/raid1/www/Hosts/bankrupt/TCR_Public/161122.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, November 22, 2016, Vol. 20, No. 326
Headlines
1729 27TH ST: Court Dismisses Chapter 11 Case
1733 27TH ST: Chapter 11 Case Dismissed
21ST CENTURY: Incurs $79.9 Million Net Loss in Third Quarter
3B ENGINEERING: Cash Collateral Use Moot
AARON L. HUTTSELL: Disclosure Statement Hearing on Dec. 6
ADMI CORP: S&P Raises Rating on $150MM Sr. Unsec. Notes to 'CCC+'
ADVANZEON SOLUTIONS: Hires Isdaner & Company as Accountants
AEROPOSTALE INC: Court Allows Use of Cash Collateral
ALTOMARE AUTO: Court Extends Plan Filing Period to Feb. 22
AMERICAN CHARTER: S&P Rates 2016 Education Revenue Bonds 'BB+'
AMPLIPHI BIOSCIENCES: Amends 5.3M Shares Prospectus with SEC
AMPLIPHI BIOSCIENCES: Settles with NRM for $2 Million
ANGELS OF THE VALLEY: No Issues Identified in PCO's 5th Report
AOXING PHARMACEUTICAL: Posts $392K Net Income for 3rd Quarter
APPALACHIAN MINING: Thomas Fluharty Appointed as Chapter 11 Trustee
ARAMARK SERVICES: Moody's Hikes Corporate Family Rating to Ba2
ASCENT RESOURCES: Moody's Assigns Limited Default Rating to Ca-PD
ASCENT RESOURCES: S&P Cuts CCR to CCC- on Potential Restructuring
B & B FAMILY: Can Use Cash Collateral on Interim Basis
BAERG REAL PROPERTY: Can Use Fannie Mae Cash on Final Basis
BAERG REAL PROPERTY: Taps Devonshire, DRE as Property Managers
BANDERA POINTE: Khersonsky Buying San Antonio Property for $550K
BASIC ENERGY: Unsecured Creditors to Receive Full Payment
BCDG LP: Case Summary & 20 Largest Unsecured Creditors
BDC SHARED SERVICES: Can File Chapter 11 Plan Until Feb. 16
BEAR CREEK: Cash Collateral To Terminate on Dec. 5
BELLISIO FOODS: Moody's Retains B3 CFR on Announced Acquisition
BIG APPLE CIRCUS: Case Summary & 20 Largest Unsecured Creditors
BIOCORX INC: Delays Filing of Sept. 30 Quarterly Report
BIOLARGO INC: Incurs $2.5 Million Net Loss in Third Quarter
BRIGHTLANE CORP: Lack of Revenues Raise Going Concern Doubt
BRIGHTON MEDICAL: Judicial Determination Sought on PCO Appointment
BROWNIE'S MARINE: Insufficient Cash Flow Raises Going Concern Doubt
BURCON NUTRASCIENCE: Incurs C$1.44 Million Loss in Second Quarter
C & D PRODUCE: Wants to Continue Using Cash Until Feb. 20
C.H.I. OVERHEAD: Moody's Cuts 1st Lien Credit Facility Rating to B3
CADILLAC NURSING: Professionals Get New Sign In Process, PCO Says
CANCER GENETICS: May Issue 500,000 Common Shares Under Equity Plan
CANCER GENETICS: SWK Holdings Holds 3.9% Stake as of Nov. 14
CANNASYS INC: Hires Patrick Burke as COO to Focus on Product Dev't
CANNASYS INC: Issues Replacement Convertible Promissory Note
CARTER TABERNACLE: Seeks to Hire Integra Realty as Appraiser
CASA MEDIA: Has Until December 27 to File Plan of Reorganization
CDK GLOBAL: S&P Lowers CCR to 'BB+' on Financial Policy
CHARLES A. KNIGHT: Seeks Authority to Use Cash Collateral
CHC DEVELOPMENT: Hires Cohne Kinghorn as Special Counsel
CHICORA LIFE: K&L Gates Discloses Connection With FedEx Freight
CICERO INC: Incurs $589,000 Net Loss in Third Quarter
CLINICA SANTA ROSA: Seeks to Hire Antonio Santiago as Attorney
COMMERCIAL FLOOR: Bankruptcy Administrator Opposes Plan Outline
COMPOUNDING DOCS: Seeks to Hire Rappaport Osborne as Legal Counsel
CONVATEC CORP: Moody's Hikes Corporate Family Rating to Ba3
COSI INC: Court OKs Amended KERP, 26 Key Employees Added
COTTONWOOD TIMBER: Seeks to Hire Katz Flatau as Legal Counsel
CREATIVE REALITIES: Delays Filing of Sept. 30 Quarterly Report
CRITICAL CAR CARE: Wants to Use Cash Collateral on Interim Basis
DENNIS RAY JOHNSON: Thomas Fluharty Appointed as Chapter 11 Trustee
DISPENSING DYNAMICS: S&P Cuts CCR to CCC on Coming Debt Maturities
DJWV1 LLC: W. Va. Judge Approves Thomas Fluharty as Ch. 11 Trustee
DOOR TO DOOR: Seeks to Hire Bush Kornfeld as Legal Counsel
DOOR TO DOOR: Seeks to Hire Orse & Company as Financial Advisor
DOOR TO DOOR: Seeks to Hire Socius Law Group as Special Counsel
DOOR TO DOOR: Taps David Carlos Kaslow as Special Counsel
DRUG STORES II: Disclosures Okayed, Plan Hearing on Dec. 21
E Z MAILING SERVICES: Plan Outline Okayed, Plan Hearing on Nov. 29
EASTSIDE DISTILLING: Recurring Losses Raise Going Concern Doubt
ECOARK HOLDINGS: Incurs $6.51 Million Net Loss in Third Quarter
ELEVEN BIOTHERAPEUTICS: Capital Needs Raise Going Concern Doubt
ELKVIEW RECLAMATION: Thomas Fluharty Named as Chapter 11 Trustee
ELRAY RESOURCES: Incurs $1.16K Net Loss in Third Quarter
EMMAUS LIFE: Incurs $6.25 Million Net Loss in Third Quarter
EOS PETRO: Incurs $3.29 Million Net Loss in Third Quarter
ERICKSON INC: Inks Amendments No. 21 & 22 to Credit Agreement
ESSEX CONSTRUCTION: Wants to Use Industrial Bank Cash Collateral
ETERNAL ENTERPRISE: Use of $120K Hartford Cash Collateral OK
EXPERIMENTIAL MACHINE: Case Summary & 20 Top Unsecured Creditors
FAMILY AUTO: Disclosures Okayed, Plan Hearing on Dec. 21
FEDERATION EMPLOYMENT: Levitan Buying Brooklyn Property for $1M
FIELDPOINT PETROLEUM: Incurs $630,000 Net Loss in Third Quarter
FINJAN HOLDINGS: Appoints Eyal Harari to Lead Advisory Services
FORBES ENERGY: Working Capital Deficit Raises Going Concern Doubt
FOREST ENERGIES: Case Summary & 20 Largest Unsecured Creditors
FPUSA LLC: Wants Plan Exclusivity Extended, Cites Patent Suit
FREDERICK KEITEL: Tasha Claim To Be Paid Within 18 Months
FREESTONE RESOURCES: Incurs $367,000 Net Loss in Sept. 30 Quarter
GALENFEHA INC: Net Losses Since Inception Raise Going Concern Doubt
GARDEN FRESH: Selling Assets to GFRC Acquisition
GENERAL PRODUCTS: Court to Take Up Liquidating Plan on Dec. 14
GERALD MICHAEL ABRAHAM: December 14 Plan Confirmation Hearing
GLENCORP INC: Court to Consider Plan Objections at Nov. 29 Hearing
GREAT AMERICAN MINT: Hires Totaro as Bankruptcy Counsel
GREAT BASIN: CVI Investments Holds 9.9% Stake as of Nov. 3
GREAT BASIN: Incurs $29.0 Million Net Loss in Third Quarter
GREAT NORTHERN: $60K DIP Loan, Cash Use on Final Basis Allowed
GREEN COAL: W. Va. Judge Okays Thomas Fluharty as Ch. 11 Trustee
GREEN STAR LIGHTING: Seeks Authority to Use Channel Partners Cash
HIGH-TOP HOLDINGS: U.S. Trustee Directed to Appoint Ch. 11 Trustee
HOOPER TIMBER: Seeks to Hire Beard & Savory as Legal Counsel
IMPRIMIS PHARMA: Insufficient Cash Raises Going Concern Doubt
INDEPENDENCE TAX: Incurs $181,000 Net Loss in Second Quarter
INTERLEUKIN GENETICS: Incurs $1.96-Mil. Net Loss in Third Quarter
JAC HOLDING: S&P Affirms Then Withdraws 'B' CCR
KAIZEN EDUCATION: S&P Rates 2016 Education Revenue Bonds 'BB+'
KEITH DARNELL JONES: Disclosure Statement Hearing on Nov. 1
KENNY LEIGH: Has Authority to Use IRS Cash Collateral
LABRADOR IRON MINES: Creditors Meeting Set for December 6
LAREDO WO: Unsecureds To Be Paid From Net Proceeds Under Plan
LEVEL 8 APPAREL: Wants Court Approval for Cash Collateral Use
LIFELINE SLEEP: Seeks to Hire Thompson Law Group as Legal Counsel
LINN ENERGY: Court Approves $530M Backstop Agreement
LIQUIDMETAL TECHNOLOGIES: Incurs $3.8M Net Loss in Third Quarter
LITTLE KENTUCKY: Thomas Fluharty Appointed as Chapter 11 Trustee
LIVING COLOUR: Seeks Feb. 15 Plan Filing Period Extension
LODGE HOLDINGS: Case Summary & 8 Unsecured Creditors
LOUIS & LANE: Plan Outline Okayed, Plan Hearing on Dec. 20
MAPPIN LOJAS: Chapter 15 Case Summary
MBTI OF PUERTO RICO: Hires Carrasquillo as Financial Consultant
MCNEILL GROUP: Seeks to Hire Fennelly Associates as Broker
MOBIVITY HOLDINGS: Incurs $1.57 Million Net Loss in Third Quarter
MOUSSIE PROCESSING: Thomas Fluharty Appointed as Chapter 11 Trustee
NAUGHTON PLUMBING: Voluntary Chapter 11 Case Summary
NAVIENT CORP: S&P Affirms 'BB/B' Issuer Credit Ratings
NEW JERSEY HEADWEAR: Has Until Dec. 9 to Use Cash Collateral
NEW JERSEY HEADWEAR: Seeks to Hire Katchen as Legal Counsel
NINJA METRICS: Hires Goodman Law as Counsel
NORMCC ENTERPRISES: Can Use Cash Collateral of $3,500 Per Week
NORTHWEST SILK: Names Mariette Jacobson as Accountant
NOVA DIRECTIONAL: Hearing on Plan Disclosures Set For Dec. 6
NUSTAR ENERGY: Moody's Affirms Ba1 Senior Unsecured Notes Rating
OMNICOMM SYSTEMS: Posts $693,000 Net Income for Third Quarter
ON-CALL STAFFING: Seeks to Hire Newman & Newman as Legal Counsel
PALADIN ENERGY: Can Use Cash Collateral Until Dec. 31
PALADIN ENERGY: Court Denies MUFG's Ch. 11 Trustee Appointment Bid
PARETEUM CORP: Incurs $13.0 Million Net Loss in Third Quarter
PARETEUM CORP: Liquidity Crunch Raises Going Concern Doubt
PCI MANUFACTURING: Hires DFW Lee as Real Estate Broker
PCI MANUFACTURING: Hires Loeb Winternitz as Auctioneers
PHARMACOGENETICS DIAGNOSTIC: Can Use SYBTC Cash Thru Nov. 30
PHILADELPHIA ENERGY: S&P Lowers CCR to 'B'; Outlook Stable
PHOENIX BRANDS: Files Ch. 11 Plan of Liquidation
PLATFORM SPECIALTY: Repricing No Impact on Moody's B2 CFR
PPM GRAYHAWK: Moody's Hikes Class D Notes Rating to Ba1
PREMIER HOLDING: Needs to More Capital to Continue as Going Concern
PURPLE TOOTH: Hires D Max Gardner as Bankruptcy Counsel
QUINTESS LLC: Court Enters Corrected Interim Cash Collateral Order
R.C.A. RUBBER: Case Summary & 10 Unsecured Creditors
RAMIRO & ROSA: Taps Hector Pedrosa as Counsel
RAY MARVIN GOTTLIEB: Disclosure Statement Hearing on Dec. 2
REDIGI INC: Court Moves Plan Exclusivity Period to March 1
REDROCK WELL: Seeks to Hire Diaz & Larsen as Legal Counsel
RELIABLE HUMAN: Seeks Court Approval to Hire Attorneys
RESPONSE BIOMEDICAL: Posts C$170,000 Net Income for Third Quarter
RICHARD DENNIS HAYNES: December 1 Disclosure Statement Hearing
RICHARD WILLIAMSON: Disclosure Statement Hearing on Dec. 8
RMDR INVESTMENTS: Taps Robert Harvey as Special Counsel
RYCKMAN CREEK: Can File Chapter 11 Plan Until January 28
SAMSON RESOURCES: Nov. 30 Hearing on Committee's Plan Outline
SANDFORD AND SON: Seeks to Hire Weichert Realtors as Broker
SANTA ROSA ANIMAL: Seeks to Hire Zalkin Revell as Legal Counsel
SAWTELLE PARTNERS: Court Okays Peter Mastan as Ch. 11 Trustee
SEMAR VENTURES: Seeks to Hire Ballstaedt as Legal Counsel
SERVE & EDUCATE: Seeks to Hire Michael Barnett as Legal Counsel
SHORT ENTERPRISES: Hires Carmody MacDonald as Counsel
SHORT ENTERPRISES: Taps Kevin Bragee as Accountant
SLAYTON FAMILY BEEF: Seeks to Hire Robert Bruner as Legal Counsel
STEVEN ANCONA: Court OKs Appointment of M. O'Toole as Trustee
SWING HOUSE: Allowed to Use Cash Collateral on Interim Basis
TABLE LLC: Hires Jeffrey Ainsworth as Counsel
TAPS UNLIMITED: Unsecureds To Get 7 Installment Payments
TCB HOLDINGS: Moody's Assigns B3 Corporate Family Rating
TECK RESOURCES: S&P Raises CCR to 'BB'; Outlook Stable
TELKONET INC: Incurs $393,000 Net Loss in Third Quarter
TEMPUS APPLIED SOLUTIONS: Contract Delays Raise Going Concern Doubt
TENAFLY GOURMET: Hires Youn Kim as Accountant
TERRY WILLIAMS: Unsecureds To Be Paid in Full Under Plan
THOMAS NELSON PAYNE: Unsecureds To Get $6,500 Under Ch. 11 Plan
THOMAS SIMMONS: Plan Confirmation Hearing on Dec. 13
TRANSTAR HOLDING: Case Summary & 50 Largest Unsecured Creditors
TRANSTAR HOLDING: Files for Bankruptcy with Prepackaged Plan
TRISTREAM EAST: Committee Hires Pillsbury Winthrop as Attorney
TRXADE GROUP: Working Capital Concerns Raise Going Concern Doubt
TYL INVESTMENT: Hires Castro-Vargas as Special Counsel
UNIVERSAL ACADEMY: S&P Affirms 'BB+' Rating on 2013 Revenue Bonds
USIC HOLDINGS: Moody's Affirms B3 Corporate Family Rating
USIC HOLDINGS: S&P Affirms 'B' CCR & Rates $85MM Facility 'B'
VERTELLUS SPECIALTIES: Unsecureds To Recoup 10% Under Plan
VESCO CONSULTING: Case Summary & 20 Largest Unsecured Creditors
WECAST NETWORK: Recurring Losses Casts Going Concern Doubt
WHITESBURG REALTY: Needs to Use Cash Collateral Until Dec. 31
WKI HOLDING: S&P Affirms 'B' CCR After Acquisition Deal Ends
XTERA COMMUNICATIONS: Nov. 23 Meeting Set to Form Creditors' Panel
[^] Large Companies with Insolvent Balance Sheet
*********
1729 27TH ST: Court Dismisses Chapter 11 Case
---------------------------------------------
Judge S. Martin Teel, Jr. of the U.S. Bankruptcy Court for the
District of Columbia, dismissed 1729 27th St. SE, LLC's Chapter 11
Case. The dismissal mooted Presidential Bank, FSB's motion to
revoke the Debtor's authority to use cash collateral.
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.
1733 27TH ST: Chapter 11 Case Dismissed
----------------------------------------
Judge S. Martin Teel, Jr. of the U.S. Bankruptcy Court for the
District of Columbia dismissed 1733 27th St. SE, LLC's Chapter 11
Case. Presidential Bank, FSB's motion to revoke the Debtor's
authority to use cash collateral was rendered moot because of the
dismissal of the Chapter 11 Case
About 1733 27TH ST. SE
1733 27th St. SE, LLC filed a chapter 11 petition (Bankr. D.D.C.
Case No. 16-00403) 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.
21ST CENTURY: Incurs $79.9 Million Net Loss in Third Quarter
------------------------------------------------------------
21st Century Oncology Holdings, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss attributable to Holdings' shareholders of $79.92 million
on $245.7 million of total revenues for the three months ended
Sept. 30, 2016, compared to a net loss attributable to Holdings'
shareholders of $57.77 million on $262.3 million of total revenues
for the three months ended Sept. 30, 2015.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss attributable to Holdings' shareholders of $97.47 million
on $774.4 million of total revenues compared to a net loss
attributable to Holdings' shareholders of $140.5 million on $816.1
million of total revenues for the nine months ended Sept. 30,
2015.
As of Sept. 30, 2016, 2st Century had $1.05 billion in total
assets, $1.39 billion in total liabilities, $472.34 million in
series A convertible redeemable preferred stock, $19.24 million in
non-controlling interests - redeemable and a total deficit of
$833.89 million.
Recent Developments
On Nov. 1, 2016, the Company announced that it failed to make a
semi-annual interest payment as required by the indenture governing
its 11.00% Senior Notes due 2023. The failure to make such
interest payment, if not cured within 30 days, will result in an
event of default under the Indenture. The Company is using the
available cure period to work with its lenders, bondholders and
stakeholders to address the default.
William R. Spalding, president and chief executive officer, said,
"The Company's business strategy is fundamentally sound, with a
unique, integrated cancer care model that positions us well in the
healthcare reform marketplace. I also believe that our size and
scale, low cost, outpatient model with convenient locations
contribute to our uniqueness and value in the cancer care market. I
remain confident that investors and lenders, whether a part of the
organization today or those who want to be a part of its future,
have the same perspective and that a path forward exists which
should allow us to address near term liquidity issues and better
position our overall capital structure for the future."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/0Tw9Le
About 21st Century
21st Century Oncology, Inc., formerly known as Radiation Therapy
Services, Inc. ("RTS") owns and operates radiation treatment
facilities in the US and Latin America.
* * *
In May 2016, S&P Global Ratings lowered its corporate credit rating
on 21st Century to 'CCC' from 'B-' and placed the rating on
CreditWatch with negative implications.
In August 2016, Moody's Investors Service downgraded 21st Century
's Corporate Family Rating (CFR) to 'Caa3' from 'Caa1', Probability
of Default Rating (PDR) to 'Caa3-PD' from 'Caa1-PD', first lien
bank credit facility ratings to Caa1 from B2, and senior unsecured
notes rating to 'Ca' from 'Caa3'.
The rating downgrade reflects Moody's substantial doubt about the
company's ability to remain in compliance with covenants that were
established in the Aug. 16, 2016, amendment to the credit
agreement and notes indenture.
3B ENGINEERING: Cash Collateral Use Moot
----------------------------------------
Judge August B. Landis of the U.S. Bankruptcy Court for the
District of Nevada denied 3B Engineering, LLC's Cash Collateral
Motion, for being moot.
A full-text copy of the Order, dated November 17, 2016, is
available at https://is.gd/VJHNCI
About 3B Engineering, LLC
3B Engineering, LLC filed a Chapter 11 petition (Bankr. D. Nev.
Case No. 15-15212), on September 10, 2015. The Petition was signed
by Raymond E. Brannen, president. The case is assigned to Judge
August B. Landis. The Debtor is represented by Jeffrey A. Cogan,
Esq., 6900 Westcliff Drive, Suite 602, Las Vegas, NV 89145. At the
time of filing, the Debtor had less than $50,000 in estimated
assets and $1 million to $10 million in estimated liabilities.
AARON L. HUTTSELL: Disclosure Statement Hearing on Dec. 6
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona is set to
hold a hearing on December 6, at 1:30 p.m., to consider approval of
the disclosure statement explaining the Chapter 11 plan filed by
Aaron Huttsell on October 10.
The hearing will take place at Courtroom 329, 38 Scott Avenue,
Tucson, Arizona. Objections are due by November 25.
Under the Plan, Class 5 General Unsecured Claims are impaired.
Holders of Class 5 Claims will be paid to the extent that funds
are
available to unsecured creditors from the proceeds of the
sale of real and personal property.
The Debtor will fund the Plan by the sale of his assets which
include real and personal property. The Debtor anticipates that
the proceeds of the sales will significantly exceed the proceeds
under a Chapter 7 liquidation.
The Disclosure Statement is available at:
http://bankrupt.com/misc/azb16-06939-116.pdf
Aaron L. Huttsell filed for Chapter 11 bankruptcy protection
(Bankr. D. Ariz. Case No. 16-06939) on June 17, 2016. Eric
Ollason, Esq., at the Law Office of Eric Ollason serves as the
Debtor's bankruptcy counsel.
ADMI CORP: S&P Raises Rating on $150MM Sr. Unsec. Notes to 'CCC+'
-----------------------------------------------------------------
S&P Global Ratings corrected its issue-level rating on ADMI Corp.'s
(B/Stable/--) $150 million senior unsecured notes due 2023 by
raising the rating to 'CCC+' from 'CCC'. The rating is now two
notches below S&P's corporate credit rating on ADMI, consistent
with the unsecured debt's recovery rating of '6'. The recovery
rating of '6' indicates S&P's expectation for negligible (0%-10%)
recovery in the event of a default.
The rating error occurred on April 16, 2015, when S&P correctly
indicated a senior unsecured recovery rating of '6' but erroneously
notched the debt three ratings below the (B/Stable/--) corporate
credit rating to 'CCC', rather than two to 'CCC+'.
RATINGS LIST
ADMI Inc.
Corporate Credit Rating B/Stable/--
Rating Raised; Recovery Rating Unchanged
To From
ADMI Inc.
$150 Mil. Senior Unsecured
Notes Due 2023 CCC+ CCC
Recovery Rating 6 6
ADVANZEON SOLUTIONS: Hires Isdaner & Company as Accountants
-----------------------------------------------------------
Advanzeon Solutions, Inc., was informed on July 15, 2016, that its
Independent registered public accounting firm Mayer Hoffman McCann
P.C. had resigned. On Nov. 7, 2016, the Audit Committee of the
Board of Directors of the Company unanimously recommended and
authorized the engagement of Isdaner & Company, LLC to serve as the
Company's independent registered public accounting firm to audit
the Company's consolidated financial statements for the 2013, 2014
and 2015 fiscal years and to perform a review of the Company's
condensed consolidated interim financial statements for the first,
second and third quarters of fiscal 2016, and to perform an audit
of the Company's consolidated financial statements for the fiscal
year ended Dec. 31, 2016. The Board of Directors unanimously
accepted and approved the action of the Audit Committee. The
appointment is effective Nov. 7, 2016.
No audit report of MHM on the Company's consolidated financial
statements for either of the two fiscal years ending Dec. 31, 2011,
and 2012,( which are the last fiscal years to be audited),
contained an adverse opinion or a disclaimer of opinion, or was
qualified or modified as to uncertainty, audit scope or accounting
principles. Those reports were modified to raise substantial doubt
about the Company's ability to continue as a going concern.
During the last two years for which an audit report was issued,
2011 and 2012, on the Company's consolidated financial statements
preceding MHM's resignation, there was no disagreement (as
described in Item 304(a)(1)(iv) of Regulation S-K and the related
instructions) with MHM on any matter of accounting principles,
financial statement or auditing scope or procedures which, if not
resolved to the satisfaction of MHM, would have caused MHM to make
reference to the matter in their reports.
About Advanzeon Solutions
Tampa, Fla.-based Comprehensive Care Corporation, n/k/a Advanzeon
Solutions, provides managed care services in the behavioral
health, substance abuse, and psychotropic pharmacy management
fields.
Mayer Hoffman McCann P.C., in Clearwater, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012. The independent auditors noted
that the Company has suffered recurring losses from operations and
has not generated sufficient cash flows from operations to fund
its working capital requirements. This raises substantial doubt
about the Company's ability to continue as a going concern.
Comprehensive Care incurred a net loss attributable to common
stockholders of $6.99 million for the year ended Dec. 31, 2012, as
compared with a net loss attributable to common stockholders of
$14.08 million for the year ended Dec. 31, 2011.
As of June 30, 2013, Comprehensive Care had $3.07 million in total
assets, $28.3 million in total liabilities, and a $25.2 million
stockholders' deficiency.
AEROPOSTALE INC: Court Allows Use of Cash Collateral
----------------------------------------------------
Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York authorized Aeropostale, Inc., and its
affiliated debtors to use cash collateral.
The Debtors advised the Court that they have not yet been able to
reach an agreement with the Prepetition Term Loan Lenders, and Aero
Investors LLC, as administrative and collateral agent, on the terms
of a Final Budget, but that Aero Investors have consented to a
further use of Cash Collateral on an interim basis through December
20, 2016.
The approved Budget covers the period from the week ending November
19, 2016 and ending on the week ending December 24, 2016,
projecting total disbursements in the amount of $8,614.
The Debtors were indebted to the Aero Investors, in the outstanding
principal amount of approximately $150,000,000, as of Petition
Date, and pursuant to the First Interim Order, Aero Investors was
paid $90,000,000. The Debtors' outstanding indebtedness to Aero
Investors totaled $61,250,000, plus all fees and expenses, as of
the filing of the Debtor's second cash collateral motion .
The Court had authorized the Debtors to borrow up to $160,000,000
of postpetition secured superpriority debtor in possession
financing from Aero Investors and use cash collateral, pursuant to
the Court's Final DIP Order. The Debtors have repaid all their
obligations under the DIP Facility in full. The Parties had then
agreed on the terms for the Debtors' use of Cash Collateral for the
wind-down of the Debtors' Chapter 11 Cases.
Aero Investors was granted adequate protection liens on all
currently owned and after acquired property and assets of the
Debtors, subject to the Carve-Out, the Prepetition Term Loan Liens,
and any other Prepetition Senior Liens. Aero Investors was also
granted a separate allowed superpriority administrative expense
claim.
The final hearing use of cash collateral is scheduled on December
20, 2016 at 11:00 a.m. The deadline for the filing of objections
to the Debtors' use of cash collateral is set on December 16,
2016.
A full-text copy of the Second Interim Order, dated November 17,
2016, is available at https://is.gd/5zHwHP
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. Schubac, 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.
ALTOMARE AUTO: Court Extends Plan Filing Period to Feb. 22
----------------------------------------------------------
Judge John K. Sherwood of the U.S. Bankruptcy Court for the
District of New Jersey extended Altomare Auto Group, LLC, d/b/a
Union Volkswagen and Altomare 22 Union, LLC's exclusive periods to
file a plan of reorganization and obtain confirmation of the plan,
to February 22, 2017 and April 25, 2017, respectively.
The Debtors previously sought the extension of their exclusive
periods, contending that since their case involves two separate
Debtors, each Debtor has unique set of assets and creditors. The
Debtors further contended that they were still taking steps to
streamline their businesses, disposing of excess inventory, and
processing a sale of substantially all of its assets. The Debtors
added that they had resolved contested secured claims and were in
the process of pursuing litigation against third parties in an
attempt to increase available assets for distribution to
creditors.
The Debtors told the Court that they had 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. The Debtors further told the Court that there
was insufficient time before the current exclusivity period expires
to circulate and file a Plan of reorganization and Disclosure
Statement.
The Debtors said they 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 that there
was still a need to determine as to allocation to each individual
dealer, such as the Debtors, from the settlement proceeds derived
from that litigation.
About Altomare Auto Group, LLC
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. The Debtors are represented by Daniel Stolz, Esq., at
Wasserman, Jurista & Stolz, P.C.
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 CHARTER: S&P Rates 2016 Education Revenue Bonds 'BB+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term rating to Arizona
Industrial Development Authority's series 2016 education revenue
bonds, issued for American Charter Schools Foundation (American).
The outlook is stable.
"The rating reflects our view of American's adequate enterprise
profile, characterized by recent charter renewals for seven of its
10 schools, and nearly a decade of operations specializing in
alternative school education," said S&P Global Ratings credit
analyst Kaiti Wang. "However, declines in enrollment and the lack
of need for a waiting list suggest soft or volatile demand stemming
from its unique student base," Ms. Wang added.
The $73 million series 2016 bond proceeds will fund the acquisition
of South Pointe High School's leased expansion facility and refund
the series 2007 bonds, which had financed the purchase of the 10
schools' existing facilities. The final maturity will extend out
to 2047, beyond the typical 30-year term often used to mirror the
useful life of assets for the facilities financed by the 2007
bonds. The bonds will also fund a debt service reserve fund and
issuance costs. The bonds will be American's sole long-term debt
and will be secured by a gross revenue pledge of its unrestricted
revenues, primarily state per-pupil payments via direct intercept
by the bond trustee.
The American Charter School Foundation was organized in 1998 as a
Michigan nonprofit corporation. It operates 10 Arizona charter
high schools in Arizona serving grades 9 through 12 (Crestview High
School is 7-12). With the exception of South Ridge High School,
all are alternative high schools offering freedom of choice to
students who have faced life challenges that undermine educational
continuity. The schools serve a student population with over 80%
socioeconomically disadvantaged youths throughout neighborhoods in
Maricopa County, Pinal County, and Pima County.
AMPLIPHI BIOSCIENCES: Amends 5.3M Shares Prospectus with SEC
------------------------------------------------------------
AmpliPhi Biosciences Corporation filed with the Securities and
Exchange Commission an amended Form S-1 registration statement
relating to the offering of 5,300,000 shares of its common stock
and warrants to purchase an aggregate of 5,300,000 shares of its
common stock (and the shares of common stock that are issuable from
time to time upon exercise of the warrants).
Each share of common stock is being sold together with a warrant to
purchase one share of the Company's common stock, at an exercise
price of $___ per share. The warrants will be exercisable
immediately and will expire five years from the date of issuance.
The shares of common stock and warrants can only be purchased
together in this offering but will be issued separately and will be
immediately separable upon issuance. The Company's common stock is
listed on the NYSE MKT under the symbol "APHB." On Nov. 8, 2016,
the last reported sale price of the Company's common stock on the
NYSE MKT was $1.00 per share. There is no established public
trading market for the warrants, and the Company does not expect a
market to develop. In addition, the Company does not intend to
apply for a listing of the warrants on any national securities
exchange.
About AmpliPhi
AmpliPhi Biosciences Corp. is a biotechnology company focused on
the discovery, development and commercialization of novel phage
therapeutics. Its principal offices occupy approximately 1,000
square feet of leased office space pursuant to a month-to-month
sublease, located at 3579 Valley Centre Drive, Suite 100, San
Diego, California. It also leases approximately 700 square feet of
lab space in Richmond, Virginia, approximately 5,000 square feet of
lab space in Brookvale, Australia, and approximately 6,000 square
feet of lab and office space in Ljubljana, Slovenia.
As of Sept. 30, 2016, the Company had $26.03 million in total
assets, $7.80 million in total liabilities and $18.22 million in
total stockholders' equity.
Ampliphi reported a net loss attributable to common stockholders of
$10.79 million for the year ended Dec. 31, 2015, compared to net
income attributable to common stockholders of $21.82 million.
"[T]he Company has incurred net losses since its inception, has
negative operating cash flows and has an accumulated deficit of
$371.9 million as of September 30, 2016, $56.4 million of which has
been accumulated since January of 2011, when the Company began its
focus on bacteriophage development. As of September 30, 2016, the
Company had cash and cash equivalents of $4.0 million. Management
believes that the Company's existing resources will be sufficient
to fund the Company's planned operations through the end of 2016.
These circumstances raise substantial doubt about the Company's
ability to continue as a going concern," as disclosed in the
Company's quarterly report for the period ended Sept. 30, 2016.
AMPLIPHI BIOSCIENCES: Settles with NRM for $2 Million
-----------------------------------------------------
On April 14, 2016, NRM VII Holdings I, LLC, filed a complaint
against AmpliPhi Biosciences Corporation and the current members of
the Company's Board of Directors in the Superior Court of
California, County of San Diego, which complaint was amended on
July 25, 2016. The complaint relates to the automatic conversion
of NRM's shares of its Series B convertible preferred stock into
shares of the Company's common stock on April 8, 2016.
Upon the automatic conversion of NRM's shares of the Company's
Series B convertible preferred stock into shares of its common
stock on April 8, 2016, the Company became obligated to pay NRM
accrued dividends in the amount of approximately $914,000. The
accrued dividends obligation to NRM is reflected in current
liabilities on the Company's consolidated balance sheet at Sept.
30, 2016.
On Nov. 12, 2016, the Company entered into a settlement agreement
with NRM to settle the Action. Pursuant to the settlement
agreement, NRM has agreed to dismiss with prejudice the Action upon
receipt of a cash payment of $2.0 million, which payment will be
made to NRM by the Company's insurance carrier on or before Dec. 3,
2016.
The settlement agreement contains mutual releases covering all
claims that the Company or its affiliates, or NRM or its
affiliates, have or may have against the other party or such other
party's affiliates in connection with the Action or otherwise as of
the date of the settlement agreement.
Upon NRM's receipt of the settlement payment, the Company's accrued
dividends payment obligation to NRM will be extinguished. The
Company has agreed to repay its insurance carrier an aggregate
amount equal to the accrued dividends as follows: $100,000 on
Dec. 3, 2016, approximately $204,800 on Jan. 2, 2017, approximately
$304,800 on April 3, 2017, and approximately $304,800 on July 3,
2017.
About AmpliPhi
AmpliPhi Biosciences Corp. is a biotechnology company focused on
the discovery, development and commercialization of novel phage
therapeutics. Its principal offices occupy approximately 1,000
square feet of leased office space pursuant to a month-to-month
sublease, located at 3579 Valley Centre Drive, Suite 100, San
Diego, California. It also leases approximately 700 square feet of
lab space in Richmond, Virginia, approximately 5,000 square feet of
lab space in Brookvale, Australia, and approximately 6,000 square
feet of lab and office space in Ljubljana, Slovenia.
As of Sept. 30, 2016, the Company had $26.03 million in total
assets, $7.80 million in total liabilities and $18.22 million in
total stockholders' equity.
Ampliphi reported a net loss attributable to common stockholders of
$10.79 million for the year ended Dec. 31, 2015, compared to net
income attributable to common stockholders of $21.82 million.
"[T]he Company has incurred net losses since its inception, has
negative operating cash flows and has an accumulated deficit of
$371.9 million as of September 30, 2016, $56.4 million of which has
been accumulated since January of 2011, when the Company began its
focus on bacteriophage development. As of September 30, 2016, the
Company had cash and cash equivalents of $4.0 million. Management
believes that the Company's existing resources will be sufficient
to fund the Company's planned operations through the end of 2016.
These circumstances raise substantial doubt about the Company's
ability to continue as a going concern," as disclosed in the
Company's quarterly report for the period ended Sept. 30, 2016.
ANGELS OF THE VALLEY: No Issues Identified in PCO's 5th Report
--------------------------------------------------------------
Constance Doyle, as the Patient Care Ombudsman for Angels of the
Valley Hospice, LLC, has filed a Fifth Interim Report before the
U.S. Bankruptcy Court for the Central District of California for
the time period of August 1, 2016, through September 30, 2016.
The PCO finds that all care provided to the patients by the Debtor
remains well within the standards of care. The PCO further reported
that there were no issues identified during the reporting period.
On August 2016, the PCO noted that the census was 12. Efforts were
ongoing to accept new patients/clients. There was no change in
staffing and the process for the Interdisciplinary weekly meetings
were reduced to bi-weekly to save on payroll for physician cost,
etc., without decreasing quality.
Moreover, on September 2016, the census is 13 with 2 pending. On
the same month, there was a loss of 4 patients in a very short
span- just days apart. Also, there is no staff change and the
Debtor hopes that the fall/winter months will provide an increase
in services.
Angels of the Valley Hospice Care, LLC, filed a Chapter 11 petition
(Bankr. C.D. Calif., Case No. 15-28771) on December 11, 2015, and
is represented by Julie J Villalobos, Esq., at Oaktree Law, in
Cerritos, California. At the time of filing, the Debtor had
$777,839 in total assets and $1.60 million in total liabilities.
The petition was signed by Emerald Argonza, CEO.
AOXING PHARMACEUTICAL: Posts $392K Net Income for 3rd Quarter
-------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $391,757 on $7.56 million of sales for the three
months ended Sept. 30, 2016, compared to net income of $1.34
million on $8.74 million of sales for the three months ended
Sept. 30, 2015.
As of Sept. 30, 2016, Aoxing had $58.77 million in total assets,
$40.25 million in total liabilities and $18.51 million in total
equity.
The Company's cash balance as of Sept. 30, 2016, was $7,055,974,
compared to $6,912,100 as of June 30, 2016. Operations during the
three month period ended Sept. 30, 2016, provided $134,939 in cash,
as compared to $390,145 cash provided by operations during the
three month period ended Sept. 30, 2015. During this reporting
period, the Company did not make any major investment.
During the quarter ended Sept. 30, 2016, the Company had no major
financing activities, whereas during the quarter ended Sept. 30,
2015, the Company completed a public offering of stock and warrants
for net proceeds of $2,739,000 and borrowed $1,375,511 from related
parties, a portion of which the Company used to satisfy $1,148,507
in short-term debt. On the balance sheet, the decline in
short-term borrowing and the increase in accrued expenses and other
current liabilities were mainly the result of accounting
reclassification.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/rDpqYt
About Aoxing
Aoxing Pharmaceutical Company, Inc., has one operating
subsidiary, Hebei Aoxing Pharmaceutical Co., Inc., which is
organized under the laws of the People's Republic of China.
Since 2002, Hebei Aoxing has been engaged in developing narcotics
and pain management products. In 2008 Hebei Aoxing supplemented
its product lines by acquiring Shijiazhuang Lerentang
Pharmaceutical Company, Ltd., a specialty pharmaceutical company
focusing on herbal pain related therapeutics. The Company owns
95% of the equity in Hebei Aoxing.
Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.
As of June 30, 2016, Aoxing had $56.2 million in total assets,
$38.2 million in total liabilities and $18.07 million in total
equity.
APPALACHIAN MINING: Thomas Fluharty Appointed as Chapter 11 Trustee
-------------------------------------------------------------------
Hon. Frank W. Volk, the Chief Judge of the United States Bankruptcy
Court for the Southern District of West Virginia entered an Order
approving the appointment of Thomas H. Fluharty as the Chapter 11
Trustee for Appalachian Mining and Reclamation, LLC.
The United States Trustee has selected Thomas H. Fluharty to be the
Chapter 11 Trustee after a consultation conducted with the parties
identified in its application for the appointment of a Chapter 11
Trustee.
The Troubled Company Reporter previously reported that the U.S.
Trustee filed a motion asking the Court to direct the appointment
of a Chapter 11 trustee, saying she she has U.Sestablished cause
for the appointment of a Chapter 11 Trustee. There has been a
failure of current management to file schedules, Statements of
Financial Affairs, banking information, monthly financial reports,
and other information requested by parties in interest. The motion
provides that, because of the failure to file the documents that
are required by the Code and the bankruptcy rules, the
administration of the cases has been thwarted such that creditors
may be harmed without further remedy.
The U.S. Trustee finds that any of the Debtor's failures would be
grounds for a dismissal of the cases. Dismissal, however, does not
appear to be in the best interest of the parties. The appointment
of a chapter 11 trustee is in the best interests of creditors. In
the case, a trustee can determine which cases have assets and
which
cases should be converted or dismissed. There are, according to
the
Bank, potential causes of action that creditors may have against
the management. Therefore the U.S. Trustee moved that an
independent fiduciary is the only remedy for creditors in the
cases.
About Appalachian Mining
The Circuit Court Judge, on May 18, 2016, entered an Order
appointing a special receiver in certain of Deenis Ray Johnson's
entities. A substitute special receiver, Zachary Burkons, was
ultimately appointed on August 15, 2016. The successor special
receiver filed Chapter 11 petitions for Appalachian Mining and
Reclamation, LLC, Green Coal, LLC, Joint Venture Development, LLC,
Producers Coal, Inc., Producers Land, LLC, and Redbud Dock, LLC.
Appalachian Mining and Reclamation, LLC's bankruptcy case is Case
No. 16-30400 (Bankr. S.D. W.Va.).
Dennis Ray Johnson is a businessman with ownership interests in at
least 10 entities. He operates various rental real estate entities
and coal associated operations. Mr. Johnson is a member of each of
the following debtor companies -- Appalachian Mining and
Reclamation, LLC, DJWV1, LLC, DJWV2, LLC, Elkview Reclamation and
Processing, LLC, Green Coal, LLC, Joint Venture Development, LLC,
Little Kentucky Elk, LLC, Moussie Processing, LLC, Producer's Coal,
Inc., Producer's Land, LLC, Redbud Dock, LLC, Southern Marine
Services, LLC, Southern Marine Terminal, LLC, and The Silo Golf
Course, LLC -- and has filed a motion asking the Bankruptcy Court
to jointly administer the bankruptcy cases. Mr. Johnson is also a
guarantor of the debt for most of the companies.
ARAMARK SERVICES: Moody's Hikes Corporate Family Rating to Ba2
--------------------------------------------------------------
Moody's Investors Service upgraded Aramark Services, Inc.'s credit
ratings. The Corporate Family rating (CFR) was upgraded to Ba2 from
Ba3, the Probability of Default rating (PDR) was upgraded to Ba2-PD
from Ba3-PD, the senior secured was upgraded to Ba1 from Ba2 and
the senior unsecured was upgraded to B1 from B2. Moody's also
affirmed the Speculative Grade Liquidity rating at SGL-2. The
ratings outlook remains stable.
Issuer: Aramark Services, Inc.
Upgrades:
-- Corporate Family Rating, Upgraded to Ba2 from Ba3
-- Probability of Default Rating, Upgraded to Ba2-PD from Ba3-
PD
-- Senior Secured, Upgraded to Ba1 (LGD3) from Ba2 (LGD3)
-- Senior Unsecured, Upgraded to B1 (LGD5) from B2 (LGD5)
Affirmations:
-- Speculative Grade Liquidity Rating, Affirmed SGL-2
Outlook:
-- Outlook, Remains Stable
RATINGS RATIONALE
"The upgrade of the CFR to Ba2 from Ba3 reflects improved margins
and cash flow as well as Moody's expectations for ongoing, slow and
steady improvements in profitability and stable debt to EBITDA
around 4 times," said Edmond DeForest, Moody's Vice President and
Senior Credit Officer.
Moody's considers Aramark's business stable and predictable, with
long term contracts and fixed asset investments providing a high
degree of revenue visibility and meaningful competitive barriers.
Moody's expects low single digit revenue growth (on a constant
currency basis), driven by moderate pricing increases with existing
customers, new customer wins and the introduction of new products,
as well as from acquisitions. The food and uniform services
businesses are competitive, so Aramark's ongoing emphasis upon
maintaining minimum contract profitability at renewal may weigh on
customer retention and revenue growth. Aramark's success growing
profits and free cash flow since its December 2013 IPO and reducing
working capital volatility lead Moody's to anticipate EBITA margins
around 6.5% and about $300 million of free cash flow in fiscal 2017
(ends September). Moody's believes expense management initiatives
will likely remain a prominent focus. Financial policies are
considered balanced as Moody's anticipates free cash flow will be
used for a combination of debt reduction, acquisitions and
shareholder returns.
All financial metrics cited reflect Moody's standard adjustments.
The SGL-2 rating reflects good liquidity from anticipated free cash
flow, cash balances expected to be at least $100 million and $770
million of revolving credit facilities Moody's anticipates will be
used seasonally.
The stable ratings outlook reflects Moody's expectations for some
revenue growth and EBITA margins around 6.5%. The ratings could be
upgraded if Moody's expects Aramark will sustain: 1) debt to EBITDA
below 3.5 times; 2) improved free cash flow; and 3) a commitment to
conservative financial policies. The ratings could be downgraded
if, as a result of some combination of poor results from
operations, acquisitions or shareholder-friendly actions, Moody's
expects: 1) revenue growth to slow; 2) EBITA margins to remain
below 6%; or 3) debt to EBITDA to be maintained around 4.5 times.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
Aramark is a provider of food and related services to a broad range
of institutions and the second largest uniform and career apparel
business in the United States. Moody's expects revenues approaching
$15 billion in fiscal 2017 (ends September).
ASCENT RESOURCES: Moody's Assigns Limited Default Rating to Ca-PD
-----------------------------------------------------------------
Moody's Investors Service assigned a limited default (LD)
designation to Ascent Resources -- Marcellus, LLC's ("Ascent")
Ca-PD Probability of Default Rating (PDR), changing the PDR to
Ca-PD/LD from Ca-PD. This action follows the company's purchase of
$102 million of its $450 million second lien term loan at a deep
discount. Ascent's Loss Given Default (LGD) point estimate on its
second lien term loan was revised to LGD-5 from LGD-6 and its LGD
point estimate on its first lien term loan was revised to LGD-3
from LGD-4, reflecting the repurchases of its second lien term
loan. Ascent's other ratings are unchanged and the outlook remains
negative.
"Moody's assigned a limited default designation to Ascent's PDR
because the deeply discounted purchase of a sizeable portion of its
second lien term loan is deemed an event of default," said John
Thieroff, Moody's Vice President-Senior Analyst. The "LD"
designation will be removed from the PDR within a few days.
RATINGS RATIONALE
The Ca CFR reflects ARM's weak liquidity, very poor asset coverage,
high leverage, and Moody's view that the company will have
difficulty funding any drilling activity through 2017; Moody's
expects production to decline substantially during 2017 due to the
company's inability to simultaneously service debt and fund
maintenance level drilling in the current environment (the company
has halted all drilling operations). Based on our commodity price
estimates, the company will not generate revenue sufficient to
cover its interest expense in 2017 with EBITDAX below breakeven
levels through 2017. As a result, even when considering full access
to restricted cash of $122 million, Moody's views the company's
ability to sustain itself beyond 2017 to be weak and the likelihood
of continued debt restructuring or an outright bankruptcy filing to
be high.
Moody's views ARM's liquidity profile as weak, even assuming full
access to restricted cash balances of $122 million as of September
30, 2016. Moody's anticipates that ARM's internally generated cash
flow and available sources of liquidity will not cover interest
expense and minimal capital spending through 2017. Because ARM's
secured net debt to EBITDAX exceeds 4x, in order to access
restricted cash balances ARM's private equity sponsors (The Energy
& Minerals Group and First Reserve; both unrated) are required to
inject one dollar of equity into ARM to access every three dollars
of restricted cash, as required by the first lien term loan. The
company has no revolving credit facility. Unrestricted cash on hand
was $7.5 million at September 30, 2016.
Ascent's first lien term loan is rated Ca, at the CFR level. While
Moody's Loss Given Default Methodology indicates a Caa3 rating for
the first lien term loan following the company's repurchase of a
significant portion of the second lien term loan, the Ca rating on
the first lien term remains unchanged based on our expectation for
weak recovery in the event of a bankruptcy filing or out of court
restructuring.
The negative outlook reflects the high degree of uncertainty around
ARM's ability to shore up liquidity, the possibility of weaker than
expected recovery, and the risk of further credit deterioration.
Moody's will downgrade the CFR if the company files for bankruptcy
protection or reorganizes out of court under terms that provide for
extremely weak recovery. An upgrade is unlikely; however, if the
company can maintain its production while generating EBITDAX to
interest coverage above 1.0x and strengthening liquidity to a level
Moody's would deem adequate, an upgrade could be considered.
Ascent Resources - Marcellus, LLC is a privately-owned independent
E&P company headquartered in Oklahoma City, Oklahoma. The company's
operations are concentrated in the southern Marcellus Shale in
northern West Virginia.
The principal methodology used in this rating was Global
Independent Exploration and Production Industry published in
December 2011.
ASCENT RESOURCES: S&P Cuts CCR to CCC- on Potential Restructuring
-----------------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Oklahoma
City-based oil and gas exploration and production company Ascent
Resources - Marcellus LLC (AR Marcellus) to 'CCC-' from 'CCC'. The
outlook is negative.
At the same time, S&P lowered its issue-level rating on the
company's first-lien debt to 'CC' from 'CCC-', with a recovery
rating of '5'. The '5' recovery rating reflects S&P's view of
modest (10% to 30%, lower half of the range) recovery to creditors
in the event of a payment default. S&P also lowered its
issue-level rating to 'C' from 'CC' on the company's second-lien
debt, with a recovery rating of '6', reflecting S&P's view of
negligible (0% to 10%) recovery to creditors in the event of a
payment default.
"The downgrade follows AR Marcellus' announcement that it has hired
advisors to evaluate a potential capital restructuring, either
through a privately negotiated exchange or Chapter 11 filing," said
S&P Global Ratings credit analyst Carin Dehne-Kiley. "We believe
the company is likely to announce a restructuring that we would
view as distressed within the next six months," she added.
The negative outlook reflects S&P's view that Ascent Resources –
Marcellus LLC will likely enter into what S&P would view as a
distressed exchange or restructuring, or file under Chapter 11,
within the next six months.
S&P could raise the rating if liquidity improved, which would most
likely occur if the company raised additional equity to fund
growth, and if S&P assess the likelihood of a distressed exchange
or restructuring, or a filing under Chapter 11, as low within the
next six months.
B & B FAMILY: Can Use Cash Collateral on Interim Basis
------------------------------------------------------
Judge Mark Houle of the U.S. Bankruptcy Court for the Central
District of California authorized B & B Family, Incorporated to use
cash collateral on an interim basis.
A hearing on the Debtor's Motion is scheduled on on Nov. 22, 2016
at 10:00 a.m.
A full-text copy of the Order, dated November 17, 2016, is
available at https://is.gd/UeeNMD
B & B Family, Incorporated is represented by:
Todd L Turoci, Esq.
The Turoci Firm
3845 Tenth Street
Riverside, CA 92501
Phone: 951-784-1678
Fax: 866-762-0618
Email: mail@theturocifirm.com
The case is IN RE: B & B Family, Incorporated (Bankr. C.D. Cal.
Case No. 16-19993)
BAERG REAL PROPERTY: Can Use Fannie Mae Cash on Final Basis
-----------------------------------------------------------
Judge Barbara J. Houser of the U.S. Bankruptcy Court for the
Northern District of Texas authorized Baerg Real Property Trust to
use Fannie Mae's cash collateral on a final basis.
Judge Houser acknowledged that the Debtor had an immediate and
critical need to obtain funds in order to continue the operation of
its business, and that without such funds, the Debtor would not be
able to pay its direct operating expenses and obtain goods and
services needed to carry on its business in a manner that will
avoid irreparable harm to the Debtor's estate.
The Debtor owns and operates four multifamily properties: Lake
Bluffs Apartments and Lakeview Village in Garland, Texas, and The
Woods Apartments and Oakway Manor Apartments in Irving, Texas.
Each property is encumbered by a Deed of Trust to secure repayment
of a Multifamily Note in favor of M&T Realty Capital Corporation,
which was later assigned to Fannie Mae.
The approved Budget projected total controllable operating expenses
for the year in the amount of $407,800 for Lake Bluff, $346,938 for
Lakeview Village, and $183,599 each for The Woods and Oakway
Manor.
Fannie Mae contended that it has valid, binding, and enforceable
liens on and security interests in substantially all of the
Debtor's assets, including the four Properties and the Debtor's
rents and revenues.
Millsworth Enterprises, Inc. also asserted a security interest in
certain of the Properties pursuant to one or more Mechanics Liens,
as well as an interest in insurance proceeds paid to the Debtor
and/or Fannie Mae relating to, among other things, tornado damage
caused to certain of the Properties.
Fannie Mae was granted replacement liens in all the Debtor's
property, except avoidance action claims, and the insurance
proceeds. Fannie Mae was also granted a superpriority claim, to
the extent that the replacement liens are insufficient to provide
adequate protection against the diminution, if any, in the value of
Fannie Mae's interest in any collateral resulting from the Debtor's
use of cash collateral.
As further adequate protection of Fannie Mae's interest in the
Properties and other collateral, the Debtor was directed to remit
to Fannie Mae's monthly adequate protection payments, as follows:
(a) Lake Bluff: $22,425.81
(b) Lakeview Village: $17,907.25
(c) The Woods Apartments: $12,649.94
(d) Oakway Manor: $10,058.23
The Debtor's use of cash collateral will terminate upon earliest to
occur of:
(a) conversion to chapter 7 or dismissal of the case;
(b) appointment of a trustee in the case;
(c) entry of any order granting any party, other than Fannie
Mae, a lien on or security interest senior or equal in right of
priority to any lien or security interest of Fannie Mae in any
property of the estate without the express prior written consent of
the Fannie Mae;
(d) entry of any order modifying, reversing, revoking,
staying, rescinding, vacating or amending this Order without the
express prior written consent of the Fannie Mae, which consent
shall not be implied from any action, inaction, course of conduct
or acquiescence by the Fannie Mae;
(e) the entry of any order granting any party other than the
Fannie Mae relief from the automatic stay to the extent it affects
the liens on the Properties or other collateral; or
(f) the occurrence of any Event of Default by the Debtor
under the terms of the Order which remains uncured five business
days after the receipt of written notice from the Fannie Mae.
A full-text copy of the Final Order, dated November 17, 2016, is
available at https://is.gd/zVl0AV
About Baerg Real Property Trust
Baerg Real Property Trust dba Lake Bluffs Apartments dba Lakeview
Village dba The Woods Apartments dba Oakway Manor Apartments filed
a chapter 11 petition (Bankr. N.D. Tex. Case No 16-33793) on Sept.
29, 2016. The petition was signed by Hal Baerg, Jr., trustee. The
Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W.
Lindauer Attorney, PLLC. The case is assigned to Judge Barbara J.
Houser. The Debtor estimated assets and liabilities at $1 million
to $10 million at the time of the filing.
BAERG REAL PROPERTY: Taps Devonshire, DRE as Property Managers
--------------------------------------------------------------
Baerg Real Property Trust seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire a new property
manager.
The Debtor proposes to hire Devonshire Real Estate & Asset
Management, LP and DRE Management, Inc. to manage its four
apartment complexes located in Garland and Irving, Texas, beginning
November 15.
The firms will receive as compensation a fee payable monthly, in
arrears, of 5% of the gross collections made in the preceding
month, or $1,500.
John Redden, president of Devonshire, disclosed in a court filing
that each agent and associate of his firm is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.
Mr. Redden maintains an office at:
John R. Redden
17304 Preston Road, Suite 340
Dallas, TX 75252
Phone: (972) 960-6800
Fax: (972) 960-6803
In a separate filing, the Debtor seeks court approval to compensate
Class A Management LLC, the firm it initially tapped to serve as
its property manager.
Class A Management provided services to the Debtor during the
period September 29 to November 14, 2016. As compensation, the
firm will get 6% of the gross revenue actually received each month
from each property.
About Baerg Real Property Trust
Baerg Real Property Trust dba Lake Bluffs Apartments dba Lakeview
Village dba The Woods Apartments dba Oakway Manor Apartments filed
a chapter 11 petition (Bankr. N.D. Tex. Case No 16-33793) on Sept.
29, 2016. The petition was signed by Hal Baerg, Jr., trustee.
The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W.
Lindauer Attorney, PLLC. The case is assigned to Judge Barbara J.
Houser. The Debtor estimated assets and liabilities at $1 million
to $10 million at the time of the filing.
BANDERA POINTE: Khersonsky Buying San Antonio Property for $550K
----------------------------------------------------------------
Bandera Pointe Hospitality, LP, and Nextstep Development, Inc., ask
the U.S. Bankruptcy Court for the Western District of Texas to
authorize the bidding procedures in connection with Bandera's sale
of its real property located at Lot 1, Block 1, New City Block
19069, Addersley Subdivision, San Antonio, Bexar County, Texas to
Khersonsky Corp. for $550,000, subject to overbid.
Bandera has determined that the best and most efficient exit
strategy for their successful emergence from Chapter 11 will likely
be through a sale of substantially all of its real property to a
third party.
Bandera have moved expeditiously to initiate and implement a
process to identify and communicate with parties who might be
interested in acquiring the real property by employing Colglazier
Properties as its real estate broker. Colglazier has solicited all
offers to be submitted on Nov. 22, 2016, unless extended by the
Court. In the course of that sale process, several parties have
expressed interest in purchasing the real property.
Khersonsky, the proposed purchaser of the real property for
$550,000 and on an "as is, where is basis," wants to consummate the
sale on Dec. 31, 2016.
Subject to the terms of the Khersonsky Agreement, if a closing
occurs with respect to a sale of real property to a party other
than Khersonsky with respect to such assets, and Khersonsky is
ready, willing and able to close the transaction and is not in
default under the Agreement, Bandera proposes that Khersonsky be
paid a "Breakup Fee" in an amount equal to no more than $15,000.
The Breakup Fee would be paid in the event of the closing of a sale
of real property to a party other than Khersonsky for such assets,
concurrently with said closing.
Bandera seeks authority to sell the real property to a purchaser at
the Sale Hearing, subject to Bandera right to withdraw the Motion,
in whole or part, prior to said Sale Hearing. Bandera seeks the
entry of an order following the conclusion of the Sale Hearing
authorizing Bandera to sell the real property and consummate such
other related and necessary transactions in connection therewith to
the a purchaser approved by the Court with such asset to be
transferred and conveyed free and clear of all liens, claims,
interests and encumbrances.
Furthermore, in order to ensure that real property's value is truly
maximized, Bandera asks that the Court approve the Bidding
Procedures at the Procedures Hearing, so that competing offers for
the real property will be accepted.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Nov. 22, 2016
b. Deposit: $5,000
c. Any competitive bid must (i) provide for closing date on the
sale is no later than 10 days after the Court's approval of the
sale; (ii) contain substantially the same (or more favorable) terms
and conditions as those contained in the Khersonsky's Agreement;
(iii) ) proffer a competing bid which is greater than the purchase
price contained in Khersonsky's Agreement by at least $25,000; and
(iv) remain open for acceptance through the earlier of the closing
of any transaction with a winning bidder or Jan. 15, 2017.
d. Review the Proposed Bids and Notification of Eligible
Bidder: Nov. 23, 2016
e. All Eligible Bidders must attend an auction sale to be
conducted by the Court and/or counsel for Bandera on such as
approved by the Court, at a location to be identified in the notice
of the Sale Hearing to be served on interested parties.
f. Bid Increments: $10,000
g. Following the conclusion of bidding and prior to the Sale
Hearing, the Court will determine which bid generates the greatest
amount for Bandera's estate, and identify one or more proposed
Purchasers and Agreements to recommend for approval by the Court at
the Sale Hearing as constituting the highest and best offers.
h. At the Sale Hearing, Bandera will seek Court approval for
the sale of real property the proposed purchaser on terms and
conditions as set forth in any agreement reached with such
prospective purchaser, and Bandera will also seek approval of one
or more back-up bids.
Bandera intends to submit any disputes which may arise in
connection with the bidding process to the Bankruptcy Court for
determination on an expedited basis.
A copy of the Khersonsky Agreement attached to the Motion is
available for free at:
http://bankrupt.com/misc/Bandera_Pointe_41_Sales.pdf
Bandera believes that the a sale of the real property as requested
and set forth in detail in any agreement with a proposed Purchaser
will provide a significantly greater realization for real property
than the liquidation value that would be obtained if the real
property were not sold expeditiously in the manner requested.
Approval of a sale transaction as contemplated will help facilitate
Bandera's ability to seek approval of a plan of reorganization or a
structured dismissal and to distribute the sale proceeds in
accordance with the priorities delineated in the Bankruptcy Code.
Accordingly, Bandera asks the Court to approve relief requested.
Because of the need to close the transactions contemplated promptly
as possible, Bandera asks that the Court orders and directs that
the order approving the Motion will not be automatically stayed for
14 days.
The Purchaser:
KHERSONSKY CORP.
P.O. Box 691947
San Antonio, TX 78269
Attn: Zig Khersonsky
E-mail: a100a@aol.com
The Purchaser is represented by:
Wade Hayden, Esq.
HAYDEN & CUNNINGHAM
7750 Broadway
San Antonio, TX 78209
E-mail: whayden@7750law.com
Counsel for the Debtor:
William B. Kingman, Esq.
LAW OFFICES OF WILLIAM B. KINGMAN, P.C
4040 Broadway, Suite 350
San Antonio, Texas 78209
Telephone: (210) 829-1199
Facsimile: (210) 821-1114
E-mail: bkingman@kingmanlaw.com
About Bandera Pointe Hospitality
Bandera Pointe Hospitality, LP, sought Chapter 11 petition (Bankr.
W.D. Tex. Case No. 16-52021) on Sept. 6, 2016. The case is
assigned to Judge Ronald B. King. The Debtor estimated assets in
the range of $500,000 to $1 million and $1 million to $10 million
in debt. The Debtor tapped William B. Kingman, Esq. at Law Offices
of William B. Kingman, PC as counsel. The petition was signed by
Alpesh Patel, manager.
BASIC ENERGY: Unsecured Creditors to Receive Full Payment
---------------------------------------------------------
Basic Energy Services, Inc., and its affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a plan of
reorganization and accompanying disclosure statement, which propose
that holders of general unsecured claims will not be impaired by
the plan, and, as a result, have the right to receive payment in
full.
Class 6 - General Unsecured Claims are unimpaired and will recover
100% of their allowed claims. The legal, equitable, and
contractual rights of the holders of General Unsecured Claims are
unaltered by the plan. Except to the extent that a holder of a
General Unsecured Claim agrees to different treatment, on and after
the Effective Date, the Debtors will continue to pay or dispute
each General Unsecured Claim in the ordinary course of business as
if the Chapter 11 Cases had never been commenced. The Debtors
intend to operate their business in the ordinary course and will
seek authorization from the bankruptcy court to make payment in
full on a timely basis to all trade creditors, customers, and
employees of all amounts due prior to and during the Chapter 11
cases.
Class 5 - Unsecured Notes Claims are impaired and will recover
27.8% of their allowed claims. On the Effective Date, all of the
Unsecured Notes will be cancelled and discharged. Each holder of
an Allowed Unsecured Notes Claim will receive, on account of its
Allowed Unsecured Notes Claims, its Pro Rata share of
(i) New Common Shares representing, in the aggregate, 99.5% of the
New Common Shares issued on the Effective Date, and (ii) 100% of
the Subscription Rights to acquire $125,000,000 in New Convertible
Notes in accordance with the Rights Offering Procedures. Upon
conversion of the New Convertible Notes, the New Common Shares
issued to holders of Unsecured Notes Claims will comprise 51.22% of
the total outstanding New Common Shares.
The New Convertible Notes will be 9% PIK interest unsecured Notes
due 2019, issued pursuant to the New Convertible Notes Indenture,
in the aggregate principal amount as of the Effective Date of
$131,250,000, which are convertible to New Common Shares upon the
earliest of: (i) 36 months following the Effective Date; (ii) if,
on any date following the Effective Date, the closing price per New
Common Share during each of the preceding consecutive 30 trading
days has been greater than or equal to 150% of the Plan Value, the
later of the Conversion Trigger Date and the second anniversary of
the Effective Date; and (iii) the election to effect the conversion
by a vote of the holders of a majority of the New Convertible
Notes; and which upon such conversion will comprise 48.52% of the
total New Common Shares outstanding. The number of New Common
Shares issued upon conversion of the New Convertible Notes will be
obtained by dividing (x) the sum of the aggregate principal amount
of the New Convertible Notes and accrued PIK interest on the date
of conversion by (y) an amount equal to 80% of the Plan Value.
Holders of 100% in outstanding principal amount of the Term Loan
Claims entitled to vote on the Prepackaged Plan, and holders of
over 80% in outstanding principal amount of the Unsecured Notes
Claims entitled to vote on the Prepackaged Plan have already
agreed, subject to the terms and conditions of the Restructuring
Support Agreement, to vote in favor of the Prepackaged Plan.
Plan Distributions of Cash will be funded from the Debtors’ Cash
on hand as of the applicable date of such Plan Distribution.
A full-text copy of the Disclosure Statement dated October 25,
2016, is available at http://bankrupt.com/misc/deb16-12320-16.pdf
The Debtors are represented by:
Ray C. Schrock, P.C., Esq.
Ronit J. Berkovich, Esq.
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, NY 10153
Tel: (212) 310-8000
Fax: (212) 310-8007
-- and --
Daniel J. DeFranceschi, Esq.
Michael J. Merchant, Esq.
Zachary I. Shapiro, Esq.
Brendan J. Schlauch, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Tel: (302) 651-7700
Fax: (302) 651-7701
About Basic Energy Services
orth Worth, Texas-based Basic Energy Services, Inc. (NYSE: BAS)--
http://www.basicenergyservices.com/Â-- provides well site
services
to more than 2,000 land-based oil and natural gas producing
companies throughout the United States.
Basic Energy Services, Inc. and 27 affiliated companies filed
Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No.
16-12320) on Oct. 25, 2016.
The cases have been assigned to Judge Kevin J. Carey. The Debtors
have filed a fully consensual Joint Prepackaged Chapter 11 Plan
and
Disclosure Statement and began soliciting votes to accept or
reject
such Prepackaged Plan and Disclosure Statement before the Petition
Date. The Debtors are seeking Court approval of the Disclosure
Statement and Prepackaged Plan on Dec. 7, 2016.
The Debtors have hired Richards, Layton & Finger, P.A. as Delaware
counsel; Weil Gotshal, as bankruptcy co-counsel; AP Services, LLC,
as crisis managers and to provide the Debtors with a Chief
Restructuring Officer and certain other officers and personnel;
Moelis and Company, as investment banker; Andrews Kurth Kenyon
LLP,
as corporate counsel; and Epiq Bankruptcy Solutions, LLC, as
administrative advisor.
Counsel to the Prepetition Term Loan Lenders and certain of the
DIP
Lenders in the Chapter 11 cases of Basic Energy Services, Inc., et
al. are Davis Polk & Wardwell LLP's Marshall S. Huebner, Esq., and
Darren S. Klein, Esq.; and Jeremy W. Ryan, Esq., at Potter
Anderson
& Corroon LLP.
Counsel to U.S. Bank National Association, as Prepetition Term
Loan
Agent and acting as administrative agent and collateral agent, are
Theodore Sica, Esq., and Nicholas B. Vislocky, Esq., at Lowenstein
Sandler LLP. A consortium of lenders led by U.S. Bank is extending
a superpriority secured multiple delayed-draw term loan facility
to
the Debtors in an aggregate principal amount of $90 million.
Counsel to Bank of America, N.A., in its capacity as the
Prepetition ABL Agent are James A. Markus, Esq., and Paul E.
Heath,
Esq., at Vinson & Elkins LLP; and Morris, Nichols, Arsht & Tunnell
LLP's Robert J. Dehney, Esq. and Eric D. Schwartz, Esq.
An ad hoc group of holders that own or manage with the authority
to
act on behalf of the beneficial owners of the Company's 2019
Senior
Notes and the 2022 Senior Notes, consists of:
-- Ascribe Capital LLC,
-- Brigade Capital Management, L.P.,
-- Silver Point Capital, L.P., and
-- other entities that may join such ad hoc group from
time to time.
Counsel to the Ad Hoc Group are Fried, Frank, Harris, Shriver &
Jacobson LLP's Brad Eric Scheler, Esq., and Peter Siroka, Esq.;
and
Michael D. DeBaecke, Esq., at Blank Rome LLP.
BCDG LP: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------
Debtor: BCDG, LP
dba McDonald's
6500 University Ave., Suite 204
Windsor Heights, IA 50324
Case No.: 16-02263
Chapter 11 Petition Date: November 18, 2016
Court: United States Bankruptcy Court
Southern District of Iowa (Des Moines)
Judge: Hon. Anita L. Shodeen
Debtor's Counsel: Jeffrey D Goetz, Esq.
BRADSHAW, FOWLER, PROCTOR & FAIRGRAVE PC
801 Grand Ave, Ste 3700
Des Moines, IA 50309-8004
Tel: (515) 246-5817
Fax: (515) 246-5808
E-mail: goetz.jeffrey@bradshawlaw.com
- and -
Chet A Mellema, Esq.
BRADSHAW, FOWLER, PROCTOR & FAIRGRAVE PC
801 Grand Avenue, Ste 3700
Des Moines, IA 50309-8004
Tel: (515) 246-5822
Fax: (515) 246-5808
E-mail: mellema.chet@bradshawlaw.com
- and -
Krystal R Mikkilineni, Esq.
BRADSHAW, FOWLER, PROCTOR & FAIRGRAVE PC
801 Grand Ave, Ste 3700
Des Moines, IA 50309
Tel: (515) 246-5870
Fax: (515) 246-5808
E-mail: mikkilineni.krystal@bradshawlaw.com
Total Assets: $6.70 million
Total Liabilities: $15.62 million
The petition was signed by Brown Customer Delight Group, Inc., its
general partner.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/iasb16-02263.pdf
BDC SHARED SERVICES: Can File Chapter 11 Plan Until Feb. 16
-----------------------------------------------------------
Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the
District of New Jersey extended the exclusive periods within which
only BDC Shared Services LLC and Regnis Management LLC may file
plans of reorganization through Feb. 16, 2017, and solicit votes on
any such plans through April 15, 2017.
The Troubled Company Reporter earlier reported that the Debtors
sought a 120-day extension of their exclusivity periods, asserting
that they should be given reasonable opportunity to seek
confirmation of plans, until such time as a so-called illegality
determination is made, or until the Debtors and Topspin can
finalize their pending global settlement negotiations.
Among the material matters which will be affected by that
illegality determination are:
(1) the identity of assets owned by Regnis such as dental
equipment and trademarks;
(2) the value of Regnis' 40% equity interest in the Topspin
dental services organization; and
(3) the ability of Shared Services to provide staffing and
other support to Dr. Todd Singer's dental practices, and thereby
continue to generate over $5 million in revenue from its existing
dental practice client base.
The Troubled Company Reporter had also reported that the Debtors'
first 90 days of the bankruptcy cases were marked by extensive
litigation respecting the motion of the Topspin entities to obtain
relief from the automatic stay.
The Debtors provided these updates of the current status of the
litigation affecting the Debtors and Topspin:
(a) The New Jersey Federal District Court litigation, which
was dismissed by Judge Sheridan, is presently on appeal to the
Third Circuit, with the Debtors having recently filed their
appellate brief;
(b) The action that was filed by the Debtors in the Superior
Court of New Jersey in Somerset County promptly after the dismissal
of the New Jersey Federal District Court litigation, with respect
to the illegality of the Debtors' relationship with Topspin, was
dismissed, with such decision being the subject of both a pending
motion for reconsideration and appeal to the Appellate Division;
(c) The Plaintiffs in the New York Action filed amended
complaints, without leave of Court, subsequent to the Debtors'
filing of their complaint in the Superior Court in New Jersey,
seeking to include additional parties therein. Motions to dismiss
such filing have also been filed, which motions are not scheduled
to be heard until 2017. Meanwhile, the discovery responses are due
from the parties on November 4, 2016; and
(d) The parties to the New York litigation have been actively
negotiating a global resolution of all issues which settlement is
close to being finalized. The amount of the settlement and
ancillary terms have been agreed upon with only the payment terms
yet to be negotiated.
About BDC Shared Services LLC
Headquartered in Skillman, New Jersey, BDC Shared Services LLC is a
staffing company which provides the entirety of the work force to
the 14 dental practices owned and operated by Dr. Todd Singer, and
performs other services for the benefit of the dental practices.
Based in Skillman, New Jersey, Regnis Management LLC performs
consulting services relating to the practice of dentistry, handles
real estate management services.
BDC Shared Services filed for Chapter 11 bankruptcy protection
(Bankr. D. N.J. Case No. 15-27374) on Sept. 15, 2015, listing
$107,722 in total assets and $20.5 million in total liabilities.
Judge Michael B. Kaplan presides over the case.
On the same day, REGNIS Management filed for Chapter 11 bankruptcy
protection (Bankr. D. N.J. Case No. 15-27375), listing $179,592 in
total assets and $20 million in total liabilities. Judge Christine
M. Gravelle presides over the case.
Barry J. Roy, Esq., at Rabinowitz Lubetkin & Tully, LLC, serves as
the Debtors' bankruptcy counsel.
The petitions were signed by Todd Singer, president.
No Trustee has been appointed in this case and no official
committee of unsecured creditors has been appointed in this case.
BEAR CREEK: Cash Collateral To Terminate on Dec. 5
--------------------------------------------------
Judge John T. Gregg of the U.S. Bankruptcy Court for the Western
District of Michigan changed the Termination Date of Bear Creek
Partners II, LLC and Bear Creek Retail Partners II, LLC's authority
to use cash collateral, from November 30, 2016 to December 5,
2016.
DOF IV REIT Holdings, LLC is the only entity that has an interest
in the cash collateral to be used by the Trustee.
The Final Order entered by the Court on October 3, 2016, stated
that the Debtor's ability to utilize cash collateral and provide
adequate protection would expire on November 30, 2016. Kelly M.
Hagan, was appointed Chapter 11 Trustee pursuant to the Court's
order for such appointment on October 18, 2016.
The Chapter 11 Trustee and DOF IV REIT agreed to the change in the
termination date from November 30, 2016 to December 5, 2016. The
U.S. Trustee also consented to the change.
About Bear Creek Partners II, LLC
Bear Creek Partners II, L.L.C. and Bear Creek Retail Partners II
LLC filed chapter 11 petitions (Bankr. W.D. Mich. Case Nos.
16-02553 and 16-02554) on May 6, 2016. The Debtors are represented
by Jay L. Welford, Esq., at Jaffe, Raitt, Heuer & Weiss, PC and
Robert R. Wardrop, Esq., at Wardrop & Wardrop PC.
The Troubled Company Reporter, on Aug. 1 reported that the Debtors
employed Miller Johnson as substitute counsel to the Debtors. The
Debtors hire O'Keefe & Associates Consulting LLC as their financial
advisor, and CBRE, Inc. as real estate broker.
Each Debtor estimated assets and liabilities at $10 million to $50
million at the time of the filing. Lawyers at Wardrop & Wardrop,
P.C., represent the creditors' committee.
Kelly M. Hagan has been named as the Chapter 11 bankruptcy trustee
for the Debtors' estates. Her own law firm, Hagan Law Offices PLC,
serves as the Trustee's counsel. A.L. Mitchell & Associates serves
as accountant to the Trustee.
BELLISIO FOODS: Moody's Retains B3 CFR on Announced Acquisition
---------------------------------------------------------------
Moody's Investors Service said that it views the announced
acquisition of Bellisio Foods, Inc. by Charoen Pokphand Foods
Public Co. Ltd. (CPF) as a credit positive but it does not impact
the company's B3 Corporate Family Rating or stable outlook.
Bellisio Foods, Inc. produces more than 400 frozen entrees and
snacks in the value segment under the Michelina's brand, including
Authentico, Traditional, Lean Gourmet and Zap'Ems Gourmet. The
company also has a more limited though increasing presence in the
premium frozen entree arena with exclusive licenses to the Boston
Market and Chili's brands. In addition, the company generates
roughly 20% of its revenues from producing co-packed and private
label frozen foods. Centre Partners Management, LLC and affiliates
(Centre Partners) acquired Bellisio in December 2011.
BIG APPLE CIRCUS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: The Big Apple Circus, Ltd.
One MetroTech Center North, 3rd Floor
Brooklyn, NY 11201
Case No.: 16-13297
Chapter 11 Petition Date: November 20, 2016
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Debtor's Counsel: Natasha M. Labovitz, Esq.
DEBEVOISE & PLIMPTON LLP
919 Third Avenue
New York, NY 10022
Tel: (212) 909-6000
Fax: (212) 909-6836
E-mail: nlabovit@debevoise.com
- and -
Christopher Updike, Esq.
DEBEVOISE & PLIMPTON LLP
919 Third Avenue
New York, NY 10022
Tel: (212) 909-6000
Fax: (212) 909-6836
E-mail: cupdike@debevoise.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Will Maitland Weiss, executive
director.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/nysb16-13297.pdf
BIOCORX INC: Delays Filing of Sept. 30 Quarterly Report
-------------------------------------------------------
BioCorRX Inc. was unable, without unreasonable effort or expense,
to file its quarterly report on Form 10-Q for the period ended
Sept. 30, 2016, by the Nov. 14, 2016, filing date applicable to
smaller reporting companies due to a delay experienced by the
Registrant in completing its financial statements and other
disclosures in the Quarterly Report. As a result, the Company is
still in the process of compiling required information to complete
the Quarterly Report and its independent registered public
accounting firm requires additional time to complete its review of
the financial statements for the period ended Sept. 30, 2016, to be
incorporated in the Quarterly Report. The Company anticipates that
it will file the Quarterly Report no later than the fifth calendar
day following the prescribed filing date.
About Biocorrx Inc.
Through its wholly owned subsidiary, BioCorRx Inc. distributes and
licenses the BioCorRxO Recovery Program for alcoholism and opioid
addiction treatment headquartered in Santa Ana, California. The
Company was established in January 2010 and are currently operating
in Santa Ana, California. The Company developed the BioCorRxO
Recovery Program for the treatment of alcoholism and opioid
addiction consisting of a Naltrexone implant that is placed under
the skin in the lower abdomen coupled with a counseling/life
coaching program including sessions (16 sessions on average but not
limited to) from specialized life coaches and/or counselors.
BiocorRx reported a net loss of $4.66 million in 2015 following a
net loss of $3.12 million in 2014.
As of June 30, 2016, BiocorRx had $1.58 million in total assets,
$6.10 million in total liabilities and a total stockholders'
deficit of $4.51 million.
Liggett & Webb, P.A., New York, New York, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has suffered recurring
losses from operations and has a net working capital deficiency
that raises substantial doubt about its ability to continue as a
going concern.
BIOLARGO INC: Incurs $2.5 Million Net Loss in Third Quarter
-----------------------------------------------------------
Biolargo, Inc., filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of $2.48
million on $162,321 of total revenue for the three months ended
Sept. 30, 2016, compared to a net loss of $1.82 million on $43,335
of total revenue for the three months ended Sept. 30, 2015.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $5.79 million on $215,249 of total revenue compared to
a net loss of $3.81 million on $72,821 of total revenue for the
same period during the prior year.
As of Sept. 30, 2016, Biolargo had $1.96 million in total assets,
$2.12 million in total liabilities and a total stockholders'
deficit of $160,094.
The Company has been, and anticipates that it will continue to be,
limited in terms of its capital resources. Until the Company is
successful in commercializing products or negotiating and securing
payments for licensing rights of its technologies, the Company
expects to continue to have operating losses.
Cash totaled $1,731,946 at Sept. 30, 2016. The Company had working
capital of $1,041,864 as of Sept. 30, 2016, compared with working
capital of $266,086 as of Sept. 30, 2015. During the nine-months
ended Sept. 30, 2015, and 2016, the Company used cash flow from
operating activities of $1,340,139 and $2,799,096, respectively.
The significant increase in cash expended was in large part due to
increased research and development activity, and its ability to pay
its employees, consultants and vendors in cash, rather than stock,
as a result of its increased capital on hand.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/hhUvI9
BioLargo
BioLargo, Inc., is a provider of platform technologies. The
Company's products are used to eliminate contaminants that threaten
the water, health and quality of life. Its technology has
commercial applications within several industries. The Company
focuses on four areas: water treatment; industrial odor control
applications; commercial, household and personal care products
(CHAPP), and advanced wound care. Its AOS Filter combines iodine,
water filter materials and electrolysis within a water filter
device. It generates oxidation potential in order to oxidize and
breakdown or otherwise eliminate, soluble organic contaminant,
which are found in contaminated water.
Haskell & White LLLP, in Irvine, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has suffered
recurring losses, negative cash flows from operations and has
limited capital resources. These matters raise substantial doubt
about the Company's ability to continue as a going concern.
BRIGHTLANE CORP: Lack of Revenues Raise Going Concern Doubt
-----------------------------------------------------------
Brightlane Corp. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net loss
of $61,108 on $72,484 of revenue for the three months ended
September 30, 2016, compared to a net income of $8,554 on $nil of
revenue for the same period in 2015.
For the nine months ended September 30, 2016, the Company recorded
a net loss of $257,051 on $72,484 of revenue, compared to a net
income of $1,333 on $nil of revenue for the same period last year.
The Company's balance sheet at September 30, 2016, showed total
assets of $3.50 million, total liabilities of $795,295, and a
stockholders' equity of $2.71 million.
The Company only generated minimal revenues since inception and has
an accumulated deficit of $1,535,839 as of September 30, 2016.
These factors, among others, raise substantial doubt about the
ability of the Company to continue as a going concern for a
reasonable period of time. The Company's continuation as a going
concern is dependent upon, among other things, its ability to
generate revenues and its ability to obtain capital from third
parties.
A full-text copy of the Company's Form 10-Q is available at:
https://is.gd/3nkB8a
Brightlane Corp., formerly Bonanza Gold Corp., is focused on the
acquisition, renovation, leasing and managing of single-family
homes throughout the United States utilizing a lease-to-own
structure. The Company intends to provide technological and green
energy features in its homes that are not usually associated with
single-family homes. The Company's subsidiary is Brightlane Homes,
Inc.
BRIGHTON MEDICAL: Judicial Determination Sought on PCO Appointment
------------------------------------------------------------------
The Clerk's Office of the U.S. Bankruptcy Court for the Eastern
District of New York requests a judicial determination concerning
the appointment of a Patient Care Ombudsman for Brighton Medical
Plaza, P.C.
The Clerk noted that a judicial determination is needed because the
case is a "Health Care Business" as selected in the nature of
business on the petition filed on November 8, 2016.
Brighton Medical Plaza, P.C., filed a Chapter 11 petition (Bankr.
E.D.N.Y. Case No. 16-45056) on November 8, 2016, and is represented
by Michael A. King, Esq.
BROWNIE'S MARINE: Insufficient Cash Flow Raises Going Concern Doubt
-------------------------------------------------------------------
Brownie's Marine Group, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing a
net income of $13,148 on $837,984 of total net revenues for the
three months ended September 30, 2016, compared to a net income of
$247,498 on $1.10 million of total net revenues for the same period
in 2015.
For the nine months ended September 30, 2016, the Company recorded
a net income of $324,063 on $1.87 million of total net revenues,
compared to a net income of $228,678 on $2.28 million of total net
revenues for the same period last year.
The Company's balance sheet at September 30, 2016, showed total
assets of $1.15 million, total liabilities of $980,310, and a
stockholders' equity of $174,245.
The Company is behind on payments due for matured convertible
debentures, related parties notes payable, accrued liabilities and
interest – related parties, and certain vendor payables. The
Company is handling delinquencies on a case by case basis.
However, there can be no assurance that cooperation the Company has
received thus far will continue.
Because the Company does not expect that existing operational cash
flow will be sufficient to fund presently anticipated operations,
this raises substantial doubt about BWMG's ability to continue as a
going concern within one year from date the financial statements
are issued. Therefore, the Company may need to raise additional
funds and is currently exploring alternative sources of financing.
BWMG has issued a number of convertible debentures in the past as
an interim measure to finance working capital needs and may
continue to raise additional capital through sale of restricted
common stock or other securities, and obtaining some short term
loans.
If BWMG fails to raise additional funds when needed, or does not
have sufficient cash flows from sales, it may be required to scale
back or cease operations, liquidate assets and possibly seek
bankruptcy protection.
A full-text copy of the Company's Form 10-Q is available at:
https://is.gd/zFhP7I
Brownie's Marine Group designs, tests, manufactures and distributes
recreational hookah diving, yacht based scuba air compressor and
Nitrox Generation Systems, and scuba and water safety products.
The Company is headquartered in Fort Lauderdale, Florida.
BURCON NUTRASCIENCE: Incurs C$1.44 Million Loss in Second Quarter
-----------------------------------------------------------------
Burcon NutraScience Corporation reported a loss and comprehensive
loss of C$1.44 million on C$17,743 of revenue for the three months
ended Sept. 30, 2016, compared to a loss and comprehensive loss of
C$1.54 million on C$23,963 of revenue for the three months ended
Sept. 30, 2015.
For the six months ended Sept. 30, 2016, the Company reported a
loss and comprehensive loss of C$3.02 million on C$48,849 of
revenue compared to a loss and comprehensive loss of C$3.29 million
on C$49,652 of revenue for the six months ended Sept. 30, 2015.
As of Sept. 30, 2016, Burcon Nutrascience had C$3.86 million in
total assets, C$2.48 million in total liabilities and C$1.38
million in shareholders' equity.
As at Sept. 30, 2016, the Company had minimal revenues from its
technology and had an accumulated deficit of $80,575,941 (March 31,
2016 - $77,550,164). During the six months ended Sept. 30, 2016,
the Company incurred a loss of $3,025,777 (2015 - $3,292,281) and
had negative cash flow from operations of $2,568,032 (2015 -
$2,700,466). The Company has relied on equity financings, private
placements, rights offerings, other equity transactions and
issuance of convertible debt to provide the financing necessary to
undertake its research and development activities. As at Sept. 30,
2016, the Company had cash and cash equivalents of $1,711,952
(March 31, 2016 - $2,479,862). These conditions indicate existence
of a material uncertainty that casts substantial doubt about the
ability of the Company to meet its obligations as they become due
and, accordingly, its ability to continue as a going concern.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/uKUymM
About Burcon NutraScience
Headquartered in Vancouver, Canada, Burcon NutraScience
Corporation has developed a portfolio of composition, application,
and process patents originating from its core protein extraction
and purification technology. The Company's patented processes
utilize inexpensive oilseed meals and other plant-based sources
for the production of purified plant proteins that exhibit certain
nutritional, functional and nutraceutical profiles.
Burcon NutraScience reported a net loss of C$6.56 million on
C$106,390 of revenue for the year ended March 31, 2016, compared to
a net loss of C$6.57 million on C$105,387 of revenue for the year
ended March 31, 2015.
As of June 30,2016, Burcon had C$5.12 million in total assets,
C$2.45 million in total liabilities and C$2.67 million in
shareholders' equity.
In its Annual Report on Form 20-F for the fiscal year ended March
31, 2016, the Company said that as at March 31, 2016, it had
minimal revenues from its technology, had an accumulated deficit of
$77,550,164 (2015 - $70,980,388). During the year ended
March 31, 2016, the Company incurred a loss of $6,569,776 (2015 -
$6,579,424; 2014 - $5,961,545) and had negative cash flow from
operations of $4,883,575 (2015 - $4,819,743; 2014 - $4,952,221).
The Company has relied on equity financings, private placements,
rights offerings and other equity transactions to provide the
financing necessary to undertake its research and development
activities. As at March 31, 2016, the Company had cash and cash
equivalents of $2,479,862 (2015 - $2,400,965) and short-term
investments of $nil (2015 - $1,266,600). These conditions indicate
existence of a material uncertainty that casts substantial doubt
about the ability of the Company to meet its obligations as they
become due and, accordingly, its ability to continue as a going
concern.
The Company said its ability to continue as a going concern is
dependent upon the Company raising additional capital. On May 12,
2016, the Company completed a convertible note financing for
$2,000,000, with net proceeds of approximately $1,934,000.
Although the Company expects to receive royalty revenues from its
license and production agreement (Soy Agreement) with Archer
Daniels Midland Company from the sales of CLARISOY(TM), the amount
of royalty revenues cannot be ascertained at this time. Burcon
expects the amount of royalty revenues from the sales of
CLARISOY(TM) will not reach its full potential until such time
production is expanded to one or more full-scale commercial
facilities.
C & D PRODUCE: Wants to Continue Using Cash Until Feb. 20
---------------------------------------------------------
C & D Produce Outlet, Inc. and C & D Produce Outlet - South, Inc.
ask the U.S. Bankruptcy Court for the Southern District of Florida
to continue its authorization to use cash collateral for an
additional 60 days, or through February 20, 2017.
The Debtors are presently authorized to use cash collateral through
December 20, 2016. The Debtors want to continue using cash
collateral in time for the businesses and real properties to be
marketed for sale and commence the approval of sale process under
11 USC 363.
The Debtors believe that a sale of the real property and/or
business operations of one or both Debtors will enable the Debtors
to pay the secured creditor, TD Bank, N.A., the PACA creditors and
other creditors through closing procedures and/or a plan of
reorganization.
The Debtors maintain that its continued use of cash collateral will
bring the best offers for one or more of these assets:
(a) Real Property located at 3133 Lake Worth Road, Palm
Springs: Listing Price $2,000,000 (owned by non-Debtor Saldana,
LLC);
(b) Business Operations of C & D Produce Outlet South, Inc.
located at 3133 Lake Worth Road, Palm Springs: Listing Price
$500,000;
(c) Real Property located at 8195 North Military Trail, Palm
Beach Gardens: Listing Price $540,000.00;
(d) Real Property located at 4555 Lillian Avenue, Palm Beach
Gardens: Listing Price $199,000.00; and
(e) Business Operations of C & D Produce Outlet, Inc. located
at 8195 North Military Trail, Palm Beach Gardens: Listing Price
$255,000.
A full-text copy of the Debtor's Motion, dated November 17, 2016,
is available at https://is.gd/NZ8MzT
About C & D Produce Outlet, Inc.
C & D Produce Outlet, Inc., and C & D Produce Outlet - South, Inc.,
filed separate chapter 11 petitions (Bankr. S.D. Fla. Case Nos.
16-15760 and 16-15764) on April 21, 2016. The petitions were
signed by Carol Saldana, the Debtors' president. The Debtors are
represented by Craig I. Kelley, Esq., at Kelley & Fulton, P.L. The
Debtors tapped Mary P. Rodgers, CPA, of Ackerman Rodgers CPA, PLLC,
as accountant. At the time of the filing, C & D Produce Outlet,
Inc. estimated assets at $0 to $50,000 and liabilities at $100,000
to $500,000; C & D Produce Outlet - South, Inc. estimated assets at
$0 to $50,000 and liabilities at $500,000 to $1 million.
C.H.I. OVERHEAD: Moody's Cuts 1st Lien Credit Facility Rating to B3
-------------------------------------------------------------------
Moody's Investors Service downgraded C.H.I. Overhead Doors, Inc.'s
("CHI") 1st Lien Senior Secured Bank Credit Facility, including its
first lien revolving credit facility due in 2020 and its first lien
term loan due 2022, to B3 (LGD4) from B2 (LGD3). Since CHI is
increasing its 1st lien bank credit facility to approximately
$468.6 million from $353.6 million, and repaying the 2nd lien term
loan, the 1st lien bank facility is now the only debt in CHI's
capital structure, warranting the downgrade. The increase in the
bank credit facility is due to the $115 million term loan add-on.
With the exception of change in pricing, terms and conditions for
the add-on will be the same as those for the existing term loan due
2022. Proceeds from the term loan add-on will be used to pay off
CHI's $115 million 2nd Lien Senior Secured Term Loan due 2023. At
that time, the rating assigned to the 2nd lien term loan will be
withdrawn. Approximately $3 million of cash on hand will be used
for related fees and expenses. CHI's B3 Corporate Family Rating,
B3-PD Probability of Default Rating, and stable rating outlook are
not impacted by this action.
Following the proposed transaction, CHI's debt capital structure
will consist solely of its 1st Lien Senior Secured Bank Credit
Facility: $40 million senior secured revolving credit facility
expiring 2020, of which we expect no borrowings, and a $428.6
million senior secured term loan due 2022.
RATINGS RATIONALE
Moody's views the proposed transaction as modestly credit positive.
Adjusted EBITA/interest expense improves to 2.4x pro forma from
2.1x for LTM 2Q16. CHI will realize approximately $3.8 million in
interest savings per year, yielding a payback period of about one
year for the leverage-neutral transaction. However, CHI will also
have higher term loan amortization of about $1.2 million, which
reduces cash.
CHI's B3 Corporate Family Rating reflects risks associated with its
business profile and leveraged capital structure. CHI is small
based on its revenues and absolute levels of earnings compared to
other rated building products manufacturers. The company has
predominately a single line of business with demand for garage
doors vulnerable to cyclical declines in discretionary consumer
spending. Adjusted debt/EBITA is about 6.0x at 2Q16, but an
improvement from 6.7x at FYE15. Providing an offset to CHI's
challenges are strong operating margins, which are among the most
robust compared to similarly rated peers. In addition, US
construction activity, the main driver of CHI's revenues, supports
future growth. A good liquidity profile characterized by free cash
flow generation, revolver availability, and no near-term maturities
gives CHI financial flexibility to contend with its capital
structure while meeting potential growth opportunities.
The principal methodology used in these ratings was "Global
Manufacturing Companies" published in July 2014.
C.H.I. Overhead Doors, Inc., headquartered in Arthur, Illinois,
manufactures overhead doors for residential and commercial
applications throughout the United States and Canada. Kohlberg
Kravis Roberts & Co., L.P., through its affiliates, is the primary
owner of CHI. Revenues for the 12 months through September 30, 2016
totaled approximately $312 million.
CADILLAC NURSING: Professionals Get New Sign In Process, PCO Says
-----------------------------------------------------------------
Deborah L. Fish, the Patient Care Ombudsman for Cadillac Nursing
Home, Inc., has filed a sixth report for the period of September 9,
2016, to November 7, 2016.
The PCO noted that the Debtor has continued the same quality of
care postpetition as it did prepetition.
As regards the facility, the PCO receives a report from a resident
that a bathroom was short on supplies and another needs repair. The
PCO brought the concern to the attention of the staff and Mr. Brad
Mali, the one who is in-charge with the day-to-day operations of
the Debtor's facility. Said repairs were made within the day.
The PCO likewise noted that there have been no significant changes
to security since the last report. However, the sign in process has
been changed to have an additional sign in for all professionals in
the building.
Moreover, the PCO reported that the administration and the nursing
staff have confirmed that the Debtor has maintained its
relationship with its suppliers and that there were no
interruptions in service, nor any change in medical supplies or
interruption in service.
About Cadillac Nursing Home
Cadillac Nursing Home, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Mich. Case No. 16-41554) on Feb. 8, 2016. The petition
was signed by Bradley Mali, as president.
The cases are pending before the Honorable Thomas J. Tucker. The
Debtor listed estimated assets and liabilities $1 million to $10
million.
The Debtor is represented by Michael E. Baum, Esq., and Kim K.
Hillary, Esq., of Schafer & Weiner PLLC in Bloomfield Hills, Mich.
The Debtor, doing business as St. Francis Nursing Center, is a
privately owned and licensed long term skilled nursing facility
located at 1533 Cadillac Boulevard., Detroit, Mich. It consists of
81 licensed beds, located within the Debtor-owned facility. It
employs nearly 84 full and part-time employees.
CANCER GENETICS: May Issue 500,000 Common Shares Under Equity Plan
------------------------------------------------------------------
Cancer Genetics, Inc., filed with the Securities and Exchange
Commission a Form S-8 registration statement for the purpose of
registering an additional 500,000 shares of common stock, par value
$0.0001 per share, to be issued under the Cancer Genetics, Inc.
Amended and Restated 2011 Equity Incentive Plan, pursuant to
General Instruction E on Form S-8 (Registration of Additional
Securities). A full-text copy of the prospectus is available for
free at https://is.gd/PtVbKH
About Cancer Genetics
Rutherford, N.J.-based Cancer Genetics, Inc., is an early-stage
diagnostics company focused on developing and commercializing
proprietary genomic tests and services to improve and personalize
the diagnosis, prognosis and response to treatment (theranosis) of
cancer.
Cancer Genetics reported a net loss of $20.2 million on $18.0
million of revenue for the year ended Dec. 31, 2015, compared to a
net loss of $16.6 million on $10.2 million of revenue for the year
ended Dec. 31, 2014.
As of Sept. 30, 2016, Cancer Genetics had $45.82 million in total
assets, $17.97 million in total liabilities and $27.84 million in
total stockholders' equity.
CANCER GENETICS: SWK Holdings Holds 3.9% Stake as of Nov. 14
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, SWK Holdings Corporation disclosed that as of Nov. 14,
2016, it beneficially owns 736,076 shares of common stock of Cancer
Genetics, Inc., which represents 3.9 percent of the shares
outstanding. A full-text copy of the regulatory filing is
available for free at https://is.gd/2NnTvX
About Cancer Genetics
Rutherford, N.J.-based Cancer Genetics, Inc., is an early-stage
diagnostics company focused on developing and commercializing
proprietary genomic tests and services to improve and personalize
the diagnosis, prognosis and response to treatment (theranosis) of
cancer.
Cancer Genetics reported a net loss of $20.2 million on $18.0
million of revenue for the year ended Dec. 31, 2015, compared to a
net loss of $16.6 million on $10.2 million of revenue for the year
ended Dec. 31, 2014.
As of Sept. 30, 2016, Cancer Genetics had $45.82 million in total
assets, $17.97 million in total liabilities and $27.84 million in
total stockholders' equity.
CANNASYS INC: Hires Patrick Burke as COO to Focus on Product Dev't
------------------------------------------------------------------
CannaSys, Inc., plans to launch its core product, Citizen Toke,
into the Colorado market in time for Thanksgiving.
Additionally, the Company has hired Patrick Burke, an alumnus of
University of Colorado at Boulder and a Penn State MBA, as its
chief operating officer. Patrick is a strong addition to the core
team and is spearheading product development and product launch.
Citizen Toke is a mobile web based platform that communicates deals
and distributes coupons to cannabis consumers and patients through
a unique text message based system. The system is designed not
only to enhance consumer's retail experience but also provide
incentive for consumers to download and redeem coupons in a timely
manner.
Since closing on the acquisition of Citizen Toke from Betakillers,
LLC in August 2016, CannaSys has executed a recapitalization and
had not been able to finance the launch of its Citizen Toke
product. The Company emerged from recapitalization on Oct. 17,
2016, and has since been focused on market penetration of Citizen
Toke. The Company has substantial demand for the product in
Colorado as well as California, where we will all be watching the
elections closely on November 8.
Michael Tew, CannaSys CEO noted, "We are excited to bring Patrick
Burke on board to manage the launch of Citizen Toke during this
crucial holiday period. Patrick has the right experience in both
marketing and product development to help ensure a successful
launch period for our core product."
"I am delighted with the opportunity to join CannaSys, particularly
during this key holiday season," said Patrick Burke, newly
appointed COO of CannaSys. "I look forward to working closely with
the Company's CEO, Michael Tew, and the Betakillers team as we
execute our plan to accelerate user adoption alongside our beta
launch partners in Colorado."
On Nov. 1, 2016, CannaSys and Patrick G. Burke entered to a
consulting agreement to engage Mr. Burke's services as chief
operating officer for a term of six months unless mutually extended
by the parties. Mr. Burke's compensation will consist of $5,000
per month and 150,000 shares of common stock, to be issued as
follows: 50,000 shares at signing, 50,000 shares on Jan. 1, 2017,
and 50,000 shares on March 1, 2017.
About Cannasys
Cannasys, Inc., provides technology services in the ancillary
space
of the cannabis industry. The Company is a technology company and
does not produce, sell, or handle in any manner cannabis products.
As of June 30, 2016, Cannasys had $1.34 million in total assets,
$958,480 in total liabilities and $385,810 in total stockholders'
equity.
The Company reported a net loss of $3.85 million in 2015 following
a net loss of $1.72 million in 2014.
HJ & Associates, LLC, in Salt Lake City, UT, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has suffered
recurring losses from operations and its total liabilities exceed
its total assets. This raises substantial doubt about the
Company's ability to continue as a going concern.
CANNASYS INC: Issues Replacement Convertible Promissory Note
------------------------------------------------------------
Pursuant to a note purchase and assignment agreement dated Oct. 31,
2016, B44 LLC agreed to assign its two promissory notes ($50,000
issued on Sept. 6, 2015, and $75,000 issued on Jan. 13, 2016) to an
unaffiliated accredited investor. Under the note purchase and
assignment agreement, the accredited investor paid $25,000 to B44
and has the option to purchase B44's remaining interest in the
notes in four additional tranches of $25,000 each in its sole
discretion.
As part of this transaction, CannaSys, Inc., issued a replacement
convertible promissory note to the accredited investor that
provides for interest at 2% per annum and conversion of any amounts
funded by the replacement note into shares of CannaSys common stock
in accordance with its terms. The principal sum and related
interest due to the holder will be prorated based on the number of
tranches actually acquired by the holder from B44. The replacement
convertible promissory note was issued in reliance on the exemption
from registration provided in Section 4(a)(2) of the Securities Act
of 1933, as amended, for transactions not involving any public
offering. The investor confirmed and acknowledged, in writing,
that it is an "accredited investor" as defined in Rule 501(a) of
Regulation D and that the securities were acquired and will be held
for investment. No underwriter participated in the offer and sale
of these securities, and no commission or other remuneration was
paid or given directly or indirectly in connection therewith.
About Cannasys
Cannasys, Inc., provides technology services in the ancillary
space
of the cannabis industry. The Company is a technology company and
does not produce, sell, or handle in any manner cannabis products.
As of June 30, 2016, Cannasys had $1.34 million in total assets,
$958,480 in total liabilities and $385,810 in total stockholders'
equity.
The Company reported a net loss of $3.85 million in 2015 following
a net loss of $1.72 million in 2014.
HJ & Associates, LLC, in Salt Lake City, UT, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has suffered
recurring losses from operations and its total liabilities exceed
its total assets. This raises substantial doubt about the
Company's ability to continue as a going concern.
CARTER TABERNACLE: Seeks to Hire Integra Realty as Appraiser
------------------------------------------------------------
Carter Tabernacle Christian Methodist Episcopal Church Inc. seeks
approval from the U.S. Bankruptcy Court for the Middle District of
Florida to hire a real estate appraiser.
The Debtor proposes to hire Integra Realty Resources to appraise
its property located at 1 South Cottage Hill Road, Orlando,
Florida.
The firm will receive a fee of not more than $1,500 to complete the
first phase of the appraisal, and an additional $1,000 to complete
the second phase.
Integra has also agreed to provide litigation consulting services
and testify at court hearings. The hourly rates charged by the
firm for these services are:
Christopher Starkey $300
Associate Directors $300
Directors $300
Principals $300
Senior Analyst $150
Analyst/Researcher $100
Christopher Starkey, senior managing director of Integra, 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:
Christopher D. Starkey
Integra Realty Resources – Orlando
28 W. Central Boulevard, Suite 300
Orlando, FL 32801
Direct: 407-367-0159
Mobile: 407-325-3885
Fax: 407-841-3823
Email: cstarkey@irr.com
About Carter Tabernacle
Carter Tabernacle Christian Methodist Episcopal Church, Inc., aka
Carter Tabernacle CME Church filed a Chapter 11 Petition (Bankr.
M.D. Fla. Case No.: 16-06350) on September 26, 2016. The petition
was signed by Dr. James T. Morris, president/director. The Debtor
is represented by Ryan E Davis, Esq. in Winter Park, Florida. At
the time of filing, the Debtor estimated assets and liabilities at
$1 million to $10 million.
A copy of the Debtor's list of three unsecured creditors is
available for free at http://bankrupt.com/misc/flmb16-06350.pdf
An official committee of unsecured creditors has not yet been
appointed in the Debtor's case.
CASA MEDIA: Has Until December 27 to File Plan of Reorganization
----------------------------------------------------------------
Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern
District of Florida extended the exclusive period within which Casa
Media Partners, LLC, and Casa en Denver, Inc. may file a plan of
reorganization, through and including Dec. 27, 2016, and the period
for the Debtors to seek acceptance of the plan, through and
including Feb. 27, 2016.
The Troubled Company Reporter had reported earlier that the Debtors
asked the Court to extend their exclusivity periods, telling the
Court that they had been involved in substantive settlement
discussions with the Bank of Commerce. According to the Debtors,
these discussions stemmed from an in-person settlement conference
held between the parties on July 9, 2015, in New York, and numerous
additional discussions following that meeting. These discussions
culminated to a mediation between the parties which led to a
proposed resolution that the parties were jointly drafting subject
for the Court's review and approval, the outcome of which may
impact the terms of the Debtors' proposed plan.
About Casa Media
Casa Media Partners, LLC, and Casa en Denver, Inc., commenced
Chapter 11 bankruptcy cases (Bankr. S.D. Fla. Case Nos. 15-16741
and 15-16746) in Miami, Florida on April 15, 2015. The petition
was signed by Juan Salvador Gonzalez, the chief financial officer.
Judge Hon. Robert A Mark presides over the cases. The Debtors are
represented by Kristopher Aungst, Esq., at Tripp Scott, P.A., as
their counsel.
CDK GLOBAL: S&P Lowers CCR to 'BB+' on Financial Policy
-------------------------------------------------------
S&P Global Ratings said it lowered its corporate credit rating on
Hoffman Estates, Ill.-based CDK Global Inc. to 'BB+' from 'BBB-'.
The outlook is stable.
At the same time, S&P assigned a 'BB+' issue rating and '3'
recovery rating to the company's $350 million senior unsecured term
loan. The '3' recovery rating indicates S&P's expectation for
meaningful recovery (50%-70%; upper end of the range) in the event
of a default.
S&P also lowered its ratings on the company's unsecured notes, term
loan, and revolver to 'BB+' from 'BBB-' and assigned a recovery
rating of '3' (upper end of the 50%-70% range).
"The rating actions reflect our revised view of CDK's financial
policy," said S&P Global Ratings credit analyst Kenneth Fleming.
S&P believes that the loan issuance will enable the company to
increase shareholder returns above its stated target of 70 to 80%
of free operating cash flow over the coming year. In S&P's current
base case for CDK's fiscal year ending June 30, 2017, it has
modeled $650 million in dividends and buybacks which includes $80
million to pay the annual dividend, $350 million to complete the $1
billion return, and an incremental $220 million in share buyback.
The incremental $220 million represents the company's entire
discretionary cash flow for 2017. However, S&P notes that absent a
stated buyback goal for 2017, the actual returns in the coming year
could be meaningfully higher through the use of cash on the balance
sheet, use of the revolver, or additional debt issuance. CDK has
faced mounting pressure from activist investors to improve margins
and increase shareholder returns since its spin-off from ADP in
2014. In June 2016, CDK accelerated its
$1 billion shareholder return to one year from two years. Because
of this uncertainty and the fact that leverage is almost a full
turn above S&P's threshold of 2x for a 'BBB-' rating, it has
revised its assessment of our financial policy modifier to negative
from neutral.
The stable outlook reflects CDK's market leadership position in the
auto dealer IT market, the company's improving EBITDA margins under
its current restructuring program, and our expectation that its
recurring revenue model will result in solid free cash flow
generation over the next year.
CHARLES A. KNIGHT: Seeks Authority to Use Cash Collateral
---------------------------------------------------------
Charles A. Knight Inc. asks the U.S. Bankruptcy Court for the
Eastern District of Michigan for authorization to use cash
collateral.
The Debtor owns and operates a party store in Lincoln Park,
Michigan. As of the Petition Date, the Debtor's principal non-real
assets consisted of: equipment valued at $30,000, inventory worth
$60,000, and $2,700 cash on hand and in bank.
The Debtor contemplates that these claimants may have secured
claims:
(a) Trenton Gas Property LLC, to whom the Debtor is indebted
in the amount of $324,000;
(b) Gallup Properties LLC, to whom the Debtor is indebted in
the amount of $148,000;
(c) S Abraham & Sons Inc., to whom the Debtor is indebted in
the amount of $11,300; and
(d) Trenton Gas Inc., to whom the Debtor is indebted in the
amount of $60,000.
The Debtor proposes to grant the purported secured claimants with
replacement liens on postpetition assets of the same type and to
the extent they have a perfected security interest on the
particular type of prepetition assets, and in the same priority as
existed prepetition.
The Debtor asserts that it will remain profitable and will be able
to provide its secured creditors with adequate protection on their
interests in the cash collateral through the continuing liens being
offered. The Debtor further asserts that its past operating
profits, and projected continued operating profits will supply
sufficient adequate protection to all secured creditors.
The Debtor contends that allowing it to use cash collateral would
minimize disruption of the Debtor's business and would increase the
possibility of a successful rehabilitation, and is, therefore, in
the best interests of the estate and its creditors. The Debtor
further contends that without authority to use its cash collateral,
its operations would cease, resulting in immediate and irreparable
harm that would be detrimental to the interests of the estate and
to all of its creditors.
A full-text copy of the Debtor's Motion, dated November 17, 2016,
is available at https://is.gd/X8h1Pa
About Charles A. Knight Inc.
Charles A. Knight Inc. d/b/a Charlie Knight's Marathon Service
filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 16-54642),
on October 27, 2016. The Petition was signed by Charles A. Knight,
president. The case is assigned to Judge Phillip J. Shefferly.
The Debtor is represented by Peter Steven Halabu, Esq., at Halabu
Law Group, P.C. At the time of filing, the Debtor estimated assets
at $100,000 to $500,000 and liabilities at $1 million to $10
million in estimated liabilities.
CHC DEVELOPMENT: Hires Cohne Kinghorn as Special Counsel
--------------------------------------------------------
CHC Development Co., Inc., seeks authorization from the U.S.
Bankruptcy Court for the District of Utah to employ Cohne Kinghorn,
P.C. as special litigation counsel.
As of the Petition Date, the Debtor was party to a Loan Workout
Agreement dated October 13, 2013, with the lender GVS Holdings, LLC
("GVS").
The Debtor has potential claims against GVS related to the Loan
Workout Agreement and the underlying transaction.
The Debtor requires Cohne Kinghorn to:
a. assist and advise the Debtor in connection with claims by
and against GVS, and represent the Debtor in contested matters,
adversary proceedings and other legal proceedings; and
b. render legal advice and services to the Debtor regarding
such other non-bankruptcy matters as may arise from time to time
related to the GVS Claims.
Cohne Kinghorn lawyers who will work on the Debtor's case and their
hourly rates are:
George Hofman $320
Kimberley L. Hansen $230
Cohne Kinghorn will also be reimbursed for reasonable out-of-pocket
expenses incurred.
George Hofman of Cohne Kinghorn, P.C., assured the Court that the
firm does not represent any interest adverse to the Debtor and its
estates.
Cohne Kinghorn may also seek to represent A.H. Coombs, LLC as
special litigation counsel in matters related to the GVS Claims.
Cohne Kinghorn may be reached at:
George Hofmann, Esq.
Kimberley L. Hansen, Esq.
Cohne Kinghorn, P.C.
111 East Broadway, 11th Floor
Salt Lake City, UT 84111
Telephone: (801) 363-4300
Facsimile: (801) 363-4378
About CHC Development Co. Inc.
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.
CHICORA LIFE: K&L Gates Discloses Connection With FedEx Freight
---------------------------------------------------------------
Richard Farrier Jr., Esq., at K&L Gates LLP, disclosed in a filing
with the U.S. Bankruptcy Court for the District of South Carolina
that his firm has recently re-opened FedEx Freight Inc. as its
client.
Mr. Farrier further said that the nature of work performed by K&L
Gates is "unrelated" to Chicora Life Center, LC, and that his firm
remains a "disinterested person" as defined in section 101(14) of
the Bankruptcy Code.
K&L Gates has been hired by Chicora Life Center as special counsel.
The firm represents the Debtor in its case against Charleston
County, according to court filings.
About Chicora Life Center
Chicora Life Center, LC, is a manager managed limited company
formed in 2014 and domesticated to Utah in 2016. The Debtor
manages and leases real property on which is located a 400,000
square foot facility which occupies the site of the old naval
hospital in North Charleston, South Carolina. Chicora Gardens
Holdings, LLC is the manager of the Debtor. Douglas M. Durbano is
the manager of Chicora Gardens Holdings, LLC.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. S.C. Case No. 16-02447) on May 16, 2016. The
petition was signed by Jeremy K. Blackburn, property manager. The
Debtor is represented by G. William McCarthy, Jr., Esq., at
McCarthy Law Firm, LLC. The Debtor disclosed total assets of $48.3
million and total debts of $22.09 million.
CICERO INC: Incurs $589,000 Net Loss in Third Quarter
-----------------------------------------------------
Cicero Inc. filed with the Securities and Exchange Commission its
quarterly report on Form 10-Q disclosing a net loss applicable to
common stockholders of $589,000 on $217,000 of total operating
revenues for the three months ended Sept. 30, 2016, compared to a
net loss applicable to common stockholders of $1.57 million on
$542,000 of total operating revenue for the same period during the
prior year.
For the nine months ended Sept. 30, 2016, Cicero reported a net
loss applicable to common stockholders of $1.75 million on $970,000
of total operating revenues compared to a net loss applicable to
common stockholders of $3.16 million on $1.51 million of total
operating revenue for the nine months ended
Sept. 30, 2015.
As of Sept. 30, 2016, Cicero had $2.17 million in total assets,
$11.15 million in total liabilities and a total stockholders'
deficit of $8.98 million.
The Company has incurred an operating loss of approximately
$2,843,000 for the year ended Dec. 31, 2015, and has a history of
operating losses. For the nine months ended Sept. 30, 2016, the
Company incurred losses of $1,759,000 and had a working capital
deficiency of $10,652,000 as of Sept. 30, 2016. Management
believes that its repositioned dual strategy of leading with its
Discovery product to use analytics to measure and then manage how
work happens as well as concentrating on expanding the indirect
channel with more resale and OEM partners, will shorten the sales
cycle and allow for value based selling to the Company's customers
and prospects. The Company anticipates success in this regard
based upon current discussions with active partners, customers and
prospects. The Company has borrowed $833,000 and $2,275,000 in
2016 and 2015, respectively. The Company has also repaid
approximately $4,000 and $210,000 of debt in 2016 and 2015,
respectively. Additionally, in April 2015, the Company's Chairman,
Mr. Launny Steffens, converted $6,950,514 of debt into 69,505,140
shares of common stock of the Company. In July 2015, the Company
completed a sale of 25 million shares of its common stock and
warrants to purchase up to 205,277,778 shares of its common stock
to a group of nine investors, led by the Company's Chairman of the
Board, John (Launny) Steffens and the Privet Group, LLC, for
$1,000,000. Should the investors exercise the warrants, which have
exercise prices ranging from $0.04 to $0.05 per share, the Company
would receive an additional $9,000,000 in proceeds. The warrants
expire in three years. Should the Company be unable to secure
customer contracts that will drive sufficient cash flow to sustain
operations, the Company will be forced to seek additional capital
in the form of debt or equity financing; however, there can be no
assurance that such debt or equity financing will be available on
terms acceptable to the Company or at all. These factors raise
substantial doubt about the Company's ability to continue as a
going concern."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/rROY8P
About Cicero Inc.
Cary, N.C.-based Cicero, Inc., provides business integration
software solutions and also provides technical support, training
and consulting services as part of its commitment to providing
customers with industry-leading solutions.
The Company focuses on the customer experience management market
with emphasis on desktop integration and business process
automation with its Cicero XM(TM) products. Cicero XM enables the
flow of data between different applications, regardless of the
type and source of the application, eliminating redundant entry
and costly mistakes.
Cicero Inc. reported a net loss applicable to common stockholders
of $3.81 million on $1.94 million of total operating revenue for
the year ended Dec. 31, 2015, compared to a net loss applicable to
common stockholders of $4.05 million on $1.90 million of total
operating revenue for the year ended Dec. 31, 2014.
Cherry Bekaert LLP, in Raleigh, North Carolina, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, noting that the Company has suffered
recurring losses from operations and has a working capital
deficiency as of Dec. 31, 2015. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
CLINICA SANTA ROSA: Seeks to Hire Antonio Santiago as Attorney
--------------------------------------------------------------
Clinica Santa Rosa Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire legal counsel.
The Debtor proposes to hire Antonio Hernandez Santiago, Esq., to
give legal advice regarding its duties under the Bankruptcy Code,
and provide other legal services related to its Chapter 11 case.
Mr. Santiago will be paid an hourly rate of $250 for his services.
In a court filing, Mr. Santiago disclosed that he does not
represent any interest adverse to the Debtor's bankruptcy estate.
Mr. Santiago maintains an office at:
Antonio Hernandez Santiago, Esq.
P.O. Box 8509
San Juan, PR 00910
Phone: (787) 250-0575
Fax: (787) 753-7655
Email: ahernandezlaw@yahoo.com
About Clinica Santa Rosa
Clinica Santa Rosa Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 16-09033) on November 14,
2016. The petition was signed by Fernando Alarcon Ocasio,
president.
At the time of the filing, the Debtor estimated its assets at $1
million to $10 million and debts at $10 million to $50 million.
COMMERCIAL FLOOR: Bankruptcy Administrator Opposes Plan Outline
---------------------------------------------------------------
J. Thomas Corbett, a U.S. bankruptcy administrator, has opposed the
approval of the disclosure statement explaining the plan proposed
by Commercial Floor Care, LLC to exit Chapter 11 protection.
In a filing with the U.S. Bankruptcy Court for the Northern
District of Alabama, Mr. Corbett complained the disclosure
statement does not contain enough information.
The bankruptcy administrator criticized the company's failure to
identify its equity security holders, indicate if the executory
contracts of Central Fleet Leasing and Pawnee Leasing Corp. are
paid current, and propose a provision governing the payment of the
Internal Revenue Service's claim.
Mr. Corbett also complained that the proposed restructuring plan
"appears to violate the absolute priority rule."
Mr. Corbett's contact information is:
J. Thomas Corbett
Robert S. Vance Federal Building
1800 Fifth Avenue
North Birmingham, AL 35203
Phone: (205)714-3830
About Commercial Floor Care
Commercial Floor Care, LLC, operates a commercial carpet and
textile floor cleaning business with expertise in high-tech
cleaning systems and floor tile repair and replacement services.
The Debtor has been in business for 11 years and operates as a
Millicare, Sani-Glaze and Solid franchisee.
The Debtor filed a Chapter 11 petition (Bankr. N.D. Ala. Case No.
16-02266) on June 6, 2016, estimating less than $500,000 in assets
and $500,000 to $1 million in debt. Steven D Altmann, Esq., at
Najjar Denaburg, P.C., serves as counsel to the Debtor.
J. Thomas Corbett is the bankruptcy administrator.
COMPOUNDING DOCS: Seeks to Hire Rappaport Osborne as Legal Counsel
------------------------------------------------------------------
Compounding Docs, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to hire Rappaport Osborne Rappaport & Kiem, PL
to give legal advice regarding its duties under the Bankruptcy
Code, negotiate with creditors, assist in the preparation of a
bankruptcy plan, and provide other legal services.
Tarek Kiem, Esq., at Rappaport, disclosed in a court filing that
the firm does not represent any interest adverse to the Debtor or
its bankruptcy estate.
The firm can be reached through:
Tarek K. Kiem, Esq.
Rappaport Osborne Rappaport & Kiem, PL
1300 N Federal Hwy 203
Boca Raton, FL 33432
Tel: (561) 368-2200
Fax: (561) 338-0350
Email: office@rorlawfirm.com
About Compounding Docs
Compounding Docs, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S. D. Fla. Case No. 16-25312) on November
15, 2016. The petition was signed by Dr. Charles Robertson,
director.
The case is assigned to Judge Erik P. Kimball.
At the time of the filing, the Debtor estimated assets of less than
$500,000 and liabilities of $1 million to $10 million.
CONVATEC CORP: Moody's Hikes Corporate Family Rating to Ba3
-----------------------------------------------------------
Moody's Investors Service upgraded ConvaTec's Corporate Family
Rating (CFR) to Ba3 and its Probability of Default Rating (PDR) to
Ba3-PD. There are no changes to the Ba3 instrument ratings Moody's
assigned on October 3, 2016 to ConvaTec's new senior secured credit
facilities, including its $1.37 billion term loan A, its $430
million term loan B, and its $200 million revolver. All other
ratings have been withdrawn. Lastly, Moody's assigned a Speculative
Grade Liquidity Rating of SGL-1 to ConvaTec. This concludes Moody's
review of ConvaTec's ratings. The outlook on all ratings is
stable.
Moody's notes that as part of this rating action, it is relocating
the Corporate Family Rating to ConvaTec Healthcare D S.a.r.l from
ConvaTec Healthcare A S.a.r.l. for administrative purposes.
The upgrades of ConvaTec's CFR to Ba3 and PDR to Ba3-PD reflect the
company's use of $1.8 billion of IPO proceeds to reduce its
financial leverage. Moody's estimates that pro forma adjusted debt
to EBITDA as of June 30, 2016 is approximately 4.3 times, marking a
dramatic improvement in ConvaTec's leverage prior to the IPO.
"The material reduction in debt and hence interest expense will
boost ConvaTec's free cash flow and provide the means for further
deleveraging," stated Jonathan Kanarek, Moody's Vice President and
Senior Analyst. "Generating approximately $200 million per annum in
free cash flow after common dividends should help bring leverage to
around 3.5 times debt/EBITDA by the end of 2017," added Kanarek.
Ratings Upgraded And To Be Withdrawn:
ConvaTec Healthcare A S.a.r.l.
-- Corporate Family Rating from B2 to Ba3 / to be withdrawn
-- Probability of Default Rating from B2-PD to Ba3-PD / to be
withdrawn
Ratings Assigned:
ConvaTec Healthcare D S.a.r.l
-- Corporate Family Rating at Ba3
-- Probability of Default Rating at Ba3-PD
-- Speculative Grade Liquidity Rating at SGL-1
Ratings Unchanged:
ConvaTec Healthcare D S.a.r.l & ConvaTec Inc.
-- Senior secured revolving credit facility expiring 2021 at
Ba3 (LGD 3)
-- Senior secured EUR/USD term loan A due 2021 at Ba3 (LGD 3)
-- Senior secured USD term loan B due 2023 at Ba3 (LGD 3)
-- The outlook is stable.
Ratings Withdrawn:
ConvaTec Inc.
-- Senior secured EUR/USD term loans due 2020 at Ba2 (LGD 2)
ConvaTec Healthcare E S.A.
-- Senior secured revolving credit facility due 2020 at Ba2
(LGD 2)
-- Senior unsecured notes due 2018 at B3 (LGD 4)
-- ConvaTec Finance International S.A. (withdrawn on November
11, 2016)
-- Subordinated PIK debentures due 2019 at Caa1 (LGD 6)
RATING RATIONALE
ConvaTec's Ba3 CFR reflects its moderately high financial leverage.
The rating also incorporates the company's high business risks due
to on-going operational challenges as well as lingering compliance,
legal and regulatory issues. These issues create potential downside
risks to earnings and cash flows that could hinder the company's
ability to delever. Moody's is also mindful of the company's
historically aggressive financial policies that resulted in
repeated re-leveraging in recent years via acquisitions and a
significant dividend payment.
ConvaTec's Ba3 CFR also reflects Moody's expectation for the
company to maintain an attractive EBITDA margin of 29%,
consistently positive free cash flow, and good liquidity. The
company has a leading position in relatively predictable markets
and a recurring revenue stream. Its breadth of products, track
record of product life-cycle management and innovation, solid
geographic diversification, and limited customer concentration
partially mitigate the company's moderately high leverage.
The stable outlook reflects Moody's expectation that ConvaTec will
maintain its improved financial flexibility and credit profile
following its recent deleveraging and adopt a conservative
financial policy.
The company's SGL-1 rating reflects Moody's expectation that
ConvaTec will maintain very good liquidity supported by a solid
cash balances, near-full availability on its revolver, and strong
free cash flow.
Moody's could upgrade the ratings if ConvaTec is able to
demonstrate consistent organic growth across its business lines. An
upgrade would also require ConvaTec to reduce leverage, such that
adjusted debt to EBITDA is sustained below 3.0 times.
A downgrade of the ratings could occur if Moody's expects ConvaTec
to experience a deterioration in operating performance or adopt a
more aggressive financial policy. Moody's could also downgrade the
ratings if the company's debt/EBITDA is sustained above 4.0 times.
The principal methodology used in these ratings was Global Medical
Product and Device Industry published in October 2012.
ConvaTec Healthcare D S.a.r.l. ("ConvaTec") is a leading developer,
manufacturer and marketer of products for ostomy management,
advanced chronic and acute wound care, continence & critical care,
sterile single-use medical devices for hospitals, and infusion sets
used in diabetes treatment. Revenues are approximately $1.7
billion. ConvaTec is owned by Nordic Capital (45%) and Avista
Capital Partners (20%). Moody's expects the combined ownership of
these partners to decline appreciably, with the current owners
making a complete exit over the next couple of years.
COSI INC: Court OKs Amended KERP, 26 Key Employees Added
--------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court approved
Cosi's expedited motion for an order amending its key employee
retention program (KERP) for certain non-insider employees. The
amendment adds 26 additional key employees that were inadvertently
omitted from the original KERP and one key employee that was
dropped from the original KERP and also eliminates a number of
participants. As previously reported, "Expedited determination is
requested as the affected employees were unintentionally omitted
from the Debtors' initial motion and, absent being allowed to share
in the benefits of the KERP, these employees may not be
incentivized to stay with the Debtors. At least one employee has
received a job offer and will accept it absent prompt approval of
this motion.T he KERP will incentivize the Additional Participants
to remain with the Company as the Company transitions under a
buyer, as well as to help manage the Company's ongoing operations
and the administration of the Company during the Chapter 11 Cases.
Under the KERP, the Additional Participants will have the ability
to receive three cash 'bonus pool' payments, payable as follows:
(a) a 30- day pay-out equal to 30% of the designated bonus pool;
(b) a 60-day pay-out equal to 30% of the designated bonus pool; and
(c) a 90-day pay-out equal to 40% of the designated bonus pool. The
proposed designated bonus amounts for each Additional Participant
(other than Tania DiSciullo, Controller) range from $800 to $4,650.
The total proposed amount anticipated to be paid to the Additional
Participants (other than Tania DiSciullo) under the KERP is
approximately $52,448."
About Cosi, Inc.
Cosi -- http://www.getcosi.com/-- is an international fast casual
restaurant company. There are currently 45 Company-owned and 31
franchise restaurants operating in fourteen states, the District of
Columbia, Costa Rica and the United Arab Emirates.
Cosi, Inc. and its affiliated Debtors filed chapter 11 petitions
(Bankr. D. Mass. Lead Case No. 16-13704-MSH) on Sept. 28, 2016.
The Debtors are represented by Joseph H. Baldiga, Esq. and Paul W.
Carey, Esq., at Mirick, O'Connell, DeMallie & Lougee, LLP. The
O'Connor Group serves as their financial consultant.
Randy Kominsky of Alliance for Financial Growth, Inc. has been
tapped as chief restructuring officer to the Debtors.
The U.S. Trustee appointed an Official Committee of Unsecured
Creditors composed of: Robert J. Dourney, Honor S. Heath of Nstar
Electric Company, and Paul Filtzer of SRI EIGHT 399 Boylston. The
Creditors Committee is represented by Lee Harrington, Esq., at
Nixon Peabody LLP. Deloitte Financial Advisory Services LLP serves
as financial advisor for the Committee.
COTTONWOOD TIMBER: Seeks to Hire Katz Flatau as Legal Counsel
-------------------------------------------------------------
Cottonwood Timber Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Georgia to hire legal
counsel in connection with its Chapter 11 case.
The Debtor proposes to hire Katz, Flatau & Boyer, LLP to give legal
advice regarding its duties under the Bankruptcy Code, assist in
the preparation of financial information, pursue claims of the
Debtor, and provide other legal services.
Wesley Boyer, Esq., the attorney designated to represent the
Debtor, will be paid an hourly rate of $325.
Mr. Boyer disclosed in a court filing that the firm does not
represent any interest adverse to the Debtor's bankruptcy estate.
The firm can be reached through:
Wesley J. Boyer, Esq.
Katz, Flatau & Boyer, LLP
355 Cotton Avenue
Macon, GA 31201
Tel: 478-742-6481
Email: wjboyer_2000@yahoo.com
Email: Wes@WesleyJBoyer.com
About Cottonwood Timber Services
Cottonwood Timber Services, LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M. D. Ga. Case No. 16-51901) on
September 14, 2016. The petition was signed by Kenneth S. Thaxton,
managing member.
At the time of the filing, the Debtor estimated its assets and
liabilities at $1 million to $10 million.
CREATIVE REALITIES: Delays Filing of Sept. 30 Quarterly Report
--------------------------------------------------------------
Creative Realities, Inc., filed with the Securities and Exchange
Commission a Form 12b-25 notifying the delay in the filing of its
quarterly report on Form 10-Q for the period ended Sept. 30, 2016.
The Company said it could not complete the filing of its Quarterly
Report on Form 10-Q for the period ending Sept. 30, 2016, due to a
delay in obtaining and compiling information required to be
included in the Company's Form 10-Q. The delay could not have been
avoided without unreasonable effort and expense. In accordance
with Rule 12b-25 of the Securities Exchange Act of 1934, the
Company will file its Form 10-Q no later than the fifth calendar
day following the prescribed due date.
About Creative Realities, Inc.
Creative Realities, Inc., is a Minnesota corporation that provides
innovative shopper marketing and digital marketing technology and
solutions to retail companies, individual retail brands,
enterprises and organizations throughout the United States and in
certain international markets. Creative Realities have expertise
in a broad range of existing and emerging shopper and digital
marketing technologies, as well as the related media management and
distribution software platforms and networks, device management,
product management, customized software service layers, systems,
experiences, workflows, and integrated solutions. Its technology
and solutions include: digital merchandising systems and
omni-channel customer engagement systems, interactive digital
shopping assistants, advisors and kiosks, and other interactive
marketing technologies such as mobile, social media, point-of-sale
transactions, beaconing and web-based media that enable its
customers to transform how they engage with consumers.
Creative Realities reported a net loss attributable to common
shareholders of $8.31 million for the year ended Dec. 31, 2015,
following a net loss attributable to common shareholders of $5.01
million for the year ended Dec. 31, 2014.
EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has incurred recurring
losses, has negative cash flows from operations and has a working
capital deficit, all of which collectively raise substantial doubt
about its ability to continue as a going concern.
CRITICAL CAR CARE: Wants to Use Cash Collateral on Interim Basis
----------------------------------------------------------------
Critical Car Care, Inc. seeks authority from the U.S. Bankruptcy
Court for the Central District of California to use cash collateral
on an interim basis.
The Debtor tells the Court that it does not have unencumbered
sources of monies or other assets to pay business obligations in
the ordinary course. The Debtor further tells the Court that it
requires cash collateral to operate its business, to pay employees,
to pay rents and utilities, and to pay other operating expenses.
The Debtor adds that without the use of cash collateral, it will be
unable to remain in business, and its reputation in the industry
will be severely harmed.
The Debtor believes that the Small Business Administration and
American Security Bank may assert security interest in the Debtor's
monies. The Debtor contends, however, that its creditors are
afforded adequate protection through the value of its assets, and
the additional revenues created by the Debtor's continued operation
of its business, and maintenance and service of its the inventory
and equipment.
The Debtor proposes to provide American Security Bank with
replacement liens to the extent of American Security Bank's
prepetition lien attached to the property of the Debtor
prepetition, with the same validity, priority, and description of
collateral.
A full-text copy of the Debtor's Motion, dated November 15, 2016,
is available at https://is.gd/4Qju17
Critical Car Care, Inc. is represented by:
Steven R. Fox, Esq.
Law Offices of Steven R. Fox
17835 Ventura Blvd., Suite 306
Encino, CA 91316
Telephone: (818) 774-3545
Facsimile: (818) 774-3707
About Critical Car Care, Inc.
Critical Car Care, Inc. owns and operates two collision repair
centers in Lancaster and Quartz Hills, CA, employing some 15
employees and generates gross revenues in $1 million to $1.5
million range annually.
Critical Car Care, Inc. filed a voluntary Chapter 11 petition
(Bankr. C.D. Cal. Case No. 16-25072), on November 14, 2016. The
Debtor is represented by Steven R. Fox, Esq., at the Law Offices of
Steven R. Fox.
DENNIS RAY JOHNSON: Thomas Fluharty Appointed as Chapter 11 Trustee
-------------------------------------------------------------------
Hon. Frank W. Volk, the Chief Judge of the United States Bankruptcy
Court for the Southern District of West Virginia entered an Order
approving the appointment of Thomas H. Fluharty as the Chapter 11
Trustee for Dennis Ray Johnson.
The United States Trustee has selected Thomas H. Fluharty to be the
Chapter 11 Trustee after a consultation conducted with the parties
identified in its application for the appointment of a Chapter 11
Trustee.
The Troubled Company Reporter previously reported that the U.S.
Trustee filed a motion asking the Court to direct the appointment
of a Chapter 11 trustee, there has been a failure of current
management to file schedules, Statements of Financial Affairs,
banking information, monthly financial reports, and other
information requested by parties in interest. Because of the
failure to file the documents that are required by the Bankruptcy
Code and the bankruptcy rules, the administration of the cases has
been thwarted such that creditors may be harmed without further
remedy, the U.S. Trustee further asserts.
The U.S. Trustee says any of the Debtor's failures would be
grounds
for a dismissal of the cases. Dismissal, however, does not appear
to be in the best interest of the parties, the U.S. Trustee tells
the Court. The appointment of a chapter 11 trustee is in the best
interests of creditors, the U.S. Trustee says. In the case, a
trustee can determine which cases have assets and which cases
should be converted or dismissed. There are, according to the
Bank,
potential causes of action that creditors may have against the
management. Therefore the U.S. Trustee moved that an independent
fiduciary is the only remedy for creditors in the cases.
About Dennis Ray Johnson
Dennis Ray Johnson, II, filed a Chapter 11 petition (Bankr. S.D.W.
Va. Case No. 16-30227) on May 9, 2016, and is Represented by
Christopher S. Smith, Esq., at Hoyer, Hoyer & Smith, PLLC.
Mr. Johnson is a businessman with ownership interests in at least
10 entities. He operates various rental real estate entities and
coal associated operations. Mr. Johnson is a member of each of
the
following debtor companies -- Appalachian Mining and Reclamation,
LLC, DJWV1, LLC, DJWV2, LLC, Elkview Reclamation and Processing,
LLC, Green Coal, LLC, Joint Venture Development, LLC, Little
Kentucky Elk, LLC, Moussie Processing, LLC, Producer’s Coal,
Inc., Producer’s Land, LLC, Redbud Dock, LLC, Southern
Marine Services, LLC, Southern Marine Terminal, LLC, and The Silo
Golf
Course, LLC -- and has filed a motion asking the Bankruptcy Court
to jointly administer the bankruptcy cases. Mr. Johnson is also a
guarantor of the debt for most of the companies.
DISPENSING DYNAMICS: S&P Cuts CCR to CCC on Coming Debt Maturities
------------------------------------------------------------------
S&P Global Ratings said it lowered its corporate credit rating on
City of Industry, Calif.-based Dispensing Dynamics International to
'CCC' from 'B-'. At the same time, S&P lowered the issue-level
rating on the company's guaranteed senior notes to 'CCC' from 'B-'
(in line with the corporate credit rating). The recovery rating on
notes remains '4', indicating S&P's expectation for average
(30%-50%; upper half of the range) recovery in the event of a
default.
"The negative outlook reflects our expectation that we will lower
the corporate credit rating to 'CCC-', indicating the heightened
risk if the company does not refinance its existing senior secured
notes six months before the January 2018 maturity," said S&P Global
Ratings credit analyst Kimberly Garen.
S&P sees an upgrade as likely within the next six months if the
company refinances its existing capital structure, including
successfully renewing its ABL facility and refinancing the
$130 million of notes due in January 2018.
A downgrade to 'CCC-' is likely within the next six months if the
company does not refinance its existing capital structure. At that
time, the company's senior secured notes will be within six months
of maturity.
DJWV1 LLC: W. Va. Judge Approves Thomas Fluharty as Ch. 11 Trustee
------------------------------------------------------------------
Hon. Frank W. Volk, the Chief Judge of the United States Bankruptcy
Court for the Southern District of West Virginia entered an Order
approving the appointment of Thomas H. Fluharty as the Chapter 11
Trustee for DJWV1, LLC.
The United States Trustee has selected Thomas H. Fluharty to be the
Chapter 11 Trustee after a consultation conducted with the parties
identified in its application for the appointment of a Chapter 11
Trustee.
The Troubled Company Reporter previously reported that the U.S.
Trustee filed a motion asking the Court to direct the appointment
of a Chapter 11 trustee, saying she has U.Sestablished cause for
the appointment of a Chapter 11 Trustee. There has been a failure
of current management to file schedules, Statements of Financial
Affairs, banking information, monthly financial reports, and other
information requested by parties in interest. The motion provides
that, because of the failure to file the documents that are
required by the Code and the bankruptcy rules, the administration
of the cases has been thwarted such that creditors may be harmed
without further remedy.
The U.S. Trustee finds that any of the Debtor's failures would be
grounds for a dismissal of the cases. Dismissal, however, does not
appear to be in the best interest of the parties. The appointment
of a chapter 11 trustee is in the best interests of creditors. In
the case, a trustee can determine which cases have assets and
which
cases should be converted or dismissed. There are, according to
the
Bank, potential causes of action that creditors may have against
the management. Therefore the U.S. Trustee moved that an
independent fiduciary is the only remedy for creditors in the
cases.
About DJWV1 LLC
DJWV1, LLC sought protection under Chapter 11 of the Bankruptcy
Code in the Southern District of West Virginia (Huntington) (Case
No. 16-30249) on May 18, 2016.
The petition was signed by Dennis Johnson, president. The case is
assigned to Judge Frank W. Volk.
The Debtor estimated assets of $1 million to $10 million and debts
of $500,000 to $1 million.
Mr. Johnson is a businessman with ownership interests in at least
10 entities. He operates various rental real estate entities and
coal associated operations. Mr. Johnson is a member of each of
the
following debtor companies -- Appalachian Mining and Reclamation,
LLC, DJWV1, LLC, DJWV2, LLC, Elkview Reclamation and Processing,
LLC, Green Coal, LLC, Joint Venture Development, LLC, Little
Kentucky Elk, LLC, Moussie Processing, LLC, Producer's Coal, Inc.,
Producer's Land, LLC, Redbud Dock, LLC, Southern Marine Services,
LLC, Southern Marine Terminal, LLC, and The Silo Golf Course, LLC
-- and has filed a motion asking the Bankruptcy Court to jointly
administer the bankruptcy cases. Mr. Johnson is also a guarantor of
the debt for most of the companies.
DOOR TO DOOR: Seeks to Hire Bush Kornfeld as Legal Counsel
----------------------------------------------------------
Door to Door Storage Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to hire legal counsel
in connection with its Chapter 11 case.
The Debtor proposes to hire Bush Kornfeld LLP to give legal advice
regarding its duties under the Bankruptcy Code, review claims of
creditors, give advice regarding any proposed sale of its assets,
and provide other legal services.
Bush Kornfeld does not represent or hold any interest adverse to
the Debtor's bankruptcy estate.
The firm can be reached through:
Aimee S. Willig, Esq.
Bush Kornfeld LLP
601 Union St., Suite 5000
Seattle, Washington 98101-2373
Phone: (206) 292-2110
Fax: (206) 292-2104
About Door to Door Storage
Headquartered in Kent, Washington, Door to Door Storage, Inc.
provides nationwide portable, containerized storage services in
approximately 50 locations across the United States to
approximately 8,200 customers and has 56 employees.
Door to Door filed a chapter 11 petition (Bankr. W.D. Wash. Case
No. 16-15618-CMA) on Nov. 7, 2016. The petition was signed by
Tracey F. Kelly, president. The case is assigned to Judge
Christopher M. Alston.
At the time of filing, the Debtor had total assets of $4.08 million
and total liabilities of $5.65 million.
DOOR TO DOOR: Seeks to Hire Orse & Company as Financial Advisor
---------------------------------------------------------------
Door to Door Storage Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to hire a financial
advisor.
The Debtor proposes to hire Orse & Company, Inc. to provide these
financial advisory services:
(a) assisting the Debtor in the development of collateral
budgets and projections;
(b) assisting the Debtor in soliciting or communicating with
parties potentially interested in the purchase of its
assets;
(c) reviewing and providing recommendations to the Debtor and
its professionals charged with directing its sale process
with respect to economics of proposed transactions;
(d) preparing enterprise, asset and liquidation valuations;
and
(e) assisting the Debtor in financial reporting and in
preparing its monthly financial reports.
The firm will receive a fixed monthly fee of $25,000 for its
services.
Orse & Company does not represent any interest adverse to the
Debtor's bankruptcy estate.
The firm may be reached at:
Eric D. Orse, President
ORSE & CO, INC
200 West Mercer Street, Suite E407
Seattle, WA 98119
Email: orseco@orseco.com
About Door to Door Storage
Headquartered in Kent, Washington, Door to Door Storage, Inc.
provides nationwide portable, containerized storage services in
approximately 50 locations across the United States to
approximately 8,200 customers and has 56 employees.
Door to Door filed a chapter 11 petition (Bankr. W.D. Wash. Case
No. 16-15618-CMA) on Nov. 7, 2016. The petition was signed by
Tracey F. Kelly, president. The case is assigned to Judge
Christopher M. Alston.
At the time of filing, the Debtor had total assets of $4.08 million
and total liabilities of $5.65 million.
DOOR TO DOOR: Seeks to Hire Socius Law Group as Special Counsel
---------------------------------------------------------------
Door to Door Storage Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to hire Socius Law
Group PLLC as special counsel.
The firm will provide the Debtor with advice regarding general
corporate matters, including employment and transactional issues
related to the sale of its assets.
Socius Law Group does not represent or hold any interest adverse to
the Debtor's bankruptcy estate, according to court filings.
The firm maintains an office at:
Socius Law Group
Two Union Square
601 Union St., Suite 4950
Seattle, WA 98101
Phone: 206-838-9100
Fax: 206-838-9101
About Door to Door Storage
Headquartered in Kent, Washington, Door to Door Storage, Inc.
provides nationwide portable, containerized storage services in
approximately 50 locations across the United States to
approximately 8,200 customers and has 56 employees.
Door to Door filed a chapter 11 petition (Bankr. W.D. Wash. Case
No. 16-15618-CMA) on Nov. 7, 2016. The petition was signed by
Tracey F. Kelly, president. The case is assigned to Judge
Christopher M. Alston.
At the time of filing, the Debtor had total assets of $4.08 million
and total liabilities of $5.65 million.
DOOR TO DOOR: Taps David Carlos Kaslow as Special Counsel
---------------------------------------------------------
Door to Door Storage Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to hire David Carlos
Kaslow, Esq., as special counsel.
As special counsel, Mr. Kaslow will provide the Debtor with general
advice and analysis regarding its duties and obligations to its
storage customers under state law.
Mr. Kaslow does not represent or hold any interest adverse to the
Debtor's bankruptcy estate, according to court filings.
Mr. Kaslow's address is:
David Carlos Kaslow, Esq.
2203 Los Angeles Avenue
Berkeley, CA 94707-2619
About Door to Door Storage
Headquartered in Kent, Washington, Door to Door Storage, Inc.
provides nationwide portable, containerized storage services in
approximately 50 locations across the United States to
approximately 8,200 customers and has 56 employees.
Door to Door filed a chapter 11 petition (Bankr. W.D. Wash. Case
No. 16-15618-CMA) on Nov. 7, 2016. The petition was signed by
Tracey F. Kelly, president. The case is assigned to Judge
Christopher M. Alston.
At the time of filing, the Debtor had total assets of $4.08 million
and total liabilities of $5.65 million.
DRUG STORES II: Disclosures Okayed, Plan Hearing on Dec. 21
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey will
consider approval of the Chapter 11 plan of Drug Stores II, Limited
Liability Company, at a hearing on Dec. 21, at 2:00 p.m.
The court had earlier approved the company's disclosure statement,
allowing it to start soliciting votes from creditors.
The order issued on November 3 requires creditors to cast their
votes and file their objections not less than seven days before the
hearing.
About Drug Stores II
East Windsor, New Jersey-based Drug Stores II, Limited Liability
Company -- dba Innovo Specialty Compounding Solutions, Innovo
Specialty Pharmacy, and Health Shoppe Pharmacy -- filed for Chapter
11 bankruptcy protection (Bankr. D.N.J. Case No. 16-12198) on Feb.
6, 2016, estimating its assets and liabilities at between $1
million and $10 million each. The petition was signed by Piushbhai
Patel, president.
Judge Kathryn C. Ferguson presides over the case.
Justin B. Singer, Esq., at Herrick Feinstein LLP serves as the
bankruptcy counsel.
E Z MAILING SERVICES: Plan Outline Okayed, Plan Hearing on Nov. 29
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey will
consider approval of the Chapter 11 plan of E Z Mailing Services
Inc. at a hearing on November 29, at 2:30 p.m.
The court had earlier approved the company's disclosure statement
after finding that the document "contains adequate information."
Under U.S. bankruptcy law, a debtor must get court approval of its
disclosure statement to begin soliciting votes from creditors. The
document must contain adequate information to enable creditors to
make an informed decision about the bankruptcy plan.
The order issued on November 3 set a November 22 deadline for
creditors to cast their votes and file their objections.
About E Z Mailing Services
E Z Mailing Services Inc. and United Business Freight Forwarders
are transportation logistics companies whose customers include
Macy's, Walmart, JC Penny and Forever 21.
After primary lender PNC Bank declared a default and demanded
immediate payment of $4.2 million, which resulted to a customer
freezing payment, E Z Mailing and UBFF filed Chapter 11 bankruptcy
petitions (Bankr. D.N.J. Case Nos. 16-10615 and 16-10616,
respectively) on Jan. 13, 2016. Ajay Aggarwal, the president,
signed the petitions. The Debtors each estimated assets and
liabilities in the range of $10 million to $50 million. Judge
Stacey L. Meisel presides over the cases.
Porzio, Bromberg & Newman, PC, serves as counsel to the Debtors.
Bederson LLP's Edward Bond is serving as CRO and crisis manager of
the Debtors.
The Acting United States Trustee Andrew R. Vara has appointed three
creditors of EZ Mailing Service Inc to serve on the official
committee of unsecured creditors. The Committee tapped Lowenstein
Sandler LLP as counsel and EisnerAmper LLP as financial advisor.
EASTSIDE DISTILLING: Recurring Losses Raise Going Concern Doubt
---------------------------------------------------------------
Eastside Distilling, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing a
net loss of $1.44 million on $796,222 of sales for the three months
ended September 30, 2016, compared to a net loss of $1.41 million
on $492,380 of sales for the same period in 2015.
For the nine months ended September 30, 2016, the Company recorded
a net loss of $3.76 million on $2.04 million of sales, compared to
a net loss of $2.93 million on $1.34 million of sales for the same
period last year.
The Company's balance sheet at September 30, 2016, showed total
assets of $1.88 million, total liabilities of $2.57 million, and a
stockholders' deficit of $687,389.
The Company has incurred a loss of $3,797,988 and has an
accumulated deficit of $11,359,739 for the nine months ended
September 30, 2016, and expects to incur further losses in the
development of its business. The Company has been dependent on
funding operations through the issuance of debt, convertible debt
and private sale of equity securities. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern. Management's plans include continuing to finance
operations through the private or public placement of debt and/or
equity securities and the reduction of expenses.
During the nine months ended September 30, 2016, the Company
completed equity and debt financings totaling approximately $3.9
million in net cash proceeds. Management believes that its
successful efforts to raise capital and increases in revenues will
provide the opportunity for the Company to continue as a going
concern. The Company's ultimate success depends on its ability to
achieve profitable operations and generate positive cash flow from
operations.
A full-text copy of the Company's Form 10-Q is available at:
https://is.gd/GoSTxx
Eastside Distilling, Inc., was formed in 2008 and is a
manufacturer, developer, producer, and marketer of hand-crafted
spirits in the following beverage alcohol categories: bourbon,
whiskey, rum, and vodka. The Company currently distributes its
products in 22 states (California, New York, Florida, Texas,
Illinois, Connecticut, Georgia, Idaho, Indiana, Maine, Maryland,
Massachusetts, Minnesota, New Hampshire, Nevada, New Jersey,
Oregon, Pennsylvania, Rhode Island, Vermont, Virginia, and
Washington) and is authorized to distribute its products in the
province of Ontario, Canada. The Company also generates revenue
from tastings, tasting room tours, private parties, and merchandise
sales from its facilities in Oregon. The Company is subject to the
Oregon Liquor Control Commission (OLCC) and the Alcohol and Tobacco
Tax and Trade Bureau (TTB). The Company is headquartered in
Portland, Oregon.
ECOARK HOLDINGS: Incurs $6.51 Million Net Loss in Third Quarter
---------------------------------------------------------------
Ecoark Holdings, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $6.51 million on $5.23 million of revenues for the three months
ended Sept. 30, 2016, compared to a net loss of $2.55 million on
$1.68 million of revenues for the three months ended Sept. 30,
2015.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $14.60 million on $10.77 million of revenues compared
to a net loss of $7.78 million on $6.18 million of revenues for the
nine months ended Sept. 30, 2015.
As of Sept. 30, 2016, Ecoark Holdings had $20.48 million in total
assets, $10.75 million in total liabilities and $9.72 million in
total stockholders' equity.
At Sept. 30, 2016, and Dec. 31, 2015, the Company had cash of
$4,871,000 and $1,962,000 respectively and investments of
$3,509,000 at Sept. 30, 2016. Working capital improved from a
deficit of $2,153,000 at Dec. 31, 2015, to a working capital
surplus of $3,351,000 at Sept. 30, 2016. The increase in working
capital was principally due to the $17,320,000 raised, net of
expenses, in the successful private offering that was completed in
April 2016. The Company remains dependent upon raising capital
from future financing transactions. Up to $2,000,000 of short-term
investments are pledged as collateral for notes payable.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/VZjFAq
About Ecoark Holdings
Ecoark Holdings, Inc., is a technology solutions company. The
Company offers technologies to fight waste in operations,
logistics, and supply chains worldwide. It provides pallet-level
time and temperature tracking, pre-cool prioritization and
monitoring, pallet routing, real-time in-transit monitoring, remote
visibility, and quality management solutions. The Company also
offers Point Clouds, which creates two dimensional (2d) and three
dimensional (3d) digital replications; High definition (HD) photos,
a 360 degree rotational bubble image from various project
perspectives; 2d Plans that plan and elevates views in CAD/PDF; and
3d models, such as Revit, CAD, Cyclone, 3dS, and others; as well as
provides training and consultation services on laser scan and/or
creates 2d as-builts or 3d models.
For the six months ended June 30, 2016, Ecoark reported a net loss
of $8.09 million following a net loss of $5.23 million for the six
months ended June 30, 2015.
"The Company raised $17,347 additional capital in a private
placement subsequent to the reverse merger transaction on March 24,
2016...The Company's ability to raise additional capital through
future equity and debt securities issuances is unknown. Obtaining
additional financing, the successful development of the Company's
contemplated plan of operations, ultimately, to profitable
operations are necessary for the Company to continue operations.
The ability to successfully resolve these factors raises
substantial doubt about the Company's ability to continue as a
going concern," the Company stated in its quarterly report for the
period ended June 30, 2016.
ELEVEN BIOTHERAPEUTICS: Capital Needs Raise Going Concern Doubt
---------------------------------------------------------------
Eleven Biotherapeutics, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing a
net income of $19.49 million on $28.65 million of revenue for the
three months ended September 30, 2016, compared to a net loss of
$9.69 million on $67,000 of revenue for the same period in 2015.
For the nine months ended September 30, 2016, the Company recorded
a net income of $5.42 million on $29.16 million of revenue,
compared to a net loss of $23.12 million on $425,000 of revenue for
the same period last year.
The Company's balance sheet at September 30, 2016, showed total
assets of $79.58 million, total liabilities of $38.13 million, and
a stockholders' equity of $41.44 million.
The future success of the Company is dependent on its ability to
develop its product candidates and ultimately upon its ability to
attain profitable operations. The Company is subject to a number
of risks similar to other early-stage life science companies,
including, but not limited to, successful discovery and development
of its product candidates, raising additional capital with
favorable terms, development by its competitors of new
technological innovations, protection of proprietary technology and
market acceptance of the Company's products. The successful
discovery and development of product candidates requires
substantial working capital which may not be available to the
Company on favorable terms.
The Company believes that its cash and cash equivalents of $30.7
million as of September 30, 2016, will be sufficient to fund the
Company's current operating plan into 2018. If the Company is
unable to obtain adequate financing or engage in another strategic
transaction on acceptable terms and when needed, the Company will
be required to implement further cost reduction strategies. These
factors continue to 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/EmfDnH
Eleven Biotherapeutics, Inc., is a preclinical-stage
biopharmaceutical company. The Company applies its AMP-Rx
platform
to the discovery and development of protein therapeutics to treat
diseases of the eye. The Company's product candidate, which is
still in preclinical development, is EBI-031, which was designed,
engineered and generated using its AMP-Rx platform and are
developing as an intravitreal injection for diabetic macular edema
(DME) and uveitis. The Company's therapeutic approach is based on
the role of cytokines in diseases of the eye, its understanding of
the structural biology of cytokines and its ability to design and
engineer proteins to modulate the effects of cytokines. The
Company is developing EBI-031 as an intravitreal injection for DME
and uveitis.
ELKVIEW RECLAMATION: Thomas Fluharty Named as Chapter 11 Trustee
----------------------------------------------------------------
Hon. Frank W. Volk, the Chief Judge of the United States Bankruptcy
Court for the Southern District of West Virginia entered an Order
approving the appointment of Thomas H. Fluharty as the Chapter 11
Trustee for Elkview Reclamation and Processing, LLC.
The United States Trustee has selected Thomas H. Fluharty to be the
Chapter 11 Trustee after a consultation conducted with the parties
identified in its application for the appointment of a Chapter 11
Trustee.
The Troubled Company Reporter previously reported that the U.S.
Trustee filed a motion asking the Court to direct the appointment
of a Chapter 11 trustee, saying she has established cause for the
appointment of a
Chapter 11 Trustee. There has been a failure of current management
to file schedules, Statements of Financial Affairs, banking
information, monthly financial reports, and other information
requested by parties in interest. The motion provides that, because
of the failure to file the documents that are required by the Code
and the bankruptcy rules, the administration of the cases has been
thwarted such that creditors may be harmed without further remedy.
The U.S. Trustee finds that any of the Debtor's failures would be
grounds for a dismissal of the cases. Dismissal, however, does not
appear to be in the best interest of the parties. The appointment
of a chapter 11 trustee is in the best interests of creditors. In
the case, a trustee can determine which cases have assets and
which
cases should be converted or dismissed. There are, according to
the
Bank, potential causes of action that creditors may have against
the management. Therefore the U.S. Trustee moved that an
independent fiduciary is the only remedy for creditors in the
cases.
About Elkview Reclamation
Elkview Reclamation & Processing LLC sought protection under
Chapter 11 of the Bankruptcy Code in the Southern District of West
Virginia (Huntington) (Case No. 16-30250) on May 18, 2016.
The petition was signed by Dennis Johnson, president. The case is
assigned to Judge Frank W. Volk.
The Debtor estimated assets of $1 million to $10 million and debts
of $0 to $50,000.
Mr. Johnson is a businessman with ownership interests in at least
10 entities. He operates various rental real estate entities and
coal associated operations. Mr. Johnson is a member of each of the
following debtor companies -- Appalachian Mining and Reclamation,
LLC, DJWV1, LLC, DJWV2, LLC, Elkview Reclamation and Processing,
LLC, Green Coal, LLC, Joint Venture Development, LLC, Little
Kentucky Elk, LLC, Moussie Processing, LLC, Producer's Coal, Inc.,
Producer's Land, LLC, Redbud Dock, LLC, Southern Marine Services,
LLC, Southern Marine Terminal, LLC, and The Silo Golf Course, LLC
-- and has filed a motion asking the Bankruptcy Court to jointly
administer the bankruptcy cases. Mr. Johnson is also a guarantor of
the debt for most of the companies.
ELRAY RESOURCES: Incurs $1.16K Net Loss in Third Quarter
--------------------------------------------------------
Elray Resources, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1,161 on $676,923 of revenues for the three months ended Sept.
30, 2016, compared to a net loss of $739,133 on $1.30 million of
revenues for the three months ended Sept. 30, 2015.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $226,913 on $3.75 million of revenues compared to a net
loss of $2.39 million on $1.91 million of revenues for the same
period a year ago.
As of Sept. 30, 2016, Elray had $1.62 million in total assets,
$11.94 million in total liabilities and a total stockholders'
deficit of $10.32 million.
The Company sustained a net loss of $226,913 for the nine months
ended Sept. 30, 2016. The Company had a working capital deficit
and stockholders' deficit of $10,338,204 and $10,325,669
respectively, at Sept. 30, 2016. These factors raise substantial
doubt regarding the Company's ability to continue as a going
concern. Without realization of additional capital, it would be
unlikely for Elray to continue as a going concern. Elray's
management plans on raising cash from public or private debt or
equity financing, on an as needed basis, and in the longer term,
revenues from the gambling business. Elray's ability to continue
as a going concern is dependent on these additional cash
financings, and, ultimately, upon achieving profitable operations
through the development of its gambling business.
The Company had $79,361 cash on hand at Sept. 30, 2016.
"Our cash provided by operating activities for the nine months
ended September 30, 2016 was $4,052 compared $44,783 for the nine
months ended September 30, 2015. The change was primarily
attributable to more payment made for professional and consulting
fees during the nine months ended September 30, 2016.
"Our cash used in investing activities for the nine months ended
September 30, 2016 was $14,053 which was related to the investment
in note receivable from an affiliated company. There was no
investing activities for the nine months ended September 30, 2015.
"Our cash used in financing activities for the nine months ended
September 30, 2016 was $21,771 compared to $40,000 of cash provided
by financing activities for the nine months ended September 30,
2015. Cash used in financing activities for the nine months ended
September 30, 2016 was mainly related to payments of $207,671 on
short-term notes which was partially offset by proceeds of $185,000
received from notes issued. Cash provided by financing activities
for the nine months ended September 30, 2015 was from proceeds of
convertible notes payable.
"Since its inception, the Company has financed its cash
requirements from the sale of common stock, issuance of notes and
shareholder loans. Uses of funds have included activities to
establish our business, professional fees, and other general and
administrative expenses.
"Due to our lack of operating history and present inability to
generate sufficient revenues, there is substantial doubt about our
ability to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/8RViHB
About Elray Resources
Elray Resources, Inc., is a technology company, which owns and
licenses gaming intellectual property, gaming content and gaming
domains. The Company is engaged in providing marketing and support
for online gaming operations. It has developed and acquired
technology that provides marketing tools and customer relationship
management (CRM) systems for online gaming operators. It has a
global presence with offices in London, South Africa and Sydney.
EMMAUS LIFE: Incurs $6.25 Million Net Loss in Third Quarter
-----------------------------------------------------------
Emmaus Life Sciences, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $6.25 million on $61,828 of net revenues for the three months
ended Sept. 30, 2016, compared to a net loss of $3.44 million on
$77,173 of net revenues for the three months ended Sept. 30, 2015.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $13.86 million on $313,908 of net revenues compared to
a net loss of $8.34 million on $318,268 of net revenues for the
nine months ended Sept. 30, 2015.
As of Sept. 30, 2016, Emmaus Life had $21.56 million in total
assets, $30.84 million in total liabilities and a total
stockholders' deficit of $9.28 million.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/iEkFVv
About Emmaus Life
Emmaus Life Sciences, Inc., is engaged in the discovery,
development, and commercialization of treatments and therapies
primarily for rare and orphan diseases. This biopharmaceutical
company's headquarters is in Torrance, California.
Emmaus Life reported a net loss of $12.7 million on $590,114 of
net revenues for the year ended Dec. 31, 2015, compared to a net
loss of $21.8 million on $500,679 of net revenues for the year
ended Dec. 31, 2014.
SingerLewak LLP, in Los Angeles, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has suffered
recurring losses from operations, its total liabilities exceed its
total assets and it has an accumulated stockholders' deficit. This
raises substantial doubt about the Company's ability to continue as
a going concern.
EOS PETRO: Incurs $3.29 Million Net Loss in Third Quarter
---------------------------------------------------------
Eos Petro, Inc., filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of $3.29
million on $0 of revenues for the three months ended Sept. 30,
2016, compared to a net loss of $7.60 million on $39,863 of
revenues for the same period during the prior year.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $15.34 million on $36,519 of revenues compared to a net
loss of $29.07 million on $170,822 of revenues for the nine months
ended Sept. 30, 2015.
As of Sept. 30, 2016, Eos Petro had $1.25 million in total assets,
$22.60 million in total liabilities and a total stockholders'
deficit of $21.35 million.
"Since our inception, we have financed operations through
consulting and service agreements with limited cash requirements,
made up of stock compensation and various debt instruments as more
fully described in Stock Based Compensation, Commitments and
Contingencies, Material Agreements and Related Party Transactions.
Our business calls for significant expenses in connection with the
operation and acquisition of oil and gas related projects. In
order to maintain our corporate operations and to significantly
expand our operations and corresponding revenue from our Works
Property, we must raise a significant amount of working capital and
capital to fund improvements to the Works Property. As of
September 30, 2016, we had cash in the amount of $37. At September
30, 2016, we had total liabilities of $22,606,601. Our current
financial resources are not sufficient to allow us to meet the
anticipated costs of our business plan for the next 12 months and
we will require additional financing in order to fund these
activities. In addition, our Auditors in their audit report for
the year ending December 31, 2015 included a statement in their
report to express a going concern uncertainty."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/eDYphQ
About Eos Petro
Los Angeles-based Eos Petro, Inc., formerly Cellteck, Inc., is
presently focused on the exploration, development, mining,
operation and management of medium-scale oil and gas assets.
Weinberg & Company P.A. expressed substantial doubt about the
Company's ability to continue as a going concern, citing the
Company had a stockholders' deficit of $20.5 million, and for the
year ended Dec. 31, 2014, reported a net loss of $78.8 million and
had negative cash flows from operating activities of $2,136,741.
Furthermore, $350,000 of notes payable were in default. In
addition, subsequent to Dec. 31, 2014 the Company may have become
obligated to a $5.5 million termination fee due under the Dune
Acquisition Agreement and $4 million that may be due under a
structuring fee with a warrant holder.
The Company reported a net loss of $78.8 million on $760,000 in
revenues for the year ended Dec. 31, 2014, compared with a net loss
of $27.1 million on $596,000 of revenues in the same period last
year.
ERICKSON INC: Inks Amendments No. 21 & 22 to Credit Agreement
-------------------------------------------------------------
Erickson Incorporated and Erickson Helicopters, Inc., as borrowers,
entered into Amendment Number Twenty-One to the Credit Agreement,
dated May 2, 2013, with Wells Fargo Bank, National Association,
Deutsche Bank Trust Company Americas, Bank of the West and HSBC
Bank USA, National Association, which modified the following:
* Section 13.1(a)(i)(B) of the Credit Agreement, known as
"Assignments and Participations," in part, to provide that the
Agent's refusal to consent to an assignment by any lender
under the Credit Agreement to any holder of Senior Notes (as
defined in the Credit Agreement) or provider of debtor-in-
possession financing shall not be deemed unreasonable.
* The definition of "Required Lenders" in its entirety as
follows:
"Required Lenders" means, at any time, Lenders having or
holding more than 66.67% of the aggregate Revolving Loan
Exposure of all Lenders; provided, that (i) the Revolving Loan
Exposure of any Defaulting Lender shall be disregarded in the
determination of the Required Lenders and (ii) at any time
there are 2 or more Lenders, "Required Lenders" must include
at least 2 Lenders (who are not Affiliates of one another).
* The permitted uses of all revolving loans advanced under the
Credit Agreement from Oct. 31, 2016, through and including
Nov. 8, 2016, shall be limited to paying those expenses
enumerated in the Budget (as defined in the Credit Agreement)
and shall not exceed $6,201,762 in the aggregate.
* The required level of borrowing capacity to be maintained,
known as "Excess Availability," as follows:
-- $12,500,000 solely on Oct. 31, 2016; and
-- $14,000,000 solely on Nov. 2, 2016.
Amendment Number Twenty-Two to Credit Agreement
On Nov. 8, 2016, the Company and Erickson Helicopters, Inc., as
borrowers, entered into Amendment Number Twenty-Two to the Credit
Agreement with Wells Fargo Bank, National Association, Deutsche
Bank Trust Company Americas, Bank of the West and HSBC Bank USA,
National Association, which modified the following:
* The permitted uses of all revolving loans advanced under the
Credit Agreement on Nov. 8, 2016, will be limited to paying
those expenses enumerated in the Budget (as defined in the
Credit Agreement) and shall not exceed $4,176,033 in the
aggregate.
DIP Order
As previously disclosed, on Nov. 8, 2016, the Company and its
subsidiaries filed voluntary petitions in the United States
Bankruptcy Court for the Northern District of Texas, Dallas
Division seeking relief under Chapter 11 of Title 11 of the United
States Code. The Chapter 11 cases are being jointly administered
under the caption "In re Erickson Incorporated, et al", Case No.
16-34393 in the United States Bankruptcy Court for the Northern
District of Texas, Dallas Division, before Honorable Harlin D.
Hale. The Debtors continue to operate their business and manage
their properties as "debtors-in-possession" under the jurisdiction
of the Bankruptcy Court and in accordance with the applicable
provisions of the Bankruptcy Code and orders of the Bankruptcy
Court.
About Erickson
Founded in 1971, Erickson is a vertically-integrated manufacturer
and operator of the powerful heavy-lift Erickson S-64 Aircrane
helicopter, and is a leading global provider of aviation services.
Erickson currently possesses a diverse fleet of 69 rotary-wing and
fixed-wing aircraft that support a variety of government and civil
customers worldwide.
The Company, which employs 711 individuals, has a broad range of
aerial services consisting of three primary business segments: (i)
global defense and security, (ii) civil aviation services, and
(iii) manufacturing and maintenance, repair, and overhaul.
Jeff Roberts was appointed as president and chief executive officer
in April 2015.
The Debtors have hired Haynes and Boone, LLP as counsel; Imperial
Capital LLC, as investment banker; Alvarez & Marsal as financial
and restructuring advisor; and Kurtzman Carson Consultants as
claims and noticing agent. KCC's case Web site is
http://www.kccllc.net/erickson
ESSEX CONSTRUCTION: Wants to Use Industrial Bank Cash Collateral
----------------------------------------------------------------
Essex Construction, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of Maryland to use Industrial Bank Cash
Collateral through December 2, 2016. Industrial Bank consents to
the Debtor's request to use cash collateral.
The Debtor relates that prior to its bankruptcy filing, it has
guaranteed the obligations of a related non-debtor entity to
FirsTrust Bank. The Debtor further relates that after defaulting on
those obligations, FirstTrust obtained two confessed judgments
against the Debtor, and FirstTrust issued writs of garnishment
against the its bank accounts, including payroll and operating
accounts held at Manufacturers & Traders Trust Bank.
The Debtor and Essex Construction of DC, LLC, has executed and
delivered to Industrial Bank a Line of Credit in an amount not to
exceed $250,000, and a Term Loan in the originally stated principal
amount of $250,000. As of the Petition Date, the combined total
amount outstanding on the Line of Credit and the Term Loan was
approximately $295,000.
Industrial Bank has a blanket security interest in all of the
Debtor's tangible and intangible assets, and asserts a
first-priority security interest in, among other things, the
pre-petition cash collateral and the profits, offspring and
proceeds derived from the pre-petition cash collateral.
The Debtor proposes to grant Industrial Bank with the following
adequate protection:
(a) adequate protection payment in the amount of $25,000
during the Interim Period and to be made within three days of an
Order granting the Debtor's Motion;
(b) replacement liens in favor of Industrial Bank to the same
extent, validity and priority as its liens as of the Petition Date;
and
(c) a super-priority administrative claim in favor of
Industrial to the extent of any diminution of the Industrial Bank
Cash Collateral.
A full-text copy of the Debtor's Motion, dated November 17, 2016,
is available at https://is.gd/cbdSfM
Industrial Bank is represented by:
Catherine K. Hopkin, Esq.
TYDINGS & ROSENBERG LLP
100 East Pratt Street, 26th Floor
Baltimore, Maryland 21202
Phone: (410) 752-9700
Fax: (410) 727-5460
Email: chopkin@tydingslaw.com
About Essex Construction
Essex Construction, LLC filed a Chapter 11 petition (Bankr. D. Md.
Case No. 16-24661), on November 4, 2016. The petition was signed
by Roger R. Blunt, president and chief executive officer. The case
is assigned to Judge Thomas J. Catliota. The Debtor's counsel is
Kim Y. Johnson, at the Law Offices of Kim Y. Johnson. At the time
of filing, the Debtor estimated assets at $0 to $50,000 and
liabilities at $1 million to $10 million.
ETERNAL ENTERPRISE: Use of $120K Hartford Cash Collateral OK
------------------------------------------------------------
Judge Ann M. Nevins of the U.S. Bankruptcy Court for the District
of Connecticut authorized Eternal Enterprise, Inc. to use up to
$120,000 of Hartford Holdings, LLC's cash collateral from November
1, 2016 through November 30, 2016.
Judge Nevins authorized the Debtor to use cash collateral for
maintaining its properties and for paying the U.S. Trustee's
statutory fees in accordance with the Budget. The approved Budget
provides for total operating expenditures of $118,972.
The Debtor contended that Hartford Holdings, LLC, successor in
interest to Astoria Federal Mortgage Corporation has a duly
perfected, non-avoidable security interest in the Debtor's rents.
Hartford Holdings was granted replacement liens, in all
after-acquired property of the Debtor, with equal extent and
priority to that which the Astoria Federal Mortgage Corporation
enjoyed with regard to the Debtor's property at the time the Debtor
filed its Chapter 11 petition. Hartford Holdings was also granted
superpriority administrative expense claim to the extent that the
adequate protection ordered and provided turns out to be
inadequate.
The Debtor was directed to pay a "make up payment" of $35,000 upon
receipt of payment for lost income from the Debtor's insurance
policy during the cash collateral period.
The Debtor was further directed to deposit the sum of $12,000 into
its Adequate Protection Escrow Account, to reflect an escrow for
future insurance premium expense.
The Debtor was ordered to make a direct monthly payment of $29,000
to the City of Hartford, to be applied to the real estate tax
obligations for the Debtor's several properties located in the City
of Hartford, excluding 360 Laurel Street, on a pro rata basis.
A continued hearing on use of cash collateral is scheduled on
November 30, 2016, at 12:00 p.m.
A full-text copy of the Order, dated November 17, 2016, is
available at https://is.gd/UbTZEq
About Eternal Enterprise, Inc.
Eternal Enterprises Inc. -- http://www.eternalenterprises.net/--
filed a Chapter 11 bankruptcy petition (Bankr. D. Conn. Case No.
14-20292) on Feb. 19, 2014. The petition was signed by Vera
Mladen, president. The Debtor owns and manages eight properties
located in Hartford, Conn. Judge Ann M. Nevins presides over the
case. The Debtor is represented by Irene Costello, Esq., at
Shipkevich, PLLC. The Debtor estimated assets at $50,000 to
$100,000 and debt at $1 million to $10 million at the time of the
chapter 11 filing.
EXPERIMENTIAL MACHINE: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Experimential Machine, Inc.
10929 McCormick Rd.
Hunt Valley, MD 21031
Case No.: 16-25294
Chapter 11 Petition Date: November 18, 2016
Court: United States Bankruptcy Court
District of Maryland (Baltimore)
Judge: Hon. Nancy V. Alquist
Debtor's Counsel: Michael Stephen Myers, Esq.
SCARLETT, CROLL & MYERS, P.A.
201 North Charles Street, Suite 600
Baltimore, MD 21201
Tel: 410-468-3100
E-mail: mmyers@scarlettcroll.com
Total Assets: $857,200
Total Liabilities: $1.09 million
The petition was signed by Kirk Schmidt, president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/mdb16-25294.pdf
FAMILY AUTO: Disclosures Okayed, Plan Hearing on Dec. 21
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey will
consider approval of the Chapter 11 plan of Family Auto Center, LLC
at a hearing on December 21.
The hearing will be held at December 21, at Courtroom 3, 402 East
State Street, Trenton, New Jersey.
The court will also consider at the hearing the final approval of
the company's disclosure statement, which it conditionally approved
on November 3.
The order set a December 14 deadline for creditors to cast their
votes and file their objections.
About Family Auto
Family Auto Center, LLC, sought protection under Chapter 11 of the
(Bankr. D.N.J. Case No. 16-10269) on January 7, 2015. The Debtor
tapped Mark K. Smith, Esq. of Law Offices of Mark K. Smith, LLC, as
its counsel. The case is assigned to Judge Kathryn C. Ferguson.
FEDERATION EMPLOYMENT: Levitan Buying Brooklyn Property for $1M
---------------------------------------------------------------
Federation Employment and Guidance Service, Inc., asks the U.S.
Bankruptcy Court for the Eastern District of New York to authorize
the bidding procedures in connection with sale of real property
located at 21 Duryea Place, Brooklyn, New York to m David Levitan
for $1,000,000, subject to higher and better offers.
The Debtor is the owner of property, a vacant lot encompassing
approximately 6,500 square feet. Earlier in this case, the Debtor
transferred its clinical programs and turned towards the
liquidation of its remaining assets, including its vast real estate
portfolio. As part of that process, the Debtor determined that it
would be in the estate's best interest to sell the property, as the
property served no ongoing purpose in light of the Debtor's
ultimate liquidation.
Thus, in consultation with the Official Committee of Unsecured
Creditors, the Debtor retained Kalmon Dolgin Affiliates, Inc. to
act as the Debtor's exclusive real estate broker, and assist the
Debtor with the marketing and sale of the property.
After extensive marketing efforts by Kalmon, the Debtor was unable
to obtain a formal offer for the property due to certain zoning
issues affecting the marketability of the property.
While pursuing alternative methods of disposing of the property,
the Debtor directly received an offer from the Purchaser, a New
York developer. Following discussions with the Purchaser, the
Debtor determined that the Purchaser's offer of $1,000,000, all
cash, for the purchase of the property "as is" should be accepted
as the "stalking horse offer."
Thereafter, the Debtor and the Purchaser entered into arm's length
negotiations with respect the terms of a Purchase and Sale
Agreement. The Purchaser has provided the Debtor with a 10%,
$100,000 cash deposit and has provided the Debtor with evidence of
its ability to pay the cash balance of the $1,000,000 purchase
price at closing.
The Sale Agreement provides that if the Court approves the sale of
the property to another Successful Bidder, and if the Debtor
successfully consummates a sale of the property with that
Successful Bidder, the Purchaser will be entitled to: (i) the
return of the Purchaser's $100,000 deposit; and (ii) a Break-Up Fee
of $25,000, solely out of the proceeds of an Alternate Transaction.
The Break-Up Fee is approximately 2.5% of the purchase price, well
within the customary range of such fees in such sales. If the
Break-Up Fee is not approved by the Court, the Purchaser has the
right, but not the obligation, to terminate the Sale Agreement
within 5 business days and to receive the prompt return of its
deposit.
The Debtor proposes these notice and other procedures to be
implemented in connection with the sale process:
a. Notice of Sale, Auction and Sale Hearing: Within 2 business
days after entry of the Bid Procedures Order, the Debtor will
provide the Sale Notice to all interested parties.
b. Date, Time, and Place of Auction: The Debtor proposes that
the Auction be conducted at the offices of Garfunkel Wild, P.C.,
111 Great Neck Road, Great Neck, New York at a date to be
determined in January 2017.
c. Date, Time, and Place of Sale Hearing: The Debtor requests
that the Court set a date for the Sale Hearing, which hearing may
be adjourned or rescheduled without prior notice. At the Sale
Hearing, the Debtor will seek Court approval of the Successful Bid
and Back-Up Bid, if any.
d. Objection Deadline to Sale Order: Objections to the relief
sought in the sale must be submitted no later than 7 business days
before the Sale Hearing, at 4:00 p.m.
The Bid Procedures contain the terms and procedures that will
govern the submission of bids for the Property.
The salient terms of the Bid Procedures are:
a. Bid Deadline: To be determined by the Court.
b. Minimum Bid: The amount of the purchase price in such bid
must provide for net cash (or cash equivalent) that is at least in
the amount of $25,000 more than the base price contained in the
Sale Agreement plus the Break-Up Fee (or $1,050,000 in the
aggregate).
c. Additional Bid Protections: The bid must not request or
entitle the Potential Bidder to any termination fee, transaction or
break-up fee, expense reimbursement, or similar type of payment.
d. Deposit: A Potential Bidder must deposit 10% of the initial
purchase price set forth in Modified Sale Agreement with the Debtor
on or before the Bid Deadline.
e. As Is, Where Is: Any Modified Sale Agreement must provide
that the Sale will be on an "as is, where is" basis and without
representations or warranties of any kind except and solely to the
extent expressly set forth in the Modified Sale Agreement of the
Successful Bidder.
f. Auction: The Auction will take place at the offices of
counsel to the Debtor, Garfunkel Wild, P.C., 111 Great Neck Road,
Great Neck, New York on or at such other later date and time or
other place, as may be determined by the Debtor at or prior to the
Auction.
g. Bid Increment: $15,000
h. Successful Bid: The highest or otherwise best offer from
among the Qualified Bids submitted at the Auction.
i. Backup Bid: The second highest or otherwise best bid from
among the Qualified Bids submitted at the Auction.
A copy of the Sale Agreement and the Bidding Procedures attached to
the Motion is available for free at:
http://bankrupt.com/misc/Federation_Employment_764_Sales.pdf
The Debtor proposes that the Auction be held approximately one
month following the date of entry and service of the Bid Procedures
Order with the Sale Hearing to be held shortly after the Auction.
The Debtor submits that the Bid Procedures are reasonably designed
to ensure that the Debtor's estate receives the maximum purchase
price for the Property, and therefore warrant Court approval.
The Debtor submits that the Break-Up Fee serves to secure the
Purchaser as a stalking horse bidder, which, in turn, will attract
other potential bidders to the Debtor's Auction. The Break-Up Fee
is only 2.5% of the purchase price, well below amounts that have
been found to be appropriate in the Second Circuit. For these
reasons, the Debtor submits that the Break-Up Fee is reasonable and
appropriate under these circumstances and should be approved.
The Debtor asks the Court to authorize the relief requested and
such other and further relief as is just and proper.
The Purchaser:
David Levitan
175 Blake Ave.
Brooklyn, NY 11212
The Purchaser is represented by:
Solomon Borg, Esq.
1271 Avenue of the Americas, 39th Floor
New York, NY 10020
About FEGS
Established in 1934 amidst the Great Depression, Federation
Employment & Guidance Service, Inc. ("FEGS") is a not-for-profit
provider of various health and social services to more than
120,000 individuals annually in the areas of behavioral health,
disabilities, housing, home care, employment/workforce, education,
youth and family services. At its peak, FEGs' network of programs
operated over 350 locations throughout metropolitan New York and
Long Island and employed 2,217 highly skilled professionals.
FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case
No. 15-71074) in Central Islip, New York on March 18, 2015.
The Debtor disclosed $86,697,814 in assets and $45,572,524 in
liabilities as of the Chapter 11 filing.
The Debtor filed applications to hire Garfunkel, Wild, P.C., as
general bankruptcy counsel; Togut, Segal & Segal, LLP, as
co-counsel; JL Consulting LLC as Restructuring Advisor, as
restructuring advisor; Crowe Horwath, LLP as accountants; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.
The U.S. Trustee for Region 2 appointed three members to the
Official Committee of Unsecured Creditors. The Committee tapped
Pachulski Stang Ziehl & Jones LLP as its counsel.
FIELDPOINT PETROLEUM: Incurs $630,000 Net Loss in Third Quarter
---------------------------------------------------------------
FieldPoint Petroleum Corporation filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $630,299 on $661,632 of total revenue for the three
months ended Sept. 30, 2016, compared to a net loss of $276,289 on
$957,482 of total revenue for the same period during the prior
year.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $2.07 million on $2.02 million of total revenue
compared to a net loss of $987,215 on $3.25 million of total
revenue for the nine months ended Sept. 30, 2015.
As of Sept. 30, 2016, FieldPoint had $8.49 million in total assets,
$9.68 million in total liabilities and a total stockholders'
deficit of $1.18 million.
As of Sept. 30, 2016, the Company has a working capital deficit of
approximately $6,773,000 primarily due to the classification of the
Company's line of credit as a current liability. The line of
credit provides for certain financial covenants and ratios measured
quarterly which include a current ratio, leverage ratio, and
interest coverage ratio requirements. The Company is out of
compliance with all three ratios as of Sept. 30, 2016, and the
Company does not expect to regain compliance in 2016 without an
amendment to its credit agreement.
Phillip Roberson, president and CFO, said, "Although our financial
performance continues to be impeded by low commodity pricing, the
past few months have been significant for the Company. As
previously mentioned, the NYSE MKT accepted our plan to regain
compliance with its listing standards, we completed a forbearance
agreement with CitiBank, and we completed the first tranche of a
private placement to secure additional working capital. We
continue to pursue all forms of expansion opportunities that will
strengthen our financial position, and at this point we are
becoming very optimistic about our future. I would also like to
thank our shareholders for their vote of confidence shown by
approving all proposals set forth at our recent annual meeting."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/xIc2xD
About Fieldpoint Petroleum
FieldPoint Petroleum Corporation acquires, operates and develops
oil and gas properties. Its principal properties include Block
A-49, Spraberry Trend, Giddings Field, and Serbin Field, Texas;
Flying M Field, Sulimar Field, North Bilbrey Field, Lusk Field, and
Loving North Morrow Field, New Mexico; Apache Field, Chickasha
Field, and West Allen Field, Oklahoma; Longwood Field, Louisiana;
and Big Muddy Field, Wyoming. As of Dec. 31, 2015, the Company had
varying ownership interests in 472 gross wells (113.26 net).
FieldPoint Petroleum Corporation was founded in 1980 and is based
in Austin, Texas.
The Company reported a net loss of $10.98 million in 2015 following
a net loss of $1.94 million in 2014.
Hein & Associates LLP, in Dallas, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has suffered recurring
losses, and has a working capital deficit. This raises substantial
doubt about the Company's ability to continue as a going concern.
FINJAN HOLDINGS: Appoints Eyal Harari to Lead Advisory Services
---------------------------------------------------------------
Finjan Holdings, Inc., announced that Eyal Harari has been
appointed as chief executive officer of its wholly owned
subsidiary, CybeRiskTM. Mr. Harari will be responsible for
carrying out current contracts and ongoing business development for
the risk advisory services business. Effective Nov. 14, 2016, Eyal
will replace Yoram Golandsky who is departing to lead an in-house
security program for a financial institution.
In his previous role as chief operating officer of CybeRisk, Mr.
Harari was intimately involved in establishing and managing the
day-to-day operations and, having been with the company since
inception, he has been instrumental in the business and brand
development over the past 18 months. Prior to his work at
CybeRisk, Mr. Harari held several senior positions in the Security
industry. At Cisco, he was the Operations Manager of the Israeli
Cyber Center of Excellence worldwide operations where he managed
the center's resources both internally and externally including
projects initiation, deliverables, finance and quality. Prior to
Cisco, he served as the vice president of operations for
Security-Art, a cyber security and information risk management
power house.
"CybeRisk is an important subsidiary for Finjan, allowing us to
leverage our 20-year history and deeply rooted knowledge in
cybersecurity, for the benefit of the firm's clients and consumers
by creating awareness of cyber related risks," stated Phil
Hartstein, president and CEO of Finjan. "We firmly believe that
people have to be part of any technology solution and we
congratulate Eyal and look forward to continuing to build CybeRisk
through his very capable leadership, we'd like to thank Yoram for
his service and wish him well in his future endeavors."
"I would like to thank Phil and the team at Finjan for the
appointment as CEO of CybeRisk. Having been in business 18 months,
I believe CybeRisk is on a path towards real momentum," said
Harari. "The prevalence of cybersecurity threats to organizations,
both large and small, is increasing and I am confident we have the
right team in place, the experience and the knowledge to offer
corporations guidance and deliver on our promise of interconnection
from the server room to the board room."
About Finjan
Finjan, formerly known as Converted Organics, is a leading online
security and technology company which owns a portfolio of patents,
related to software that proactively detects malicious code and
thereby protects end-users from identity and data theft, spyware,
malware, phishing, trojans and other online threats. Founded in
1997, Finjan is one of the first companies to develop and patent
technology and software that is capable of detecting previously
unknown and emerging threats on a real-time, behavior-based basis,
in contrast to signature-based methods of intercepting only known
threats to computers, which were previously standard in the online
security industry.
Finjan Holdings reported a net loss of $12.6 million in 2015, a
net loss of $10.5 million in 2014 and a net loss of $6.07 million
in 2013.
As of Sept. 30, 2016, Finjan had $15.04 million in total assets,
$4.57 million in total liabilities, $13.68 million in redeemable
preferred stock and $3.22 million in stockholders' deficit.
FORBES ENERGY: Working Capital Deficit Raises Going Concern Doubt
-----------------------------------------------------------------
Forbes Energy Services Ltd. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing a
net loss of $23.21 million on $27.86 million of revenues for the
three months ended September 30, 2016, compared to a net loss of
$13.51 million on $55.56 million of revenues for the same period in
2015.
For the nine months ended September 30, 2016, the Company recorded
a net loss of $86.36 million on $88.20 million of revenues,
compared to a net loss of $26.69 million on $202.70 million of
revenues for the same period last year.
The Company's balance sheet at September 30, 2016, showed total
assets of $332.57 million, total liabilities of $337.04 million,
$15.10 million series B senior convertible preferred shares, and a
stockholders' deficit of $19.57 million.
During the nine months ended September 30, 2016, the Company
incurred a net loss of $86.4 million and has a working capital
deficit of $252.6 million at September 30, 2016, primarily due to
the classification of the 9% Senior Notes as current liabilities
resulting from the ability of the holders of such 9% Senior Notes
to accelerate any indebtedness under the 9% Senior Indenture.
These conditions raise substantial doubt as to 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/sS5HWD
Alice, Texas-based Forbes Energy Services Ltd. is an independent
oilfield services (OFS) company providing a wide range
of well site services to oil and natural gas exploration and
production companies to help develop and enhance production.
Forbes' broad range of end-to-end services include Well Servicing
and Fluid Logistics (62% and 38% of 2015 revenues, respectively.)
Total revenue for 2015 was $244 million.
FOREST ENERGIES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Forest Energies, LLC
2700 Highway 280, Suite 210
West Birmingham, AL 35223
Case No.: 16-04794
Chapter 11 Petition Date: November 18, 2016
Court: United States Bankruptcy Court
Northern District of Alabama (Birmingham)
Judge: Hon. Tamara O Mitchell
Debtor's Counsel: C. Taylor Crockett, Esq.
C. TAYLOR CROCKETT, P.C.
2067 Columbiana Road
Birmingham, AL 35216
Tel: 205-978-3550
Fax: 205-978-3556
E-mail: taylor@taylorcrockett.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Lenn W. Morris, managing member.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/alnb16-04794.pdf
FPUSA LLC: Wants Plan Exclusivity Extended, Cites Patent Suit
-------------------------------------------------------------
FPUSA, LLC asks the U.S. Bankruptcy Court for the Eastern District
of Texas to extend the (a) deadline to file a plan of
reorganization until Aug. 17, 2017, (b) exclusive period in which
to file a plan of reorganization until Aug. 17, 2017, and (c)
exclusive time in which to obtain acceptances of a plan of
reorganization until Oct. 17, 2017.
According to the Debtor, prior to its bankruptcy filing, M-I, LLC
sued the Debtor in the U.S. District Court for the Western District
of Texas, San Antonio Division, and obtained a preliminary
injunction preventing the Debtor from manufacturing, marketing,
selling, servicing, importing, or exporting the Vac-Screen system.
The preliminary injunction essentially forced the Debtor to cease
operations.
The Debtor relates that following the entry of the preliminary
injunction, M-I continued to aggressively litigate its patent
infringement case against the Debtor, and the Debtor filed a
petition to institute an Inter Partes Review with United States
Patent and Trademark Office seeking a determination that the Debtor
had not violated M-I's patent.
Subsequently, the Debtor filed its Motion to extend its exclusivity
periods pending resolution of its motion for the dissolution of the
preliminary injunction. However, after the Court has entered its
order granting the Debtor's Motion to Extend Exclusivity Periods,
the District Court entered an order denying the Motion to Dissolve
Injunction.
As a result of the District Court's denial of the Motion to
Dissolve, the District Court Action is currently stayed by the
bankruptcy automatic stay and will likely not be resolved until the
IPR action concludes. Currently, the IPR action is proceeding as
expected, and the Debtor's reply to M-I's response in the IPR is
due on or before Jan. 19, 2017. The Debtor expects a ruling to be
made in the IPR by June 2017.
The Debtor contends that if the Debtor prevails in the IPR, the
result will be that M-I's competing patent is invalid which moots
the litigation in the District Court Action. In this case, the
Debtor will have a basis to propose a reorganization plan. On the
contrary, if the Debtor is not successful in the IPR, then the
Debtor will almost certainly either seek to dismiss this chapter 11
case or seek to convert it to a chapter 7 liquidation.
About FPUSA, LLC
FPUSA, LLC filed a Chapter 11 petition (Bankr. E.D. Tex. Case No.
16-40742), on April 21, 2016. The petition was signed by Robert
Russell, sole executive committee member.
The case is assigned to Hon. Brenda T. Rhoades.
The Debtor's counsel is John T. Richer, Esq. at Hall Estill
Hardwick Gable Golden Nelson, P.C. of 320 South Boston Svenue,
Suite 200, Tulsa, OK 74103-3706.
At the time of filing, the Debtor had $1 million to $10 million in
estimated assets and $1 million to $10 million in estimated
liabilities.
FREDERICK KEITEL: Tasha Claim To Be Paid Within 18 Months
---------------------------------------------------------
Frederick Keitel filed with the U.S. Bankruptcy Court for the
Southern District of Florida a third amended disclosure statement
accompanying his third amended plan of reorganization.
Tasha Enterprises has filed a secured claim in the amount of
$403,543.29. The claim is secured by proceeds from the sale of the
property located at 412 Brazilian Court. It is estimated that
Tasha has a valid secured claim in the approximate amount of
$125,000, which will be satisfied from the funds held by Furr and
Cohen. The remaining amount owed within 18 months or will be paid
in full upon the sale of one of the Palm Beach townhomes.
FJK-Tee Jay of Florida has filed two unsecured claims, one in the
amount of $5,923,551.31 and the other in the amount of $504,948.49.
The Debtor has a lawsuit against the claimant for $20,000,000.00.
According to the Debtor, both claims are unsubstantiated and are
being litigated in the 15th Judicial Circuit in and for Palm Beach
County, Florida. If FJK-Tee Jay is successful, it will be able to
execute on ownership interest of the Debtor in FJK IV Properties.
Based on offers sent to FJK-Tee Jay, Ltd to purchase the property
and rejected by Jonathan D’Agostino, the Debtor estimates the
value of his ownership interest in FJK IV Properties is
approximately $6,750,000.00. Tee Jay of Florida would be fully
satisfied from the shares in FJK IV Properties.
Thomas D. D'Agostino, Jr., as Trustee filed a claim on behalf of
the Thomas B. and Elzbieta M. D'Agostino 1997 CRT. The Trust's
claim is a contingent claim in the amount of $4,548,706.09. This
claim is unsecured as to the Debtor but is secured by property
owned by Florida Capital Management. The claimant has been fully
satisfied and, in fact, owes the Debtor $884,802.00. This claim is
being litigated in the 15th Judicial Circuit in and for Palm Beach
County, Florida. The value of the property in its present state is
$5,500,000.00. If it is determined that the claim against the
Debtor is valid, the claimant will be fully satisfied from the
property and will have no remaining claim against the Debtor. The
Debtor will be filing a motion to estimate this claim pursuant to
11 U.S.C. Section 502(c)(1).
Under the third amended disclosure statement, Unsecured Creditors
will be paid in full on the effective date. The total amount of
undisputed unsecured claims is approximately $151,713.
The plan proposes to pay all costs and expenses of administration
within thirty days of the date of confirmation of the Plan, or
within such additional time as the administrative claimants may
allow. The total amount of administrative expenses has not yet been
determined but will be set by the Court at the hearing on the
confirmation of the Plan.
The plan will be funded by the income to be received by the Debtor
as the developer of the Florida Capital Management project and
money in escrow.
A full-text copy of the Third Amended Disclosure Statement dated
October 25, 2016, is available at:
http://bankrupt.com/misc/flsb15-21654-383.pdf
About Frederick Keitel
Frederick J. Keitel, III sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 15-21654) on June 29,
2015. The case is assigned to Judge Erik P. Kimball.
The Debtor owns various interests in companies that own commercial
real estate. At the time of the filing of his case, the Debtor's
companies and their assets were valued at over $20 million.
FREESTONE RESOURCES: Incurs $367,000 Net Loss in Sept. 30 Quarter
-----------------------------------------------------------------
Freestone Resources, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $366,585 on $284,617 of total revenue for the three months ended
Sept. 30, 2016, compared to a net loss of $520,360 on $337,621 of
total revenue for the three months ended Sept. 30, 2015.
As of Sept. 30, 2016, Freestone had $1.88 million in total assets,
$2.19 million in total liabilities and a total deficit of
$303,345.
The Company has little cash reserves and liquidity to the extent it
receives it from operations and through the sale of common stock.
"As of the date of this quarterly report, there is doubt regarding
the Company's ability to continue as a going concern as we have not
generated sufficient cash flows to fund our business operations and
loan commitments. Our future success and viability, therefore, are
dependent upon our ability to generate capital financing. The
failure to generate sufficient revenues or raise additional capital
may have a material and adverse effect upon the Company and our
shareholders."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/gY75dE
About Freestone Resources, Inc.
Freestone Resources, Inc., a Nevada corporation, is an oil and gas
technology development company that is actively developing and
marketing technologies and solvents designed to benefit various
sectors in the oil and gas industry. The Company has re-launched
its Petrozene solvent after developing a new and improved formula.
Petrozene is primarily used to dissolve paraffin buildup, and it is
primarily used for pipelines, oil storage tanks, oil sludge build
up, de-emulsification, well treatment, as a corrosion inhibitor and
as a catalyst in opening up formations thereby aiding in oil
production.
Freestone reported a net loss attributable to Freestone of $2.38
million on $1.10 million of total revenue for the fiscal year ended
June 30, 2016.
Heaton & Company, PLLC, in Farmington, Utah, issued a "going
concern" qualification on the consolidated financial statements for
the year ended June 30, 2016, citing that the Company has not
generated sufficient cash flows to fund its business operations.
These factors raise substantial doubt that the Company will be able
to continue as a going concern.
GALENFEHA INC: Net Losses Since Inception Raise Going Concern Doubt
-------------------------------------------------------------------
Galenfeha, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
income of $248,382 on $78,516 of gross profit for the three months
ended September 30, 2016, compared to a net loss of $759,126 on
$59,378 of gross profit for the same period in 2015.
For the nine months ended September 30, 2016, the Company recorded
a net loss of $752,987 on $194,147 million of gross profit,
compared to a net loss of $1.15 million on $313,268 of gross profit
for the same period last year.
The Company's balance sheet at September 30, 2016, showed total
assets of $1.69 million, total liabilities of $1.25 million, and a
stockholders' equity of $439,885.
The Company has incurred net losses and net cash used in operations
since inception. These conditions raise substantial doubt about
the Company's ability to continue as a going concern. The
Company's ability to continue as a going concern is dependent upon
the Company's ability to achieve a level of profitability. The
Company intends on financing its future development activities and
its working capital needs largely from the sale of public equity
securities with some additional funding from other traditional
financing sources, including term notes until such time that funds
provided by operations are sufficient to fund working capital
requirements.
A full-text copy of the Company's Form 10-Q is available at:
https://is.gd/ZN6cD2
Galenfeha, Inc., provides solutions for oil and natural gas
production, as well as stored energy products across multiple
industries. The Company provides these products and services
through its Stored Energy and Oil and Gas division. The Company,
through Daylight Pumps, LLC (Daylight), produces injections pumps
to the oil and gas industry.
GARDEN FRESH: Selling Assets to GFRC Acquisition
------------------------------------------------
Garden Fresh Restaurant Intermediate Holding, LLC, and affiliates
filed with the U.S. Bankruptcy Court for the District of Delaware a
notice disclosing its proposed sale of assets to GFRC Acquisition,
LLC, subject to overbid.
On Oct. 7, 2016, the Debtors filed their Motion for Orders (A)(I)
Authorizing and Approving Bid Procedures, (II) Authorizing and
Approving the Debtors' Entry into the Stalking Horse APA, (III)
Approving Notice Procedures, (IV) Scheduling a Sale Hearing, and
(V) Approving Procedures for Assumption and Assignment and
Determining Cure Amounts and (B)(I) Authorizing the Sale of
Substantially All of the Debtors' Assets Free and Clear of All
Claims, Liens, Rights, Interests, and Encumbrances, (II) Approving
the Stalking Horse APA; and (III) Authorizing the Debtors to Assume
and Assign Certain Executory Contracts and Unexpired Leases, with
the Court, seeking, among other things, entry of an order
authorizing and approving: (a) the "Sale" of certain assets
("Purchased Assets") free and clear of all liens, claims,
encumbrances, and other interests (other than Permitted
Encumbrances, with all such liens, claims, encumbrances, and other
interests attaching with the same validity and priority to the Sale
proceeds, to GFRC Acquisition, a Delaware limited liability company
("Stalking Horse Bidder"), an affiliate of the TLA Lenders, except
as set forth in the Stalking Horse APA and subject to higher or
otherwise better offers; and (b) certain procedures for the
assumption and assignment of executory "Contracts" and unexpired
"Leases" in connection with the Sale.
The Debtors are soliciting offers for the purchase of the Purchased
Assets free and clear of all claims and liens whatsoever and
assumption of the Assumed Liabilities of the Debtors consistent
with certain "Bidding procedures" approved by the Court by entry of
an order on Nov. 15, 2016. The deadline for each Potential Bidder
to submit a proposal to purchase the Purchased Assets is Dec. 6,
2016 at 5:00 p.m. (PET).
If the Debtors receive qualified competing bids within the
requirements and time frame specified by the Bid Procedures, the
Debtors will conduct an "Auction" of the Purchased
Assets on Dec. 8, 2016 at 10:00 a.m. (PET) at the offices of
Morgan, Lewis & Bockius LLP, 101 Park Avenue, New York, New York,
which may be attended by any and all creditors of the Debtors who
provide written notice to Debtors' counsel no later than 1 business
day prior to the Auction; provided, however, that the Debtors, in
their discretion, will have the right to hold the Auction at
another place (which will be in New York, New York), or on such
other date as determined by the Debtors, with the prior consent of
the official committee of unsecured creditors appointed in the
Cases and the Stalking Horse Bidder with notice to all Qualified
Bidders and any other invitees, including all creditors that
provide timely written notice of intent to attend the Auction.
Creditors that wish to attend the Auction must send notice to
Debtors' counsel, Morgan Lewis & Bockius LLP, 101 Park Avenue, New
York, New York Attn: James O. Moore (james.moore@morganlewis.com),
no less than 1 Business Day prior to the Auction.
By the earlier of (i) 24 hours following the close of the Auction
or (ii) the close of business on Dec. 9, 2016, the Debtors will
file a notice identifying the Successful Bidder.
Pursuant to the Bid Procedures Order, a hearing will be held before
the Honorable Judge Christopher S. Sontchi, U.S. Bankruptcy Judge,
on Dec. 15, 2016 at 1:00 p.m. (PET), in Courtroom 6 of the Court,
824 Market Street, 5th Floor, Wilmington, to consider approval of
the Sale. If the Successful Bidder fails to consummate the
proposed transaction, parties will have at least 7 days notice and
opportunity to object to the sale to the Back-Up Bidder.
The deadline to file objections, if any, to the transactions
contemplated by the Stalking Horse APA or to entry of the Sale
Order, including objections to the assignment of Contracts and
Leases to the Stalking Horse Bidder, is Dec. 9, 2016 at 4:00 p.m.
(PET), except as otherwise set forth in the Bid Procedures Order
with respect to (i) matters arising under Contracts and Leases
following the Closing, (ii) the assignment of Contracts and Leases
to the Successful Bidder (other than the Stalking Horse Bidder),
which will be filed by Dec. 14, 2016 at 4:00 p.m. (PET), or (iii)
objections to proposed cure amounts, which shall be filed by Nov.
29, 2016 at 4:00 p.m. (PET).
In accordance with the Bid Procedures and Bid Procedures Order,
upon the closing of the sale, a separate notice will be provided to
the counterparties to executory contracts and unexpired leases that
are to be assumed and assigned in connection with the sale.
About Garden Fresh
Founded in 1978 and headquartered in San Diego, CA, Garden Fresh
owns of 123 Souplantation and Sweet Tomatoes restaurants across 15
states. Garden Fresh has 5,500 employees, approximately 5,000 of
whom are employed on an hourly basis.
Garden Fresh Restaurant Intermediate Holding, LLC, and its
affiliates filed Chapter 11 petitions (Bankr. D. Del. Case Nos.
16-12174 to 16-12178) on Oct. 3, 2016. The petitions were signed
by
John D. Morberg, chief executive officer.
The Debtors have hired Morgan, Lewis & Bockius LLP as general
counsel; Young, Conaway, Stargatt & Taylor, LLP as local counsel;
Piper Jaffray Companies as financial advisor; and Epiq Bankruptcy
Solutions, LLC as claims and noticing agent.
At the time of the filing, Garden Fresh Restaurant Intermediate
Holdings estimated assets and debts at $0 to $50,000.
Andrew R. Vara, Acting U.S. Trustee for Region 3, on Oct. 13,
2016,
appointed five creditors of Garden Fresh Restaurant Intermediate
Holdings, LLC, et al., to serve on the official committee of
unsecured creditors.
GENERAL PRODUCTS: Court to Take Up Liquidating Plan on Dec. 14
--------------------------------------------------------------
A U.S. bankruptcy judge will consider approval of the Chapter 11
plan of liquidation of General Products Corp. at a hearing on
December 14.
Judge Thomas Tucker of the U.S. Bankruptcy Court for the Eastern
District of Michigan will hold the hearing at 11:00 a.m., at Room
1925, 211 W. Fort Street, Detroit, Michigan.
Judge Tucker will also consider at the hearing objections to final
approval of the company's disclosure statement, which explains the
liquidating plan. The bankruptcy judge gave preliminary approval
to the disclosure statement on November 3.
The court order set a December 5 deadline for creditors to cast
their votes and file their objections to the liquidating plan,
which was jointly filed on November 1 by the company and the
official committee of unsecured creditors.
About General Products
General Products Corporation and General Products Mexico, LLC, both
based in Livonia, MI, filed a Chapter 11 petition (Bankr. E.D.
Mich. Case Nos. 16-49267 and 16-49269) on June 27, 2016. The Hon.
Thomas J. Tucker (16-49267) and Walter Shapero (16-49269) preside
over the case. Rachel L. Hillegonds, Esq. and John T. Piggins,
Esq., at Miller Johnson, as bankruptcy counsel.
In its petition, General Products Corporation estimated $50 million
to $50 million in both assets and liabilities. General Products
Mexico estimated $50,000 to $50 million in both assets and
liabilities. The petition was signed by Andrew Masullo, president
and chief executive officer.
The Debtors have hired Miller Johnson as counsel, Blue-Water
Partners as financial advisor and Robert Zimmer as consultant.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors in the case.
GERALD MICHAEL ABRAHAM: December 14 Plan Confirmation Hearing
-------------------------------------------------------------
Judge Caryl E. Delano of the U.S. Bankruptcy Court for the Middle
District of Florida issued on October 26 an order conditionally
approving the disclosure statement explaining the plan filed by
Gerald Michael Abraham.
Judge Delano will conduct a hearing on confirmation of the Plan on
Dec. 14, 2016, at 10:30 AM, in Fort Myers, Florida - Room 4−117,
Courtroom E, U.S. Courthouse, 2110 First Street. The hearing may
be adjourned from time to time by announcement made in open court
without further notice. If the Plan is not confirmed, the Court
will also consider dismissal or conversion of the case.
Objections to confirmation must be filed with the Court no later
than seven days before the date of the Confirmation Hearing.
The bankruptcy case is In re: Gerald Michael Abraham, Case No.
9:15-bk-02150-FMD (Bankr. M.D. Fla.).
GLENCORP INC: Court to Consider Plan Objections at Nov. 29 Hearing
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan is
set to hold a hearing on any objections to confirmation of the
Chapter 11 plan of Glencorp, Inc. on November 29.
The hearing will be held at 10:30 a.m., at Room 1875, 211 West Fort
Street, Detroit, Michigan.
The bankruptcy court will also consider at the hearing objections
to final approval of the company's disclosure statement explaining
its proposed plan. The court gave preliminary approval to the
disclosure statement on November 2.
Creditors have until November 22 to cast their votes and file their
objections.
Holders of allowed Class VII General Unsecured Claims will be paid
a pro rata share of the general unsecured claims payment. The
General Unsecured Claims Payment will be at least equal to 50% of
the net proceeds of all equipment sold. This Class is Impaired.
Upon the Effective Date, Debtor will become the Reorganized
Debtor.
Notwithstanding anything to the contrary in this Plan, the
Reorganized Debtor shall continue operating Debtor’s
business,
shall collect all revenues and income, and shall distribute such
revenues and income as provided under the terms of this Plan.
During the Payment Period, the Reorganized Debtor shall retain
Ronald A. Marino as its President and sole officer. The
Reorganized
Debtor may retain other employees, including Insiders, at
commercially reasonable rates of compensation as more fully
described in the Disclosure Statement.
The Disclosure Statement is available at:
http://bankrupt.com/misc/mieb16-46905-112.pdf
About Glencorp Inc.
Glencorp, Inc. is an earth-moving contractor engaged in the
business of moving dirt and heavy cuts, digging retention ponds,
and digging roads for developers in subdivision.
Glencorp, Inc., based in Shelby Twp., Michigan, filed a Chapter 11
petition (Bankr. E.D. Mich. Case No. 16-46905) on May 5, 2016.
Hon. Marci B McIvor presides over the case. Ryan D. Heilman, Esq.,
and Michael R. Wernette, Esq., at Wernette Heilman PLLC, serve as
counsel to the Debtor. 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 Ronald A. Marino,
president.
GREAT AMERICAN MINT: Hires Totaro as Bankruptcy Counsel
-------------------------------------------------------
Great American Mint & Refinery, Inc., seeks authorization from the
U.S. Bankruptcy Court for the Central District of California to
employ the Law Offices of Totaro & Shanahan as general insolvency
counsel.
The Debtor requires the Firm to:
a. pre-petition counseling, including meetings and phone
calls and emails, concerning the various chapters, benefits and
disadvantages of each filing of a chapter 11 case and Debtor's
rights and responsibilities as chapter 11 debtor in possession,
including the requirements of the Bankruptcy Code, the Federal
Rules of Bankruptcy Procedure, the Local Bankruptcy Rules, and the
United States Trustee Guidelines and complete all first day motions
and comply package prior to filing.
b. prepare document, including the petition and schedules,
status reports, and attend at all hearings, included but not
limited to the Status Conference, Initial Debtor Interview ("IDI"),
meet creditors pursuant to Bankruptcy Code section 341(a) or any
continuance thereof, all status conferences; prepare any first day
motions and employment applications and all hearings on motions,
the disclosure statement and plan;
c. consult with Debtor's representative concerning documents
needed and reports to be prepared and consultation with state court
trial counsel re any existing litigation and other issues;
d. assist Debtor in preparation of documents for compliance
with the requirements of the Office of the United States Trustee
("OUST");
e. negotiate with secured and unsecured creditors regarding
the amount and payment of their claims;
f. discuss with Debtor's representative concerning the
Disclosure Statement and plan of reorganization;
g. prepare Disclosure Statement and Chapter 11 Plan of
Reorganization and any amendments/changes to the same;
h. submit ballots to creditors, tally ballots and submit to
the Court;
i. response objections to disclosure statement and/or plan;
j. negotiate with creditors as to values, etc and the plan of
reorganization;
k. response to any motions for relief from stay, motions to
dismiss or any other motions or contested matters;
In cases involving litigation, if ligation counsel is employed the
Firm will assist in the following matters. In cases where no
litigation counsel is employed, the Firm will undertake the
following matters:
a. prepare, submit and prosecute of any adversary proceedings
that may be necessary to the case including but not limited to
determine the value of real property as collateral and extinguish
unsecured liens on real property;
b. review of proofs of claims and if necessary, prepare
formal objections with respect to claims asserted;
c. oppose to any motion sought by trustee, court and/or
creditors;
d. response to any other adversary matter that arises during
the administration of this chapter 11 case.
The Firm will be paid at these hourly rates:
Attorneys $550
Paralegal $150
A retainer of $35,000 was paid from loans to the corporation to
cover pre-petition work
Michael R. Totaro, Esq. partner in the law firm of Totaro &
Shanahan, 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.
The Firm may be reached at:
Michael R. Totaro, Esq.
The Law Offices of Totaro & Shanahan
P.O. Box 789
Pacific Palisades, CA 90272
Phone: (310) 573-0276
About Great American Mint & Refinery,Inc
American Mint & Refinery,Inc. filed a Chapter 11 bankruptcy
petition (Bankr. C.D.Cal. Case No. 16-14552) on November 3, 2016.
The Hon. Theodor Albert presides over the case. The Law Offices of
Totaro & Shanahan represents the Debtor as counsel. The Debtor
disclosed total assets of $1.17 million and total liabilities of
$6.19 million. The petition was signed by Ulrich Blankenstein,
president.
GREAT BASIN: CVI Investments Holds 9.9% Stake as of Nov. 3
----------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, CVI Investments, Inc. and Heights Capital Management,
Inc., disclosed that as of Nov. 3, 2016, they beneficially own
15,000,000 shares of common stock, $0.0001 par value per share, of
Great Basin Scientific, Inc. which represents 9.9 percent of the
shares outstanding.
The number of Shares reported as beneficially owned consists of (i)
13,200,000 Shares and (ii) 1,800,000 Shares issuable upon
conversion of shares of Series F Preferred Stock. The Preferred
Stock is not convertible to the extent that the total number of
Shares then beneficially owned by a Reporting Person and its
affiliates and any other persons whose beneficial ownership of
Shares would be aggregated with such Reporting Person for purposes
of Section 13(d) of the Exchange Act, would exceed 9.99%.
The Company's Current Report on Form 8-K filed on Nov. 4, 2016,
indicates that there were 148,583,052 Shares outstanding at the
time of the Reporting Person's receipt of the Shares.
Heights Capital Management, Inc., which serves as the investment
manager to CVI Investments, Inc., may be deemed to be the
beneficial owner of all Shares owned by CVI Investments, Inc. Each
of the Reporting Persons hereby disclaims any beneficial ownership
of any such Shares, except for their pecuniary interest therein.
A full-text copy of the regulatory filing is available at:
https://is.gd/onbkSu
About Great Basin
Great Basin Scientific is a molecular diagnostic testing company
focused on the development and commercialization of its patented,
molecular diagnostic platform designed to test for infectious
disease, especially hospital-acquired infections. The Company
believes that small to medium sized hospital laboratories, those
under 400 beds, are in need of simpler and more affordable
molecular diagnostic testing methods. The Company markets a system
that combines both affordability and ease-of-use, when compared to
other commercially available molecular testing methods, which the
Company believes will accelerate the adoption of molecular testing
in small to medium sized hospitals. The Company's system includes
an analyzer, which it provides for its customers' use without
charge in the United States, and a diagnostic cartridge, which the
Company sells to its customers.
Great Basin reported a net loss of $57.9 million in 2015 following
a net loss of $21.7 million in 2014.
As of Sept. 30, 2016, Great Basin had $83.40 million in total
assets, $144.88 million in total liabilities and a total
stockholders' deficit of $61.47 million.
Mantyla McReynolds, LLC, in Salt Lake City, Utah, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has incurred substantial losses from operations causing
negative working capital and negative operating cash flows. These
issues raise substantial doubt about its ability to continue as a
going concern.
GREAT BASIN: Incurs $29.0 Million Net Loss in Third Quarter
-----------------------------------------------------------
Great Basin Scientific, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $29.04 million on $735,800 of revenues for the three
months ended Sept. 30, 2016, compared to net income of $13.05
million on $545,900 of revenues for the same period during the
prior year.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $82.97 million on $2.19 million of revenues compared to
a net loss of $38.95 million on $1.53 million of revenues for the
nine months ended Sept. 30, 2015.
As of Sept. 30, 2016, Great Basin had $83.40 million in total
assets, $144.9 million in total liabilities, and a total
stockholders' deficit of $61.47 million.
The Company has incurred substantial losses from operations and
negative operating cash flows which raise substantial doubt about
the Company's ability to continue as a going concern. The Company
sustained a net loss for the nine months ended Sept. 30, 2016, of
$83.0 million and a net loss for the year ended Dec. 31, 2015, of
$57.9 million, and has an accumulated deficit of $204.9 million as
of Sept. 30, 2016. The Company has limited liquidity and has not
yet established a stabilized source of revenue sufficient to cover
operating costs and development needs. Accordingly, the Company's
continuation as a going concern is dependent upon its ability to
generate greater revenue through increased sales and/or its ability
to raise additional funds through the capital markets. Whether and
when the Company can attain profitability and positive cash flows
from operations or obtain additional financing is uncertain.
"We're thrilled with the continued growth of our Group B Strep
revenue and its increasing contribution to our business -- now at
15% -- which offset expected seasonal declines in C. diff revenue
in the quarter. Further, with the commercial launch of two new
assays in the third quarter, we have additional products to grow
revenue while potentially reducing the seasonality of our revenue
stream," said Ryan Ashton, co-founder and chief executive officer.
"The Staph ID/R panel and the Shiga Toxin Direct test have opened
the door to potential placement of our system at much larger
hospitals and labs, as well as adding assays and volumes at
existing customer sites without additional instruments -- a shift
that should allow us to better utilize our fleet of instruments
while we continue to seek increased revenue per customer. We
believe this momentum is exciting in that the investments we're
making in the business are paying off with revenue growth, an
expanding customer base, and the continued commercialization of new
assays, all of which benefits both our customers and
shareholders."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/auzgiH
About Great Basin
Great Basin Scientific is a molecular diagnostic testing company
focused on the development and commercialization of its patented,
molecular diagnostic platform designed to test for infectious
disease, especially hospital-acquired infections. The Company
believes that small to medium sized hospital laboratories, those
under 400 beds, are in need of simpler and more affordable
molecular diagnostic testing methods. The Company markets a system
that combines both affordability and ease-of-use, when compared to
other commercially available molecular testing methods, which the
Company believes will accelerate the adoption of molecular testing
in small to medium sized hospitals. The Company's system includes
an analyzer, which it provides for its customers' use without
charge in the United States, and a diagnostic cartridge, which the
Company sells to its customers.
Great Basin reported a net loss of $57.9 million in 2015 following
a net loss of $21.7 million in 2014.
Mantyla McReynolds, LLC, in Salt Lake City, Utah, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has incurred substantial losses from operations causing
negative working capital and negative operating cash flows. These
issues raise substantial doubt about its ability to continue as a
going concern.
GREAT NORTHERN: $60K DIP Loan, Cash Use on Final Basis Allowed
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized Great Northern Brewing Company to obtain secured
post-petition financing of up to $60,000 from Foreign Trade Zone
Company with interest rate to accrue at 5% per annum.
The Court acknowledged the necessity of such financing, in order
for the Debtor to pay actual and necessary expenses of its
bankruptcy estate, in the approximate total amount of $218,661, as
set forth in its Budget for the period beginning Nov. 9, 2016
through Feb. 9, 2017.
Foreign Trade Zone was granted with an automatically perfected
first priority security interest and blanket liens all of Debtor's
rights and interests in and to Intellectual Property and brands,
and an automatic administrative claim pursuant to Section 364(b) of
the Bankruptcy Code.
The Court held that the Debtor's obligations under the DIP Facility
will constitute a priming lien on the Collateral that is superior
to all other existing liens on such Collateral, except valid and
enforceable ad valorem tax liens.
The DIP Facility continues to be effective until the maturity date
which is the earliest of:
(a) 12 months from November 15, 2016;
(b) 60 days after the Petition Date if the Final Order has
not been entered;
(c) the date of the acceleration of the Obligations pursuant
to the terms of the Loan Documents, on which all outstanding
principal and accrued interest is due and payable,
(d) the effective date of a confirmed plan of reorganization
or liquidation that provides for indefeasible payment in full, in
cash of all obligations owing under the Loan Documents or is
otherwise acceptable to Lender;
(e) the date which is the closing date of any sale of all or
substantially all of the Debtor’s assets;
(f) an Event of Default under the Loan Documents; or
(g) such other date as is agreed to in the Loan Documents.
A full-text copy of the Final Order, dated November 15, 2016, is
available at https://is.gd/hcMLgg
About Great Northern Brewing Company
Great Northern Brewing Company, a Texas corporation, has its
principal place of business at 4018 Amon Carter Blvd, #204, Fort
Worth, TX 76155. It is the owner and operator of the Great
Northern Brewery located at 2 Central Avenue, Whitefish, Montana
59937. The Brewery, in operation since 1995, produces specialty
lagers and ales and has the capacity to brew 10,000 barrels
annually. The Debtor is actively managed by Dennis Konopatzke, its
Chief Executive Officer and sole director.
Great Northern Brewing Company filed a Chapter 11 petition (Bankr.
N.D. Tex. Case No. 16-43989), on October 14, 2016. The petition
was signed by Dennis Konopatzke, chief executive officer. The case
is assigned to Judge Russell F. Nelms. The Debtor is represented
by Mark A. Weisbart, Esq., at the Law Office of Mark A. Weisbart.
At the time of filing, the Debtor estimated assets and liabilities
at $1 million to $10 million.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/txnb16-43989.pdf
GREEN COAL: W. Va. Judge Okays Thomas Fluharty as Ch. 11 Trustee
----------------------------------------------------------------
Hon. Frank W. Volk, the Chief Judge of the United States Bankruptcy
Court for the Southern District of West Virginia entered an Order
approving the appointment of Thomas H. Fluharty as the Chapter 11
Trustee for Green Coal, LLC.
The United States Trustee has selected Thomas H. Fluharty to be the
Chapter 11 Trustee after a consultation conducted with the parties
identified in its application for the appointment of a Chapter 11
Trustee.
The Troubled Company Reporter previously reported that the U.S.
Trustee filed a motion asking the Court to direct the appointment
of a Chapter 11 Trustee for the Debtor, saying she is concerned the
pending State Court criminal action against Mr. Burkons for the
alleged assault on Dennis Johnson, the sole member of the debtor,
that is scheduled for trial on October 20, 2016 in Boyd County,
Kentucky. The U.S. Trustee believes that allowing Mr. Burkons to
remain in charge of the management and control of the debtor would
delay the administration of the case and be detrimental to and not
in the best interest of creditors.
The U.S. Trustee noted that an independent Chapter 11 Trustee can
assess the prospects for rehabilitation and can liquidate or
otherwise administer estate assets and pursue estate causes of
action in the interests of the creditors.
About Green Coal
The Circuit Court Judge, on May 18, 2016, entered an Order
appointing a special receiver in certain of Deenis Ray Johnson's
entities. A substitute special receiver, Zachary Burkons, was
ultimately appointed on August 15, 2016. The successor special
receiver filed Chapter 11 petitions for Appalachian Mining and
Reclamation, LLC, Green Coal, LLC, Joint Venture Development, LLC,
Producers Coal, Inc., Producers Land, LLC, and Redbud Dock, LLC.
Green Coal, LLC's bankruptcy case is Case No. 16-30399 (Bankr. S.D.
W.Va.).
Dennis Ray Johnson is a businessman with ownership interests in at
least 10 entities. He operates various rental real estate entities
and coal associated operations. Mr. Johnson is a member of each of
the following debtor companies -- Appalachian Mining and
Reclamation, LLC, DJWV1, LLC, DJWV2, LLC, Elkview Reclamation and
Processing, LLC, Green Coal, LLC, Joint Venture Development, LLC,
Little Kentucky Elk, LLC, Moussie Processing, LLC, Producer's Coal,
Inc., Producer's Land, LLC, Redbud Dock, LLC, Southern Marine
Services, LLC, Southern Marine Terminal, LLC, and The Silo Golf
Course, LLC -- and has filed a motion asking the Bankruptcy Court
to jointly administer the bankruptcy cases. Mr. Johnson is also a
guarantor of the debt for most of the companies.
GREEN STAR LIGHTING: Seeks Authority to Use Channel Partners Cash
-----------------------------------------------------------------
Green Star Lighting Technologies, LLC asks the U.S. Bankruptcy
Court for the Northern District of Georgia for authorization to use
cash collateral.
The Debtor has been engaged in the business of the importation of
LED lighting products and sale of those products, primarily to
other businesses. All of the Debtor's income arises from cash
collateral.
The Debtor requires the use of cash collateral for the payment of
operating expenses, which include, among others, utilities, payroll
and other ordinary operating costs. The Debtor's proposed monthly
Budget projects total expenses in the amount of $17,025.
Channel Partners Capital, LLC has a security interest in the
Debtor's accounts receivable and inventory located in Gwinnett
County, Georgia. A second lender, Charis Finance, LLC, also has a
security interest in the same or similar collateral.
The Debtor is offering to provide Channel Partners with replacement
liens in and to all property of the estate of the kind presently
securing the indebtedness owing to Channel Partners. The Debtor is
also offering to pay Channel Partners adequate protection in the
amount of $1,500.00 per month.
A full-text copy of the Debtor's Motion, dated November 17, 2016,
is available at https://is.gd/ZyRH8w
Green Star Lighting Technologies, LLC is represented by:
Douglas Jacobson, Esq.
LAW OFFICES OF DOUGLAS JACOBSON, LLC
2450 Atlanta Hwy, Suite 803
Cumming, GA 30040
Telephone: (770) 887-3700
Channel Partners Capital, LLC can be reached through:
CHANNEL PARTNERS CAPITAL, LLC
Attn: Lance Brown-Ochs
11100 Wayzata Boulevard, Suite 305
Minnetonka, MN 55305
Email: lance.brown-ochs@channelpartnersllc.com
Charis Finance, LLC can be reached at:
CHARIS FINANCE, LLC
401 Industrial Park Drive NE
Lawrenceville, GA 30046
About Green Star Lighting
Green Star Lighting Technologies, LLC filed a Chapter 11 petition
(Bankr. N.D. Ga. Case No.), on November 14, 2016. The Debtor is
represented by Douglas Jacobson, Esq., at the Law Offices of
Douglas Jacobson, LLC.
HIGH-TOP HOLDINGS: U.S. Trustee Directed to Appoint Ch. 11 Trustee
------------------------------------------------------------------
Judge W. Homer Drake of the United States Bankruptcy Court for the
Northern District of Georgia enters an Order directing the U.S.
Trustee to appoint a Chapter 11 Trustee for High-Top Holdings,
Inc., and its estate.
The Order is made pursuant to the Motion for Appointment of a
Chapter 11 Trustee filed by the Movants of the case, RREF II BB
Acquisitions, LLC and RREF II BB-GA, LLC.
According to the movants, the Debtor's lack of reorganization plan
for over 10 months indicates that the bankruptcy case may have
been
filed for the sole purpose of stripping the Movants of their
judgment lien and so that Debtor can strip the property titled in
its name and convey such property to the Jackson family. The
Movants assert that the Debtor's actions in the bankruptcy case
has
largely centered on attacking the Movant's lien and removing the
property from the Debtor's estate. Thus, the Movants believe that
the rehabilitation is not the purpose of the bankruptcy
proceeding,
but rather the prompt appointment of a Chapter 11 Trustee.
About High-Top Holdings
High-Top Holdings, Inc., filed a Chapter 11 petition (Bankr. N.D.
Ga. Case No. 16-10022-whd ) on January 4, 2016, and is represented
by J. Nevin Smith, Esq., in Carrollton, Georgia.
At the time of filing, the Debtor had $500,000 to $1 million in
estimated assets and $1 million to $10 million in estimated
liabilities.
The petition was signed by Japeth Jackson, president.
A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/ganb16-10022.pdf
HOOPER TIMBER: Seeks to Hire Beard & Savory as Legal Counsel
------------------------------------------------------------
Hooper Timber Company, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Tennessee to hire legal counsel
in connection with its Chapter 11 case.
The Debtor proposes to hire Beard & Savory, PLLC to give legal
advice regarding its duties under the Bankruptcy Code, prepare its
bankruptcy plan, and provide other legal services.
Russell Savory, Esq., the attorney designated to represent the
Debtor, will be paid an hourly rate of $275.
Mr. Savory disclosed in a court filing that his firm does not hold
or represent any interest adverse to the Debtor or any of its
creditors.
The firm can be reached through:
Russell W. Savory (12786)
Beard & Savory, PLLC
88 Union Avenue, 14th Floor
Memphis, TN 38103
Phone: 901-523-1110
Email: russ@bsavory.com
About Hooper Timber Company
Hooper Timber Company, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 16-29970) on
October 28, 2016. The petition was signed by Timothy D. Hooper,
member.
At the time of the filing, the Debtor estimated assets and
liabilities of less than $1 million.
IMPRIMIS PHARMA: Insufficient Cash Raises Going Concern Doubt
-------------------------------------------------------------
Imprimis Pharmaceuticals, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing a
net loss of $3.85 million on $4.86 million of total revenues for
the three months ended September 30, 2016, compared to a net loss
of $3.95 million on $2.68 million of total revenues for the same
period in 2015.
For the nine months ended September 30, 2016, the Company recorded
a net loss of $12.98 million on $14.15 million of total revenues,
compared to a net loss of $10.77 million on $6.21 million of total
revenues for the same period last year.
The Company's balance sheet at September 30, 2016, showed total
assets of $21.52 million, total liabilities of $18.68 million, and
a stockholders' equity of $2.83 million.
The Company has incurred significant operating losses and negative
cash flows from operations since its inception. The Company
incurred net losses of $12.98 million and $10.77 million for the
nine months ended September 30, 2016 and 2015, respectively, and
had an accumulated deficit of $70.75 million and $57.76 million as
of September 30, 2016 and December 31, 2015, respectively. In
addition, the Company used cash in operating activities of $8.98
million and $7.84 million for the nine months ended September 30,
2016 and 2015, respectively.
While there is no assurance, the Company believes its existing cash
resources and restricted investments of approximately $2.81 million
at September 30, 2016, along with $841,000 in proceeds received
from insurance claims, is not sufficient to sustain the Company's
planned level of operations for at least the next twelve months.
The Company's history of recurring losses, and uncertainties as to
whether the Company's operations will become profitable, raise
substantial doubt about its ability to continue as a going
concern.
A full-text copy of the Company's Form 10-Q is available at:
https://is.gd/GLStW9
Imprimis Pharmaceuticals, Inc., is a national leader in the
development, production and dispensing of novel compounded
pharmaceuticals. The Company is focused on patient outcomes and
affordability by offering high quality customizable compounded
drugs in all 50 states. Imprimis is headquartered in San Diego,
California and operates three pharmacy facilities located in
California, New Jersey and Pennsylvania.
INDEPENDENCE TAX: Incurs $181,000 Net Loss in Second Quarter
------------------------------------------------------------
Independence Tax Credit Plus L.P. II filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $180,985 on $206,709 of total revenues for the three
months ended Sept. 30, 2016, compared to a net loss of $165,572 on
$216,954 of total revenues for the three months ended Sept. 30,
2015.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $400,727 on $416,147 of total revenues compared to a
net loss of $246,964 on $437,780 of total revenues for the same
period during the prior year.
As of Sept. 30, 2016, Independence Tax had $2.16 million in total
assets, $17.43 million in liabilities and a total partners' deficit
of $15.26 million.
At Sept. 30, 2016, the Partnership's liabilities exceeded assets by
$15,268,083 and for the six months ended September 30, the
Partnership had net loss of $400,727. These factors raise
substantial doubt about the Partnership's ability to continue as a
going concern. Partnership management fees of approximately
$1,880,000 will be payable out of sales or refinancing proceeds
only to the extent of available funds after payments on all other
Partnership liabilities have been made and after the Limited
Partners have received a 10% return on their capital contributions.
As such, the General Partner cannot demand payment of these
deferred fees beyond the Partnership's ability to pay them. In
addition, where the Partnership has unpaid partnership management
fees related to sold properties, such management fees are written
off and recorded as capital contributions.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/yFTdJk
About Independence Tax Credit Plus
Based in New York, Independence Tax Credit Plus L.P. II was
organized on Feb. 11, 1992, and commenced its public offering on
Jan. 19, 1993. The general partner of the Partnership is Related
Independence Associates L.P., a Delaware limited partnership. The
general partner of Related Independence Associates L.P. is Related
Independence Associates Inc., a Delaware Corporation. The
ultimate parent of Related Independence Associates L.P. is
Centerline Holding Company.
The Partnership's business is primarily to invest in other
partnerships owning leveraged apartment complexes that are
eligible for the low-income housing tax credit enacted in the Tax
Reform Act of 1986, some of which may also be eligible for the
historic rehabilitation tax credit.
The Partnership is in the process of developing a plan to dispose
of all of its investments.
INTERLEUKIN GENETICS: Incurs $1.96-Mil. Net Loss in Third Quarter
-----------------------------------------------------------------
Interleukin Genetics, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.96 million on $734,468 of total revenue for the three months
ended Sept. 30, 2016, compared to a net loss of $2.02 million on
$295,998 of total revenue for the three months ended Sept. 30,
2015.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $5.57 million on $2.28 million of total revenue
compared to a net loss of $6.03 million on $1.07 million of total
revenue for the nine months ended Sept. 30, 2015.
As of Sept. 30, 2016, Interleukin had $5.80 million in total
assets, $7.14 million in total liabilities and a total
stockholders' deficit of $1.33 million.
The Company has experienced net operating losses since its
inception through Sept. 30, 2016. The Company had net losses of
$7.9 million and $6.3 million for the years ended Dec. 31, 2015,
and 2014, respectively, and $5.6 million for the nine months ended
Sept. 30, 2016, contributing to an accumulated deficit of $134.6
million as of Sept. 30, 2016.
The Company continues to take steps to reduce genetic test
processing costs. Cost savings are primarily achieved through test
process improvements. Management believes that the current
laboratory space is adequate to process high volumes of genetic
tests.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/n1YqyN
About Interleukin
Waltham, Mass.-based Interleukin Genetics, Inc., is a personalized
health company that develops unique genetic tests to provide
information to better manage health and specific health risks.
Interleukin reported a net loss of $7.89 million on $1.44 million
of total revenue for the year ended Dec. 31, 2015, compared to a
net loss of $6.33 million on $1.81 million of total revenue for the
year ended Dec. 31, 2014.
Grant Thornton LLP, in Boston, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has incurred
recurring losses from operations and has an accumulated deficit
that raise substantial doubt about the Company's ability to
continue as a going concern.
JAC HOLDING: S&P Affirms Then Withdraws 'B' CCR
-----------------------------------------------
S&P Global Ratings said that it has affirmed its 'B' corporate
credit rating on JAC Holding Corp. The outlook is stable.
Subsequently, S&P withdrew all of its ratings on the company at the
issuer's request.
"We affirmed our 'B' corporate credit rating on JAC based on its
recent financial performance," said S&P Global credit analyst David
Binns.
"Subsequently, we withdrew all of our ratings on the company at the
issuer's request."
KAIZEN EDUCATION: S&P Rates 2016 Education Revenue Bonds 'BB+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term rating to the
Arizona Industrial Development Authority's series 2016 education
revenue bonds, issued for Kaizen Education Foundation. The outlook
is stable.
"The rating reflects our view of Kaizen's financial metrics, which,
although somewhat indicative of a higher rating, are constrained by
the relatively short operating history, small size of some of the
schools, and potential for additional capital needs for
facilities," said S&P Global Ratings credit analyst Kaiti Wang.
The enterprise profile is otherwise adequate for the rating,
characterized by recent charter renewals for eight of its 15
charters, over a decade of operations at most of the schools, and
an experienced management company specializing in both alternative
and traditional schools targeting high-needs populations. However,
management projects an aggressive increase in enrollment when
compared against actual figures and realized growth in recent
years.
"Nonetheless, based on the last four years' strong operating
performances, Kaizen already has sufficient enrollment to generate
good coverage of its debt," said Ms. Wang.
The $29.3 million series 2016 bond proceeds will fund the
acquisition of nine leased facilities which will house 11 schools.
The bonds will also fund a debt service reserve fund and issuance
costs. They will be Kaizen's sole long-term debt and will be
secured by a gross revenue pledge of its unrestricted revenues,
primarily state per-pupil payments via direct intercept by the bond
trustee.
The Kaizen Education Foundation operates 16 schools serving various
grade levels under 15 charter school contracts with the Arizona
State Board for Charter Schools (ASBCS). Nine of the schools are
alternative schools offering freedom of choice to students who have
faced life challenges that undermine educational continuity. The
schools serve a student population with over 80% socioeconomically
disadvantaged youths throughout neighborhoods in Maricopa, Pinal,
Pima, and Mohave counties.
"The stable outlook reflects our expectation that over the next
year, solid operational performance will support good debt service
coverage," added Ms. Wang. S&P further expects Kaizen will meet
all debt covenants.
KEITH DARNELL JONES: Disclosure Statement Hearing on Nov. 1
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Florida is
set to hold a hearing on December 8, at 10:00 a.m., to consider
approval of the disclosure statement explaining the Chapter 11 plan
filed by Keith Darnell Jones on November 1.
The hearing will take place at Courtroom 1, 100 N. Palafox Street,
Pensacola, Florida. Objections are due by December 1.
Keith Darnell Jones sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Fla. Case No. 15-31087) on October 30,
2015. The case is assigned to Judge Jerry C. Oldshue Jr.
KENNY LEIGH: Has Authority to Use IRS Cash Collateral
-----------------------------------------------------
Judge Paul M. Glenn of the U.S. Bankruptcy Court for the Middle
District of Florida authorized Kenny Leigh, PA to use cash
collateral in the ordinary course of its business.
Troubled Company Reporter had earlier reported that the Debtor
believes that the Internal Revenue Service may have interest in its
cash collateral as it has levied on the Debtor's bank accounts.
The collateral securing payment to the IRS' claim has a value of
$78,500.
A full-text copy of the Order, dated November 17, 2016, is
available at https://is.gd/dma8hf
About Kenny Leigh
Kenny Leigh, PA, filed a chapter 11 petition (Bankr. M.D. Fla. Case
No. 16-03208) on August 23, 2016. The petition was signed by
Daniel K. Leigh, Jr., CEO. The Debtor is represented by Donald M.
DuFresne, Esq. The Debtor disclosed total assets at $1.06 million
and total liabilities at $921,905.
The Debtor provides legal services to clients, primarily in the
areas of family law and custody.
LABRADOR IRON MINES: Creditors Meeting Set for December 6
---------------------------------------------------------
Meetings of the affected unsecured creditors of Labrador Iron Mines
Holdings Limited, Labrador Iron Mines Limited and Schefferville
Mines Inc. entitled to vote on a plan of compromise and arrangement
proposed by the companies under the Companies Creditors Arrangement
Act will be held to (1) consider and, if deemed advisable, to pass,
with or without variation, a resolution to approve the plan; and
(2) transact such other business as may properly come before the
meetings or any adjournment thereof.
The meetings are being held pursuant to an order of the Ontario
Superior Court of Justice dated Nov. 10, 2016. The meetings will
be held at these dates, times, and location:
Date: Dec. 6, 2016
Time: 10:00 a.m. (Eastern Time) - affected unsecured
creditors
of Labrador Iron Mines Holdings Limited
11:00 a.m. (Eastern Time) or as directed by the chair
of
the meeting - affected unsecured creditors of
Labrador
Iron Mines Limited and Schefferville Mines Inc.
Locations: The offices of Paliare Roland Rosenberg Rothstein
LLP, Barristers, 155 Wellington Street West, 35th floor, Toronto ON
M5V 3H1
A copy of the meeting order and the meeting materials referenced
therein, including details of the voting requirements and
procedures, can be obtained from the monitor's website at
http://ksvadvisory.com/insolvency-cases-2/labrador-iron-mines-holdings-limited
or by contacting the monitor:
KSV Kofman Inc.
Court-appointed monitor of the Companies
Claims Process
150 King Street West, Suite 2308
Toronto, Ontario M6=5H 1J9
Attention: Adam Zeldin
Tel: (416) 932-6262
Fax: (416) 932-6266
Email: azeldin@ksvadvisory.com
Based in Canada, Labrador Iron Mines --
http://www.labradorironmines.ca/-- engages in the mining,
exploration and development of direct shipping deposits located in
the Schefferville/Menihek region of the prolific Labrador Trough.
LAREDO WO: Unsecureds To Be Paid From Net Proceeds Under Plan
-------------------------------------------------------------
Laredo Wo, Ltd., filed with the U.S. Bankruptcy Court for the
Western District of Texas a disclosure statement referring to the
Debtor's plan of reorganization.
Holders of Class III General Unsecured Claims will receive payment
of their claims paid pari passu on a pro rata basis from net
proceeds, but will not receive any payment until unclassified
claims and senior classes are paid in full. This class is
impaired.
All cash necessary for the Reorganized Debtor to make payments
pursuant to the Plan shall be obtained from the net proceeds of
sales of the Debtor's property, projected to be well in excess of
the secured debt.
The Disclosure Statement is available at:
http://bankrupt.com/misc/txwb16-51297-52.pdf
The Plan was filed by the Debtor's counsel:
Eric Terry, Esq.
ERIC TERRY LAW PLLC
4040 Broadway, Suite 350
San Antonio, Texas 78209
Tel: (210) 468-8274
Fax: (210) 319-5447
E-mail: Eric@EricTerryLaw.com
-- and --
Ray Battaglia, Esq.
LAW OFFICES OF RAY BATTAGLIA PLLC
66 Granburg Circle
San Antonio, Texas 78218
Tel: (210) 601-9405
E-mail: rbattaglialaw@outlook.com
About Laredo WO
Headquartered in San Antonio, Texas, Laredo WO, Ltd., a Texas
limited partnership, owns a fully entitled, 1056 acre real estate
development with approximately 2400 residential lots located in
Georgetown, Texas.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D.
Tex. Case No. 16-51297) on June 6, 2016, listing $69.59 million in
total assets and $36.50 million in total debt. The petition was
signed by Bradford A. Galo, CEO of Galo, Inc. (managing GP of ABG
Enterprises, Ltd.). Judge Ronald B. King presides over the case.
Eric Terry, Esq., at Eric Terry Law, PLLC, serves as the Debtor's
bankruptcy counsel.
LEVEL 8 APPAREL: Wants Court Approval for Cash Collateral Use
-------------------------------------------------------------
Level 8 Apparel LLC seeks authority from the U.S. Bankruptcy Court
for the Southern District of New York to use cash collateral.
The Debtor operates its business at 250 West 39th Street, Suite
502, New York, New York, where its principal assets are also
located.
The Debtor's president, Frank Spadaro, projects disbursements of
$222,000 for the next thirty days following the Debtor's bankruptcy
filing.
Capstone Capital Group LLC has a lien its cash collateral.
Pursuant to an exclusive sales representative agreement, between
the Debtor and Capstone, the Debtor became the exclusive sales
representative of Capstone for the purpose of securing and
fulfilling purchase orders issued for outerwear goods under the Eli
Tahari trademark, as well as to produce goods under a private label
for retailers such as Costco, Express, Urban Outfitters, Lane
Bryant and others.
The Debtor relates that under the Capstone Agreement the Debtor
secures purchase orders from retailers on behalf of Capstone, and
upon the receipt of a purchase order from a customer, Capstone will
advance sales commissions owed to the Debtor to enable the Debtor
to supervise the production of the goods prior to receiving payment
from the customer. The Debtor further relates that certain
commissions due to the Debtor are restricted and not paid, to
account for unsold merchandise, and credits and charge-backs
requested by the customer.
The Debtor contends that it primarily generates income from the
commissions it earns from the fulfillment of purchase orders
pursuant to the Capstone Agreement. The Debtor further contends
that it had approximately $52,000 in its operating account, subject
to the lien of the Internal Revenue Services, as of the Petition
Date. The Debtor submits that it would not be able to operate and
would likely shut down without the continued ability of the Debtor
to perform under the Capstone Agreement, and receive sales
commissions.
The Debtor owed Capstone the amount of $2,650,000, prior to the
Petition Date. The debt is secured by all assets of the Debtor.
The Debtor relates that U.S. Magistrate Judge Frank Maas, entered a
decision granting judgment to Weihai Textile Group Import & Export
Co., Ltd. on its cause of action for breach of contract against the
Debtor and a co-defendant in the amount of $1,345,764, plus
$606,013 in prejudgment interest. Judge Maas also granted the
Debtor a judgment on its counterclaim in the Weihei Action in the
amount of $53,000.
A full-text copy of the Debtor's Motion, dated November 17, 2016,
is available at https://is.gd/vqFFNR
A full-text copy of Frank Spadaro's Affidavit, dated November 17,
2016, is available at https://is.gd/H2UPXv
About Level 8 Apparel LLC
Level 8 Apparel LLC is an outerwear design, import/manufacturing
company that produces, among other things, men's and women's
outerwear garments. The Debtor currently holds licenses to produce
and sell Elie Tahari men's outerwear, Tahari men's outerwear, and
On Five men's and women's apparel and outerwear. The Debtor also
has a private label division, which produces apparel for large
vertical retailers such as Costco, Express, Urban Outfitters, Lane
Bryant, and others.
The Debtor's principal place of business is located at 250 West
39th Street, Suite 502, New York, NY 10018.
Level 8 Apparel LLC filed a Chapter 11 petition (Bankr. S.D.N.Y.
Case No. 16-13164), on November 14, 2016. The Petition was signed
by Frank Spadaro, president. The case is assigned to Judge James
L. Garrity Jr. The Debtor is represented by Steven Soulios, Esq.,
Ruta Soulios Stratis LLP. At the time of filing, the Debtor
estimated $1 million to $10 million in both assets and
liabilities.
No trustee or examiner or statutory committee has been appointed in
this Chapter 11 case.
LIFELINE SLEEP: Seeks to Hire Thompson Law Group as Legal Counsel
-----------------------------------------------------------------
Lifeline Sleep Center, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Pennsylvania to hire legal
counsel in connection with its Chapter 11 case.
The Debtor proposes to hire Thompson Law Group, P.C. to give legal
advice regarding its duties under the Bankruptcy Code, prosecute
legal actions to protect its bankruptcy estate, and provide other
legal services.
The firm's attorneys will be paid an hourly rate of $250 while its
paralegals will be paid $90 per hour for their services.
Brian Thompson, Esq., at Thompson Law Group, disclosed in a court
filing that his firm does not hold any interest adverse to the
Debtor's bankruptcy estate.
The firm can be reached through:
Brian C. Thompson, Esq.
Thompson Law Group
125 Warrendale-Bayne Road, Suite 200
Warrendale, PA 15086
Phone: (724) 799-8404
Fax: (724) 799-8409
Email: bthompson@thompsonattorney.com
About Lifeline Sleep Center
Lifeline Sleep Center, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-24201) on November
10, 2016. The petition was signed by Mark Kegg, owner.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $1 million.
LINN ENERGY: Court Approves $530M Backstop Agreement
----------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court approved
LINN Energy's motion to enter into backstop agreement and pay
related fees and expenses. As previously reported, "The terms of
the $530 million fully backstopped, new money investment are
documented in the backstop commitment letter entered into on
October 7, 2016 by and between LINN Energy, LLC and the
Noteholders. The LINN Restructuring Support Agreement and the
Backstop Agreement are the culmination of months of hard fought,
arms'-length negotiations between the Debtors, multiple third party
potential new money investors, the Linn first lien lenders, the Ad
Hoc Group of Second Lien Noteholders, and the Ad Hoc Group of
Unsecured Noteholders. As contemplated in the Backstop Agreement
and the chapter 11 plan of reorganization filed on the date hereof,
the new money investment will be raised pursuant to two rights
offerings (the 'Rights Offerings') of new common stock and/or
limited liability company interests (the 'New Common Stock') in a
new Delaware entity (the 'Reorganized Company') to be funded upon
the LINN Debtors' emergence from chapter 11. The new money
investment represents the cornerstone for a comprehensive
restructuring that will deleverage the LINN Debtors' balance sheet
by over $5.7 billion and will provide the liquidity necessary for
the LINN Debtors to emerge as a stronger enterprise poised for
future growth. Obtaining approval of the Backstop Agreement, and
the authority to satisfy the obligations thereunder, is critical to
the success of the LINN Debtors' restructuring and is required for
the Commitment Parties' agreement to backstop the company's
hard-fought restructuring."
About Linn Energy
Headquartered in Houston, Texas, Linn Energy, LLC, and its
affiliates are independent oil and natural gas companies. Each of
Linn Energy, LLC, and 14 of its subsidiaries filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex.
Lead Case No. 16-60040) on May 11, 2016. The petitions were signed
by Arden L. Walker, Jr., chief operating officer of LINN Energy.
The Debtors have hired Paul M. Basta, Esq., Stephen E. Hessler,
Esq., Brian S. Lennon, Esq., James H.M. Sprayregen, Esq., and
Joseph M. Graham, Esq., at Kirkland & Ellis LLP and Kirkland &
Ellis International LLP as general bankruptcy counsel, Jackson
Walker L.L.P. as co-counsel, Lazard Freres & Co. LLC as financial
advisor, AlixPartners as restructuring advisor and Prime Clerk LLC
as claims, notice and balloting agent.
Judge David R. Jones presides over the cases.
The Office of the U.S. Trustee has appointed five creditors of Linn
Energy LLC to serve on the official committee of unsecured
creditors. The Committee tapped Mark I. Bane, Esq., and Keith H.
Wofford, Esq., at Ropes & Gray LLP; and Moelis & Company LLC as
investment banker. It also retained as Texas Oil & Gas Counsel,
John P. Melko, Esq., David S. Elder, Esq., and Michael K. Riordan,
Esq., at Gardere Wynne Sewell LLP.
LIQUIDMETAL TECHNOLOGIES: Incurs $3.8M Net Loss in Third Quarter
----------------------------------------------------------------
Liquidmetal Technologies, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss and comprehensive loss of $3.80 million on $154,000 of
total revenue for the three months ended Sept. 30, 2016, compared
to a net loss and comprehensive loss of $1.23 million on $42,000 of
total revenue for the same period during the prior year.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss and comprehensive loss of $13.80 million on $356,000 of
total revenue compared to a net loss and comprehensive loss of
$5.79 million on $107,000 of total revenue for the nine months
ended Sept. 30, 2015.
As of Sept. 30, 2016, Liquidmetal had $8.79 million in total
assets, $5.48 million in total liabilities and $3.30 million in
total shareholders' equity.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/3PYomN
About Liquidmetal Technologies
Based in Rancho Santa Margarita, Cal., Liquidmetal Technologies,
Inc., and its subsidiaries are in the business of developing,
manufacturing, and marketing products made from amorphous alloys.
Liquidmetal Technologies markets and sells Liquidmetal(R) alloy
industrial coatings and also manufactures, markets and sells
products and components from bulk Liquidmetal alloys that can be
incorporated into the finished goods of its customers across a
variety of industries. The Company also partners with third-
party licensees and distributors to develop and commercialize
Liquidmetal alloy products.
Liquidmetal reported a net loss and comprehensive loss of $7.31
million on $125,000 of total revenue for the year ended Dec. 31,
2015, compared to a net loss and comprehensive loss of $6.55
million on $603,000 of total revenue for the year ended Dec. 31,
2014.
SingerLewak LLP, in Los Angeles, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, stating that the Company has suffered
recurring losses from operations, has negative cash flows from
operations and has an accumulated deficit. This raises substantial
doubt about the Company's ability to continue as a going concern.
LITTLE KENTUCKY: Thomas Fluharty Appointed as Chapter 11 Trustee
----------------------------------------------------------------
Hon. Frank W. Volk, the Chief Judge of the United States Bankruptcy
Court for the Southern District of West Virginia entered an Order
approving the appointment of Thomas H. Fluharty as the Chapter 11
Trustee for Little Kentucky ELK, LLC.
The United States Trustee has selected Thomas H. Fluharty to be the
Chapter 11 Trustee after a consultation conducted with the parties
identified in its application for the appointment of a Chapter 11
Trustee.
The Troubled Company Reporter previously reported that the U.S.
Trustee filed a motion asking the Court to direct the appointment
of a Chapter 11 Trustee for the Debtor, saying there has been a
failure of current
management to file schedules, Statements of Financial Affairs,
banking information, monthly financial reports, and other
information requested by parties in interest. Because of the
failure to file the documents that are required by the Code and the
bankruptcy rules, the administration of the cases has been thwarted
such that creditors may be harmed without further remedy, the U.S.
Trustee asserts.
The U.S. Trustee finds that any of the Debtor's failures would be
grounds for a dismissal of the cases. Dismissal, however, does not
appear to be in the best interest of the parties. The appointment
of a chapter 11 trustee is in the best interests of creditors. In
the case, a trustee can determine which cases have assets and
which
cases should be converted or dismissed. There are, according to
the
Bank, potential causes of action that creditors may have against
the management. Therefore the U.S. Trustee moved that an
independent fiduciary is the only remedy for creditors in the
cases.
About Little Kentucky Elk
The Little Kentucky Elk, LLC sought protection under Chapter 11 of
the Bankruptcy Code in the Southern District of West Virginia
(Huntington) (Case No. 16-30251) on May 18, 2016. The petition was
signed by Dennis Johnson, president. The case is assigned to Judge
Frank W. Volk. The Debtor estimated both assets and liabilities in
the range of $1 million to $10 million.
Mr. Johnson is a businessman with ownership interests in at least
10 entities. He operates various rental real estate entities and
coal associated operations. Mr. Johnson is a member of each of
the following debtor companies -- Appalachian Mining and
Reclamation, LLC, DJWV1, LLC, DJWV2, LLC, Elkview Reclamation and
Processing, LLC, Green Coal, LLC, Joint Venture Development, LLC,
Little
Kentucky Elk, LLC, Moussie Processing, LLC, Producer's Coal, Inc.,
Producer's Land, LLC, Redbud Dock, LLC, Southern Marine Services,
LLC, Southern Marine Terminal, LLC, and The Silo Golf Course, LLC
-- and has filed a motion asking the Bankruptcy Court to jointly
administer the bankruptcy cases. Mr. Johnson is also a guarantor of
the debt for most of the companies.
LIVING COLOUR: Seeks Feb. 15 Plan Filing Period Extension
---------------------------------------------------------
Living Colour Landscape, LLC and Marula Props, LLC ask the U.S.
Bankruptcy Court for the Southern District of Florida to extend
their exclusive periods to file a plan and disclosure statement,
and to solicit acceptances to the plan, through February 15, 2017
and April 17, 2017, respectively.
Absent an extension, the Debtors' exclusive plan filing period
would have expired on November 17, 2016. The Debtor's exclusive
solicitation period is set to expire on January 17, 2017.
The Debtors tell the Court that they are currently in negotiations
with their creditors, in efforts to resolve claim amounts and
terms, which will have a material impact on the plan. The Debtors
further tell the Court that they will likely file a joint plan with
debtors in possession Elouise Botha and Deon Botha, as those
entities are the principals of the Debtors and there are common
creditors to both.
About Living Colour Landscape, LLC
Lake Worth, Florida-based Living Colour Landscapes, LLC and Marula
Props, LLC, filed for Chapter 11 bankruptcy protection (Bankr. S.D.
Fla. Case Nos. 16-15773 and Case No. 16-15774) on April 21, 2016.
The petitions were signed by Deon Botha, manager.
Judge Paul G. Hyman, Jr., presides over the cases. Aaron A Wernick,
Esq., at Furr & Cohen serves as the Debtors' bankruptcy counsel.
Living Colour Landscapes disclosed $323,979 in total assets and
$1.31 million in total liabilities. Marula Props disclosed
$179,252 in total assets and $1.25 million in total liabilities.
LODGE HOLDINGS: Case Summary & 8 Unsecured Creditors
----------------------------------------------------
Debtor: Lodge Holdings Company
dba Downtown Lodge LLC
dba Kirkland Lodge LLC
dba Greenwood Lodge LLC
dba Stadium Lodge LLC
dba Mill Creek Lodge LLC
dba Mukilteo Lodge LLC
dba Charlie's on Broadway LLC
dba Sammamish Lodge LLC
dba West Seattle Lodge LLC
dba Renton Lodge LLC
9910 Marine View Dr
Mukilteo, WA 98275
Case No.: 16-15814
Chapter 11 Petition Date: November 18, 2016
Court: United States Bankruptcy Court
Western District of Washington (Seattle)
Judge: Hon. Timothy W. Dore
Debtor's Counsel: Larry B. Feinstein, Esq.
VORTMAN & FEINSTEIN
520 Pike Street, Ste. 2250
Seattle, WA 98101
Tel: 206-223-9595
Email: feinstein1947@gmail.com
Total Assets: $1.06 million
Total Liabilities: $5.73 million
The petition was signed by Shawn Roten, president.
A copy of the Debtor's list of eight unsecured creditors is
available for free at http://bankrupt.com/misc/wawb16-15814.pdf
LOUIS & LANE: Plan Outline Okayed, Plan Hearing on Dec. 20
----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia will
consider approval of the Chapter 11 plan of reorganization filed on
November 2 by Louis & Lane Inc. at a hearing on December 20.
The hearing will be held at 1:30 p.m., at Richard B. Russell
Federal Building and U.S. Courthouse, Courtroom 1404, 75 Ted Turner
Drive, SW, Atlanta, Georgia.
The court will also consider at the hearing any objections to Louis
& Lane's disclosure statement, which it conditionally approved on
November 2.
The order set a December 9 deadline for creditors to cast their
votes and file their objections.
Class 7 General Unsecured Claims -- estimated to total $207,214.63
-- will recover 10.13% under the Plan. Class 7 will share
pro-rata
quarterly distributions of $1,050.00 each commencing on March 28,
2017, and continuing on 28th day of the final month of each
subsequent quarter for a total of 20 quarterly payments. The
Claims of the Class 7 Creditors are impaired by the Plan and the
holders of Class 7 Claims are entitled to vote to accept or reject
the Plan.
The source of funds for the payments pursuant to the Plan is the
continued operation of the Debtor's automotive repair shop located
at the Debtor's real property. Additionally, the Debtor intends
to
fund administrative expenses from the new value in Class 8, if
applicable.
The Disclosure Statement is available at:
http://bankrupt.com/misc/ganb16-54458-43.pdf
About Louis & Lane
Louis & Lane, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 16-54458) on March 9,
2016. The Debtor is represented by Cameron M. McCord, Esq., at
Jones & Walden, LLC. The case is assigned to Judge James R. Sacca.
MAPPIN LOJAS: Chapter 15 Case Summary
-------------------------------------
Chapter 15 Petitioner: Afonso Henrique Alves Braga
Chapter 15 Debtors:
Debtor Case No.
------ --------
Mappin Lojas de Departamento S.A. 16-25541
c/o Kobre & Kim, LLP
2 South Biscayne Blvd., 35th Floor
Miami, FL 33131
Mappin Telecomunicacoes Ltda. 16-25542
Casa Anglo Brasileira S.A. 16-25543
Type of Business: Department Stores Chains
Chapter 15 Petition Date: November 20, 2016
Court: United States Bankruptcy Court
Southern District of Florida (Miami)
Judge: Hon. Robert A Mark
Chapter 15 Petitioner's Counsel: John D Couriel, Esq.
KOBRE & KIM LLP
2 S Biscayne Blvd 35 Floor
Miami, FL 33131
Tel: 305-967-6115
E-mail: john.couriel@kobrekim.com
Estimated Assets: Not Indicated
Estimated Debts: Not Indicated
MBTI OF PUERTO RICO: Hires Carrasquillo as Financial Consultant
---------------------------------------------------------------
MBTI of Puerto Rico, Inc. seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ CPA Luis
R. Carrasquillo & Co., PSC as financial consultant for the Debtor.
The Debtor requires Carrasquillo to assist in the restructuring of
its affairs by providing advice in strategic planning; and the
preparation of schedules, the Debtor's plan of reorganization,
disclosure statement, business plan, and participating in the
Debtor's negotiations with their creditors.
Carrasquillo CPAs and professional who will work on the Debtor's
case and their hourly rates are:
Luis R. Carrasquillo, Partner $175
Marcelo Gutierrez, Senior CPA $125
Other CPA's $90-$125
Lionel Rodriguez Perez, Senior Accountant $90
Carmen Callejas Echevarria, Senior Accountant $85
Alfredo J. Segarra, Senior Accountant $80
Janet Marrero, Administrative and Support $45
Iris L. Franqui, Administrative and Support $45
Luis R. Carrasquillo, CPA, partner of CPA Luis R. Carrasquillo &
Co., PSC, assured the Court that the firm does not represent any
interest adverse to the Debtor and its estates.
Carrasquillo may be reached at:
Luis R. Carrasquillo, CPA
CPA Luis R. Carrasquillo & Co., PSC
28th Street, #TI-26
Turabo Gardens Avenue
Caguas, PR 00725
Tel: (787)746-4555
(787)746-4556
Fax: (787)746-4564
E-mail: luis@cpacarasquillo.com
About MBTI of Puerto Rico
MBTI of Puerto Rico, Inc. sought protection under Chapter 11 of the
the Bankruptcy Code (Bankr. D.P.R. Case No. 16-08091) on Oct. 7,
2016. The petition was signed by Barbara Alozo Vila, president.
The case is assigned to Judge Edward A. Godoy. At the time of the
filing, the Debtor disclosed $12.99 million in assets and $16.07
million in liabilities.
MCNEILL GROUP: Seeks to Hire Fennelly Associates as Broker
----------------------------------------------------------
McNeill Group, Inc. and McNeill Properties V, LLC seek approval
from the U.S. Bankruptcy Court for the Eastern District of
Pennsylvania to hire a real estate broker.
The Debtors propose to hire Fennelly Associates Inc. to help them
find a tenant for their real property located at 385 Oxford Valley
Road, Yardley, Pennsylvania.
The Debtors will pay the firm a 7% commission based on the total
base rental due from the tenant over the initial term of the
lease.
Gerard Fennelly, president of Fennelly Associates, 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:
Gerard J. Fennelly
Fennelly Associates Inc.
200A Whitehead Road, Suite 222
Hamilton, NJ 08619
About McNeill Group
McNeill Group, Inc. and McNeill Properties V, LLC filed chapter 11
petitions (Bankr. E.D. Pa. Lead Case No. 16-14943) on July 12,
2016. The petitions were signed by Edward J. McNeill, Jr.,
president.
The Debtors are represented by Albert A. Ciardi, III, Esq., at
Ciardi Ciardi & Astin, P.C. The cases are assigned to Judge Jean
FitzSimon (16-14943) and Judge Ashely M. Chan (16-14944).
The Debtors each estimated assets and liabilities of $10 million to
$50 million at the time of the filing.
No official committee of unsecured creditors has been appointed in
the case.
MOBIVITY HOLDINGS: Incurs $1.57 Million Net Loss in Third Quarter
-----------------------------------------------------------------
Mobivity Holdings Corp. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.57 million on $2.18 million of revenues for the three months
ended Sept. 30, 2016, compared to a net loss of $1.32 million on
$1.30 million of revenues for the three months ended Sept. 30,
2015.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $3.93 million on $6.10 million of revenues compared to
a net loss of $4.38 million on $3.33 million of revenues for the
same period during the prior year.
As of Sept. 30, 2016, Mobivity Holdings had $7.70 million in total
assets, $2.95 million in total liabilities and $4.74 million in
total stockholders' equity.
As of Sept. 30, 2016, the Company had current assets of $2,158,284,
including $273,539 in cash, $1,000,000 in restricted cash and
current liabilities of $2,830,295, resulting in a working deficit
of $(672,011).
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/irZEJK
About Mobivity Holdings
Mobivity Holdings Corp. was incorporated as Ares Ventures
Corporation in Nevada in 2008. On Nov. 2, 2010, the Company
acquired CommerceTel, Inc., which was wholly-owned by CommerceTel
Canada Corporation, in a reverse merger. Pursuant to the Merger,
all of the issued and outstanding shares of CommerceTel, Inc.,
common stock were converted, at an exchange ratio of 0.7268-for-1,
into an aggregate of 10,000,000 shares of the Company's common
stock, and CommerceTel, Inc., became a wholly owned subsidiary of
the Company. In connection with the Merger, the Company changed
its corporate name to CommerceTel Corporation on Oct. 5, 2010.
In connection with the Company's acquisition of assets from
Mobivity, LLC, the Company changed its corporate name to Mobivity
Holdings Corp. and its operating company to Mobivity, Inc, on
Aug. 23, 2012.
Mobivity reported a net loss of $6.13 million on $4.61 million of
revenues for the year ended Dec. 31, 2015, compared to a net loss
of $10.44 million on $4 million of revenues for the year ended Dec.
31, 2014.
MOUSSIE PROCESSING: Thomas Fluharty Appointed as Chapter 11 Trustee
-------------------------------------------------------------------
Hon. Frank W. Volk, the Chief Judge of the United States Bankruptcy
Court for the Southern District of West Virginia entered an Order
approving the appointment of Thomas H. Fluharty as the Chapter 11
Trustee for Moussie Processing LLC.
The United States Trustee has selected Thomas H. Fluharty to be the
Chapter 11 Trustee after a consultation conducted with the parties
identified in its application for the appointment of a Chapter 11
Trustee.
The Troubled Company Reporter previously reported that the U.S.
Trustee filed a motion asking the Court to direct the appointment
of a Chapter 11 Trustee for the Debtor, saying she has established
cause for the appointment of a Chapter 11 Trustee. There has been a
failure of current management to file schedules, Statements of
Financial Affairs, banking information, monthly financial reports,
and other information requested by parties in interest. The motion
provides that, because of the failure to file the documents that
are required by the Code and the bankruptcy rules, the
administration of the cases has been thwarted such that creditors
may be harmed without further remedy.
The U.S. Trustee finds that any of the Debtor's failures would be
grounds for a dismissal of the cases. Dismissal, however, does not
appear to be in the best interest of the parties. The appointment
of a chapter 11 trustee is in the best interests of creditors. In
the case, a trustee can determine which cases have assets and
which
cases should be converted or dismissed. There are, according to
the
Bank, potential causes of action that creditors may have against
the management. Therefore the U.S. Trustee moved that an
independent fiduciary is the only remedy for creditors in the
cases.
About Moussie Processing
Moussie Processing, LLC, sought protection under Chapter 11 of the
Bankruptcy Code in the Southern District of West Virginia
(Huntington) (Case No. 16-30248) on May 18, 2016.
The petition was signed by Dennis Johnson, president. The case is
assigned to Judge Frank W. Volk.
The Debtor estimated assets of $1 million to $10 million and debts
of $0 to $50,000.
Mr. Johnson is a businessman with ownership interests in at least
10 entities. He operates various rental real estate entities and
coal associated operations. Mr. Johnson is a member of each of the
following debtor companies — Appalachian Mining and Reclamation,
LLC, DJWV1, LLC, DJWV2, LLC, Elkview Reclamation and Processing,
LLC, Green Coal, LLC, Joint Venture Development, LLC, Little
Kentucky Elk, LLC, Moussie Processing, LLC, Producer’s Coal,
Inc., Producer’s Land, LLC, Redbud Dock, LLC, Southern Marine
Services, LLC, Southern Marine Terminal, LLC, and The Silo Golf
Course, LLC — and has filed a motion asking the Bankruptcy Court
to jointly administer the bankruptcy cases. Mr. Johnson is also a
guarantor of the debt for most of the companies.
NAUGHTON PLUMBING: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Naughton Plumbing Sales Co., Inc.
c/o John C Smith
Smith and Smith, PLLC
6720 E. Camino Principal #203
Tucson, AZ 85715
Case No.: 16-13201
Type of Business: Distributor of warm air heating and air-
conditioning equipment and supplies
Chapter 11 Petition Date: November 17, 2016
Court: United States Bankruptcy Court
District of Arizona (Tucson)
Judge: Hon. Scott H. Gan
Debtor's Counsel: John C Smith, Esq.
SMITH & SMITH LAW OFFICES, PLLC
6720 E Camino Principal, Suite 203
Tucson, AZ 85715
Tel: 520-722-1605
Fax: 520-722-9096
E-mail: john@smithandsmithpllc.com
Estimated Assets: $1 billion to $10 billion
Estimated Debt: $1 billion to $10 billion
The petition was signed by Frank W. Naughton, president.
The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.
NAVIENT CORP: S&P Affirms 'BB/B' Issuer Credit Ratings
------------------------------------------------------
S&P Global Ratings said it affirmed its 'BB/B' long-term and
short-term issuer credit ratings on Navient Corp. The outlook
remains negative.
At the same time, S&P affirmed its 'BB-' senior unsecured debt
rating.
"The ratings affirmation reflects actions that Navient has taken to
reduce unsecured debt maturities in 2017 and 2018, as well as our
expectations that the company will maintain sufficient liquidity
over the next 12 months and remain adequately capitalized," said
credit analyst Matthew Carroll.
Navient has reduced remaining maturities in 2017 to $0.7 billion
and 2018 to $2.1 billion, from $1.8 billion and $2.8 billion,
respectively, as of Sept. 30, 2015.
S&P believes that Navient currently has sufficient liquidity to
meet its needs over the next 12 months. Navient reported $1.8
billion of cash and cash equivalents as of Sept. 30, 2016, a
portion of which it used to repay about $0.7 billion of unsecured
debt that was due in 2017. Navient's large portfolios of student
loans generate steady sources of interest and servicing revenue,
and cash provided by operating activities was $1.1 billion through
the first nine months of 2016. Unencumbered education loans
represent an additional source of liquidity, particularly
unencumbered Federal Family Educuation Loan Program (FFELP) loans,
which were about $0.9 billion as of Sept. 30, 2016. Also, Navient
recently has demonstrated access to the unsecured debt market, with
$1.25 billion of issuance during the third quarter of 2016, as well
as alternative means to secure funding from the
overcollateralization balances within its asset-backed-security
(ABS) trusts.
The negative outlook reflects the risks S&P sees stemming from
Navient's concentration of large unsecured debt maturities in
2018-2020. Approximately $6.5 billion of unsecured debt will
mature in 2018–2020, including about $1.9 billion in June of
2018, followed by $1.2 billion in January of 2019. S&P expects
Navient will generate at least $1.5 billion per year in cash from
operations and will maintain on-balance-sheet cash sufficient to
cover all unsecured debt maturing in 2017. Furthermore, S&P
expects the company to maintain a RAC ratio over 8.0%.
S&P could lower the ratings in the next six to 10 months if Navient
does not reduce unsecured debt due in 2018-2019 or increase liquid
assets to more clearly demonstrate that it is well positioned to
meet its 2018-2020 maturities. If unfavorable market conditions
restrict Navient's ability to continue to enhance its liquidity and
manage upcoming maturities, S&P could lower the rating,
particularly if it expects the company's cash balances to fall
significantly following the 2018 maturities. Also, S&P could lower
the ratings if the company's RAC ratio unexpectedly declines below
7%.
S&P could revise the outlook to stable if Navient further reduces
unsecured debt maturities in 2018-2020 or increases
on-balance-sheet liquidity in the form of unrestricted cash and
available-for-sale securities to fully cover debt maturities
through 2018 and sustainably maintains 12-18 months of liquidity
needs thereafter, inclusive of unsecured debt maturities. S&P
would look favorably upon actions to conserve or build cash, such
as a reduction in share repurchases or new issuances of longer-term
debt.
NEW JERSEY HEADWEAR: Has Until Dec. 9 to Use Cash Collateral
------------------------------------------------------------
Judge John K. Sherwood of the U.S. Bankruptcy Court for the
District of New Jersey authorized New Jersey Headwear Corp. d/b/a
Unionwear to use cash collateral on an interim basis, through
December 9, 2016.
The Debtor was authorized to use cash collateral up to the
aggregate amount of $475,616, in accordance with the approved
Budget for:
(a) maintenance and preservation of its assets;
(b) the continued operation of its business, including but not
limited to payroll, payroll taxes, employee expenses, and insurance
costs;
(c) the completion of work-in-process; and
(d) the purchase of replacement inventory.
Bank of America and Brick City Dev. Corp. asserted a secured claim
against the Debtor in the approximate principal amount of $400,000
and $750,000, respectively, as of the Petition Date.
The Secured Creditors were granted with replacement liens, in and
upon the Debtor's real and personal property and the cash
collateral, whether acquired before or after the Petition Date. To
the extent that the replacement lien proves insufficient to protect
the Secured Creditors' interest in and to the cash collateral, the
Secured Creditors were granted a superpriority administrative
expense claim senior to any and all claims against the Debtor.
The final hearing on the Debtor's use of cash collateral is
scheduled on December 9, 2016 at 10:00 a.m. The deadline for the
filing of objections to the Debtor's use of cash collateral is set
on December 7, 2016.
A full-text copy of the Interim Order, dated November 17, 2016, is
available at https://is.gd/wepkK8
About New Jersey Headwear Corp.
New Jersey Headwear Corp. filed a Chapter 11 petition (Bankr.
D.N.J. Case No. 16-31777), on November 14, 2016. The Petition was
signed by Mitchell Cahn, president. The case is assigned to Judge
Stacey L. Meisel. The Debtor is represented by William S. Katchen,
Esq., at the Law Offices of William S. Katchen, LLC. At the time
of filing, the Debtor had estimated $1 million to $10 million in
both assets and liabilities.
NEW JERSEY HEADWEAR: Seeks to Hire Katchen as Legal Counsel
-----------------------------------------------------------
New Jersey Headwear Corp. seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to hire The Law Offices of William S. Katchen
to give legal advice regarding its duties under the Bankruptcy
Code, assist in the preparation of a bankruptcy plan, and provide
other legal services.
The current rate charged by the firm for its services is $850 per
hour.
William Katchen, Esq., disclosed in a court filing that his firm is
"disinterested" as defined in section 101(14) of the Bankruptcy
Code.
Mr. Katchen maintains an office at:
William S. Katchen, Esq.
The Law Offices of William S. Katchen
210 Park Avenue, Suite 301
Florham Park, NJ 07932
Tel: 973-635-6300
Fax: 973-635-6363
Email: wkatchen@wskatchen.com
About New Jersey Headwear
New Jersey Headwear Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. N.J. Case No. 16-31777) on November 14,
2016. The petition was signed by Mitchell Cahn, president.
The case is assigned to Judge Stacey L. Meisel.
At the time of the filing, the Debtor estimated its assets and
liabilities at $1 million to $10 million.
NINJA METRICS: Hires Goodman Law as Counsel
-------------------------------------------
Ninja Metrics Inc., a Delaware Corporation seeks authorization from
the U.S. Bankruptcy Court for the Central District of California to
employ Goodman Law Offices as counsel.
The Debtor requires GLO to:
a. advise the Debtor on the requirements of the Bankruptcy
Code, the Federal Rules of Bankruptcy procedure, the Local
Bankruptcy Rules and the requirements of the United States Trustee
pertaining to the administration of the Debtor's estate;
b. prepare motions, applications, answers, orders, memoranda,
reports and papers in connection with the administration of the
Estate;
c. protect and preserve the estate by prosecution and
defending actions commenced by or against the Debtor in the
Bankruptcy Court and analyzing and preparing necessary objections
to, proofs of claim filed against the Estate;
d. investigate and prosecute preference, fraudulent transfer,
and other actions arising under the Debtor's avoiding powers
e. advise the Debtor with respect to any sale and disposition
of assets;
f. advise the Debtor with respect to obligations under any
unexpired leases and executory contracts;
g. prepare the Debtor's plan of reorganization; and
h. render other advice and services as the Debtor may require
in connection with the Case.
GLO lawyer who will work on the Debtor's case and his hourly rate
is:
Andrew Goodman, Esq. $395
GLO received a pre-petition retainer of $57,500. These funds were
deposited into GLO's client trust account. Prior to filing the
petition, GLO incurred fees and expenses totaling $9,854. as of the
filing of the petition, GLO has a balance of $47,646.
GLO will also be reimbursed for reasonable out-of-pocket expenses
incurred.
Andrew Goodman, Esq., member of Goodman Law Offices, 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.
GLO may be reached at:
Andrew Goodman, Esq.
Goodman Law Offices
6345 Balboa Boulevard, Suite I-300
Encino, CA 91316-1523
Phone: (818)827-5169
Fas: (818)975-5256
E-mail: agoodman@andyglaw.com
About Ninja Metrics Inc.
Ninja Metrics Inc. filed a Chapter 11 bankruptcy petition (Bankr.
C.D.Cal. Case No. 16-24013) on October 24, 2016. Hon. Sheri
Bluebond presides over the case. Goodman Law Offices represents the
Debtor as counsel.
In its petition, the Debtor estimated $10 million to $50 million in
assets and $500,000 to $1 million in liabilities. The petition was
signed by Dmitri Williams, president.
NORMCC ENTERPRISES: Can Use Cash Collateral of $3,500 Per Week
--------------------------------------------------------------
Judge Katharine M. Samson of the U.S. Bankruptcy Court for the
Southern District of Mississippi authorized NormCC Enterprises, LLC
to use cash collateral, in the amount of $3,500 per week, for
necessary expenses of continuing the normal operations of its
business .
Judge Samson held that the Debtor's cash collateral, being an
inventory of rare coins, is unlikely to depreciate during the term
of its Chapter 11 case.
Judge Samson also held that the secured creditors are adequately
protected by the equity cushion between the value of the Debtors
inventory and equipment and the amount of the claims of the secured
creditors, and by the stability of the value of the Debtor's
inventory.
A full-text copy of the Order, dated November 17, 2016, is
available at https://is.gd/vKfKbe
About NormCC Enterprises, LLC
NormCC Enterprises, LLC filed a Chapter 11 petition (Bankr. S.D.
Miss. Case No. 16-51915), on November 3, 2016. The petition was
signed by Norman Carnovale, authorized representative. The case is
assigned to Judge Katharine M. Samson. The Debtor is represented
by Patrick Sheehan, Esq., at Sheehan Law Firm. At the time of
filing, the Debtor estimated assets at $100,000 to $500,000 and
liabilities at $500,000 to $1 million.
NORTHWEST SILK: Names Mariette Jacobson as Accountant
-----------------------------------------------------
Northwest Silk Screen & Embroidery, LLC seeks authorization from
the U.S. Bankruptcy Court for the Eastern District of Washington to
employ Mariette D. Jacobson aka Pete (Luccina) as accountant.
The Debtor requires the accountant to:
-- provide accounting services in general;
-- assist the Debtor in the continuing issues of valuation and
determination of the potential of its various business
interests; and
-- assist in pursuing confirmation and performance.
Ms. Jacobson will be compensated at $210 per hour.
Ms. Jacobson will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ms. Jacobson 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.
The accountant can be reached at:
Mariette D. Jacobson
MARIETTE D. JACOBSON (aka Pete Luchini), CPA
P.O. Box 3068
Okanogan, WA 98807
Tel: (509) 663-1661
About Northwest Silk Screen
Northwest Silk Screen & Embroidery, LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wash. Case No.
16-01232) on April 14, 2016. The Debtor is represented by Patrick
J. Morrissey, Esq. -- patmorrisseylaw@gmail.com -- at the Law
Office of Patrick J. Morrissey.
NOVA DIRECTIONAL: Hearing on Plan Disclosures Set For Dec. 6
------------------------------------------------------------
The Hon. Letitia Z. Paul of the U.S. Bankruptcy Court for the
Southern District of Texas the hearing to consider the approval of
Nova Directional, Inc.'s disclosure statement will be held on Dec.
6, 2016.
Objections to the Disclosure Statement must be filed by Nov. 29,
2016.
The Debtor's First Amended Disclosure Statement dated November 11,
2016, a full-text copy of which is available at
http://bankrupt.com/misc/txsb15-36563-111.pdfproposes that all
Allowed General Unsecured Claims will either be paid, at the
General Unsecured Claimant's option: (i) 35% of the Allowed Amount
of their Claims within 10 days of the Effective Date; or (ii) in
full over five years in 20 equal quarterly installments.
The Reorganized Debtor will have the option to immediately pay off
Allowed General Unsecured Claims at any time should sufficient
liquidity exist. No interest will be paid on General Unsecured
Claims.
The Reorganized Debtor will continue to operate as a going concern
after Confirmation. Salesmen have been added in Texas and
Oklahoma, which the Debtor anticipates will generate five new
customers and an average of three to four new jobs per month. In
addition, the Debtor is anticipating a major upcoming project in
the Bakken Formation which is scheduled to begin in November 2016.
Shareholders currently employed in management positions will be
given appropriate salaries in order to maintain the Reorganized
Debtor's continued operations. The Debtor believes that the
post-Confirmation operations of the Reorganized Debtor will
generate enough cash to effectively fund the Plan.
About Nova Directional, Inc.
Nova Directional, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Tex. Case No. 15-36563) on Dec. 16, 2015. Hon.
Letitia Z. Paul presides over the case. Kilmer Crosby & Walker
PLLC 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 Edward Chiaramonte, president.
NUSTAR ENERGY: Moody's Affirms Ba1 Senior Unsecured Notes Rating
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to NuStar Energy
L.P.'s proposed $100 million perpetual preferred units. At the same
time, Moody's affirmed NuStar Logistics, L.P.'s (NuStar Logistics)
Ba1 rated senior unsecured notes and Ba2 rated subordinated notes.
The rating outlook at both NuStar and NuStar Logistics is stable.
Moody's also assigned a Corporate Family Rating of Ba1, Probability
of Default Rating of Ba1-PD, and Speculative Grade Liquidity Rating
of SGL-3 to NuStar, and withdrew these ratings from NuStar
Logistics. Please refer to Moody's withdrawal policy on
moodys.com.
NuStar Energy will use the preferred unit proceeds for general
corporate purchases, including the funding of capital expenditures
and repaying outstandings under its revolving credit agreement.
"NuStar's preferred unit issuance will improve the company's
liquidity profile and is an important step in helping to support
its financial leverage into 2017," commented Gretchen French,
Moody's Vice President.
The following rating actions were taken:
Assignments:
Issuer: NuStar Energy L.P.
-- Probability of Default Rating, Assigned Ba1-PD
-- Speculative Grade Liquidity Rating, Assigned SGL-3
-- Corporate Family Rating, Assigned Ba1
-- Pref. Stock Preferred Stock (Local Currency), Assigned Ba3
(LGD6)
Outlook Actions:
Issuer: NuStar Energy L.P.
-- Outlook, Assigned Stable
Issuer: NuStar Logistics L.P.
-- Outlook, Remains Stable
Affirmations:
Issuer: NuStar Logistics L.P.
-- Subordinate Regular Bond/Debenture (Local Currency),
Affirmed Ba2 (LGD 6)
-- Senior Unsecured Regular Bond/Debenture (Local Currency),
Affirmed Ba1 (LGD 3)
Withdrawals:
Issuer: NuStar Logistics L.P.
-- Probability of Default Rating, Withdrawn , previously rated
Ba1-PD
-- Speculative Grade Liquidity Rating, Withdrawn , previously
rated SGL-3
-- Corporate Family Rating, Withdrawn , previously rated Ba1
RATINGS RATIONALE
NuStar's Ba1 Corporate Family Rating is supported by the breadth of
the company's refined product and crude oil pipeline transportation
infrastructure, storage and terminal assets. NuStar's EBITDA is
over 95% fee-based, with EBITDA in the Eagle Ford Shale supported
by long-term contracts with minimum volume commitments. The rating
is constrained by rising financial leverage, as EBITDA is declining
in 2016, with excess Eagle Ford Shale volumes declining to minimum
contracted levels, and the company relying on debt to fund its
capital investments. NuStar will need to issue additional equity or
equity-like securities in 2017 in order to protect financial
leverage and to maintain adequate liquidity. In addition, the
rating is restrained by NuStar's master limited partnership (MLP)
corporate finance model, which entails high distribution payouts.
NuStar's SGL-3 Speculative Grade Liquidity Rating reflects adequate
liquidity through 2017. NuStar's liquidity profile is constrained
by its high payout MLP model, heavy utilization of its revolver and
projected moderate covenant compliance cushion. Supporting NuStar's
liquidity profile is an unsecured capital structure and no upcoming
long-term debt maturities until 2018. NuStar's principal source of
liquidity is a $1.5 billion revolving credit facility, with $492
million availability as of September 30, 2016 (after accounting for
drawings of $992 million and letters of credit of $16 million).
Including the benefit of the preferred issuance, this should be
sufficient revolver capacity to fund NuStar's capital needs through
2017. The credit facility is unsecured, but drawings are subject to
a material adverse change clause. The revolver matures in October
2019. The credit facility has one financial covenant (debt/EBITDA
of no greater than 5.0x, increasing to 5.5x for two quarters after
an acquisition). Covenant compliance cushion is limited, with
compliance of 4.6x at September 30, 2016. However, the preferred
issuance should help NuStar to maintain covenant compliance through
2017.
"Moody's moved the CFR to NuStar from NuStar Logistics, as we
assigned the CFR to the highest entity in an issuer's capital
structure that has rated securities." Moody's said. NuStar's
preferred units are rated Ba3, two notches below its Ba1 Corporate
Family Rating, according to Moody's Loss Given Default methodology,
reflecting their contractual and structural subordination to NuStar
Logistics' debt obligations. NuStar Logistics' unsecured notes are
rated Ba1, reflecting a capital structure that is predominately
comprised of almost all unsecured debt. NuStar Logistics' various
unsecured bonds and revolving credit facility are unsecured and
pari passu. NuStar Logistics' subordinated notes are rated Ba2,
reflecting their subordination to NuStar Logistics' senior
unsecured debt.
The stable rating outlook assumes that NuStar will maintain
debt/EBITDA below 5.5x and distribution coverage above 1.0x through
2017.
While an upgrade is not likely in the near-term, Debt/EBITDA
approaching 4.5x on a sustainable basis and distribution coverage
maintained above 1.1x could result in an upgrade. On the other
hand, the ratings could be downgraded if Debt/EBITDA remains above
5.5x and distribution coverage falls below 1x for a sustained
period.
The principal methodology used in these ratings was Global
Midstream Energy published in December 2010.
NuStar Energy L.P. is a publicly traded energy master limited
partnership.
OMNICOMM SYSTEMS: Posts $693,000 Net Income for Third Quarter
-------------------------------------------------------------
OmniComm Systems, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
of $693,376 on $6.80 million of total revenues for the three months
ended Sept. 30, 2016, compared to net income of $2.53 million on
$5.59 million of total revenues for the same period during the
prior year.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $2.17 million on $17.26 million of total revenues
compared to net income of $4.45 million on $15.27 million of total
revenues for the nine months ended Sept. 30, 2015.
As of Sept. 30, 2016, OmniComm Systems had $7.36 million in total
assets, $30.76 million in total liabilities and a total
shareholders' deficit of $23.40 million.
The Company has historically experienced negative cash flows and
has relied on the proceeds from the sale of debt and equity
securities to fund its operations. In addition, the Company has
utilized stock-based compensation as a means of paying for
consulting and salary related expenses. At Sept. 30, 2016, the
Company had working capital deficit of $9,768,834.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/98raMS
About OmniComm Systems
Ft. Lauderdale, Fla.-based OmniComm Systems, Inc., is a healthcare
technology company that provides Web-based electronic data capture
("EDC") solutions and related value-added services to
pharmaceutical and biotech companies, clinical research
organizations, and other clinical trial sponsors principally
located in the United States and Europe.
OmniComm reported net income attributable to common stockholders of
$2.40 million on $20.7 million of total revenues for the year ended
Dec. 31, 2015, compared to a net loss attributable to common
stockholders of $4.66 million on $16.5 million of total revenues
for the year ended Dec. 31, 2014.
ON-CALL STAFFING: Seeks to Hire Newman & Newman as Legal Counsel
----------------------------------------------------------------
On-Call Staffing, 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.
The Debtor proposes to hire Newman & Newman to give legal advice
regarding any proposed bankruptcy plan, evaluate claims of
creditors, advise the Debtor regarding issues related to contract
negotiations, and provide other legal services.
J. Walter Newman IV, Esq., the attorney designated to represent the
Debtor, will be paid an hourly rate of $300 while his legal
assistant will be paid $100 per hour.
Mr. Newman 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:
J. Walter Newman IV, Esq.
Newman & Newman
587 Highland Colony Parkway
Ridgeland, MS 39157
Tel: (601) 948-0586
Email: wnewman95@msn.com
About On-Call Staffing
On-Call Staffing, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Miss. Case No. 16-13823) on October
28, 2016. The petition was signed by Lee Garner III, president.
At the time of the filing, the Debtor estimated assets of less than
$500,000 and liabilities of less than $1 million.
PALADIN ENERGY: Can Use Cash Collateral Until Dec. 31
-----------------------------------------------------
Judge Barbara J. Houser of the U.S. Bankruptcy Court for the
Northern District of Texas authorized authorized Paladin Energy
Corp. to use cash collateral through December 31, 2016.
The approved Budget forecasts total expenditures of $1,802,556 for
the period from October 2016 through December 2016.
The Troubled Company Reporter had reported earlier that the
Debtor's senior, secured lender is MUFG Union Bank, N.A., as
administrative agent. As of the Petition Date, the Debtor was
indebted to the Bank in the approximate amount of $22,952,404.
Judge Houser directed the Debtor to pay to the Bank adequate
protection payment, for the months of November and December 2016,
in the amount of $83,333 for each month.
Judge Houser held that the the salaries paid to George Fenton,
David Plaisance, and Michael T. Horn for November and December
2016, will be voluntarily reduced by 20% in light of their
agreement to such reduction.
The Debtor was also directed to maintain a minimum balance in its
operating account of $350,000 during the term of the Budget, as
adequate protection to Sheridan Holding Company II, LLC and Redmon
Oil Company.
A full-text copy of the Order, dated November 17, 2016, is
available at https://is.gd/EtvGza
About Paladin Energy
Paladin Energy Corp., in existence since 1997, is in the oil and
gas business. Specifically, Paladin is a producer, owning or
otherwise having interests in numerous wells in Texas and New
Mexico from which the Debtor extracts oil and gas for sale to third
parties.
Paladin Energy sought chapter 11 protection (Bankr. N.D. Tex. Case
No. 16-31590) on April 21, 2016. The petition was signed by George
Fenton, president. The case is assigned to Judge Barbara J.
Houser. The Debtor is represented by Davor Rukavina, Esq., at
Munsch, Hardt, Kopf & Harr, P.C., in Dallas, Texas. As of the time
of filing, the Debtor had estimated $10 million to $50 million in
both assets and liabilities.
PALADIN ENERGY: Court Denies MUFG's Ch. 11 Trustee Appointment Bid
------------------------------------------------------------------
Judge Barbara J. Houser of the United States Bankruptcy Court for
the Northern District of Texas, for reasons stated on the record
during the November 4, 2016, hearing, entered an order denying MUFG
Union Bank's motion to appoint a Chapter 11 Trustee for Paladin
Energy Corp.
As previously reported by The Troubled Company Reporter, MUFG filed
a motion asking the Court to direct the appointment of a Chapter 11
Trustee for the Debtor.
According to the Debtor's Schedules, MUFG is the Debtor's biggest
creditor, holding over 97% of the total value of claims in the
case.
MUFG asserted that it appears that the only reasonable path of the
Debtor's reorganization in the case is to sell its assets in a
controlled liquidation, and the cost of appointing a Chapter 11
Trustee to pursue the strategy is not outweighed by the cost and
risk associated with the management's continued control of the
Debtor and their unsupportable reorganization strategy.
About Paladin Energy
Paladin Energy Corp., in existence since 1997, is in the oil and
gas business. Specifically, Paladin is a producer, owning or
otherwise having interests in numerous wells in Texas and New
Mexico from which the Debtor extracts oil and gas for sale to third
parties.
Paladin Energy sought chapter 11 protection (Bankr. N.D. Tex. Case
No. 16-31590) on April 21, 2016. The Debtor estimated assets and
debt of $10 million to $50 million.
The Debtor is represented by Davor Rukavina, Esq., at Munsch,
Hardt, Kopf & Harr, P.C., in Dallas, Texas.
MUFG, the Debtor's biggest creditor, holding over 97% of the total
value of claims in the case, is represented by David M. Bennett,
Esq., and Steven Levitt, Esq., at Thompson & Knight LLP, in Dallas,
Texas; and Tye C. Hancock, Esq., at Thompson & Knight LLP, in
Houston, Texas.
PARETEUM CORP: Incurs $13.0 Million Net Loss in Third Quarter
-------------------------------------------------------------
Pareteum Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $13.03 million on $3.17 million of revenues for the three months
ended Sept. 30, 2016, compared to a net loss of $4.15 million on
$3.48 million of revenues for the same period during the prior
year.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $20.17 million on $9.71 million of revenues compared to
net income of $3.24 million on $27.74 million of revenues for the
nine months ended Sept. 30, 2015.
As of Sept. 30, 2016, the Company had $15.26 million in total
assets, $21.66 million in total liabilities and a total
stockholders' deficit of $6.40 million.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/RVrWOn
Pareteum Corp
Pareteum Corporation, formerly known as Elephant Talk
Communications, Inc., is an international provider of
business software and services to the telecommunications and
financial services industry.
Elephant Talk reported a net loss of $5.00 million on $31.0 million
of revenues for the year ended Dec. 31, 2015, compared to a net
loss of $21.9 million on $20.4 million of revenues for the year
ended Dec. 31, 2014.
Squar Milner, LLP, formerly Squar Milner, Peterson, Miranda &
Williamson, LLP, in Los Angeles, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has suffered
recurring losses from operations, has an accumulated deficit of
$256 million and has negative working capital. This raises
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.
PARETEUM CORP: Liquidity Crunch Raises Going Concern Doubt
----------------------------------------------------------
Pareteum Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net loss
of $13.04 million on $3.17 million of revenues for the three months
ended September 30, 2016, compared to a net loss of $4.22 million
on $3.48 million of revenues for the same period in 2015.
For the nine months ended September 30, 2016, the Company recorded
a net loss of $19.75 million on $9.71 million of revenues, compared
to a net income of $1.97 million on $27.74 million of revenues for
the same period last year.
The Company's balance sheet at September 30, 2016, showed total
assets of $15.26 million, total liabilities of $21.67 million, and
a stockholders' deficit of $6.40 million.
The Company suffered a liquidity crunch during the third quarter
and its senior lender provided an additional $1.2 million in
funding. The maturity date for the loan was changed to December
31, 2016 and a series of premiums were established as incentives to
encourage the Company to pay off the outstanding loan prior to
December 31, 2016.
During the second quarter 2016, the Company signed a non-binding
definitive term sheets with prospective Lenders, which were
expected to have resulted in an injection of immediate working
capital and establish a basis for raising additional capital in
support of both its restructuring and new growth initiatives. A
series of delays beyond the control of the Company, raised
substantial doubt on whether this funding can be counted upon to
ease the financial stress on the Company and in cooperation with
its senior lender these negotiations were terminated in the third
quarter.
The current senior Lender, Atalaya, continues to work with the
Company to find solutions including but not limited to proposed
issuances of new equity, warrant and option solicitations and
interim sources of capital. Until such new capital is secured and
the senior Lender has been assured of satisfactory payoff, the
Company is primarily responsible to this debtholder. The Company's
largest customer is fully aware of the critical need to secure
additional sources of capital and is working constructively in
support of these initiatives. Effective August 15, 2016, Atalaya
has increased its loan to the Company by an additional $1.2
million. As a condition of the funding of the increase, the
largest customer has provided a comfort letter indicating its
desire to increase its business with the Company.
The cash balance of the Company at September 30, 2016 was $
977,106. Additional capital is required during the fourth quarter
2016 to cover working capital deficiencies. The incremental loan
during the third quarter provided vital liquidity in the short term
and the Company is pursuing additional capital.
A full-text copy of the Company's Form 10-Q is available at:
https://is.gd/RVrWOn
Pareteum Corp
Pareteum Corporation, formerly known as Elephant Talk
Communications, Inc., provides a complete cloud platform, utilizing
mobile, messaging and security capability. The Company's
technology is particularly relevant for the increasingly mobile
customer communications and the growing need for reliable security
tools to reduce electronic fraud. The Company enables and secures
communications, transactions and applications for the connected
world via its globally deployed cloud services. In addition to
traditional communications carriers, Pareteum's target customer
base includes enterprises and financial services companies.
Pareteum's solutions for mobility and security drive value for the
business customer for both 'per user' and 'per transactions' based
revenue, as well as revenue-share and gain-share participation.
PCI MANUFACTURING: Hires DFW Lee as Real Estate Broker
------------------------------------------------------
PCI Manufacturing, LLC seeks authorization from the U.S. Bankruptcy
Court for the Eastern District of Texas to employ DFW Lee &
Associates as real estate broker.
The Debtor owns real property located at 200 CMH Drive, Sulphur
Springs Texas (which includes approximately 68,000 square feet in
two buildings on approximately 10 acres of land.
In order to market the Property most effectively and thereby
liquidate the Real Property for the best and highest price, prior
to the Petition Date, the Debtor solicited the assistance of Mark
Graybill, a licensed real estate agent who works with DFW Lee &
Associates, LLC.
The approved real estate listing sale price is $2,550,000.
The Debtor have agreed to pay DFW Lee the proposed compensation in
the Listing Agreement that upon sale commission is six percent of
the first $2,000,000 and four and a half percent on the remainder
of the sale price.
Mr. Graybill assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
DFW Lee may be reached at:
Mark Graybill
DFW Lee & Associates
15455 Dallas Parkway, Suite 400
Addison, TX 75001
Tel: 972-934-4000
Fax: 972-934-4099
E-mail: mgraybill@lee-associates.com
About PCI Manufacturing
PCI Manufacturing, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Tex. Case No. 16-41888) on Oct. 18,
2016. The petition was signed by Miles J. Arnold,
president. The case is assigned to Judge Brenda T.
Rhoades. At the time of the filing, the Debtor estimated its
assets and liabilities at $1 million to $10 million.
PCI MANUFACTURING: Hires Loeb Winternitz as Auctioneers
-------------------------------------------------------
PCI Manufacturing, LLC seeks authorization from the U.S. Bankruptcy
Court for the Eastern District of Texas to employ Loeb Winternitz
Industrial Auctioneers LLC as auctioneers.
The Debtor owns real and personal property located at 200 CMH
Drive, Sulphur Springs Texas. The personal property consists of
machinery and equipment, attachments and parts including, but not
limited to, plant support equipment, tooling attachments, material
handling, rolling stock, furniture, furnishings and fixtures, scrap
materials, inventory and finished goods, and other tangible
property. In addition to the property located at 200 CMH Drive in
Sulphur Springs, the Debtor has an interest in approximately 15
specially constructed trailers located in Texas and Louisiana.
In order to market the Personal Property most effectively and
thereby liquidate the Personal Property for the best and highest
price, prior to the Petition Date, the Debtor solicited the
assistance of Leob Winternitz Industrial Auctioneers.
The Debtor signed an Asset Management Agreement with Leob
Winternitz effective September 15, 2016 to market the Personal
Property, less the inventory and trailers. The terms of the
agreement provides for a joint effort to market and sell both the
real property and personal property as a turn-key facility.
Referenced in the Asset Agreement is an agreement the Debtor
contemporaneously entered into with DFW Lee & Associates for the
sale of the real property.
The Asset Agreement provides that the joint effort with Lee &
Associates to conduct a turn-key sale shall continue through
November 18, 2016. If the Real and Personal Property is not under
contract by that date, Loeb Winternitz will commence marketing the
Personal Property as part of a separate sale
Loeb Winternitz is to be paid a commission by the Debtor equal to
15% of the value of the Personal Property if the sale occurs as
part of a turn-key sale with the Real Property. The Debtor will
reimburse Loeb Winternitz up to $20,000 for out-of-pocket costs and
expenses from the sales proceeds. If the Personal Property is sold
separately, then Loeb Winternitz is to collect a buyer premium of
15% of the value of the Personal Property from the successful buyer
with reimbursement from the Debtor for out-of-pocket expenses not
to exceed $75,000. A buyer's premium based on a sale price in
excess of $1 million will result in 25% rebate to the Debtor
calculated on the amount over $1 million.
Charles Winternitz, president of Loeb Winternitz Industrial
Auctioneers LLC, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
Loeb Winternitz may be reached at:
Charles Winternitz
Loeb Winternitz Industrial Auctioneers LLC
4231 S. State Street
Chicago, IL 60609
Phone: 1-877-886-0440
1-773-548-4131
Fax: 1-773-548-2608
About PCI Manufacturing
PCI Manufacturing, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Tex. Case No. 16-41888) on Oct. 18,
2016. The petition was signed by Miles J. Arnold,
president. The case is assigned to Judge Brenda T.
Rhoades. At the time of the filing, the Debtor estimated its
assets and liabilities at $1 million to $10 million.
PHARMACOGENETICS DIAGNOSTIC: Can Use SYBTC Cash Thru Nov. 30
------------------------------------------------------------
Judge Thomas H. Fulton of the U.S. Bankruptcy Court for the Western
District of Kentucky authorized Pharmacogenetics Diagnostic
Laboratory, LLC, to use cash collateral on an interim basis,
through November 30, 2016.
The Debtor was authorized to use cash collateral solely to pay
normal trade payables, payroll, insurance premiums, taxes and
utilities that are necessary to preserve and maintain the assets
and business operations of the Debtor as set forth in the Budget.
Stock Yards Bank & Trust Company was granted a continued security
interest in and to all prepetition accounts receivable of the
Debtor; and a first priority security interest to the same extent,
validity, and priority as its prepetition security interest in and
to all post-petition accounts receivable and in the inventory of
the Debtor in possession and proceeds thereof, which shall be
senior to any liens granted to Dr. Roland Valdes to secure debtor
in possession financing.
Stock Yards Bank was also granted an administrative expense claim,
to the extent that the adequate protection granted to Stock Yards
Bank fails to adequately protect Stock Yards' interests in the Cash
Collateral and/or the post-petition Collateral.
The Debtor was directed to provide Stock Yards, a report detailing
the uses of cash by the Debtor for the prior week and an aging of
all accounts receivable by customer, beginning November 15, 2016.
The Debtor was further directed to maintain adequate insurance on
its assets including general liability coverage naming Stock Yards
as a lender's loss payee.
The Debtor's use of cash collateral and the Debtor's authorization
to use the cash collateral will terminate:
(a) In the event that the Debtor would fail to make any
payment to Stock Yards required under the Order; or
(b) In the event that the Debtor breaches any non-payment
term, condition or covenant set forth in this Order; or
(c) Upon the entry of a final order dismissing this Chapter
11 case, appointing a trustee in this Chapter 11 case, converting
this case to a case under Chapter 7 of the Bankruptcy Code or
transfer of venue of this case to another district.
A full-text copy of the Agreed Order, dated November 17, 2016, is
available at https://is.gd/7gqWvF
Stock Yards Bank & Trust Company can be reached through:
Melinda T. Sunderland, Esq.
Bradley S. Salyer, Esq.
MORGAN & POTTINGER
401 S. 4th Street, Suite 1200
Louisville, Kentucky 40202
Telephone: 502-589-2780
About Pharmacogenetics Diagnostic Laboratory
Pharmacogenetics Diagnostic Laboratory, LLC, d/b/a PGXL
Laboratories d/b/a PGX Laboratories, filed a chapter 11 petition
(Bankr. W.D. Ky. Case No. 16-33404) on Nov. 8, 2016. The petition
was signed by Dr. Roland Valdes, Jr., president/CEO. The Debtor is
represented by Charity Bird Neukomm, Esq., at Kaplan & Partners
LLP. The case is assigned to Judge Thomas H. Fulton. The Debtor
estimated assets at $500,000 to $1 million and liabilities at $10
million to $50 million at the time of the filing.
PHILADELPHIA ENERGY: S&P Lowers CCR to 'B'; Outlook Stable
----------------------------------------------------------
S&P Global Ratings said that it lowered its corporate credit rating
on Philadelphia-based Philadelphia Energy Solutions Refining and
Marketing LLC (PES) to 'B' from 'B+'. The outlook is stable.
In addition, S&P lowered the issue-level rating on PES' senior
secured debt to 'B+' from 'BB-'. The recovery rating on this debt
remains '2', indicating S&P's expectation for substantial (70%-90%,
upper half of the range) recovery if a payment default occurs.
"The stable outlook reflects our expectation that the company will
continue to maintain liquidity that we view as adequate over the
next 12 months and take steps to reduce costs in its business,"
said S&P Global Ratings credit analyst Stephen Scovotti. "We
expect leverage at the company to continue to be in excess of 6x
during the next 12 months due to weak crack margins, high RIN
costs, and a relatively high consumed crude differential."
S&P could lower the ratings on the company if credit metrics at PES
and its parent company (including a logistics business) materially
weaken. This could happen if crack spreads weaken further, the
refineries experience operating underperformance, or RIN costs
increase materially.
S&P could consider a positive rating action if profitability and
credit metrics materially improve at the company and its parent
company. This could occur if crack margins improve, RIN costs are
materially lower than S&P's expectation, or consumed crude
differentials become materially favorable to the company.
PHOENIX BRANDS: Files Ch. 11 Plan of Liquidation
------------------------------------------------
Phoenix Brands LLC, et al., and the Official Committee of Unsecured
Creditors appointed in the Chapter 11 cases filed with the U.S.
Bankruptcy Court for the District of Delaware a joint Chapter 11
plan of liquidation.
If confirmed and consummated, the Plan will facilitate the orderly
wind down of the Debtors' remaining business, including formation
of a liquidating trust to pursue any remaining causes of action,
liquidate remaining assets, and distribute all proceeds according
to the Plan, among other things before finally closing these
cases.
The Plan implements a comprehensive settlement stipulation
negotiated among the Debtors, Fifth Street, and the Official
Committee of Unsecured Creditors, which resolved, among other
things, (a) Fifth Street's motion to convert these cases to cases
under chapter 7 of the Bankruptcy Code, (b) the Committee's
objections to the Debtors' motion to extend their exclusive time
period in which to file a plan in these cases, and (c) intercompany
claim and value allocation issues which will permit allowed general
unsecured claims to receive, in a relatively accelerated time
frame, a meaningful distribution that they may not otherwise
receive if the cases were converted and/or the various disputes
were litigated. The settlement stipulation is designed to arrive
at Plan confirmation and commence distributions to creditors
pursuant to the Plan on an expedited timeline, and to limit and
reduce the administrative expenses associated with completing the
cases pursuant to an agreed operating and professional fee budget,
both of which are incorporated into the Plan. The settlement
stipulation provides certain milestones which, if not met, will
allow Fifth Street's motion to convert to go forward. Of note in
these milestones is a Plan confirmation date of December 20, 2016
and a Plan Effective Date of December 29, 2016.
The Debtors' cash on hand as of the Effective Date, which is
anticipated to be approximately $3,085,000, along with additional
collections of receivables and recoveries from Avoidance Actions
and other potential Rights of Action will fund the Plan. On the
Initial Distribution Date, the Debtors anticipate having sufficient
funds to pay all Administrative Claims, Priority Tax Claims, and
Priority Non-Tax Claims and to provide the initial $100,000 to
Class 4A-2 and at least $2 million to Class 4A-1.
Treatment of GUCs
General unsecured claims against all Debtors are impaired, but only
holders of general unsecured claims against Phoenix Brands LLC,
Phoenix Brands Canada ULC, and Phoenix Brands Canada Laundry LLC
are entitled to vote on the Plan.
On the Initial Distribution Date, GUCs of ULC will receive their
Pro Rata Share of the Cash allocated to ULC (such allocated Cash
amount is estimated to be approximately $408.00 in total).
On the Initial Distribution Date, Brands GUCs will receive their
Pro Rata Share of $100,000 in Cash.
After paying or reserving for the ULC and Brands amounts, on the
Initial Distribution Date, Fifth Street will receive all Cash
available on that date up to $2.5 million (but with a minimum Cash
distribution to Fifth Street on the Initial Distribution Date of $2
million).
The Debtors' and Committee Professionals will defer payments
totaling $1,000,000, split into two tranches, (A) $487,000, and (B)
$513,000 to the post- Effective Date period.
Until total Cash distributions to Fifth Street total $2.75
million:
-- All Cash will be distributed (a) 50% to Fifth Street, and (b)
50% to the Professionals (to be apportioned pro rata among the
Debtors' and the Committee's professionals).
-- After Fifth Street has received total Cash distributions
totaling $2.75 million:
* Professionals will receive all next available Cash until
the A Piece has been repaid.
* Thereafter, the next $50,000 will be distributed to (and/or
reserved for) the Brands GUCs on a pro rata basis,
* Thereafter, all Cash will be paid solely to Fifth Street
until Fifth Street has received total Cash distributions of $3.5
million.
-- Once Fifth Street has received total Cash distributions
totaling $3.5 million, all Cash will then be distributed 100% to
the Professionals (to be allocated among the Professionals on a pro
rata basis based on the total incurred and projected capped fees)
until the B Piece is repaid.
-- All Cash available after the B Piece is repaid will be
distributed solely to Fifth Street.
A full-text copy of the Disclosure Statement dated November 11,
2016, is available at http://bankrupt.com/misc/deb16-11242-524.pdf
The Plan was filed by the Debtors' counsel, Laura Davis Jones,
Esq., and Joseph M. Mulvihill, Esq., at Pachulski Stang Ziehl &
Jones LLP, in Wilmington, Delaware; and Joseph T. Moldovan, Esq.,
and Robert K. Dakis, Esq., at Morrison Cohen LLP, in New York; and
the Committee's counsel, Mark Minuti, Esq., and Lucian B. Murley,
Esq., at Saul Ewing LLP, in Wilmington, Delaware; and Sharon L.
Levine, Esq., and Dipesh Patel, Esq., at Saul Ewing LLP, in Newark,
New Jersey.
About Phoenix Brands
Phoenix Brands LLC, Phoenix Brands Parent LLC, Phoenix North LLC,
and Phoenix Brands Canada ULC filed chapter 11 petitions (Bankr. D.
Del. Case Nos. 16-11242 to 16-11245) on May 19, 2016. The
petitions were signed by William Littlefield, CEO and President.
The cases are assigned to Judge Brendan Linehan Shannon. A motion
for joint administration of the Chapter 11 cases is pending.
The Debtors are represented by Joseph T. Modlovan, Esq. and Robert
K. Dakis, Esq., at Morrison Cohen LLP. The Debtors have retained
Laura Davis Jones, Esq. and Joseph M. Mulvihill, Esq., at Pachulski
Stang Ziehl & Jones LLP as Local Counsel; Houlihan Lokey as
Investment Banker; Getzler Henrich & Associates LLC as Financial
Advisor; Hunterpoint, LLP as CRO Provider; Osler, Hoskin & Harcourt
LLP as Canadian Counsel; and Omni Management Group, LLC as
Claims/Noticing Agent.
The Debtors estimated assets and debts at $10 million to $50
million at the time of the filing.
Andrew Vara, acting U.S. trustee for Region 3, on June 1 appointed
five creditors of Phoenix Brands LLC and its affiliates to serve on
the official committee of unsecured creditors. The Committee
tapped Saul Ewing LLP as counsel and Deloitte Financial Advisory
Services LLP as its financial advisor
PLATFORM SPECIALTY: Repricing No Impact on Moody's B2 CFR
---------------------------------------------------------
Moody's Investors Service says that Platform Specialty Products
Corporation's (B2 negative) proposed repricing transaction is a
modest credit positive, since it will lower annual interest
expense, but it does not result in any changes to the company's
existing B2 Corporate Family rating (CFR), B2 term loan ratings, or
negative outlook.
Headquartered in West Palm Beach, Florida, Platform Specialty
Products Corporation (Platform) is a publicly-traded company
founded by investors Martin Franklin and Nicolas Berggruen in 2013.
Platform's first acquisition in 2013 was MacDermid Holdings, LLC, a
global manufacturer of variety of chemicals and technical services
for a range of applications and markets including; metal and
plastic finishing, electronics, graphic arts, and offshore
drilling. Platform acquired Alent plc, OM Group businesses, Arysta
LifeScience Limited, Chemtura Corporation's AgroSolutions business,
and Belgium-based Group Agriphar Group agricultural chemical
business, in levered transactions valued at roughly $2.0 billion,
$365 million, $3.51 billion, $1 billion and $405 million,
respectively. Pro forma for the acquisitions, Platform's sales are
estimated near $3.5 billion for the twelve months ended September
30, 2016.
PPM GRAYHAWK: Moody's Hikes Class D Notes Rating to Ba1
-------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by PPM Grayhawk CLO, Ltd.:
-- US $22,000,000 Class B Deferrable Mezzanine Notes Due 2021,
Upgraded to Aaa (sf); previously on October 23, 2015
Upgraded to Aa1 (sf)
-- US $14,000,000 Class C Deferrable Mezzanine Notes Due 2021,
Upgrade to A1 (sf); previously on October 23, 2015 Upgrade
to Baa1 (sf)
-- US $14,450,000 Class D Deferrable Mezzanine Notes Due 2021
(current outstanding balance of $10,388,091), Upgrade to Ba1
(sf); previously on October 23, 2015 Affirmed Ba3 (sf)
Moody's also affirmed the ratings on the following notes:
-- US $64,000,000 Class A-1 Senior Notes Due 2021 (current
outstanding balance of $6,895,838), Affirmed Aaa (sf);
previously on October 23, 2015 Affirmed Aaa (sf)
-- US $50,000,000 Class A-2b Senior Notes Due 2021 (current
outstanding balance of $26,936,866), Affirmed Aaa (sf);
previously on October 23, 2015 Affirmed Aaa (sf)
-- US $16,000,000 Class A-3 Senior Notes Due 2021, Affirmed Aaa
(sf); previously on October 23, 2015 Affirmed Aaa (sf)
PPM Grayhawk CLO, Ltd., issued in April 2007, is a collateralized
loan obligation (CLO) backed primarily by a portfolio of senior
secured loans. The transaction's reinvestment period ended in April
2014.
RATINGS RATIONALE
These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios since April 2016. The Class A-2a
notes have been paid in full, the Class A-1 notes have been paid
down by approximately 62.0% or $11.2 million and the Class A-2b
notes have been paid down by approximately 46.1% or $23.1 million
since that time. Based on the trustee's October 2016 report, the OC
ratios for the Class A, Class B, Class C and Class D notes are
reported at 174.01%, 133.76%, 116.60% and 106.46%, respectively,
versus April 2016 levels of 143.86%, 122.50%, 111.92% and 105.19%,
respectively.
Methodology Used for the Rating Action
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.
Factors that Would Lead to an Upgrade or Downgrade of the Ratings:
This transaction is subject to a number of factors and
circumstances that could lead to either an upgrade or downgrade of
the ratings:
-- Macroeconomic uncertainty: CLO performance is subject to a)
uncertainty about credit conditions in the general economy
and b) the large concentration of upcoming speculative-grade
debt maturities, which could make refinancing difficult for
issuers.
-- Collateral Manager: Performance can also be affected
positively or negatively by a) the manager's investment
strategy and behavior and b) differences in the legal
interpretation of CLO documentation by different
transactional parties owing to embedded ambiguities.
-- Collateral credit risk: A shift towards collateral of better
credit quality, or better credit performance of assets
collateralizing the transaction than Moody's current
expectations, can lead to positive CLO performance.
Conversely, a negative shift in credit quality or
performance of the collateral can have adverse consequences
for CLO performance.
-- Deleveraging: An important source of uncertainty in this
transaction is whether deleveraging from unscheduled
principal proceeds will continue and at what pace.
Deleveraging of the CLO could accelerate owing to high
prepayment levels in the loan market and/or collateral sales
by the manager, which could have a significant impact on the
notes' ratings. Note repayments that are faster than Moody's
current expectations will usually have a positive impact on
CLO notes, beginning with those with the highest payment
priority.
-- Recovery of defaulted assets: Fluctuations in the market
value of defaulted assets reported by the trustee and those
that Moody's assumes as having defaulted could result in
volatility in the deal's OC levels. Further, the timing of
recoveries and whether a manager decides to work out or sell
defaulted assets create additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the
market price and the recovery rate in order to account for
potential volatility in market prices. Realization of higher
than assumed recoveries would positively impact the CLO.
-- Long-dated assets: The presence of assets that mature after
the CLO's legal maturity date exposes the deal to
liquidation risk on those assets. This risk is borne first
by investors with the lowest priority in the capital
structure. Moody's assumes that the terminal value of an
asset upon liquidation at maturity will be equal to the
lower of an assumed liquidation value (depending on the
extent to which the asset's maturity lags that of the
liabilities) or the asset's current market value. However,
actual long-dated asset exposures and prevailing market
prices and conditions at the CLO's maturity will drive the
deal's actual losses, if any, from long-dated assets.
-- Exposure to assets with low credit quality and weak
liquidity: The presence of assets rated Caa3 with a negative
outlook, Caa2 or Caa3 on review for downgrade or the worst
Moody's speculative grade liquidity (SGL) rating, SGL-4,
exposes the notes to additional risks if these assets
default. The historical default rate is higher than average
for these assets. Due to the deal's exposure to such assets,
which constitute around $3.9 million of par, Moody's ran a
sensitivity case defaulting those assets.
In addition to the base case analysis, Moody's also conducted
sensitivity analyses to test the impact of a number of default
probabilities on the rated notes relative to the base case modeling
results, which may be different from the current public ratings of
the notes. Below is a summary of the impact of different default
probabilities (expressed in terms of WARF) on all of the rated
notes (by the difference in the number of notches versus the
current model output, for which a positive difference corresponds
to lower expected loss):
Moody's Adjusted WARF -- 20% (1871)
-- Class A-1: 0
-- Class A-2b: 0
-- Class A-3: 0
-- Class B: 0
-- Class C: +2
-- Class D: +1
Moody's Adjusted WARF + 20% (2807)
-- Class A-1: 0
-- Class A-2b: 0
-- Class A-3: 0
-- Class B: 0
-- Class C: -2
-- Class D: -1
Loss and Cash Flow Analysis:
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in "Moody's Global
Approach to Rating Collateralized Loan Obligations."
The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analyzed the collateral pool as having a performing par and
principal proceeds balance of $103.7 million, defaulted par of
$671,127, a weighted average default probability of 12.08%
(implying a WARF of 2339), a weighted average recovery rate upon
default of 50.29%, a diversity score of 27 and a weighted average
spread of 2.80% (before accounting for LIBOR floors).
Moody's incorporates the default and recovery properties of the
collateral pool in cash flow model analysis where they are subject
to stresses as a function of the target rating on each CLO
liability reviewed. Moody's derives the default probability from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average recovery
rate for future defaults is based primarily on the seniority of the
assets in the collateral pool. Moody's generally applies recovery
rates for CLO securities as published in "Moody's Approach to
Rating SF CDOs". In some cases, alternative recovery assumptions
may be considered based on the specifics of the analysis of the CLO
transaction. In each case, historical and market performance and
the collateral manager's latitude for trading the collateral are
also factors.
PREMIER HOLDING: Needs to More Capital to Continue as Going Concern
-------------------------------------------------------------------
Premier Holding Corporation filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing a
net loss of $1.97 million on $1.13 million of total revenue for the
three months ended September 30, 2016, compared to a net loss of
$765,440 on $1.32 million of total revenue for the same period in
2015.
For the nine months ended September 30, 2016, the Company recorded
a net loss of $5 million on $3.65 million of total revenue,
compared to a net loss of $617,557 on $3.71 million of total
revenue for the same period last year.
The Company's balance sheet at September 30, 2016, showed total
assets of $6.91 million, total liabilities of $3.13 million, and a
stockholders' deficit of $3.78 million.
As of September 30, 2016, the Company had an accumulated deficit of
$28,711,656. For the nine months ended September 30, 2016 and
2015, the Company incurred operating losses of $3,887,113 and
$1,935,159, respectively, and used cash in operating activities of
$2,976,879 and $2,270,305, respectively. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern. The Company recognizes it will need to raise
additional capital in order to fund operations, meet its payment
obligations and execute its business plan.
A full-text copy of the Company's Form 10-Q is available at:
https://is.gd/ECBs5H
Premier Holding Corporation is an energy services holding company.
The Company provides an array of energy services through its
subsidiary companies, Energy Efficiency Experts, Inc. ("E3") and
The Power Company USA, LLC ("TPC"). The Company provides solutions
that enable customers to lower their electricity rates, reduce
their energy consumption, lower their operating and maintenance
costs, and realize environmental benefits. The Company's
comprehensive set of services includes competitive electricity
plans and upgrades to a facility's energy infrastructure.
PURPLE TOOTH: Hires D Max Gardner as Bankruptcy Counsel
-------------------------------------------------------
Purple Tooth Society, LLC seeks authorization from the U.S.
Bankruptcy Court for the Eastern District of California to employ
D. Max Gardner as attorney of record during the bankruptcy
proceeding.
Mr. Gardner will advise and consult with the Debtor regarding:
-- the questions arising during the administration of the
estate; and
-- the rights and remedies of the Debtor with regard to the
assets of the estate and the claims of secured and
unsecured creditors and to assist in preparing such
pleadings, motions, notices, and orders as are required
for the orderly administration of the case.
Mr. Gardner will be paid at these hourly rates:
D. Max Gardner $295
Legal Assistants $75
Mr. Gardner will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Gardner 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.
Gardner can be reached at:
D. Max Gardner, Esq.
1925 'G' Street
Bakersfield, CA 93301
Tel: (661) 888-4335
Fax: (661) 591-4286
E-mail: dmgardner@dmaxlaw.com
Purple Tooth Society, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Cal. Case No. 16-14004) on November 2, 2016,
disclosing under $1 million in both assets and liabilities.
The Debtor is represented by D. Max Gardner, Esq.
QUINTESS LLC: Court Enters Corrected Interim Cash Collateral Order
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado entered a
corrected Interim Order, approving the Stipulation which allowed
Quintess, LLC to obtain post-petition financing and use cash
collateral on an interim basis.
The Debtor was authorized to use cash collateral to pay the
reasonable, ordinary, and necessary expenses of operating and
maintaining its business.
The Court 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, 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
Lender was further granted an allowed superpriority claim if the
postpetition replacement lien is insufficient to satisfy in full
the claims of the Lender resulting from the use of Cash Collateral
or Post-Petition Loans.
A final hearing on the Debtor's Motion is scheduled on December 14,
2016, at 1:30 p.m. The deadline for the filing of objections is no
later than December 7, 2016. Replies to oppositions may be filed no
later than December 12, 2016.
A full-text copy of the corrected Interim Order entered on November
17, 2016, is available at https://is.gd/pi8iis
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.
U.S. Trustee Patrick S. Layng on Oct. 20 appointed seven creditors
of Quintess, LLC, to serve on the official committee of unsecured
creditors. The committee members are: (1) Luciano Tauro; (2) John
L. Stanfill III; (3) Mitchell Energy Partners; (4) Mary Ann Remick;
(5) Jason D. Greenman; (6) John (Jack) Daggitt; and (7) James W.
Packer.
R.C.A. RUBBER: Case Summary & 10 Unsecured Creditors
----------------------------------------------------
Debtor: The R.C.A. Rubber Company
1833 East Market Street
Akron, OH 44305
Case No.: 16-52757
Chapter 11 Petition Date: November 18, 2016
Court: United States Bankruptcy Court
Northern District of Ohio (Akron)
Judge: Hon. Alan M. Koschik
Debtor's Counsel: Michael A. Steel, Esq.
BRENNAN, MANNA & DIAMOND, LLC
75 East Market Street
Akron, OH 44308
Tel: 330-374-7471
Fax: 330-374-7472
E-mail: masteel@bmdllc.com
Total Assets: $2.17 million
Total Liabilities: $1.57 million
The petition was signed by Shane R. Price, vice president.
A copy of the Debtor's list of 10 unsecured creditors is available
for free at http://bankrupt.com/misc/ohnb16-52757.pdf
RAMIRO & ROSA: Taps Hector Pedrosa as Counsel
---------------------------------------------
Ramiro & Rosa Food Service Corp. seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ The Law
Offices of Hector Eduardo Pedrosa Luna as counsel.
The Debtor requires the law firm to:
(a) prepare bankruptcy schedules, pleadings, applications and
conducting examinations incidental to any related
proceedings or to the administration of this case;
(b) develop the relationship of the status of the Debtor to the
claims of creditors in this case;
(c) advise the Debtor of its rights, duties, and obligations as
Debtor operating under Chapter 11 of the Bankruptcy Code;
(d) take any and all other necessary action incident to the
proper preservation and administration of this Chapter 11
case; and
(e) advise and assist the Debtor in the formation and
preservation of a plan pursuant to Chapter 11 of the
Bankruptcy Code, the disclosure statement, and any and all
matters related thereto.
Mr. Pedrosa will be compensated at $150 per hour.
The law firm received a retainer of $3,000 from the Debtor.
Mr. Pedrosa, the principal of the law 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 Debtor and its estate.
The firm can be reached at:
Hector Eduardo Pedrosa-Luna, Esq.
THE LAW OFFICES OF HECTOR EDUARDO PEDROSA LUNA
P.O. Box 9023963
San Juan, PR 00902-3963
Tel: (787) 920-7983
Fax: (787) 754-1109
E-mail: hectorpedrosa@gmail.com
Ramiro & Rosa Food Service Corp., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-06501) on August 16, 2016,
disclosing under $1 million in both assets and liabilities.
The Debtor is represented by Hector Eduardo Pedrosa-Luna, Esq.
RAY MARVIN GOTTLIEB: Disclosure Statement Hearing on Dec. 2
-----------------------------------------------------------
The bankruptcy court overseeing the Chapter 11 case of Ray Marvin
Gottlieb is set to hold a hearing on Dec. 2, at 10:00 a.m., to
consider approval of the disclosure statement filed by a creditor.
The U.S. Bankruptcy Court for the District of Maryland will hold
the hearing at the U.S. Courthouse, Courtroom 3E, 6500 Cherrywood
Lane, Greenbelt, Maryland. Objections are due by Dec. 1.
The disclosure statement explains the Chapter 11 plan filed on Oct.
31 by Sandra Gottlieb, a creditor of Mr. Gottlieb and the Debtor's
former wife.
The Plan proposed by Ms. Gottlieb proposes that Class 6 consists of
holders of general unsecured claims, including the claims of
Capital One Bank (USA), N.A. (Claim No. 1) and Robert Kressin
(Claim No. 2), any deficiency claim for any of the secured claims,
and the scheduled claims of Bank of America, Kenneth S. Goldblatt,
Linda Herrmann, and Ronald Bergman.
Ms. Gottlieb is represented by:
Justin P. Fasano, Esq.
6411 Ivy Lane, Suite 200
Greenbelt, MD 20770
About Ray Marvin Gottlieb
Ray Marvin Gottlieb sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 16-17525) on June 2, 2016.
The case is assigned to Judge Thomas J. Catliota.
The Debtor is represented by Steven H. Greenfeld, Esq., at Cohen,
Baldinger & Greenfield, LLC.
REDIGI INC: Court Moves Plan Exclusivity Period to March 1
----------------------------------------------------------
Judge Paul G. Hyman, Jr. of the U.S. Bankruptcy Court for the
Southern District of Florida extended the exclusive periods within
which ReDigi Inc. may file a plan of reorganization, through and
including March 1, 2017, and solicit acceptances of such plan,
through and including May 1, 2017.
The Troubled Company Reporter had previously reported that the
Debtor sought exclusivity extension because the deadline for
creditors in this case to file proofs of claim will be on December
12, 2016. The Debtor asserted that all claims should be filed
before it will be required to propose a Plan of Reorganization.
About ReDigi Inc.
ReDigi Inc. filed a Chapter 11 petition (Bankr. S.D. Fla. Case No.
16-20809) on August 3, 2016, and is represented by Craig I Kelley,
Esq., in West Palm Beach, Florida. The petition was signed by John
Mark Ossenmacher, CEO. At the time of the filing, the Debtor had
$250 in total assets and $6,590,000 in total liabilities. The
Debtor employed Baker & Hostetler LLP as special counsel.
A list of the Debtor's 16 unsecured creditors is available for free
at http://bankrupt.com/misc/flsb16-20809.pdf
REDROCK WELL: Seeks to Hire Diaz & Larsen as Legal Counsel
----------------------------------------------------------
RedRock Well Service, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Utah to hire legal counsel in connection
with its Chapter 11 case.
The Debtor proposes to hire Diaz & Larsen to give legal advice
regarding its duties under the Bankruptcy Code, prosecute actions
to protect its bankruptcy estate, assist in the preparation of a
reorganization plan, and provide other legal services.
The firm has received a retainer from the Debtor in the amount of
$27,000.
RedRock does not have any connection with or hold any interest
adverse to the Debtor, according to court filings.
The firm can be reached through:
Andres Diaz, Esq.
Timothy J. Larsen, Esq.
Diaz & Larsen
307 West 200 South, Suite 2004
Salt Lake City, UT 84101
Phone: (801) 596-1661
Fax: (801) 359-6803
Email: courtmail@adexpresslaw.com
About RedRock Well Service
RedRock Well Service, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Utah Case No. 16-29891) on November 8,
2016. The petition was signed by Randall G. Shelton, manager.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $500,000.
RELIABLE HUMAN: Seeks Court Approval to Hire Attorneys
------------------------------------------------------
Reliable Human Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Minnesota to hire legal
counsel in connection with its Chapter 11 case.
The Debtor proposes to hire Steven Nosek, Esq., and Yvonne Doose,
Esq., to assist in the preparation of its bankruptcy plan, analyze
its financial situation, represent the Debtor at adversary
proceedings, and provide other legal services.
Mr. Nosek and Ms. Doose will be paid $300 per hour and $150 per
hour, respectively.
The proposed attorneys disclosed in court filings that they do not
hold any interest adverse to the Debtor or its bankruptcy estate.
Mr. Nosek maintains an office at:
Steven B. Nosek, Esq.
2855 Anthony Lane South, Suite 201
St. Anthony, MN 55418
Email: snosek@noseklawfirm.com
Ms. Doose maintains an office at:
Yvonne R. Doose, Esq.
900 Airport Road
Princeton, MN 55371
About Reliable Human Services
Reliable Human Services, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Minn. Case No. 16-43368) on November
15, 2016.
At the time of the filing, the Debtor estimated assets of less than
$100,000 and liabilities of less than $1 million.
The Debtor previously filed a Chapter 11 petition (Bankr. D. Minn.
Case No. 13-44330) on September 4, 2013.
RESPONSE BIOMEDICAL: Posts C$170,000 Net Income for Third Quarter
-----------------------------------------------------------------
Response Biomedical Corp. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
and comprehensive income of C$170,000 on C$1.58 million of total
revenue for the three months ended Sept. 30, 2016, compared to net
income and comprehensive income of C$729,000 on C$3.52 million of
total revenue for the three months ended Sept. 30, 2015.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss and comprehensive loss of C$2.40 million on C$5.11 million
of total revenue compared to a net loss and comprehensive loss of
C$373,000 on C$11.33 million of total revenue for the same period a
year ago.
As of Sept. 30, 2016, Response Biomedical had C$10.35 million in
total assets, C$12.51 million in total liabilities and a total
shareholders' deficit of C$2.16 million.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/Gt1LB5
About Response Biomedical
Based in Vancouver, Canada, Response Biomedical Corporation
develops, manufactures and sells diagnostic tests for use with its
proprietary RAMP(R) System, a portable fluorescence immunoassay-
based diagnostic testing platform. The RAMP(R) technology
utilizes a unique method to account for sources of error inherent
in conventional lateral flow immunoassay technologies, thereby
providing the ability to quickly and accurately detect and
quantify an analyte present in a liquid sample. Consequently, an
end-user on-site or in a point-of-care setting can rapidly obtain
important diagnostic information. Response Biomedical currently
has thirteen tests available for clinical and environmental
testing applications and the Company has plans to commercialize
additional tests.
Response Biomedical reported a net loss of C$150,000 on C$15.4
million of total revenue for the year ended Dec. 31, 2015, compared
to a net loss of C$2.09 million on C$11.01 million of total revenue
for the year ended Dec. 31, 2014.
PricewaterhouseCoopers LLP, in Vancouver, Canada, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the company has incurred
recurring losses from operations and has an accumulated deficit at
Dec. 31, 2015, that raises substantial doubt about its ability to
continue as a going concern.
RICHARD DENNIS HAYNES: December 1 Disclosure Statement Hearing
--------------------------------------------------------------
Judge Raymond B. Ray of the U.S. Bankruptcy Court for the Southern
District of Florida, Fort Lauderdale Division, will convene a
hearing on Dec. 1, 2016, at 10:00 A.M. to consider the approval of
the disclosure statement explaining Richard Dennis and Barbara
Diane Haynes' plan.
The deadline for filing and serving in written objections to the
Disclosure Statement is on Nov. 23, 2016.
The Troubled Company Reporter previously reported that the Debtors'
Plan will set aside $9,000 to pay claims of unsecured creditors.
The plan filed on Oct. 13 with the U.S. Bankruptcy Court for the
Southern District of Florida proposes to pay general unsecured
creditors $150 a month for 60 months from the Debtors' disposable
income.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/RichardDennisHaynes_DS10132016.pdf
About The Haynes
Richard Dennis and Barbara Diane Haynes sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
15-27975) on October 9, 2015.
Mr. Haynes is employed by Mindray North America as a sales
representative while his wife works for Christ Church United
Methodist, Inc.
The Debtors are represented by Susan D. Lasky, Esq., in Fort
Lauderdale, Florida.
RICHARD WILLIAMSON: Disclosure Statement Hearing on Dec. 8
----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Michigan is
set to hold a hearing on December 8, at 10:00 a.m., to consider
approval of the disclosure statement explaining the Chapter 11 plan
of reorganization of Richard Williamson.
The hearing will take place at Courtroom C, One Division Avenue,
N., 3rd Floor, Grand Rapids, Michigan. Objections to the
restructuring plan must be filed and served at least seven days
prior to the hearing.
The Debtor is represented by:
James M. Keller Jr., Esq.
Keller & Almassian PLC
230 East Fulton St.
Grand Rapids, MI 49503
Phone: 616-364-2100
About Richard Williamson
Richard C. Williamson sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Mich. Case No. 16-01097) on March 3,
2016. The case is assigned to Judge John T. Gregg.
RMDR INVESTMENTS: Taps Robert Harvey as Special Counsel
-------------------------------------------------------
RMDR Investments, Inc. files an ex parte application to the U.S.
Bankruptcy Court for the Eastern District of Louisiana to employ
Robert G. Harvey, Sr. and the Law Offices of Robert Harvey, Sr.,
APLC as special counsel.
The Debtor requires Mr. Harvey, and the Law Offices of Robert
Harvey, Sr., APLC to advise the Debtor as well as assist the
Debtor's general counsel, the Derbes Law Firm, LLC, in connection
with three matters which arose prior to the filing of the
bankruptcy. Specifically, the Firm would represent the Debtor and
advise the Debtor's general counsel in these matters:
(1) 429 Bourbon Street and Chandru Motwani v. RDMR Investments,
Inc., Case No. 2016-7601, Division "G," Civil District
Court for the Parish of Orleans;
(2) 429 Bourbon Street, LLC v. RMDR Investments, Inc., Case No.
2015 07064, Division "C," Civil District Court for the
Parish of Orleans; and
(3) 429 Bourbon Street, LLC v. RMDR Investments, Inc., Case
No. 2016-CA-0800, Louisiana Fourth Circuit Court of Appeal,
as well as the relationship of those matters to the
bankruptcy case.
The Firm will provide the necessary legal services on an hourly
basis at an hourly rate of $250.
The Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Harvey 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.
The Firm can be reached at:
Robert G. Harvey, Sr., Esq.
LAW OFFICES OF ROBERT G. HARVEY, SR., APLC
600 N. Carrollton Avenue
New Orleans, LA 70119
Tel: (504) 822-2136
About RMDR Investments
RMDR Investments, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E. D. La. Case No. 16-12698) on October 31,
2016. The petition was signed by Jerry Kim, secretary and
treasurer.
The case is assigned to Judge Jerry A. Brown.
The Debtor disclosed total assets of $686,785 and total liabilities
of $1.19 million as of Sept. 30, 2016.
RYCKMAN CREEK: Can File Chapter 11 Plan Until January 28
--------------------------------------------------------
Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware extended the exclusive periods within which only
Ryckman Creek Resources, LLC, and its affiliated Debtors may file a
chapter 11 plan and solicit votes to accept their proposed chapter
11 plan, through and including Jan. 28, 2017 and March 27, 2017,
respectively.
The Troubled Company Reporter on Sept. 9, 2016, reported that Judge
Carey had extended the Debtors' exclusivity periods. The Debtors
related that the Court had approved their Modified Third Amended
Disclosure Statement, and had scheduled a hearing to consider
confirmation of their Second Amended Joint Chapter 11 Plan of
Reorganization on Sept. 7, 2016. Although the Debtors had already
commenced solicitation of votes on their Plan, they asked for an
extension out of an abundance of caution to ensure that, in the
event the Plan is not confirmed at the Confirmation Hearing, or the
timeline for confirmation shifts for any reason, the Debtors retain
the exclusive right to propose a new plan of reorganization,
solicit votes on a plan of reorganization, retain control over
their reorganization, and remain at the center of negotiations with
their key constituencies.
About Ryckman Creek Resources, LLC
Formed on Sept. 8, 2009, Ryckman Creek Resources, LLC, is engaged
in the acquisition, development, marketing, and operation of a
Natural gas storage facility known as the Ryckman Creek Facility.
The Ryckman Creek Facility is a depleted crude oil and natural gas
reservoir located in Uinta County, Wyoming. The Company began
development of the reservoir into a natural gas storage facility in
2011. The Ryckman Creek Facility began commercial operations in
late 2012 and received injections of customer gas and gas purchased
by the Company. The Debtors have approximately 35 employees.
Ryckman Creek Resources, LLC, Ryckman Creek Resources Holdings LLC,
Peregrine Rocky Mountains LLC and Peregrine Midstream Partners LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10292 to 16-10295) on Feb. 2, 2016. The petitions were signed
by Robert Foss as chief executive officer. Kevin J. Carey has
been assigned the case.
The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel, AP Services, LLC, as management provider, Evercore
Group LLC as investment banker, and Kurtzman Carson Consultants LLC
as claims and noticing agent.
On April 11, 2016, Ryckman Creek Resources, LLC, disclosed total
assets of more than $205 million and total debts of more than
$391.2 million.
On February 12, 2016, the Office of the United States Trustee
appointed an Official Committee of Unsecured Creditors. Counsel
for the Committee are Greenberg Traurig, LLP's Dennis A. Meloro,
Esq., David B. Kurzweil, Esq., and Shari L. Heyen, Esq. The
Committee retained Alvarez & Marsal, LLC, as financial advisors.
SAMSON RESOURCES: Nov. 30 Hearing on Committee's Plan Outline
-------------------------------------------------------------
A hearing is scheduled for November 30, 2016, at 1:00 PM to
consider approval of the motion filed by the Official Committee of
Unsecured Creditors appointed in the Chapter 11 cases of Samson
Resources Corporation, et al., asking the U.S. Bankruptcy Court for
the District of Delaware to approve the disclosure statement
explaining the Chapter 11 plan the panel proposed for the Debtors.
Objections to the Disclosure Statement motion are due by November
28, 2016.
As previously reported by The Troubled Company Reporter, the
Committee filed a Chapter 11 plan for the Debtors but not a
disclosure statement. The Committee filed the Disclosure Statement
on November 11, 2016. A full-text copy of the Disclosure Statement
is available at:
http://bankrupt.com/misc/del15-11934-1644.pdf
The Committee's Plan contemplates selling all of the Debtors'
assets, prosecuting valuable causes of action of the Debtors, and
distributing the resulting proceeds to holders of allowed claims.
It is premised on the concept that, by any reasonable metric, the
Debtors' remaining assets are worth substantially more if they are
sold in an orderly, responsible manner than if they continue to be
owned and operated by the Debtors, as proposed in the Plan the
Debtors filed with the Court.
The Committee's Plan preserves all Causes of Action of the Debtors'
estates, other than against parties being released under the
Committee's Plan, while the Debtors' Plan releases all Causes of
Action against the First Lien Secured Parties, the Second Lien
Secured Parties, and the Sponsors for no tangible value to the
Debtors' estates.
The Committee believes that the Debtors' estates have valuable
Causes of Action against the Selling Shareholders arising out of
the approximately $7 billion they received from the Debtors in
connection with the failed 2011 leveraged buyout, which will
constitute a major driver of value for holders of Allowed Claims
after the Effective Date.
In addition to preserving Causes of Action against the Selling
Shareholders, the Committee's Plan preserves, or otherwise settles
for meaningful value, as applicable, Causes of Action against the
First Lien Secured Parties, the Second Lien Secured Parties, the
Debtors' current and former equity holders (including the Sponsors
of the 2011 Acquisition), and the Debtors' current and former
directors and officers.
About Samson Resources Corporation
Samson Resources Corporation, et al., filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 15-11934) on Sept. 16,
2015. Philip W. Cook, the executive vice president and CFO, signed
the petition. The Debtors estimated assets and liabilities of more
than $1 billion.
Samson is an onshore oil and gas exploration and production company
with interests in various oil and gas leases primarily located in
Colorado, Louisiana, North Dakota, Oklahoma, Texas, and Wyoming.
The Operating Companies operate, or have royalty or working
interests in, approximately 8,700 oil and gas production sites.
Samson was acquired by KKR and Crestview from Charles Schusterman
in December 2011 for approximately $7.2 billion. The investor
group provided approximately $4.1 billion in equity investments as
part of the purchase price.
Kirkland & Ellis LLP represents the Debtors as general counsel.
Klehr Harrison Harvey Branzburg LLP is the Debtors' local counsel.
Alvarez & Marsal LLC acts as the Debtors' financial advisor.
Blackstone Advisory Partners L.P. serves as the Debtors' Investment
banker. Garden City Group, LLC, serves as claims and noticing
agent to the Debtors.
Andrew Vara, acting U.S. trustee for Region 3, appointed three
creditors of Samson Resources Corp. and its affiliated debtors to
serve on the official committee of unsecured creditors. The
Committee has tapped White & Case LLP as counsel and Farnan LLP as
local counsel.
* * *
In September 2016, Judge Sontchi denied Samson Resources' Motion
for extension of their exclusive periods to file and solicit
acceptances of their chapter 11 plan. Samson sought an extension
of its exclusivity period by another six months through March
2017.
The Debtors, on May 16, 2016, filed a new debt-for-equity Chapter
11 Plan, a copy of whose Disclosure Statement is available at
http://bankrupt.com/misc/SAMSONds0517.pdf The Plan contemplates
an exchange of First Lien Claims for new first lien debt
(including
commitments under a new reserve-based revolving credit facility),
Cash (including proceeds from Asset Sales, if any), and new common
equity.
SANDFORD AND SON: Seeks to Hire Weichert Realtors as Broker
-----------------------------------------------------------
Sandford and Son seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Pennsylvania to hire a real estate broker.
The Debtor proposes to hire Weichert Realtors in connection with
the potential sale of its real properties in Pennsylvania. The
firm will be paid 6% of the sale price of each property at
closing.
LeRoy Hammond, a realtor employed with Weichert, will act as the
listing agent.
Mr. Hammond disclosed in a court filing that his firm is
"disinterested" as defined in section 101(14) of the Bankruptcy
Code.
Weichert Realtors can be reached through:
LeRoy Hammond
Weichert Realtors
93 Old York Road, Suite 6
Jenkintown, PA 19046
Phone: 215-486-8361
Email: royytherealtor@gmail.com
The Debtor is represented by:
John M. Keating, Esq.
Law Office of John M. Keating
9 Dogwood Ave.
Glassboro, NJ 08028
Phone: 267-702-5428
Fax: 267-247-3060
About Sandford and Son
Sandford and Son filed a Chapter 11 petition (Bankr. E.D. Pa. Case
No. 14-18330) on Oct. 17, 2014. Jay Sandford also sought Chapter
11 protection (Case No. 14-18364).
The Hon. Jean K. FitzSimon presides over the cases.
Sandford and Son estimated assets and liabilities of $1 million to
$10 million.
SANTA ROSA ANIMAL: Seeks to Hire Zalkin Revell as Legal Counsel
---------------------------------------------------------------
Santa Rosa Animal Hospital, P.A. 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 Debtor proposes to hire Zalkin Revell PLLC to give legal advice
regarding its duties under the Bankruptcy Code, negotiate with
creditors, assist in the preparation of a bankruptcy plan, and
provide other legal services.
Natasha Revell, Esq., and Teresa Dorr, Esq., the attorneys
designated to represent the Debtor, will be paid $300 per hour and
$265 per hour, respectively. The hourly rate for legal assistants
is $90.
Ms. Revell disclosed in a court filing that her firm does not hold
or represent any interest adverse to the Debtor's bankruptcy
estate.
The firm can be reached through:
Natasha Z. Revell, Esq.
Zalkin Revell PLLC
2441 US Highway 98W, Suite 109
Santa Rosa Beach, FL 32459
Tel: (850) 267-2111
Fax: (866) 560-7111
Email: tasha@zalkinrevell.com
About Santa Rosa Animal Hospital
Santa Rosa Animal Hospital, P.A. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 16-31051) on
November 9, 2016. The petition was signed by Cheryl L. Beck,
president.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $500,000.
SAWTELLE PARTNERS: Court Okays Peter Mastan as Ch. 11 Trustee
-------------------------------------------------------------
Judge Barry Russell of the United States Bankruptcy Court for the
Central District of California entered an Order Approving the
Appointment of Peter J. Mastan as the Chapter 11 Trustee for
Sawtelle Partners, LLC.
The Order is made pursuant to the United States Trustee's
Application For Order Approving the Appointment Of Trustee And
Fixing Bond.
About Sawtelle Partners
Sawtelle Partners, LLC, based in Los Angeles, CA, filed a Chapter
11 petition (Bankr. C.D. Cal. Case No. 16-21234) on August 23,
2016. The Hon. Barry Russell presides over the case. Michael R.
Totaro, at Totaro & Shanahan, serves as bankruptcy counsel.
In its petition, the Debtor estimated $9.59 million in assets and
$13.05 million in liabilities. The petition was signed by Ethan
Margalith, managing member.
No official committee of unsecured creditors has been appointed in
the case.
SEMAR VENTURES: Seeks to Hire Ballstaedt as Legal Counsel
---------------------------------------------------------
Semar Ventures LLC seeks approval from the U.S. Bankruptcy Court
for the District of Nevada to hire legal counsel in connection with
its Chapter 11 case.
The Debtor proposes to hire The Ballstaedt Law Firm to assist in
the recovery and liquidation of its assets, prepare a bankruptcy
plan, evaluate claims, and provide other legal services.
The firm's attorneys will be paid an hourly rate of $300 while its
paralegals will be paid $150 per hour.
Seth Ballstaedt, Esq., disclosed in a court filing that he and
other members of his firm have no connection with the Debtor or any
of its creditors.
The firm can be reached through:
Seth Ballstaedt, Esq.
The Ballstaedt Law Firm
9555 S. Eastern Ave, Suite 210
Las Vegas, NV 89123
Tel: (702) 715-0000
Fax: (702) 666-8215
Email: seth@ballstaedtlaw.com
About Semar Ventures
Semar Ventures LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 16-15996) on November 9,
2016. The petition was signed by Mohammad R. Bazafkan, managing
member.
The case is assigned to Judge Laurel E. Davis.
At the time of the filing, the Debtor estimated its assets and
liabilities at $1 million to $10 million.
SERVE & EDUCATE: Seeks to Hire Michael Barnett as Legal Counsel
---------------------------------------------------------------
Serve & Educate, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to hire Michael Barnett, PA as
its legal counsel.
The firm will give the Debtor legal advice regarding its Chapter 11
case and request to convert it to a Chapter 12 case. It will also
continue to serve as the Debtor's legal counsel after the case is
converted.
Michael Barnett, Esq., disclosed in a court filing that his firm
does not hold any interest adverse to the Debtor's bankruptcy
estate.
The firm can be reached through:
Michael Barnett, Esq.
Michael Barnett, PA
506 N. Armenia Avenue
Tampa, FL 33609-1703
Tel: (813) 870-3100
Fax: (813) 877-4039
Email: ecf@tampabankruptcy.com
About Serve & Educate, LLC
Serve & Educate, LLC, filed a chapter 11 petition (Bankr. M.D. Fla.
Case No. 16-05080) on June 14, 2016. The petition was signed by
Skip Drish, managing member. When it filed the petition, the
Debtor was represented by Scott A. Rosin, Esq., at Scott A. Rosin,
P.A.
The Debtor estimated assets and liabilities at $500,001 to $1
million at the time of the filing.
An official committee of unsecured creditors has not yet been
appointed in the Debtor's case.
SHORT ENTERPRISES: Hires Carmody MacDonald as Counsel
-----------------------------------------------------
Short Enterprises, Inc. seeks authorization from the U.S.
Bankruptcy Court for the Southern District of Illinois to employ
Carmody MacDonald, P.C. LLC as counsel.
The Debtor requires Carmody MacDonald to:
(a) advise Debtor with respect to its rights, power and duties
in this case;
(b) assist and advise Debtor in its consultations with any
appointed committee relative to the administration of this
case;
(c) assist Debtor in analyzing the claims of creditors and
negotiating with such creditors;
(d) assist Debtor with investigation of the assets, liabilities
and financial condition of Debtor and reorganizing Debtor's
business in order to maximize the value of Debtor's assets
for the benefit of all creditors;
(e) advise Debtor in connection with the sale of assets or
business;
(f) assist Debtor in its analysis of and negotiation with any
appointed committee or any third party concerning matters
related to, among other things, the terms of a plan of
reorganization;
(g) assist and advise Debtor with respect to any communications
with the general creditor body regarding significant
matters in this case;
(h) commence and prosecute necessary and appropriate actions \
and proceedings on behalf of Debtor;
(i) review, analyze or prepare, on behalf of Debtor, all
necessary applications, motions, answers, orders, reports,
schedules, pleadings and other documents;
(j) represent Debtor at all hearings and other proceedings;
(k) confer with other professional advisors retained by Debtor
in providing advice to Debtor;
(l) perform all other necessary legal services in this case as
may be requested by Debtor in this Chapter 11 proceeding;
and
(m) assist and advise Debtor regarding pending arbitration and
litigation matters in which Debtor may be involved,
including continued prosecution or defense of actions and
negotiations on Debtor's behalf.
Carmody MacDonald will charge the Debtor the hourly rates
consistent with the rates it charges clients in bankruptcy and
non-bankruptcy matters. These rates range from $75 per hour to
$375 per hour.
Carmody MacDonald will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Carmody MacDonald is currently holding the sum of $14,750.50 as a
retainer.
Robert E. Eggmann, principal of Carmody MacDonald, 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.
Carmody MacDonald can be reached at:
Robert E. Eggmann, Esq.
Thomas H. Rislce, Esq.
CARMODY MACDONALD P.C.
120 South Central Ave., Suite 1800
Clayton, MO 63105
Tel: (314) 854-8600
Fax: (314) 854-8660
E-mail: ree@carmodvmacdonald.com
thr@carmodvmacdonald.com
About Short Enterprises, Inc.
Short Enterprises, Inc. filed a chapter 11 petition (Bankr. S.D.
Ill. Case No. 16-41020) on Nov. 2, 2016. The petition was signed
by Gail Short, restructuring officer. The Debtor is represented by
Robert E. Eggman, Esq., at Carmody Macdonald P.C. The case is
assigned to Judge Laura K. Grandy. The Debtor estimated assets and
liabilities at $1 million to $10 million at the time of the filing.
SHORT ENTERPRISES: Taps Kevin Bragee as Accountant
--------------------------------------------------
Short Enterprises, Inc. seeks authorization from the U.S.
Bankruptcy Court for the Southern District of Illinois to employ
Kevin W. Bragee, of Kevin W. Bragee, CPA, LLC as accountant.
The Debtor requires the accounting firm to:
(a) prepare tax returns;
(b) evaluate the advisability of making certain bankruptcy
elections under the Internal Revenue Code; and
(c) perform other accounting and tax services as are normally
provided by accountants to Debtor in a bankruptcy case.
Mr. Bragee will charge $110 per hour for tax and accounting
services and a retainer of $4,009.40 is currently being held by the
accounting firm.
The accounting firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Ms. Bragee 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.
The accounting firm can be reached at:
Kevin W. Bragee
KEVIN W. BRAGEE, CPA, LLC
2909 Williamson County Pkwy.
Marion, IL 62959
Tel: (618) 993-1040
E-mail: bragee@kwbcpa.com
About Short Enterprises, Inc.
Short Enterprises, Inc. filed a chapter 11 petition (Bankr. S.D.
Ill. Case No. 16-41020) on Nov. 2, 2016. The petition was signed
by Gail Short, restructuring officer. The Debtor is represented by
Robert E. Eggman, Esq., at Carmody Macdonald P.C. The case is
assigned to Judge Laura K. Grandy. The Debtor estimated assets and
liabilities at $1 million to $10 million at the time of the filing.
SLAYTON FAMILY BEEF: Seeks to Hire Robert Bruner as Legal Counsel
-----------------------------------------------------------------
Slayton Family Beef O'Bradys LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Florida to hire legal
counsel.
The Debtor proposes to hire Robert Bruner, Esq., to give legal
advice regarding its duties under the Bankruptcy Code, and provide
other legal services related to its Chapter 11 case.
Mr. Bruner will be paid an hourly rate of $350 while paralegals
will be paid $95 per hour.
In a court filing, Mr. Bruner disclosed that he holds no claim
against the Debtor and that he has no connection to any of its
creditors.
Mr. Bruner maintains an office at:
Robert C. Bruner, Esq.
2810 Remington Green Circle
Tallahassee, FL 32308
Phone: (850) 385-0342
Email: robertcbruner@hotmail.com
About Slayton Family Beef O'Bradys
Slayton Family Beef O'Bradys LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 16-40484) on
November 7, 2016. The petition was signed by Harold D. Slayton,
manager.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $100,000.
STEVEN ANCONA: Court OKs Appointment of M. O'Toole as Trustee
-------------------------------------------------------------
Judge Mary Kay Vyskocil of the U.S. Bankruptcy Court for the
Southern District of New York entered an Order Approving the
Appointment of Marianne T. O'Toole as Chapter 11 Trustee for Steven
J. Ancona.
The Order is entered pursuant to the motion of 3 West 16th Street,
LLC for the appointment of a Chapter 11 trustee and the Order
Directing the Appointment of a Chapter 11 Trustee.
The bankruptcy case In re: Steven J. Ancona, Chapter 11, Debtor,
Case No. 14-10532-(MKV), (Bankr. S.D.N.Y.).
SWING HOUSE: Allowed to Use Cash Collateral on Interim Basis
------------------------------------------------------------
Judge Robert N. Kwan of the U.S. Bankruptcy Court for the Central
District of California approved the collateral stipulation between
the Swing House Rehearsal and Recording, Inc. and its Lenders to
use cash collateral on an interim basis.
Judge Kwan also approved the replacement liens and administrative
claims, as well as the professional fee carve-out for the
professionals retained by the Debtor, as set forth in the cash
collateral stipulation.
The final hearing on the Debtor's use of cash collateral is set for
November 30, 2016 at 11:00 a.m
A full-text copy of the Order, dated November 17, 2016, is
available at https://is.gd/VOno0I
About Swing House Rehearsal
Swing House Rehearsal and Recording, Inc. dba Swing House Studios
filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 16-24758),
on November 8, 2016. The Petition was signed by Philip Jaurigui,
president and secretary. The case is assigned to Judge Robert N.
Kwan. The Debtor is represented by Kurt Ramlo, Esq. and Jeffrey S.
Kwong, Esq., at Levene, Neale, Bender, Yoo & Brill L.L.P. At the
time of filing, the Debtor estimated $1 million to $10 million in
both assets and liabilities.
TABLE LLC: Hires Jeffrey Ainsworth as Counsel
---------------------------------------------
The Table, LLC seeks authorization from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Jeffrey S. Ainsworth
and BransonLaw, PLLC as counsel.
The Debtor requires BransonLaw to:
(a) prosecute and defend any causes of action on behalf of the
Debtor; prepare, on behalf of the Debtor, all necessary
applications, motions, reports and other legal papers;
(b) assist in the formulation of a plan of reorganization and
preparation of disclosure statement; and
(c) provide all other services of a legal nature.
The terms of employment -- agreed to between the Debtor and
BransonLaw, subject to the approval of the Court -- are that
services will be billed at the standard hourly rates of the
respective attorneys and paralegals of BransonLaw, which rates
range from $400 to $100.
BransonLaw will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Prior to the commencement of the case, the Debtor paid an advance
fee of $9,330 for post-petition services and expenses in connection
with the case the filing fee of $1,717.
Jeffrey S. Ainsworth, an attorney of BransonLaw, 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.
BransonLaw can be reached at:
Jeffrey S. Ainsworth, Esq.
Robert B. Branson, Esq.
BRANSONLAW, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: (407) 894-6834
Fax: (407) 894-8559
E-mail: jeff@bransonlaw.com
robert@bransonlaw.com
The Table, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D.
Fla. Case No. 16-07294) on November 7, 2016, disclosing under $1
million in both assets and liabilities.
The Debtor is represented by Jeffrey Ainsworth, Esq., at
BransonLaw.
TAPS UNLIMITED: Unsecureds To Get 7 Installment Payments
--------------------------------------------------------
Taps Unlimited, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of Texas an amended disclosure statement
referring to the Debtor's plan of reorganization.
Class 7 - General Unsecured Claim of the Internal Revenue Service
in the amount of $5,041.56 will be paid in 27 equal installments of
$186.72, 30 days after the court order approving the Debtor's
modified plan.
Class 7 also consists of the general unsecured claim of Chase Bank
in the amount of $22,544 for a line of credit. This claim will be
paid in 27 equal installment payments of $834.96, 30 days after the
court order approving the Debtor's modified plan.
Class 7 also consists of the general unsecured claim of Chase Bank
in the amount of $10,780 for a credit card. This claim will be
paid in 27 equal installment payments of $399.52, 30 days after the
court order approving the Debtor's modified plan.
Payments and distributions under the Plan will be funded from the
ongoing business operations.
The Disclosure Statement is available at:
http://bankrupt.com/misc/txsb14-30937-83.pdf
The Plan was filed by the Debtor's counsel:
Nelson M. Jones III, Esq.
440 Louisiana, Suite 1575
Houston, Texas 77002
Tel: (713) 236-8736
Fax: (713) 236-8990
E-mail: Njoneslawfirm@aol.com
Taps Unlimited, Inc., is a corporation organized in Texas that
operates as a childcare facility. Its main facility is located at
5410 Scott St. Houston, Texas 77021. The Debtor currently has one
child care facility in Houston, Texas. The Debtor cares for
children of low income households. The ages range from six weeks
through 12 years. The programs for children who have not started
kindergarten consist of group play, motor skills development and
toilet training. The programs for older children are primarily
after school individual and group activities. The Debtor also
maintains a partnership with a local organization called Young
Learners that reinforces fundamental skills during these
activities. The Debtor provides transportation from school to its
facility for older children.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr. S.D.
Tex. Case No. 14-30937).
TCB HOLDINGS: Moody's Assigns B3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating and
B3-PD Probability of Default Rating to TCB Holdings III Corp (aka
TricorBraun Holdings Inc ("TricorBraun")). Moody's also assigned a
B2 rating to the First Lien Credit Facilities and a Caa2 rating to
the Second Lien Notes (details below). The ratings outlook is
stable. The proceeds from the new facilities will be used to
finance the acquisition of rigid packaging distributor TricorBraun
by AEA Investors from CHS Capital as well as pay fees and expenses
associated with the transaction.
The purchase price is supported by an undisclosed equity investment
by AEA Investors. The transaction is expected to close in November
2016.
Initially, the rating is expected to be assigned to TCB Holdings
III Corp and then to TricorBraun Holdings Inc. upon closing.
Moody's took the following actions:
Initially TCB Holdings III Corp and then TricorBraun Holdings,
Inc.:
-- Assigned Corporate Family Rating, B3
-- Assigned Probability of Default Rating, B3-PD
-- Assigned $75 million Senior Secured First Lien Revolving
Credit Facility due 2021, B2/LGD 3
-- Assigned $600 million Senior Secured First Lien Term due
2023, B2/LGD 3
-- Assigned $270 million Senior Secured Second Lien Notes due
2024, Caa2/LGD 5
The ratings outlook is stable.
TricorBraun Inc.:
-- Withdraw all ratings following close of transaction
The ratings are subject the transaction closing as proposed and the
receipt and review of the final documentation.
RATINGS RATIONALE
The assignment of the B3 corporate family rating (effective one
notch downgrade) reflects the deterioration in credit metrics and
increase in interest expense pro forma for the proposed
transaction. The company is expected to continue to generate good
free cash flow due to its business model despite the increase in
interest expense and has pledged to direct it to debt reduction
over the rating horizon. However, credit metrics are expected to
remain within the rating category.
The B3 Corporate Family Rating reflects TricorBraun's high
leverage, exposure to some more cyclical end markets, a largely
commodity-like product line and potential disintermediation risk in
the industry. The rating is further constrained by the company's
lack of contracts and low switching costs. TricorBraun's
acquisitiveness and financial aggressiveness also pose risks to the
company's credit profile.
The rating is supported by value-added services and scale relative
to competitors despite its small revenue base. The rating also
reflects the company's historically strong margins for the rating
category, ability to profit from volume aggregation and free cash
generation ability inherent in the distribution model. The company
also has long-standing relationships with many of its customers.
The ratings could be upgraded if the company sustainably improves
credit metrics within the context of a stable operating and
competitive environment. An upgrade would also be dependent upon
the maintenance of adequate liquidity and conservative financial
and acquisition policies. The ratings could be upgraded if adjusted
total debt to EBITDA moves below 5.75 times, funds from operations
to debt increases above 8.0%, and EBITDA to gross interest coverage
increases to above 2.75 times.
The rating could be downgraded if there is deterioration in the
credit metrics, liquidity or the operating and competitive
environment. Additional debt financed acquisitions, excessive
acquisitions (regardless of financing) and/or a move to an
aggressive financial profile could also prompt a downgrade.
Specifically, the rating could be downgraded if total adjusted debt
to EBITDA remains above 6.0 times, EBITDA to gross interest
coverage declines below 2.0 times, and/or funds from operations to
debt declines below 6.0%.
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
September 2015.
Based in St. Louis, Missouri, TCB Holdings III Corp ("TricorBraun")
is a distributor of rigid packaging, with extensive capabilities in
package design and engineering, logistics, and international
sourcing. The product line includes plastic and glass bottles,
sprayers, dispensers, closures, pails, tubes, drums and other
items. End markets include personal care, healthcare, food,
industrial and household chemicals, and wine. The wine segment
accounted for approximately 11% of sales. Revenues for the twelve
months ended September 30, 2016 were approximately $933 million.
TricorBraun will be a portfolio company of AEA Investors.
TECK RESOURCES: S&P Raises CCR to 'BB'; Outlook Stable
------------------------------------------------------
S&P Global Ratings said it raised its long-term corporate rating on
Vancouver-based globally diversified mining company Teck Resources
Ltd. to 'BB' from 'B+'. The outlook is stable.
At the same time, S&P Global Ratings raised its issue-level ratings
on the company's guaranteed senior unsecured notes to 'BB' from
'BB-' and on its non-guaranteed senior unsecured notes to 'BB' from
'B+'. However, S&P revised its recovery rating on the guaranteed
notes to '3' from '2', with no notching from the corporate credit
rating (as per our recovery rating criteria). A '3' recovery
rating indicates meaningful (50%-70%, at the upper end of the
range) recovery in default. The recovery rating on the
non-guaranteed notes is unchanged at '4', indicating average
(30%-50%; low end of the range) recovery in default.
"The upgrade reflects the significant improvement in our estimates
for Teck's prospective cash flow and credit measures, which
primarily reflect the sharp recent increase in metallurgical coal
prices," said S&P Global Ratings credit analyst Jarrett Bilous.
S&P now expects Teck to generate an adjusted debt-to-EBITDA ratio
well below our previous upgrade trigger of 4x over the next two
years.
"In addition, the company's stronger estimated liquidity position
materially reduces the funding risk associated with Teck's Fort
Hills oil sands project, which has weighed on the corporate credit
rating since 2015," Mr. Bilous added. Furthermore, Teck's recent
debt repayment and commitment to further debt reduction should
lessen future volatility of Teck's credit measures, which has been
significant.
The recent spike in metallurgical coal prices has been dramatic.
Premium coal spot prices have more than tripled over the past two
months to over US$300 per metric ton (/mt)--the highest level since
2011. By comparison, Teck's realized coal price (spot and
contract) was a little more than US$90/mt in the third quarter
ending Sept. 30, 2016. S&P did not envision a price increase of
this magnitude; Chinese capacity curtailment (government policy),
logistics/weather-related issues in Australia, and idled production
following a protracted period of weak prices have primarily driven
the supply deficit amid steady global integrated steel demand.
S&P's assessment of Teck's financial risk has improved following
the increase in the company's earnings and cash flow prospects, and
corresponding reduction in leverage.
The stable outlook reflects S&P's expectation for Teck to generate
sharply higher earnings and cash flow over the next 12 months, and
corresponding reduction in financial risk related to its Fort Hills
development project. S&P expects the company to generate an
adjusted debt-to-EBITDA ratio of below 3x in 2016 and about 2x in
2017. S&P also expects a material improvement in FFO-to-debt over
this period, well in excess of 20% next year. These ratios are
considered strong for the rating, but we take into account Teck's
high sensitivity to significant commodity price and foreign
exchange volatility.
S&P could downgrade Teck if S&P believes the company will generate
core credit ratios below our expectations over the next 12 months,
including adjusted debt-to-EBITDA approaching 4x. In this
scenario, S&P would expect a sharp correction in commodity prices,
including metallurgical coal, zinc, and copper prices, or
protracted operational challenges that weaken the company's cost
profile or liquidity position.
"We could upgrade the company if, over the next 12 months, we
believe Teck can generate and sustain an adjusted debt-to-EBITDA of
about 2x on a prospective three-year weighted-average basis. In
this scenario, we would expect commodity prices in line or higher
than our current assumptions, material gross debt reduction from
cash on hand, and relatively stable unit production costs. We
would also expect its Fort Hills oil sands project to be
substantially complete before contemplating an upgrade, given our
expectation for continuing commodity price volatility," S&P said.
TELKONET INC: Incurs $393,000 Net Loss in Third Quarter
-------------------------------------------------------
Telkonet, Inc. filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss
attributable to common stockholders of $393,197 on $3.53 million of
total net revenue for the three months ended Sept. 30, 2016,
compared to net income attributable to common stockholders of
$269,420 on $4.05 million of total net revenue for the three motnhs
ended Sept. 30, 2015.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss attributable to common stockholders of $944,701 on $12.43
million of total net revenue compared to net income attributable to
common stockholders of $30,600 on $11.38 million of total net
revenue for the nine months ended Sept. 30, 2015.
As of Sept. 30, 2016, Telkonet had $11.04 million in total assets,
$5.37 million in total liabilities and $5.67 million in total
stockholders' equity.
"While the third quarter continues the recovery from the effects of
our contested proxy contest earlier this year, the strength of our
core business is shown by the 20% revenue growth year-to-date of
our EcoSmart business," stated Jason Tienor, Telkonet chief
executive officer. "As we continue to share Telkonet's strategic
vision and product development with partners and customers
post-proxy, we continue to see expansion in product and market
demand."
"While disappointed with the overall Q3 revenue performance, we are
strengthened by the renewed traction in our Energy Service Company
(ESCO) relationships. Having recently renewed our Master Service
Agreement (MSA) with partner Trane to extend the term and expand
the footprint to include international efforts and completed a new
agreement with another large ESCO, our earlier channel efforts are
now providing the fuel for our future growth," stated Tienor.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/hYEJFw
About Telkonet
Milwaukee, Wisconsin-based Telkonet, Inc., is a clean technology
company that develops and manufactures proprietary energy
efficiency and smart grid networking technology.
Telkonet reported a net loss attributable to common stockholders of
$207,357 on $15.08 million of total net revenues for the year ended
Dec. 31, 2015, compared with a net loss attributable to common
stockholders of $95,403 on $14.79 million of total net revenues for
the year ended Dec. 31, 2014.
In its annual report on Form 10-K for the fiscal year ended
Dec. 31, 2015, the Company reported a net loss of $189,104 for
the year ended December 31, 2015, had cash used in operating
activities of $401,920, had an accumulated deficit of $122,095,121
and total current liabilities in excess of current assets of
$33,312 as of December 31, 2015. Since inception, the Company's
primary sources of ongoing liquidity for operations have come
through private and public offerings of equity securities, and the
issuance of various debt instruments and asset-based lending.
For the years ended December 31, 2014, the report by BDO USA, LLP,
the Company's independent registered public accounting firm, on the
consolidated financial statements included an explanatory paragraph
relating to the Company's ability to continue as a going concern,
which was based on the Company's history of losses from operations,
cash used to support operating activities, and the uncertainty
regarding contingent liabilities cast doubt on the Company's
ability to satisfy such liabilities.
The Company said the Series A preferred stock became redeemable at
the option of the preferred stock holders on November 19, 2014 and
for a period of 180 days thereafter, provided that at least 50% of
the holders provide written notice to the Company requesting
redemption. As of December 31, 2015, no redemption of the preferred
stock occurred and any future redemption of the Series A or B
preferred stock would be entirely at the option of the Company.
Furthermore, on February 17, 2016, an amendment to the revolving
credit facility with Heritage Bank of Commerce was executed
extending the maturity date of the revolving credit facility to
September 30, 2018, unless earlier accelerated under the terms of
the Loan and Security Agreement. The Loan Agreement is available
for working capital and other lawful general corporate purposes.
The outstanding principal balance of the revolving credit facility
bears interest at the Prime Rate plus 3.00%. The outstanding
balance was $901,771 as of December 31, 2015 and the remaining
available borrowing capacity was approximately $532,700. As of
December 31, 2015, the Company was in compliance with all financial
covenants.
The Company said its liquidity plan includes reviewing options for
raising additional capital including, but not limited to,
asset-based or equity financing, private placements, and/or
disposition of assets. Management believes that with additional
financing, the Company will be able to fund required working
capital, research and development and marketing expenses attendant
to promoting revenue growth. However, any equity financing may be
dilutive to stockholders and any additional debt financing would
increase expenses and may involve restrictive covenants.
"While we have been successful in securing financing through
September 30, 2018 to provide adequate funding for working capital
purposes, there is no assurance that obtaining additional or
replacement financing, if needed, will sufficiently fund future
operations, repay existing debt or implement the Company's growth
strategy. The Company's failure to execute on this strategy may
have a material adverse effect on its business, results of
operations and financial position," the Company said.
TEMPUS APPLIED SOLUTIONS: Contract Delays Raise Going Concern Doubt
-------------------------------------------------------------------
Tempus Applied Solutions Holdings, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q, disclosing a net loss of $498,423 on $4.41 million of
revenues for the three months ended September 30, 2016, compared to
a net loss of $1.45 million on $2.95 million of revenues for the
same period in 2015.
For the nine months ended September 30, 2016, the Company recorded
a net loss of $3.07 million on $13.59 million of revenues, compared
to a net loss of $1.57 million on $8.81 million of revenues for the
same period last year.
The Company's balance sheet at September 30, 2016, showed total
assets of $3.13 million, total liabilities of $6.22 million, and a
stockholders' deficit of $3.08 million.
Historically, the Company has experienced operating losses and
negative cash flows from operations, and it currently has a working
capital deficit, due principally to delays in the commencement of
contracts that have already been won or are expected to be won,
combined with the recognition of start-up costs in excess of
recognized revenue for contracts that have already commenced.
Management expects that these start-up costs will be recovered
within the next 12 months of operations and, assuming the timely
commencement of new contracts, that the Company will reverse its
working capital deficit over the coming 12 months. Nevertheless,
whether, and when, the company can attain positive operating cash
flows from operations is highly dependent on the commencement of
these new contracts and the timing of their commencement.
Management believes that the uncertainties regarding these
contracts and their timing cast substantial doubt upon the
Company's ability to continue as a going concern, especially in the
near term and prior to the passage of the next 12 months.
A full-text copy of the Company's Form 10-Q is available at:
https://is.gd/0RDq8H
Tempus Applied Solutions Holdings, Inc., through its subsidiaries,
provides customized design, engineering, modification, integration,
and operations solutions to support aircraft mission requirements.
It designs and implements special mission aircraft modifications
related to intelligence, surveillance, and reconnaissance systems,
as well as new generation command, control and communications
systems, and VIP interior components.
TENAFLY GOURMET: Hires Youn Kim as Accountant
---------------------------------------------
Tenafly Gourmet Farms, Inc. seeks authorization from the U.S.
Bankruptcy Court for the Distric of New Jersey to employ Youn C.
Kim as accountant.
The Debtor requires Mr. Kim to prepare all financial accounting
documents required by the rules of court and the bankruptcy code,
and ongoing preparation of small business monthly operating
reports.
Mr. Kim will be compensated at $100 per hour.
Mr. Kim will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Kim 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.
The accountant can be reached at:
Youn C. Kim
TAFFI CONSULTING GROUP, INC.
109 La Costa CT
Holmdel, NJ 7733
Tel: (732) 275-1992
About Tenafly Gourmet Farms, Inc.
Tenafly Gourmet Farms, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D.N.J. Case No. 16-28809) on September 30, 2016. The Hon.
John K. Sherwood presides over the case. Shin & Jung LLP represents
the Debtor as counsel.
The Debtor disclosed total assets of $1.48 million and total
liabilities of $7.93 million. The petition was signed by Yong Kim,
president.
TERRY WILLIAMS: Unsecureds To Be Paid in Full Under Plan
--------------------------------------------------------
Terry Williams and Christopher Williams Sr. filed with the U.S.
Bankruptcy Court for the District of Maryland an amended disclosure
statement dated Sept. 5, 2016, referring to the Debtors' plan of
reorganization.
Class 3 Unsecured Class (a) Granite State Management Res (student
loan) with a principal amount of $45,264.65 and (b) NHHEAF (Student
Loan) with principal amount of $45,504.01 are unimpaired and will
be paid in full under the Plan. The Debtors will continue to pay
the monthly payment pursuant to agreement with each creditor and
stay current.
Both Debtors are employed full time by Anne Arundel County Public
Schools. They are each paid bi weekly. T. Williams receives
$3,095.54 per pay period and C. Williams receives $4,430.12 per pay
period. In addition to employment, Debtors receive addition income
for retirement. T. Williams receives $467.66 a month and C.
Williams receives $2,192.50 a month for retirement. Thus, their
total net income after taxes is $13,739.69 a month. The Debtors
have made efforts to reduce their household expenses by only
keeping necessary household expenses and reduce Debtor's purchasing
unnecessary items and paying for their children's living expenses
who no longer reside with them. The Debtors have also surrendered
a vehicle, which will increase their disposable income by
approximately $553. In addition, the secured debt of the loan on
the vehicle, will then become a reduced unsecured debt after the
vehicle is sold and paid as an
unsecured debt through the Plan.
The Debtor has remained current on the mortgage since the filing of
the petition. While paying the pre-petition arrears, the Debtors
will continue to seek a loan modification which would remove the
prepetition arrears from the Plan but if a loan modification is not
reached, the Debtors will pay $1,827.21 a month for 60 months
toward the arrears, which is feasible.
The Amended Disclosure Statement is available at:
http://bankrupt.com/misc/mdb16-11099-37.pdf
As reported by the Troubled Company Reporter on Sept. 13, 2016, The
Debtors filed with the Court a disclosure statement dated Sept. 5,
2016, stating that general unsecured creditors would receive a
distribution of 15% of their allowed claims, to be distributed each
month in the amount of $73.49 for an aggregate amount of $4,409
over 60 months starting on the effective date.
Terry Williams and Christopher Williams, Sr., own one residential
property that is their primary residence and no other real estate.
They own a few cars and standard household and personal items along
with life insurance. A few years ago, the Debtor, Christopher
Williams, lost his job, which caused a financial burden on the
household. Mr. Williams later obtained a job but was required to
move to Arizona for employment for approximately a
year.
The Debtors filed for Chapter 11 bankruptcy protection (Bankr. D.
Md. Case No. 16-11099) on Feb. 1, 2016.
The Debtors are represented by Diana Klein, Esq., at Klein &
Associates, LLC.
THOMAS NELSON PAYNE: Unsecureds To Get $6,500 Under Ch. 11 Plan
---------------------------------------------------------------
Thomas Nelson Payne and Barbara C. Payne of the U.S. Bankruptcy
Court for the District of Arizona filed an amended plan of
reorganization proposing to pay holders of Allowed Class IV -
General Unsecured Claims in two ways.
First, Class IV Claims will receive the sum of $5,000 from the sale
of the Debtor's Homestead. Holders of Class IV Claims will be paid
their pro rata share of the $5,000 upon the later of (i) 90 days
after the Effective Date; or (ii) within 14 days after the close of
escrow on the Homestead. Class IV is impaired.
Second, Holders of Allowed Class IV Claims will be paid the sum of
$1,500 over five years from the Debtors' disposable income.
The Debtors receive social security and limited retirement income.
Unfortunately, Mr. Payne has suffered certain health issues
recently that will make it difficult for him to work. By
liquidating the Homestead and restructuring their debts, the
Debtors will be able to pay administrative, Secured, and priority
Creditors, and make a distribution to Unsecured Creditors. The
Debtors have also pledged their disposable income over five years
to provide an additional $1,500 return to Unsecured Creditors.
A full-text copy of the Amended Disclosure Statement dated November
11, 2016, is available at:
http://bankrupt.com/misc/azb15-10752-173.pdf
Thomas Nelson Payne filed a Chapter 11 petition (Bankr. D. Ariz.
Case No. 15-10752) on August 24, 2015, and is represented by Thomas
L. Allen, Esq., and Khaled Tarazi, Esq., at Allen Maguire & Barnes,
PLC, in Phoenix, Arizona.
THOMAS SIMMONS: Plan Confirmation Hearing on Dec. 13
----------------------------------------------------
The Hon. Brenda T. Rhoades of the U.S. Bankruptcy Court for the
Eastern District of Texas has conditionally approved Thomas S.
Simmons, D.D.S., P.A. and Thomas Simmons, D.D.S.'s disclosure
statement dated Nov. 4, 2016, referring to the Debtors' joint plan
of reorganization dated Nov. 4, 2016.
The hearing to consider final approval of the Debtors' Disclosure
Statement and to consider the confirmation of the Plan will be held
on Dec. 13, 2016, at 9:30 a.m.
Objections to the final approval of the Debtors' Disclosure
Statement and confirmation of the Debtor's Plan must be filed by
Dec. 9, 2016.
Dec. 12, 2016, is the last day for filing written acceptances or
rejections of the Debtor's Plan which must be received by 5:00 p.m.
(CDT).
Under the Plan, the Class 10 General Unsecured Claims of P.A. will
be paid pro rata once allowed $1,000 a month over 60 months. The
payments will be made in equal monthly payments on the first day of
the month following the Effective Date and will continue on the
first day of each month thereafter until paid pursuant to the Plan.
The Class 10 Claims are impaired.
Class 10 General Unsecured Claims of Individual Debtor will be paid
once allowed $1,000 a month over 60 months. The payments will be
made in equal monthly payments on the first day of each month
thereafter until paid pursuant to the Plan. The Class 11 Claims
are impaired.
The Debtors' profitability to fund the Plan is based on the
continued business operations of Thomas A. Simmons, D.D.S., P.A.
The Debtors' Disclosure Statement is available at:
http://bankrupt.com/misc/txeb16-40921-48.pdf
The Plan was filed by the Debtor's counsel:
Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
12720 Hillcrest Road, Suite 625
Dallas, Texas 75230
Tel: (972) 503-4033
Fax: (972) 503-4034
E-mail: joyce@joycelindauer.com
About Thomas S. Simmons
Thomas S. Simmons, D.D.S., P.A., for Chapter 11 bankruptcy
protection (Bankr. E.D. Tex. Case No. 16-40921) on May 23, 2016,
estimating its assets at up to $50,000 and its liabilities at
between $500,001 and $1 million. Joyce W. Lindauer, Esq., at Joyce
W. Lindauer Attorney, PLLC, serves as the Debtor's bankruptcy
counsel.
TRANSTAR HOLDING: Case Summary & 50 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:
Debtor Case No.
------ --------
DACCO Transmission Parts (NY), Inc. 16-13245
7350 Young Drive
Walton Hills, OH 44146
DIY Transmission Parts, LLC 16-13246
Speedstar Holding Corporation 16-13247
Transtar Holding Company 16-13248
Axiom Automotive Holdings Corporation 16-13249
Transtar Group, Inc. 16-13250
Axiom Automotive Technologies, Inc. 16-13251
Transtar Autobody Technologies, Inc. 16-13252
Transtar Industries, Inc. 16-13253
Axiom Technologies Holding Corp., Inc. 16-13254
ETX Holdings, Inc. 16-13255
Transtar International, Inc. 16-13256
ETX, Inc. 16-13257
Alma Products I, Inc. 16-13258
ETX Transmissions, Inc. 16-13259
DACCO, Incorporated 16-13260
Atco Products, Inc. 16-13261
Michigan Equipment Corporation 16-13262
ABC Transmission Parts Warehouse, Inc. 16-13263
DACCO/Detroit of Alabama, Inc. 16-13264
DACCO/Detroit of Arizona, Inc. 16-13265
DACCO/Detroit of Chattanooga, Inc. 16-13266
DACCO/Detroit of Florida, Inc. 16-13267
DACCO/Detroit of Georgia, Inc. 16-13268
DACCO/Detroit of Indiana, Inc. 16-13269
DACCO/Detroit of Kentucky, Inc. 16-13270
DACCO/Detroit of Maryland, Inc. 16-13271
DACCO/Detroit of Memphis, Inc. 16-13272
DACCO/Detroit of Michigan, Inc. 16-13273
DACCO/Detroit of Minnesota, Inc. 16-13274
DACCO/Detroit of Missouri, Inc. 16-13275
DACCO/Detroit of New Jersey, Inc. 16-13276
DACCO/Detroit of Ohio, Inc. 16-13277
DACCO/Detroit of Oklahoma, Inc. 16-13278
DACCO/Detroit of Pennsylvania, Inc. 16-13279
DACCO/Detroit of South Carolina, Inc. 16-13280
DACCO/Detroit of Texas, Inc. 16-13281
DACCO/Detroit of Virginia, Inc. 16-13282
DACCO/Detroit of West Virginia, Inc. 16-13283
DACCO/Detroit of Wisconsin, Inc. 16-13284
DACCO Transmission Parts (CA), Inc. 16-13285
DACCO Transmission Parts (CO), Inc. 16-13286
DACCO Transmission Parts (LA), Inc. 16-13287
DACCO Transmission Parts (NC), Inc. 16-13288
DACCO Transmission Parts (NJ), Inc. 16-13289
DACCO Transmission Parts (NM), Inc. 16-13290
Nashville Transmission Parts, Inc. 16-13291
Type of Business: Distributor of automotive aftermarket driveline
solutions in the United States
Chapter 11 Petition Date: November 20, 2016
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Debtors' Counsel: Rachel C. Strickland, Esq.
Christopher S. Koenig, Esq.
Debra C. McElligott, Esq.
WILLKIE FARR & GALLAGHER LLP
787 Seventh Avenue
New York, New York 10019
Tel: (212) 728-8000
Fax: (212) 728-8111
Email: rstrickland@willkie.com
ckoenig@willkie.com
dmcelligott@willkie.com
- and -
Jennifer J. Hardy, Esq.
WILLKIE FARR & GALLAGHER LLP
600 Travis Street, Suite 2310
Houston, Texas 77002
Tel: (713) 510-1700
Fax: (713) 510-1799
Email: jhardy2@willkie.com
Debtors' FTI CONSULTING, INC.
Restructuring 2001 Ross Avenue, Suite 300, Dallas
and Financial TX 75201
Advisors:
Debtors' DUCERA PARTNERS LLC
Financial 499 Park Avenue, New York, NY 10022
Advisors and
Investment
Banker:
Debtors' Prime Clerk LLC
Claims, 830 Third Avenue, New York, NY 10022
Noticing,
and Solicitation
Agent:
Estimated Assets: $500 million to $1 billion
Estimated Debts: $500 million to $1 billion
The petition was signed by Joseph Santangelo, authorized
signatory.
List of Debtor's 50 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Cortland Capital Market Debt $170,000,000
Services LLC
21 W. 46th Street, Suite 1110
New York, NY 10036
Attn: Attn: Chris Capezuti, Director
Tel.: 917-979-2772
Email: chris.capezuti@cortlandglobal.com
and
Cortland Capital Market
Services LLC
c/o Latham & Watkins LLP
330 N. Wabash Avenue
Suite 2800
Chicago, IL 60611
Attn: Attn: Richard A. Levy, Esq.
and Matthew L. Warren, Esq.
Tel.: 312-876-7700
Email: richard.levy@lw.com
and matthew.warren@lw.com
Alma Pension Liability Pension $17,027,320
151 Maddox-Simpson Parkway
Lebanon, TN 37090
Attn: Tim Smith, International
Representative
Tel.: 615-443-7654
Email: t.smith@uaw.net
and
Alma Pension Liability
503 N. Euclid Avenue
Bay City, MI 48706-2965
Attn: William L. Laney, Jr.,
USW Staff Representative
Email: blaney@usw.org
Ford Component Sales Trade $4,331,641
290 Town Center Drive, Suite 1000
Dearborn, MI 48126
Attn: Thad Bostwick,
Executive Director, Sales
Tel.: 313-390-3860
Email: tbostwic@ford.com
Borg Warner Automotive Trade $2,518,950
700 25th Avenue
Bellwood, IL 60104
Attn: Tom Hardies, Business
Development
Tel.: 708-203-3356
Email: thardies@borgwarner.com
Sunny Bright Enterprise Co., Ltd. Trade $1,768,402
No. 220, 38th Road
Industrial Zone Taichung
Taichung, Taiwan 40768
Attn: Catherine Liu, Sales
Tel.: +04 235-873-19
Email: catherine@sunupmaster.com.tw
Shinsei Automotive Industry Trade $1,548,662
Co., Ltd.
1-11 Oyodo Minami
3-Chome
Kita Ku
Osaka, Japan 531-0075
Attn: Kazumi Shibata,
Managing Director
Tel.: +06 645-118-21
Email: saico@shinseiauto.com
ACDelco - Chicago Trade $1,360,306
6200 Grand Point Drive
Grand Blanc, MI 48439
Attn: Kurt W. Pursche,
Customer Care and Aftersales
Tel.: 810-606-3759
Email: kurt.pursche@gm.com
Tsang Yow Industrial Trade $1,078,960
No. 18, Chung-Shan Road
Minhsiung Industrial Park
Chia-Yi County, Taiwan 62154
Attn: Vicky Yang, Account
Representative
Tel.: +886 522-008-88
Email: vicky@tsangyow.com.tw
Rostra Precision Controls, Trade $1,008,349
Incorporated
2519 Dana Drive
Laurinburg, NC 28352
Attn: Tom Eibel, Vice
President - Powertrain Division
Tel.: 910-291-2500
Email: teibel@rostra.com
Sonnax Industries, Trade $949,955
Incorporated
1 Automatic Drive
Bellows Falls, VT 05101
Attn: Seth Baldasaro, Director,
Strategic Accounts
Tel.: 802-463-0380
Email: sdb@sonnax.com
ATC - Drive Train Trade $864,279
9901 W. Reno
Oklahoma City, OK 73127
Attn: Greg Jaegar, Business
Developer
Tel.: 405-577-9819
Email: greg.jaegar@atcdt.com
Brunswick Automart Trade $689,695
3041 Center Road
Brunswick, OH 44212
Attn: Eric Avondet, Wholesale
Parts Manager
Tel.: 330-460-7080
Email: bam.eric@gmail.com
TransGo Trade $575,247
d/b/a Transco
2621 Merced Avenue
El Monte, CA 91733
Attn: David Hardin, Owner
Tel.: 626-443-7451
Email: transgoeast@sbcglobal.net
Filtran, LLC Trade $512,375
875 Seegers Road
Des Plains, IL 60016
Attn: Erwin van Boven, Vice
President, Sales & Marketing
Tel.: 847-635-3830
Email: erwin.vanboven@filtranllc.com
Buffalo Engine Component Trade $454,286
1824 Fillmore Avenue
Buffalo, NY 14214
Attn: Jason Pellitieri,
Owner/Partner
Tel.: 716-893-2661
Email: jason@buffaloengine.com
Custom Made Components, Inc. Trade $443,422
8F, No. 168, Section 1,
Central N. Road
Peitou District
Taipei, Taiwan
Attn: Paul Chan, Manager
Tel.: +886 228-948-299
Email: plc.com@msa.hinet.net
Freudenberg-NOK Trade $435,485
d/b/a Transtec
21 Golf View Lane
N. Olmstead, OH 44070
Attn: John Galloway, Sales
Manager, Transmission
Tel.: 216-533-3403
Email: jgg@fnst.com
United Parcel Service Logistic Services $404,598
6940 Eagle Road
Middleburg Heights, OH 44130
Attn: Rodd Rottman, Director,
Enterprise Account Sales
Tel.: 440-742-8319
Email: rottman.rodd@ups.com
Concept Paints Trade $385,535
Lot 40, Charles Street
St. Marys, NSW 2760
Australia
Attn: Joe Kaltoum, Director
Tel.: +61 296-732-555
Email: joe.k@conceptpaints.com.au
Victory Packaging Trade $359,291
3555 Timmons Lane
Houston, TX 77027
Attn: Ed Franza, National
Account Manager
Tel.: 214-957-9003
Email: efranza@victorypackaging.com
H & A Transmissions, Inc. Trade $346,121
8727 Rochester Avenue
Rancho Cucamonga, CA 91730
Attn: Gil Dickason,
President/CEO
Tel.: 909-941-9020
Email: gilhna@msn.com
Dorman Products Trade $346,088
1019 Harvin Way, Suite 150
Rockledge, FL 32955
Attn: Joe Wright, National
Sales Manager, Specialty
Tel.: 215-712-5580
Email: jwright@dormanproducts.com
EXEDY Globalparts Trade $337,574
Corporation
8601 Haggerty Road S.
Belleville, MI 48111-1607
Attn: Mark McGowan, Senior
Operations Manager
Tel.: 734-397-6613
Email: mmcgowan@exedyusa.com
Samgong Gear Ind. Co., Ltd. Trade $320,186
64, Aenggogae-ro 654 beon-
gil (741-4, Gojan-dong)
Namdong-gu, Inchon, Korea
Attn: Darby Yoon, Customer
Service Representative
Tel.: +82 (32) 821-3030
Email: yoon@samgong.co.kr
Linesoon Industrial Co. Trade $313,273
No. 466 Chung Shang Road
Shi Kang Hsiang
Tainan Shien Taiwan R.O.C.
Attn: Alice Lin, Sales Manager
Tel.: +886 679-619-29 x111
Email: alice_lin@linesoon.com.tw
Moveras Trade $309,622
22 Northwestern Drive
Salem, NH 03079
Attn: John Cutter, Vice
President, Operations
Tel.: 603-894-9228
Email: jcutter@moveras.com
Sung Yong High-Tech Co., Trade $275,199
Ltd.
322-9, Ongjeong-ri, Tongjin-eup,
Gimpo-si, Gyeonggi-do, Korea
Attn: Chris Kim, General
Manager, Overseas Sales Team
Tel.: +82 319-996-037
Email: sool70@naver.com
Gajra Gears Limited Trade $268,544
Station Road, Dewas 455-001
Madhya Pradesh, India
Attn: Gautam Gajra, President
Tel.: +91 989-302-0083
Email: gautam@gajra.com
Alto Products Corporation Trade $238,660
Email: david.landa@altousa.com
S-Tec Service Technologies LLC Trade $232,152
Email: aldo.pallisco@magnapowertrain.com
Diligent Trade $224,334
Email: sbruder@diligentusa.com
Lubrication Technologies, Inc. Trade $177,386
Email: dangre@lubetech.com
Superior Transmission Parts Trade $174,625
- Tallahassee
Email: bob.stp@comcast.net
Koyo Bearings USA LLC Trade $161,738
Email: chuck.kotkowski@jtekt.com
Chin Chih Metal Industrial Co. Trade $161,241
Email: kelly@chinchih.com
Dana Canada Corporation Trade $154,340
Email: ben.apgar@dana.com
J.P. Transmission Recycling Trade $148,819
Email: dennis@jptransmission.com
Precision International Trade $142,630
Email: jsollazzo@transmissionkits.com
AAL Chem Trade $140,267
Email: kaz@aalchem.com
Hoerbiger Trade $137,250
Email: michael.pfeifer@hoerbiger.com
ZF Services North America, LLC Trade $130,176
Email: steve.detomaso@zf.com
Federal-Mogul Corporation Trade $128,922
Email: doug.chase@federalmogul.com
Seal Aftermarket Products Trade $124,286
Email: chris.macleod@sealsap.com
Nuplex Trade $121,907
Email: todd.yonker@nuplex.com
North Side Imports Trade $116,675
Email: loleferuk@northsideimports.com
Stellar Group Trade $116,186
Email: jarcher@stellargroupinc.com
Pipeline Packaging Trade $114,404
Email: jzuidema@pipelinepackaging.com
Corporate Transit of America Trade $114,064
Email: bjessee@gocta.com
Alabama Bands, Inc. Trade $112,870
Email: jimmy@alabamabands.net
Mickey Thompson Tires Trade $111,154
Email: customerservice@mickeythom
psontires.com
TRANSTAR HOLDING: Files for Bankruptcy with Prepackaged Plan
------------------------------------------------------------
Auto parts maker Speedstar Holding Corporation, Transtar Holding
Company and 45 other affiliates have sought bankruptcy protection
with a prepackaged reorganization plan that would convert $425
million of debt owed to senior lenders for ownership of the
company.
The Debtors, which are engaged in the distribution of automotive
aftermarket driveline solutions, each filed a voluntary petition
under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy
Court for the Southern District of New York on Nov. 20, 2016. The
cases are pending before the Hon. Mary Kay Vyskocil, and the
Debtors have requested that their cases be jointly administered
under Case No.16-13245.
The bankruptcy filing came after reaching a restructuring agreement
with holders of approximately 98.8% of the aggregate principal
amount of the Debtors' first lien term loan facility and first lien
revolving credit facility, and the majority equity holder of
Speedstar, funds managed by the majority equity holder that hold
equity interests in Speedstar, the general partner of those funds
and their affiliates.
On Feb. 28, 2014, the Debtors acquired ETX Holdings, Inc. and its
subsidiaries. ETX's businesses include (i) supplying aftermarket
transmission replacement parts, torque converters and complete
transmissions, (ii) remanufacturing torque converters and air
conditioning compressors, and (iii) manufacturing air conditioning,
cooling and power steering assemblies and components.
Joseph Santangelo, executive vice president and chief financial
officer, disclosed in an affidavit filed with the Court that the
Debtors significantly underperformed in 2015 as a result of that
acquisition. He said that this underperformance is evidenced by a
2015 Consolidated EBITDA decline of 22% on a year over year basis
and subsequent decline in last twelve month revenue of 2.8% for the
end of the first quarter of 2016. This decline in revenue and
earnings gave rise to a liquidity crisis at the Company, as well as
to defaults of the financial covenants set forth in the First Lien
Credit Agreement and Second Lien Credit Agreement.
Court papers show that the Debtors had roughly $607.7 million of
consolidated outstanding indebtedness to third parties consisting
of: (a) $358.3 million in principal and $18.3 million in accrued
but unpaid interest and fees outstanding under a first lien term
loan facility and $45.8 million in principal and $2.2 million in
accrued but unpaid interest outstanding under a revolving facility,
as well as $3.9 million in issued and outstanding letters of
credit; and (b) $170 million in principal and $13.2 million in
accrued but unpaid interest outstanding under a second lien term
loan facility.
Prepackaged Plan
Beginning in the first quarter of 2016, the Debtors and their
equity sponsor engaged in discussions with ad hoc committees of
lenders under the First Lien Credit Facility and the Second Lien
Term Loan Facility. Certain of the Debtors' lenders entered into
forbearance agreements with the Company, which were extended
multiple times, to facilitate restructuring negotiations which took
place throughout the second, third and fourth quarters of 2016.
The Debtors negotiated with lenders under the prepetition First
Lien Credit Agreement to reach a long-term solution to the Debtors'
current liquidity issues. Their agreement is memorialized in a
restructuring support agreement, dated as of Nov. 18, 2016.
In accordance with the terms of the Restructuring Support
Agreement, on Nov. 19, 2016, the Debtors proposed a joint
prepackaged plan of reorganization for Speedstar Holding
Corporation, Transtar Holding Company and their affiliated Debtors
and began the solicitation of votes on the Prepackaged Plan through
the Disclosure Statement.
The Prepackaged Plan provides that each First Lien Lender will
receive, subject to dilution by the Management Incentive Plan and
distributions to the lenders under the Senior Exit Facility, its
pro rata share of (a) 100% of the equity interests in Speedstar, as
reorganized on the effective date of the Prepackaged Plan, (b) $60
million in new unsecured notes to be issued by the reorganized
Debtors on the effective date of the Prepackaged Plan, which will
mature on the date that is five years from the effective date of
the Prepackaged Plan and bear interest at 8.75% per annum, of which
interest 1% will be payable semi-annually and payable in cash, and
of which interest 7.75% will be payable semi-annually and
payable-in-kind, and (c) $200,000,000 in principal amount of
remaining claims under the First Lien Credit Agreement, as amended
by the First Lien Credit Agreement Amendment.
The Prepackaged Plan further provides that unsecured claims against
the Debtors will share in a maximum aggregate recovery of $500,000;
provided that holders of Ordinary Course General Unsecured Claims
will have the option to elect to continue to provide goods and
services to the Debtors, and in the event of such election, the
Reorganized Debtors will pay those undisputed claims in the
ordinary course of business. Under the Prepackaged Plan, all
existing interests in Speedstar will be cancelled.
The Debtors established Nov. 13, 2016, as the voting record date
and Dec. 4, 2016, as the deadline for the receipt of votes to
accept or reject the Plan.
DIP Facility
Contemporaneously with the petitions, Transtar filed a motion with
the Court seeking authority to enter into a debtor-in-possession
credit agreement, pursuant to which certain of their First Lien
Lenders will provide the DIP Loans on a superpriority basis up to
$69.7 million, including the issuance of one or more letters of
credit at any time on the terms and conditions set forth in the
Interim Order and the DIP Documents. Silver Point Finance, LLC
serves as the DIP Agent.
"The DIP Facility will give the Debtors the liquidity they need to
successfully reorganize and emerge from chapter 11 as a viable
enterprise, benefiting the Debtors, their creditors and other
parties in interest. Absent immediate access to new financing, the
Debtors will be forced to cease operations," said Mr. Santangelo.
First Day Motions
In order to enable the Debtors to operate effectively postpetition
and to avoid adverse effects with respect to these Chapter 11
cases, they have filed various first day motions seeking permission
to, among other things, use existing cash management system, pay
prepetition claims of employees, pay prepetition claims of critical
vendors, and prohibit utility companies from discontinuing
services. A full-text copy of the declaration in support of the
First Day Motions is available for free at:
http://bankrupt.com/misc/3_TRANSTAR_Declaration.pdf
About Transtar Holding
Headquartered in Cleveland, Ohio, Transtar Holding, et al.'s
primary business is to manufacture, remanufacture and distribute
aftermarket driveline replacement parts and components to the
transmission repair and remanufacturing market. The Debtors are
also growing suppliers of autobody refinishing products such as
clear coats, paints, and primers and are manufacturer of air
conditioning, cooling and power steering assemblies and
components.
Founded in 1975, the Debtors maintain over 70 local branch
locations, four manufacturing and production facilities (in Alma,
Michigan; Brighton, Michigan; Cookeville, Tennessee; and Ferris,
Texas), and four regional distribution centers throughout the
United States, Canada and Puerto Rico.
On Dec. 21, 2010, the Company was acquired from Linsalata Capital
Partners by current majority equity holder Friedman Fleischer &
Lowe LLC. The acquisition was financed with $425 million of senior
secured credit facilities.
As of the Petition Date, the Debtors employ approximately 2,000
full-time and 50 part-time employees in the United States, and
approximately 100 full-time employees in Canada and Puerto Rico.
The Debtors have hired Willkie Farr & Gallager LLP as counsel, FTI
Consulting, Inc. as restructuring and financial advisors, Ducera
Partners LLC as financial advisors and investment banker and Prime
Clerk LLC as claims, noticing and solicitation agent.
TRISTREAM EAST: Committee Hires Pillsbury Winthrop as Attorney
--------------------------------------------------------------
The Official Committee of Unsecured Creditors of Tristream East
Texas, LLC, seeks authorization from the U.S. Bankruptcy Court for
the Southern District of Texas to retain Pillsbury Winthrop Shaw
Pittman LLP as attorneys, in substitution for McKool Smith, P.C.
The Committee held its organizational meeting on April 19, 2016, at
which time it selected McKool as its counsel. On May 12, 2016, the
Court approved the retention of McKool as counsel to the Committee.
Hugh M. Ray, III, Esq., had the primary responsibility for
McKool's representation of the Committee. Effective as of
September 16, 2016, Mr. Ray withdrew from McKool and was admitted
to the partnership of Pillsbury.
Because Mr. Ray has a leading role in representation of the
Committee, the Committee wishes to continue to employ Mr. Ray and
to retain his new firm, Pillsbury, as its counsel in the Bankruptcy
Case, in place of McKool. By letter dated September 15, 2016, the
Committee requested that McKool transmit to Pillsbury all records
and files, whether written or electronic, relating to the Debtor's
Chapter 11 case. Consistent with the Committee's intentions
expressed in the letter, Pillsbury has been acting as counsel for
the Committee since no later than September 17, 2016.
The Creditor's Committee requires Pillsbury Winthrop to:
(a) advise the Committee with respect to its rights, powers,
and duties under 11 U.S.C. Sec. 1102;
(b) assist and advise the Committee in its consultations with
the Debtor in relation to the administration of the case;
(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
the case.
Pillsbury Winthrop will be paid at these hourly rates:
Hugh M. Ray, III $595.00
Cecily A. Dumas $695.00
Partners/Counsels $610 - $1,295
Associate $440 - $810
Legal assistants $220 - $640
Pillsbury Winthrop will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Hugh M. Ray, III, member of Pillsbury Winthrop, 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.
Pillsbury Winthrop can be reached at:
Hugh M. Ray, III, Esq.
Cecily A. Dumas, Esq.
PILLSBURY WINTHROP SHAW PITTMAN LLP
909 Fannin Street
Houston, TX 77010
Email: hugh.ray@pillsburylaw.com
cecily.dumas@pillsburylaw.com
About Tristream East
Headquartered in Houston, Texas, Tristream East Texas, LLC is a
wholly owned subsidiary of Tristream Energy, LLC, a Delaware
limited liability company. The Debtor is a midstream operating
company that provides gas gathering and processing services to
producers from facilities in East Texas.
Tristream East Texas filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Tex. Case No. Case No. 16-31521) on March 30, 2016. The
petition was signed by Reid Smith as CEO. The Debtor listed total
assets of $18.66 million and total liabilities $19.79 million in
its schedules. Coats Rose, P.C. serves as the Debtor's counsel.
Judge David R. Jones has been assigned the case.
TRXADE GROUP: Working Capital Concerns Raise Going Concern Doubt
----------------------------------------------------------------
Trxade Group, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net loss
of $842,880 on $803,278 of revenues for the three months ended
September 30, 2016, compared to a net loss of $123,762 on $1.64
million of revenues for the same period in 2015.
For the nine months ended September 30, 2016, the Company recorded
a net loss of $2.32 million on $4.34 million of revenues, compared
to a net loss of $621,738 on $3.50 million of revenues for the same
period last year.
The Company's balance sheet at September 30, 2016, showed total
assets of $1.42 million, total liabilities of $2.85 million, and a
stockholders' deficit of $1.42 million.
As of September 30, 2016, the Company had cash and cash equivalents
of approximately $94,551 and other current assets of $1,254,897.
Additional funds will be needed to continue to expand Company's
platform and customer base, and cover general and administrative
expense.
Since inception, the Company has funded its operations primarily
through equity capital raises, convertible debt, loans and
operational revenue. The ability of the Company to continue as a
going concern is dependent on raising additional capital and
generating future profitable operations. There can be no assurance
that the Company will be able to raise the necessary funds when
needed to finance its ongoing costs. Accordingly, these factors
raise substantial doubt about the Company's ability to continue as
a going concern.
The Company will need significantly more cash to implement its plan
to operate a business-to-business web based marketplace focused on
the US pharmaceutical industry. If the Company obtain additional
financing by issuing equity securities, its existing stockholders'
ownership will be diluted. Obtaining commercial loans, assuming
those loans would be available, will increase the Company's
liabilities and future cash commitments. The Company may be unable
to maintain operations at a level sufficient for investors to
obtain a return on their investments in its common stock. Further,
the Company may continue to be unprofitable.
A full-text copy of the Company's Form 10-Q is available at:
https://is.gd/OpdPlt
Trxade Group, Inc., has designed, developed, and now own and
operate business-to-business web based marketplace focused on the
US pharmaceutical industry.
TYL INVESTMENT: Hires Castro-Vargas as Special Counsel
------------------------------------------------------
TYL Investment Corp. Inc. seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Ricardo
Castro-Vargas Law Offices as special counsel in adversary
proceedings to be filed in the Bankruptcy Court.
Castro-Vargas will be paid at these hourly rates:
Ricardo Castro-Vargas $153
Legal Assistants $60
Paraprofessionals $40
Castro-Vargas will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ricardo Castro-Vargas, Esq., of Ricardo Castro-Vargas Law Offices,
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.
Castro-Vargas may be reached at:
Ricardo Castro-Vargas, Esq.
Ricardo Castro-Vargas Law Offices
Centro International de Meradeo
Torre II, Suite 309
90 Road 165
Guaynabo, PR 00968
Tel: 787-705-0605
E-mail: castrovarvaslaw@gmail.com
About TYL Investment Corp., Inc.
Tyl Investment Corp Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-04433) on June 1, 2016. The Debtor is
represented by Luis D. Flores Gonzalez, Esq.
UNIVERSAL ACADEMY: S&P Affirms 'BB+' Rating on 2013 Revenue Bonds
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB+' long-term rating on Universal Academy (UA),
Mich.'s series 2013 public school academy revenue bonds.
"The revised outlook and rating affirmation reflect our view of
UA's improved financial metrics, with growth in unrestricted
reserves supporting healthy days' cash on hand and a return to
positive operations supporting good maximum annual debt service
coverage for the rating level," said S&P Global Ratings credit
analyst Brian Marshall.
In S&P's view, the rating remains constrained by the academy's only
recently improved finances in fiscal 2016, with lack of a sustained
track record of healthy performance, moderately high debt burden,
and potential for enrollment fluctuations given UA's modest waiting
list.
More specifically, the 'BB+' rating reflects S&P's view of the
academy's:
-- Positive operating results in fiscal 2016 and anticipated
operating surplus in fiscal 2017, which support UA's good
maximum annual debt service (MADS) coverage for the rating
level;
-- Significant improvement in cash on hand to 113 days in
fiscal 2016 from just 31 days in fiscal 2014, surpassing
UA's projected goal of 60 days' by the end of fiscal 2016;
-- Recent five-year charter renewal in 2015 to 2020; and
-- Full faith and credit pledge to appropriate funds annually
in support of debt service through a state aid pledge
agreement.
Partly offsetting the above strengths, in S&P's view, are UA's:
-- Uneven operating performance in recent years tied to
expansion plans, with the potential for fluctuations to
continue;
-- Relatively high MADS burden at 14%; and
-- Potential, as with all charter schools, that the charter
could be revoked before the bonds' final maturity.
The bonds are a general obligation of the academy payable from any
legally available funds generated or held by UA.
The stable outlook reflects S&P's view that over the one-year
outlook period, the school will maintain positive operations, good
MADS coverage, healthy liquidity, and relatively stable enrollment
levels.
S&P could consider a positive rating action over the one-year
outlook period with a sustained trend of solid liquidity, strong
MADS coverage, and stable to growing enrollment, supported by
steady demand.
S&P could consider a negative rating action if UA's operations and
liquidity were to decline to levels no longer commensurate with the
rating level and out of line with current budgeted results. In
addition, a material enrollment decline could be viewed
negatively.
Initially chartered in 1998 by Detroit Public Schools, with a
subsequent transfer of the charter to Oakland University, UA is a
public school academy located in Detroit that serves a niche market
among a primarily Middle Eastern demographic.
USIC HOLDINGS: Moody's Affirms B3 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service affirmed USIC Holdings, Inc.'s ("USIC")
B3 corporate family rating (CFR) and B3-PD probability of default
rating (PDR). In the same rating action, Moody's assigned a B2
rating to the company's proposed first lien senior secured credit
facilities, consisting of $85 million revolver due 2021 and $635
million term loan due 2023 and a Caa2 rating to its proposed $165
million second lien senior secured term loan due 2024. The ratings
outlook is stable.
The proceeds from the proposed first lien and second lien term
loans, in aggregate of $800 million, along with balance sheet cash,
will be used to repay all of USIC's $620 million debt outstanding
and to fund a $200 million distribution to the company's
shareholders. Pro forma for the transaction, USIC's debt to EBITDA
(inclusive of Moody's adjustments) increases to approximately 6.0x
from about 4.8x at September 30, 2016, while EBITDA less capex to
interest coverage declines to about 1.7x from 2.1x.
The increase in leverage to fund a shareholder distribution
reflects aggressive financial policies of the company. However, the
rating affirmation is reflective of USIC's pro forma credit metrics
remaining in line with the B3 corporate family rating. The rating
affirmation also reflects the company's demonstrated ability to
de-lever, solid organic growth and positive free cash flow
generation. Moody's expects USIC's revenues to increase in the
mid-single digit range over the next 12 to 18 months, allowing it
to gradually de-lever through earnings growth, as the company
minimizes margin pressures through price increases and improving
density and maintains a disciplined approach to acquisitions.
The following rating actions were taken:
Issuer: USIC Holdings, Inc.
-- Corporate Family Rating, affirmed at B3;
-- Probability of Default Rating, affirmed at B3-PD;
-- Proposed $85 million first lien senior secured revolver due
2021, assigned B2 (LGD3);
-- Proposed $635 million first lien senior secured term loan
due 2023, assigned B2 (LGD3);
-- Proposed $165 million second lien senior secured term loan
due 2024, assigned Caa2 (LGD6);
-- Stable rating outlook.
The B2 ratings on the existing first lien facilities including
revolver due 2018 and term loan due 2020 and Caa2 rating on the
second lien term loan due 2021 have not been changed and will be
withdrawn upon close of the transaction.
All ratings are subject to the execution of the transaction as
currently proposed and Moody's review of final documentation. The
instrument ratings are subject to change if the proposed capital
structure is modified.
RATINGS RATIONALE
The B3 CFR reflects the company's high debt leverage, aggressive
financial policies, high customer concentration, and narrow service
offering. Additionally, the rating takes into account the margin
pressures experienced over the recent years, the inherent cash flow
seasonality of the company's business model, and exposure to
aggressive bidding from competitors, expenses related to incident
damages, weather-related disruptions, and fuel price volatility.
The rating also reflects long-term risks associated with potential
shareholder-friendly activities given the company's private equity
ownership. The rating is supported by USIC's leading position in
the North American locating market, its established and contractual
relationships with blue-chip utility customers, the legal
requirement to locate and mark utility infrastructure prior to
initiation of any underground excavation, and favorable trends of
outsourcing of infrastructure locating services. The rating also
reflects USIC's healthy interest coverage and the company's solid
execution ability as evidenced by successful integration of
acquisitions.
The stable rating outlook reflects our expectation that over the
next 12 to 18 months USIC will continue to demonstrate mid-single
digit revenue growth driven by healthy end market demand, and
de-lever through earnings growth, while minimizing margin pressures
through price increases and improving density.
USIC has good liquidity, supported by the availability under its
new $85 million revolving credit facility expiring in 2021, our
expectation of positive free cash flow generation, extended debt
maturity profile and the flexibility under springing first lien net
leverage covenant.
Upward rating action could be considered should USIC's earnings
growth and consistent positive free cash flow generation allow it
to reduce adjusted debt to EBITDA below 5.5x and increase EBITDA
less capex to interest above 2.0x on a sustained basis, while the
company maintains stable operating margins.
Downward rating pressure could develop if USIC's liquidity
deteriorates or earnings decline such that adjusted debt to EBITDA
is sustained above 7.5x or EBITDA less capex to interest is
sustained below 1.0x.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
Headquartered in Indianapolis, Indiana, USIC Holdings, Inc. is a
leading provider of outsourced infrastructure locating and marking
services to telephone, electric, natural gas, cable, fiber optic
and water utilities in the United States. The company operates in
39 states in the U.S. and one province in Canada. Since July 2013,
USIC has been owned by the funds advised and/or managed by Leonard
Green & Partners, L.P. In 2015, the company performed about 62
million locates, and in the LTM period ending September 30, 2016,
generated approximately $790 million in revenues.
USIC HOLDINGS: S&P Affirms 'B' CCR & Rates $85MM Facility 'B'
-------------------------------------------------------------
S&P Global Ratings said it affirmed its 'B' corporate credit rating
on USIC Holdings Inc. The outlook is stable.
At the same time, S&P assigned its 'B' issue-level rating and '3'
recovery rating to the company's proposed $85 million revolving
credit facility due 2021 and $635 million first-lien term loan due
2023. The '3' recovery rating indicates our expectation for
meaningful recovery (50%-70%; upper half of the range) in the event
of a payment default. In addition, S&P assigned its 'CCC+'
issue-level rating and '6' recovery rating to USIC's proposed
$165 million second-lien term loan. The '6' recovery rating
reflects S&P's expectation of negligible (0%-10%) recovery in the
event of a payment default.
USIC plans to use the proceeds from the proposed debt issuance to
refinance its rated debt issues (consisting of a $75 million
revolver due 2018, $470 million first-lien term loan due 2020, and
$165 million second-lien term loan due 2021) and pay a
$200 million dividend to shareholders. S&P plans to withdraw its
issue-level and recovery ratings on the company's existing rated
debt upon repayment.
"The stable rating outlook on USIC reflects our belief that the
company will continue to generate consistent FOCF while maintaining
a FOCF-to-debt ratio in the mid-single-digit percent area over the
next 12 months," said S&P Global Ratings credit analyst Christina
McGovern. "Given USIC's proposed debt-funded distribution to
shareholders, adjusted leverage is at the higher end of our
expectations for the current rating. However, given the company's
stabilization of elevated damage expenses along with our
expectation of modest EBITDA growth over the next 12 months, we
believe adjusted debt to EBITDA will decline below 7x in 2017 under
our base-case scenario."
S&P could lower its ratings on USIC in the next 12 months if it
appears that the company's free cash flow will turn negative and
its liquidity becomes constrained because of a higher-than-expected
draw on the company's revolver. Alternatively, S&P would also
consider a downgrade if the company's debt leverage remained above
7x on a sustained basis, potentially because of a further decline
in its EBITDA margins coupled with a larger-than-anticipated
dividend or acquisition-related outflows. A
weaker-than-anticipated operating performance could occur due to
elevated fuel prices, weather-related disruptions (which can
periodically halt or slow construction and, hence, demand for
USIC's services), or aggressive bidding from competitors, for
example.
S&P considers an upgrade unlikely over the next 12 months given its
belief that USIC's financial policies will remain aggressive under
its financial sponsor. However, S&P could raise the rating if it
believes that the company is committed to maintaining a
FOCF-to-debt ratio of greater than 5%, it demonstrates sustained
debt reduction below 5x, and we come to believe that the risk of it
increasing its leverage above 5x adjusted debt to EBITDA is low.
VERTELLUS SPECIALTIES: Unsecureds To Recoup 10% Under Plan
----------------------------------------------------------
VSI Liquidating Inc., f/k/a Vertellus Specialties, Inc., et al.,
filed with the U.S. Bankruptcy Court for the District of Delaware a
plan of liquidation and a hearing to consider approval of the
Disclosure Statement will be held on December 19, 2016 at 11:00
a.m. (EST).
Under the Plan, holders of general unsecured claims are impaired
and will recover less than 10% of their allowed claims.
The final asset purchase agreement provided for, among other
things, the assumption of certain trade liabilities including,
among other things, payment of cure amounts associated with the
assumption and assignment of several of the Debtors' executory
contracts. The Purchaser credit bid approximately $453,800,000 of
the Senior Secured Term Loan Claims, including the assumption of
the DIP Financing.
In addition, the DIP Lenders agreed to fund the costs, fees and
expenses incurred by the Debtors in connection with the
administration of the Chapter 11 Cases, subject to an agreed-upon
Wind-Down Budget among the Debtors and the DIP Lenders.
Immediately following the closing of the sale on October 31, 2016,
the DIP Lenders funded $8.6 million to be used, in accordance with
the Wind-Down Budget, to fund the administrative expenses of the
Debtors' estates, including, among other things, the fees and
expenses of estate professionals, the costs of paying
administrative priority taxes incurred by the Debtors, and the
costs of winding down the Debtors' estates.
All amounts from the Wind-Down Budget remaining in the Debtors'
Estates as of the Effective Date, which will include $1,000,000 to
be allocated for the benefit of holders of Allowed General
Unsecured Claims whose prepetition debts were not assumed by the
Purchaser under the Final APA will be funded by the Debtors'
Estates into, and vest in the Liquidating Trust on the Effective
Date.
The sum of (x) $550,000 and (y) the Work Budget Excess Amount, if
any, will be funded by the Debtors' Estates into, and vest in the
Environmental Response Trust on the Effective Date.
A full-text copy of the Disclosure Statement dated November 11,
2016, is available at http://bankrupt.com/misc/deb16-11242-524.pdf
About Vertellus Specialties
Vertellus Specialties Inc. is a global specialty chemicals company
focused on the manufacture of ingredients used in pharmaceuticals,
personal care, nutrition, agriculture, and a host of other market
areas affected by trends favoring "green" technologies and
chemistries.
Headquartered in Indianapolis, Indiana, Vertellus Specialties Inc.
and several affiliates filed separate Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-11289 to 16-11299) on May
31, 2016. Judge Christopher S. Sontchi presides over the case.
Stuart M. Brown, Esq., Kaitlin M. Edelman, Esq., Richard A.
Chesley, Esq., Daniel M. Simon, Esq., and David E. Avraham, Esq.,
at DLA Piper LLP (US) serve as the Debtors' bankruptcy counsel.
Jefferies LLC is the Debtors' investment banker. Andrew Hinkelman
at FTI Consulting, Inc. is the Debtors' chief restructuring
officer. Kurtzman Carson Consultants is the Debtors' claims and
noticing agent.
The Debtors estimated their assets at between $100 million and $500
million and debts at between $500 million and $1 billion.
The petitions were signed by Anne Frye, vice president, secretary
and general counsel.
The Official Committee of Unsecured Creditors of Vertellus
Specialties Inc., et al., has tapped Hahn & Hessen LLP as lead
counsel; Morris James LLP as co-counsel; and Zolfo Cooper, LLC as
its financial advisor.
* * *
The Troubled Company Reporter reported that Vertellus Specialties
Inc. completed the sale of substantially all of its U.S. and
international assets to its prior term loan lenders, a group
including Black Diamond Capital Management and Brightwood Capital
Advisors, among others, on Oct. 31, 2016.
VESCO CONSULTING: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Vesco Consulting Services, LLC
Case No.: 16-21351
Chapter 11 Petition Date: November 19, 2016
Court: United States Bankruptcy Court
District of Colorado (Denver)
Judge: Hon. Elizabeth E. Brown
Debtor's Counsel: Kevin S. Neiman, Esq.
LAW OFFICES OF KEVIN S. NEIMAN, PC
999 18th St., Ste., 1230 S
Denver, CO 80202
Tel: 303-996-8637
Fax: 877-611-6839
E-mail: kevin@ksnpc.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michael Miller, president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/cob16-21351.pdf
WECAST NETWORK: Recurring Losses Casts Going Concern Doubt
----------------------------------------------------------
Wecast Network, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net loss
of $2.15 million on $1.63 million of revenue for the three months
ended September 30, 2016, compared to a net loss of $2.33 million
on $476,165 of revenue for the same period in 2015.
For the nine months ended September 30, 2016, the Company recorded
a net loss of $6.03 million on $4.38 million of revenue, compared
to a net loss of $6.58 million on $2.98 million of revenue for the
same period last year.
The Company's balance sheet at September 30, 2016, showed total
assets of $46.34 million, total liabilities of $7.29 million, $1.26
million in convertible redeemable preferred stock, and a
stockholders' equity of $37.78 million.
For the nine months ended September 30, 2016 and 2015, the Company
incurred net losses of approximately $6.0 million and $6.6 million,
respectively, and cash used in operations was approximately $7.9
million and $6.2 million, respectively. Further, the Company had
cash of $2.8 million and net current liabilities of $7.0 million as
of September 30, 2016, including a $3.0 million convertible note
due on demand with the maturity date of December 31, 2016 and
accumulated deficit of approximately $92.2 million and $84.6
million as of September 30, 2016 and 2015, respectively, due to
recurring losses since the inception of business.
The Company must continue to rely on proceeds from debt and equity
issuances to pay for ongoing operating expenses in order to execute
its business plan. Although the Company believes it has the
ability to raise funds by issuing debt or equity instruments,
additional financing may not be available to the Company on terms
acceptable to the Company or at all or such resources may not be
received in a timely manner. These conditions 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/kGJPQE
Wecast Network, Inc., is a premium Video On Demand ("VOD") service
provider with primary operations in the People's Republic of China.
Wecast Network, through its subsidiaries and consolidated variable
interest entities, provides enhanced premium content and integrated
value-added service solutions for the delivery of VOD and paid
video programming to digital cable providers, Internet Protocol
Television ("IPTV") providers, Over-the-Top ("OTT") streaming
providers, mobile manufacturers and operators, as well as direct to
customers.
WHITESBURG REALTY: Needs to Use Cash Collateral Until Dec. 31
-------------------------------------------------------------
Whitesburg Realty, LLC asks the U.S. Bankruptcy Court for the
Eastern District of Kentucky for authorization to continue using of
cash collateral through December 31, 2016.
The Debtor's proposed 2-month Budget provides for total operating
expenses in the amount of $45,498.
The Court's Final Cash Collateral Order authorized the Debtor to
use cash collateral through November 30, 2016. The Debtor believes
that there will continue to be, no material net deterioration of
the Cash Collateral Creditor's interest in the Cash Collateral.
The Debtor relates that the adequate protection provided in the
Final Order remains adequate and sufficient, and the continued use
of cash collateral will be subject to all the terms and conditions
in the Final Order. The Debtor proposes to make adequate
protection payments of $15,000 to the Cash Collateral Creditor.
The Debtor contends that the Cash Collateral Creditor's interests
in the Cash Collateral will be adequately protected because there
will be no net erosion of the Cash Collateral Creditor's secured
interest in the Cash Collateral. The Debtor further contends that
the cash collateral will be used to maintain, protect and preserve
the collateral and make adequate protection payments to the Cash
Collateral Creditor.
A full-text copy of the Debtor's Motion, dated November 17, 2016,
is available at https://is.gd/V3qVR1
A full-text copy of the Debtor's proposed Budget, dated November
17, 2016, is available at https://is.gd/RhZEFM
About Whitesburg Realty
Whitesburg Realty, LLC, a Kentucky limited liability company, was
established on Feb. 10, 2004. The sole member of Whitesburg Realty
is Jeffrey C. Ruttenberg. Whitesburg Realty is a landlord to the
various shops and businesses operated at the Whitesburg Plaza.
Whitesburg Realty has several tenants, most notably, Walmart, and
several smaller businesses including a nail salon, fashion retail
store and pizza restaurant. Whitesburg Realty began to experience
cash flow problems after it lost a grocery store tenant.
Facing cash flow problems after losing a grocery store tenant,
Whitesburg Realty filed a chapter 11 petition (Bankr. E.D. Ky. Case
No. 16-50721) on April 13, 2016. The petition was signed by
Jeffrey C. Ruttenberg, member. The Debtor is represented by Jamie
L. Harris, Esq., at Delcotto Law Group PLLC. The Debtor estimated
assets and debt of $1 million to $10 million.
The Debtor listed Wyatt, Tarrant & Combs, LLP, as its largest
unsecured creditor holding a claim of $10,000. No trustee or
examiner has been appointed in the Chapter 11 case, and no
creditors' committee or other official committee has been
appointed.
* * *
The Debtor filed its Chapter 11 Plan of Reorganization and
corresponding Disclosure Statement on July 12, 2016, an Amended
Plan and Amended Disclosure Statement on Sept. 8, 2016, and a
Second Amended Disclosure Statement on Sept. 28, 2016. Plan
confirmation hearing is scheduled for Nov. 10, 2016.
WKI HOLDING: S&P Affirms 'B' CCR After Acquisition Deal Ends
------------------------------------------------------------
S&P Global Ratings affirmed its ratings, including the 'B'
corporate credit rating, on Rosemount, Ill.-based WKI Holding Co.
Inc. The outlook is stable. S&P also affirmed its 'B' issue-level
ratings on WKI subsidiary World Kitchen LLC's $90 million senior
secured revolving credit facility due in March 2018 and $241
million term loan B due in March 2019. The '3' recovery rating,
which indicates S&P's expectation for meaningful recovery (50%-70%,
upper half of the range) in the event of a payment default, remains
unchanged.
Additionally, S&P withdrew its 'B' corporate credit rating to the
previously proposed parent company, World Kitchen Group Inc. At
the same time, S&P withdrew its 'B' issue-level rating to WKI's
proposed $275 million senior secured term loan B maturing in 2023,
and our '3' recovery rating on this debt.
The 'B' corporate credit rating affirmation reflects WKI's
continued ownership by financial sponsors, W Capital and Oaktree,
whose capital allocation decisions could restrict the company from
sustaining leverage below 5x. S&P estimates that as of the 12
months ended Sept. 30, 2016, debt leverage was below 5x, but S&P
believes it could increase during the next 12 months because W
Capital and Oaktree will likely seek another buyer or take a
leveraged dividend in the near term.
Year-to-date operating performance through the third quarter ended
Sept. 30, 2016, has been slightly below S&P's prior expectations
because of lower sales across all of its regions. As a result, the
company's covenant cushion during the third quarter tightened to
below 5%. S&P expects this to improve by year-end as the company
pays down its revolver that was drawn to build inventory, and
enters its strongest cash flow period in the fourth quarter. In a
scenario where the company is unable to repay the outstanding
amounts under its revolver, the company will have minimal covenant
cushion based on S&P's estimates as the covenant steps down to
3.75x from 4.00x during the fourth quarter of 2016. Additionally,
the company's revolving credit facility is coming due in March
2018. S&P expects the company to refinance during the first half
of 2017.
The stable outlook reflects S&P's expectation for the company to
improve its covenant cushion by year-end 2016. S&P also expects
the 2018 maturity of its $90 million revolver will be addressed
ahead of it becoming current.
If the company's covenant cushion falls below 10% or fails to
refinance its revolving credit facility due March 2018 in a timely
manner, S&P could lower the ratings.
S&P could consider raising the ratings if WKI demonstrates a less
aggressive financial policies than expected, such that S&P views
event risk as a lesser concern. Demonstration of a quick
deleveraging timeline post-acquisitions and leverage sustained well
under 5x could also result in a higher rating.
XTERA COMMUNICATIONS: Nov. 23 Meeting Set to Form Creditors' Panel
------------------------------------------------------------------
Andrew R. Vara, Acting United States Trustee for Region 3, will
hold an organizational meeting on Nov. 23, 2016, at 10:00 a.m. in
the bankruptcy case of Xtera Communications, Inc.
The meeting will be held at:
Office of the US Trustee
844 King Street, Room 3209
Wilmington, DE 19801
The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.
The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code. A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.
To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization. The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- --------
ABSOLUTE SOFTWRE ABT2EUR EU 101.7 (45.3) (35.4)
ABSOLUTE SOFTWRE OU1 GR 101.7 (45.3) (35.4)
ABSOLUTE SOFTWRE ALSWF US 101.7 (45.3) (35.4)
ABSOLUTE SOFTWRE ABT CN 101.7 (45.3) (35.4)
ADVANCED EMISSIO OXQ1 GR 40.5 (0.3) (1.4)
ADVANCED EMISSIO ADES US 40.5 (0.3) (1.4)
ADVANCEPIERRE FO APFHEUR EU 1,210.5 (329.7) 254.3
ADVANCEPIERRE FO APFH US 1,210.5 (329.7) 254.3
ADVENT SOFTWARE ADVS US 424.8 (50.1) (110.8)
AEROJET ROCKETDY AJRD US 1,952.0 (63.9) 82.6
AEROJET ROCKETDY AJRDEUR EU 1,952.0 (63.9) 82.6
AEROJET ROCKETDY GCY GR 1,952.0 (63.9) 82.6
AEROJET ROCKETDY GCY TH 1,952.0 (63.9) 82.6
AGENUS INC AJ81 GR 174.8 (21.0) 74.7
AGENUS INC AGENEUR EU 174.8 (21.0) 74.7
AGENUS INC AGEN US 174.8 (21.0) 74.7
AGENUS INC AJ81 TH 174.8 (21.0) 74.7
AK STEEL HLDG AKS US 3,920.8 (275.2) 766.6
AK STEEL HLDG AKS* MM 3,920.8 (275.2) 766.6
AK STEEL HLDG AK2 GR 3,920.8 (275.2) 766.6
AK STEEL HLDG AK2 TH 3,920.8 (275.2) 766.6
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMYLIN PHARMACEU AMLN US 1,998.7 (42.4) 263.0
ANGIE'S LIST INC ANGIEUR EU 159.9 (8.8) (33.9)
ANGIE'S LIST INC 8AL GR 159.9 (8.8) (33.9)
ANGIE'S LIST INC ANGI US 159.9 (8.8) (33.9)
ARCH COAL INC ACC QT 4,658.1 (1,676.1) 662.2
ARCH COAL INC ACIIQ* MM 4,658.1 (1,676.1) 662.2
ARCH COAL INC ACIIQ US 4,658.1 (1,676.1) 662.2
ARCH COAL INC-A ARCH US 4,658.1 (1,676.1) 662.2
ARCH COAL INC-A ARCH1EUR EU 4,658.1 (1,676.1) 662.2
ARIAD PHARM ARIACHF EU 676.6 (46.3) 240.4
ARIAD PHARM ARIA SW 676.6 (46.3) 240.4
ARIAD PHARM APS QT 676.6 (46.3) 240.4
ARIAD PHARM APS GR 676.6 (46.3) 240.4
ARIAD PHARM APS TH 676.6 (46.3) 240.4
ARIAD PHARM ARIAEUR EU 676.6 (46.3) 240.4
ARIAD PHARM ARIA US 676.6 (46.3) 240.4
ARRAY BIOPHARMA ARRY US 166.9 (52.1) 93.8
ARRAY BIOPHARMA AR2 TH 166.9 (52.1) 93.8
ARRAY BIOPHARMA ARRYEUR EU 166.9 (52.1) 93.8
ARRAY BIOPHARMA AR2 GR 166.9 (52.1) 93.8
ASPEN TECHNOLOGY AST QT 289.9 (183.6) (186.0)
ASPEN TECHNOLOGY AZPNEUR EU 289.9 (183.6) (186.0)
ASPEN TECHNOLOGY AST GR 289.9 (183.6) (186.0)
ASPEN TECHNOLOGY AST TH 289.9 (183.6) (186.0)
ASPEN TECHNOLOGY AZPN US 289.9 (183.6) (186.0)
AUTOZONE INC AZO US 8,599.8 (1,787.5) (450.7)
AUTOZONE INC AZ5 GR 8,599.8 (1,787.5) (450.7)
AUTOZONE INC AZOEUR EU 8,599.8 (1,787.5) (450.7)
AUTOZONE INC AZ5 TH 8,599.8 (1,787.5) (450.7)
AUTOZONE INC AZ5 QT 8,599.8 (1,787.5) (450.7)
AVID TECHNOLOGY AVD GR 262.9 (272.7) (91.6)
AVID TECHNOLOGY AVID US 262.9 (272.7) (91.6)
AVINTIV SPECIALT POLGA US 1,991.4 (3.9) 322.1
AVON - BDR AVON34 BZ 3,905.5 (336.4) 853.1
AVON PRODUCTS AVP QT 3,905.5 (336.4) 853.1
AVON PRODUCTS AVP* MM 3,905.5 (336.4) 853.1
AVON PRODUCTS AVP CI 3,905.5 (336.4) 853.1
AVON PRODUCTS AVP GR 3,905.5 (336.4) 853.1
AVON PRODUCTS AVP US 3,905.5 (336.4) 853.1
AVON PRODUCTS AVP TH 3,905.5 (336.4) 853.1
AXIM BIOTECHNOLO AXIM US 0.5 (2.8) (2.6)
BARRACUDA NETWOR CUDA US 436.0 (15.8) (23.7)
BARRACUDA NETWOR CUDAEUR EU 436.0 (15.8) (23.7)
BARRACUDA NETWOR 7BM GR 436.0 (15.8) (23.7)
BARRACUDA NETWOR 7BM QT 436.0 (15.8) (23.7)
BENEFITFOCUS INC BTF GR 153.4 (35.4) 4.3
BENEFITFOCUS INC BNFT US 153.4 (35.4) 4.3
BLUE BIRD CORP BLBD US 310.3 (99.1) (7.6)
BLUE BIRD CORP 1291067D US 310.3 (99.1) (7.6)
BOMBARDIER INC-B BBDBN MM 23,876.0 (3,865.0) 1,686.0
BOMBARDIER-B OLD BBDYB BB 23,876.0 (3,865.0) 1,686.0
BOMBARDIER-B W/I BBD/W CN 23,876.0 (3,865.0) 1,686.0
BRINKER INTL BKJ QT 1,458.5 (551.1) (251.2)
BRINKER INTL BKJ GR 1,458.5 (551.1) (251.2)
BRINKER INTL EAT2EUR EU 1,458.5 (551.1) (251.2)
BRINKER INTL EAT US 1,458.5 (551.1) (251.2)
BRP INC/CA-SUB V DOO CN 2,204.8 (73.9) 63.7
BRP INC/CA-SUB V BRPIF US 2,204.8 (73.9) 63.7
BRP INC/CA-SUB V B15A GR 2,204.8 (73.9) 63.7
BUFFALO COAL COR BUC SJ 48.1 (17.9) 0.3
BURLINGTON STORE BURL* MM 2,566.3 (103.7) 93.1
BURLINGTON STORE BURL US 2,566.3 (103.7) 93.1
BURLINGTON STORE BUI GR 2,566.3 (103.7) 93.1
CADIZ INC 2ZC GR 59.0 (70.2) (39.7)
CADIZ INC CDZI US 59.0 (70.2) (39.7)
CAESARS ENTERTAI C08 GR 15,351.0 (971.0) (2,334.0)
CAESARS ENTERTAI CZR US 15,351.0 (971.0) (2,334.0)
CALIFORNIA RESOU CRC US 6,332.0 (493.0) (302.0)
CALIFORNIA RESOU 1CLB GR 6,332.0 (493.0) (302.0)
CALIFORNIA RESOU CRCEUR EU 6,332.0 (493.0) (302.0)
CALIFORNIA RESOU 1CL TH 6,332.0 (493.0) (302.0)
CAMBIUM LEARNING ABCD US 159.5 (65.5) (49.9)
CAMPING WORLD-A CWHEUR EU 1,367.5 (354.3) 197.2
CAMPING WORLD-A CWH US 1,367.5 (354.3) 197.2
CAMPING WORLD-A C83 GR 1,367.5 (354.3) 197.2
CARRIZO OIL&GAS CO1 TH 1,420.5 (205.4) (152.2)
CARRIZO OIL&GAS CRZO US 1,420.5 (205.4) (152.2)
CARRIZO OIL&GAS CO1 QT 1,420.5 (205.4) (152.2)
CARRIZO OIL&GAS CRZOEUR EU 1,420.5 (205.4) (152.2)
CARRIZO OIL&GAS CO1 GR 1,420.5 (205.4) (152.2)
CASELLA WASTE WA3 GR 635.3 (13.9) 2.2
CASELLA WASTE CWST US 635.3 (13.9) 2.2
CEB INC CEB US 1,467.4 (85.8) (123.7)
CEB INC FC9 GR 1,467.4 (85.8) (123.7)
CENTENNIAL COMM CYCL US 1,480.9 (925.9) (52.1)
CHESAPEAKE ENERG CHK US 12,523.0 (932.0) (2,539.0)
CHESAPEAKE ENERG CHK* MM 12,523.0 (932.0) (2,539.0)
CHESAPEAKE ENERG CS1 TH 12,523.0 (932.0) (2,539.0)
CHESAPEAKE ENERG CS1 GR 12,523.0 (932.0) (2,539.0)
CHOICE HOTELS CHH US 846.3 (337.4) 113.4
CHOICE HOTELS CZH GR 846.3 (337.4) 113.4
CINCINNATI BELL CIB1 GR 1,529.9 (194.8) (40.7)
CINCINNATI BELL CBBEUR EU 1,529.9 (194.8) (40.7)
CINCINNATI BELL CBB US 1,529.9 (194.8) (40.7)
CLEAR CHANNEL-A C7C GR 5,675.6 (995.0) 616.1
CLEAR CHANNEL-A CCO US 5,675.6 (995.0) 616.1
CLEARSIDE BIOMED CLSD US 4.5 (4.3) 1.2
CLEARSIDE BIOMED CLM GR 4.5 (4.3) 1.2
CLIFFS NATURAL R CVA QT 1,772.9 (1,400.5) 376.1
CLIFFS NATURAL R CLF US 1,772.9 (1,400.5) 376.1
CLIFFS NATURAL R CVA TH 1,772.9 (1,400.5) 376.1
CLIFFS NATURAL R CLF* MM 1,772.9 (1,400.5) 376.1
CLIFFS NATURAL R CLF2EUR EU 1,772.9 (1,400.5) 376.1
CLIFFS NATURAL R CVA GR 1,772.9 (1,400.5) 376.1
COGENT COMMUNICA OGM1 GR 617.6 (40.5) 140.3
COGENT COMMUNICA CCOI US 617.6 (40.5) 140.3
COMMUNICATION CSAL US 3,217.5 (1,287.0) -
COMMUNICATION 8XC GR 3,217.5 (1,287.0) -
CPI CARD GROUP I CPB GR 270.7 (89.0) 58.7
CPI CARD GROUP I PMTS US 270.7 (89.0) 58.7
CPI CARD GROUP I PNT CN 270.7 (89.0) 58.7
CVR NITROGEN LP RNF US 241.4 (166.3) 12.0
CYAN INC CYNI US 112.1 (18.4) 56.9
CYAN INC YCN GR 112.1 (18.4) 56.9
DELEK LOGISTICS DKL US 393.2 (14.0) 4.8
DELEK LOGISTICS D6L GR 393.2 (14.0) 4.8
DENNY'S CORP DE8 GR 297.7 (53.8) (48.1)
DENNY'S CORP DENN US 297.7 (53.8) (48.1)
DIRECTV DTVEUR EU 25,321.0 (3,463.0) 1,360.0
DIRECTV DTV CI 25,321.0 (3,463.0) 1,360.0
DIRECTV 1448062D US 25,321.0 (3,463.0) 1,360.0
DOMINO'S PIZZA DPZ US 676.6 (1,936.1) 62.1
DOMINO'S PIZZA EZV GR 676.6 (1,936.1) 62.1
DOMINO'S PIZZA EZV TH 676.6 (1,936.1) 62.1
DOMINO'S PIZZA EZV QT 676.6 (1,936.1) 62.1
DPL INC DPL US 2,950.4 (177.1) (124.4)
DUN & BRADSTREET DNB US 2,016.9 (1,054.3) (151.7)
DUN & BRADSTREET DB5 GR 2,016.9 (1,054.3) (151.7)
DUN & BRADSTREET DNB1EUR EU 2,016.9 (1,054.3) (151.7)
DUNKIN' BRANDS G DNKNEUR EU 3,145.6 (167.2) 181.6
DUNKIN' BRANDS G 2DB GR 3,145.6 (167.2) 181.6
DUNKIN' BRANDS G DNKN US 3,145.6 (167.2) 181.6
DUNKIN' BRANDS G 2DB TH 3,145.6 (167.2) 181.6
DURATA THERAPEUT DRTX US 82.1 (16.1) 11.7
DURATA THERAPEUT DRTXEUR EU 82.1 (16.1) 11.7
DURATA THERAPEUT DTA GR 82.1 (16.1) 11.7
EASTMAN KODAK CO KODK US 1,981.0 (23.0) 814.0
EASTMAN KODAK CO KODN GR 1,981.0 (23.0) 814.0
EDGEN GROUP INC EDG US 883.8 (0.8) 409.2
ENERGIZER HOLDIN EGG GR 1,731.5 (30.0) 356.4
ENERGIZER HOLDIN ENR-WEUR EU 1,731.5 (30.0) 356.4
ENERGIZER HOLDIN ENR US 1,731.5 (30.0) 356.4
EPL OIL & GAS IN EPA1 GR 463.6 (1,080.5) (1,301.7)
EPL OIL & GAS IN EPL US 463.6 (1,080.5) (1,301.7)
ERIN ENERGY CORP ERN SJ 342.4 (161.2) (255.1)
FAIRMOUNT SANTRO FM1 GR 1,239.0 (13.3) 284.0
FAIRMOUNT SANTRO FMSAEUR EU 1,239.0 (13.3) 284.0
FAIRMOUNT SANTRO FMSA US 1,239.0 (13.3) 284.0
FAIRPOINT COMMUN FONN GR 1,248.8 (41.0) 11.0
FAIRPOINT COMMUN FRP US 1,248.8 (41.0) 11.0
FERRELLGAS-LP FEG GR 1,683.3 (651.8) (77.1)
FERRELLGAS-LP FGP US 1,683.3 (651.8) (77.1)
FIFTH STREET ASS 7FS TH 166.3 (11.1) -
FIFTH STREET ASS FSAM US 166.3 (11.1) -
FILO MINING CORP FIL SS 0.0 (0.0) -
FORESIGHT ENERGY FELP US 1,735.8 (70.0) 55.4
FORESIGHT ENERGY FHR GR 1,735.8 (70.0) 55.4
FREESCALE SEMICO FSL US 3,159.0 (3,079.0) 1,264.0
FREESCALE SEMICO 1FS QT 3,159.0 (3,079.0) 1,264.0
FREESCALE SEMICO 1FS TH 3,159.0 (3,079.0) 1,264.0
FREESCALE SEMICO FSLEUR EU 3,159.0 (3,079.0) 1,264.0
FREESCALE SEMICO 1FS GR 3,159.0 (3,079.0) 1,264.0
GAMCO INVESTO-A GBL US 121.3 (199.1) -
GARDA WRLD -CL A GW CN 1,842.9 (396.1) 105.2
GARTNER INC IT US 2,277.7 (10.5) (171.5)
GARTNER INC GGRA GR 2,277.7 (10.5) (171.5)
GCP APPLIED TECH 43G GR 1,061.0 (118.4) 282.5
GCP APPLIED TECH GCP US 1,061.0 (118.4) 282.5
GENESIS HEALTHCA GEN US 5,886.6 (771.5) 237.4
GENESIS HEALTHCA SH11 GR 5,886.6 (771.5) 237.4
GENTIVA HEALTH GHT GR 1,225.2 (285.2) 130.0
GENTIVA HEALTH GTIV US 1,225.2 (285.2) 130.0
GLG PARTNERS INC GLG US 400.0 (285.6) 156.9
GLG PARTNERS-UTS GLG/U US 400.0 (285.6) 156.9
GOGO INC G0G GR 1,224.2 (18.0) 398.4
GOGO INC GOGO US 1,224.2 (18.0) 398.4
GRAHAM PACKAGING GRM US 2,947.5 (520.8) 298.5
GREEN PLAINS PAR 8GP GR 88.9 (67.0) 3.5
GREEN PLAINS PAR GPP US 88.9 (67.0) 3.5
GUIDANCE SOFTWAR ZTT GR 74.8 (1.1) (20.9)
GUIDANCE SOFTWAR GUID US 74.8 (1.1) (20.9)
GYMBOREE CORP/TH GYMB US 1,162.6 (309.2) 28.7
H&R BLOCK INC HRB GR 2,163.5 (199.8) (0.8)
H&R BLOCK INC HRB US 2,163.5 (199.8) (0.8)
H&R BLOCK INC HRB TH 2,163.5 (199.8) (0.8)
H&R BLOCK INC HRBEUR EU 2,163.5 (199.8) (0.8)
HALOZYME THERAPE RV7 QT 282.5 (12.0) 219.9
HALOZYME THERAPE HALO US 282.5 (12.0) 219.9
HALOZYME THERAPE HALOEUR EU 282.5 (12.0) 219.9
HALOZYME THERAPE RV7 GR 282.5 (12.0) 219.9
HCA HOLDINGS INC HCA US 33,127.0 (6,163.0) 3,688.0
HCA HOLDINGS INC 2BH GR 33,127.0 (6,163.0) 3,688.0
HCA HOLDINGS INC 2BH TH 33,127.0 (6,163.0) 3,688.0
HCA HOLDINGS INC HCAEUR EU 33,127.0 (6,163.0) 3,688.0
HECKMANN CORP-U HEK/U US 388.3 (108.0) (46.8)
HELIX TCS INC HLIX US 4.3 (1.7) (0.9)
HEWLETT-PACKA-WI HPQ-W US 27,224.0 (3,926.0) (712.0)
HORSEHEAD HOLDIN ZINCQ* MM 308.7 (279.4) (48.4)
HOVNANIAN-A-WI HOV-W US 2,388.8 (151.9) 1,377.8
HP COMPANY-BDR HPQB34 BZ 27,224.0 (3,926.0) (712.0)
HP INC 7HP TH 27,224.0 (3,926.0) (712.0)
HP INC HPQCHF EU 27,224.0 (3,926.0) (712.0)
HP INC HPQ* MM 27,224.0 (3,926.0) (712.0)
HP INC HPQ CI 27,224.0 (3,926.0) (712.0)
HP INC HPQ SW 27,224.0 (3,926.0) (712.0)
HP INC HPQ TE 27,224.0 (3,926.0) (712.0)
HP INC 7HP GR 27,224.0 (3,926.0) (712.0)
HP INC HWP QT 27,224.0 (3,926.0) (712.0)
HP INC HPQUSD SW 27,224.0 (3,926.0) (712.0)
HP INC HPQ US 27,224.0 (3,926.0) (712.0)
HUGHES TELEMATIC HUTCU US 110.2 (101.6) (113.8)
IBI GROUP INC IBG CN 271.9 (17.5) 41.6
IMMUNOMEDICS INC IMMU US 40.6 (73.0) 21.8
INFOR ACQUISIT-A IAC/A CN 233.2 (2.7) 1.8
INFOR ACQUISITIO IAC-U CN 233.2 (2.7) 1.8
INFOR US INC LWSN US 6,048.5 (796.8) (226.4)
INNOVIVA INC INVA US 370.5 (367.9) 171.2
INNOVIVA INC HVE GR 370.5 (367.9) 171.2
INTERNATIONAL WI ITWG US 324.8 (12.0) 99.6
INTERUPS INC ITUP US 0.0 (2.4) (2.4)
INVENTIV HEALTH VTIV US 2,167.0 (791.3) 142.1
IPCS INC IPCS US 559.2 (33.0) 72.1
ISTA PHARMACEUTI ISTA US 124.7 (64.8) 2.2
J CREW GROUP INC JCG US 1,455.8 (786.1) 86.9
JACK IN THE BOX JACK US 1,291.5 (167.5) (85.1)
JACK IN THE BOX JACK1EUR EU 1,291.5 (167.5) (85.1)
JACK IN THE BOX JBX GR 1,291.5 (167.5) (85.1)
JUST ENERGY GROU 1JE GR 1,321.4 (376.8) (289.1)
JUST ENERGY GROU JE US 1,321.4 (376.8) (289.1)
JUST ENERGY GROU JE CN 1,321.4 (376.8) (289.1)
KADMON HOLDINGS KDF GR 86.8 (8.8) 26.1
KADMON HOLDINGS KDMNEUR EU 86.8 (8.8) 26.1
KADMON HOLDINGS KDMN US 86.8 (8.8) 26.1
L BRANDS INC LBEUR EU 7,663.3 (1,188.3) 879.2
L BRANDS INC LTD GR 7,663.3 (1,188.3) 879.2
L BRANDS INC LB* MM 7,663.3 (1,188.3) 879.2
L BRANDS INC LTD TH 7,663.3 (1,188.3) 879.2
L BRANDS INC LB US 7,663.3 (1,188.3) 879.2
LANTHEUS HOLDING 0L8 GR 255.0 (121.2) 71.3
LANTHEUS HOLDING LNTH US 255.0 (121.2) 71.3
LEAP WIRELESS LWI TH 4,662.9 (125.1) 346.9
LEAP WIRELESS LEAP US 4,662.9 (125.1) 346.9
LEAP WIRELESS LWI GR 4,662.9 (125.1) 346.9
LEE ENTERPRISES LEE US 715.2 (122.1) (24.8)
LORILLARD INC LLV GR 4,154.0 (2,134.0) 1,135.0
LORILLARD INC LLV TH 4,154.0 (2,134.0) 1,135.0
LORILLARD INC LO US 4,154.0 (2,134.0) 1,135.0
MADISON-A/NEW-WI MSGN-W US 822.1 (1,080.3) 188.2
MANITOWOC FOOD MFS US 1,817.7 (72.2) 39.5
MANITOWOC FOOD 6M6 GR 1,817.7 (72.2) 39.5
MANITOWOC FOOD MFS1EUR EU 1,817.7 (72.2) 39.5
MANNKIND CORP MNKD IT 96.1 (238.7) (57.2)
MCBC HOLDINGS IN 1SG GR 83.5 (1.5) (18.9)
MCBC HOLDINGS IN MCFT US 83.5 (1.5) (18.9)
MCDONALDS - BDR MCDC34 BZ 32,486.9 (1,624.1) (174.6)
MCDONALDS CORP MCD US 32,486.9 (1,624.1) (174.6)
MCDONALDS CORP MCD CI 32,486.9 (1,624.1) (174.6)
MCDONALDS CORP MCDCHF EU 32,486.9 (1,624.1) (174.6)
MCDONALDS CORP MCD SW 32,486.9 (1,624.1) (174.6)
MCDONALDS CORP MCDUSD SW 32,486.9 (1,624.1) (174.6)
MCDONALDS CORP MCD TE 32,486.9 (1,624.1) (174.6)
MCDONALDS CORP MDO TH 32,486.9 (1,624.1) (174.6)
MCDONALDS CORP MDO GR 32,486.9 (1,624.1) (174.6)
MCDONALDS CORP MDO QT 32,486.9 (1,624.1) (174.6)
MCDONALDS CORP MCD* MM 32,486.9 (1,624.1) (174.6)
MCDONALDS-CEDEAR MCD AR 32,486.9 (1,624.1) (174.6)
MDC COMM-W/I MDZ/W CN 1,642.3 (451.7) (319.2)
MDC PARTNERS-A MDCA US 1,642.3 (451.7) (319.2)
MDC PARTNERS-A MDZ/A CN 1,642.3 (451.7) (319.2)
MDC PARTNERS-A MD7A GR 1,642.3 (451.7) (319.2)
MDC PARTNERS-A MDCAEUR EU 1,642.3 (451.7) (319.2)
MDC PARTNERS-EXC MDZ/N CN 1,642.3 (451.7) (319.2)
MEAD JOHNSON MJNEUR EU 4,193.7 (438.7) 1,555.7
MEAD JOHNSON 0MJA GR 4,193.7 (438.7) 1,555.7
MEAD JOHNSON 0MJA TH 4,193.7 (438.7) 1,555.7
MEAD JOHNSON MJN US 4,193.7 (438.7) 1,555.7
MEDLEY MANAGE-A MDLY US 116.6 (23.4) 35.7
MERITOR INC AID1 GR 2,471.0 (209.0) 147.0
MERITOR INC MTOREUR EU 2,471.0 (209.0) 147.0
MERITOR INC MTOR US 2,471.0 (209.0) 147.0
MERRIMACK PHARMA MP6 GR 118.4 (227.1) 1.3
MERRIMACK PHARMA MP6 QT 118.4 (227.1) 1.3
MERRIMACK PHARMA MACKEUR EU 118.4 (227.1) 1.3
MERRIMACK PHARMA MACK US 118.4 (227.1) 1.3
MICHAELS COS INC MIK US 2,001.0 (1,707.8) 531.0
MICHAELS COS INC MIM GR 2,001.0 (1,707.8) 531.0
MIDSTATES PETROL MPO US 695.7 (1,533.1) 1.8
MIDSTATES PETROL MPO1EUR EU 695.7 (1,533.1) 1.8
MONEYGRAM INTERN MGI US 4,426.1 (208.5) 2.7
MOODY'S CORP DUT TH 5,019.3 (357.9) 1,614.4
MOODY'S CORP MCOEUR EU 5,019.3 (357.9) 1,614.4
MOODY'S CORP DUT GR 5,019.3 (357.9) 1,614.4
MOODY'S CORP DUT QT 5,019.3 (357.9) 1,614.4
MOODY'S CORP MCO US 5,019.3 (357.9) 1,614.4
MOTOROLA SOLUTIO MTLA GR 8,619.0 (648.0) 1,643.0
MOTOROLA SOLUTIO MTLA TH 8,619.0 (648.0) 1,643.0
MOTOROLA SOLUTIO MOT TE 8,619.0 (648.0) 1,643.0
MOTOROLA SOLUTIO MSI US 8,619.0 (648.0) 1,643.0
MPG OFFICE TRUST 1052394D US 1,280.0 (437.3) -
MSG NETWORKS- A 1M4 GR 822.1 (1,080.3) 188.2
MSG NETWORKS- A MSGNEUR EU 822.1 (1,080.3) 188.2
MSG NETWORKS- A MSGN US 822.1 (1,080.3) 188.2
MSG NETWORKS- A 1M4 TH 822.1 (1,080.3) 188.2
NANOSTRING TECHN NSTGEUR EU 102.3 (6.6) 61.9
NANOSTRING TECHN 0F1 GR 102.3 (6.6) 61.9
NANOSTRING TECHN NSTG US 102.3 (6.6) 61.9
NATHANS FAMOUS NATH US 75.6 (67.9) 54.9
NATHANS FAMOUS NFA GR 75.6 (67.9) 54.9
NATIONAL CINEMED XWM GR 1,029.8 (181.3) 75.4
NATIONAL CINEMED NCMI US 1,029.8 (181.3) 75.4
NAVIDEA BIOPHARM NAVB IT 11.2 (63.8) (54.3)
NAVISTAR INTL IHR TH 5,719.0 (5,134.0) 239.0
NAVISTAR INTL NAV US 5,719.0 (5,134.0) 239.0
NAVISTAR INTL IHR GR 5,719.0 (5,134.0) 239.0
NEFF CORP-CL A NFO GR 673.2 (150.2) 19.8
NEFF CORP-CL A NEFF US 673.2 (150.2) 19.8
NEKTAR THERAPEUT ITH GR 425.1 (67.9) 206.2
NEKTAR THERAPEUT NKTR US 425.1 (67.9) 206.2
NEW ENG RLTY-LP NEN US 192.7 (30.9) -
NTELOS HOLDINGS NTLS US 611.1 (39.9) 104.9
NUTANIX INC - A NTNX US 399.1 (65.9) 117.1
NUTANIX INC - A NTNXEUR EU 399.1 (65.9) 117.1
NUTANIX INC - A 0NU GR 399.1 (65.9) 117.1
NUTANIX INC - A 0NU TH 399.1 (65.9) 117.1
OCH-ZIFF CAPIT-A OZM US 1,388.3 (251.3) -
OMEROS CORP OMER US 72.8 (22.8) 44.6
OMEROS CORP 3O8 GR 72.8 (22.8) 44.6
OMEROS CORP OMEREUR EU 72.8 (22.8) 44.6
OMEROS CORP 3O8 TH 72.8 (22.8) 44.6
OMTHERA PHARMACE OMTH US 18.3 (8.5) (12.0)
ONCOMED PHARMACE O0M GR 218.2 (3.2) 157.2
ONCOMED PHARMACE OMED US 218.2 (3.2) 157.2
OPHTH0TECH CORP O2T GR 350.6 (36.6) 289.8
OPHTH0TECH CORP OPHT US 350.6 (36.6) 289.8
PALM INC PALM US 1,007.2 (6.2) 141.7
PAPA JOHN'S INTL PZZA US 498.8 (2.8) 17.6
PAPA JOHN'S INTL PP1 GR 498.8 (2.8) 17.6
PENN NATL GAMING PN1 GR 5,251.7 (553.9) (199.9)
PENN NATL GAMING PENN US 5,251.7 (553.9) (199.9)
PERNIX THERAPEUT PTXEUR EU 374.2 (30.1) 7.1
PHILIP MORRIS IN PM1EUR EU 35,577.0 (10,317.0) 2,316.0
PHILIP MORRIS IN 4I1 TH 35,577.0 (10,317.0) 2,316.0
PHILIP MORRIS IN PMI SW 35,577.0 (10,317.0) 2,316.0
PHILIP MORRIS IN PM1CHF EU 35,577.0 (10,317.0) 2,316.0
PHILIP MORRIS IN 4I1 GR 35,577.0 (10,317.0) 2,316.0
PHILIP MORRIS IN PM1 TE 35,577.0 (10,317.0) 2,316.0
PHILIP MORRIS IN PM FP 35,577.0 (10,317.0) 2,316.0
PHILIP MORRIS IN 4I1 QT 35,577.0 (10,317.0) 2,316.0
PHILIP MORRIS IN PMI EB 35,577.0 (10,317.0) 2,316.0
PHILIP MORRIS IN PM US 35,577.0 (10,317.0) 2,316.0
PHILIP MORRIS IN PMI1 IX 35,577.0 (10,317.0) 2,316.0
PINNACLE ENTERTA PNK US 4,101.2 (356.9) (120.4)
PINNACLE ENTERTA 65P GR 4,101.2 (356.9) (120.4)
PLAYBOY ENTERP-A PLA/A US 165.8 (54.4) (16.9)
PLAYBOY ENTERP-B PLA US 165.8 (54.4) (16.9)
PLY GEM HOLDINGS PGEM US 1,348.9 (2.9) 310.6
PLY GEM HOLDINGS PG6 GR 1,348.9 (2.9) 310.6
POLYMER GROUP-B POLGB US 1,991.4 (3.9) 322.1
PROTECTION ONE PONE US 562.9 (61.8) (7.6)
QUALITY DISTRIBU QLTY US 413.0 (22.9) 102.9
QUALITY DISTRIBU QDZ GR 413.0 (22.9) 102.9
QUINTILES IMS HO QTS GR 4,128.8 (81.9) 1,023.2
QUINTILES IMS HO Q US 4,128.8 (81.9) 1,023.2
REATA PHARMACE-A 2R3 GR 101.8 (212.3) 39.8
REATA PHARMACE-A RETA US 101.8 (212.3) 39.8
REGAL ENTERTAI-A RGC* MM 2,477.6 (861.5) (89.0)
REGAL ENTERTAI-A RETA GR 2,477.6 (861.5) (89.0)
REGAL ENTERTAI-A RGC US 2,477.6 (861.5) (89.0)
RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4)
RENTECH NITROGEN 2RN GR 241.4 (166.3) 12.0
RENTPATH LLC PRM US 208.0 (91.7) 3.6
RESOLUTE ENERGY R21 GR 294.9 (339.1) (16.8)
RESOLUTE ENERGY RENEUR EU 294.9 (339.1) (16.8)
RESOLUTE ENERGY REN US 294.9 (339.1) (16.8)
REVLON INC-A REV US 3,113.7 (559.6) 457.4
REVLON INC-A RVL1 GR 3,113.7 (559.6) 457.4
RLJ ACQUISITI-UT RLJAU US 131.2 (18.6) 14.9
ROUNDY'S INC 4R1 GR 1,095.7 (92.7) 59.7
ROUNDY'S INC RNDY US 1,095.7 (92.7) 59.7
RURAL/METRO CORP RURL US 303.7 (92.1) 72.4
RYERSON HOLDING 7RY GR 1,643.3 (33.2) 696.4
RYERSON HOLDING RYI US 1,643.3 (33.2) 696.4
SALLY BEAUTY HOL SBH US 2,132.1 (276.2) 684.2
SALLY BEAUTY HOL S7V GR 2,132.1 (276.2) 684.2
SANCHEZ ENERGY C SN US 1,185.1 (761.1) 265.1
SANCHEZ ENERGY C 13S GR 1,185.1 (761.1) 265.1
SANCHEZ ENERGY C 13S TH 1,185.1 (761.1) 265.1
SANCHEZ ENERGY C SN* MM 1,185.1 (761.1) 265.1
SANDRIDGE ENERGY SD US 1,886.5 (2,675.5) 585.8
SANDRIDGE ENERGY SDEUR EU 1,886.5 (2,675.5) 585.8
SANDRIDGE ENERGY SA2B GR 1,886.5 (2,675.5) 585.8
SBA COMM CORP-A SBJ TH 7,915.7 (1,669.1) 119.4
SBA COMM CORP-A SBJ GR 7,915.7 (1,669.1) 119.4
SBA COMM CORP-A SBACEUR EU 7,915.7 (1,669.1) 119.4
SBA COMM CORP-A SBAC US 7,915.7 (1,669.1) 119.4
SCIENTIFIC GAM-A SGMS US 7,376.6 (1,750.0) 417.1
SCIENTIFIC GAM-A TJW GR 7,376.6 (1,750.0) 417.1
SEARS HOLDINGS SHLD US 10,614.0 (2,693.0) 672.0
SEARS HOLDINGS SEE GR 10,614.0 (2,693.0) 672.0
SEARS HOLDINGS SEE TH 10,614.0 (2,693.0) 672.0
SEARS HOLDINGS SEE QT 10,614.0 (2,693.0) 672.0
SILVER SPRING NE 9SI GR 437.4 (21.3) 19.2
SILVER SPRING NE SSNI US 437.4 (21.3) 19.2
SILVER SPRING NE SSNIEUR EU 437.4 (21.3) 19.2
SILVER SPRING NE 9SI TH 437.4 (21.3) 19.2
SIRIUS XM CANADA SIICF US 304.7 (135.3) (170.2)
SIRIUS XM CANADA XSR CN 304.7 (135.3) (170.2)
SIRIUS XM HOLDIN RDO TH 8,422.8 (506.5) (1,860.6)
SIRIUS XM HOLDIN RDO GR 8,422.8 (506.5) (1,860.6)
SIRIUS XM HOLDIN SIRI US 8,422.8 (506.5) (1,860.6)
SONIC CORP SONCEUR EU 660.0 (75.6) 63.0
SONIC CORP SONC US 660.0 (75.6) 63.0
SONIC CORP SO4 GR 660.0 (75.6) 63.0
SUPERVALU INC SJ1 QT 4,361.0 (342.0) 141.0
SUPERVALU INC SVU US 4,361.0 (342.0) 141.0
SUPERVALU INC SJ1 GR 4,361.0 (342.0) 141.0
SUPERVALU INC SJ1 TH 4,361.0 (342.0) 141.0
SYNTEL INC SYNT US 1,705.1 (220.7) 97.2
SYNTEL INC SYE GR 1,705.1 (220.7) 97.2
TABULA RASA HEAL TRHCEUR EU 73.9 (2.4) (37.0)
TABULA RASA HEAL TRHC US 73.9 (2.4) (37.0)
TABULA RASA HEAL 43T GR 73.9 (2.4) (37.0)
TAILORED BRANDS TLRD US 2,184.6 (88.7) 719.8
TAILORED BRANDS WRMA GR 2,184.6 (88.7) 719.8
TAUBMAN CENTERS TU8 GR 4,011.2 (44.8) -
TAUBMAN CENTERS TCO US 4,011.2 (44.8) -
TRANSDIGM GROUP T7D GR 10,726.3 (651.5) 2,178.1
TRANSDIGM GROUP TDG US 10,726.3 (651.5) 2,178.1
TRANSDIGM GROUP TDG SW 10,726.3 (651.5) 2,178.1
TRANSDIGM GROUP TDGCHF EU 10,726.3 (651.5) 2,178.1
TRANSDIGM GROUP TDGEUR EU 10,726.3 (651.5) 2,178.1
ULTRA PETROLEUM UPLEUR EU 1,420.2 (2,895.9) 308.6
ULTRA PETROLEUM UPM GR 1,420.2 (2,895.9) 308.6
ULTRA PETROLEUM UPLMQ US 1,420.2 (2,895.9) 308.6
UNISYS CORP UISCHF EU 2,176.1 (1,258.1) 65.8
UNISYS CORP UIS US 2,176.1 (1,258.1) 65.8
UNISYS CORP UIS1 SW 2,176.1 (1,258.1) 65.8
UNISYS CORP USY1 TH 2,176.1 (1,258.1) 65.8
UNISYS CORP UISEUR EU 2,176.1 (1,258.1) 65.8
UNISYS CORP USY1 GR 2,176.1 (1,258.1) 65.8
VALVOLINE INC VVVEUR EU 1,817.0 (325.0) 335.0
VALVOLINE INC 0V4 GR 1,817.0 (325.0) 335.0
VALVOLINE INC 0V4 TH 1,817.0 (325.0) 335.0
VALVOLINE INC VVV US 1,817.0 (325.0) 335.0
VECTOR GROUP LTD VGR GR 1,464.7 (198.6) 566.4
VECTOR GROUP LTD VGR US 1,464.7 (198.6) 566.4
VECTOR GROUP LTD VGR QT 1,464.7 (198.6) 566.4
VENOCO LLC VQ US 295.3 (483.7) (509.8)
VERISIGN INC VRSN US 2,298.0 (1,169.2) 312.5
VERISIGN INC VRS TH 2,298.0 (1,169.2) 312.5
VERISIGN INC VRS GR 2,298.0 (1,169.2) 312.5
VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8)
VERSO CORP - A VRS US 2,523.0 (1,302.0) 57.0
VERSUM MATER VSMEUR EU 906.5 (252.7) 271.1
VERSUM MATER 2V1 TH 906.5 (252.7) 271.1
VERSUM MATER 2V1 GR 906.5 (252.7) 271.1
VERSUM MATER VSM US 906.5 (252.7) 271.1
VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3)
WEIGHT WATCHERS WTW US 1,261.4 (1,228.3) (98.6)
WEIGHT WATCHERS WW6 GR 1,261.4 (1,228.3) (98.6)
WEIGHT WATCHERS WTWEUR EU 1,261.4 (1,228.3) (98.6)
WEIGHT WATCHERS WW6 TH 1,261.4 (1,228.3) (98.6)
WEST CORP WSTC US 3,477.3 (491.0) 228.5
WEST CORP WT2 GR 3,477.3 (491.0) 228.5
WESTMORELAND COA WME GR 1,719.7 (581.2) (43.5)
WESTMORELAND COA WLB US 1,719.7 (581.2) (43.5)
WINGSTOP INC WING US 112.3 (79.9) (4.5)
WINGSTOP INC EWG GR 112.3 (79.9) (4.5)
WINMARK CORP GBZ GR 43.5 (15.7) 13.5
WINMARK CORP WINA US 43.5 (15.7) 13.5
WYNN RESORTS LTD WYNN* MM 10,925.9 (64.4) 626.9
WYNN RESORTS LTD WYNN US 10,925.9 (64.4) 626.9
WYNN RESORTS LTD WYNNCHF EU 10,925.9 (64.4) 626.9
WYNN RESORTS LTD WYNN SW 10,925.9 (64.4) 626.9
WYNN RESORTS LTD WYR TH 10,925.9 (64.4) 626.9
WYNN RESORTS LTD WYR GR 10,925.9 (64.4) 626.9
YRC WORLDWIDE IN YEL1 GR 1,870.6 (342.2) 290.1
YRC WORLDWIDE IN YRCW US 1,870.6 (342.2) 290.1
YRC WORLDWIDE IN YRCWEUR EU 1,870.6 (342.2) 290.1
YRC WORLDWIDE IN YEL1 TH 1,870.6 (342.2) 290.1
YUM! BRANDS INC TGR GR 10,432.0 (1,830.0) 1,704.0
YUM! BRANDS INC TGR QT 10,432.0 (1,830.0) 1,704.0
YUM! BRANDS INC YUMEUR EU 10,432.0 (1,830.0) 1,704.0
YUM! BRANDS INC TGR TH 10,432.0 (1,830.0) 1,704.0
YUM! BRANDS INC YUMCHF EU 10,432.0 (1,830.0) 1,704.0
YUM! BRANDS INC YUM SW 10,432.0 (1,830.0) 1,704.0
YUM! BRANDS INC YUMUSD SW 10,432.0 (1,830.0) 1,704.0
YUM! BRANDS INC YUM US 10,432.0 (1,830.0) 1,704.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.
Copyright 2016. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
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firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.
*** End of Transmission ***