes to sell
its awarded portion of Block B, its primary real property asset.
The sale of the Debtor's awarded portion of Block B will satisfy
all administrative claims and a large portion of Allowed Unsecured
Claims. This section contains only a brief summary of the Plan,
and it is qualified in its entirety by reference to the Plan, which
accompanies this Disclosure Statement.
To the extent that funds are available to unsecured creditors from
the proceeds of the sale of the Debtor's property, holders of Class
V – General Unsecured Claims will receive payment on their
allowed claims within 90 days of the conclusion of the proposed
sale. No interest will accrue or be paid to the holders of the
allowed Class V Claims. The Class V Claims are impaired.
The Plan will be funded from a sale of the estate's portion of
Block B sufficient to pay all allowed administrative claims in
full, plus a majority of allowed unsecured claims. Through the
sale contemplated by the Plan, the Debtor believes that it can
fulfill its obligations under the Plan.
The Second Amended Disclosure Statement is available at:
http://bankrupt.com/misc/azb14-09117-261.pdf
As reported by the Troubled Company Reporter, on March 23, 2015,
the Debtor filed amended reorganization plan documents to address
concerns raised by parties at the initial hearing on the disclosure
statement. The Plan the Debtor proposed provides for full payment
to all holders of Allowed Claims either on the Effective Date of
the Plan, or shortly thereafter, or as creditors may otherwise
agree. The source of payment for that full-payment Plan, are from
or among the following: (1) third-party funding; (2) compensation
for the use of the Pond by Receiver, Lender, or new purchaser of
the Resort; (3) the sale of the Pond to a third party; and (4)
monetary recovery from damages for claims currently pending in the
State Court Action.
About Starr Pass Residential
Starr Pass Residential LLC is a Delaware real estate development
company formed in 2002, to develop residentially zoned and platted
property in Starr Pass, a Master Planned Resort and Residential
Community in Tucson, Arizona.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D. Ariz.
Case No. 14-09117) on June 12, 2014. Christopher Ansley signed the
petition as authorized officer. Gust Rosenfeld, P.L.C., serves as
the Debtor's counsel. The Debtor disclosed total assets of $7.40
million and liabilities of $146 million.
The bankruptcy case was reassigned to Judge Eileen W. Hollowell
because Judge Brenda Moody Whinery recused herself from hearing any
matter on the Chapter 11 proceeding.
The U.S. Trustee for Region 14 informed the Bankruptcy Court that
it was unable to appoint creditors form the Official Committee of
Unsecured Creditors for the Chapter 11 case of Starr Pass
Residential LLC because an insufficient number of persons holding
unsecured claims against the Debtor have expressed interest in
serving on a committee.
STUART ROBERT HANSEN: Unsecureds To Recover 25% Under Plan
----------------------------------------------------------
Stuart Robert Hansen and Mary Sue Hansen filed with the U.S.
Bankruptcy Court for the District of Maryland a disclosure
statement referring to the Debtors' plan of reorganization.
The Debtors estimate that the total unsecured claims in this case
are approximately $1,284,170.42 or the amount of the undersecured
amounts.
Class 4 General Unsecured Consumer Debts will be paid 0.25 cents on
the dollar through payments from the Debtors' discretionary
income.
In complete satisfaction and discharge, the Debtors will pay 25% of
the claims in the normal course under the Plan.
This class is impaired by the Plan.
The Debtors anticipate that there will be proceeds from the sale of
their personal property. They believe that the sale of these
assets will only pay the administrative assets of the case
classified under Class 1. To the extent that there are proceeds
from the sale of assets in excess of the Class 1 administrative
expenses, the Debtors will place those funds with the plan agent,
as identified in the Plan, and will add those funds to any other
funds paid to the Plan Agent for distribution in accordance with
the claim classes in the Plan.
The Debtors have no other funds to pay their plan payments other
than their monthly incomes derived from one of their social
security payments. While social security payments are otherwise
not available to pay creditor debts, the Debtors have consented
under the Plan to committing those payments to the creditors and
their expenses. Additionally, the Debtors will contribute their
income from Cross Bow Trading. This income averages approximately
$10,000 per month.
The Disclosure Statement is available at:
http://bankrupt.com/misc/mdb14-23744-255.pdf
The Plan was filed by the Debtors' counsel:
Daniel A. Staeven, Esq.
RUSSACK ASSOCIATES, LLC
100 Severn Avenue
Suite 101
Annapolis, MD 21403
Tel: (410) 505-4150
E-mail: dan@russack.net
Stuart Robert Hansen and Mary Sue Hansen filed a petition under
Chapter 7 on Sept. 3, 2014. The general goal of the case while in
Chapter 7 was to liquidate all non-exempt assets, pay as much debt
as possible and discharge certain debts that the Debtors do not
have assets to satisfy. The case remained pending in Chapter 7
through June 2015, and since no assets had at that time yet been
liquidated, the Debtors converted this case to one under Chapter 11
on June 29, 2015 (Bankr. D. Md. Case No. 14-23744).
T C & PAM: Plan Outline Okayed, Confirmation Hearing on Dec. 7
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Mississippi
will consider approval of the Chapter 11 plan of T C & Pam Cummings
STL Ministries at a hearing on December 7.
The hearing will be held at 9:30 a.m., at the Oxford Federal
Building, 911 Jackson Avenue, Oxford, Mississippi.
The court will also consider at the hearing the final approval of T
C & Pam's disclosure statement, which it conditionally approved on
October 13.
The order set a November 15 deadline for creditors to cast their
votes and file their objections.
About T C & Pam Cummings
T C & Pam Cummings STL Ministries filed Chapter 11 petition (Bankr.
N.D. Miss. Case No. 15-14241) on Nov. 27, 2015, and is represented
by Robert Gambrell, Esq., at Gambrell & Associates, PLLC.
TALBOT ENTERPRISES: Disclosures OK'd; Dec. 22 Plan Hearing
----------------------------------------------------------
The Hon. Richard D. Taylor of the U.S. Bankruptcy Court for the
Eastern District of Arkansas has conditionally approved Talbot
Enterprises of Pine Bluff, Inc.'s disclosure statement dated Oct.
14, 2016, describing the Debtor's Chapter 11 plan dated Oct. 14,
2016.
A hearing on the final approval of the Disclosure Statement and
confirmation of the Plan will be held on Dec. 22, 2016, at 9:00
a.m. Objections to the the Disclosure Statement and confirmation
of the Plan must be filed by Nov. 17, 2016, which is also the
deadline for written acceptances or rejections of the Plan.
Within 10 days after the entry of the Oct. 17, 2016 court order,
the Plan, the Disclosure Statement and a ballot conforming to
Official Form 14 will be mailed to creditors, equity security
holders, and other parties in interest, and will be transmitted to
the U.S. Trustee.
The Debtor's Plan provides that Class II Claims (Riverside Bank),
Class III Claims (Arkansas County Bank), and Class IV Claims
(Unsecured Claims), are impaired under the Plan.
Class II Claims will be paid in full, but the interest rate will
be
reduced from 8.25% per annum to 6.50% per annum. Further, the
Debtor's loan from Riverside Bank will be paid in equal monthly
installments of $2,500.00 per month until paid in full.
Class III Claims will be paid in full, but the interest rate will
be reduced from 7.00% per annum to 5.00% per annum. Further, the
Debtor's loan to Arkansas County Bank will be paid in equal
monthly
installments of $3,000.00 per month until paid in full.
All Allowed General Unsecured Claims in Class IV will be paid pro
rata from the operating profits of the Debtor at the end of each
calendar year, beginning in 2016. The Debtor proposes to dedicate
the greater of $6,000.00 per year, or 10.00% of its annual Net
Revenue for this purpose. Class IV will receive payments from the
Debtor for a period of seven years from the Effective Date. These
payments will be pro rata to their Allowed Claim.
The Debtor owns and operates a facility with 144 mini storage
units, a 5-unit mini mall facility, and a 5,471-square feet
commercial building in White Hall, Arkansas.
A full-text copy of the Disclosure Statement dated October 7,
2016,
is available at:
http://bankrupt.com/misc/areb15-11195-77.pdf
About Talbot Enterprises of Pine Bluff, Inc.
Headquartered in White Hall, Arizona, Talbot Enterprises of Pine
Bluff, Inc., dba White Hall Store It All, filed a Chapter 11
petition (Bankr. E.D. Ark. Case No. 15-11195) on March 13, 2015.
The petition was signed by Beau Talbot, president.
The case is assigned to Judge Richard D. Taylor. The Debtor is
represented by J. Brad Moore, Esq., at Frederick S. Wetzel, III,
P.A.
The Debtor estimated assets and liabilities at $1 million to $10
million at the time of the filing.
TALLAHASSEE INDOOR: Seeks to Hire Robert Bruner as Legal Counsel
----------------------------------------------------------------
Tallahassee Indoor Shooting Range LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Florida to hire legal
counsel in connection with its Chapter 11 case.
The company proposes to hire Robert Bruner, Esq., and pay him an
hourly rate of $350 for his services.
In a court filing, Mr. Bruner disclosed that he does not have any
claim against Tallahassee and has no connection with any of its
creditors.
Mr. Bruner's contact information is:
Robert C. Bruner, Esq.
2810 Remington Green Circle
Tallahassee, FL 32308
Tel: (850) 385-0342
Fax: (850) 270-2441
Cell: (850) 363-0282
Email: RobertCBruner@hotmail.com
About Tallahassee Indoor
Tallahassee Indoor Shooting Range LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No.
16-40407) on August 26, 2016. The petition was signed by Robert W.
Kornegay Sr., managing member.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $1 million.
TANGO TRANSPORT: Disclosures Okayed, Plan Hearing on Dec. 13
------------------------------------------------------------
Tango Transport, LLC and its affiliates are now a step closer to
emerging from Chapter 11 protection after a bankruptcy court
approved the outline of their plan of reorganization.
The U.S. Bankruptcy Court for the Eastern District of Texas on
October 13 gave the thumbs-up to the disclosure statement, allowing
the companies to start soliciting votes from creditors.
The order set a December 5 deadline for creditors to file their
objections and a December 8 deadline to cast their votes.
A court hearing to consider confirmation of the plan is scheduled
for December 13, at 9:30 a.m.
The Debtors' first amended joint disclosure statement and plan of
reorganization provide that Class 3 General Unsecured Claims is
impaired under the Plan. Each holder of an allowed Class 3 Claim
against the Debtors will receive in full satisfaction, unless the
holder agrees to accept lesser treatment of the claim, a pro rata
share of available cash (if any) available after payment in full of
or reserve for all allowed administrative expense claims, allowed
priority tax claims, Class 1 other priority claims, and all plan
trust expenses. The timing of any distribution will be within the
discretion of the plan trustee.
The Plan will be funded in accordance with the provisions of the
Plan from (a) available cash on the Effective Date, and (b) cash
available after the Effective Date from, among other things, any
reserves established by the plan trustee, the liquidation of the
Debtors' remaining assets, the prosecution and enforcement of
causes of action of the Debtors, and any release of funds from the
disputed claims reserve after the Effective Date. All available
cash realized from (x) the liquidation of the Debtors' remaining
assets (provided that it does not constitute collateral for the
secured claims), (y) the prosecution and enforcement of causes of
action of the Debtors, and (z) the release of funds from the
disputed claims reserve (to the extent not otherwise payable to
holders of secured claims) will be maintained by the plan trustee
for distribution to the holders of allowed claims as provided in
the Plan and the plan trust agreement.
The First Amended Disclosure Statement is available at:
http://bankrupt.com/misc/txeb16-40642-291.pdf
About Tango Transport
Tango Transport, LLC provides dry van and flatbed services. It
offers over-the-road truckload services; and dedicated/private
fleet conversion, expedited, third party logistics, heavy hauling,
and brokerage services. The company also provides logistic
services, including warehouse and distribution, warehouse
management, inventory control, freight payment and audit, and
transportation control services; and reverse logistics solutions.
It serves Fortune 500 companies in the United States. The company
was founded in 1991 and is based in Shreveport, Louisiana. It
operates a terminal in Shreveport, Louisiana; and facilities in
Sibley, Louisiana; West Memphis, Arkansas; and Madisonville,
Kentucky.
Tango Transport, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Tex. Case No. 16-40642) on April 6,
2016. The petition was signed by B.J. Gorman, president of Gorman
Group, Inc., sole member of Debtor. The Debtor is represented by
Keith William Harvey, Esq., at The Harvey Law Firm, P.C. The
Debtor estimated assets of $0 to $50,000 and debts of $10 million
to $50 million.
The Office of the U.S. Trustee on April 26 appointed three
creditors of Tango Transport LLC to serve on the official committee
of unsecured creditors. Heller Draper Patrick Horn & Dabney, LLC,
serves as counsel, while Stillwater Advisory Group, LLC, serves as
financial advisor.
TERRILL MANUFACTURING: Request for Turnover of Bank Funds Denied
----------------------------------------------------------------
Judge Robert L. Jones of the United States Bankruptcy Court for the
Northern District of Texas, San Angelo Division, denied the request
made by The Terrill Manufacturing Company, Inc., for turnover of
funds by First Financial Bank of San Angelo.
The urgent request for turnover, and indeed Terrill Manufacturing's
bankruptcy itself, was caused by the Bank's setoff of a deposit
account that Terrill Manufacturing had at the Bank. The Bank is
Terrill Manufacturing's major secured creditor, holding a matured
note that, prior to it effecting the setoff, had a balance of over
$1.2 million. The note came due in late April 2016, and was
extended one time, to late June 2016. Through a series of
post-default offsets of Terrill Manufacturing's "Special Account"
at the Bank, with the largest and most recent occurring on
September 19, 2016, the Bank recovered over $600,000. This, it
appeared, left Terrill Manufacturing without funds with which to
continue operations. It therefore filed its chapter 11 proceeding
the next day, September 20, 2016.
Terrill Manufacturing wanted the $600,000-plus in funds returned.
In addition, it has, assuming turnover of the funds, filed its
emergency motion to use the funds as cash collateral for its
operations. This was also the Bank's concern, as its lien
apparently covers Terrill Manufacturing's accounts receivable and
proceeds of accounts receivable, which would constitute the very
funds deposited in the so-called Special Account that were subject
of the Bank's setoff.
Judge Jones held that turnover does not apply, explaining that,
"First, the property that Terrill Manufacturing is seeking to have
returned, i.e., the funds from the Special Account, is not estate
property. They were seized and applied by the Bank before the
bankruptcy was filed. The offset funds, and, specifically, any
rights against the Bank for taking the funds, are not properly
subject of a turnover request under section 542. Second, there is
no evidence that the Bank committed a stay violation by its
actions."
The adversary proceeding is THE TERRILL MANUFACTURING COMPANY,
INC., Plaintiff, v. FIRST FINANCIAL BANK OF SAN ANGELO, Defendant,
Adversary No. 16-06002 (Bankr. N.D. Tex.).
A full-text copy of Judge Jones' October 14, 2016 memorandum
opinion and order is available at
http://bankrupt.com/misc/txnb16-60105-62.pdf
About Terrill Manufacturing Co.
Formed in 1948, Terrill Manufacturing Co., Inc., owns real property
located in San Angelo, Texas and designs, manufactures, and
installs custom woodwork and other finishing pieces for inside of
commercial buildings.
Terrill Manufacturing filed a chapter 11 petition (Bankr. W.D. Tex.
Case No. 16-52127) on Sept. 20, 2016. The petition was signed by
Gary Rushin, President/CEO. The Debtor is represented by Reedy M.
Spigner, Esq., at West & Associates, LLP. The Debtor estimated
assets and liabilities at $0 to $50,000.
THOMAS A. PICKETT: Unsecureds To Recoup 10% Under Ch. 11 Plan
-------------------------------------------------------------
Thomas A. Pickett and Katherine D. Pickett filed with the U.S.
Bankruptcy Court for the Western District of Louisiana a disclosure
statement with respect to the Chapter 11 plan proposed by the
Debtors.
Under the Plan, Class 11 General Unsecured Claims are impaired.
Holders of these claims will be paid a pro rata portion of
$15,833.33 per year until all allowed unsecured claims are paid in
full or a total of $95,000 has been paid (six years), whichever
occurs first. The payments will not bear any interest. The first
annual payment will be due Feb. 15, 2017, or 30days after the
Effective Date, whichever is later. Subsequent payments will be
made on the 15th of February for the next five years. The payments
will be completed in five years. If any disputed claim is allowed
and not paid by insurance proceeds, then that creditor will receive
a pro rata share of $15,833.33 per year and the payments on all
other allowed claims will be reduced accordingly. Base on
undisputed unsecured claims not covered by insurance proceeds or
surrendered items of $940,273.58, these payments will result in an
estimated 10% dividend to unsecured creditors.
As of the Effective Date, the Debtors; property will be revested in
the Debtor free and clear of any claims, liens, mortgages,
ownership interests, or any other encumbrances, other than those
mortgages that will continue as specified in the Plan.
The Debtors will continue to operate their farming business and T&T
Country Store, in order to generate income which will allow them to
make payments under this Plan.
The Disclosure Statement is available at:
http://bankrupt.com/misc/lawb16-50534-72.pdf
The Plan was filed by the Debtors' counsel:
Tom St. Germain, Esq.
WEINSTEIN & ST. GERMAIN, LLC
1414 NE Evangeline Thwy
Lafayette, LA 70501
Tel: (337) 235-4001
Fax: (337) 235-4020
E-mail: tstgermain@weinlaw.com
Thomas A. Pickett and Katherine D. Pickett filed for Chapter 11
bankruptcy protection (Bankr. W.D. La. Case No. 16-50534) on April
18, 2016. Thomas E. St. Germain, Esq., at Weinstein Law Firm
serves as the Debtor's bankruptcy counsel.
TOBITHA BRYANT: Disclosures OK'd; Plan Hearing on Nov. 30
---------------------------------------------------------
The Hon Paul M. Glenn of the U.S. Bankruptcy Court for the Middle
District of Florida has approved Tobitha Bryant Yeomans' disclosure
statement dated Aug. 22, 2016, describing the Debtor's plan of
reorganization.
A confirmation hearing will be held on Nov. 30, 2016, at 2:30 p.m.
Any objections to confirmation will be filed and served seven days
before the hearing.
Nov. 16, 2016, is fixed as the last day for filing acceptances or
rejections of the Plan.
Within seven days after the Oct. 17 entry of the court order, the
Plan, the Disclosure Statement, ballot for accepting or rejecting
the Plan, and the court order approving the Disclosure Statement
will be transmitted by mail by the attorney for the proponent of
the Plan sought to be confirmed to creditors, equity security
holders and other parties-in-interest.
Tobitha Bryant Yeomans filed for Chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Case No. 16-01379) on April 13, 2016. Taylor J
King, Esq., at the Law Offices of Mickler & Mickler serves as the
Debtor's bankruptcy counsel.
TRANSPORT EXPRESS: Hires Dickensheet & Associates as Appraiser
--------------------------------------------------------------
Transport Express, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of Colorado to employ Dickensheet &
Associates, Inc. as appraiser to the Debtor.
Transport Express requires Dickensheet & Associates to value the
Debtor's assets consisting of certain vehicles, trucks and
trailers, described in Schedule B of the Debtor's bankruptcy
Schedules, and to testify in the bankruptcy proceedings if
necessary.
Dickensheet & Associates will be paid at the hourly rate of $110.
Dickensheet & Associates will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Christine Dickensheet, member of Dickensheet & Associates, Inc.,
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.
Dickensheet & Associates can be reached at:
Christine Dickensheet
DICKENSHEET & ASSOCIATES, INC.
1501 West Wesley Ave.
Denver, CO 80223
Tel: (303) 934-8322
About Transport Express
Transport Express, LLC operates a trucking business. The Debtor
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Colo. Case No. 16-14166) on April 28, 2016. The petition was
signed by Russell T. Strobridge, manager.
The case is assigned to Judge Elizabeth E. Brown.
At the time of the filing, the Debtor estimated assets of less than
$1 million and liabilities of $1 million to $10 million.
No official committee of unsecured creditors has been appointed in
the case.
TROUBLESOME CREEK: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Troublesome Creek Gas Corporation
P.O. Box 934
Prestonsburg, KY 41653
Case No.: 16-70692
Chapter 11 Petition Date: October 21, 2016
Court: United States Bankruptcy Court
Eastern District of Kentucky (Pikeville)
Debtor's Counsel: Sara A Johnston, Esq.
DELCOTTO LAW GROUP PLLC
200 N Upper Street
Lexington, KY 40507
Tel: 859 231-5800
E-mail: sjohnston@dlgfirm.com
- and -
Dean A. Langdon, Esq.
DELCOTTO LAW GROUP PLLC
200 N Upper St
Lexington, KY 40507
Tel: (859) 231-5800
E-mail: dlangdon@dlgfirm.com
Total Assets: $4.32 million
Total Liabilities: $13.71 million
The petition was signed by Charles R. Bradley, president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/kyeb16-70692.pdf
TWO MILE RANCH: Court Allows Cash Collateral Use
------------------------------------------------
Judge Elizabeth E. Brown of the U.S. Bankruptcy Court for the
District of Colorado authorized Two Mile Ranch to use cash
collateral.
The Debtor had sought the Court's authorization to use cash
collateral, contending that it needed to use cash collateral to
continue its operations, which include operations of the farm/ranch
located in Sterling Colorado and the maintenance of the North
Turkey Creek property located at 22434 W. Turkey Creek Road,
Morrison, Colorado. The Debtor also contended that it would use
cash collateral to make adequate protection payments to Farmers
State Bank.
The Debtor is indebted to Farmers State Bank in the amount of
$9,592,208. The Debtor told the Court that Farmers State Bank
consented to the use of cash collateral until Dec. 31, 2016.
The Debtor proposed to grant Farmers State Bank replacement liens
upon all collateral, including cash collateral, all the Debtor's
deposit accounts, and all the Debtor's property.
The Debtor submitted a proposed Budget which projected total
operating expenditures in the amount of $174,715.
A full-text copy of the Order, dated Oct. 19, 2016, is available at
http://bankrupt.com/misc/TwoMileRanch2016_1616615eeb_55.pdf
About Two Mile Ranch
Two Mile Ranch is a farm/ranch operation operating a 1,400 acre
ranch located at 18503 LCR 42.5, Sterling, CO 80751. Two Mile Ranch
also acquired a redevelopment parcel located in Turkey Creek at
22434 W. Turkey Creek Road, Morrison, CO 80465. Its principals
have operated the farm/ranch in excess of 30 years.
Two Mile Ranch sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Colo. Case No. 16-16615) on July 1, 2016. The
petition was signed by Mark A. Pauling, partner and manager.
Arthur Lindquist-Kleissler, Esq., at Lindquist-Kleissler & Company,
LLC, serves as the Debtor's bankruptcy counsel. The case is
assigned to Judge Elizabeth E. Brown. At the time of the filing,
the Debtor estimated assets and debt at $1 million to $10 million.
No official committee of unsecured creditors has been appointed in
the case.
UNCLE MUNCHIES: Wants Plan Filing Period Extended to Feb. 27
------------------------------------------------------------
Uncle Munchies, LLC dba Duffy's Wing House dba Duffy's Ale House,
asks the U.S. Bankruptcy Court for the Eastern District of New York
to extend its exclusive period to file its plan to February 27,
2017.
The Debtor relates that the bar date for the filing of claims has
not yet passed. The Debtor further relates that the Bar Date has
been set for October 31, 2016 for all creditors, including
governmental entities to file a proof of claim. The Debtors
require that the Bar Date pass before it can properly formulate a
Plan of Reorganization.
The Debtor tells the Court that to terminate the exclusive periods
prematurely would be to deny the Debtor a meaningful opportunity to
negotiate with creditors and propose a confirmable plan. The Debtor
further tells the Court that premature termination of the exclusive
periods might force the Debtor to waste valuable time and efforts
combating competing plans and result in increasing administrative
expenses, all to the detriment of the estate, the creditors and
other parties-in-interest.
Uncle Munchies, LLC is represented by:
Robert J. Spence, Esq.
SPENCE LAW OFFICE, P.C.
55 Lumber Road, Suite 5
Roslyn, New York 11576
Telephone: (516) 336-2060
About Uncle Munchies, LLC
Uncle Munchies, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 16-72001) on May 4, 2016.
The petition was signed by Eugene Arnold, managing member. The
Debtor is represented by Robert J. Spence, Esq., at Spence Law
Office, P.C. The Debtor estimated assets at $0 to $50,000 and
liabilities at $100,001 to $500,000 at the time of the filing.
URBANCORP INC: In CCAA Proceedings; KSV Kofman Named as Monitor
---------------------------------------------------------------
The Ontario Superior Court of Justice issued an initial order
pursuant to the Companies' Creditors Arrangement Act in respect of
Urbancorp (Woodbine) Inc., Urbancorp (Bridlepath) Inc., The
Townhouses of Hogg's Hollow Inc., King Towns Inc., Newtowns at King
Towns Inc., Deaja Partner (Bay) Inc., and TCC/Urbancorp (Bay)
Limited Partnership, declaring the companies to which the CCAA
applies.
The Ontario Court appointed KSV Kofman Inc. as monitor in the
Companies' CCAA proceedings. Information regarding the CCAA
proceedings is available on the monitor's website at
http://ksvadvisory.com/insolvency-cases/urbancorp-group/and may
also be obtained from:
Noah Goldstein
KSV Kofman Inc.
150 King Street West, Suite 2308
Toronto, Ontario M5H 1J9
Tel: (416) 932-6207
Email: ngoldstein@ksvadvisory.com
Urbancorp Inc. -- http://www.urbancorp.com-- is real estate
developer in Canada.
VACA BRAVA: Unsecured Creditors to Recoup 10.57% Under Exit Plan
----------------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has conditionally approved Vaca Brava Old
San Juan LLC's disclosure statement dated Oct. 4, 2016, describing
the Debtor's small business Plan of Reorganization.
A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan will be held
on Nov. 9, 2016, at 1:30 p.m.
The Small Business Plan provides for these terms:
-- Class 1 Unsecured convenience class pursuant to 11 U.S.C.
Sec. 1122 for claims that are under or equal to $5,000: This class
will receive a lump-sum distribution of $5,000.00 on the effective
date of the plan. Each claim holder under this class will receive
pro-rata distributions, as per the allowed amounts. Based on the
current allowed amounts, each claim holder in this class will
receive approximately 8.37% of the allowed amount. Any change in
the allowed amounts may change the actual distribution percentage,
but it will be nevertheless the same to all of them.
-- Class 2 Unsecured convenience class pursuant to 11 U.S.C.
Sec. 1122 for claims that are over $5,001: The Debtors will pay
$500.00 monthly to the general unsecured creditors for a 5-year
period. Each claim holder under this class will receive pro-rata
distributions, as per the allowed amounts. Based on the current
allowed amounts, each claim holder in this class will receive
approximately 10.57% of the allowed amount. Any change in the
allowed amounts may change the actual distribution percentage, but
it will be nevertheless the same to all of them.
-- Class 3 Equity Interest Holders: Mr. Juan C. Cintron and
Mrs. Lisandra Hernandez are the equity interest holders and will
receive no distribution under the reorganization plan.
-- Priority tax claims shall be paid in cash and in full, plus
statutory interest, through monthly payments each year over a
period not exceeding five years from the date of the filing of the
petition.
-- Priority claim for State Insurance Fund Corporation shall
be paid in cash and in full, through monthly payments each year
over a period not exceeding five years from the date of the filing
of the petition.
-- Priority claim for Department of Labor shall be paid in
cash and in full, for the amount of $2,488.00, to be paid as a
lump-sum on the effective date of the Plan.
A copy of the Small Business Disclosure Statement is available at:
http://bankrupt.com/misc/prb15-09787-0116.pdf
Objections to the final approval of the Disclosure Statement and
the confirmation of the Plan must be filed on or before 14 days
prior to the date of the hearing on confirmation of the Plan.
Acceptances or rejections of the Plan must be filed in writing by
the holders of all claims on or before 14 days prior to the date
of
the hearing on confirmation of the Plan.
The Debtor will file with the Court a statement setting forth
compliance with each requirement in U.S.C. Section 1129, the list
of acceptances and rejections and the computation of the same,
within seven working days before the hearing on confirmation.
Vaca Brava Old San Juan LLC operates a restaurant business located
in the vicinity of Old San Juan, which is a vivid and highly busy
area visited by many tourists and locals alike. Vaca Brava Old San
Juan filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case
No. 15-09787) on Dec. 10, 2015, estimating its assets and
liabilities at between $100,001 and $500,000 each. Javier
Vilarino, Esq., at Vilarino & Associates LLC serves as the Debtor's
bankruptcy counsel.
VACATION FUN: Taps Avanesian Law Firm as Legal Counsel
------------------------------------------------------
Vacation Fun LLC seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire legal counsel in
connection with its Chapter 11 case.
The company proposes to hire Avanesian Law Firm to give advice
regarding matters of bankruptcy law, conduct examinations of
claimants, and assist in the preparation and implementation of a
Chapter 11 plan.
The firm's professionals and their hourly rates are:
Michael Avanesian $375
Associate Attorneys $250
Law Clerks $150
Paralegals $150
Michael Avanesian, Esq., disclosed in a court filing that his firm
does not hold or represent any interest adverse to Vacation Fun's
bankruptcy estate.
The firm can be reached through:
Michael Avanesian, Esq.
Sloan Youkstetter, Esq.
Avanesian Law Firm
801 North Brand Blvd., Suite #1130
Glendale, California 91203
Tel: 818-276-2477
Fax: 818-208-4550
Email: michael@avanesianlaw.com
Email: sloan@avanesianlaw.com
About Vacation Fun
Vacation Fun, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C. D. Calif. Case No. 16-13841) on
September 13, 2016. The petition was signed by Stephanie Mendoza,
manager.
The case is assigned to Judge Catherine E. Bauer.
At the time of the filing, the Debtor estimated assets of less than
$1 million and liabilities of $1 million to $10 million.
Vacation Fun's bankruptcy case was filed to prevent the foreclosure
sale of its rental property located at 907 West Broadway, Anaheim,
California. Ms. Mendoza is the sole owner and managing member of
Vacation Fun and is responsible for its operations.
VAIR RESOURCES: Hires Maida Law Firm as Attorney
------------------------------------------------
Vair Resources, LLC, seeks authority from the U.S. Bankruptcy Court
for the Eastern District of Texas to employ Maida Law Firm, P.C. as
attorney to the Debtor.
Vair Resources requires Maida Law Firm to:
a. give legal advice with respect to its powers and duties as
a debtor in the continued operation of its business and
management of its property;
b. prepare on behalf of applicant necessary applications,
answers, orders, reports and other legal papers; and
c. perform all other legal services to the Debtor which may be
necessary, and it is necessary for the Debtor to employ an
attorney for professional services.
Maida Law Firm will be paid at these hourly rates:
Frank J. Maida $ 400.00
Tagnia Fontana Clark $ 300.00
Paralegal $ 60.00
Maida Law Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Frank J. Maida, member of Maida Law Firm, P.C., 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.
Maida Law Firm can be reached at:
Frank J. Maida, Esq.
MAIDA LAW FIRM, P.C.
4320 Calder Avenue
Beaumont, TX 77706
Tel: (409) 898-8200
Fax: (409) 898-8400
About Vair Resources
Vair Resources, LLC, filed a Chapter 11 petition (Bankr. E.D. Tex.
Case No. 16-10488) on Oct. 4, 2016. The petition was signed by
Stone Haynes, owner/member. The Hon. Bill Parker is the case
judge.
The Debtor estimated assets and debt of $1 million to $10 million.
Frank J. Maida, Esq., at Maida Law Firm, P.C., in Beaumont, Texas,
serves as counsel
No official committee of unsecured creditors has been appointed in
the case.
VIASAT INC: Egan-Jones Hikes Sr. Unsecured Ratings to B+
--------------------------------------------------------
Egan-Jones Ratings Company, on Oct. 14, 2016, raised the senior
unsecured ratings of debt issued by ViaSat Inc. to B+ from B.
ViaSat Inc. is a communications company based in Carlsbad,
California, with additional operations across the United States and
worldwide.
VICTOR RODRIGUEZ: Disclosures Okayed, Plan Hearing on Nov. 30
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada will consider
approval of the Chapter 11 plan of reorganization of Victor and
Margarita Rodriguez at a hearing on November 30, at 1:30 p.m.
The court had earlier approved the Debtors' disclosure statement,
allowing them to start soliciting votes from creditors.
The Oct. 13 order set a November 17 deadline for creditors to cast
their votes and file their objections.
The Debtors' restructuring plan proposes to pay general unsecured
creditors and secured creditor Ocwen Loan Servicing 100% of their
claims.
Payments to Ocwen will be funded from the Debtors' combined
personal income and rental income derived from the collateral, if
applicable. Meanwhile, payments to general unsecured creditors
will be funded from the Debtors' disposable monthly income, which
is $200 per month.
About Victor Rodriguez
Victor Rodriguez, a sheetmetal worker for Yesco, Inc., and
Margarita Rodriguez, a porter for the Palace Station Casino, filed
a Chapter 11 petition (Bankr. D. Nev. Case No. 15-11864) on April
2, 2015. The case is assigned to Judge August B. Landis.
The Debtors are represented by Steven L. Yarmy, Esq., in Las Vegas,
Nevada.
W.G.O.V. INC: Disclosures Okayed; Plan Hearing Set for Dec. 21
--------------------------------------------------------------
Judge John T. Larey, III, held that the Disclosure Statement under
Chapter 11 of the Bankruptcy Code filed by W.G.O.V., Inc., on Dec.
16, 2014 -- and as Amended on Feb. 19, 2015, Aug. 16, 2016, and
Sept. 20, 2016, referring to a Plan under Chapter 11 of the Code
filed by the debtor on Aug. 16, 2016, respectively, and the U.S.
Bankruptcy Court for the Middle District of Georgia after notice
and hearing, having determined that the Disclosure Statements filed
with the Court on Dec. 16, 2014, and as Amended on Feb. 19, 2015,
Aug. 16, 2016, and Sept. 20, 2016 -- contains "adequate
information" as that term is defined in 11 U.S.C. Sec. 1125.
Judge Laney on Oct. 17, 2016 ruled that:
* The Amended Disclosure Statement filed with the Court on Sept.
20, 2016, is approved;
* The Debtor and parties in interest may now solicit acceptance
or rejection of the Plan(s) of Reorganization pursuant to 11 U.S.C.
Sec. 1125;
* On or before Oct. 30, 2016, the Debtor's attorney will
transmit the following by mail with adequate postage to creditors,
equity security holders and all other parties as directed by
Bankruptcy Rule 3017:
1. the Plan or a Court approved summary of the Plan;
2. the Disclosure Statement approved by the Court;
3. a ballot that conforms to Official Form 314; and
4. a copy of the Disclosure Order.
* All ballots accepting or rejecting the Plan(s) may be filed
with the Court directly by the voting creditors and equity security
holders. Voting creditors and equity security holders should file
ballots via ECF or via physical delivery (such as mail to U.S.
Bankruptcy Court, P.O. Box 2147, Columbus, GA 31902 or by courier
to the U.S. Bankruptcy Court at 901 Front Avenue, One Arsenal
Place, Columbus, GA 31901). Ballots will be filed on or before
Dec. 14, 2016;
* Any objection to confirmation of the Plan(s) will be filed
with the Court on or before Dec. 14, 2016;
* A hearing for the consideration of confirmation of the Plan(s)
and any objections to confirmation of the Plan(s) will be held on
Dec. 21, 2016 at 1:00 p.m. in US Bankruptcy Court, Post Office and
Federal Building, 401 N. Patterson St., Valdosta, GA 31601.
W.G.O.V., Inc., filed a Chapter 11 petition in Valdosta, Georgia
(Bankr. M.D. Ga. Case No. 14-70731) on June 13, 2014. The Debtor
tapped Robert Craig Bruner, Esq., at Robert Bruner Law Office, in
Tallahassee, Florida, as counsel. The Debtor disclosed total
assets of $81,710 and total liabilities of $2.14 million. The
petition was signed by Kells Rivers Faulkner, vice president/
director.
WILFRED HOLZINGER: Files Second Amended Disclosure Statement
------------------------------------------------------------
Wilfred and Jean Susanne Holzinger filed with the U.S. Bankruptcy
Court for the Southern District of Illinois a disclosure statement
explaining their latest plan to exit Chapter 11 protection.
The latest restructuring plan contains additional provision on
unclaimed distributions. It provides that all distributions, which
remain "uncashed" for 60 days will be void and deemed forfeited,
and that the Debtors will not be liable for or obligated to pay any
forfeited distributions.
Holders of general unsecured claims will receive their pro rata
share of the creditor fund that will be established under the plan
to pay creditors, according to the Debtors' latest disclosure
statement filed on Oct. 13.
A copy of the disclosure statement is available for free at
https://is.gd/NqJKEl
About The Holzingers
Wilfred Holzinger and Jean Susanne Holzinger sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ill. Case No.
16-30015) on January 8, 2016.
The Office of the U.S. Trustee appointed two creditors to serve on
the official committee of unsecured creditors.
WPCS INTERNATIONAL: Appoints Charles Benton as Board Chairman
-------------------------------------------------------------
WPCS International Incorporated announced the appointment of
Charles Benton as Chairman of the Board.
Mr. Benton has been a director of WPCS since July 2012 and is also
Chairman of the Audit Committee. Since February 2008, Mr. Benton
has served as the Director of Distribution Services - Supply Chain
for Charming Shoppes, Inc., a leading national specialty retailer
of women's apparel operating more than 1,800 retail stores
throughout the United States. Prior to that, from March 2006 to
January 2008, he served as Director of Finance - Supply Chain for
Charming Shoppes, and from May 1999 to February 2006, as Manager of
Finance - Supply Chain for Charming Shoppes. Previously, Mr.
Benton spent approximately 20 years for Consolidated Rail
Corporation. He holds a B.S. degree in accounting from St.
Joseph's University in Philadelphia, Pennsylvania. Mr. Benton's
financial experience was instrumental in his selection as a member
of the Company's board of directors.
Mr. Charles Benton stated, "I would like to thank the members of
the Board for this honor to serve as Chairman. I am humbled by the
opportunity to continue to move our Company forward during this
period of growth. The Company is at a key inflection point as we
have entered new territories in Texas, which compliment our legacy
operations in California, as well as strengthen our core product
service offerings with higher margin audio-visual and security.
Our entire team is focused on executing this strategy and driving
long term value for our shareholders."
About WPCS International Incorporated
WPCS -- http://www.wpcs.com/-- operates in two business segments
including: (1) providing communications infrastructure contracting
services to the public services, healthcare, energy and corporate
enterprise markets worldwide; and (2) developing a Bitcoin trading
platform.
WPCS International reported a net loss attributable to common
shareholders of $8.27 million on $14.6 million of revenue for the
year ended April 30, 2016, compared to a net loss attributable to
common shareholders of $11.32 million on $24.41 million of revenue
for the year ended April 30, 2015.
As of July 31, 2016, WPCS International had $7.15 million in total
assets, $4.34 million in total liabilities and $2.80 million in
total stockholders' equity.
YELLOW CAB COOPERATIVE: Selling All Assets to Big Dog for $1.3M
---------------------------------------------------------------
Yellow Cab Cooperative, Inc., asks the U.S. Bankruptcy Court for
the Northern District of California to authorize the sale of
substantially all of its operating assets to Big Dog City Corp. for
$1,325,000, subject to overbid.
As part of its consideration of various options to reorganize
through Chapter 11, YCC has been exploring the possible sale of its
assets during the bankruptcy case. This has included discussions
with other local taxicab companies interested in purchasing YCC's
operating assets. There are a number of reasons why YCC has
considered such a sale, including these:
a. Already this calendar year, approximately 66 medallion
holders have left YCC for other cab companies, which apparently is
due in large part to the uncertainties caused by YCC's bankruptcy
case.
b. Morale among YCC's fleet of drivers has also been severely
harmed as a result of membership interests in the Debtor's
cooperative becoming virtually worthless, while at the same time,
the Committee has vigorously pursued lawsuits against YCCs members
to recover patronage distributions made in prior years. The Debtor
also faces a number of operational challenges, including
competition from ride-sharing services (such as Uber and Lyft).
c. YCC has also considered continuing its business operations
while restructuring its debts through a Chapter 11 plan. However,
the Committee has refused to negotiate a proposed Chapter 11 plan
(or participate in a mediation with respect thereto) despite YCC's
repeated requests over the last six months. Although the Debtor
has filed a proposed Plan and Disclosure Statement with the Court,
the Committee has made clear that it intends to vigorously oppose
them, which (regardless of the outcome) will likely result in the
estate incurring substantial administrative expenses due to the
fees and costs of the respective professionals of YCC and the
Committee.
Such discussions resulted in YCC receiving correspondence dated
Aug. 12, 2016, from Buyer's counsel, proposing to purchase
substantially all of YCC's operating assets and to assume YCC's
related liabilities.
Following initial discussions between representatives of YCC and
the Buyer, they subsequently negotiated the purchase price and
other key terms, and then signed an Asset Purchase Agreement
("APA") on Oct. 20, 2016. The APA requires that the Buyer pay
$1,325,000 in cash for the assets being purchased ("Purchased
Assets"), as well as assume certain liabilities ("Assumed
Liabilities"), including with respect to specified executory
contracts and unexpired leases to be assumed and assigned by YCC to
Buyer ("Designated Executory Contracts and Unexpired Leases").
The Purchased Assets include substantially all of YCC's operational
assets but the sale excludes, among other things: (a) YCC's
corporate and financial books and records; (b) YCC’s utility and
other deposits, prepaid amounts, cash on hand and in bank or
similar accounts; (c) avoidance claims and causes of action of
YCC's bankruptcy estate arising under 11 U.S.C. Section 544 through
Section 552; (d) YCC's insurance policies and related rights; (e)
YCC's accounts receivable and similar rights; and (f) YCC's
employee benefits and related rights.
The APA provides for Buyer to assume YCC's obligations under
several hundred car loan agreements with Ford Motor Credit Company
("FMCC") secured by the subject vehicles. In addition to the FMCC
car loans, pursuant to the APA, the Buyer will assume significant
liabilities of YCC including its (a) lease for its primary business
premises with Taxi Property Co. as landlord with respect to the
real property commonly known as 1200 Mississippi Street, San
Francisco, California, which has a remaining term of about 10
years, and current annual rent of approximately $1,900,000, and (b)
its lease with SF Industrial 1, LLC as landlord with respect to the
real property commonly known as Units N & 0, 1760 Cesar Chavez, San
Francisco, California, which has a remaining term of approximately
four years, and current annual rent of approximately $65,000.
In order to maximize the value of the Purchased Assets for the
benefit of the estate and its creditors, the Debtor proposes to
accept overbids at an auction conducted by the Court at the hearing
on the Motion, subject to these procedures:
a. Any competing bid must be to purchase the Purchased Assets
and assume the Assumed Liabilities on terms at least as favorable
to YCC as those in the APA.
b. In order to be eligible to bid, a competing bidder must
first provide a good faith deposit in the amount of $50,000 (the
amount of the Good Faith Deposit made by the Buyer) by cashier's
check payable to the YCC estate.
c. Any competing bidder must demonstrate to the satisfaction of
the Court the ability to timely consummate the sale transaction
pursuant to the terms of the APA.
d. Minimum initial over-bid of $1,425,000 (i.e., cash purchase
price of $1,325,000 plus an initial minimum overbid of $100,000),
with minimum subsequent overbids in increments of $10,000, in
addition to assumption of the Assumed Liabilities.
e. Pursuant to Section 8.2 of the APA, Buyer is entitled to a
breakup fee equal to 50% of the difference between the cash
purchase price and the cash consideration received by the estate in
the event a sale closes to another purchaser with a higher or
better bid approved by the Court ("Expense Reimbursement"), unless
Buyer is in material breach of the APA. The Expense Reimbursement
reflects the value to the estate of the Buyer acting as a "stalking
horse" bidder, and recognizes that the Buyer has incurred
substantial expenses and is expected to continue to incur
additional costs through the hearing on the Motion.
f. YCC must use commercially reasonable efforts to: (i) obtain
entry of the Sale Order by Nov. 14, 2016, and (ii) consummate the
Closing within 15 days after entry of the Sale Order.
FMCC is apparently the only party with a lien on any of the
Purchased Assets. However, the APA provides for Buyer to assume
YCC's obligations under its (several hundred) car loan agreements
with FMCC secured by the subject vehicles, so that such vehicles
are not being sold free and clear of liens.
To the extent any counterparty to any executory contract or
unexpired lease to be assigned to the Buyer under the APA contends
that its agreement with YCC is in fact a perfected disguised
security agreement and not an executory contract or lease, and if
the Buyer (or a successful overbidder) seeks for YCC to assume and
assign that lease or contract as part of the sale, then the Debtor
will either (a) obtain the consent of the counterparty to assume
and assign the subject lease or contract to the Buyer or successful
overbidder, or (b) pay the counterparty in full for the value of
its security interest out of the sale proceeds.
The Debtor asks the Court enter its order authorizing the Debtor to
pay the Expense Reimbursement to the Buyer in the event the Debtor
closes a transaction with another purchaser approved by the Court
and refund any Good Faith Deposits pursuant to the terms of the APA
to any unsuccessful bidders.
The Debtor further requests the Court waive the stay of FRBP
6004(h) so that the transaction can close immediately upon entry of
an order approving the proposed transaction.
About Yellow Cab Cooperative
Yellow Cab Cooperative, Inc., provides taxicab transportation
services in the San Francisco, California area. In San Francisco,
taxicab "color schemes" are licensed by the County of San
Francisco
to provide services to taxi medallion owners, which color schemes
and medallion holders operate in a highly regulated environment.
Yellow Cab is a non-profit cooperative service company that
provides an operating base for approximately 400 San Francisco
taxi
medallions (or permits), operating on a cooperative basis. Yellow
Cab supports approximately 1,000 medallion owners and lessee
drivers in their individual taxi operations, and separately
employs
approximately 60 persons to provide those support services.
Yellow
Cab currently supports approximately one-third of the total
medallions operating in San Francisco.
Yellow Cab Cooperative filed a Chapter 11 petition (Bankr. N.D.
Cal. Case No. 16-30063) on Jan. 22, 2016. The petition was signed
by Pamela Martinez, president. The case is assigned to Judge
Dennis Montali.
The Debtor estimated assets of $1 million to $10 million, and
debts
of $10 million to $50 million.
The Debtor has tapped Farella Braun and Martel LLP as its legal
counsel.
ZLOOP INC: MSS Tries To Block Approval of Disclosures & Plan
------------------------------------------------------------
MSS, Inc., filed with the U.S. Bankruptcy Court for the District of
Delaware an objection to ZLOOP, Inc., et al.'s modified combined
disclosure statement and joint Chapter 11 plan of liquidation dated
Sept. 2, 2016.
On Sept. 6, 2016, the Court granted interim approval to the
Debtor's Disclosure Statement.
A hearing on final approval of the Disclosure Statement and
confirmation of the Plan is scheduled for Oct. 25, 2016.
MSS objects to the Disclosure Statement and Plan because:
a. they seek to extinguish MSS's setoff rights. The Debtors'
Plan fails to specifically preserve MSS's setoff or
recoupment rights. Moreover, there are provisions of the
Plan that appear to be indirectly or directly inconsistent
with the preservation of MSS's setoff and recoupment
rights. MSS has formally and informally asserted its
setoff and recoupment rights in a timely fashion and in
accordance with the provisions of the U.S. Bankruptcy Code,
and as a result, the Debtors have actual notice of the
rights. It would be wholly inequitable to allow the
Debtors to eliminate MSS's setoff and recoupment rights
when the Debtors have had actual knowledge of MSS's rights
well before confirmation; and
b. the Disclosure Statement and Plan purports to give the
plan administrator the authority to mark as satisfied,
adjust or expunge claims at his discretion without notice
or approval of the Court. This provision is overreaching
and extraordinary. Moreover, it is especially egregious
here because it appears that the plan administrator will
not have any fiduciary duties to creditors. Accordingly,
the Court should not approve this provision.
MSS is represented by:
MORRIS JAMES LLP
Brett D. Fallon, Esq.
Brett D. Fallon, Esq.
500 Delaware Avenue, Suite 1500
Wilmington, DE 19801
Tel: (302) 888-6888
Fax: (302) 571-1750
E-mail: bfallon@morrisjames.com
About ZLOOP, Inc.
ZLOOP operates a proprietary, state of the art, 100% landfill free
eWaste recycling company headquartered in Hickory, North Carolina.
Founded in 2012, the Company offers eWaste recycling and data
destruction services through its facility in Hickory, NC.
ZLOOP, Inc., and two affiliates sought Chapter 11 protection
(Bankr. D. Del. Case No. 15-11660) on Aug. 9, 2015.
The Debtors tapped DLA Piper LLP as counsel.
As of the Petition Date, the Debtors' unaudited consolidated
balance sheet reflect total assets of approximately $25 million,
including the land and improvements, but excluding certain
commodity inventories that are the output of eWaste recycling, and
total liabilities of approximately $32 million.
The U.S. trustee overseeing the Debtors' Chapter 11 cases on Sept.
2, 2015, appointed Recycling Equipment Inc., E Recycling Systems
LLC and Carolina Metals Group to serve on the official committee of
unsecured creditors. The committee is represented by Cole Schotz
P.C.
*********
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