/raid1/www/Hosts/bankrupt/TCR_Public/170504.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, May 4, 2017, Vol. 21, No. 123
Headlines
11 EASTMAN STREET: Foreclosure Auction Set for May 23
25-54 CRESCENT: Hires Voro LLC as Broker
ADAMIS PHARMACEUTICALS: Perceptive Holds 5.01% Equity Stake
ADMIRED AGENTS: Case Summary & 30 Largest Unsecured Creditors
ADPT DFW HOLDINGS: Taps Houlihan as Financial Advisor
ADPT DFW HOLDINGS: U.S. Trustee Forms 9-Member Committee
ALM MEDIA: Delayed Audit Filing No Impact on Moody's Ratings
ALTISOURCE PORTFOLIO: S&P Lowers ICR to B, On CreditWatch Negative
AMERIFORGE GROUP: Case Summary & 30 Largest Unsecured Creditors
AMERIFORGE GROUP: Moody's Cuts PDR to 'D-PD' on Bankruptcy Filing
ANDROS DEVELOPMENT: Hires Bast Amron as Counsel
APOLLO SOLAR: Has Until July 31 to Use Cash Collateral
ASP MCS: Moody's Assigns B2 Corp. Family Rating, Outlook Stable
AURORA GAS: To Stop 401(k) Contributions Under New Plan
AV HOMES: Moody's Rates $300MM Senior Unsecured Notes B3
AZURE MIDSTREAM: Files Amended Plan & Disclosure Statement
B&B FITNESS: Unsecureds to Recoup 100% in Quarterly Payments
BARIA AND SONS: Has Until July 6 to Use Cash Collateral
BENFER STORAGE: Case Summary & 3 Unsecured Creditors
BLEACHER CREATURES: Case Summary & 20 Largest Unsecured Creditors
BONANZA CREEK: Completes Financial Restructuring, Exits Chapter 11
BOSTWICK LABORATORIES: Committee Taps Pachulski Stang as Co-Counsel
BOSTWICK LABORATORIES: Committee Taps Sheppard Mullin as Counsel
BOSTWICK LABS: Committee Taps Protiviti Inc as Financial Advisor
CARITAS INVESTMENT: Hires Ellery Plotkin as Bankruptcy Attorney
CASCELLA & SON: May Use Cash Collateral Until July 31
CENTRAL FALLS, RI: Moody's Hikes Rating on 2007 GO Bonds to Ba1
CHARTER NEX: Moody's Assigns B3 Corporate Family Rating
CHARTER NEX: S&P Assigns 'B' CCR & Revises Outlook to Negative
CHEDDAR'S RESTAURANT: S&P Withdraws 'B' Corporate Credit Rating
CHINACAST EDUCATION: Recovery for Litigation Funding Claims Unknown
CIBER INC: Court Approves Sale Procedures, Sets May 15 Auction
COPIA PARTNERS: Wants to Use Pinnacle Bank and DNV Cash Collateral
CREEKSIDE CROSSINGS: Case Summary & 7 Unsecured Creditors
CRET RESTORATION: Taps Butler Law Group as Counsel
CUSTOM SOFTWARE: Plan Confirmation Hearing on June 15
DARDEN-GREEN CO: Hires Pamela Dunn as Accountant
DARDEN-GREEN CO: Unsecureds to Get 25% Over 79 Months
DELTA MECHANICAL: Taps Nancy J Stone as Chief Executive Officer
DEWEY & LEBOEUF: Ex-Executives Tried to Save Firm, Attorneys Say
DEWEY & LEBOEUF: Fraud Retrial vs. 2 Execs Goes to Jury
DIGIDEAL CORPORATION: Hires CliftonLarsenAllen as Accountant
DRUMM CORP: S&P Affirms 'B-' CCR, Off CreditWatch Negative
E&I HOLDINGS: Hires Ira A. Abel as Bankruptcy Counsel
EAST TEXAS HOME: Hires Application Group as Accountant
EDWARD J. MALIK: Can Use Cash Collateral Until August
ENERGY FUTURE: Delaware Trust's Bid for Larger Recover Share Junked
ERICKSON INC: Completes Financial Restructuring, Exits Chapter 11
ESP RESOURCES: Court Converts Case Into Chapter 7 Proceeding
FARMERS GRAIN: Has Until May 22 to Use Rabo Cash Collateral
FREDERICKSBURG PARK: Case Summary & 5 Unsecured Creditors
FRIENDSHIP VILLAGE: Has Access to UMB Cash Collateral Until May 5
GEORGE STREET: Can Use Deutsche Bank Cash Collateral Until May 12
GFL ENVIRONMENTAL: Moody's Affirms B2 Corporate Family Rating
GFL ENVIRONMENTAL: S&P Affirms 'B' CCR; Outlook Stable
GREAT FALLS DIOCESE: Taps NAI Business to Sell Billings Property
HAHN HOTELS: Case Summary & Largest Unsecured Creditors
HANCOCK FABRICS: Files 2nd Amended Plan of Liquidation
HHGREGG INC: Gets Final Order Approving DIP Financing
HIGH COUNTRY: Wants to Obtain Credit and Use Cash Collateral
HOLLYWOOD ONE: Hires Civil Justice Advocates as Attorney
HOME CAPITAL: S&P Lowers ICR to 'B-' on Liquidity Concerns
HOOPER TIMBER: Unsecureds to Recoup 100% in 120 Months
IAC/INTERACTIVECORP: Announced Merger No Impact on Moody's Ba2 CFR
IG INVESTMENTS: Loan Repricing No Impact on Moody's B1 CFR
INOVASI RESTAURANTS: Involuntary Chapter 11 Case Summary
IOWA HEALTHCARE: Taps Whitfield & Eddy as Special Counsel
J.P. ALEXOPOULOS: Taps Hatter, Harris, and Beittel as Accountant
JP PYRAMID: Condo Unit in Queens, NY Up for June 2 Auction
JUST LIKE SUGAR: Hires Thomas R Port as Counsel
KALLSTRAND LLC: Deal With NYSDTF on Cash Use Approved
KAMAL ABDALLAH: Sued Anew by SEC Over New Investment Scheme
KERSEY-BORAH: Case Summary & 5 Unsecured Creditors
MCS GROUP: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable
MESA OIL: Case Summary & 20 Largest Unsecured Creditors
MILLAR WESTERN: S&P Lowers CCR to 'SD' on Distressed Exchange
MILLER MARINE: Can Use Estate Cash Collateral on Final Basis
MISSIONARY ASSEMBLY: Foreclosure Auction Set for May 24
OFF THE BOAT: Can Continue Using Cash Collateral Until Aug. 31
OLIGARCH CAPITAL: Has Until Sept. 4 to Use Cash Collateral
PARAGON OFFSHORE: 4th & 5th Plan Versions Filed, Plan Outline OKed
PAYLESS HOLDINGS: Taps Keen-Summit as Real Estate Advisor
PELLERIN ENERGY: Interim Deal on Cash Use; Hearing Moved to June
PENICK PRODUCE: Taps McCraney Montagnet as Legal Counsel
PHARMACOGENETICS DIAGNOSTIC: Has Until June 30 to Use SYB Cash
PLATINUM PARTNERS: Federal Prosecutors Deny Involvement in Leaks
POLICLINICA FAMILIAR: Taps Jose R Cintron as Counsel
POSIBA INC: Higgs Fletcher Settles Issues With US Trustee, Keshif
QUALITY CONSERVATION: Case Summary & 20 Top Unsecured Creditors
RODERICK ARCE: Creditor Seeks Appointment of Chapter 11 Trustee
SAAD INC: Has Until June 13 to Use Cash Collateral
SCOTT SWIMMING: Can Continue Using Cash Collateral Until May 31
SEACOR HOLDINGS: S&P Lowers CCR to 'B-' on Reduced Liquidity
SEQUA CORP: S&P Raises CCR to B- on Distressed Exchange Completion
SHEFFIELD AVENUE: Has Until May 12 to Use Deutsche Bank Cash
SMP LTD: Chapter 15 Case Summary
SQUARETWO FINANCIAL: Financing From Cerberus Business Has Final OK
SUBDIVISION OF SILVER: Voluntary Chapter 11 Case Summary
T & S FARMS: Case Summary & 9 Unsecured Creditors
TAPSTONE ENERGY: Moody's Assigns B3 Corporate Family Rating
TERESA GUIDICE: Ex-Lawyer's Stay Bid on Malpractice Suit Denied
TEXAS FLUORESCENCE: Case Summary & 20 Largest Unsecured Creditors
TOO FAST APPAREL: Asks Court to Approve Plan Outline
UNILIFE CORP: Interim Financing Okayed; May 4 Final Hearing Set
UNITED ROAD: Settles Paperwork Spat Affecting $40M Sale
UPPER PADRE: Involuntary Chapter 11 Case Summary
WALTON EDGEMONT: Obtains Creditor Protection Under CCAA
WALTON ONTARIO: Obtains Creditor Protection Under CCAA
WEBSTER RESTAURANTS: Voluntary Chapter 11 Case Summary
WENNER MEDIA: S&P Withdraws 'B' CCR Following Debt Repayment
WEST BATON: U.S. Trustee Forms 5-Member Committee
WESTINGHOUSE ELECTRIC: Georgia Power, et al., Object to Financing
WISE METALS: S&P Raises CCR to 'B-' Then Withdraws Rating
WK MANAGEMENT: Voluntary Chapter 11 Case Summary
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
11 EASTMAN STREET: Foreclosure Auction Set for May 23
-----------------------------------------------------
First Colebrook Bank n/k/a Granite Bank will sell at public auction
on May 23, 2017 at 11:00 a.m. all of its right, title and interest
in the property owned by 11 Eastman Street Real Estate, LLC.
Granite Bank has declared Eastman in breach of the conditions a
Mortgage agreement.
The Property consists of 11 Eastman Street, City of Concord, County
of Merrimack and State of New Hampshire (the "Mortgaged Premises')
and any buildings thereon. The Property also includes a) Accounts
and Other Rights to Payment, b) Inventory, and c) Equipment.
The Bank reserves the right to (1) cancel or continue the
foreclosure sale to such later date as the Mortgagee may deem
desirable; (2) bid on and purchase the Mortgaged Premises at the
foreclosure sale without producing a deposit; (3) reject any and
all bids for the Mortgaged Premises; (4) waive reading this notice
or any portion thereof at the foreclosure sale; and (5) amend or
alter the terms of sale stated in this notice by oral or written
announcement made at any time before or during the foreclosure
sale. Such changes or amendments shall be binding on all bidders.
For further information regarding the Mortgaged Premises, contact
the auctioneer:
James R. St. Jean, Auctioneer
603-734-4348
or visit their website at www.jsjauctions.com
Granite Bank is represented by:
Steven H. Slovenski, Esq.
PO Box 2650
Concord, New Hampshire 03302-2650
Tel: (603) 312-0750
25-54 CRESCENT: Hires Voro LLC as Broker
----------------------------------------
25-54 Crescent Realty, LLC seeks approval from the US Bankruptcy
Court for the Eastern District of New York to employ Voro LLC as
broker, to market certain residential real property located at, and
known as 25-28 Crescent Street, Astoria, NY 11102.
The Retention Agreement provides that the Broker shall receive 2%
of the gross sale price of 25-28 Crescent Street.
Stamatios Tsilimos, broker of Voro LLC, attests that he is a
"disinterested party" pursuant to Bankruptcy Code Sec. 101(14).
The Firm can be reached through:
Stamatios Tsilimos
VORO LLC
24 Great Neck Rd
Great Neck, NY 11021
Phone: 877-943-8676
Fax: 877-977-9993
About 25-54 Crescent Realty
Headquartered in Astoria, New York, 25-54 Crescent Realty LLC filed
for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No.
17-40560) on Feb. 8, 2017, disclosing $4.55 million in total assets
and $3.25 million in total liabilities. The petition was signed by
Petros Konstantelos, member. Judge Carla E. Craig presides over
the case. The Debtor is represented by Peter Corey, Esq. at Macco
& Stern, LLP.
ADAMIS PHARMACEUTICALS: Perceptive Holds 5.01% Equity Stake
-----------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Perceptive Advisors LLC and Joseph Edelman beneficially
own 1,350,000 shares of Common Stock of Adamis Pharmaceuticals
Corporation, 1,284,120 of which are held by Perceptive Life
Sciences Master Fund Ltd, a private investment fund to which
Perceptive Advisors LLC serves as the investment manager, and
65,880 of which are held in a trading account to which Perceptive
Advisors LLC serves as the investment manager. Mr. Edelman is the
managing member of Perceptive Advisors LLC. The original 13G filed
misstated the amount of shares of Common Stock held by the Fund and
the Account.
Perceptive Advisors LLC's and Joseph Edelman's beneficial ownership
of 5.01%, and Perceptive Life Sciences Master Fund Ltd's beneficial
ownership of 4.77%, is based on the sum of 26,920,428 shares of
Common Stock as reflected on the Adamis Pharmaceuticals's 10-K
filed with the SEC on March 30, 2017 reflecting outstanding shares
of 22,634,713 as of that date as well as a press release published
by the Issuer on April 21, 2017 announcing a public offering of
4,285,715 shares of common stock.
A full-text copy of Form 13G/A is available for free at:
https://is.gd/Sj9IqC
About Adamis
San Diego, Calif.-based Adamis Pharmaceuticals Corporation (OTC QB:
ADMP) is a biopharmaceutical company engaged in the development and
commercialization of specialty pharmaceutical and biotechnology
products in the therapeutic areas of respiratory disease, allergy,
oncology and immunology.
Adamis reported a net loss applicable to common stock of $20.81
million on $6.47 million of net revenue for the year ended Dec. 31,
2016, compared to a net loss applicable to common stock of $13.57
million on $0 of net revenue for the year ended Dec. 31, 2015. As
of Dec. 31, 2016, Adamis had $37.78 million in total assets, $12.50
million in total liabilities and $25.27 million in total
stockholders' equity.
Mayer Hoffman McCann P.C., in San Diego, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2016, citing that the
Company has incurred recurring losses from operations, and is
dependent on additional financing to fund operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
ADMIRED AGENTS: Case Summary & 30 Largest Unsecured Creditors
-------------------------------------------------------------
Affiliated debtors that filed separate Chapter 11 bankruptcy
petitions:
Debtor Case No.
------ --------
Admired Agents Limited 17-11206
Rooms 3201-3210, Hong Kong Plaza
188 Connaught Road West
Hong Kong, China
Chiksano Management Limited 17-11207
Clamford Holding Limited 17-11208
Excel Concept Limited 17-11209
Gain Star Management Limited 17-11210
Grand Success Investment (Singapore)
Private Limited 17-11211
Hill Cosmos International Limited 17-11212
Loyal Mark Holdings Limited 17-11213
Metro Island International Limited 17-11214
Mission Excel International Limited 17-11215
Nat Prop Investments Limited 17-11216
Pioneer Logistics Limited 17-11217
Sea Capital International Limited 17-11218
Shine Bright Management Limited 17-11219
Superb Choice International Limited 17-11220
Toyama Holdings Limited 17-11221
Type of Business: Commercial Fishing
Chapter 11 Petition Date: May 2, 2017
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Judge: Hon. James L. Garrity Jr.
Debtors' Counsel: Matthew Scott Barr, Esq.
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, NY 10153
Tel: 212 310 8000
Fax: 212 310 8007
Email: Matt.Barr@weil.com
Debtors'
Financial
Consultant: RSR CONSULTING, LLC
Debtors'
Financial
Advisor: GOLDIN ASSOCIATES, LLC
Estimated Assets: $1 million to $10 million
Estimated Debt: $50 million to $100 million
The petitions were signed by Ng Puay Yee, authorized
representative.
On June 30, 2016, Sept. 29, 2016, March 27, 2017, and April 17,
2017, as applicable, each of the following affiliated entities,
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code. The Initial Debtors Cases have been consolidated
for procedural purposes only and are being jointly administered
under case number 16-11895.
Pacific Andes International Holdings Limited
(Bermuda) 16-11890
N.S. Hong Investment (BVI) Limited 16-11899
South Pacific Shipping Agency Limited (BVI) 16-11924
China Fisheries International Limited (Samoa) 16-11896
CFGL (Singapore) Private Limited 16-11915
Chanery Investment Inc. (BVI) 16-11921
Champion Maritime Limited (BVI) 16-11922
Growing Management Limited (BVI) 16-11919
Target Shipping Limited (HK) 16-11920
Fortress Agents Limited (BVI) 16-11916
Ocean Expert International Limited (BVI) 16-11917
Protein Trading Limited (Samoa) 16-11923
CFG Peru Investments Pte. Limited (Singapore) 16-11914
Smart Group Limited (Cayman) 16-11910
Super Investment Limited (Cayman) 16-11903
Pacific Andes Resources Development Limited 16-12739
Nouvelle Food International Ltd. 17-10733
Golden Target Pacific Limited 17-10734
Pacific Andes International Holdings
(BVI) Limited 17-11021
Zhonggang Fisheries Limited 17-11020
Debtors' Consolidated List of 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
TMF Trustee Ltd $296,000,000
Corporate Trust
5th Fl, 6 St. Andrew St
London EC4A 3AE United Kingdom
Rabobank NFS Finance $102,000,000
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong China
Rabobank Intl, HK $96,503,494
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong
DBS Bank (HK) Ltd $96,503,494
16th Fl, The Center
99 Queens Road
Central Hong Kong
HSBC $96,503,494
L16, HSBC Main Bldng
1 Queen's Road
Central, Hong Kong
Standard Chartered Bnk (HK) Ltd $96,503,494
15/F, Stndrd Charter Bnk Bldng
4-4A Des Voeux Road
Central Hong Kong
Perun Limited $96,123,952
80 Raffles Place
#26-01 UOB Plaza One
Singapore 048625 Singapore
Maybank $95,000,000
18/F CITIC Tower
1 Tim Mei Avenue
Central Hong Kong
Rabobank $94,375,235
Pickenpack Facility Agmnt
32/F, Three Pacific Place
1 Queens Road East
Hong Kong
Tapei Fubon Com Bk Co Ltd $72,000,000
12F 169, Sec 4, Ren Ai Rd
Taipei, 106886
Taiwan
CITIC $70,900,000
61-65 Des Voeux Road
Central Hong Kong
Perun Limited $69,834,128
80 Raffles Place
#26-01 UOB Plaza One
Singapore 048625 Singapore
DBS $58,000,000
16th Floor, The Center
99 Queens Road
Central Hong Kong
Maybank $40,000,000
18/F CITIC Tower
1 Tim Mei Avenue
Central Hong Kong
China CITIC Bnk Intl Ltd $32,167,831
80th Fl, Intl Commerce Cntr
1 Austin West
Kowloon
Hong Kong China
Bank of America, N.A. $30,000,000
52/F. Cheung Kong Center
2 Queen's Road Central
Central Hong Kong
Bank of America $30,000,000
52/F, Cheung Kong Center
2 Queens Rd Central
Central Hong Kong
Rabobank $22,000,000
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong
Brndbrg Mrt Invst Hldng $15,558,581
L8, Medine Mews
La Chaussee
Port Louis, Mauritius
Andes Int'l Qingdao Ship $13,651,769
N67 Yin Chuan Xi Rd, BID
Qingdao Amintn Ind Pk 4F1
Qingdao City 266000
Shandong Province, China
Perun Limited $12,903,110
80 Raffles Place
#26-01 UOB Plaza One
Singapore 048625 Singapore
Rabobank $12,000,000
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong
Fubon $11,000,000
Fubon Bank
38 Des Voeux Road
Central Hong Kong
Perun Limited $9,286,791
80 Raffles Place
#26-01 UOB Plaza One
Singapore 048625 Singapore
Merieux NutriSciences Corporation $8,994,953
111 E. Wacker Drive
Suite 2300
Chicago, IL 60601
Standard Charter Bank $8,000,000
Standard Charter Bank Building
5/F 4-4A Des Voeux Rd
Central Hong Kong
Sahara Investment Group Private Limited $6,494,779
#12-51 Anson Centre
51 Anson Road.
Singapore 079904 Singapore
Altair Limited $4,658,166
80 Raffles Place
#26-01 UOB Plaza One
Singapore 048625 Singapore
KBC Bank N.V., $1,954,589
Hong Kong Branch
39/F. Central Plaza
18 Harbour Road
Hong Kong China
DLA PIPER HONG KONG $1,789,232
17th Flr, Edinburgh Twr
The Landmark
15 Queen's Road Central
Hong Kong
ADPT DFW HOLDINGS: Taps Houlihan as Financial Advisor
-----------------------------------------------------
ADPT DFW Holdings LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to hire Houlihan Lokey Capital,
Inc.
The firm will provide investment banking and financial advisory
services in connection with the Chapter 11 cases of ADPT DFW and
its affiliates. Houlihan will also provide these services:
(a) valuing the Debtors' assets or operations, provided that
any real estate or fixed asset appraisals will be
undertaken by outside appraisers, separately retained and
compensated by the Debtors;
(b) drafting any written sections of any public disclosure
related to the valuation, including those sections to be
included in a disclosure statement; and
(c) participating in meetings with creditors and other
parties regarding Houlihan's work completed on behalf of
the Debtors pursuant to their previous agreement executed
on March 1.
If requested, Houlihan will advise the Debtors' legal counsel,
Norton Rose Fulbright US LLP, regarding the transaction described
in their joint plan of reorganization by providing expert advice,
participating at a deposition, and providing testimony.
Houlihan will be compensated according to this fee arrangement:
(i) The Debtors will pay Houlihan in advance a nonrefundable
cash fee of $100,000 upon the effective date of their
engagement agreement, and on the 19th day of each month
thereafter during the term of the agreement commencing on
May 19 for a minimum of three monthly fees.
(ii) Upon delivery of the valuation to the Debtors, Houlihan
will receive a nonrefundable cash fee of $550,000.
(iii) Houlihan will receive a nonrefundable cash fee of
$150,000 for assisting and advising Norton regarding the
transaction described in the Debtors' reorganization
plan.
Andrew Turnbull, managing director of Houlihan, 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:
Andrew Turnbull
Houlihan Lokey Capital, Inc.
111 South Wacker Drive, 37th Floor
Chicago, IL 60606
Phone: 312.456.4700/312.456.4719
Fax: 312.346.0951
About ADPT DFW Holdings
Adeptus Health LLC -- www.adpt.com -- through its subsidiaries,
owns and operates hospitals and free standing emergency rooms in
partnership with various healthcare providers. Adeptus Health Inc.
is a holding company whose sole material asset is a controlling
equity interest in Adeptus Health LLC.
Lewisville, Texas-based ADPT DFW Holdings LLC (Bankr. N.D. Tex.
Case No. 17-31432) and its affiliates each filed separate Chapter
11 bankruptcy petitions on April 19, 2017, listing $798.67 million
in total assets and $453.48 million in total debts as of Sept. 30,
2016. The petitions were signed by Andrew Hinkelman, chief
restructuring officer.
Judge Stacey G. Jernigan presides over the case.
Elizabeth Nicolle Boydston, Esq., Kristian W. Gluck, Esq., John N.
Schwartz, Esq., Timothy S. Springer, Esq., and Louis R. Strubeck,
Jr., Esq., at Norton Rose Fulbright US LLP serve as the Debtors'
bankruptcy counsel.
The Debtors hired DLA Piper LLP (US) as special counsel; FTI
Consulting Inc. as chief restructuring officer; and Epiq Bankruptcy
Solutions, LLC as official claims agent.
No trustee, examiner, or committee of creditors has been appointed
in these cases.
ADPT DFW HOLDINGS: U.S. Trustee Forms 9-Member Committee
--------------------------------------------------------
The Office of the U.S. Trustee on May 1 appointed nine creditors to
serve on the official committee of unsecured creditors in the
Chapter 11 cases of ADPT DFW Holdings LLC and its affiliates.
The committee members are:
(1) DTPA and Putative Class Members
c/o Michael Price
2828 North Harwood, Ste. 1950
Dallas, TX 75201
214-651-1121
mike@jmichaelprice.com
mpriceii@aol.com
(2) Kimley-Horn and Associates, Inc.
c/o Robin Salvagio, Regional Business Manager
4582 South Ulster Street, Ste. 1500
Denver, CO 80237
303-228-2308-direct
720-443-7447-cell
Robin.salvagio@kimley-horn.com
(3) Chandler Signs, LLC
c/o Steven A. Leese, Director
160 Federal Street
Boston, MA 02110
617-330-9055
617-330-9047-fax
Steve.leese@quabbincapital.com
(4) Ascension Group Architects, LLC,
n/k/a E4H Architecture
c/o Larry LeMaster, CFO
1250 East Copeland Road, Ste. 500
Arlington, TX 76011
817-226-1917
817-226-1919-fax
llemaster@e4harchitecture.com
(5) Workplace Solutions, Inc.
c/o Karen Terry
2651 North Harwood Street, Ste. 300
Dallas, TX 75201
214-741-9667
214-741-9669-fax
karent@wpsolutions.com
(6) Roshal Imaging Services
c/o Atul Dhingra, CEO, Managing Partner
440 Cobis Drive, Ste. 1302
Katy, TX 77494
281-451-8383
adhingra@roshalimaging.com
(7) Henry Schein, Inc.
c/o Timothy Ingoglia, Credit Director
135 Duryea Road
Melville, NY 11747
631-843-5775
631-845-2864-fax
Timothy.ingoglia@henryschein.com
(8) Active Imagination, Inc.
c/o Corey Freundel, President
2507 North Blvd.
Houston, TX 77098
713-528-6100
713-400-9161-fax
Accounting@aimagination.com
(9) Maxim Healthcare Services, Inc.
c/o Yonathan Hailemichael, Director-AR
7227 Lee Deforest Drive
Columbia, MD 21046
410-910-2067
yohailem@maxhelath.com
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About ADPT DFW Holdings
Adeptus Health LLC -- www.adpt.com -- through its subsidiaries,
owns and operates hospitals and free standing emergency rooms in
partnership with various healthcare providers. Adeptus Health Inc.
is a holding company whose sole material asset is a controlling
equity interest in Adeptus Health LLC.
Lewisville, Texas-based ADPT DFW Holdings LLC (Bankr. N.D. Tex.
Case No. 17-31432) and its affiliates each filed separate Chapter
11 bankruptcy petitions on April 19, 2017, listing $798.67 million
in total assets and $453.48 million in total debts as of Sept. 30,
2016. The petitions were signed by Andrew Hinkelman, chief
restructuring officer.
Judge Stacey G. Jernigan presides over the case.
Elizabeth Nicolle Boydston, Esq., Kristian W. Gluck, Esq., John N.
Schwartz, Esq., Timothy S. Springer, Esq., and Louis R. Strubeck,
Jr., Esq., at Norton Rose Fulbright US LLP serve as the Debtors'
bankruptcy counsel.
The Debtors hired DLA Piper LLP (US) as special counsel; FTI
Consulting Inc. as chief restructuring officer; and Houlihan Lokey,
Inc. as investment banker.
No trustee, examiner, or committee of creditors has been appointed
in these cases.
ALM MEDIA: Delayed Audit Filing No Impact on Moody's Ratings
------------------------------------------------------------
Moody's Investors Services says on April 28, 2017, ALM Media, LLC
(B3 stable) notified lenders that it would be in technical default
under its credit agreement due to not being able to provide annual
audited financial statements for FY 2016. The company has a 30-day
cure period under credit agreement provisions, and management
stated that it expects to file the required audit prior to the
expiry of the cure period provided under the terms of the loan
documents. At this time, there is no immediate impact on ALM Media,
LLC ratings or outlook.
ALM Media, LLC is a media publishing and information services
business focused on the legal industry, with additional services
provided for real estate, consulting, insurance and investment
advisory industries. The company also operates a tradeshow business
division. ALM was acquired by private equity firm Wasserstein & Co.
for $412 million in 2014.
ALTISOURCE PORTFOLIO: S&P Lowers ICR to B, On CreditWatch Negative
------------------------------------------------------------------
S&P Global Rating said it Ratings lowered its long-term issuer
credit rating on Altisource Portfolio Solutions S.A. to 'B' from
'B+'. In addition, S&P lowered its ratings to 'B+' from 'BB-' on
Altisource's senior secured debt. S&P placed all of the ratings on
CreditWatch with negative implications.
"The rating actions follow the Consumer Financial Protection
Bureau's (CFPB) announcement that it is suing Ocwen Financial Corp.
for allegedly failing borrowers throughout the mortgage servicing
process," said S&P Global Ratings credit analyst Diogenes Mejia.
State regulators of more than 20 states have also concurrently
filed a cease and desist order that may prevent Ocwen from
purchasing mortgage servicing rights (MSRs) and originating
mortgage loans in the states in which it operates.
Altisource derived 75% of its revenue from Ocwen for 2016, and 57%
of Ocwen's total unpaid principal balance (UPB) is of loans for
which the rights have been sold to New Residential. Despite
current developments that Ocwen is working on a definitive
agreement that may remove the risk of New Residential transferring
MSRs to another servicer, and given the serious nature of these
allegations, S&P is lowering its assessment of Altisource's
business risk profile.
S&P believes the immediate financial impact on Altisource's
business is relatively modest given that S&P had already expected
substantial run-off from Ocwen-related revenues. That being said,
S&P sees heightened headline risk from recent allegations that
could affect Altisource's non-Ocwen revenue growth. Once an
agreement is finalized between Ocwen and New Residential, S&P will
reasses the risk to Altisource's Ocwen-related revenues.
S&P expects to resolve the CreditWatch listing after it gathers
further information regarding the ongoing litigation related to
Ocwen. S&P also expects to continue to assess the impact the
litigation may have on Ocwen's business and its relationship with
New Residential. If New Residential were to announce its intention
to transfer its MSRs to a different servicer for the portfolio that
Ocwen currently services, S&P could lower the rating on Altisource.
S&P could also lower the rating on Altisource if Ocwen were to
sell a substantial portion of its MSRs to a buyer who intended to
use a different vendor other than Altisource.
AMERIFORGE GROUP: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------------
Affiliated Debtors that filed separate Chapter 11 bankruptcy
petitions:
Debtor Case No.
------ --------
Ameriforge Group Inc. 17-32660
945 Bunker Hill Road, Suite 500
Houston, TX 77024
230 Bodwell Corporation 17-32661
Advanced Joining Technologies, Inc. 17-32662
AF Gloenco Inc. 17-32663
AFG Brazil Holdings LLC 17-32664
AFG Brazil LLC 17-32665
AFG Louisiana Holdings Inc. 17-32667
Allpoints Oilfield Services LLC 17-32668
Ameriforge Corporation 17-32669
Ameriforge Cuming Insulation LLC 17-32670
Century Corrosion Technologies LLC 17-32671
Cuming Corporation 17-32672
Dynafab Acquisition Corp. 17-32673
Flotation Technologies LLC 17-32674
FR AFG Holdings, Inc. 17-32675
NRG Manufacturing Inc. 17-32676
NRG Manufacturing Louisiana LLC 17-32678
Steel Industries Inc. 17-32679
Steel Industries Real Estate Holding LLC 17-32680
Taper-Lok Corporation 17-32682
Business Description: The Company -- http://www.afglobalcorp.com/
-- is a global manufacturer of highly
engineered products and integrated systems.
Through its operating subsidiaries, the
Company serves more than 400 customers
primarily in the oil and gas, power
generation, and industrial end markets, with
specific expertise in the (a) subsea
drilling production, completion, and
infrastructure sectors of the oil and gas
industry; (b) unconventional land-based
drilling, completion, and infrastructure
sectors of the oil and gas industry; (c) gas
turbine sector of the power generation
industry; (d) specialty components of the
aerospace and off-road transportation
industries; and (e) general industrial
manufacturing markets.
Chapter 11 Petition Date: April 30, 2017
Court: United States Bankruptcy Court
Southern District of Texas (Houston)
Judge: Hon. David R Jones
Debtors'
Counsel: Edward O. Sassower, P.C.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: edward.sassower@kirkland.com
- and -
James H.M. Sprayregen, P.C.
William A. Guerrieri, Esq.
Bradley Thomas Giordano, Esq.
Christopher M. Hayes, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
300 North LaSalle
Chicago, Illinois 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
Email: james.sprayregen@kirkland.com
will.guerrieri@kirkland.com
bradley.giordano@kirkland.com
christopher.hayes@kirkland.com
Debtors'
Co-Counsel: Patricia B. Tomasco, Esq.
Matthew D. Cavenaugh, Esq.
Jennifer F. Wertz, Esq.
JACKSON WALKER L.L.P.
1401 McKinney Street, Suite 1900
Houston, Texas 77010
Tel: (713) 752-4200
Fax: (713) 752-4221
Email: ptomasco@jw.com
mcavenaugh@jw.com
jwertz@jw.com
Debtors'
Restructuring
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
Debtors'
Investment
Banker: LAZARD FRERES & CO. LLC AND LAZARD MIDDLE MARKET
LLC
Debtors'
Notice &
Claims
Agent: EPIQ BANKRUPTCY SOLUTIONS, LLC
Estimated Assets: $0 to $50,000
Estimated Debt: $500 million to $1 billion
The petitions were signed by Thomas E. Giles, authorized
signatory.
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Hyundai Heavy Industries Co. Executory $9,000,000
Centum Science Park, 79 Contract
Centum Jungang-Ro-Haeunda-Gu
Busan, 48050
South Korea
Attn: Y H Lim
Team Leader
Email: youngholim@hyundai-gs.com
Mustang CAT Trade Debt $6,832,052
12800 NW Frwy
Houston, TX 77040
Attn: Bradford Tucker
President
Phone: 713-861-1440
Email: btucker@mustangcat.com
Gardner Denver Petro. Pumps Trade Debt $2,587,787
2600 Sylvania Cross Drive
Fort Worth, TX 76137
Attn: Vincente Reynal, CEO
Phone: 414-212-4700
Email: vincente.reynal@gardnerdenver.com
Gerdau Trade Debt $901,490
5225 Planters Road
Fort Smith, AR 72916
Attn: John Kelleher
Vice President & General Manager
Phone: 479-646-0223
Email: john.kelleher@gerdau.com
Lic. Rene Bortoni Alanis y Deferred $900,000
CP Simon Antonio Moreno Rosales of Acquisition
form Joint Nicolas Gonzalez Bernal Cost
Cv Av Batallon De San Patricio 109 Sur Piso 17
Col Valle Oriente San Pedro Garza Garcia Nl Cp
66269 Mexico
Attn: Nicolas Gonzalez
Tel: 52 18182524031
Email: gonzalezn@discoverintegralsolutions.com
Weld Force Solutions LLC Trade Debt $767,870
12518 Foxton Rd
Houston, TX 77048-3811
Attn: Ismael Guajardo, President
Phone: 713-270-7733
Email: ismael.guajardo@weldforcesolutions.com
Covrad GT / API Heat Trade Debt $723,658
4700 Ironwood Drive
Franklin, WI 53132
Attn: Mike Laisure
CEO/President
Phone: 716-684-6700
Email: mlaisure@apiheattransfer.com
Hydraquip Corporation Trade Debt $686,092
16330 Central Green Blvd
Houston, TX 77032
Attn: Tim Nichols
CEO/President
Phone: 713-680-1951
Fax: 713-680-9799
Email: tnichols@hydraquip.com
Bill Bridges Long Stroke Unsecured Note $570,894
Technology LLC Payable
901 Chateau Ct.
Colleyville, TX 76034
Attn: Bill Bridges, Owner
Phone: 817-944-7819
Email: billbridgesboem@gmail.com
Commercial Metals Company Trade Debt $400,000
6565 N. MacArthur Blvd, Suite 800
Irving, TX 75039
Attn: Joseph Alvarado
Tel: 214-689-4300
Fax: 214-689-5886
Machine Service Inc Trade Debt $347,642
1000 Ashwaubenen St
Green Bay, WI 54304
Attn: Edward L Fowles
CEO/President
Tel: 920-339-3000
Fax: 920-339-3001
Email: edward.fowles@machineservice.com
Northside Industries Trade Debt $274,722
1400 Industrial Road
West Kelowna, BC V1Z 1G5
Attn: Steve McKay, President
Phone: 250-769-4001
Email: smckay@northsideind.ca
Forum Trade Debt $266,379
10344 Sam Houston Parkway
Ste 300
Houston, TX 77064
Attn: C. Christopher Gaut
Chairman/CEO
Tel: 281-949-2500
Fax: 281-949-2554
Gean Stalcup Executory $262,500
614 Eagle Mountain Blvd, Ste 300 Contract
Batesville, AR 72501
Tel: 713-315-7242
Email: gnstalcup@aol.com
Duff & Phelps LLC Trade Debt $243,231
Email: david.juneau@duffandphelps.com
Bill Spitzer & Associates Trade Debt $240,438
Email: connor@extremeplate.com
Timkensteel Corporation Trade Debt $233,598
Email: communications@timkensteel.com
Steel Dynamics Trade Debt $225,418
Brian Fontana Executory $216,090
Email: brianfontana@bfontana.com Contract
Meadow Lark Agency Inc. Trade Debt $204,168
Email: aroth@meadowlarkco.com
GNC Industrial Services Trade Debt $200,000
Email: gnccoating@gmail.com
Extreme Plate Processing Trade Debt $178,237
Email: gnccoating@gmail.com
Tire & Wheel Connection, LP. Trade Debt $167,400
Email: dmanntireandwheelconnection.com
Nucor Steel - Jackson Trade Debt $166,126
Email: kevin.vandeven@nucor.com
Flanges Manufacturing Trade Debt $140,218
ArcelorMittal USA, Inc. Trade Debt $138,277
Email: usacr@arcelormittal.com
Steel & Pipe Supply Co. Trade Debt $129,113
Email: usacr@arcelormittal.com
Circle H Blasting & Painting Trade Debt $126,178
Email: rhughes421@gmail.com
Resource Mfg Trade Debt $107,661
Email: gail.branch@resourcemfg.com
Electralloy Co. Trade Debt $99,909
AMERIFORGE GROUP: Moody's Cuts PDR to 'D-PD' on Bankruptcy Filing
-----------------------------------------------------------------
Moody's Investors Service downgraded its ratings for Ameriforge
Group, Inc., including the Probability of Default Rating (PDR), to
D-PD from Caa3-PD; the Corporate Family Rating (CFR), to Ca from
Caa3; the first lien senior secured bank debt, to Ca from Caa2; and
the second lien senior secured term loan, to C from Ca. The action
follows Ameriforge's announcement that it has filed for bankruptcy
court protection on a prepackaged basis.
Rating Actions:
Corporate Family Rating, downgraded to Ca from Caa3
Probability of Default Rating, downgraded to D-PD from Caa3-PD
$110 Million ($25 Million Outstanding) Senior Secured First Lien
Revolving Credit Facility due 2017, downgraded to Ca (LGD4) from
Caa2 (LGD3)
$535 Million ($522 Million Outstanding) Senior Secured First Lien
Term Loan due 2019, downgraded to Ca (LGD4) from Caa2 (LGD3)
$235 Million ($143 Million Outstanding) Senior Secured Second Lien
Term Loan due 2020, downgraded to C (LGD6) from Ca (LGD5)
Outlook, remains Negative
RATINGS RATIONALE
The downgrade of the PDR to D-PD is a result of the company's
bankruptcy court filing. The downgrade of the CFR to Ca, as well as
the downgrade of the $110 million of first lien senior secured
revolving credit facility ($25 million outstanding as of September
30, 2016) and first lien senior secured term loan ($522 million
outstanding as of September 30, 2016), both to Ca from Caa2, and
the second lien senior secured term loan ($143 million outstanding
as of September 30, 2016), to C from Ca, reflect Moody's
expectation of a 30%-50% recovery on the corporate family's
obligations, and the relative ranking positions of various
creditors, with the junior-ranking second lien lenders in
particular suffering material loss absorption.
Shortly following this rating action, Moody's will withdraw
Ameriforge's ratings, consistent with Moody's practice for
companies operating under the purview of the bankruptcy courts
wherein information flow typically becomes much more limited
(please refer to the Moody's Investors Service's Policy for
Withdrawal of Credit Ratings, available on its website,
www.moodys.com).
Ameriforge is a manufacturer of products like well completion
equipment, riser systems, drilling rig substructures and drilling
mast designs for a number of segments within the Oil and Gas,
General Industrial, Power Generation, and Aerospace/Transportation
end markets. The company is owned by First Reserve. Revenue for the
twelve month period ended September 30, 2016 was $263 million.
The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.
ANDROS DEVELOPMENT: Hires Bast Amron as Counsel
-----------------------------------------------
Andros Development Corporation seeks approval from the US
Bankruptcy Court for the Southern District of Florida, Miami
Division, to employ Jeffrey Bast and the law firm of Bast Amron
LLP, as counsel to the Debtor.
At the time of filing, the Debtor was represented by Michael Marcer
of Marrero, Chamizo, Marcer Law LP, a firm whose principal is also
the principal of the Debtor, and the Debtor is now aware that it
must retain disinterested counsel.
The professional services that BA will render are:
a. to advise the Debtor with respect to its responsibilities
in complying with the United States Trustee's Guidelines and
Reporting Requirements, the upcoming Initial Debtor Interview, the
upcoming Meeting of Creditors, and with the rules of the Court;
b. to prepare motions, pleadings, orders, applications,
adversary proceedings, and other legal documents necessary in the
administration of these cases;
c. to protect the interests of the Debtor in all matters
pending before the Court; and
d. to represent the Debtor in negotiations with its creditors
and in the preparation and confirmation of a plan.
Jeffrey P. Bast, member of law firm Bast Amron LLP, attests that
both he and the firm are "disinterested persons" as that firm is
defined under 11 U.S.C. Sec. 101(14) and as required for retention
as counsel by 11 U.S.C. Sec. 327.
Jeffrey Bast's current standard rate is $525 per hour. It is BA's
policy, in all areas of practice, to charge its clients for all
additional expenses incurred in connection with a client's case.
The Firm can be reached through:
Jeffrey P. Bast, Esq.
BAST AMRON LLP
SunTrust International Center
One Southeast Third Avenue, Suite 1400
Miami, FL 33131
Telephone: 305-379-7904
Facsimile: 305-379-7905
Email: jbast@bastamron.com
About Andros Development Corp.
Based in Coral Gables, Florida, Andros Development Corp. owns a
vacant lot located at 3560 Grand Ave Miami, Florida, valued at
$818,750. Each of Julio C. Marrero and Orlando Benitez, Jr. owns a
45% equity stake in the Debtor. The other 10% is held by Phillip
Muskat.
Andros Development is an affiliate of Grand Abbaco Development of
Village West Corp and Nassau Development of Village West, Corp.,
each of which filed for bankruptcy protection on March 27, 2016,
and Oct. 2, 2015, respectively.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 17-13760) on March 28, 2017. The
petition was signed by Phillip Muskat, officer and shareholder.
The case is assigned to Judge Laurel M. Isicoff.
At the time of the filing, the Debtor disclosed $1.64 million in
assets and $5.53 million in liabilities.
APOLLO SOLAR: Has Until July 31 to Use Cash Collateral
------------------------------------------------------
Judge Julie A. Manning of the U.S. Bankruptcy Court for the
District of Connecticut authorized Apollo Solar, Inc., to use the
cash collateral of State of Connecticut Department of Economic and
Community Development, and Electronic Specialties of Connecticut
for the period from May 1, 2017, through and including July 31,
2017.
The Debtor may use any cash collateral in accordance with the
monthly budget, with a variance of 15% on each line item permitted,
for the budget period, and every 90-day period, or pro-rated
portion thereof, thereafter prior to the entry of the next order
authorizing the use of cash collateral. The use of cash collateral
for the expenses identified in the budget is necessary to prevent
irreparable harm to the estate.
The approved budget reflects the following monthly expenses: (i)
May 2017 - $38,412; (ii) June 2017 - $34,452; and (iii) July 2017 -
$23,552.
As adequate protection for Secured Creditors' interests therein,
the Secured Creditors are granted replacement and/or substitute
liens, excluding any bankruptcy avoidance causes of action, and
such replacement liens will have the same validity, extent, and
priority that the Secured Creditors possessed as to said liens as
of the Petition Date.
The Debtor is authorized to use accounts receivable which may
constitute cash collateral of the Secured Creditors on a revolving
basis and to provide the Secured Creditors with liens upon
postpetition assets to the extent that any such Secured Creditors
held valid liens as of the Petition Date, so that their interests
therein will not be diminished during the pendency of the Chapter
11 case. The secured position of the Secured Creditors that
existed on the Petition Date may not improve by virtue of the
granting of the replacement liens as set forth.
A hearing on the Debtor's Motion for Authority to Use Cash
Collateral will be held on July 18, 2017 at 10:00 a.m.
A copy of the Budget attached to the Second Order is available for
free at:
http://bankrupt.com/misc/ctb17-50247_44_cash_Apollo_Solar.pdf
About Apollo Solar
Headquartered at Fairfield, Connecticut, Apollo Solar, Inc.,
provides the residential, commercial, and remote telecom
Photovoltaic (PV) markets with innovative, technologically
superior
electronics that have served industrial clients for decades.
Apollo Solar filed for Chapter 11 bankruptcy (Bankr. D. Conn. Case
No. 17-50247) on March 7, 2017. The petition was signed by John
Pfeifer, president. As of the time of the filing, the Debtor
estimated up to $50,000 in assets and $1 million to $10 million in
liabilities.
The case is assigned to Judge Julie A. Manning.
Scott Charmoy, Esq., at Charmoy & Charmoy, is serving as counsel
to
the Debtor. Diversified Financial Solutions, PC, is serving as
accountant.
ASP MCS: Moody's Assigns B2 Corp. Family Rating, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service assigned credit ratings to ASP MCS
Acquisition Corp. (formerly known as MCS Group Subholdings, LLC,
"MCS"). The Corporate Family rating ("CFR") was assigned at B2 and
the Probability of Default rating ("PDR") was assigned at B2-PD.
Additionally, Moody's assigned a B2 rating to MCS's proposed senior
secured first lien credit facilities. The ratings outlook is
stable.
The proceeds of the $390 million senior secured first lien term
loan due 2024 and cash equity from affiliates of financial sponsor
American Securities LLC will be used to fund the purchase of the
company and pay associated fees and expenses. Moody's will withdraw
all existing ratings at the predecessor entity MCS Group
Subholdings, LLC when the debts are repaid.
The following rating actions were taken:
Issuer: ASP MCS Acquisition Corp.
Assignments:
-- Corporate Family Rating, at B2
-- Probability of Default Rating, at B2-PD
-- Senior Secured Revolving Credit Facility expiring 2022, at B2
(LGD3)
-- Senior Secured First Lien Term Loan due 2024, at B2 (LGD3)
Outlook:
-- Outlook, Stable
RATINGS RATIONALE
The B2 CFR reflects MCS's high debt to EBITDA expected to decline
to below 5 times over the next 12 to 18 months, concentrated
customer base and exposure to decreasing rates of U.S. mortgage
loan delinquencies. Financial leverage reduction will be driven by
EBITDA growth as Moody's anticipates MCS will grow its title and
valuation services segment through debt-financed acquisitions.
Moody's anticipates modest organic revenue growth of about 2% in
2017, but that declining mortgage delinquencies could lead to
revenue declines in the medium term. Acquisitions should continue
to help diversify revenue sources by adding new customers and new
service lines, alleviating the risk of revenue declines from a lost
large customer or lower mortgage delinquency rates. Other credit
metrics including EBITA margins of about 18%, EBITA to Interest of
over 2.5 times, and free cash flow to debt of about 7% are solid
for the B2 rating category. Liquidity from anticipated free cash
flow of about $35 million and full availability of the $35 million
revolving credit facility due 2022 is considered good.
All financial metrics cited reflect Moody's standard adjustments.
The stable ratings outlook reflects Moody's expectations for free
cash flow of around $35 million and debt to EBITDA under 5 times.
Due to the concentrated customer base, near term ratings upside is
limited. A ratings upgrade is possible If Moody's comes to expect:
1) revenue sources will become more diversified; 2) at least 5%
annual revenue growth; 3) debt to EBITDA will be maintained below 4
times; and 4) good liquidity. A ratings downgrade is possible if
Moody's expects; 1) revenue declines; 2) debt to EBITDA will remain
above 5 times; or 3) less than good liquidity.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
MCS provides property inspection, appraisal and preservation
services on behalf of lenders and loan servicers for homes with
defaulted mortgage loans. MCS is owned by affiliates of American
Securities LLC. Moody's expects 2017 revenues of about $375
million.
AURORA GAS: To Stop 401(k) Contributions Under New Plan
-------------------------------------------------------
Aurora Gas, LLC, on April 27, 2017, filed with the U.S. Bankruptcy
Court for the District of Alaska a first amended disclosure
statement describing its first amended plan of reorganization.
The amended plan says Aurora Gas has an interruptible sales
contract with Helena Energy, LLC, a company owned by Electo
Limited, a company in which Kay Rieck holds controlling interest.
Helena acquired sales contracts that were previously owned by
Aurora until shortly before the bankruptcy. The interruptible
sales contract provides Aurora the option but not the obligation to
sell Helena up to 5000 mcfpd of gas. Aurora has been buying 200-300
mcfpd of gas from Furie Operating Alaska, LLC, and reselling to
Helena, for a margin of about $0.59 per mcf. Helena, in turn, sells
the gas to the customers that were previously Aurora's.
The plan also states that Aurora recently made a $40,000 pay to
Furie for past gas deliveries during the chapter 11 case, but the
remainder of what is owed Furie for such deliveries has not been
paid.
After payments in March 2017, Aurora will have outstanding
post-petition invoices of about $1.4 million, including $338,251
Gap period, in addition to Aurora’s Pre-petition ($1,665,657)
debt, for a total indebtedness of just less than $3.1 million.
The current gas sales from Aurora's production are 1000 - 1500
mcfpd. The previous plan stated that Aurora's gas sales productions
are 750 - 1000 mcfpd.
On confirmation of the Plan, the Debtor will discontinue its
contributions to the 401(k) retirement plan. The salaries will be
renegotiated with the Unsecured Creditors' Committee as the
liquidation process moves forward.
The First Amended Disclosure Statement is available at:
http://bankrupt.com/misc/akb16-00130-179.pdf
The Troubled Company Reporter previously reported that Class 1,
which consists of general unsecured creditors, will receive
payments on a schedule agreed to by the Debtor and the Unsecured
Creditors' Committee with the goal of completing all distributions
by Dec. 31, 2017. Payments on unsecured claims will be made until
the earlier of (a) all Liquidation Proceed have been distributed,
or (b) all allowed unsecured claims have been paid in full with
interest at 5% per annum from May 3, 2016.
About Aurora Gas
Sugarland, Texas-based Aurora Gas LLC owns and operates
gas-producing properties in Alaska and also engages in the
exploration and development of gas properties.
Erik LeRoy, Esq., at Erik Leroy P.C., on behalf of Aurora Well
Service, LLC, Shirleyville Enterprises, LLC, and Tanks A Lot, Inc.,
filed an involuntary Chapter 11 bankruptcy petition against the
Debtor (Bankr. D. Alaska Case No. 16-00130) on May 3, 2016.
Aurora Gas LLC sought authority to employ David H. Bundy, P.C., as
bankruptcy counsel. The Debtor also sought authority to employ BDO
USA, LLP, and Dan Dickinson as accountants.
Gail Brehm Geiger, Acting U.S. Trustee for Region 18, appointed on
Aug. 9, 2016, five creditors to serve on the official committee of
unsecured creditors in the Chapter 11 case of Aurora Gas LLC. Erik
Leroy P.C. serves as counsel to the Committee.
AV HOMES: Moody's Rates $300MM Senior Unsecured Notes B3
--------------------------------------------------------
Moody's Investors Service assigned a B3 rating to AV Homes, Inc.'s
$300 million of senior unsecured notes due 2022. Concurrently,
Moody's affirmed the company's B3 Corporate Family Rating and the
B3-PD Probability of Default Rating. Moody's changed the company's
Speculative-Grade Liquidity Rating to SGL-2 from SGL-3. The ratings
outlook remains stable.
The notes will be used to refinance the company's existing $200
million of 8.5% senior unsecured notes due 2019, repay the $30
million of revolver advances drawn in April, and add cash to its
balance sheet to be used for land acquisition to fuel growth. The
B3 rating on the notes is predicated on the company's replacing its
existing senior secured revolving credit facility with a senior
unsecured one. As of April 28, 2017, the company had received
commitments equaling $155 million to obtain an unsecured revolving
credit facility, which, if closed, will refinance and replace the
indebtedness outstanding under its existing secured Senior Credit
Facilities. Doing so moves AV Homes to an entirely unsecured debt
capital structure, under which the new $300 million notes would be
rated equal to the B3 Corporate Family Rating.
The following ratings actions were taken:
Corporate Family Rating, affirmed at B3;
Probability of Default Rating, affirmed at B3-PD;
Existing Senior Unsecured Notes due 2019, Caa1(LGD4)
ratings withdrawn at close;
New Senior Unsecured Notes due 2022, assigned B3 (LGD4),
assuming closing of new unsecured revolver;
Speculative-Grade Liquidity Rating, change to SGL-2 from
SGL-3;
The rating outlook remains stable.
RATINGS RATIONALE
AV Homes' B3 Corporate Family Rating considers its small size with
only $791 million in homebuilding revenues for the twelve months
trailing March 31, 2017; its geographic concentration in only six
markets across four states; and its limited track record under its
current configuration. The average B2 rated homebuilder had 2016
revenues of $1.5 billion while the average B3 rated homebuilder had
revenues of $912 million. Compared to AV Homes, which derives half
of its revenue within Florida, many of its competitors are more
diversified across several states and more markets.
At the same time, Moody's considers AV Homes' good operating
performance over the past several years that has brought its credit
metrics more in line with the B3 rating. The company ended 2016
with homebuilding EBIT interest coverage of 2.4x and homebuilding
debt to book capitalization of 38.3%. Even though the issuance of
the new notes increases its debt leverage, it will only rise to
46.6% pro forma, still a very conservative level for a B3 rated
company, and Moody's projects AV Homes to be able to decrease debt
leverage below 44% by year-end 2017.
AV Homes' SGL-2 Speculative-Grade Liquidity Rating reflects the
company's good liquidity profile. The company ended March 2017 with
$59 million of cash on hand, but its internal liquidity is
constrained by Moody's expectation it will be free cash flow
negative in 2017 as it continues to invest in land. External
liquidity is supported by the expected $155 million unsecured
revolving credit facility on which Moody's does not expect any
outstanding advances at the end of any quarter in 2017. Projected
improvements in the company's credit metrics in 2017 will increase
the cushions under its covenants. Alternate liquidity has improved
as AV homes is expected to move to an entirely unsecured debt
capital structure.
The stable rating outlook is based on Moody's expectation of steady
financial performance as AV Homes continues to grow revenues while
maintaining conservative debt leverage.
Positive rating actions could occur if the company is able to
significantly increase in size, growing homebuilding revenues above
$1 billion, increase its geographic diversity, and increase its
tangible net worth above $500 million, all while maintaining its
conservative financial policy with homebuilding debt to book
capitalization below 50%.
Negative rating action could occur if the company's liquidity
profile deteriorates, its homebuilding debt to book capitalization
rises above 60%, its homebuilding EBIT coverage of interest falls
below 1.0x, and if gross margins contract towards 15%.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.
AV Homes, Inc., headquartered in Scottsdale, AZ, is a public
homebuilder that designs, builds and sells homes in Arizona,
Florida, North Carolina, and South Carolina, and also engages in
community development and land sales. AV Homes focuses on the
development and sale of homes to first-time and move-up buyers in
active adult communities and primary residential communities. In
June 2013, AV Homes completed a $135 million equity raise with TPG
Capital, which currently has a 44% ownership interest in the
company, inclusive of its investment in AV Home's convertible
notes. During the 12 months ended March 31, 2017, AV Homes
generated total homebuilding revenues and consolidated net income
of approximately $791 million and $149 million, respectively.
AZURE MIDSTREAM: Files Amended Plan & Disclosure Statement
----------------------------------------------------------
Azure Midstream Partners, LP (the "Partnership") (otc pink:AZURQ)
on April 27, 2017, disclosed that on April 25, 2017, the
Partnership, along with its general partner and its direct and
indirect subsidiaries (collectively, the "Debtors"), filed a First
Amended Joint Plan of Liquidation (as amended, the "Plan") and
related First Amended Disclosure Statement (as amended, the
"Disclosure Statement") with the United States Bankruptcy Court for
the Southern District of Texas, Houston Division (the "Court"). A
hearing before the Court regarding the approval of the Disclosure
Statement is scheduled for Monday, May 1, 2017 (the "Hearing").
Also, on April 28 the Debtors intended to file a response and
objection (the "Response") to an emergency motion to appoint an
equity committee (the "Equity Holder Motion") filed by one of the
Partnership's equity holders and received by the Court on April 25,
2017. The Response would include additional information supporting
the Partnership's previously disclosed expectations (reflected in
the Plan and Disclosure Statement) that it is unlikely that any
holders of common units will receive any distributions upon the
Court's confirmation of the Plan. The Equity Holder Motion and
Response would also be addressed by the Court at the Hearing.
About Azure Midstream Partners
Azure Midstream Partners, LP, is a publicly traded Delaware master
limited partnership that was formed by NuDevco Partners, LLC, and
its affiliates to develop, own, operate and acquire midstream
energy assets.
Azure Midstream and 11 of its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
17-30461) on Jan. 30, 2017. The petitions were signed by I.J.
Berthelot, II, president. The cases are assigned to Judge David R
Jones.
Azure disclosed $375.5 million in assets and $179.4 million in
liabilities as of as of Sept. 30, 2016.
Vinson & Elkins LLP is serving as corporate counsel to the Debtors;
Evercore Group LLC is serving as as financial advisor; Alvarez &
Marsal North America LLC is serving as restructuring advisor; and
Kurtzman Carson Consultants LLC is serving as claims, noticing &
balloting agent.
B&B FITNESS: Unsecureds to Recoup 100% in Quarterly Payments
------------------------------------------------------------
The Hon. John J. Thomas of the U.S. Bankruptcy Court for the Middle
District of Pennsylvania will hold on June 13, 2017, at 9:30 a.m.,
a hearing to consider the approval of B&B Fitness and Barbell,
Inc.'s disclosure statement dated April 26, 2017, referring to the
Debtor's Chapter 11 plan dated April 26, 2017. Objections must be
filed by May 31, 2017.
Under the Plan, Class 6 General Unsecured Claims will be paid 100%
of their allowed claim amounts immediately after the payment of all
previous class of claims. The Debtor will start making payments to
the general unsecured creditors, approximately, 61 months after the
effective date of the Plan. Payments will be made, pro rata, to
each general unsecured creditor. Distributions to the general
unsecured creditors will be made on a quarterly basis (four times
per year).
However, the Debtor will accumulate the funds for distribution to
the general unsecured creditors on a monthly basis. Payments will
be made to the general unsecured creditors until their claims are
paid in full. During the first year of payments to the general
unsecured creditors (year 6 of the Plan), the Debtor will pay
$2,600 per month in connection with the payments to the general
unsecured creditors. During the second year of payments to the
general unsecured creditors (year 7 of the Plan), the Debtor will
pay $3,500 per month in connection with the payments to the general
unsecured creditors. During the third year of payments to the
general unsecured creditors (year 8 of the Plan), the Debtor will
pay $4,500 per month in connection with the payments to the general
unsecured creditors. During the fourth year of payments to the
general unsecured creditors (year 9 of the Plan), the Debtor will
pay $5,000 per month in connection with the payments to the general
unsecured creditors. The Debtor will continue to pay $5,000 per
month in connection with the payments to the general unsecured
creditors until all allowed claims of general unsecured creditors
are paid in full.
Since the filing of the Chapter 11 case, the Debtor has made all
postpetition payments to its creditors. The Debtor has also been
able to pay all of its other monthly obligations, including its
quarterly fee to the Office of the U.S. Trustee. The Debtor's most
recently filed Monthly Operating Report, the Debtor has been able
to substantially increase its monthly gross revenue. This increase
in revenue has been possible because of multiple positive steps
that the Debtor has taken in its reorganization process.
Furthermore, the Debtor has been able to make regular lease
payments to its related entity, B & B Real Estate, which has
enabled both the Debtor and B & B Real Estate to make its regular
monthly payments to their principal lender, Newtek. It should be
noted that just several years ago, the Debtor's monthly gross
revenue was twice its current level. The Debtor has taken multiply
steps to address the changing market and the deficiencies in its
own business with promising results.
The Disclosure Statement is available at:
http://bankrupt.com/misc/pamb16-02387-66.pdf
About B&B Fitness
B&B Fitness and Barbell, Inc., based in Scotrun, PA, filed a
Chapter 11 petition (Bankr. M.D. Pa. Case No. 16-02387) on June 6,
2016. The Hon. Robert N Opel II presides over the case. Philip W.
Stock, Esq., at the Law Office of Philip W. Stock, as bankruptcy
counsel.
In its petition, the Debtor listed $413,600 to $2.38 million in
both assets and liabilities. The petition was signed by Robert
Bishop, president.
BARIA AND SONS: Has Until July 6 to Use Cash Collateral
-------------------------------------------------------
Judge of the U.S. Bankruptcy Court for the Western District of
Michigan authorized Baria and Sons, LLC's continued use of the cash
collateral of The Bank of Holland, now known as Chemical Bank, and
LQD Business Finance, LLC, on an interim basis until July 6, 2017.
The Debtor is authorized to use the cash collateral for inventory
purchases and operating expenses. The Debtor has provided the cash
flow projection through May 2017. It will provide a cash flow
projection covering June 2017 to Chemical Bank, LQD Business
Finance, and the United States Trustee on May 15, 2017, setting
forth its expected use of cash collateral during June 2017.
The 90-day cash flow projection reflects these monthly inventory
purchases and operating expenses:
Month Ending Inventory Purchases Operating
Expenses
------------ -------------------
------------------
April 30, 2017 $86,100 $26,765
May 31, 2017 $105,300 $24,952
June 30, 2017 $119,200 $26,392
The hearing regarding the Debtor's Motion for Final Authority to
use Cash Collateral that was scheduled to take place on April 27,
2017, is adjourned until July 6, 2017 at 11:00 a.m.
A copy of the cash flow projection attached to the Order is
available for free at:
http://bankrupt.com/misc/miwb17-00970_78_cash_Baria_&_Sons.pdf
About Baria and Sons, LLC
Baria and Sons, LLC, operates a convenience and liquor store in
Spring Lake, Michigan, serving a diverse clientele. The company
sells a wide variety of liquor, from economy brands to relatively
high end brands. It also has a large and carefully selected
variety of craft beers for sale, including mix and match six
packs.
It sells various packaged grocery items, sodas, energy drinks,
water and brewed coffee. Its customers range from those passing
through to locals who live in high end lake homes to economy
housing.
Baria and Sons filed a Chapter 11 petition (Bankr. W.D. Mich. Case
No. 17-00970) on March 6, 2017. Gurinder Baria, general manager,
signed the petition. The Debtor estimated assets and liabilities
between $500,000 and $1 million.
The Debtor is represented by James R. Oppenhuizen, Esq., at
Oppenhuizen Law Firm, PLC.
No trustee or examiner has been appointed in the Debtor's Chapter
11 case and no committees have been designated.
BENFER STORAGE: Case Summary & 3 Unsecured Creditors
----------------------------------------------------
Debtor: Benfer Storage LLC
17310 Old Richmond Rd
Sugar Land, TX 77498
Case No.: 17-32767
Business Description: The Debtor is a small business debtor as
defined in 11 U.S.C. Section 101(51D).
Based in Houston TX, the Company offers
storage spaces for rent on a prepaid basis.
Rental rates of the Company's units range
from $55 to $220 per month.
Chapter 11 Petition Date: May 1, 2017
Court: United States Bankruptcy Court
Southern District of Texas (Houston)
Judge: Hon. Jeff Bohm
Debtor's Counsel: Susan Tran, Esq.
CORRAL TRAN SINGH LLP
1010 Lamar, Suite 1160
Houston, TX 77002
Tel: 832-975-7300
Fax: 832-975-7301
Email: susan.tran@ctsattorneys.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Alberto Bernadoni, president.
A list of the Debtor's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/txsb17-32767.pdf
BLEACHER CREATURES: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Bleacher Creatures, LLC
527 Plymouth Road, Suite 407
Plymouth Meeting, PA 19462
Case No.: 17-13162
Business Description: Bleacher Creatures --
https://www.bleachercreatures.com -- is an
innovative licensing manufacturer that
produces a variety of children's toys and
fan enthusiast products through partnerships
with professional sports leagues and
entertainment companies. Bleacher Creatures
are true-to-life plush figures of the
greatest athletes and entertainment icons,
allowing young fans (those who are young at
heart) to put their passion in play.
Chapter 11 Petition Date: May 2, 2017
Court: United States Bankruptcy Court
Eastern District of Pennsylvania (Philadelphia)
Judge: Hon. Jean K. FitzSimon
Debtor's Counsel: Michael Jason Barrie, Esq.
BENESCH FRIEDLANDER COPLAN & ARONOFF LLP
One Liberty Place
1650 Market Street, Suite 3628
Philadelphia, PA 19103-7301
Tel: (267) 207-2947
Fax: (267) 207-2949
E-mail: mbarrie@beneschlaw.com
Estimated Assets: $1.57 million as of March 31, 2017
Estimated Liabilities: $1.88 million as of March 31, 2017
The petition was signed by Matthew S. Hoffman, president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/paeb17-13162.pdf
BONANZA CREEK: Completes Financial Restructuring, Exits Chapter 11
------------------------------------------------------------------
Bonanza Creek Energy, Inc. on April 28, 2017, disclosed that in
accordance with and pursuant to its Plan of Reorganization (the
"Plan"), which was confirmed by the United States Bankruptcy Court
for the District of Delaware on April 7, 2017, the Company has
successfully completed its prepackaged restructuring and emerged
from Chapter 11.
Richard Carty, President and CEO, commented, "We are very pleased
to announce our emergence from Chapter 11, and I am very thankful
to all of our dedicated employees and stakeholders for their
efforts in this process, getting the Company from filing to
emergence in little over 100 days. With our legal proceedings
behind us, we look forward to resuming drilling and completion
activities with a clean balance sheet that can support long-term
sustainable growth in the current environment."
Jack E. Vaughn, Chairman of the Board of Directors, commented, "On
behalf of the newly appointed Board of Directors, we are
enthusiastic about the solid assets and opportunity set that
Bonanza Creek has to offer. We look forward to working with the
management team to quickly resume activity and create value for
Bonanza Creek's shareholders."
Bankruptcy Emergence Details
Pursuant to the Plan, the Company's senior unsecured noteholders
received, in exchange for approximately $866 million of unsecured
debt, (i) shares of new common stock of the reorganized Company and
(ii) the right to participate in a $200 million backstopped rights
offering. Certain equity holders agreed to invest $7.5 million in
the Company pursuant to a settlement agreement ("Equity
Settlement"), bringing the total equity raise upon emergence to
$207.5 million. Holders of the Company's legacy equity that did
not elect to opt out of releases granted pursuant to the Plan
received shares of 4.5% of the reorganized Company's common stock,
subject to dilution, and warrants to purchase up to 7.5% of the
reorganized Company's common stock for a term of three years.
Prior to emergence, the Company received approval to list its new
common stock with the CUSIP number 097793 400 (the "New Common
Shares") on the New York Stock Exchange (the "NYSE") under the same
NYSE ticker symbol "BCEI" as the existing shares of the Company's
issued common stock (the "Existing Shares"). Along with New Common
Shares, the Company will issue warrants with the CUSIP number
097793 111 (the "Warrants") in accordance with the Plan. These
warrants will not be listed on an exchange. After the market close
on April 28, 2017, all Existing Shares (with the CUSIP number
097793103) will be cancelled, and the New Common Shares and
Warrants will be issued and will commence trading at the market
open on May 1, 2017.
Because the Company will retain the ticker symbol "BCEI" after the
Effective Date of the Plan, holders of Existing Shares, and
brokers, dealers and agents effecting trades in Existing Shares,
and persons who expect to receive New Common Shares or effect
trades in New Common Shares, should take note of the anticipated
cancellation of the Existing Shares and issuance of New Common
Shares, and the two different CUSIP numbers signifying the Existing
Shares and the New Common Shares, in trading or taking any other
actions in respect of shares of the Company that trade under the
"BCEI" ticker.
Holders of the Company's legacy equity will be allocated 446,788
New Common Shares, resulting in and effective equivalent reverse
stock split of 1 for 111.5879, considering Bonanza Creek had
49,856,141 shares outstanding as of April 26, 2017.
Upon emergence, the Company issued 1,650,510 3-year Warrants with a
strike price of $71.23 per share. In addition, the Company granted
389,102 restricted stock units ("RSUs") and 389,102 options to its
employees. The RSUs have a 3-year vesting period and the options
have a 10-year term and strike price of $34.36 per share.
Operations Update
With regard to Company operations upon emergence, the Company plans
to resume drilling and completion activity around June 1, 2017 with
intent to operate a one-rig program for the remainder of the year,
pending Board approval. Once the newly-appointed Board approves a
full-year 2017 budget, the Company will issue full guidance for the
remainder of the year. A new investor presentation has been posted
to the Company's website under the Investor Relations section at
www.bonanzacrk.com.
Board of Directors Appointments
The Company also announces the appointment of seven members to its
Board of Directors. The new Board appointments were selected in
accordance with the Plan. Two members from the previous Board have
been appointed to the new Board. Richard J. Carty, served on the
previous board since 2010, and Jeffrey Wojahn, served since
November 2014. Biographies of the seven Board members are included
below.
Richard J. CartyMr. Carty was named President and Chief Executive
Officer in November, 2014. He has over 25 years of experience in
global capital markets and finance with investment management
mandates including energy, commodities, and engineering. He served
as Chairman of the Board of Directors of Bonanza Creek since
December 2010, when he led a major recapitalization of Bonanza
Creek on behalf of West Face Capital (USA) Corp, an affiliate of
West Face Capital, where he served as President from 2009 until
2013. Prior to that period, Mr. Carty was Managing Director of
Morgan Stanley Principal Strategies where he was responsible for
investing the bank's capital in proprietary investment mandates in
public corporate securities and private securities. Mr. Carty led
investment teams that ran Morgan Stanley's value arbitrage
strategies, special situations investments, strategic private
investments, and global quantitative strategies. Prior to Mr.
Carty's 14 years at Morgan Stanley, he was a partner at Gordon
Capital Corp, a Toronto-based investment and merchant bank, where
he worked for five years.
Paul Keglevic
Paul Keglevic is a senior executive and trusted business advisor
with a strong track record of performance serving the utility
industry and two Big 5 accounting firms, with deep expertise in
finance and accounting, restructuring, risk management, shared
services, regulatory testimony, and process improvement.
Mr. Keglevic has been at Energy Future Holdings Corp. since 2008,
serving as Chief Executive Officer of TCEH since October 2016,
Chief Restructuring Officer since December 2013, Executive Vice
President, Chief Financial Officer from 2008 to September 2016,
President of EFH Corporate Services from 2010 to 2016 and Chief
Risk Officer from 2008 to 2016.
Prior to Energy Future Holdings Corp., Mr. Keglevic worked for over
25 years at Arthur Andersen and for six years at
PricewaterhouseCoopers (PWC). Mr. Keglevic serves on the Board of
Directors of Energy Future Intermediate Holdings, EFIH Finance
Inc., Stellus Capital Management LLC and the Dallas Chamber of
Commerce (not-for-profit). Mr. Keglevic received a Bachelor's
Degree in Accounting from Northern Illinois University.
Brian Steck
Brian Steck is a seasoned investor with 27 years of financial
market experience. Mr. Steck is a partner and senior analyst at
Mangrove Partners where he has worked since 2011. Prior to
Mangrove, Mr. Steck was a partner at investment managers K Capital
Partners and Tisbury Capital and was the general partner of the
Laurel Capital Group. Prior to this, Mr. Steck spent 10 years at
UBS and its predecessors Swiss Bank Corporation and O'Connor &
Associates, where he focused on equity derivative trading and risk
management, built equity derivative and event-driven client
businesses and was Global Co-Head of Equity Hedge Fund Coverage.
Mr. Steck received a Bachelor's of Science, with highest honors,
from University of Illinois at Urbana Champaign.
Thomas B. Tyree, Jr.
Thomas B. Tyree, Jr. served as President, Chief Financial Officer
and Member of the Board of Managers of Vantage Energy from 2006 to
2016. Prior to Vantage Energy, Mr. Tyree served as Chief Financial
Officer of Bill Barrett Corporation, a Managing Director in the
Investment Banking Division at Goldman, Sachs & Co. and an
Associate in the Corporate Finance division at Bankers Trust
Company. Mr. Tyree received his M.B.A. from The Wharton School at
the University of Pennsylvania and his B.A. at Colgate University.
Jack E. Vaughn
Jack E. Vaughn is the Chairman and Chief Executive Officer of Peak
Exploration and Production, LLC, where he is responsible for
executive management of all operational activity, including
drilling, completion, and facility construction in all operating
areas, as well as all gas and crude oil transportation and
marketing, regulatory and environmental compliance activities. Mr.
Vaughn serves on the Board of Directors of Saddle Butte Pipeline
II, LLC and was the co-founder and a member of the Board of
Directors of Momentum Midstream, LLC from 2007 to 2011. In
addition, Mr. Vaughn has held several senior management positions
at energy companies in the United States, including Peak Energy
Resources, Inc., EnerVest Management Partners, LP and Emerald Gas
Operating Company. Mr. Vaughn received his B.S. - Petroleum
Engineering from the University of Texas at Austin.
Scott D. Vogel
Scott D. Vogel was a Managing Director at Davidson Kempner Capital
Management investing in distressed debt securities from 2002 to
2016. Previously, Mr. Vogel worked at MFP Investors, investing in
special situations and turnaround opportunities. Prior to MFP
Investors, he was an investment banker at Chase Securities. Mr.
Vogel received his M.B.A. from The Wharton School at the University
of Pennsylvania and his B.S.B.A. from Washington University.
Mr. Vogel serves on the Board of Directors of Modular Space Corp,
Key Energy Services, Arch Coal and Merrill Corp. and previously on
numerous Board of Directors and ad hoc creditor and equity
committees throughout his career. Mr. Vogel is a member of the
Olin Alumni Board of Washington University, a member of the
Advisory Board of Grameen America, and a former member of New
Leadership Council of Make-A-Wish Foundation of Metro New York.
Jeffrey E. Wojahn
Mr. Wojahn served as Executive Vice President of Encana Corporation
from 2003 to 2013, and was President of Encana Oil & Gas (USA) Inc.
from 2006 to 2013. Beginning in 1985, Mr. Wojahn held senior
management and operational positions in Canada and the United
States and has extensive experience in unconventional resource play
development. He currently serves as a Strategic Advisory Board
member for Morgan Stanley Energy Partners
Advisors
Davis, Polk & Wardwell LLP is acting as legal counsel, Perella
Weinberg Partners LP is acting as financial advisor, and Alvarez &
Marsal LLC is acting as restructuring advisor to the Company in
connection with its restructuring efforts.
About Bonanza Creek Energy
Bonanza Creek Energy, Inc. (NYSE: BCEI) --
http://www.bonanzacrk.com/-- is an independent oil and Natural Gas
Company engaged in the acquisition, exploration, development and
production of onshore oil and associated liquids-rich natural gas
in the U.S. The Company's assets and operations are concentrated
primarily in the Rocky Mountain region in the Wattenberg Field,
focused on the Niobrara and Codell formations, and in southern
Arkansas, focused on oily Cotton Valley sands.
In December 2016, Bonanza entered into a restructuring support
agreement with (i) holders 51.1% in aggregate principal amount of
the seniors notes outstanding and (ii) NGL Energy Partners LP and
NGL Crude Logistics, LLC, counterparties to one of the debtors'
crude oil purchase and sale agreements.
On Jan. 4, 2017 Bonanza Creek and six affiliated debtors each filed
a voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. Case No. 17-10015),
to seek court approval of its prepackaged plan of reorganization.
The cases are pending before the Hon. Kevin J. Carey, and the
Debtors have requested joint administration of the cases.
Davis, Polk & Wardwell LLP is acting as legal counsel to Bonanza
Creek; Richards, Layton & Finger, P.A., is acting as co-counsel,
Perella Weinberg Partners LP is acting as financial advisor;
Alvarez & Marsal LLC is acting as restructuring advisor;
PricewaterhouseCoopers LLP is the Debtors' accounting advisor; and
Prime Clerk LLC is the notice, claims and solicitation agent.
No official committee of unsecured creditors has been formed in the
Chapter 11 cases.
Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP are
serving as counsel to the Ad Hoc Group of Noteholders. Evercore
Group L.L.C. is serving as financial advisor to the Ad Hoc Group of
Noteholders.
Chipman Brown Cicero & Cole, LLP and Brown Rudnick LLP are serving
as counsel to the Ad Hoc Equity Committee. The Ad Hoc Committee of
Equity Security Holders is comprised of Fir Tree Inc., HHC Primary
Fund, Ltd., CVI Opportunities Fund I, LLP, Silver Point Capital
Offshore Master Fund, L.P., Silver Point Capital Fund, L.P., and
MatlinPatterson Global Opportunities Master Fund LP.
BOSTWICK LABORATORIES: Committee Taps Pachulski Stang as Co-Counsel
-------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Bostwick
Laboratories, Inc., et al seeks approval from the US Bankruptcy
Court for the District of Delaware to retain Pachulski Stang Ziehl
& Jones LLP as co-counsel to the Committee.
Services to be rendered by Pachulski are:
a. assisting, advising and representing the Committee in its
consultations with the Debtor regarding the administration of these
Cases;
b. assisting, advising and representing the Committee with
respect to the Debtor's retention of professionals and advisors
with respect to the Debtor’s business and these Cases;
c. assisting, advising and representing the Committee in
analyzing the Debtor's assets and liabilities, investigating the
extent and validity of liens and participating in and reviewing any
proposed asset sales, any asset dispositions, financing
arrangements and cash collateral stipulations or proceedings;
d. assisting, advising and representing the Committee in any
manner relevant to reviewing and determining the Debtors' rights
and obligations under leases and other executory contracts;
e. assisting, advising and representing the Committee in
investigating the acts, conduct, assets, liabilities and financial
condition of the Debtor, the Debtor's operations and the
desirability of the continuance of any portion of those operations,
and any other matters relevant to the Cases or to the formulation
of a plan;
f. assisting, advising and representing the Committee in
connection with any sale of the Debtor's assets;
g. assisting, advising and representing the Committee in its
participation in the negotiation, formulation, or objection to any
plan of liquidation or reorganization;
h. assisting, advising and representing the Committee in
understanding its powers and its duties under the Bankruptcy Code
and the Bankruptcy Rules and in performing other services as are in
the interests of those represented by the Committee;
i. assisting, advising and representing the Committee in the
evaluation of claims and on any litigation matters, including
avoidance actions; and
j. providing such other services to the Committee as may be
necessary in these Cases.
The current standard hourly rates for professionals and paralegals
presently designated to represent the Committee are:
Partners/Counsel $575.00 to $1,245.00 per hour
Associates $450.00 to $595.00 per hour
Paralegals $325.00 to $350.00 per hour
Bradford J. Sandler, partner in the firm of Pachulski Stang Ziehl &
Jones LLP, attests that PSZJ is a "disinterested person" as that
term is defined in section 101(14) of the Bankruptcy Code.
The Firm can be reached through:
Bradford J. Sandler, Esq.
Pachulski Stang Ziehl & Jones LLP
919 North Market Street, 17th Floor
Wilmington, DE 19899
Tel: 302-652-4100
Fax: 302-652-4400
Email: bsandler@pszjlaw.com
About Bostwick Laboratories
Founded in 1999, Bostwick Laboratories, Inc., and Bostwick
Laboratories Holdings, Inc. -- http://www.bostwicklaboratories.com/
-- operate an independent, full-service anatomic pathology
laboratory and are a specialty provider of diagnostic testing
services for urologists and gynecologists in the U.S. The Debtors
operate a reference laboratory offering a comprehensive suite of
anatomic pathology and molecular testing services to independent
physicians nationally.
BLI is a wholly owned subsidiary of BLHI. BLHI has no business
operations of its own.
BLI provides laboratory services to the approximately $1.3 billion
urology market, with over 15 years of experience in the field of
diagnostic and prognostic testing for the approximately 7,500
non-hospital based urologists practicing in the United States. BLI
also has testing capabilities to serve other select subspecialty
markets outside of urology, including women's health / OBGYN,
gastroenterology, nephrology, and dermatology.
BLI has 193 employees, with 125 employees located at the laboratory
facility in Uniondale, New York. The employees perform a variety
of critical functions relating to the business, including billing
and registration, sales and marketing, and laboratory operations.
As of the bankruptcy filing, the Debtors estimated assets in the
range of $1 million to $10 million and liabilities of up to $100
million.
In August 2014, BLI entered into a settlement agreement with the
Department of Justice, under which BLI agreed to pay the DOJ
$7,000,000. The agreement resulted in a $3,200,000 unsecured
installment note, payable in seventeen quarterly installments,
starting June 2016 with interest at 2.25%. The note matures in
June 2020. As of the Petition Date, the amount owed to the DOJ is
$2,702,020.
Bostwick Laboratories, Inc., and Bostwick Laboratories Holdings,
Inc., based in Uniondale, NY, filed separate Chapter 11 petitions
(Bankr. D. Del. Case Nos. 17-10570 and 17-10572) on March 15, 2017.
The Hon. Brendan Linehan Shannon presides over the case. David B.
Stratton, Esq., Evelyn J. Meltzer, Esq., and John H. Schanne, II,
Esq., at Pepper Hamilton LLP, serve as bankruptcy counsel. The
Debtors hired Donlin Recano & Company as claims and noticing
agent.
In its petition, the Debtor estimated $1 million to $10 million in
assets and $50 million to $100 million in liabilities. The
petition was signed by Tommy Hunt, CFO.
Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed on
March 23, 2017, three creditors to serve on the official committee
of unsecured creditors.
BOSTWICK LABORATORIES: Committee Taps Sheppard Mullin as Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Bostwick
Laboratories, Inc., et al seeks approval from the US Bankruptcy
Court for the District of Delaware to retain to retain Sheppard
Mullin Richter & Hampton LLP as its lead counsel.
Services to be rendered as lead counsel are:
a. advise the Committee with respect to its rights, duties and
powers in these cases;
b. assist and advise the Committee in its consultations with
the Debtors relating to the administration of these cases;
c. attend meetings and negotiate with representatives of the
Debtors and other parties in interest;
d. assist the Committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and in
negotiating with the holders of claims and, if appropriate, equity
interests;
e. assist the Committee's investigation of the acts, conduct,
assets, liabilities and financial condition of the Debtors and
other parties involved with the Debtors, and of the operation of
the Debtors' business;
f. assist the Committee in its analysis of, and negotiations
with the Debtors or any other third party concerning matters
related to, among other things, the assumption or rejection of
certain leases of non-residential real property and executory
contracts, asset dispositions, financing transactions and the terms
of a disclosure statement and plan of reorganization or liquidation
for the Debtors;
g. assist and advise the Committee as to its communications,
if any, to the general creditor body regarding significant matters
in these cases;
h. represent the Committee at all hearings and other
proceedings;
i. review, analyze, and advise the Committee with respect to
applications, orders, statements of operations and schedules filed
with the Court;
j. negotiate with the key constituents in furtherance of the
development of a chapter 11 liquidating plan, either co-sponsored,
supported or not supported by the Debtors;
k. assist the Committee in preparing pleadings and
applications as may be necessary in furtherance of the
Committee’s interests and objectives; and
l. perform such other legal services as may be required and
are deemed to be in the interests of the Committee in accordance
with the Committee's powers and duties as set forth in the
Bankruptcy Code.
The identities and hourly rates currently charged by the Sheppard
Mullin attorneys and paraprofessionals staffed on this case are:
Craig A. Wolfe Partner $820
Malani J. Cademartori Partner $760
Jason Alderson Associate $735
Sophia J. Solomon Associate $480
Nirav Bhatt Associate $355
Craig A. Wolfe, partner in the Finance and Bankruptcy Group with
the firm of Sheppard Mullin Richter & Hampton, LLP, attests that
Shepard Mullin is a "disinterested person" as that term is defined
in section 101(14) of the Bankruptcy Code.
The Firm can be reached through:
Craig A. Wolfe
Malani J. Cademartori
Jason R. Alderson
30 Rockefeller Plaza
New York, NY 10112
Telephone: (212) 653-8700
Facsimile: (212) 653-8701
Email: cwolfe@sheppardmullin.com
mcademartori@sheppardmullin.com
jalderson@sheppardmullin.com
About Bostwick Laboratories
Founded in 1999, Bostwick Laboratories, Inc., and Bostwick
Laboratories Holdings, Inc. -- http://www.bostwicklaboratories.com/
-- operate an independent, full-service anatomic pathology
laboratory and are a specialty provider of diagnostic testing
services for urologists and gynecologists in the U.S. The Debtors
operate a reference laboratory offering a comprehensive suite of
anatomic pathology and molecular testing services to independent
physicians nationally.
BLI is a wholly owned subsidiary of BLHI. BLHI has no business
operations of its own.
BLI provides laboratory services to the approximately $1.3 billion
urology market, with over 15 years of experience in the field of
diagnostic and prognostic testing for the approximately 7,500
non-hospital based urologists practicing in the United States. BLI
also has testing capabilities to serve other select subspecialty
markets outside of urology, including women's health / OBGYN,
gastroenterology, nephrology, and dermatology.
BLI has 193 employees, with 125 employees located at the laboratory
facility in Uniondale, New York. The employees perform a variety
of critical functions relating to the business, including billing
and registration, sales and marketing, and laboratory operations.
As of the bankruptcy filing, the Debtors estimated assets in the
range of $1 million to $10 million and liabilities of up to $100
million.
In August 2014, BLI entered into a settlement agreement with the
Department of Justice, under which BLI agreed to pay the DOJ
$7,000,000. The agreement resulted in a $3,200,000 unsecured
installment note, payable in seventeen quarterly installments,
starting June 2016 with interest at 2.25%. The note matures in
June 2020. As of the Petition Date, the amount owed to the DOJ is
$2,702,020.
Bostwick Laboratories, Inc., and Bostwick Laboratories Holdings,
Inc., based in Uniondale, NY, filed separate Chapter 11 petitions
(Bankr. D. Del. Case Nos. 17-10570 and 17-10572) on March 15, 2017.
The Hon. Brendan Linehan Shannon presides over the case. David B.
Stratton, Esq., Evelyn J. Meltzer, Esq., and John H. Schanne, II,
Esq., at Pepper Hamilton LLP, serve as bankruptcy counsel. The
Debtors hired Donlin Recano & Company as claims and noticing
agent.
In its petition, the Debtor estimated $1 million to $10 million in
assets and $50 million to $100 million in liabilities. The
petition was signed by Tommy Hunt, CFO.
Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed on
March 23, 2017, three creditors to serve on the official committee
of unsecured creditors.
BOSTWICK LABS: Committee Taps Protiviti Inc as Financial Advisor
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Bostwick
Laboratories, Inc., et al seeks approval from the US Bankruptcy
Court for the District of Delaware to retain Protiviti Inc. as
financial advisor to the Committee, effective as of March 27,
2017.
Services to be provided by Protiviti are:
(a) consult with and provide the Debtors' advisor with
additional buyers who may be potential bidders at the sales auction
and facilitate contact with buyers;
(b) oversee sales, operations, and financial materials
provided to prospective additional buyers and materials provided
via virtual data room;
(c) prepare periodic updates for the Committee regarding the
status of the sales and marketing process, and interest received;
(d) analyze qualified bids and prepare recommendations for the
Committee; and
(e) attend auction to facilitate highest and best offer for
the benefit of the Debtors' estates and their creditors.
(f) review and analysis of the Debtors' weekly financial and
cash flow performance as compared to its budget;
(g) review and analysis of historical operating results and
recent performance and comparison to the Debtors' forecasts,
business plan, and long-term projections;
(h) review and analysis of the Debtors' business segments;
(i) analyze the Debtors' business as a going concern;
(j) analyze strategic alternatives available to the Debtors;
(k) assess liquidity needs, cash flows, and
viability/profitability of the business;
(l) analyze sufficiency and terms of DIP financing and
assistance in the identification and solicitation of alternative
sources of liquidity or DIP financing as needed;
(m) evaluate the assets and liabilities of the Debtors
including interests in non-Debtor entities;
(n) identify and determine unencumbered assets;
(o) prepare estimated payout or distribution analyses;
(p) assess the financial issues and options concerning the
sale of the Debtors, either in whole or in part, and the Debtors'
chapter 11 plan of reorganization or liquidation or any other
chapter 11 plans;
(q) review and analysis of the Debtors' plan of reorganization
(or liquidation) and disclosure statement;
(r) review and analysis of financial and cash flow projections
to evaluate the feasibility of the Debtors' projections or any
proposed plan of reorganization or liquidation;
(s) assist the Committee and its counsel in developing
strategies and related negotiations with the Debtors and other
interested parties with respect to elements of the Debtors'
treatment to the unsecured creditors under a proposed Plan or such
treatment under alternative proposals;
(t) provide such financial analyses as the Committee may
require in connection with the Debtors;
(u) represent the Committee in negotiations with the Debtors
and third parties with respect to any of the foregoing;
(v) provide testimony in court on behalf of the Committee with
respect to any of the foregoing, if necessary; and
(w) assist the Committee and its counsel as requested with
respect to various financial matters.
The hourly rates charged by Protiviti are:
Professional Level Standard Rates Negotiated
Rates
Managing Directors $675 – $725 $540 –
$580
Associate Directors and Directors $430 – $57 $344 –
$460
Managers and Senior Managers $340 – $475 $272 –
$380
Consultants and Senior Consultants $210 – $315 $168 –
$252
Administrative $120 $96
Michael Atkinson, Managing Director of Protiviti Inc., attests that
Protiviti and its employees are disinterested parties as defined in
11 U.S.C. Sec. 101(14), and neither hold nor represent any interest
adverse to the Debtors, the Debtors' estates, or the Committee on
the matters upon which they are to be engaged.
The Firm can be reached through:
Michael Atkinson
Protiviti Inc.
1 E. Pratt St. Suite 800
Baltimore, MD 21202
Phone: 410-454-6800
Facsimile: 410-649-1111
Email: michael.atkinson@protiviti.com
About Bostwick Laboratories
Founded in 1999, Bostwick Laboratories, Inc., and Bostwick
Laboratories Holdings, Inc. -- http://www.bostwicklaboratories.com/
-- operate an independent, full-service anatomic pathology
laboratory and are a specialty provider of diagnostic testing
services for urologists and gynecologists in the U.S. The Debtors
operate a reference laboratory offering a comprehensive suite of
anatomic pathology and molecular testing services to independent
physicians nationally.
BLI is a wholly owned subsidiary of BLHI. BLHI has no business
operations of its own.
BLI provides laboratory services to the approximately $1.3 billion
urology market, with over 15 years of experience in the field of
diagnostic and prognostic testing for the approximately 7,500
non-hospital based urologists practicing in the United States. BLI
also has testing capabilities to serve other select subspecialty
markets outside of urology, including women's health / OBGYN,
gastroenterology, nephrology, and dermatology.
BLI has 193 employees, with 125 employees located at the laboratory
facility in Uniondale, New York. The employees perform a variety
of critical functions relating to the business, including billing
and registration, sales and marketing, and laboratory operations.
As of the bankruptcy filing, the Debtors estimated assets in the
range of $1 million to $10 million and liabilities of up to $100
million.
In August 2014, BLI entered into a settlement agreement with the
Department of Justice, under which BLI agreed to pay the DOJ
$7,000,000. The agreement resulted in a $3,200,000 unsecured
installment note, payable in seventeen quarterly installments,
starting June 2016 with interest at 2.25%. The note matures in
June 2020. As of the Petition Date, the amount owed to the DOJ is
$2,702,020.
Bostwick Laboratories, Inc., and Bostwick Laboratories Holdings,
Inc., based in Uniondale, NY, filed separate Chapter 11 petitions
(Bankr. D. Del. Case Nos. 17-10570 and 17-10572) on March 15, 2017.
The Hon. Brendan Linehan Shannon presides over the case. David B.
Stratton, Esq., Evelyn J. Meltzer, Esq., and John H. Schanne, II,
Esq., at Pepper Hamilton LLP, serve as bankruptcy counsel. The
Debtors hired Donlin Recano & Company as claims and noticing
agent.
In its petition, the Debtor estimated $1 million to $10 million in
assets and $50 million to $100 million in liabilities. The
petition was signed by Tommy Hunt, CFO.
Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed on
March 23, 2017, three creditors to serve on the official committee
of unsecured creditors.
CARITAS INVESTMENT: Hires Ellery Plotkin as Bankruptcy Attorney
---------------------------------------------------------------
Caritas Investment Limited Partnership seeks approval from the US
Bankruptcy Court for the District of Connecticut, Bridgeport
Division, to employ Ellery E. Plotkin as bankruptcy attorney.
Services that Plotkin is to render are:
a. to give debtor legal advice with respect to its powers and
duties as debtor in possession and to the continued operation of
its business and management of its affairs;
b. to take necessary action to avoid liens, if any, asserted
against the property of the debtor, or to avoid payments that may
be deemed preferential pursuant to the BAnkruptcy Code;
c. to prepare necessary applications, answers, orders, reports
and other legal papers;
d. to perform all of the legal services for debtor as
debtor-in-possession; and
e. to engage in the appropriate consultation and negotiation
which may be necessary from time to time in the formulation and
preparation of a Chapter 11 Plan.
The Debtor wishes to employ Ellen E. Plotkin under a general
retainer of $10,000.00, plus Court filing fee of $1,717.00 due to
the extensive legal services required under the bankruptcy
proceeding. The billing rate of Plotkin is $350 per hour.
Plotkin attests that she is a disinterested person as defined in
section 101(14) of the Bankruptcy Code.
The Firm can be reached through:
Ellery E. Plotkin, Esq.
LAW OFFICES OF ELLERY E. PLOTKIN, LLC
777 Summer Street, 2nd Floor
Stamford, CT 06901
Tel: 203 325-4457
Fax: 203-325-4376
E-mail: EPlotkinJD@aol.com
About Caritas Investment
Headquartered at Stamford, CT, Caritas Investment Limited
Partnership is a single asset real estate as defined in 11 U.S.C.
Section 101(51B). It owns the property at 140 Wallacks Drive,
Stamford, CT 06902, which consists of a parcel on Stamford mainland
and an island in the City of Stamford. Caritas Investment Limited
Partnership filed a Chapter 11 petition (Bankr. D. Conn. Case No.
17-50456) on April 24, 2017. The Hon. Julie A. Manning presides
over the case. Ellery E. Plotkin, Esq. at Law Offices of Ellery E.
Plotkin, LLC, serves as bankruptcy counsel.
In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities. The petition was signed by John A.
Morgan, member of Morgan 2000, LLC, general partner.
The Debtor failed to include a list of its 20 largest unsecured
creditors at the time of the filing.
CASCELLA & SON: May Use Cash Collateral Until July 31
-----------------------------------------------------
Judge Julie A. Manning of the U.S. Bankruptcy Court for the
District of Connecticut authorized Cascella & Son Construction,
Inc. to collect and use the pre-petition collateral including
without limitation the cash collateral on an interim basis from
April 27, 2017 through July 31, 2017 to continue its usual and
ordinary operations in the ordinary course of business by paying
those budgeted expenditures set forth on the budget.
The Interim Order will expire by its terms at 5:00 p.m. on June 30,
2017. Any objection to the continued use of cash collateral must
be filed and served no later than June 16, 2017 at 5:00 p.m.
A further hearing on the continued use of Cash Collateral will be
held on June 20, 2017, at 10:00 a.m.
The Debtor will be allowed an 8% variance per line item for
expenses and to that extent, it may transfer between line items but
in no event will the aggregate Expenditures for any Budget period
exceed the total amount of Expenditures for such Budget period set
forth on the Budget.
The Budget reflects total monthly expenses of $14,815 each for the
months of May 2017 and June 2017.
As adequate protection for any post-petition diminution in value of
the Pre-Petition Collateral Post-Petition Collateral and the Cash
Collateral arising out of the Debtor's use thereof and/or the
continuance of the automatic stay, TD Bank, formerly known as
Hudson Valley Bank, First Niagra Bank, formerly known as New
Alliance Bank, the IRS and the Town of Monroe are granted
post-petition claims against the Debtor's estate, which will have
priority in payment over any other indebtedness and/or obligations
now in existence or incurred hereafter by the Debtor and over all
administrative expenses or charges against property of the kind,
subject only to the Carve-Out.
As security for the Adequate Protection Claim, the Debtor grants to
TD Bank, First Niagra Bank, the IRS and the Town of Monroe an
enforceable and perfected replacement lien and/or security interest
in the post-petition assets of the Debtor's estate equivalent in
nature, priority and extent to their liens and/or security
interests in the Pre-Petition Collateral and the proceeds and
products thereof, subject to the Carve-Out.
The Replacement Lien will be deemed valid and perfected without the
necessity for the execution, delivery and filing or recordation of
any further documentation otherwise required under nonbankruptcy
law for the perfection of security interests and recordation of
liens, with such perfection being binding upon any subsequently
appointed Trustee, either in Chapter 11 or under any other Chapter
of the Bankruptcy Code, and upon all creditors of the Debtor who
have extended, or may hereafter extend, secured or unsecured credit
to the Debtor.
Regardless of the date and time that the Order is entered by the
Clerk of the Court, the Order will take affect and is binding upon
the parties as of June 1, 2014 with respect to transactions on and
after that time.
Notwithstanding anything contained herein to the contrary, the
following Carve-Out will be deemed to have a lien prior in right to
satisfaction from the Debtor's property generated post petition,
including Cash Collateral, which lien will be senior to the
replacement liens or any other liens granted: (i) the allowed
administrative claims of attorneys and other professionals retained
by the Debtor in the Case, and in the aggregate amount of $30,000;
and (ii) amounts payable to pursuant to 28 U.S.C. Section
1930(a)(6).
A copy of the Budget attached to the Seventeenth Order is available
for free at:
http://bankrupt.com/misc/ctb14-50518_244_cash_Cascella_&_Son.pdf
About Cascella & Son Construction
Cascella & Son Construction, Inc., filed a chapter 11 petition
(Bankr. D. Conn. Case No. 14-50518) on April 7, 2014. The
petition
was signed by Todd Michael Cascella, president. The Debtor is
represented by James M. Nugent, Esq., at Harlow, Adams, and
Friedman. The case is assigned to Judge Alan H.W. Shiff. The
Debtor disclosed $0 in assets and $3.48 million in liabilities at
the time of the filing.
CENTRAL FALLS, RI: Moody's Hikes Rating on 2007 GO Bonds to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating to Ba1 from Ba2
of the City of Central Falls, Rhode Island's General Obligation
Bonds, Series 2007. The rating outlook has been revised to positive
from stable. Concurrently, Moody's has affirmed the Ba1 rating on
the Rhode Island Health and Educational Building Corporation's
(RIHEBC) Series 2007B pool bonds.
The upgrade to Ba1 from Ba2 reflects a multi-year trend of stable
operating results and continued positive performance relative to
the post-bankruptcy plan since the city's emergence from Chapter 9
bankruptcy in 2012. The rating also takes into account Moody's
expectations that the city's financial flexibility will increase
following the end of the post-bankruptcy plan period (ending June
30, 2017) with the implementation of a fund balance policy
requiring maintenance of unassigned General Fund reserves of at
least 10% of prior year expenditures. The rating continues to
incorporate the city's high fixed costs (comprised of pension, OPEB
and debt service expenses), totaling nearly 30% of spending, and a
high sensitivity to adverse economic trends compared to other
municipalities. The rating action also reflects the general
stabilization of the local economy with declining unemployment and
multi-year taxbase growth. Resident wealth and income remain weak
and will likely limit revenue growth. Lastly, the expectation that
the prudent financial management practices employed during the last
five years will be maintained was also an important consideration
in the upgrade.
The affirmation of the Ba1 rating reflects the credit quality of
the pool participants following Central Falls' upgrade. Moody's
assessments of the pool is based on the "Weak Link Plus" approach
outlined in Moody's Public Sector Pool Financings methodology,
which is applicable to pools with neither cross collateralization
provisions nor a debt service reserve fund. Under this approach,
Moody's factor in the overall credit quality of the pool
participants, limiting the pool rating to Ba1 while any pool
participant is rated below investment grade. The methodology also
takes into account the significant amount of debt service directly
paid to RIHEBC by the state.
Rating Outlook
The positive outlook reflects Moody's expectations that the city
will build its financial position following the end of the
bankruptcy plan in July 2017 and will sustain satisfactory reserve
levels over the next several years by adhering to the sound
budgeting practices utilized over the past five years following the
city's emergence from bankruptcy. Challenges will continue to
include the limited financial flexibility resulting from high fixed
costs and constrained revenue growth.
Factors that Could Lead to an Upgrade
Sustained increase in fund balance and maintenance of structural
balance
Reduction in long-term liabilities and fixed costs leading to
greater financial flexibility
Material growth in tax base and improvement in wealth and income
indicators
Factors that Could Lead to a Downgrade
Growth in pension and OPEB liabilities
Material increase in debt
Failure to adhere to new fund balance policy and maintain adequate
reserve levels in fiscal 2018 and beyond
Weakening of the city's tax base or economic indicators
Weak financial management practices leading to operating
performance volatility
Legal Security
The GO bonds are general obligations of the city and are secured by
an unlimited property tax pledge. The RIHEBC 2007B pool bonds are
ultimately secured by the general obligation pledge of the pool
participants under their respective financing agreements with
RIHEBC.
Use of Proceeds
Not applicable.
Obligor Profile
Central Falls, at 1.3 square miles, is located in the northeastern
part of the state of Rhode Island. With a population of 19,378
(2015 American Community Survey estimate), it is the smallest city
in the state as well as the most densely populated.
Methodology
The principal methodology used in the general obligation rating was
US Local Government General Obligation Debt published in December
2016. The principal methodology used in the pool rating was Public
Sector Pool Financings published in July 2012.
CHARTER NEX: Moody's Assigns B3 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service assigned new ratings for Charter NEX US,
Inc., including a B3 Corporate Family Rating and B3-PD Probability
of Default Rating, and B2 ratings for the company's proposed $660
million first-lien bank credit facilities -- including a $75
million revolver and a $585 million term loan. Proceeds from the
new term loan and $245 million of unrated senior unsecured PIK
toggle notes will augment an anticipated $715 million combined cash
equity contribution from Leonard Green & Partners L.P., Oak Hill
Advisors and management, and will fund the approximate $1.5 billion
buyout, as well as deal fees and a modest amount of residual cash
remaining on the balance sheet. Outstanding debt of approximately
$600 million will be repaid from the buyout proceeds. The ratings
outlook is stable.
Ratings Assigned:
Charter NEX US, Inc.
Corporate Family Rating, B3;
Probability of Default, B3-PD;
$75 million first-lien senior secured revolving credit facility, B2
(LGD3);
$585 million first-lien senior secured term loan facility, B2
(LGD3).
Outlook: Stable
Ratings for Charter NEX US Holdings, Inc. and its debt obligations
will be withdrawn upon completion of the transaction.
RATINGS RATIONALE
Charter NEX's B3 Corporate Family Rating (CFR) broadly reflects the
company's modest scale, high customer concentration, strong
competition, high leverage and limited projected free cash flow.
These risks are mitigated by the company's good market position in
a niche segment of the technically complex specialty film
manufacturing industry -- which affords strong margins -- and
exposure to the relatively stable packaged food and medical
segments, which Moody's expects will evidence continued solid
growth. The company has long-term relationships with its customer
base, but earnings remain vulnerable to changing customer
preferences and competitor actions, nonetheless. Moody's projects
that Charter NEX's very high debt-to-EBITDA leverage (estimated at
8.5x incorporating Moody's standard adjustments and pro forma for
the leveraged buyout) will decline over the next 12 months as the
company continues to grow, but balance sheet strengthening will be
somewhat limited by a focus on growth spending. The heavy debt
capitalization is indicative of a high purchase price and the
backing of financial sponsors.
The stable ratings outlook reflects Moody's expectation that
Charter NEX's leverage will remain high for the rating category
over the intermediate-term as the company prioritizes growth
expenditures over debt pay-down, but that earnings will grow and
margins will remain strong as the company more aggressively expands
its business, and that at least adequate liquidity will be
maintained at all times.
Any material debt-financed acquisitions, shareholder distributions
or adverse business developments (such as the loss of a key
customer) could result in a ratings downgrade. The inability to
generate positive cash flow, and/or a weakened liquidity profile,
could also pressure ratings.
The ratings could be upgraded if the company sustainably improves
key credit metrics within the context of a stable operating and
competitive environment, while also maintaining adequate liquidity
and more conservative financial policies. This might be indicated
by debt/EBITDA of less than 6.0 times, and EBITDA to interest
expense of more than 2.5 times.
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
September 2015.
Charter NEX, headquartered in Milton, Wisconsin, is a producer of
specialty polyethylene film primarily for food and consumer
products, industrial and medical applications. Post the transaction
closing, Charter NEX will be a portfolio company of Leonard Green &
Partners L.P. Revenue for the fiscal year ended 2016 was
approximately $397 million.
CHARTER NEX: S&P Assigns 'B' CCR & Revises Outlook to Negative
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Charter NEX US Holdings
Inc. to negative from stable and affirmed all of its ratings on the
company.
At the same time, S&P assigned its 'B' corporate credit rating to
Charter NEX US Inc. The outlook is negative.
Additionally, S&P assigned its 'B' issue-level rating and '3'
recovery rating to the company's proposed first-lien credit
facilities, which comprise a $75 million revolver due 2022 and a
$585 million term loan due 2024. The '3' recovery rating indicates
S&P's expectation for meaningful (50%-70%; rounded estimate: 65%)
recovery for lenders in the event of a payment default.
"We expect that CNEX will fund the roughly $1.5 billion transaction
with its new $585 million first-lien term loan, new $245 million
senior unsecured payment-in-kind (PIK) toggle notes, and the
remainder of its $715 million in equity," said S&P Global Ratings
credit analyst, Henry Fukuchi. The majority of this equity
contribution will come from Leonard Green & Partners L.P. and the
remaining will come from Oak Hill Capital Partners and management.
The negative outlook on CNEX reflects the one-in-three chance that
S&P will lower its ratings on the company over the next 12 months
if its leverage does not improve below 7x. Following the
completion of the leveraged buyout, S&P expects that the company's
adjusted debt-to-EBITDA will increase to over 8x. However, under
S&P's base-case scenario, it anticipates that Charter NEX will
reduce its leverage below 7x in the next year on healthy revenue
and profit growth while maintaining adequate liquidity.
CHEDDAR'S RESTAURANT: S&P Withdraws 'B' Corporate Credit Rating
---------------------------------------------------------------
S&P Global Ratings withdrew all of its ratings on Cheddar's
Restaurant Holdings Corp. (Cheddar's), including the 'B' corporate
credit rating, at the company's request. Prior to withdrawal, the
ratings were on CreditWatch with positive implications, where S&P
placed them on March 28, 2017.
The withdrawal follows the completion of Darden Restaurants Inc.'s
acquisition of Cheddar's and repayment of the company's rated term
loan debt.
CHINACAST EDUCATION: Recovery for Litigation Funding Claims Unknown
-------------------------------------------------------------------
ChinaCast Education Corporation filed with the U.S. Bankruptcy
Court for the Southern District of New York a second amended
disclosure statement for the Debtor's second amended Chapter 11
plan.
Class 4 Litigation Funding Claims of Insiders -- estimated at
$2,019,022 -- are impaired by the Plan. Shares in assets remaining
after Unclassified Claims and Classes 1-3 are paid in full pari
passu with Classes 5 and 6.
Class 5 Litigation Funding Claims of Non-Insiders -- estimated at
$7,387,430 -- are impaired by the Plan. Shares in assets remaining
after Unclassified Claims and Classes 1-3 are paid in full pari
passu with Classes 4 and 6.
The Debtor and the Litigation Trust, as applicable, will use the
proceeds of the DIP Financing and other funds held by the Debtor on
the Effective Date, (i) to make cash distributions required by the
Plan on the Effective Date, (ii) to fund the Administrative Reserve
to the extent necessary to satisfy section 1129(a)(11) of the
Bankruptcy Code, (iii) to pay other expenses of the Chapter 11
Case, to the extent so ordered by the Bankruptcy Court, and (iv)
for general purposes to fund the Litigation Trust.
Estimated recovery for the two classes of litigation funding claims
is unknown.
A copy of the Second Amended Disclosure Statement is available at:
http://bankrupt.com/misc/nysb16-13121-91.pdf
As reported by the Troubled Company Reporter on March 14, 2017, the
Debtor's disclosure statement dated March 1, 2017, provides that
Class 6 General Unsecured Claims -- estimated at $12,367,282 – is
impaired by the Plan. Estimated recovery for this class is
unknown. Shares in assets remaining after unclassified claims and
Classes 1-3 are paid in full pari passu with Classes 4 and 5.
June 15 Confirmation Hearing
A hearing to consider the confirmation of the Plan is set for June
15, 2017, at 10:00 a.m. Objections to the confirmation of the Plan
must be filed by June 1, 2017, at 4:00 p.m., which is also the
deadline for the submission of ballots.
About Chinacast Education
Chinacast Education Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 16-13121) on Nov. 9,
2016. The petition was signed by Douglas Woodrum, chief financial
officer.
The case is assigned to Judge Mary Kay Vyskocil. Klestadt Winters
Jureller Southard & Stevens, LLP represents the debtor as its
bankruptcy counsel.
At the time of the filing, the Debtor estimated its assets at $500
million to $1 billion and debts at $10 million to $50 million.
The Office of the U.S. Trustee has not yet appointed an official
committee of unsecured creditors.
CIBER INC: Court Approves Sale Procedures, Sets May 15 Auction
--------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court issued
an order approving Ciber Inc.'s (i) motion for the sale of property
free and clear of liens, claims, encumbrances and interests and
(ii) an order establishing bidding procedures relating to the sale
of the Debtors' assets, including approving a break-up fee and
expense reimbursement.
CIBER Inc. has a stalking horse deal to sell all of its assets to a
unit of Capgemini for $50 million plus the assumption of certain
assumed liabilities, subject to higher or better offers.
According to the BankruptcyData report, "The Stalking Horse
Purchase Agreement contemplates a purchase price of $50 million for
the Purchased Assets plus the assumption of certain liabilities,
that have a value of approximately $18 million and reflects CG
America's agreement to act as a stalking horse bidder in a
Court-supervised bidding and auction process. Specifically, subject
to Court approval as part of the Bidding Procedures Order, the
Debtors will be required to pay the Stalking Horse Bidder a
'Break-Up Fee' in the amount of $1,500,000 of the purchase price
and reimburse the Stalking Horse Bidder for all of its reasonably
documented costs and expenses related to pursuing, negotiating, and
documenting the transactions contemplated by the Stalking Horse
Purchase Agreement, which shall not exceed $500,000 (the 'Expense
Reimbursement' and together with the Break-Up Fee, the 'Bid
Protections')."
The Court approved these dates: auction (if necessary) -- May 15,
2017; sale order -- May 19, 2017 and sale closing -- May 24, 2017.
The Debtors have proposed to hold the auction at the offices of
Morrison & Forester LLP, 250 West 55th Street, New York, New York.
Any interested persons should contact:
a) the proposed investment banker to the Debtors:
Houlihan Lokey Capital Inc.
100 Crescent Ct. #900
Dallas, TX 75201
Attn: Adam Dunayer
Tom Bailey
Tel: 214-220-8483
Email: adunayer@hl.com
tbailey@hl.com
-- or --
b) the proposed lead counsel to Debtors:
Morrison & Forester LLP
250 West 55th Street
New York, NY 10019
Attn: Brett H. Miller, Esq.
Dennis L. Jenkins, Esq.
Todd M. Goren, Esq.
Tel: 212-468-8000
Email: brettmiller@mofo.com
djenkins@mofo.com
tgoren@mofo.com
About CIBER Inc.
CIBER, Inc. -- http://www.ciber.com/-- is a global information
technology consulting, services and outsourcing company.
The Company and 2 other affiliates sought bankruptcy protection on
April 9, 2017 (Bankr. D. Del. Lead Case No. 17-10772). The
petition was signed by Christian Mezger, chief financial officer.
The Debtors listed total assets of $334.2 million and total
liabilities of $171.92 million as of September 30, 2016.
The Hon. Brendan Linehan Shannon presides over the case.
Morrison & Foerster LLP serves as lead bankruptcy counsel to the
Debtors, and Saul Ewing LLP serves as local counsel. The Debtors
have tapped Houlihan Lokey as investment banker, Alvarez & Marsal
as restructuring advisor, and Prime Clerk LLC as noticing and
claims agent.
On April 19, 2017, the U.S. Trustee appointed 3 creditors to serve
in the official unsecured creditors committee in the Debtor's case.
COPIA PARTNERS: Wants to Use Pinnacle Bank and DNV Cash Collateral
------------------------------------------------------------------
Copia Partners, LLC, asks the U.S. Bankruptcy Court for the Western
District of Tennessee to authorize the use of the collateral of
Pinnacle Bank as 1st lien holder and DNV Investment Partnership as
second lien holder on an interim basis pending a final hearing.
Pinnacle Bank and DNV Investment Partnership are secured creditors
and parties in interest holding secured claims in the case.
The Debtor has pledged to Pinnacle Bank and DNV Investment
Partnership a secured interest in all accounts receivable and
inventory.
The Debtor wishes to utilize revenue from the accounts receivable
and from the sale of inventory to replenish the inventory supply
and continue to operate the business by paying regular ordinary and
necessary business expenses.
The proposed budget reflects gross monthly income of $337,289 and
future monthly expenses of $329,800.
Pending confirmation of its Chapter 11 plan, the Debtor asks that
they be permitted to use the cash collateral, including accounts
receivable and the proceeds from the sale of inventory, and all
assets and other property pledged to Pinnacle Bank and DNV
Investment Partnership.
The Debtor needs to effectively reorganize in the Chapter 11
proceeding and without the use of cash collateral they will not be
able to operate the business, thereby eliminating any potential
income to be used to repay creditors.
A full-text copy of the Amended Motion is available for free at:
http://bankrupt.com/misc/tnwb17-23736_36_cash_COPIA_PARTNERS.pdf
Copia Partners
Founded in 2012, Copia Partners, LLC --
http://www.copiaproducts.com/-- is a manufacturer of consumable
licensed products for babies and disposable tablewares. The
Company's products include baby wipes, baby bottles, pacifiers and
utensils.
Copia Partners sought Chapter 11 protection on (Bankr. W.D. Tenn.
Case No. 17-23736) on April 26, 2017, disclosing assets at $1.16
million and liabilities at $2.29 million. Wade Whitley, the CEO,
signed the petition.
Judge Jennie D. Latta is assigned to the case.
The Debtor tapped Steven Lee Lefkovitz, Esq., at Lefrovitz &
Lefrovitz, as counsel.
CREEKSIDE CROSSINGS: Case Summary & 7 Unsecured Creditors
---------------------------------------------------------
Debtor: Creekside Crossings Investments, LLC
783 Word Plaza
Rocky Mount, NC 27804
Case No.: 17-02189
Business Description: Creekside Crossings is a single asset real
estate as defined in 11 U.S.C. Section
101(51B). It owns a commercial property
located at 783 World Plaza Rocky Mount, NC
Parcel #385005090331 valued at $928,000.
The Company posted gross revenue of $80,405
in 2016 and gross revenue of $86,400 in
2015.
Chapter 11 Petition Date: May 2, 2017
Court: United States Bankruptcy Court
Eastern District of North Carolina
(Raleigh Division)
Judge: Hon. Joseph N. Callaway
Debtor's
Counsel: Nicholas C. Brown, Esq.
HOWARD, STALLINGS, FROM, HUTSON, ANGELL & DAVIS P.A.
PO Box 12347
Raleigh, NC 27605
Tel: 919 821-7700
Fax: 919 821-7703
E-mail: nbrown@hsfh.com
Total Assets: $937,475
Total Liabilities: $2.35 million
The petition was signed by Estelle Tenembaum, managing member.
A copy of the Debtor's list of seven unsecured creditors is
available for free at http://bankrupt.com/misc/nceb17-02189.pdf
CRET RESTORATION: Taps Butler Law Group as Counsel
--------------------------------------------------
CRET Restoration, Inc. seeks approval from the US Bankruptcy Court
for the District of Maryland to employ Craig A. Butler and The
Butler Law Group, PLLC as counsel.
The Debtor has entered into the retainer agreement for
representation in all aspects of this Case, including filing of the
required schedules, statements, and reports, settlement
negotiations, advice concerning administration of the estate,
filing of necessary motions, the bringing and defense of any
contested matters or adversary proceedings involving the Debtor in
this Court, and Confirmation of the Disclosure Statement and Plan.
Currently, the Counsel's hourly rates range from $125.00 per hour
for paralegal/legal assistants to $450 for the most senior lawyers.
As a senior attorney in the Firm, Craig A Bultler's hourly rate is
$275.00.
Craig A. Butler attests that neither The Butler Law Group, PLLC,
nor any of its attorneys, represent any interests adverse to those
of the estate of the Debtor, and they are considered to be
disinterested under the provisions of 11 U.S.C. Sec. 327(a).
The Counsel can be reached through:
Craig A. Butler, Esq.
The Butler Law Group, PLLC
1001 G Street, NW, Suite 800
Washington, DC 20001
Tel: (202) 587-2773
Fax: (202) 591-1727
Email: cbutler@blgnow.com
About CRET Restoration Inc.
Based in Fort Washington, Maryland, CRET Restoration Inc. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md.
Case No. 17-13860) on March 20, 2017. The petition was signed by
Vaughn Taylor, president.
The case is assigned to Judge Lori S. Simpson.
At the time of the filing, the Debtor estimated assets of $10
million to $50 million and liabilities of $1 million to $10
million.
CUSTOM SOFTWARE: Plan Confirmation Hearing on June 15
-----------------------------------------------------
The Hon. Daniel S. Opperman of the U.S. Bankruptcy Court for the
Eastern District of Michigan has granted preliminary approval of
Custom Software, Inc., and its debtor-affiliates' disclosure
statement referring to the Debtors' plan of reorganization.
The hearing on objections to final approval of the Disclosure
Statement and confirmation of the Plan will be held on June 15,
2017, at 10:00 a.m.
The deadline to return ballots on the Plan, as well as to file
objections to final approval of the Disclosure Statement and
objections to confirmation of the Plan, is June 8, 2017.
The deadline for all professionals to file final fee applications
is June 29, 2017.
As reported by the Troubled Company Reporter on April 25, 2017, the
Debtors filed with the Court a combined plan and disclosure
statement dated April 17, 2017. Class 21 general unsecured claims
in excess of $1,000 and any portions of other claims asserted as
priority or secured which are entitled to unsecured treatment
against the estate, excluding Class 22 claims, that were timely
filed, to the extent the same are allowed, approved and ordered
paid by the Court.
About Custom Software
Custom Software, Inc. -- dba M33 Access, TWD Communications,
Net4Kids.com, Inc. -- based in Rose City, Mich., filed a Chapter 11
petition (Bankr. E.D. Mich. Case No. 16-20173) on Feb. 5, 2016,
listing $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Judge Daniel S. Opperman presides over the
case. Rozanne M. Giunta, Esq., at Lambert Leser, Attorneys At Law,
serves as counsel to the Debtor. The petition was signed by Glenn
A. Wilson Sr., president.
DARDEN-GREEN CO: Hires Pamela Dunn as Accountant
------------------------------------------------
Darden-Green Co., Inc. seeks approval from the US Bankruptcy Court
for the Northern District of Alabama, Southern Division, to employ
Pamela Dunn, CPA as accountant.
The professional services to be rendered by Dunn are:
a. gather data from the Debtor sufficient to create tax
returns the Debtor is required to file with appropriate
governmental taxing agencies;
b. prepare monthly, quarterly, and yearly payroll reports
along with W-2s; and
c. help the Debtor with bookkeeping.
Dunn will be paid $125.00 per hour.
The CPA can be reached through:
Pamela Dunn, CPA
P.O. Box 12
Trussville, AL 35173
Tel: 205-836-1916
About Darden-Green
Darden-Green Co., Inc., based in Birmingham, Alabama, filed a
Chapter 11 petition (Bankr. N.D. Ala. Case No. 16-01957) on May 12,
2016. The Hon. Tamara O Mitchell presides over the case. Thomas E
Reynolds, Esq., at Reynolds Legal Solutions, LLC, serves as Chapter
11 counsel. In its petition, the Debtor listed total assets of
$2.13 million and total liabilities of $2.31 million. The petition
was signed by Bobbie Green, general manager.
DARDEN-GREEN CO: Unsecureds to Get 25% Over 79 Months
-----------------------------------------------------
Judge Tamara O. Mitchell of the U.S. Bankruptcy Court for the
Northern District of Alabama will convene a hearing on June 26,
2017, at 10:30 a.m., to consider approval of the disclosure
statement and accompanying plan of reorganization filed by
Darden-Green Co., Inc., on April 28, 2017.
June 19, 2017, is fixed as the last day for filing and serving
written objections to the disclosure statement.
Class 5 under the plan consists of the allowed small unsecured
claims. These claims are projected to be in the amount of
$16,117.04 or less. These claimants will receive 25% of their
claims in cash within 30 days of the confirmation of the plan.
Class 6 consists of the allowed large unsecured claims. There will
be three claimants in this class possessing a total of claims in
the amount of $1,234,823.95. These claimants will be issued a
promissory note, which note will provide for the payment of no less
than 25% of that allowed claim over a period of 79 months.
At a minimum, the Debtor anticipates that cash flow will improve
during the performance of the plan as follows: the Debtor will have
access to that cash required during the bankruptcy case paid to the
Bankruptcy Administrator's office, and the professional services
for attorneys and financial advisors is expected to drop
considerably following confirmation of the plan. The debt due to
Ford Motor Credit is scheduled to be paid off in July 2018, while
the debt owed to The Hometown Bank is scheduled to be paid off Feb
2021.
The Disclosure Statement is available at:
http://bankrupt.com/misc/alnb16-01957-11-79.pdf
The Debtor is represented by:
Thomas E. Reynolds
Reynolds Legal Solutions, LLC
300 Richard Arrington Jr. Blvd N., Suite 503
Birmingham, Alabama 35203
Phone: (205)957-6500
Email: ter@reynoldslegalsolutions.com
About Darden-Green
Darden-Green Co., Inc., based in Birmingham, Alabama, filed a
Chapter 11 petition (Bankr. N.D. Ala. Case No. 16-01957) on May
12,
2016. Hon. Tamara O Mitchell presides over the case. Thomas E
Reynolds, Esq., at Reynolds Legal Solutions, LLC, serves as
Chapter
11 counsel. In its petition, the Debtor listed total assets of
$2.13 million and total liabilities of $2.31 million. The
petition was signed by Bobbie Green, general manager.
DELTA MECHANICAL: Taps Nancy J Stone as Chief Executive Officer
---------------------------------------------------------------
Delta Mechanical Inc., an Arizona corporation, Nevada Delta
Mechanical, Inc., CD Plumbing Inc., Arizona Delta Mechanical, Inc.,
California Delta Mechanical, Inc., Georgia Delta Mechanical, Inc.,
New Mexico Delta Mechanical, Inc., Colorado Delta Mechanical Inc.,
Carolina Delta Mechanical, Inc., Michigan Delta Mechanical, Inc.,
Florida Delta Mechanical, Inc., Texas DMI, Inc., and Delta
Mechanical, Inc., seek authorization from the US Bankruptcy Court
for the Arizona for the continued employment of Nancy J. Stone as
Chief Executive Officer.
In exchange for her services as CEO, Ms. Stone will receive an
annual salary of $300,000 for work performed subsequent to the
1,000 hours set forth in the Employment Agreement. Ms. Stone will
record the number of hours she devotes to the Debtors each month,
however, those hours will be reconciled against this salary at the
rate of $300 per hour.
As contained in the Employment Order, these provisions are stricken
from the Employment Agreement:
(i) the final sentence of subsection 1(a) of the employment
agreement, that prevents Ms. Stone from terminating or adjusting
the compensation of Todor Kitchukov or Mariana Kitchukov;
(ii) section 2(d) of the Exhibit A to the Employment
Agreement, that requires Ms. Stone to collaborate with Todor
Kitchukov in directing the reorganization of the Debtors, including
the presentation of a plan of reorganization in the case; and
(iii) section 2(e) of Exhibit A to the Employment Agreement,
that provides Todor Kitchukov
with primary responsibility for the Debtors' sales and marketing
efforts and relationships with
existing customers.
The CEO can be reached through:
Nancy J. Stone
Stone Strategic Management, LLC
9099 North 114th Place
Scottsdale, AZ 85259
Phone: (602) 910-0945
About Delta Mechanical
Mesa, Arizona-based Delta Mechanical Inc. and its debtor-affiliates
are engaged, generally, in the installation, maintenance, and
repair of plumbing and heating, ventilation, and air conditioning
fixtures and equipment. The Debtors, collectively, operate in 13
states, and employ approximately 350 people. Each of the Debtors
is a corporation that is wholly owned by Todor and Mariana
Kitchukov.
The Debtors sought Chapter 11 bankruptcy protection (Bankr. D.
Ariz. Lead Case No. 15-13316) on Oct. 19, 2015. The Hon. George B.
Nielsen, Jr., presides over the cases.
The Debtors are represented by John J. Hebert, Esq., Philip R.
Rudd, Esq., and Wesley D. Ray, Esq., at Polsinelli PC.
In its petition, Delta Mechanical estimated $1 million to $10
million in assets, and $10 million to $50 million in liabilities.
The petitions were signed by Todor Kitchukov, president.
On Nov. 17, 2015, the United States Trustee's Office appointed the
Official Committee of Unsecured Creditors. The Committee is
comprised of the following creditors: Douglas Law Office; Barnes
Law Offices; and Woodall Law Offices. The Committee has retained
Gallagher & Kennedy, P.A., as its legal counsel and MCA Financial
Group, Ltd., as its financial advisor.
DEWEY & LEBOEUF: Ex-Executives Tried to Save Firm, Attorneys Say
----------------------------------------------------------------
Jody Godoy, writing for Bankruptcy Law360, reports that the
attorneys for former Dewey Executive Director Stephen DiCarmine and
Chief Financial Officer Joel Sanders told the court that their
clients had no plans to defraud the Firm's banks and lenders, but
were merely trying to save the Firm.
About Dewey & LeBoeuf
Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) in 2012 to complete the wind-down of its
operations. The Firm had struggled with high debt and partner
defections. Dewey disclosed debt of $245 million and assets of
$193 million in its Chapter 11 filing late evening on May 29,
2012.
Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP originally founded in
1929. In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.
At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe. When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.
Dewey's offices in Hong Kong and Beijing are being wound down. The
partners of the separate partnership in England are in process of
winding down the business in London and Paris, and administration
proceedings in England were commenced May 28. All lawyers in the
Madrid and Brussels offices have departed. Nearly all of the
lawyers and staff of the Frankfurt office have departed, and the
remaining personnel are preparing for the closure. The firm's
office in Sao Paulo, Brazil, is being prepared for closure and the
liquidation of the firm's local affiliate. The partners of the
firm in the Johannesburg office, South Africa, are planning to wind
down the practice.
The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million. The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.
Judge Martin Glenn oversees the case. Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor. Epiq Bankruptcy
Solutions LLC serves as claims and notice agent. The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.
JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP. JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors. The Noteholders hired
Bingham McCutchen LLP as counsel.
The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners. The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel. The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.
FTI Consulting, Inc., was appointed secured lender trustee for the
Secured Lender Trust. Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee. Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.
Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March. The plan created
a trust to collect and distribute remaining assets. The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.
DEWEY & LEBOEUF: Fraud Retrial vs. 2 Execs Goes to Jury
-------------------------------------------------------
Stewart Bishop, writing for Bankruptcy Law360, reports that the
fraud case against two former top executives of Dewey & LeBoeuf LLP
went to the jury Monday, May 1, after prosecutors finished closing
arguments by claiming that former Dewey Executive Director Stephen
DiCarmine and Chief Financial Officer Joel Sanders "engineered,
controlled and assisted" a multiyear fraud scheme.
Messrs. DiCarmine and Sanders are on trial for the second time over
a purported scheme to defraud Dewey's lenders and investors out of
tens of millions of dollars by artificially inflating Dewey's
bottom line in the wake of the financial crisis of 2008.
Law360 relates that Judge Stolz on Monday dismissed the last two
remaining alternate jurors from the case, leaving a primary panel
of eight women and four men.
The jury deliberated for only a matter of minutes before being sent
home for the day, but not before asking for what was apparently a
list of overt acts read to the jury as part of the judge's
instructions on the conspiracy charge. Judge Stolz told the panel
he couldn't give them an actual list under New York law, but said
he would address the request further on Tuesday, according to
Law360.
Mr. Sanders is represented by Andrew Frisch, Jason Wright and Emily
Golub. Mr. DiCarmine is represented by Rita M. Glavin and David
Driscoll of Seward & Kissel LLP.
The case is New York v. DiCarmine et al., case number 00773/2014,
in the Supreme Court of the State of New York, County of New York.
About Dewey & LeBoeuf
Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) in 2012 to complete the wind-down of its
operations. The Firm had struggled with high debt and partner
defections. Dewey disclosed debt of $245 million and assets of
$193 million in its Chapter 11 filing late evening on May 29,
2012.
Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP originally founded in
1929. In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.
At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe. When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.
Dewey's offices in Hong Kong and Beijing are being wound down. The
partners of the separate partnership in England are in process of
winding down the business in London and Paris, and administration
proceedings in England were commenced May 28. All lawyers in the
Madrid and Brussels offices have departed. Nearly all of the
lawyers and staff of the Frankfurt office have departed, and the
remaining personnel are preparing for the closure. The firm's
office in Sao Paulo, Brazil, is being prepared for closure and the
liquidation of the firm's local affiliate. The partners of the
firm in the Johannesburg office, South Africa, are planning to wind
down the practice.
The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million. The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.
Judge Martin Glenn oversees the case. Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor. Epiq Bankruptcy
Solutions LLC serves as claims and notice agent. The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.
JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP. JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors. The Noteholders hired
Bingham McCutchen LLP as counsel.
The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners. The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel. The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.
FTI Consulting, Inc., was appointed secured lender trustee for the
Secured Lender Trust. Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee. Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.
Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March. The plan created
a trust to collect and distribute remaining assets. The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.
DIGIDEAL CORPORATION: Hires CliftonLarsenAllen as Accountant
------------------------------------------------------------
Digideal Corporation seeks approval from the US Bankruptcy Court
for the Eastern District of Washington to employ Brian Shull and
CliftonLarsenAllen as accountant to prepare necessary tax returns
and reports for Debtor and various other accounting tasks as deemed
necessary.
The Firm's standard hourly rates are:
Principal $300
Manager/Director $240
Senior Associate $180
Associate $145
Support $ 90
The Firm can be reached through:
Brian Shull
CliftonLarsenAllen
601 W. Riverside, Suite 700
Spokane, WA 99201
Phone: (509) 363-6300
About Digideal Corporation
Digideal Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Wash. Case No. 17-00449) on Feb. 22,
2017. The petition was signed by Michael J. Kuhn, president. The
case is assigned to Judge Frederick P. Corbit.
Kevin O'Rourke, Esq., at Southwell & O'Rourke, P.S., serves as the
Debtor's legal counsel.
At the time of the filing, the Debtor estimated its assets at $100
million to $500 million and liabilities at $1 million to $10
million.
DRUMM CORP: S&P Affirms 'B-' CCR, Off CreditWatch Negative
----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' corporate credit rating on
Drumm Corp. and removed the rating from CreditWatch, where it was
placed with negative implications on March 27, 2017. The outlook
is stable. Drumm has repaid all of its rated debt.
S&P subsequently withdrew the 'B-' corporate credit rating on Drumm
Corp., and issue-level rating, at the company's request.
E&I HOLDINGS: Hires Ira A. Abel as Bankruptcy Counsel
-----------------------------------------------------
E&I Holdings LP and its debtor-affiliates seek approval from the US
Bankruptcy Court for the Eastern District of New York to employ the
Law Office of Ira A. Abel in substitution for the Law Office of
David Carlebach, Esq., under a general retainer, as bankruptcy and
reorganization counsel to the Debtor.
The Debtor has selected the Firm for the reason that its prior
firm, the Law Office of David Carlebach, Esq., has recently
experienced business difficulties that have prevented it from
continuing to provide legal services and advice on a consistent
basis.
Services to be rendered by the Counsel are:
a. advise the Debtors with respect to their powers and duties
as debtors-in possession;
b. assist the Debtors in the preparation of their schedules of
assets and liabilities, statements of financial affairs and other
reports and documentation required pursuant to the Bankruptcy Code
and the Bankruptcy Rules;
c. represent the Debtors at all hearings on matters pertaining
to their affairs as debtors-in-possession;
d. prosecute and defend litigated matters that may arise
during these Chapter 11 cases;
e. counsel and represent the Debtors in connection with the
assumption or rejection of executory contracts and leases,
administration of claims and numerous other bankruptcy-related
matters arising from these Chapter 11 cases;
f. counsel the Debtors with respect to various general and
litigation matters relating to these Chapter 11 cases;
g. assist the Debtors in obtaining approval of a disclosure
statement, confirmation of a plan of reorganization, and all other
matters;
h. perform all other legal services that are necessary and
desirable for the efficient and economic administration of the
Debtors' Chapter 11 cases.
Services will be provided at rates $485 per hour for partners and
$250 to $450 per hour for associates and counsel. Ira R. Abel's
current hourly rate is $485.
Ira R. Abel, owner, attests that his Firm is a "disinterested
person" within the meaning of section 101(14) of the Bankruptcy
Code.
The Firm can be reached through:
Ira A. Abel, Esq.
Law Office of Ira A. Abel
305 Broadway, 14th Floor
New York, NY 10007
Phone: 212-799-4672
Email: IraAbel@verizon.net
About E&I Holdings LP
E&I Holdings LP sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 15-45751) on December 28,
2015.
The case is jointly administered with the Chapter 11 cases of E&I
Management, LLC (Bankr. E.D.N.Y. Case No. 15-45754) and PA Farm
Products, LLC (Bankr. E.D.N.Y. Case No. 15-45755) filed on December
28, 2015; and the case of Wise Kosher Natural Poultry, Inc. (Bankr.
E.D.N.Y. Case No. 15-44725) filed on October 16, 2015.
At the time of the filing, E&I Holdings estimated its assets and
liabilities at $1 million to $10 million. The other Debtors
estimated their assets of less than $100,000 and liabilities of $1
million to $10 million.
The petitions were signed by Issac Wiesenfeld, E&I Holdings general
partner.
EAST TEXAS HOME: Hires Application Group as Accountant
------------------------------------------------------
East Texas Home Health, Inc. seeks approval from the US Bankruptcy
Court for the Eastern District of Texas, Lufkin Division, to employ
John M. Paschetag and The Application Group, Inc as bookkeeper and
accountant.
Professional services The Application Group, Inc. will render are:
a. provide the debtor accounting services;
b. provide assistance to the Debtor in properly preparing
monthly operation reports;
c. provide the Debtor assistance in preparing financial
reports used for filing tax returns; and
d. perform all other services for the Debtor as
Debtor-in-possession which may become necessary to the proceeding.
The Application Group, Inc.'s current hourly rate is $90.00.
Disbursement for expenses are not included in the Application
Group, Inc.'s hourly rates and will be separately billed as
expenses.
John M. Paschetag attests that his firm has no connection with the
Debtor, its creditors, other parties in interest, their respective
attorneys and accountants, the United States Trustee or any other
person employed by the Office of the United States Trustee.
The Firm can be reached through:
John M. Paschetag
THE APPLICATION GROUP, INC.
524 E Shepherd Ave.
Lufkin, TX 75901-3254
Phone: 936-639-2200
Fax: 936-639-2200
About East Texas Home Health
East Texas Home Health, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. E.D. Tex. Case No. 17-90059) on March 2, 2017.
Krista Jernigan, president, signed the petition. The Debtor is
represented by Samuel L. Milledge, at The Milledge Law Firm. At
the time of filing, the Debtor estimated less than $50,000 in
assets and liabilities.
EDWARD J. MALIK: Can Use Cash Collateral Until August
-----------------------------------------------------
Judge August B. Landis of the U.S. Bankruptcy Court for the
District of Nevada authorized Edward J. Malik, O.D., Chartered and
Associates, to use its cash, including the cash collateral to pay
(i) costs, fees and expenses related to the administration of the
Chapter 11 Case; and (ii) any other administrative expenses
approved by the Court from March 2017 through August 2017.
The Motion is denied as to authorizing the Debtor to surcharge the
prepetition collateral.
Except as otherwise expressly provided in the Order, the Cash
Collateral may be used for the purposes identified in the budget.
The budget projects the Debtor's current ordinary and anticipated
cash disbursements of approximately $687,600 from March 2017through
August 2017.
To the extent the Debtor uses Cash Collateral of Other Secured
Parties, such Other Secured Parties will also be granted Adequate
Protection Liens to the extent of the net diminution of such Other
Secured Parties interest in their respective collateral resulting
from the use of such Cash Collateral; subject, however to all
defenses, claims and counterclaims the Debtor may have against such
liens or the claims underlying such liens.
The Order and the use of purported Cash Collateral authorized will
become effective immediately upon authorization and approval by the
Court.
A copy of the Budget is available for free at https://is.gd/8yTtBj
About Edward J. Malik O.D.
Edward J. Malik O.D. Chartered and Associates owns and operates an
optometry practice. It sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 16-16872) on Dec. 30,
2016. Edward J. Malik, president, signed the petition. The
Debtor is represented by Nedda Ghandi, Esq., at Ghandi Deeter
Blackham. At the time of filing, the Debtor estimated $100,000 to
$500,000 in assets and $500,000 to $1 million in liabilities.
ENERGY FUTURE: Delaware Trust's Bid for Larger Recover Share Junked
-------------------------------------------------------------------
Matt Chiappardi, writing for Bankruptcy Law360, reports that the
Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the
District of Delaware again rejected a request by Delaware Trust
Co., Energy Future Holdings Corp.'s first-lien lender, for a larger
recovery share.
Law360 relates that Judge Sontchi ruled that even though the Debtor
had a new Chapter 11 plan confirmed, the relevant terms of the new
strategy have not changed. Judge Sontchi wrote that Delaware
Trust's revived arguments that it is due a boost to its recovery
based on a distribution calculation that factors in post-petition
interest fall flat, Law360 states.
About Energy Future
Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a Portfolio
of competitive and regulated energy businesses in Texas.
Oncor, an 80 percent-owned entity within the EFH group, is the
largest regulated transmission and distribution utility in Texas.
The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth. EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.
On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.
The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).
As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion. The Debtors have $42
billion of funded indebtedness.
EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal. The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.
The EFIH unsecured creditors supporting the restructuring Agreement
are represented by Akin Gump Strauss Hauer & Feld LLP, as legal
advisor, and Centerview Partners, as financial advisor. The EFH
equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor. Epiq
Systems is the claims agent.
Wilmington Savings Fund Society, FSB, the successor trustee for
The second-lien noteholders owed about $1.6 billion, is represented
by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A.
Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq.,
Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey,
Esq., and Howard L. Siegel, Esq. An Official Committee of
Unsecured Creditors has been appointed in the case. The Committee
represents the interests of the unsecured creditors of only Energy
Future Competitive Holdings Company LLC; EFCH's direct subsidiary,
Texas Competitive Electric Holdings Company LLC; and EFH Corporate
Services Company, and of no other debtors. The Committee has
selected Morrison & Foerster LLP and Polsinelli PC for
representation in this high-profile energy restructuring. The
lawyers working on the case are James M. Peck, Esq., Brett H.
Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster
LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq., Shanti
M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC.
* * *
In December 2015, the Bankruptcy Court confirmed the Debtors'
reorganization plan, which contemplated a tax-free spin of the
company's competitive businesses, including Luminant and TXU
Energy, and the $20 billion sale of its holdings in non-debtor
electricity transaction unit Oncor Electric Delivery Co. to a
consortium of investors. But the Plan became null and void after
certain first lien creditors notified the occurrence of a "plan
support termination event."
The Debtors filed a new plan of reorganization on May 1, 2016, as
subsequently amended. The new Chapter 11 plan features
alternative options for dealing with the Company's stake in
electricity transmission unit Oncor.
On Aug. 29, 2016, Judge Sontchi confirmed the Chapter 11 exit plans
of two of Energy Future Holdings Corp.'s subsidiaries, power
generator Luminant and retail electricity provider TXU Energy Inc.
(the "T-Side Debtors"). The Plan became effective on Oct. 3,
2016.
On Sept. 21, 2016, the Debtors filed the E-Side Plan and the
Disclosure Statement for the Fourth Amended Joint Plan of
Reorganization of Energy Future Holdings Corp., et al., pursuant to
Chapter 11 of the Bankruptcy Code as it applies to the EFH Debtors
and EFIH Debtors.
ERICKSON INC: Completes Financial Restructuring, Exits Chapter 11
-----------------------------------------------------------------
Erickson Incorporated, a global provider of aviation services, on
April 28, 2017, disclosed that it has successfully emerged from
Chapter 11 bankruptcy protection. The company satisfied the
conditions of its confirmed plan of reorganization, which became
effective following approximately five months of negotiations and
court proceedings.
President and CEO Jeff Roberts said, "We are very pleased to have
completed our financial restructuring in such an efficient and
timely manner. Chapter 11 allowed us to achieve rationalization of
our aircraft fleet and delever our balance sheet by over $400
million in debt. We are exiting the restructuring process with
significant available liquidity to fund the Company's present and
future business opportunities." Mr. Roberts continued, "With a
stronger financial foundation and reduced cost structure, we are
well positioned under the new business model to fund our operations
and to further develop and expand our business in order to better
serve our customers and enhance value for all stakeholders for
years to come."
As provided in the plan of reorganization, the pre-petition first
lien debt was satisfied in full and holders of the Company's
pre-petition second priority senior secured notes received new
common stock in exchange for their claims. The new ownership is
comprised of a diverse shareholder group that includes former
bondholders. The Company will move forward as a privately-held
small business, effective immediately.
As previously announced, Erickson's plan of reorganization was
confirmed by order entered by the United States Bankruptcy Court
for the Northern District of Texas on March 22, 2017.
Additional details and supplements regarding Erickson's new capital
structure and restructuring details can be found on the Company's
Chapter 11 restructuring website at www.kccllc.net/erickson.
About Erickson Inc.
Founded in 1971, Erickson Incorporated (otcmkts:EACIQ) --
http://www.ericksoninc.com/-- 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 Incorporated, based in Portland, OR, and its affiliates
each filed a Chapter 11 petition (Bankr. N.D. Tex.; Erickson
Incorporated, Case No. 16-34393; Evergreen Helicopters
International, Inc., Case No. 16-34392; EAC Acquisition
Corporation, Case No. 16-34394; Erickson Helicopters, Inc., Case
No. 16-34395; Erickson Transport, Inc., Case No. 16-34396;
Evergreen Equity, Inc., Case No. 16-34397; Evergreen Unmanned
Systems, Inc., Case No. 16-34398) on Nov. 8, 2016.
In its petition, Erickson estimated $942.8 million in assets and
$881.5 million in liabilities.
The Hon. Harlin D. Hale is the case judge.
Haynes and Boone is serving as bankruptcy counsel to the Debtors.
Kenric D. Kattner, and Kourtney P. Lyda, Esq., of the firm's
Houston office and Ian T. Peck and David Lawrence Staab of the
firm's Fort Worth office, head the engagement.
Imperial Capital is serving as investment banker to the debtors,
with Christopher Shephard, co-head of the firm's Investment Banking
Group and head of Capital Markets, leading the engagement.
Alvarez & Marsal is serving as financial advisor, with managing
director Steven Varner leading the engagement.
Kurtzman Carson Consultants, LLC, is the Debtors' claims, noticing
and balloting agent and the subscription agent in the rights
offering.
No statutory committee of creditors has been appointed in the
case.
Goldberg Kohn, Ltd., is lead counsel for DIP revolving agent and
existing first lien agent Wells Fargo Bank, and revolving lenders
Deutsche Bank, Bank of the West and HSBC. Randall Klein, Principal
at Goldberg and chair of the firm's Bankruptcy & Creditors' Rights
Group, heads the engagement.
David Weitman, a partner at K&L Gates, LLP, is local counsel to
Wells Fargo. Akin Gump Strauss Hauer & Feld LLP is representing
the ad hoc group of holders of 8.25% Second Priority Senior Secured
Notes due 2020. Partner Scott L. Alberino heads the engagement.
Seyfarth Shaw LLP and The Law Offices of Mark A. Weisbart are
representing Wilmington Trust, as indenture trustee for the 8.25%
notes. Edward M. Fox, a partner in the litigation department of
Seyfarth Shaw, and James Brouner, attorney at the Law Offices of
Mar A. Weisbart, head the engagement.
Katten Muchin Rosenman LLP is representing funds managed by Quinn
Morgan at Centre Lane Partners. Managing partner Brian F. Antweil
leads the engagement.
Ropes & Gray LLP is representing Wilmington Savings Fund Society,
FSB, the administrative agent under the proposed new second lien
credit facility. Mark Somerstein, a partner at the firm, heads the
engagement.
* * *
On March 22, 2017, the Bankruptcy Court confirmed the Debtor's
Second Amended Plan of Reorganization. Erickson's restructuring
will reduce the company's pre-bankruptcy debt by more than $400
million upon emergence. In order to improve its capital structure
and finance its exit from bankruptcy, Erickson was able to (i)
obtain a commitment for an asset-based lending facility with a
borrowing capacity of up to $150 million, led by MidCap Financial
Trust, (ii) reach an agreement on non-cash repayment for $69.8
million in financing obtained during the bankruptcy, and (iii)
secure a backstopped $20 million rights offering.
ESP RESOURCES: Court Converts Case Into Chapter 7 Proceeding
------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court issued
an order converting ESP Resources' Chapter 11 reorganization cases
to liquidation under Chapter 7. The order states, "The captioned
cases are converted to cases under Chapter 7 of Title 11 of the
United States Code. The U.S. Trustee is directed to immediately
appoint a chapter 7 trustee for each case." ESP Resources had
previously filed with the U.S. Bankruptcy Court a notice of
occurrence of sale closing under Section 363 and a request to
convert its Chapter 11 reorganization cases to liquidation under
Chapter 7. The Company's official committee of unsecured creditors
sought the conversion order on March 7, 2017. On April 30, 2017,
ESP Resources also petitioned the Court for a Chapter 7 conversion.
The Company explains, "ESP Resources and ESP Petrochemicals hereby
file this notice of sale closing to Encore Chemical in accordance
with the order (a) authorizing and approving the sale of assets
free and clear of all liens, claims encumbrances and other
interests, (b) approving the asset purchase agreement, and (c)
approving the assumption and assignment of the unexpired executory
contracts and leases [Docket #255] and request that the captioned
bankruptcy cases be converted from Chapter 11 to Chapter 7 under 11
U.S. C. section 1112(a)."
About ESP Resources
Lafayette, Louisiana-based ESP Resources, Inc. is a manufacturer,
distributor and marketer of specialty chemicals and supply
specialty chemicals for a range of oil and gas field applications,
including killing bacteria, separating suspended water and other
contaminants from crude oil and separating oil from gas. The
company also offers analytical services and custom-blended
chemicals for oil and gas wells.
ESP Resources, Inc., and its affiliate ESP Petrochemicals, Inc.
filed chapter 11 petitions (Bankr. S.D. Tex. Case Nos. 16-60021 and
16-60020) on March 10, 2016. The cases are jointly administered
under Case No. 16-60020. The petitions were signed by David A.
Dugas, chief executive officer. The cases are assigned to Judge
David R. Jones.
ESP Resources disclosed assets of $4.08 million and debt of $9.55
million. ESP Petrochemicals, Inc. estimated both assets and
liabilities in the range of $1 million to $10 million.
The Debtors are represented by Melissa Anne Haselden, Esq., and
Edward L Rothberg, Esq., at Hoover Slovacek LLP. Chiron Financial
LLC has been tapped as financial advisor.
The U.S. Trustee has appointed three creditors to serve in the
official committee of unsecured creditors in the Debtors' cases.
FARMERS GRAIN: Has Until May 22 to Use Rabo Cash Collateral
-----------------------------------------------------------
Judge Terry L. Myers of the U.S. Bankruptcy Court for the District
of Idaho authorized Farmers Grain, LLC to use the cash collateral
of Rabo AgriFinance, LLC, on an interim basis for the period from
April 24, 2017 through and including May 22, 2017.
The preliminary hearing on the Motion was held on April 24, 2017 at
1:30 p.m. (MDT).
The final hearing on the Motions will be held on May 22, 2017 at
1:30 p.m.
The Debtor is authorized to use Cash Collateral effective April 18,
2017, in accordance with the terms of the Order notwithstanding a
delay in the entry of the Order.
During the interim period, the Debtor is authorized to use cash
collateral for the following purposes and in the following amounts:
(i) vehicle expenses - $319; (ii) equipment rent - $4,258; (iii)
freight and trucking - $242,903; (iv) gas and oil - $17,742; (v)
workers comp - $2,052; (vi) other insurance - $15,123; (vii) office
supplies - $1,819; (viii) payroll - $63,871; (ix) payroll taxes -
$5,677; (x) postage - $185; (xi) repairs - $10,645; (xii) supplies
- $1,206; (xiii) telephone - $568; (xiv) truck tires - $4,258; (xv)
utilities - $7,097; (xvi) wheat assessments - $923; and COGS -
$2,960,306.
During the interim period, the Debtor will not expend Cash
Collateral to pay any amounts owed to pre-petition vendor or grain
producer holding a statutory lien on its inventory without first
providing information satisfactory to Rabo to establish the
validity of the producer's lien held by that producer.
Notwithstanding the foregoing, during the interim period, the
Debtor will not make any payments to producer Chris Unruh based on
his pre-petition claims.
As adequate protection, Rabo is granted adequate protection liens,
in all farm products, inventory, accounts, equipment, general
intangibles, hedging agreements, the motor vehicles and real estate
described in the Debtor's Schedule A/B, and the products and
proceeds thereof which may be acquired by the Debtor after the
Petition Date. The grant of a lien is only to the extent of Cash
Collateral used by the Debtor.
Further, the post-petition adequate protection lien on the vehicles
and real estate is granted only to the extent Rabo's Petition Date
security position in the remaining assets is otherwise decreased or
impaired by the Debtor's use of Cash Collateral, taking into
account the value of the remaining collateral, the pre-petition
producer liens held by applicable grain producers, and all Adequate
Protection Payments made to Rabo. The Adequate Protection Liens
will be, and they are, declared to be valid and perfected without
the need for the execution, recording or filing of any further
document or instrument or the taking of any further act otherwise
required under non-bankruptcy law.
The Debtor will pay Rabo the sum of $100,00, as an Adequate
Protection Payment, on May 1, 2017.
A full-text copy of the Interim Order is available for free at:
http://bankrupt.com/misc/idb17-00450_25_cash_FARMERS_GRAIN.pdf
About Farmers Grain LLC
Based in Nyssa, Oregon, Farmers Grain LLC buys and sells grain,
dry, soya, and inedible beans. Farmers Grain holds a fee simple
interest in a real property located at 110, 114, & 255 King Ave.
in
Nyssa, including all structures and other fixtures valued at $4.13
million.
Farmers Grain sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Idaho Case No. 17-00450) on April 18, 2017. The
petition was signed by Galen Jantz, manager. The case is assigned
to Judge Terry L. Myers. At the time of the filing, the Debtor
disclosed $14.10 million in assets and $15.55 million in
liabilities.
FREDERICKSBURG PARK: Case Summary & 5 Unsecured Creditors
---------------------------------------------------------
Debtor: Fredericksburg Park, LLC
P.O. Box 2648
Stafford, VA 22555
Case No.: 17-32287
Business Description: The Debtor's principal assets are located at
St. Paul St., Alum Springs Rd., Lafayette
Blvd., and Blue and Gray Parkway
Fredericksburg, VA 22401.
Chapter 11 Petition Date: May 2, 2017
Court: United States Bankruptcy Court
Eastern District of Virginia (Richmond)
Judge: Hon. Keith L. Phillips
Debtor's Counsel: Robert B. Goodall, Esq.
GOODALL, PELT, CARPER & NORTON, P.C.
1259 Courthouse Road, Suite 101
Stafford, VA 22554
Tel: (540) 659-3130
E-mail: bob.goodall@gpc-lawyers.com
- and -
Daniel M. Press, Esq.
CHUNG & PRESS, P.C.
6718 Whittier Ave., Suite 200
McLean, VA 22101
Tel: (703) 734-3800
Fax: (703) 734-0590
E-mail: dpress@chung-press.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Andrew S. Garrett, president of Garrett
Development Corporation, manager.
A copy of the Debtor's list of five unsecured creditors is
available for free at http://bankrupt.com/misc/vaeb17-32287.pdf
FRIENDSHIP VILLAGE: Has Access to UMB Cash Collateral Until May 5
-----------------------------------------------------------------
Judge LaShonda A. Hunt of the U.S. Bankruptcy Court for the
Northern District of Illinois approved Friendship Village of Mill
Creek, NFP, doing business as GreenFields of Geneva's motion to use
the cash collateral of UMB Bank, N.A., on an interim and
preliminary basis through the date of the final hearing on the
motion on May 5, 2017.
UMB Bank, N.A., is the successor Bond Trustee under the Bond
Indenture and the successor Master Trustee under the Master Trust
Indenture.
The Debtor is authorized to use, as cash collateral any revenues
derived by it in the ordinary course of its business, all accounts
receivable it held, and all amounts currently held in its operating
accounts. Its use of cash collateral will be limited solely to the
categories of expenses listed in the budget. Further, the use of
cash collateral will be limited solely to pay expenses in the
amounts and at the times listed in the Cash Collateral Budget,
including the adequate protection payments.
The approved budget reflects these weekly expenses for the period
beginning April 21, 2017 through May 5, 2017:
Week of Total Expenses
------- --------------
4/21/2017 $0
4/28/2017 $188,560
5/05/2017 $234,500
In consideration of the Debtor's use of Cash Collateral and the
diminution in its Prepetition Bond Collateral on and after the
Petition Date, on the 15th day of each month, the Debtor will make
an adequate protection payment in the amount of $50,000 to the Bond
Trustee. Any and all payments or proceeds remitted to the Bond
Trustee pursuant to the provisions of the Interim Order or
otherwise will be received by the Bond Trustee, free and clear of
any claim, charge, assessment or other liability.
As further adequate protection, the Bond Trustee will have a valid,
perfected, and enforceable replacement lien and security interest
in (i) all assets of the Debtor existing on or after the Petition
Date of the same type as the Prepetition Bond Collateral, together
with the proceeds, rents, products, and profits thereof, whether
acquired or arising before or after the Petition Date, to the same
extent, validity, perfection, enforceability, and priority of the
liens and security interests of the Bond Trustee as of the Petition
Date; and (ii) all other assets of the Debtor of any kind or nature
whatsoever within the meaning of Section 541 of the Bankruptcy
Code, whether acquired or arising prepetition or postpetition,
together with all proceeds, rents, products, and profits thereof.
The Replacement Lien will be subject and subordinate to the Carve
Out and any valid and perfected liens existing on the Petition Date
that are senior to Liens of the Bond Trustee against the Bond
Collateral.
As additional adequate protection for any Diminution, the Bond
Trustee will have a super-priority administrative expense claim
pursuant to Section 507(b) of the Bankruptcy Code with recourse to
and payable from any and all assets of the Debtor's estate,
including but not limited to rights of the Debtor, choses in
action, or claims of any kind whatsoever, choate or inchoate,
present or residual that for any reason cannot be made the subject
of the Replacement Lien. The Bond Trustee will not seek to
disgorge any payments that are made to third-parties (including
professionals) that are in accordance with the terms of the Budget
for the purpose of satisfying the Secured Party Superpriority
Claim.
As further adequate protection against Diminution, the Debtor will
comply with those terms and provisions of the Bond Documents set
forth on Schedule B.
In partial consideration of the Debtor's acknowledgement of the
debt due and owing and the waiver of any claims under Section
506(c) and 552(b) of the Bankruptcy Code, the Bond Trustee consents
to Carve Out: (a) the fees and expenses of professionals retained
by the Debtor and any Committee in an aggregate amount not to
exceed the sum of: (i) the dollar amount of such fees and expenses
to the extent (A) incurred or accrued prior to a Termination Event
and remaining unpaid, (B) provided for under the Cash Collateral
Budget, (C) previously or subsequently allowed by Court order, and
(D) for which no retainer is available to pay such fees and
expenses; plus (b) the statutory fees of the United States Trustee
and the fees of the Clerk of the Court.
The Interim Order will be deemed effective immediately and
Bankruptcy Rule 6004(h) will not apply.
A copy of the Budget attached to the Interim Order is available for
free at:
http://bankrupt.com/misc/ilnb17-12470_49_cash_Friendship_Village.pdf
About Friendship Village of Mill Creek
Friendship Village of Mill Creek, NFP, doing business as
GreenFields of Geneva, owns and operates a continuing care
retirement community located in Geneva, Illinois, known as
GreenFields of Geneva ("Campus"). The Campus is improved with a
building which includes (i) 147 independent living units, (ii) 51
assisted living units, (iii) 26 memory support-assisted living
units, (iv) 43 nursing beds, and (v) related common areas and
parking. Approximately 270 senior citizens reside at the Campus.
Friendship Village of Mill Creek sought Chapter 11 protection
(Bankr. N.D. Ill. Case No. 17-12470) on April 20, 2017.
GEORGE STREET: Can Use Deutsche Bank Cash Collateral Until May 12
-----------------------------------------------------------------
Judge Deborah L. Thorne of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized George Street Investors,
LLC, to use the cash collateral of Deutsche Bank Trust Company
Americas on an interim basis to pay postpetition expenses to third
parties during the period of April 5, 2017 through May 12, 2017.
The Debtor is authorized to use cash collateral to pay
post-petition expenses to third parties during the Interim Period,
in accordance with the Budget, plus an allowed variance of no more
than 10%; provided, however, that the amounts set forth for real
estate taxes will be deposited into escrow and not paid to the
taxing authority.
The Budget reflects these weekly total expenses for the period
beginning April 5, 2017 through May 12, 2017:
Week of Total Expenses
------- --------------
4/05/2017-4/09/2017 $31,289
4/10/2017-4/16/2017 $39,399
4/17/2017-4/23/2017 $32,187
4/24/2017-4/30/2017 $9,997
5/01/2017-5/07/2017 $36,552
5/08/2017-5/14/2017 $44,162
Daniel J. Hyman of Millennium Properties Real Estate, Inc.
("Receiver") is authorized to use cash collateral to pay
post-petition expenses to third parties in accordance with that
certain Order Appointing Receiver for Non-Residential Property
entered in the Circuit Court of Cook County, Illinois, County
Department, Chancery Division in Case No. 2016 CH 11079 as
consolidated with Case No. 2016 CH 11080 on Dec. 16, 2016.
In return for the Debtor's continued interim use of cash
collateral, Deutsche Bank, as Trustee for the Registered Holders of
UBS-Citigroup Commercial Mortgage Trust 2012-C1, Commercial
Mortgage Pass-Through Certificates, Series 2012-C1, by Rialto
Capital Advisors, LLC, as Special Servicer and Attorney-in-Fact
("Lender"), is granted the following adequate protection for their
asserted security interests and liens in the rents derived from the
property located at 2852-56 N. Southport, Chicago, Illinois, and
continuing around the comer to 1411 W. George Street, Chicago,
Illinois: (i) the Debtor and/or the Receiver will maintain and pay
premiums for adequate insurance to cover the Property from fire,
theft and water damage; (ii) the Debtor and/or the Receiver will
properly maintain the Property in good repair and properly manage
the Property, including, without limitation, in accordance with
that certain Order Appointing Receiver entered in the proceeding
pending in the Circuit Court of Cook County styled Deutsche Bank
Trust Company Americas, et al. v. George Street Investors, LLC, et
al., Case No. 16 CH 11080; and (iii) the Lender is granted valid,
perfected and enforceable replacement liens and security interests
in post-petition rents, proceeds and any other cash collateral of
the Debtor, in the same priority and to the same extent as existed
pre-petition.
A final hearing on the Motion is scheduled on May 11, 2017, at 2:00
p.m.
A copy of the Budget attached to the Order is available for free
at:
http://bankrupt.com/misc/ibnb17-10806_40_cash_George_Street.pdf
About George Street Investors
George Street Investors, LLC, is the owner of real property
located
at 2852-56 N. Southport, Chicago, Illinois, and continuing around
the corner to 1411 W. George Street, Chicago, Illinois, consisting
of eight residential apartments and ground floor retail
("Property").
George Street Investors sought Chapter 11 protection (Bankr. N.D.
Ill. Case No. 17-10806) on April 5, 2017, estimating assets and
liabilities in the range of $1 million to $10 million. The
petition was signed by Arthur Holmer, managing member of Weiland
Ventures, LLC.
Judge Timothy A. Barnes is assigned to the case.
The Debtor tapped Scott R Clar, Esq., at Crane, Heyman, Simon,
Welch & Clar, as counsel.
GFL ENVIRONMENTAL: Moody's Affirms B2 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service affirmed GFL Environmental Inc.'s (GFL)
B2 corporate family rating (CFR), B2-PD probability of default
rating, Ba2 senior secured term loan B ratings, and B3 senior
unsecured notes ratings, and assigned a B3 rating to its proposed
$350 million senior unsecured notes. The ratings outlook is
stable.
Net proceeds from the notes issue will be used to repay GFL's
existing $250 million senior unsecured notes due 2020, repay
drawings under the company's revolver, fund pending acquisitions,
and return excess cash to the balance sheet. The B3 rating on the
$250 million notes will be withdrawn when the transaction closes.
"The ratings affirmation considers that while GFL's pending
transactions will increase leverage slightly to 6.3x pro-forma, it
is expected to reduce towards 5.5x by 2018," said Peter Adu,
Moody's AVP.
Ratings Affirmed:
Corporate Family Rating, B2
Probability of Default Rating, B2-PD
C$130 million (US$96 million equivalent) senior secured term loan
B due 2023, Ba2 (LGD2)
US$370 million senior secured term loan B due 2023, Ba2 (LGD2)
US$500 million 9.875% senior unsecured notes due 2021, B3 (LGD5)
Rating Assigned:
US$350 million senior unsecured notes due 2022, B3 (LGD5)
Outlook:
Remains Stable
RATINGS RATIONALE
GFL's B2 CFR primarily reflects risks with its aggressive
acquisition growth and short time frame between acquisitions,
potential for integration risks and lack of a track record for
organic growth. The rating also assumes the company will record
modest EBITDA expansion, which will enable leverage (adjusted
Debt/EBITDA) to fall to 5.5x by the end of 2018 (was 11.4x for
fiscal 2016, but 6.3x pro forma for the proposed refinance
transaction and pending acquisitions). The rating recognizes that
the company's pro forma EBITDA margins compare favorably with those
of its higher rated North American waste peers. The rating also
considers the company's diversified business model with high
recurring revenue supported by long term contracts and good market
position in the relatively stable but low-growth Canadian
non-hazardous waste industry.
GFL has good liquidity. The company's sources of liquidity exceed
C$310 million compared to about C$6 million of term loan
amortization in the next four quarters. When the refinance
transaction closes, GFL's liquidity will be supported by cash of
C$21 million, expected free cash flow of more than C$35 million in
the next four quarters, and about C$290 million of availability
under its C$340 million revolving credit facility due 2021
(includes $50 million LC facility), a portion of which is expected
to be used to fund future acquisitions. GFL's revolver is subject
to leverage and coverage covenants, which Moody's expects will have
at least 30% cushion through the next 4 quarters. GFL has some
flexibility to generate liquidity from asset sales, if needed.
The stable outlook reflects Moody's expectation that GFL will
continue to make small bolt-on acquisitions, and will fund them in
such a way that leverage will decline to 5.5x in 2018.
The rating could be upgraded if GFL sustained adjusted Debt/EBITDA
towards 4x (11.4x at Dec/16) and EBIT/Interest towards 2x (0x at
Dec/16). Consistent organic revenue growth and maintenance of good
liquidity are added attributes for upgrade consideration.
The rating could be downgraded if adjusted Debt/EBITDA is sustained
towards 6x (11.4x at Dec/16) and EBIT/Interest towards 1x (0x at
Dec/16). A material decline in GFL's EBITDA margin due to
challenges integrating acquisitions, or negative free cash flow
generation on a consistent basis would also cause a downgrade.
The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in June 2014.
GFL Environmental Inc., headquartered in Toronto, provides solid
waste and liquid waste collection, treatment and disposal solutions
and soil remediation services to municipal, industrial and
commercial customers in Canada. GFL also provides solid waste
collection and commercial recycling services in Southeastern
Michigan. Pro forma for acquisitions, revenue approaches C$1.3
billion.
GFL ENVIRONMENTAL: S&P Affirms 'B' CCR; Outlook Stable
------------------------------------------------------
S&P Global Ratings said it affirmed its 'B' long-term corporate
credit rating on Toronto-based waste services company GFL
Environmental Inc. The outlook is stable.
At the same time, S&P Global Ratings assigned its 'B-' issue-level
rating and '5' recovery rating to the company's proposed US$350
million senior unsecured notes due 2022. S&P's '5' recovery rating
indicates modest (10%-30%, rounded estimate of 25%) recovery in a
default scenario.
S&P expects the company will use proceeds from the proposed
issuance to redeem all of its US$250 million 7.875% senior
unsecured notes due 2020, repay a portion of the borrowings
outstanding under its revolving credit facility, pay related fees
and expenses, and fund acquisitions.
"The affirmation reflects our view that the proposed refinancing
transaction will have a modest impact on the company's prospective
credit measures," said S&P Global Ratings credit analyst Alessio Di
Francesco.
The net increase in adjusted debt following GFL's proposed note
issuance is consistent with S&P's expectation that the company's
debt level will gradually increase as it continues to expand its
operations through acquisitions. S&P expects incremental cash flow
from recent and future acquisitions to offset the impact of higher
debt levels on GFL's credit measures.
S&P's financial risk profile also incorporates its view that the
company's financial sponsor ownership by Highbridge Principal
Strategies LLC, Hawthorn Equity Partners, and Macquarie
Infrastructure Partners III, which supports S&P's view that GFL
will maintain a highly leveraged balance sheet.
S&P's view of GFL's business risk profile incorporates its opinion
of the company's participation in the environmental services
industry (which S&P views as having low-risk characteristics),
operations in the highly fragmented and competitive solid waste
business, and average profitability assessment. S&P believes the
company benefits from adequate scale and geographic diversity with
more than 140 facilities across Canada and in Michigan. The
company provides local service to more than 2.5 million households
under municipal contracts and to more than 80,000 industrial,
commercial, and institutional customers.
S&P considers GFL's solid waste business, which accounts for the
majority of sales and earnings, mature and very competitive. In
S&P's opinion, the North American solid waste services market is
highly fragmented with incumbents fighting to gain market share
through a competitive bidding process, particularly for large solid
waste contracts. This pricing pressure contributes to S&P's
expectation that the company should generate low-single-digit
organic revenue growth annually. S&P believes the market's
fragmentation provides GFL with a robust pipeline of potential
tuck-in acquisitions for which the company can improve its scale
and operating efficiency. That said, S&P also acknowledges the
integration risk associated with GFL's acquisitive growth strategy.
The stable outlook reflects S&P's expectation that GFL will
continue to expand its operating breadth through acquisitions that
S&P believes will be primarily funded with debt. S&P forecasts
adjusted debt-to-pro forma EBITDA of 6.0x-6.5x and adjusted pro
forma FFO cash interest coverage of about 2.5x over the next couple
of years.
S&P could lower its ratings on the company within the next 12
months if pro forma adjusted FFO cash interest coverage approaches
2x. In S&P's view, this could result from poor execution
integrating recent or future acquisitions, volume and pricing
pressure from challenging market conditions, or operating
inefficiencies that contribute to weaker-than-expected earnings and
cash flow. S&P could lower the ratings if GFL's liquidity
deteriorates such that S&P believes the company will breach one of
its financial covenants if S&P's forecast EBITDA falls by 15% or
debt increases 25%. This could limit the company's availability
under its revolving facility and lead to a downgrade.
S&P could raise its ratings on GFL within the next 12 months if the
company demonstrates a commitment to maintaining adjusted
debt-to-pro forma EBITDA below 5x. S&P considers this unlikely due
to the company's private equity ownership and track record of
funding acquisitions primarily with debt.
GREAT FALLS DIOCESE: Taps NAI Business to Sell Billings Property
----------------------------------------------------------------
The Roman Catholic Bishop of Great Falls, Montana, seeks approval
from the U.S. Bankruptcy Court for the District of Montana to hire
a realtor.
The Debtor proposes to hire NAI Business Properties in connection
with the sale of the Our Lady of Guadalupe Church located at 523
South 29th Street, Billings, Montana.
The firm was previously hired by the Debtor to sell the Holy Rosary
Church and School also located in Billings, Montana.
NAI will receive a commission of 5% of the sales price paid, or 6%
of the gross amount if leased.
Matt Robertson, a realtor employed with NAI, disclosed in a court
filing that he and his firm are "disinterested" as defined in
section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matt Robertson
NAI Business Properties
3312 4th Ave. N.
Billings, MT 59101
Phone: (406) 256-5000
Fax: (406) 256-9494
About The Roman Catholic Bishop
of Falls, Montana
The Roman Catholic Bishop of Falls, Montana, a Montana Religious
Corporate Sole, aka Diocese of Great Falls-Billings --
http://www.dioceseofgfb.org/-- filed a Chapter 11 bankruptcy
petition (Bankr. D. Mont. Case No. 17-60271) on March 31, 2017.
The Hon. Benjamin P. Hursh presides over the case.
Bruce Alan Anderson, Esq., at Elsaesser Jarzabek Anderson Elliott
& MacDonald, CHTD.; and Gregory J. Hatley, Esq., at Davis Hatley
Haffeman & Tighe PC, serve as counsel to the Debtor.
In its petition, the Debtor listed $20.75 million in total assets
and $14.78 million in total liabilities. The petition was signed
by Michael W. Warfel, Bishop.
HAHN HOTELS: Case Summary & Largest Unsecured Creditors
-------------------------------------------------------
Affiliated Debtors that filed separate Chapter 11 bankruptcy
petitions:
Debtor Case No.
------ --------
Hahn Hotels of Sulphur Springs, LLC 17-40947
dba La Quinta Inn & Suites
525 Gilmer St.
PO Box 113
Sulphur Springs, TX 75482
Hahn Investments, LLC 17-60341
525 Gilmer St.
PO Box 113
Sulphur Springs, TX 75482
Hahn Hotels, LLC 17-60342
Sleep Inn Property, LLC 17-60343
SI of Longview, LLC 17-60344
Copeland's of Longview, LLC 17-60345
Business Description: La Quinta Inns and Suites provides hotel
accommodations for business and leisure
travelers across the United States, Canada,
and Mexico.
Chapter 11 Petition Date: May 1, 2017
Court: United States Bankruptcy Court
Eastern District of Texas
Judge: Hon. Brenda T. Rhoades (Case No. 17-40947)
Hon. Bill Parker (17-60341)
Debtors' Counsel: Jessica Leigh Voyce Lewis, Esq.
Judith W. Ross, Esq.
THE LAW OFFICES OF JUDITH W. ROSS
Plaza of the Americas
700 N. Pearl St., Suite 1610
Dallas, TX 75201
Tel: 214-593-4971
Email: jessica.lewis@judithwross.com
judith.ross@judithwross.com
- and -
Eric Soderlund, Esq.
700 North Pearl Street, Suite 1610
Dallas, TX 75201
Tel: 214-377/8850
Email: eric.soderlund@judithwross.com
Estimated Estimated
Assets Liabilities
---------- -----------
Hahn Hotels of Sulphur $1M-$10M $1M-$10M
Hahn Investments $10M-$50M $10M-$50M
The petitions were signed by Dante Hahn, president.
A copy of Hahn Hotels of Sulphur Springs, LLC's list of 20 largest
unsecured creditors is available for free at:
http://bankrupt.com/misc/txeb17-41947.pdf
Hahn Investments' List of 18 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
American Modern Insurance Company Insurance $4,326
Centerpoint Energy Utility Services $209
City of Longview Utility Services $1,010
Copeland Group USA, Inc. Trade Debts $4,417
Curtis Blakely & Co., PC Professional $18,990
Services
Farmers Insurance Insurance $1,869
Payment Processing
Healthfirst Trade Debts $1,329
Kirk Shields Tax Taxes $66
Assessor/Collector Tax
Law Office of Professional $14,030
Matthew C. Harris, PC services
Major Appliance Service Trade Debts $811
Pither Plumbing Trade Debts $625
Company, Inc.
Sartain Lock and Safe Trade Debts $196
Sentrynet Trade Debts $96
Tryon Water Supply Trade Debts $183
TX Lawncare Trade Debts $606
United Healthcare Insurance $1,757
Email: robert_peralta@uhc.com
Willis Climate Control Trade Debts $352
HANCOCK FABRICS: Files 2nd Amended Plan of Liquidation
------------------------------------------------------
BankruptcyData.com reported that Hancock Fabrics filed with the
U.S. Bankruptcy Court a Second Amended Joint Chapter 11 Plan of
Liquidation and related Disclosure Statement. According to the
Disclosure Statement, "All Wells Fargo Prepetition Claims are
deemed to have been satisfied in full by the entry of the final DIP
Order and the payment of any amounts required thereunder, and the
Debtors do not anticipate further distributions to holders of
Allowed Wells Fargo Prepetition Claims under this Plan. A separate
subclass shall be created for each Debtor, Classes 2A through 2G.
All GACP Prepetition Claims are deemed to have been satisfied in
full by the entry of the final DIP Order and the payment of any
amounts required thereunder, and the Debtors do not anticipate
further distributions to holders of Allowed GACP Prepetition Claims
under this Plan. A separate subclass shall be created for each
Debtor, Classes 3A through 3G. All Noteholder Prepetition Claims
are deemed to have been satisfied in full by the entry of the Cash
Collateral Order and the payment of any amounts required
thereunder, and the Debtors do not anticipate further distributions
to holders of Allowed Noteholder Prepetition Claims under this
Plan. A separate subclass shall be created for each Debtor,
Classes 4A through 4G."
About Hancock Fabrics
Hancock Fabrics, Inc., is a specialty fabric retailer operating
stores under the name "Hancock Fabrics". Hancock has 4,500
full-time and part time employees. The Baldwyn, Mississippi-based
company is one of the largest fabric retailers in the United
States, operating 260 stores in 37 states as of October 31, 2015
and an internet store under the domain name
http://www.hancockfabrics.com/
Hancock Fabrics, Inc. and six of its affiliates, retailer of
fabric, sewing and accessories, filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10296 to 16-10302) on Feb.
2, 2016. Dennis Lyons, the senior vice president and chief
administrative officer, signed the petitions. Judge Brendan
Linehan Shannon is assigned to the jointly administered cases.
The Debtors have engaged O’Melveny & Myers LLP as general
counsel,
Richards, Layton & Finger, P.A., as local counsel, Clear Thinking
Group LLC as financial advisor, Retail Consulting Services, Inc.
d/b/a Real Estate Advisors as real estate advisors and Kurtzman
Carson Consultants, LLC as claims and noticing agent.
The Debtors disclosed total assets of $151.4 million and total
debts of $182.1 million. The Debtors owe its trade vendors
approximately $21.2 million as of Jan. 31, 2016.
Lawyers at Klehr Harrison Harvey Branzburg LLP and Hahn & Hessen
LLP serve as counsel to the Official Committee of Unsecured
Creditors.
HHGREGG INC: Gets Final Order Approving DIP Financing
-----------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court approved
hhgregg's motion to obtain post-petition financing, granting liens
and super-priority claims to post-petition lenders, for an order
authorizing the use of cash collateral and providing adequate
protection to pre-petition secured parties and modifying automatic
stay. As previously reported, "The DIP Facility consists of (i) a
$50,000,000 senior secured superpriority revolving credit facility
(the commitments thereunder, the 'Revolving Commitments' and the
loans thereunder, the 'Revolving Loans') and (ii) a $30,000,000
senior secured superpriority 'first-in, last-out' term loan
facility (the loans thereunder, the 'FILO Loans'). The Revolving
Commitments include a $25,000,000 sublimit for the issuance of
letters of credit (each a 'Letter of Credit'). Subject to the entry
of the Interim Order , all letters of credit issued and outstanding
under the Prepetition Credit Agreement shall be deemed to be issued
under the DIP Facility. The interest rates per annum applicable to
the Revolving Loans under the DIP Facility will be (a) the Base
Rate plus (b) 3.00%. The interest rates per annum applicable to
the FILO Loans under the DIP Facility will be one-month LIBOR (as a
reference rate, adjusted monthly) plus 10.00%."
About hhgregg Inc.
Indianapolis, Indiana-based hhgregg, Inc. is an appliance,
electronics and furniture retailer. Founded in 1955, hhgregg is a
multi-regional retailer currently with 220 stores in 19 states that
also offers market-leading global and local brands at value prices
nationwide via hhgregg.com.
hhgregg Inc., Gregg Appliances Inc. and HHG Distributing LLC sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Ind. Lead Case No. 17-01302) on March 6, 2017. The petition was
signed by Kevin J. Kovacs, chief financial officer.
At the time of the filing, hhgregg and HHG Distributing estimated
assets and liabilities of less than $50,000. Gregg Appliances
estimated its assets and liabilities at $100 million to $500
million.
The Debtors engaged Morgan, Lewis & Bockius LLP and Ice Miller LLP
as counsel; Berkeley Research Group, LLC as financial advisor;
Stifel and Miller Buckfire & Co. as investment banker and Donlin,
Recano & Company, Inc. as claims and noticing agent.
The U.S. Trustee has appointed creditors to serve on the official
committee of unsecured creditors. The Committee hired Bingham
Greenebaum Doll LLP as counsel.
HIGH COUNTRY: Wants to Obtain Credit and Use Cash Collateral
------------------------------------------------------------
High Country Fusion Company, Inc., asks the U.S. Bankruptcy Court
for the District of Idaho to (i) use cash collateral, (ii) obtain
secured credit, (iii) pay certain taxes post-petition, and (iv)
honor prepetition checks.
The Debtor seeks approval to use cash collateral through the date a
plan is confirmed; further order of the Court; or April 30, 2018,
whichever first occurs.
According to the Debtor, without the payment of the expenses
identified in the budget, immediate and irreparable harm will occur
as the employees may be required to obtain other employment. Also
the Debtor must pay insurance, expenses and fuel needed to operate.
The Debtor is also concerned that if it does not pay utilities
those companies shut off supply. Further, the Debtor will not be
able to fill customer orders so business will be reduced.
A preliminary hearing is set for May 4, 2017 at 9:30 a.m. to
consider the Debtor's request for emergency use of cash collateral
from the date of the bankruptcy petition until a final hearing and
to grant a lien in postpetition accounts receivables.
A final hearing is set for June 8, 2017 at 9:00 a.m. on to consider
the Debtor's request for use of cash collateral and to grant a lien
in postpetition accounts receivables and inventory.
The assets which Debtor desires to use are:
a. Proceeds from Accounts Receivables consisting of the
approximate sum of $1,759,000. These are $1,959,000 in listed
accounts but of the amount up to $200,000 may be uncollectible due
to litigation or pending claims. Thus, the cash collateral amount
is described as $1,759,000.
b. Inventory consisting of approximately $4,361,976.
c. Proceeds of accounts receivable contained in the following
Bank accounts: (i) proceeds located in US Bank account of $327,096;
(ii) proceeds located in Zions Bank account of $830; and (iii)
proceeds located in Banner Bank International account ending 0711
of $2,995.
Banner Bank claims a lien on all accounts, inventory, contracts
receivable, chattel paper and proceeds among other collateral
including equipment. In 2015 it filed with the Idaho Secretary of
State as follows: UCC-1 filed April 9, 2015 as instrument no.
B201511549877 and an UCC-1 filed April 10, 2015 as instrument no
B201511550558. The Debtor's records reflect that it is indebted to
Banner Bank in the amount of approximately $3,192,255 (Banner Bank
has alleged the claim exceeds $3,300,000, which amount is
disputed). The creditor's lien also describes equipment.
The Debtor owns equipment, titled vehicles, office equipment and
vehicles subject to liens held by Banner Bank. Also there are
three pickups secured by Ford Motor Credit and one pickup held by
Idaho Central Credit Union, but in the Motion, the Debtor is not
seeking to use cash collateral related to these other assets.
Banner Bank also claims a lien in the other assets of the Debtor,
which are also encumbered with two term loans owed to Banner Bank
which collectively exceed approximately $1,106,000.
The Debtor has described these other assets as: (i) miscellaneous
equipment totaling: estimated to exceed $2,000,000, which amount is
not exact as the final schedules have not been completed; (ii)
office equipment exceeding $10,000, which amount is not exact as
the schedules have not been completed; and (iii) titled vehicles
secured by Banner Bank, wherein it appears as a lienholder on the
title: $145,400.
These equipment and vehicles are located in three locations leased
by Debtor wherein Debtor operates: Fairfield Idaho (its principal
office); Salt Lake City, Utah; and Dickinson North Dakota. There
are also vehicles and computers located at certain salespersons
home including Seattle, Washington.
The cash collateral, which Debtor desires to use, consists of
$6,451,897. As disclosed on the budget, the Debtor will use the
proceeds from the Accounts receivable to pay expenses as more
particularly. Further Debtor will generate new receivables and
purchase new inventory after the Petition.
The budget reflects these monthly expenses of $1,752,016 for May
2017 and $1,727,543 for June 2017.
The Debtor asks a preliminary hearing as the Debtor requires the
use of cash collateral prior to final hearing in an amount
necessary to pay the expenses itemized. These expenses include,
among other things, operating expenses, utilities, fuel, supplies,
inventory, insurance and funds to pay the payroll and payroll
taxes. These are the expenses that will be incurred and the Debtor
asks authority to pay until a final hearing can be conducted.
The amount of cash collateral estimated to be on hand on April 26,
2017, is $6,451,897. The amount of the replacement lien, offered
as adequate protection to Banner Bank, and any other creditor that
claims a lien in the cash collateral will not exceed the amount of
cash collateral requested and will be a lien on the following:
Accounts Receivable and Inventory and proceeds acquired after April
27, 2017. The priority of the lien will be in the same priority as
existed in the petition date.
The adequate protection to be provided to Banner Bank and any other
entity proving an interest in the cash collateral will be the grant
of a postpetition lien in the postpetition accounts receivable,
inventory and proceeds. The Debtor will not vary in any expense
category by more than 10% but in any event the total monthly
expenses will not exceed the total monthly expenses projected.
Contained in the budget are the obligations which were accrued but
which were not due or paid as of the Petition Date. The Debtor is
asking authority to pay these prepetition obligations as the money
collected is held in trust and such does not dilute the Debtor
assets and further avoids further interest and penalties.
These total $75,235 and are identified as follows: (i) $1,755 in
FUTA payable to the Internal Revenue Service for current payroll;
(ii) $3,778 in SUTA payable to the State of Idaho for current
payroll; (iii) $1,069 in SUTA payable to the State of Utah for
current payroll; (iv) $1,336 in SUTA payable to the State of North
Dakota for current payroll; (v) $52 in SUTA payable to the State of
Nevada for current payroll; (vi) $2,198 in current Washington
workman's compensation; (vii) $3,689 in current Workman's
compensation; and (ix) $1,429 in North Dakota workman's
compensation.
The amounts reported in accounts set forth is net of all checks
that have been written but which not have cleared the bank account.
This includes certain trade debt and payroll all paid by check by
the Debtor prior to the Petition but which due to distance and
timing of the deposit by the payee may not have completely cleared
the Debtor's Bank account. Prior to the hearing on this matter,
the Debtor will provide a list of these checks that did not clear
its accounts as of the time of the Petition. The Debtor is asking
an Order authorizing that these checks be honored as they were
written prepetition, delivered prepetition and simply timing is
creating a postpetition honor of the checks.
A copy of the Budget attached to the Motion is available for free
at:
http://bankrupt.com/misc/idb17-40347_6_cash_High_Country.pdf
High Country Fusion Company, Inc., sought Chapter 11 protection
(Bankr. D. Idaho Case No. 17-40347) on April 27, 2017.
Counsel for the Debtor:
Joseph M. Meier, Esq
COSHO, HUMPHREY, LLP
1501 S. Tyrell Lane
Boise, ID 83706
Telephone: (208) 344-7811
Facsimile: (208) 338-3290
E-mail: jmeier@cosholaw.com
HOLLYWOOD ONE: Hires Civil Justice Advocates as Attorney
--------------------------------------------------------
Hollywood One LLC seeks authorization from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Civil Justice
Advocates, PL as attorney.
The Debtor requires Civil Justice Advocates to:
a. give advice to the Debtor with respect to its powers and
duties as debtor in possession and the continued management of its
business operations;
b. advise the Debtor with respect to its responsibilities in
complying with the US Trustee's Operating Guidelines and Reporting
Requirements and with the rules of the court;
c. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of the case;
d. protect the interest of the Debtor in all matters pending
before the Court; and
e. represent the Debtor in negotiations with its creditors in
the preparation of a plan.
Civil Justice Advocates will be paid at these hourly rates:
Joann Hennesssey, Esq. $350
Senior Paralegal $150
Paralegals $125
Law Clerks $105
Joann Hennesssey, Esq. of Civil Justice Advocates PL, 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.
Civil Justice Advocates may be reached at:
Joann Hennesssey, Esq.
Civil Justice Advocates PL
28 West Flagler Street, Suite 608
Miami, FL 33130
Tel: 305-639-8791
Fax: 954-677-8881
E-mail: joann@cjapl.com
About Hollywood One LLC
Hollywood One LLC filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Fla. Case No. 17-13739) on March 28, 2017. Suzy Tate, Esq., at
Suzy Tate, PA serves as bankruptcy counsel.
The Debtor's assets and liabilities are both below $1 million.
HOME CAPITAL: S&P Lowers ICR to 'B-' on Liquidity Concerns
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
Home Capital Group Inc. (HCG) and Home Trust Co. to 'B-' from 'B+'
and 'BB', respectively. At the same time, S&P Global Ratings
affirmed its 'B' short-term issuer credit ratings on both HCG and
Home Trust. The long-term rating on parent HCG is equalized with
the rating on Home Trust, because in S&P' view the parent currently
does not meet the requirements for a rating below 'B-'.
Since S&P's last rating action on April 27, further developments at
Home Capital Group Inc. (HCG) have continued to weaken the firm's
franchise position and financial performance, including heightened
liquidity risk stemming from accelerated deposit outflows of
high-interest savings accounts, as well as elevated operational
challenges exacerbated by additional board turnover.
S&P also lowered the senior unsecured debt rating on Home Trust to
'B-' from 'BB'.
S&P has revised the CreditWatch implications on HCG and Home Trust
to developing from negative, where they had been placed on
March 30, 2017. The developing CreditWatch reflects the
possibility of either a further downgrade on evidence of further
deterioration in HCG's funding and liquidity profile,
weaker-than-expected business performance, or further management
and leadership change; or, a potential upgrade on evidence of
stabilization in the company's funding profile, effective
repositioning of its franchise, and stabilization of its management
team.
"The downgrade follows our view that even since our last rating
action on April 27, we believe further developments at HCG have
continued to materially weaken the firm's franchise position and
erode its business and financial performance," said S&P Global
Ratings credit analyst Michael Leizerovich. Material risks include
heightened liquidity risk from accelerated outflows in HCG's
deposit funding, as well as elevated financial and operational
challenges exacerbated by additional board turnover and the cost of
the bank's emergency line of credit.
S&P aims to resolve the CreditWatch within 90 days. Specifically,
S&P could lower its ratings on the HCG group if S&P determines that
large net outflows render sources of cash insufficient to cover
cash outflows, pushing the company closer to liquidity depletion
and insolvency. Further adverse developments that result in
regulatory proceedings, management's inability to stabilize the
business, or deteriorating asset quality could also contribute to
lower ratings.
S&P may assign a positive outlook or raise the ratings if it
observes the mitigation of near-term risks, such as stabilization
in HCG's funding profile, effective repositioning of its business
franchise, and a permanent management team and a stabilized board
that shore up depositor and business confidence.
HOOPER TIMBER: Unsecureds to Recoup 100% in 120 Months
------------------------------------------------------
Hooper Timber Company, LLC, filed with the U.S. Bankruptcy Court
for the Western District of Tennessee a disclosure statement dated
April 26, 2017, referring to the Debtor's plan of reorganization.
Class 6 General Unsecured Claims will be paid 100% of their allowed
amounts in 120 equal monthly installments starting on the Effective
Date of the Plan. Class 6 is deemed to be impaired.
The Plan provides that Claims will be paid from future business
operations.
The Disclosure Statement is available at:
http://bankrupt.com/misc/tnwb16-29970-54.pdf
About Hooper Timber
Hooper Timber Company, LLC, was founded in 2004 by Timmy Hooper,
who continues as sole member. The Debtor has two lines of
business, harvesting and sale of timber and the manufacture of
railroad ties.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Tenn. Case No. 16-29970) on Oct. 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.
Russell W. Savory, Esq., at Beard & Savory, PLLC, serves as the
Debtor's legal counsel.
IAC/INTERACTIVECORP: Announced Merger No Impact on Moody's Ba2 CFR
------------------------------------------------------------------
Moody's Investors Service said IAC/InterActiveCorp's Ba2 Corporate
Family Rating (CFR), existing debt ratings and stable outlook are
not impacted by May 1 announcement that the company has entered
into a definitive agreement to combine its HomeAdvisor business
with Indianapolis-based Angie's List in a stock-for-stock and/or
cash-for-stock transaction.
Headquartered in New York , N.Y., IAC/InterActiveCorp is a leading
media and internet company that owns approximately 150
internet-based brands and products.
IG INVESTMENTS: Loan Repricing No Impact on Moody's B1 CFR
----------------------------------------------------------
Moody's Investors Service said that the proposed repricing of IG
Investments Holdings, LLC's $905 million first lien term loan due
2021 does not impact the company's ratings, including its B1
Corporate Family Rating (CFR), B1-PD Probability of Default Rating
(PDR), and B1 rating on its first lien senior secured credit
facilities, including term loan due 2021 and revolver expiring in
2019, or stable rating outlook.
IG Investments Holdings, LLC, headquartered in Atlanta, Georgia, is
a specialized provider of temporary and project professionals
principally in the field of information technology. The company
operates through 42 offices that are largely located in major
cities across the U.S. and in Toronto, Canada. Insight Global is
private and is sponsored by affiliates of Ares Management, Harvest
Partners, Leonard Green & Partners, and Crescent Capital. In 2016,
the company generated approximately $1.7 billion in revenues.
INOVASI RESTAURANTS: Involuntary Chapter 11 Case Summary
--------------------------------------------------------
Alleged Debtor: Inovasi Restaurants, LLC
aka The Other Door
c/o John Des Rosiers
28-30-Center Ave.
Lake Bluff, IL 60044
Case Number: 17-13669
Type of Business: Inovasi is a contemporary american restaurant
that blurs the lines between casual and upscale
dining.
Involuntary Chapter 11 Petition Date: May 1, 2017
Court: United States Bankruptcy Court
Northern District of Illinois (Chicago)
Judge: Hon. Deborah L. Thorne
Petitioners' Counsel: David P Lloyd
DAVID P. LLOYD, LTD.
615B S. LaGrange Rd.
LaGrange, IL 60525
Tel: 708 937-1264
Fax: 708 937-1265
E-mail: courtdocs@davidlloydlaw.com
Alleged Debtor's
Counsel: Paul M Bach, Esq.
BACH LAW OFFICES
P.O. Box 1285
Northbrook, IL 60065
Tel: 847 564-0808
Fax: 847 564-0985
E-mail: paul@bachoffices.com
Alleged Creditors who signed the involuntary petition:
Petitioners Nature of Claim Claim Amount
----------- --------------- ------------
Pure Wine Company Sale of Goods $3,292
c/o Richard Sarber
361 S. Frontage Rd., #130
Burr Ridge, IL 60527
Center Avenue Partners, LLC Rent and Loan $30,600
c/o Ron Oesterlien
28 A Center Ave., Ste. 1
Lake Bluff, IL 60044
Law Office of Diambri & Legal Fees $9,073
Caravello
IOWA HEALTHCARE: Taps Whitfield & Eddy as Special Counsel
---------------------------------------------------------
Central Iowa Healthcare seeks approval from the U.S. Bankruptcy
Court for the Southern District of Iowa to hire Whitfield & Eddy,
P.L.C. as its special counsel.
Whitfield will provide the Debtor with legal services in connection
with its dispute with Iowa Ortho over their professional services
agreement; and in connection with an appeal by the Debtor of an
unfavorable adjustment by the Centers for Medicare and Medicaid
Services to its annual reimbursement rate schedule.
The firm will charge $325 per hour for the services of Thomas
Reavely, Esq., and Sally Reavely, Esq., and $225 per hour for Zach
Hermsen, Esq.
Whitfield is a "disinterested person" as defined in section 101(14)
of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Thomas S. Reavely, Esq.
Whitfield & Eddy, P.L.C.
699 Walnut Street, Suite 2000
Des Moines, IA 50309
Phone: 515-246-5519
Email: reavely@whitfieldlaw.com
About Central Iowa Healthcare
The Central Iowa Healthcare, formerly doing business as
Marshalltown Medical Surgical Center, is a not-for-profit
corporation formed under the laws of the State of Iowa, and is tax
exempt pursuant to Section 501(c)(3) of the Internal Revenue Code..
It is governed by a 14-member Board of Trustees of which two
members serve on an ex-officio basis.
CIH operates a community hospital in Marshalltown, Iowa, which is
located between Des Moines and Cedar Rapids. Its 49-bed, acute
care facility is the only full-service medical center in the area.
CIH is the sixth largest employer in Marshalltown. According to
U.S. Census 2015 data, Marshalltown's population is estimated at
27,620 and a median income of $50,396.
Declining revenues over the past several years have placed a
considerable financial strain on CIH and led to uncertainty about
the hospital's ability to continue as a going concern.
CIH sought Chapter 11 protection (Bankr. S.D. Iowa Case No.
16-02438) on Dec. 20, 2016. The petition was signed by Dawnett
Willis, acting CEO. The Debtor disclosed $81.91 million total
assets and $20.02 million total liabilities.
The case is assigned to Judge Anita L. Shodeen.
The Debtor hired Bradshaw, Fowler, Proctor & Fairgrave, P.C., as
its legal counsel, and Alvarez & Marsal Healthcare Industry Group,
LLC as its financial advisor. The Debtor engaged Andy Wang, Esq.,
at Wang Kobayashi Austin, LLC, as special counsel.
The U.S. Trustee for the Southern appointed Susan N. Goodman as the
patient care ombudsman for CIH.
On Dec. 28, 2016, the U.S. Trustee appointed an official committee
of unsecured creditors. The Committee is represented by Francis J.
Lawall, Esq., at Pepper Hamilton LLP.
J.P. ALEXOPOULOS: Taps Hatter, Harris, and Beittel as Accountant
----------------------------------------------------------------
J.P. Alexopoulos Enterprises, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to hire
Hatter, Harris, and Beittel, LLP to provide accounting services.
The Firm's current hourly rates are:
Consulting $165
Income Tax Preparation $130
Staff Bookkeeping assistance $96
Software training/support $96
Para-professional support $74
Secretarial $44
The Firm is requesting, as part of the retention agreement, a
retainer of $3000, from which the fees would be billed against.
John Votero, CPA, partner at Hatter, Harris, and Beittel, LLP,
attests that his firm does not have any connection with the known
creditors in this case, has not represented any of the creditors,
has no financial interest in the Debtor, or any insider connected
with the Debtor.
The Firm can be reached through:
John Votero, CPA
Hatter, Harris, and Beittel, LLP
Sterling Center, 32-A East Roseville Road
Lancaster, PA 17601-3861
Phone: (717) 569-2601
About J.P. Alexopoulos Enterprises
J.P. Alexopoulos Enterprises, LLC sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 17-11344) on
February 27, 2017. The petition was signed by James Alexopoulos,
member. The case is assigned to Judge Ashely M. Chan.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of $1 million to $10 million.
JP PYRAMID: Condo Unit in Queens, NY Up for June 2 Auction
----------------------------------------------------------
Pursuant to a Judgment of Foreclosure and Sale dated March 29, 2017
and entered on April 5, 2017, in the case captioned as, NYCTL
2015-A TRUST, and THE BANK OF NEW YORK MELLON, as Collateral Agent
and Custodian for the NYCTL 2015-A TRUST, Plaintiffs -against- JP
PYRAMID LLC, et al. Defendant(s), pending before the Supreme Court,
Queens County, Pamela Jordan as referee, will sell at public
auction at the Queens County Supreme Courthouse, 88-11 Sutphin
Blvd., in Courtroom # 25, Jamaica, NY on June 2, 2017 at 10:00 a.m.
the premises known as Unit No. 2A in the condominium known as
"Joyful Tower Condominium" together with a 3.683% undivided
interest in the common elements. Block 4414 Lot 1005.
The premises is known as 31-22 UNION STREET, UNIT 2A, QUEENS, NY..
The approximate amount of lien $3,129.15 plus interest & costs.
The Premises will be sold subject to provisions of filed Judgment
and Terms of Sale. Index Number 703638/2016.
Counsel for Plaintiff:
Seyfarth Shaw LLP
620 Eighth Avenue
New York, NY 10018
JUST LIKE SUGAR: Hires Thomas R Port as Counsel
-----------------------------------------------
Just Like Sugar, Inc. seeks approval from the US Bankruptcy Court
for the District of Nevada to employ Thomas R. Port, Esq. as
counsel.
The scope of Mr. Port's employment would pertain to representation
in the Chapter 11 bankruptcy proceeding though Mr. Port will remain
as counsel of record in matters pending in State Court.
Mr. Port has represented the Debtor in various pre-petition legal
matters including the cases of: MCA v. Just Like Sugar, Inc. Clark
County District Court #A-16743404-B; Just Like Sugar, Inc. v.
Carpets N More # A-16741071; Pawnee Leasing Corporation v. Just
Like Sugar, Inc. #A-16-742148-C and Strategic Funding Source, Inc v
Just Like Sugar, Inc. Supreme Court of New York Index #
161477/2015.
Mr. Port has not received any compensation in any form for
professional services in any regard, either since the date of
filing, March 17, 2017, or, for more than one year prior to filing.
Mr. Port is not seeking an order for compensation in this matter.
The Counsel can be reached through:
Thomas R. Port, Esq.
LAW OFFICE OF THOMAS R. PORT
2475 Chandler Ave.
Las Vegas, NV 89119
Tel: (702) 483-6777
Fax: (510) 878-2744
Email: t.port@me.com
About Just Like Sugar
Based in Las Vegas, Nevada, Just Like Sugar, Inc. --
http://www.justlikesugarinc.com/-- produces just like sugar
products. Founded in 2003, it offers hot cocoa mix, strawberry
milk mix, baking and brown sweeteners, and baked fruit and pie
seasoning. The Company sells just like sugar products through
wholesalers and retailers in the United States. It also serves
customers online.
Just Like Sugar Inc filed a Chapter 11 petition (Bankr. D. Nev.
Case No. 17-11295) on March 17, 2017. The Hon. August B. Landis
presides over the case. Thomas R. Port, Esq. serves as the counsel.
In its petition, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million liabilities.
KALLSTRAND LLC: Deal With NYSDTF on Cash Use Approved
-----------------------------------------------------
The U.S. Bankruptcy Court for the Western District of New York on
April 27, 2017, approved a stipulation authorizing Kallstrand, LLC,
to use the cash collateral of New York State Department of Taxation
and Finance ("NYSDTF").
Pursuant to the stipulation, NYSDTF has consented to the Debtor's
use of cash collateral on an interim basis to pay current operating
expenses including payroll from March 15, 2017, until confirmation
of a plan of reorganization or 90 days from entry of an order
approving the parties' stipulation.
The Debtor acknowledges and agrees that the total outstanding
liability to the NYSDTF as of the Petition Date is a secured claim
in the amount of $133,830, comprised of a priority portion of
$132,873 and penalties of $957 ("NYSDTF Claim").
In consideration for the consent of NYSDTF for the Debtor's interim
use of cash collateral, and to provide adequate protection for such
use to NYSDTF, the Debtor stipulates and agrees, among other
things, to these:
a. The NYSDTF will be granted a "rollover" replacement lien,
effective as of the Petition Date, on all postpetition property of
the Debtor, including proceeds and products thereof to the same
extent and priority as existed as of the Petition Date.
b. The Debtor represents that all funds received since the
Petition Date and which will be received during the pendency of the
case will be deposited in the DIP Account and that all expenses of
the Debtor during the pendency of the case including adequate
protection to NYSDTF will be paid from the DIP Account.
c. All postpetition tax deposits and the adequate protection
payments will be segregated and set aside by the Debtor in a
separate bank account to be established by the Debtor pursuant to
Sec. 363(c)(4). All funds deposited in the TAXICC Account will be
(i) held in trust for the sole benefit of the NYSDTF, and (ii) used
strictly for the purposes contained or per any other order of the
Court.
d. The Debtor may use Cash Collateral only for the purposes and
in the amounts allocated to line items budgeted by the Debtor for
operating expenses during the Stipulation Period, plus a cumulative
variance of 5%.
e. The Debtor acknowledges and agrees that the total outstanding
liability to the NYSDTF as of the Petition Date is a secured claim
in the amount of $133,830, comprised of a priority portion of
$132,873 and penalties of $957 ("NYSDTF Claim").
f. As adequate protection for the use of the Cash Collateral,
the Debtor will pay the NYSDTF the amount of $2,014 per month
during the Cash Collateral Period. The payments will be made on
the 15th day of each month with the first payment due and payable
on March 15, 2017, and will continue each consecutive month
thereafter until confirmation of a plan of reorganization or 90
days from entry of an order approving the Stipulation.
The Debtor will pay all ongoing postpetition tax obligations
including, but not limited to, sales and withholding taxes in
timely fashion until further order of the Court.
In consideration of the adequate protection contemplated, and so
long as the Debtor is compliance with the terms and provisions of
the Stipulation, the NYSDTF agrees to forego any further collection
against any other party responsible for the NYSTAX claim.
The Stipulation is subject to the entry of an order in the
Bankruptcy Case ordering and approving the terms of the Settlement.
If the Court does not approve the Settlement, its terms and
provisions will be null, void and of no effect whatsoever.
A full-text copy of the Stipulation and Order is available for free
at:
http://bankrupt.com/misc/nywb2-17-20008_35_cash_Kallstrand.pdf
About Kallstrand, LLC
Kallstrand, LLC, owns a restaurant doing business as Fazool's
Casual Italian Kitchen in Brockport, New York.
Kallstrand filed a Chapter 11 petition (Bankr. W.D.N.Y. Case No.
17-20008) on Jan. 6, 2017. Alan Kallstrand, president, signed the
petition. At the time of filing, the Debtor estimated less than
$50,000 in assets and $100,000 to $500,000 in liabilities.
The case is assigned to Judge Paul R. Warren.
The Debtor's attorney is Robert B. Gleichenhaus, Esq., at
Gleichenhaus, Marchese & Weishaar, P.C.
KAMAL ABDALLAH: Sued Anew by SEC Over New Investment Scheme
-----------------------------------------------------------
Carmen Germaine, writing for Bankruptcy Law360, reports that the
U.S. Securities and Exchange Commission on Monday filed a lawsuit
alleging that Kamal Zuhdi Abdallah used a phony name, Kamal
Sulleman, to fleece two elderly investors, claiming he would invest
their funds in a currency trading scheme, while on supervised
release after being convicted of a previous securities fraud.
Mr. Abdallah was previously convicted by a jury in 2011 for
masterminding a pump-and-dump scheme to fraudulently sell millions
of artificially inflated shares of Universal Property Development
and Acquisition Corp., an oil and natural gas exploration company
where he served as CEO from 2005 to 2008, Law360 cites. He was
sentenced to three and a half years in prison, plus three years of
supervised release, and ordered to pay more than $220,000 in
restitution.
Mr. Abdallah filed for Chapter 7 bankruptcy in the U.S. Bankruptcy
Court for the Western District of Texas on Jan. 25, 2017, but he
didn't disclose any ownership interest in AOS or Seriaga and also
failed to disclose the investments from either investor among his
debts, according to the complaint, Law360 cites.
The SEC's complaint also names Administrative Outsource Services
Inc. (AOS), and Seriaga Investments Inc., companies related to Mr.
Abdallah; as well Zeina Abdallah, Mr. Abdallah's daughter, as
relief defendants.
The SEC is represented by Andrew M. Calamari, Sanjay Wadhwa, Gerald
Gross, Paul G. Gizzi and Karen M. Lee.
The case is Securities and Exchange Commission v. Kamal Zuhdi
Abdallah a/k/a Kamal Sulleman et al., case number 1:17-cv-03117, in
the U.S. District Court for the Southern District of New York.
KERSEY-BORAH: Case Summary & 5 Unsecured Creditors
--------------------------------------------------
Debtor: Kersey-Borah Properties, Inc.
1255 John E. Sullivan Road
Byron, GA 31008
Case No.: 17-50941
Type of Business: The Debtor is a domestic profit corporation.
Its aggregate noncontingent liquidated debts
(excluding debts owed to insiders or affiliates)
are less than $2,566,050 (amount subject to
adjustment on 4/01/19 and every 3 years after
that).
Chapter 11 Petition Date: May 1, 2017
Court: United States Bankruptcy Court
Middle District of Georgia (Macon)
Judge: Hon. James P. Smith
Debtor's Counsel: James Hayden Kepner, Jr., Esq.
SCROGGINS & WILLIAMSON, P.C.
4401 Northside Parkway, Suite 450
Atlanta, GA 30327
Tel: 404-893-3880
Fax: 404-893-3886
E-mail: hkepner@swlawfirm.com
centralstation@swlawfirm.com
Estimated Assets: $10 million to $50 million
Estimated Debts: $1 million to $10 million
The petition was signed by Bernerd Frank Borah, CFO.
Debtor's List of Five Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
City of Byron Sewer pumping $2,353,000
401 Main Street station, pressure
Byron, GA 31008 line, water main
Navicent Health Foundation Pledge $100,000
Leighton Kersey Loan $40,000
Peach Co. Board of Property Taxes $14,000
Tax Assess.
City of Byron Property Taxes $4,000
MCS GROUP: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B' corporate credit rating on
Lewisville, Texas-based MCS Group Subholdings LLC. S&P also
assigned its 'B' corporate credit rating to ASP MCS Acquisition
Corp. The outlook is stable.
At the same time, S&P assigned its 'B' issue-level rating on the
company's first-lien credit facilities, including a $35 million
revolving facility expiring in 2022 and $390 million term loan due
in 2024. S&P also assigned its '3' recovery rating on the
first-lien facilities, which indicates S&P's expectation for
lenders to receive meaningful (50%-70%; rounded estimate: 55%)
recovery in the event of payment default. ASP MCS Acquisition
Corp. is the borrower pursuant to the proposed credit agreement.
S&P estimates the company's adjusted debt will be approximately
$415 million at closing, which includes S&P's adjustments for
operating leases.
"The ratings on MCS Group reflect its substantial debt burden,
small scale, narrow focus, and that its financial sponsor owner
will continue to influence financial governance," said S&P Global
Ratings credit analyst Peter Deluca. The company's credit metrics
are weak because of high debt levels from acquisition-related
obligations. Pro forma for the transaction, adjusted debt to EBITDA
will be 6.2x, compared to 4.3x as of December 2016. S&P's base
forecast anticipates debt to EBITDA declining to near 5.5x in 2017
and slightly improving in 2018 from modest EBITDA growth. S&P's
forecast also anticipates weaker funds from operations (FFO) to
debt, at about 8.8% in 2017 and 2018, down from 14% in 2016. S&P
expects the company's working capital management will be near
current levels throughout the forecast period and that its variable
cost structure and generally reimbursable nature of costs from its
servicing clients will continue to support operations.
The stable outlook reflects S&P's expectation that MCS Group's
operating performance will remain healthy after closing based on
its variable cost operating model and that it will at least
maintain market share, leading to debt to EBITDA approaching the
5.6x area by year-end 2017 from about 6.2x at closing from EBITDA
growth. In addition, S&P expects the company will generate ample
cash flow to reinvest in the business given its low capital pending
requirements and solid client retention. Nevertheless, S&P
believes the risk inherent with private equity ownership, mainly
the intrinsic characteristics and sometimes aggressive nature of
financial sponsors' strategies, constrains the long-term potential
of a significantly stronger balance sheet.
S&P could lower its ratings if it projects MCS Group's credit
metrics weaken such that debt to EBITDA leverage approaches 7x.
This could occur from an unexpected event such as an acquisition,
change in shareholder distributions, or some other
reputation-damaging event resulting in the loss of a major client
and leading to a higher debt burden. S&P estimates this could
occur if EBITDA deviates approximately 15% from our base forecast
for 2017 or if debt increases by about $55 million (assuming
current debt and EBITDA.)
Although unlikely in the next 12 months, S&P could raise its
ratings if the company meaningfully grows scale and diversifies its
service offering such that it becomes less dependent upon field
services for default properties for revenue and cash flow. S&P
could also raise its ratings if American Securities reduces its
ownership stake below 40%, which would enable the company to
control its financial policies. A higher rating would also be
dependent on MCS Group sustaining debt to EBITDA below 5x and
maintaining at least an adequate liquidity assessment.
MESA OIL: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Mesa Oil, Inc.
dba Mesa Enviromental
6395 E 80th Ave
Commerce City, CO 80022
About the Debtor: Mesa Oil, Inc. collects and recycles used
oil, and supplies burner fuel to the asphalt
paving industry. It offers blended fuel
oil, BTU value fuel, and specification fuel
oil for asphalt hot mix plants. The company
serves customers in Montana, Wyoming, Utah,
Colorado, Arizona, New Mexico, and Texas.
Mesa Oil, Inc. was founded in 1981 and is
based in Commerce City, Colorado.
The Company is a fee owner of a land and
building located at 20 Lucero Road, Belen,
NM 87002, valued at $1.02 million. The
Company previously sought bankruptcy
protection on Sept. 18, 2010 (Bankr.
D. Colo. Case No. 10-33755).
For more information, please visit the
company's website at www.mesaoil.com
Chapter 11 Petition Date: May 2, 2017
Court: United States Bankruptcy Court
District of Colorado (Denver)
Judge: Hon. Elizabeth E. Brown
Debtor's Counsel: Jeffrey S. Brinen, Esq.
KUTNER BRINEN, P.C.
1660 Lincoln St., Ste. 1850
Denver, CO 80264
Tel: 303-832-2400
E-mail: jsb@kutnerlaw.com
Total Assets: $2.93 million
Total Liabilities: $4.74 million
The petition was signed by Lawrence Meers, president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/cob17-14004.pdf
MILLAR WESTERN: S&P Lowers CCR to 'SD' on Distressed Exchange
-------------------------------------------------------------
S&P Global Ratings said it lowered its long-term corporate credit
rating on Edmonton, Alta.-based Millar Western Forest Products Ltd.
to 'SD' (selective default) from 'CC'. At the same time, S&P
Global Ratings lowered its issue-level rating on the company's
senior unsecured notes to 'D' from 'CC'. S&P Global Ratings
removed the ratings from CreditWatch with negative implications,
where they had been placed March 9, 2017.
Millar completed its previously announced distressed exchange
offering whereby it exchanged a portion of its 8.5% senior
unsecured notes for new issuance of 9% senior secured notes. The
debtholders received less than what was promised in the original
debt terms. As such, S&P considers the transaction a distressed
exchange, which meets its definition of a default.
Finally, S&P Global Ratings withdrew all ratings on Millar Western,
at the company's request.
"The downgrade follows completion of the distressed exchange
transaction that resulted in debtholders receiving less than what
was promised," said S&P Global Ratings credit analyst Alessio Di
Francesco.
As part of the transaction, the US$210 million of senior unsecured
notes were exchanged for new US$131.3 million senior secured notes.
Immediately following the exchange, Atlas Holdings LLC will, S&P
expects, exchange approximately US$51.2 million of the new senior
secured notes for 80% of Millar Western's shares outstanding.
S&P views the transaction as a distressed exchange because senior
unsecured debtholders received less than what was promised on the
original debt terms. This meets S&P's definition of a default.
S&P is subsequently withdrawing all its ratings on Millar Western
at the company's request.
MILLER MARINE: Can Use Estate Cash Collateral on Final Basis
------------------------------------------------------------
Judge Karen K. Specie of the U.S. Bankruptcy Court for the Northern
District of Florida authorized Miller Marine Yacht Services, Inc.,
to continue to use the cash collateral of Estate of E.A. Drummond
on a final basis, including, without limitation, cash, deposit
accounts, and accounts receivable for reasonable and customary
expenses necessary to operate its business.
The Interim Order on the same motion is vacated and replaced by the
Final Order.
The Estate is granted as adequate protection postpetition
replacement liens against the Debtor's Cash Collateral to the same
extent, validity, and priority as existed as of the Petition Date.
The Estate holds, by stipulation with the Debtor, a valid and
perfected second-position lien on the Debtor's real property. The
value of the Debtor's real property will be otherwise determined by
the Debtor's Motion to Determine Secured Status that is currently
pending, but is agreed for the purposes of the Final Order to be
valued at $2,300,000.
The Estate holds, by stipulation with the Debtor, a valid and
perfected first-position lien on the following personal property of
the Debtor, as more particularly described in the UCC filing
statement appended to the Estate's proof of claim: (i) accounts and
other rights to payment; (ii) equipment; (iii) instruments and
chattel paper; (iv) general intangibles; (v) documents; and (vi)
deposit accounts.
The Estate holds, and by stipulation the Debtor agrees, that the
Estate's claim is equal to $1,635,790, which is oversecured
regardless of the ultimate value of the RO-MAC claim in light of
the Debtor's property securing the Estate's claim equal to
$2,815,943. Accordingly, the Estate and the Debtor have stipulated
that the Estate is entitled to post-petition attorney's fees and
costs, as well as postpetition interest in the per diem amount of
$93 (principal amount of $1,420,000 at 2.38% interest) beginning on
Dec. 11, 2017 as provided in the Dec. 11, 2012 promissory note that
forms the basis of the estate's claim.
All persons and entities owing monies to the Debtor are authorized
and directed to pay the monies to the Debtor, without set-off,
which sums will upon collection by the Debtor constitute Cash
Collateral. The Debtor is not entitled to use Cash Collateral
arising from insurance proceeds payable because of the destruction
of any of the Estate's collateral.
The Debtor may not sell any of its equipment or inventory, except
as in the ordinary course of business, without further order.
A full-text copy of the Final Order is available for free at:
http://bankrupt.com/misc/flnb17-50113_47_cash_Miller_Marine.pdf
About Miller Marine Yacht Services
Miller Marine Yacht Services, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Fla. Case No. 17-50113) on March 31, 2017.
The petition was signed by Willian M. Miller, president. The
Debtor disclosed total assets of $3.3 million and total
Liabilities of $2.03 million. The Hon. Karen K. Specie presides
over the
case. The Debtor is represented by Charles M. Wynn, Esq. at
Charles M.
Wynn Law Offices, PA.
MISSIONARY ASSEMBLY: Foreclosure Auction Set for May 24
-------------------------------------------------------
The real property of Missionary Assembly of God of Marlborough,
Inc., will be sold at public auction at 1:00 P.M. on May 24, 2017.
The premises is located at 383 Lincoln Street (a/k/a 373 Lincoln
Street), Marlborough, Massachusetts 01752.
The sale is pursuant to a mortgage given by the Missionary Assembly
to Alaska Seaboard Partners Limited Partnership dated August 24,
2007 and recorded with Middlesex County Southern District Registry
of Deeds at Book 50023, Page 583, filed in the Registered Land
Section of said Registry as Document No. 1453178 with Certificate
of Title No. 240304, thereafter assigned to Lehman Commercial
Paper, Inc. by assignment dated April 25, 2013, recorded with said
Registry in Book 61810, Page 103, and filed as Document No. 1640612
with Certificate of Title No. 240304 with the Registered Land
Section of said Registry, thereafter assigned to Marlboro BFC, LLC
by Assignment dated September 12, 2013 recorded with said Registry
in Book 62698, Page 341 and filed as Document No. 1654760 with
Certificate of Title No. 240304, and as affected by a Collateral
Assignment of Notes and Mortgage to RCN Capital, LLC dated
September 26, 2013 and recorded with said Registry of Deeds in Book
62698, Page 345 and filed as Document No. 1654761 with Certificate
of Title No. 240304.
Marlboro BFC, LLC is the present holder of the mortgage. It has
declared the Missionary Assembly in breach of the conditions of the
mortgage.
Terms of sale: $20,000 cash, bank draft or other form acceptable to
the the mortgagee, to be paid at the time and place of the sale;
high bidder to sign mortgagee's purchase and sale agreement upon
acceptance of bid; an additional deposit which added to the initial
deposit will equal a total of 10% of the successful bid price shall
be paid as an additional deposit on or within five calendar days;
the balance of the purchase price to be paid in cash or current
funds in or within 45 days from date of sale at the offices of the
attorney for mortgagee:
    Douglas E. Hausler, Esq.
    Lampert, Hausler and Rodman, P.C.
    Ten North Road
    Chelmsford, MA 01824
    Tel:(978) 256-6080
Other terms to be announced at the sale.
OFF THE BOAT: Can Continue Using Cash Collateral Until Aug. 31
--------------------------------------------------------------
Judge Melvin S. Hoffman of the U.S. Bankruptcy for the District of
Massachusetts authorized Off The Boat, Inc., to use the cash
collateral of Everett Cooperative Bank on an interim and final
basis thorough and including Aug. 31, 2017.
The Debtor is permitted to use cash collateral in the ordinary
course of business to pay the expenses indicated in the projected
budget filed on April 26, 2017, or as may be amended, for the
purpose of providing adequate protection to the lien holder on the
Collateral.
The Debtor will not pay any costs or expenses not specified in the
Budget, and will not pay any single itemized expense which is in
excess of 110% of the amount set forth in the Budget, whether by
line item, category, or in the aggregate.
The lien holder, Everett Cooperative Bank is granted a replacement
lien on the same types of postpetition property of the estate
against which the lien holder held the lien as of Dec. 27, 2016,
the Chapter 11 Petition Date. The replacement lien will maintain
the same priority, validity and enforceability as the lien holder's
prepetition lien. The replacement lien will be recognized only to
the extent of the diminution in value of the lien holder's holder's
prepetition collateral after the Petition Date resulting from the
Debtor's use of cash collateral during the pendency of the case.
A further hearing with regard to the use of cash collateral is set
for Aug. 22, 2017, at 10:15 a.m.
A full-text copy of the Order is available for free at:
http://bankrupt.com/misc/mab16-14841_61_cash_Off_The_Boat.pdf
About Off The Boat, Inc.
Off The Boat, Incorporated, filed a Chapter 11 petition (Bankr. D.
Mass. Case No. 16-14841) on on Dec. 27, 2016. Antonietta G.
D'Amelio, President, signed the petition. At the time of filing,
the Debtor estimated assets at $0 to $50,000 and liabilities at
$50,000 to $100,000. The Debtor is represented by John F.
Sommerstein, Esq., at the Law Office of John F. Sommerstein.
OLIGARCH CAPITAL: Has Until Sept. 4 to Use Cash Collateral
----------------------------------------------------------
Judge Maureen A. Tighe of the U.S. Bankruptcy Court for the Central
District of California authorized Oligarch Capital, LLC to use the
rents generated from the real property located at 4545 Auckland
Ave., Toluca Lake, California, totaling $600 per month from April
3, 2017 until Sept. 4, 2017.
A hearing on the Motion was held on April 3, 2017 at 1:30 p.m.
The Debtor is authorized to use the Cash Collateral to pay the
following monthly expenses: (i) property insurance in the amount of
$92 per month; (ii) gardening services in the amount of $100 per
month; and (iii) utilities in the amount of $400 per month
("Allowed Expenses").
The Debtor is authorized to pay the Allowed Expenses with the Cash
Collateral with a variance of up to 10% per month. It is not
authorized to use the Cash Collateral for any other expenses,
including monthly cable or pool cleaning expenses.
A full-text copy of the Order is available for free at:
http://bankrupt.com/misc/cacb1-17-10012_79_cash_Oligarch_Capital.pdf
About Oligarch Capital LLC
Oligarch Capital LLC filed a Chapter 11 petition (Bankr. C.D. Cal.
Case No. 17-10012), on January 3, 2017. The petition was signed
by
Avis Copelin, managing partner. The case is assigned to Judge
Maureen Tighe. The Debtor is represented by George J. Paukert,
Esq., at the Law Offices of George J. Paukert. At the time of
filing, the Debtor estimated assets at $1 million to $10 million
and liabilities at $500,000 to $1 million. The Debtor has no
unsecured creditors.
PARAGON OFFSHORE: 4th & 5th Plan Versions Filed, Plan Outline OKed
------------------------------------------------------------------
BankruptcyData.com reported that Paragon Offshore filed with the
U.S. Bankruptcy Court a Fourth Plan of Reorganization and related
Disclosure Statement on May 1, 2017. According to the Disclosure
statement, "With respect to the New Equity Interests to be
distributed to holders of Allowed General Unsecured Claims, all of
the shares of the New Equity Interests will, to the extent such
shares are permitted to beheld issued through DTC's book-entry
system, be issued in the name of such holder or its nominee(s) in
accordance with DTC's book-entry exchange procedures. No
distributions will be made other than through DTC if the New Equity
Interests are permitted to be held through DTC's book entry system.
Any distribution that otherwise would be made to any holder
eligible to receive a distribution who does not own or hold an
account eligible to receive a distribution through DTC on a
relevant distribution date forfeited will be forfeited." In
addition, "A critical issue in their negotiations leading up to the
formulation of the Plan was the amount of Adequate Protection
Obligations. The Debtors calculated the Adequate Protection
Obligations based upon the diminution in value of the Secured
Lenders' prepetition Collateral from and after the Petition Date.
The Collateral includes, among other things, the Debtors' rigs,
receivables, general intangibles, a portion of the Debtors' Cash,
and property, plants and equipment. Based upon a review of its rig
appraisals, historical financial statements, and the New Business
Plan, and with the input of their advisors, the Debtors calculated
the diminution in value of the various asset classes comprising the
Secured Lenders' Collateral. The analysis revealed that the overall
value of the Collateral has diminished by over $300,000,000 since
the Petition Date, when taking into account the above factors and
all adequate protection payments made and anticipated to be made
throughout these cases pursuant to the Final Cash Collateral Order.
Based upon their own analysis, the Secured Lenders contend that the
diminution in the value of their Collateral exceeds $600,000,000."
The Court subsequently approved the Disclosure Statement.
In a separate report, BankruptcyData.com related that Paragon
Offshore filed with the U.S. Bankruptcy Court a Fifth Joint Chapter
11 Plan and related Disclosure Statement on May 2, 2017. According
to the Disclosure Statement, "As of the Effective Date, the Plan
represents a full, final, integrated, complete, and good faith
compromise, settlement, release, and resolution of, among other
matters, disputes and potential litigation among the Debtors, the
Term Loan Agent, the Revolving Credit Facility Agent, the Revolving
Lenders the Term Lenders (together with the Revolving Lenders, the
'Secured Lenders'), and the Creditors' Committee regarding all
Secured Lender Claims, all Senior Notes Claims, all General
Unsecured Claims, all rights, Claims, and interests arising out of
the Adequate Protection Order, all disputes and issues in
connection with or relating to encumbered and unencumbered assets
and to the validity, extent, and priority of the Liens securing the
Secured Lender Claims, including with respect to Cash held by
Paragon Parent and Intercompany Claims, all disputes and issues
relating to the Senior Notes Claims' makewhole claims, and the
matters, disputes, and litigations described in the Plan. There are
three (3) primary creditor groups whose acceptances of the Plan are
being solicited: Holders of a Secured Lender Claim (Class 3);
Holders of a Senior Notes Claim (Class 4); and Holders of a General
Unsecured Claim (Class 5)."
Dean E. Taylor, Company president and C.E.O., states, "This
agreement is a tremendous step forward in Paragon's plan to emerge
from chapter 11, clearing the path to an early June 2017
confirmation hearing that will be uncontested by any of Paragon's
key creditor groups. We are immensely pleased that our secured and
unsecured lenders could find common ground. The company also
contributed to the solution through its abandonment of the Noble
settlement agreement and subsequent contribution of additional cash
for distribution."
The Court scheduled a June 7, 2017 hearing to consider the Plan,
according to BankruptcyData.com.
About Paragon Offshore
Paragon Offshore plc (OTC: PGNPQ) --http://www.paragonoffshore.com/
-- is a global provider of offshore drilling rigs. Paragon is a
public limited company registered in England and Wales.
Paragon Offshore Plc, et al., filed Chapter 11 bankruptcy petitions
(Bankr. D. Del. Case Nos. 16-10385 to 16-10410) on Feb. 14, 2016,
after reaching a deal with lenders on a reorganization plan that
would eliminate $1.1 billion in debt.
The petitions were signed by Randall D. Stilley as authorized
representative. Judge Christopher S. Sontchi is assigned to the
cases.
The Debtors reported total assets of $2.47 billion and total debt
of $2.96 billion as of Sept. 30, 2015.
The Debtors engaged Weil, Gotshal & Manges LLP as general counsel;
Richards, Layton & Finger, P.A. as local counsel; Lazard Freres &
Co. LLC as financial advisor; Alixpartners, LLP, as restructuring
advisor; PricewaterhouseCoopers LLP as auditor and tax advisor; and
Kurtzman Carson Consultants as claims and noticing agent.
No request has been made for the appointment of a trustee or an
examiner in the cases.
On Jan. 27, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. Paul, Weiss, Rifkind,
Wharton & Garrison LLP serves as main counsel to the Committee and
Young Conaway Stargatt & Taylor, LLP acts as co-counsel. The
committee retained Ducera Partners LLC as financial advisor.
Counsel to JPMorgan Chase Bank, N.A. (a) as administrative agent
under the Senior Secured Revolving Credit Agreement, dated as of
June 17, 2014, and (b) as collateral agent under the Guaranty and
Collateral Agreement, dated as of July 18, 2014, are Sandeep Qusba,
Esq., and Kathrine A. McLendon, Esq., at Simpson Thacher & Bartlett
LLP.
Delaware counsel to JPMorgan Chase Bank, N.A. are Landis Rath &
Cobb LLP's Adam G. Landis, Esq.; Kerri K. Mumford, Esq.; and
Kimberly A. Brown, Esq.
Counsel to Cortland Capital Market Services L.L.C. as
administrative agent under the Senior Secured Term Loan Agreement,
dated as of July 18, 2014, are Arnold & Porter Kaye Scholer LLP’s
Scott D. Talmadge, Esq.; Benjamin Mintz, Esq.; and Madlyn G.
Primoff, Esq.
Delaware counsel to Cortland Capital Market Services L.L.C. are
Potter Anderson & Corroon LLP's Jeremy W. Ryan, Esq.; Ryan M.
Murphy, Esq.; and D. Ryan Slaugh, Esq.
Counsel to Deutsche Bank Trust Company Americas as trustee under
the Senior Notes Indenture, dated as of July 18, 2014, for the
6.75% Senior Notes due 2022 and the 7.25% Senior Notes due 2024,
are Morgan, Lewis, & Bockius LLP’s James O. Moore, Esq.; Glenn E.
Siegel, Esq.; and Joshua Dorchak, Esq.
* * *
Paragon Offshore plc, et al., filed with the U.S. Bankruptcy Court
for the District of Delaware a third joint Chapter 11 plan and
disclosure statement. Each holder of an allowed Class 5 General
Unsecured Claim will be entitled to receive cash in the amount
equal to the lesser of (a) 26% of the amount of the holder’s
allowed claim and (b) its pro rata share of $5,000,000, or a higher
amount as may be agreed between the Debtors and the requisite
lenders. This class is impaired by the Plan. Plan distributions of
cash will be funded from the Debtors’ and the Reorganized
Debtors’ cash collateral or unencumbered cash, as the case may
be, in accordance with the terms of the Plan.
A copy of the Third Joint Plan is available at:
http://bankrupt.com/misc/deb16-10386-1234.pdf
PAYLESS HOLDINGS: Taps Keen-Summit as Real Estate Advisor
---------------------------------------------------------
Payless Holdings LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Missouri to hire Keen-Summit Capital
Partners LLC as its real estate advisor.
The firm will provide these services in connection with the Chapter
11 cases of Payless Holdings and its affiliates:
(i) organize the lease information for each property in a
manner that clearly displays the site-level business and
lease economics;
(ii) establish, in conjunction with the Debtors, negotiating
goals and parameters such as rent reductions, lease term
modifications, and other leasehold concessions;
(iii) contact the landlord for each property and seek to
negotiate with the landlord for modifications in
accordance with those parameters; and
(iv) work with the landlords, the Debtors and their counsel to
document all lease modification proposals.
On the lease modification agreement date, the Debtor will pay Keen,
on a per-property basis, 10% of savings. However, if the aggregate
savings achieved by the modification agreements for the first 300
properties is $1.5 million, then the Debtors will pay the firm 20%
of savings on a per-property basis for subsequent transactions.
The increase in fees will only apply to the first 300 properties.
All work-related costs and expenses incurred by Keen shall be borne
by the Debtors. However, the firm must obtain approval from the
Debtors prior to incurring any costs or expenses over $1,000.
Harold Bordwin, principal and managing director of Keen, 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:
Matt Bordwin
Keen-Summit Capital Partners LLC
1460 Broadway
New York, NY 10036
Phone: (646) 381-9201
Email: hbordwin@Keen-Summit.com
About Payless Holdings
Payless -- http://www.payless.com/-- was founded in 1956 as an
everyday footwear retailer. It has more than 4,000 stores in more
than 30 countries, and employs approximately 22,000 people. It is
headquartered in Topeka, Kansas, but its operations span across
Asia, the Middle East, Latin America, Europe, and the United
States.
Payless first traded publicly in 1962, and was taken private in May
2012. Payless Holdings, LLC currently owns, directly or
indirectly, each of its 91 subsidiaries.
Payless Holdings LLC (Bankr. E.D. Mo. Lead Case No. 17-42267) and
its subsidiaries sought protection under Chapter 11 of the
Bankruptcy Code on April 4, 2017. The petitions were signed by
Paul J. Jones, chief executive officer.
At the time of the filing, the Debtors estimated their assets at
$500 million to $1 billion and liabilities at $1 billion to $10
billion.
The Debtors hired Alvarez & Marsal North America LLC as
restructuring advisor; Prime Clerk LLC as claims, balloting and
administrative agent; and Osler, Hoskin & Harcourt LLP as CCAA
counsel.
On April 14, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.
PELLERIN ENERGY: Interim Deal on Cash Use; Hearing Moved to June
----------------------------------------------------------------
Pellerin Energy Group, LLC ("PEG"), Joshua Pellerin, Leonard C.
Franques, IV, QB7 Energy, LLC, and the subsidiaries PEG, Pellerin
Water Solutions, LLC, Pellerin Energy Rentals, LLC, and Pellerin
Health, Safety and Environmental, LLC (collectively, the "PEG
Affiliates") and Capital One, National Association ("Capital One")
have reached an interim agreement governing the Debtor's use of
cash collateral, other collateral, and adequate protection
conditions.
Capital One has previously filed a motion seeking to prohibit the
Debtor from using any of its cash collateral or alternatively,
grant it adequate protection of its collateral interests.
Capital One had claimed that it objects to any use of its cash
collateral to pay the wages, salaries or benefits of insiders,
including but not limited to the wages, salaries or benefits of
Joshua Pellerin, Leonard Franques, Andre Franques, Edward Godeaux,
Benjamin M. Potier, and/or any of their family members.
The parties later reached an interim agreement.
At the best of the parties, Judge Robert Summerhays of the U.S.
Bankruptcy Court Western District of Louisiana has entered an order
continuing the hearing to June 27, 2017 at 10:00 a.m.
A full-text copy of the Order is available for free at:
http://bankrupt.com/misc/lawb17-50233_64_cash_Pellerin_Energy.pdf
About Pellerin Energy Group
Pellerin Water Solutions, L.L.C., Pellerin Energy Rentals, L.L.C.,
and Pellerin Health Safety & Environmental, L.L.C. are the
operating entities that actively engage in business within the oil
and gas industry, each owning assets and generating the primary
source of income for the global enterprise. Pellerin Energy Group,
LLC, is believed to be the holding company which owns a majority of
the equity interests in Pellerin Water, Pellerin Energy Rentals and
Pellerin Health.
Pellerin Real Estate Holdings, LLC is believed to be exclusively
owned and operated by Josh Pellerin. Pellerin Real Estate owns
the
building out of which Pellerin Energy Group and its Affiliates
operate their business. The Debtor and its Affiliates lease the
Office Building from Pellerin Real Estate and as part of the same,
make monthly rental payments to Pellerin Real Estate.
Joshua A. Pellerin, acting as creditor, filed an involuntary
Chapter 11 petition against Pellerin Energy Group, LLC (Bankr. W.D.
La. Case No. 17-50233) on March 1, 2017. Mr. Pellerin, as
creditor, is represented by Paul Douglas Stewart, Jr., Esq. at
Stewart Robbins & Brown, LLC.
On the same date, on March 1, 2017, Mr. Pellerin, acting as CEO and
President of PEG, also filed an "Answer to Involuntary Petition and
Stipulation to Order of Relief", wherein he consented to the entry
of an Order for Relief on behalf of PEG.
On March 3, 2017, Leonard C. Franques IV and QB7 Energy, LLC,
filed
a "Motion to Dismiss and for Certain Alternative Relief including
Modification of the Automatic Stay or Appointment of a Trustee",
wherein they challenged, among other things, the standing of Josh
Pellerin to file the Involuntary Petition. A hearing on the
Motion
to Dismiss has been scheduled for Marc h 28, 2017 at 10:00 a.m.
An order for relief has not been entered in this case.
The case is assigned to Judge Robert Summerhays.
The Debtor is represented by Louis M. Phillips, Esq., at Kelly Hart
& Pitre LLP.
PENICK PRODUCE: Taps McCraney Montagnet as Legal Counsel
--------------------------------------------------------
Penick Produce Company, Inc. and its affiliates filed separate
applications seeking court approval to hire legal counsel.
In their applications filed with the U.S. Bankruptcy Court for the
Northern District of Mississippi, the company and its affiliates,
Penick Business LP and Penick LP, propose to hire McCraney,
Montagnet, Quin & Noble, PLLC to provide legal services in
connection with their Chapter 11 cases.
The services include advising the Debtors regarding their duties
under the Bankruptcy Code, investigating the Debtors' financial
condition, and assisting them in maximizing the value of their
assets.
Douglas Noble, Esq., the attorney expected to represent the
Debtors, will charge an hourly rate of $365. Paralegal services
will be paid at an hourly rate of $130.
McCraney does not represent or hold any interest adverse to the
Debtors, according to court filings.
The firm can be reached through:
Douglas C. Noble, Esq.
McCraney, Montagnet, Quin & Noble, PLLC
602 Steed Road, Suite 200
Ridgeland, MS 39157
Phone: (601) 707-5725
Fax: (601) 510-2939
Email: dnoble@mmqlaw.com
About Penick Produce Company
Founded in 1991, Penick Produce Co., Inc. is a small organization
in the fresh fruits and vegetable companies industry located in
Vardaman, Mississippi.
Penick Produce, Penick Business LP and Penick LP sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case
Nos. 17-11522 to 17-11524) on April 26, 2017. The petitions were
signed by Robert A. Langston, president.
The Debtors requested for joint administration of their cases.
Judge Jason D. Woodard presides over the cases.
At the time of the filing, Penick Produce estimated its assets at
$10 million to $50 million and debts at $1 million to $10 million.
The
At the time of the filing, the Debtor estimated assets of less than
$ and liabilities of $ million to $ million. Penick Business and
Penick LP estimated their assets and liabilities at $1 million to
$10 million.
PHARMACOGENETICS DIAGNOSTIC: Has Until June 30 to Use SYB Cash
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Kentucky
authorized Pharmacogenetics Diagnostic Laboratory, LLC, to continue
using the cash collateral of Stock Yards Bank & Trust Co. ("SYB")
in its ordinary course of business through June 30, 2017.
A final hearing on the use of Cash Collateral will be held at a
place and time noticed by the Court.
As adequate protection for its claims of security for the use of
the accounts receivable as cash collateral of the Debtor, the Cash
Collateral Creditor will have a security interest in the following:
(i) a continued security interest in and to all prepetition
accounts receivable of the Debtor; (ii) a first priority security
interest to the same extent, priority, and validity as its
prepetition security interest in and to all post-petition accounts
receivable of the Debtor in possession and proceeds thereof, which
will be senior to any liens granted to Dr. Roland Valdes to secure
debtor in possession financing, and which will be deemed to be
effective, valid, perfected and enforceable without the necessity
of taking any other act or filing or recording any security
agreements, financing statements or other instruments or documents;
and (iii) a first priority security interest to the same extent,
priority, and validity as its prepetition security interest in the
inventory of the Debtor and the Debtor and the proceeds thereof,
which will be senior to any liens granted to Dr. Valdes to secure
debtor in possession financing, and which will be deemed to be
effective, valid, perfected and enforceable without the necessity
of taking any other act or filing or recording any security
agreements, financing statements or other instruments or documents.
The Debtor will timely make all adequate protection payments to
SYB required under the terms of the Order.
The Cash Collateral may be used by the Debtor 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, through June
30, 2017.
The Debtor's use of Cash Collateral may not exceed the amount set
forth in the Budget by greater than 10% unless approved in writing
by SYB.
A full-text copy of the Fifth Order is available for free at:
http://bankrupt.com/misc/kywb16-33404_117_cash_Pharmacogenetics_Diagnostic.pdf
About Pharmacogenetics Diagnostic
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 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.
The Debtor's bankruptcy attorney is Charity Bird Neukomm, Esq., at
Kaplan & Partners LLP.
The Debtor tapped Kathie McDonald-McClure, Esq. of Wyatt, Tarrant
&
Combs, LLP as special counsel in matters relating to intellectual
property and to a post-payment Medicare audit. The Debtor also
engaged Robert L. Brown, Esq., at Bingham Greenebaum Doll LLP, as
special counsel regarding corporate matters.
The Debtor hired William G. Meyer III and Strothman and Company as
accountant.
PLATINUM PARTNERS: Federal Prosecutors Deny Involvement in Leaks
----------------------------------------------------------------
Melissa Daniels, writing for Bankruptcy Law360, reports that
federal prosecutors told U.S. District Judge Dora Izrizarry that
defendants accused of being involved in a $1 billion securities
fraud scheme at Platinum Partners have no evidence that a
government agent was behind purported grand jury leaks about the
probe into the hedge fund.
Law360 recalls that Platinum Partners founder Mark Nordlicht told
Judge Izrizarry earlier in April that the government didn't hand
over information surrounding the investigators' purported leak of
grand jury information to reporters about their crackdown on the
hedge fund.
About Platinum Partners Funds
Platinum Partners' Platinum Partners Value Arbitrage Fund L.P.
("Master Fund") was registered with and regulated by the Cayman
Islands Monetary Authority as a master fund. Platinum Partners
Value Arbitrage Fund (International) Ltd. ("International Fund")
was registered with and regulated by CIMA as a mutual fund.
The International Fund offered participating shares to prospective
investors. The International Fund's investment objective was to
achieve superior capital appreciation through its indirect
investment in the Master Fund. The Master Fund is a multi-strategy
hedge fund.
The Master Fund and International Fund each filed a voluntary
petition under Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York. The
Chapter 15 petitions were commenced on Oct. 18, 2016, by
Christopher Barnett Kennedy and Matthew James Wright, the duly
appointed joint provisional liquidators of Master Fund (in
Provisional Liquidation) and the duly appointed joint official
liquidators of International Fund (in Official Liquidation).
Both Funds are in liquidation pursuant to the orders of the
Financial Services Division of the Grand Court of the Cayman
Islands (cause nos. FSD 131 of 2016 (AJJ) (Master Fund) and 118 of
2016 (AJJ) (International Fund) pursuant to Sections 92 and 104 of
the Companies Law, of the Cayman Islands (2016 Revision) in
relation to the International Fund and Master Fund, respectively.
Contemporaneously with the Chapter 15 petitions, the Liquidators
filed a motion with the Bankruptcy Court seeking the Bankruptcy
Court's recognition of (i) the Cayman Liquidations as "foreign main
proceedings" and (ii) their appointment as "foreign
representatives" of the Funds.
As of June 30, 2016, the Master Fund had total assets of
$1,092,668,500. The Master Fund's total debt as of May 31, 2016,
was $382,000,000.
Holland & Knight LLP serves as counsel in the Chapter 15 cases.
POLICLINICA FAMILIAR: Taps Jose R Cintron as Counsel
----------------------------------------------------
Policlinica Familiar Shalom Inc. seeks approval from the US
Bankruptcy Court for the District of Puerto Rico to employ an
attorney.
The Debtor requests for the appointment of the law firm of Jose R.
Cintron, Esq. as its attorney in the bankruptcy case, to assist and
represent it in all legal proceedings.
The Debtor proposes to compensate the law firm for the services of
Mr. Cintron according to his standard hourly rate of $150 per hour,
plus costs.
Jose R Cintron attests that he and all members of his firm are
disinterested persons as the term is defined under Section 101(14)
of the Bankruptcy Code.
The Counsel can be reached through:
Jose R Cintron, Esq.
LAW OFFICE OF JOSE R CINTRON
Calle Condado 605, Suite 602
Tel: 787-725-4027
Fax: 787-725-1709
Cel: 787-605-3342
Email: jrcintron@prtc.net
lawoffice602@gmail.com
About Policlinica Familiar Shalom Inc
Policlinica Familiar Shalom Inc. filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 17-02544) on April 12, 2017. The Debtor is
engaged in the health care business as defined in 11 U.S.C. Section
101(27A) whose principal assets are located at Carr 2 Km 101.6
Barrio Terranova Quebradillas, PR 00678. The Company said it is
suffering economic hardship and is in the process of losing its
business premises in foreclosure proceedings.
The Debtor's Counsel is Jose Ramon Cintron, Esq., in San Juan,
Puerto Rico.
At the time of filing, the Debtor had estimated assets of $0 to
$50,000 and estimated liabilities of $1 million to $10 million.
POSIBA INC: Higgs Fletcher Settles Issues With US Trustee, Keshif
-----------------------------------------------------------------
Higgs Fletcher & Mack LLP, the firm proposed by Posiba Inc. to
serve as its special counsel, filed a supplemental declaration to
resolve issues raised by the Office of the U.S. Trustee and Keshif
Ventures, LLC concerning its retainer agreement.
The issues include the ability of Higgs Fletcher to withdraw only
with court approval and the removal of a section of the retainer
agreement.
In its declaration, the firm disclosed that it has agreed to the
removal of section 6 of the agreement entitled "Lien." As a
result, the firm will have no lien on any asset of the Debtor as
part of its employment.
Higgs Fletcher also said that in case a future conflict of interest
is discovered, the firm will not have the right to automatically
withdraw from its representation of the Debtor.
Any termination of its employment will only be allowed after court
permission is sought and given through a noticed motion, the firm
said in the declaration.
The Debtor tapped the firm for legal advice regarding its ongoing
dispute with Keshif Ventures. Higgs Fletcher will also conduct an
investigation into potential breaches of fiduciary duty by board
members or other corporate governance irregularities.
About Posiba Inc.
Based in San Diego, California, Posiba Inc. provides Web-based data
and analytics services for foundations and nonprofit organizations.
Posiba sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Calif. Case No. 16-07714) on December 22, 2016. The
petition was signed by Elizabeth Dreicer, CEO. At the time of the
filing, the Debtor estimated its assets at $10 million to $50
million and debts at $1 million to $10 million. The case is
assigned to Judge Margaret M. Mann.
The Debtor is represented by John L. Smaha, Esq., Gustavo E. Bravo,
Esq., and John Paul Teague, Esq. at Smaha Law Group, APC.
The Debtor hired Jackson Walker, LLP to represent it in
intellectual property matters, and Higgs Fletcher & Mack, LLP to
provide legal advice in connection with its ongoing dispute with
Keshif Ventures, LLC. It also employed Strong City Advisors, LLC
as investment banker.
QUALITY CONSERVATION: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Quality Conservation Services, Inc.
5678 Berkshire Valley Road, Suite C
Oak Ridge, NJ 07438
Case No.: 17-19063
Business Description: Founded in 1997, Quality Conservation
Services, Inc. --
www.qualityconservationservices.com -- is a
mid-sized organization in the special trade
contractors industry located in Oak Ridge,
NJ.
Chapter 11 Petition Date: May 2, 2017
Court: United States Bankruptcy Court
District of New Jersey (Newark)
Judge: Hon. Vincent F. Papalia
Debtor's Counsel: Morris S. Bauer, Esq.
NORRIS MCLAUGHLIN & MARCUS, PA
PO Box 5933
Bridgewater, NJ 08807-5933
Tel: (908) 722-0700
Fax: 908-722-0755
E-mail: msbauer@nmmlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Samuel Galpin, chief executive officer.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/njb17-19063.pdf
RODERICK ARCE: Creditor Seeks Appointment of Chapter 11 Trustee
---------------------------------------------------------------
Louis Manchello, Jr., a creditor of Roderick J. Arce and Lauren J.
Arce, filed a Notice before the U.S. Bankruptcy Court for the
District of New Jersey permitting Shaun Giberson, Power of Attorney
for Keith Giberson, to testify at a 341 hearing on May 16, 2017.
Mr. Manchello has filed a motion asking the Court to direct the
appointment of a Chapter 11 trustee.
The Creditor is represented by:
Ellen McDowell, Esq.
Daniel L. Reinganum, Esq.
MCDOWELL POSTERNOCK APELL & DETRICK, P.C.
46 W. Main Street
Maple Shade, NJ 08052
Tel.: 856-482-5544
Emails: emcdowell@MPADLaw.com
dreinganum@MPADLaw.com
The Chapter 11 bankruptcy case is, In re: Roderick J. Arce and
Lauren J. Arce (Bankr. D. N.J. Case No.: 16-32124-ABA).
SAAD INC: Has Until June 13 to Use Cash Collateral
--------------------------------------------------
Judge Joan N. Feeney of the U.S. Bankruptcy Court for the District
of Massachusetts authorized Saad, Inc., to use cash collateral
through the continued hearing on June 13, 2017 at 10:00 a.m.
The Debtor's use of cash collateral is necessary to permit the
Debtor to continue its usual operations and to preserve the value
of the buildings and its bankruptcy estate.
About Saad Inc.
Saad, Inc., owns and operates a gas station located at 899 Belmont
Street, Brockton, Massachusetts.
Saad, Inc., filed a chapter 11 petition (Bankr. D. Mass. Case No.
16-13691) on Sept. 27, 2016, disclosing total assets at $1.26
million and total liabilities at $734,638. Yacoub G. Saad,
president, signed the petition.
The case is assigned to Judge Joan N. Feeney.
The Debtor is represented by Norman Novinsky, Esq., at Novinsky &
Associates.
The Debtor continues to operate as a debtor-in-possession pursuant
to Sections 1107 and 1108 of the Bankruptcy Code. No official
committee of creditors has been appointed in the case.
SCOTT SWIMMING: Can Continue Using Cash Collateral Until May 31
---------------------------------------------------------------
Judge Julie A. Manning of the U.S. Bankruptcy Court for the
District of Connecticut authorized Scott Swimming Pools Inc. to
collect and use the cash collateral of Webster Bank from April 27,
2017 to May 31, 2017 at 5:00 p.m. to continue its usual and
ordinary operations in the ordinary course of its business by
paying the budgeted expenditures set forth on the budget.
Any objection to the continued use of cash collateral must be filed
and served no later than May 26, 2017 at 5:00 p.m.
A further hearing on the continued use of Cash Collateral will be
held on May 30, 2017, at 10:00 a.m.
The Debtor will be allowed an 8% variance per line item for
expenses and to that extent, it may transfer between line items but
in no event will the aggregate expenditures for any Budget period
exceed the total amount of expenditures for such Budget period set
forth on the Budget.
The Budget reflects total expenses of $621,889 for May 2017.
As adequate protection for any post-petition diminution in value of
the Pre-Petition Collateral Post-Petition Collateral and the Cash
Collateral arising out of the Debtor's use thereof and/or the
continuance of the automatic stay, Webster Bank is granted
post-petition claims against the Debtor's estate, which will have
priority in payment over any other indebtedness and/or obligations
now in existence or incurred hereafter by the Debtor and over all
administrative expenses or charges against property and subject
only to the Carve-Out.
As security for the Adequate Protection Claim, the Debtor grants to
Webster Bank, an enforceable and perfected replacement lien and/or
security interest in the post-petition assets of the Debtor's
estate equivalent in nature, priority and extent to the liens
and/or security interests of Webster Bank, in the Pre-Petition
Collateral and the proceeds and products thereof, subject to the
Carve-Out.
The Replacement Lien will be deemed valid and perfected without the
necessity for the execution, delivery and filing or recordation of
any further documentation otherwise required under non-bankruptcy
law for the perfection of security interests and recordation of
liens, with such perfection being binding upon any subsequently
appointed Trustee, either in Chapter 11 or under any other Chapter
of the Bankruptcy Code, and upon all creditors of the Debtor who
have extended, or may hereafter extend, secured or unsecured credit
to the Debtor; provided, however, that Webster may, in its sole
discretion, file such financing statements as it may require with
respect to the Replacement Lien.
As additional adequate protection, the Debtor will pay to Webster
Bank monthly installments of interest on the loan pursuant to the
terms of the parties' Note. The Replacement Lien will not apply to
claims or causes of action pursuant to Chapter 5 of the Bankruptcy
Code.
Notwithstanding anything contained to the contrary, the following
Carve-Out will be deemed to have a lien prior in right to
satisfaction from the Debtor's property generated post petition,
including Cash Collateral, which lien will be senior to the
replacement liens or any other liens granted: (i) the allowed
administrative claims of attorneys and other professionals retained
by the Debtor in the Case in the aggregate amount of $25,000 and
amounts payable to pursuant to 28 U.S.C. Section 1930(a)(6).
A copy of the Budget attached to the Twenty-Eighth Order is
available for free at:
http://bankrupt.com/misc/ctb15-50094_421_cash_Scott_Swimming.pdf
About Scott Swimming Pools
Based in Woodbury, Conn., Scott Swimming Pools, Inc., constructs,
sells and services swimming pools. Its offices and property are
located at 75 Washington Road, Woodbury, CT.
Scott Swimming Pools filed a chapter 11 petition (Bankr. D. Conn.
Case No. 15-50094) on Jan. 22, 2014. The petition was signed by
James M. Scott, president.
The case is assigned to Judge Alan H.W. Shiff.
The Debtor tapped James M. Nugent, Esq., at Harlow, Adams, and
Friedman, P.C., as bankruptcy counsel.
The Debtor disclosed that it owed creditors $3.79 million.
SEACOR HOLDINGS: S&P Lowers CCR to 'B-' on Reduced Liquidity
------------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Ft.
Lauderdale, Fla.-based offshore oil and gas, shipping and logistics
equipment provider SEACOR Holdings Inc. to 'B-' from 'B'. The
outlook is negative.
At the same time, S&P lowered its issue-level rating on the
company's senior unsecured debt to 'B-' from 'B'. The recovery
rating on this debt remains '4', indicating S&P's expectation of
average (30% to 50%; rounded estimate: 35%) recovery to creditors
in the event of a payment default.
"The downgrade reflects our view that liquidity has weakened over
the past year because SEACOR has used cash to fund newbuilds and
acquisitions, and that it will continue to decline over the next 12
months because we expect the company will be required to repurchase
debt that becomes putable at the holders' option, said S&P Global
Ratings credit analyst Carin Dehne-Kiley. "SEACOR has about $157
million of 2.5% convertible notes due 2027 that can be put to it on
Dec. 19, 2017, at 100% plus accrued interest."
It also has $175 million of 3.75% convertible notes due 2022 owned
by The Carlyle Group that can be put to it on Jan. 11, 2018, if
SEACOR has not completed a spin-off of its offshore marine services
segment. (The company has not yet decided whether or not it will
spin off this business segment.). It also has
$160 million of 7.375% notes maturing in October 2019. Although
the company has sufficient cash plus marketable securities on hand
to fund all three redemptions, liquidity will be significantly
reduced, while at the same time SEACOR's end markets, particularly
for offshore marine services, remain weak.
The negative outlook on SEACOR reflects the potential for a
downgrade should leverage reach what S&P views as unsustainable
levels, or if liquidity further deteriorates. S&P currently
expects FFO to debt to remain below 10% over the next two years
while the company has $400 million of cash on its balance sheet.
S&P could lower the rating if it expected FFO to debt to reach
unsustainable levels or if S&P expected liquidity to deteriorate.
This would most likely occur if the company meaningfully increased
capital spending or executed material debt-funded acquisitions that
did not add to near-term cash flow.
S&P could revise the outlook to stable if it expected FFO to debt
to approach 12% on a sustained basis, or if liquidity improved,
which would most likely occur in conjunction with a recovery in
offshore drilling activity.
SEQUA CORP: S&P Raises CCR to B- on Distressed Exchange Completion
------------------------------------------------------------------
S&P Global Ratings said that it raised its corporate credit rating
on Sequa Corp. to 'B-' from 'SD'. The outlook is stable.
S&P also raised its issue-level rating on the company's unsecured
debt to 'CCC' from 'D'. The '6' recovery rating indicates S&P's
expectation for negligible recovery (0%-10%; rounded estimate 5%)
in a default scenario.
S&P also affirmed its 'B-' issue-level rating on the $135 million
first-lien revolver and $920 million term loan issued by subsidiary
Sequa Mezzanine Holdings LLC. The '3' recovery rating indicates
S&P's expectation for meaningful recovery (50%-70%; rounded
estimate: 50%) in a default scenario.
S&P also affirmed its 'CCC' issue-level rating on its $350 million
second-lien term loan. The '6' recovery rating indicates S&P's
expectation for negligible recovery (0%-10%; rounded estimate 5%)
in a default scenario.
"The upgrade reflects our belief that the completion of the
distressed exchange and refinancing improved Sequa's liquidity by
pushing out debt maturities several years. The lower debt levels
following the transaction have also improved the sustainability of
the company's capital structure. However, despite the $395 million
reduction in debt from the transactions and recent revenue and
earnings improvements from new contracts and cost reduction
efforts, we expect Sequa's debt leverage to remain high, with
debt-to-EBITDA above 7x until at least 2019, although well below
the 13.9x prior to the transactions," said S&P Global Ratings
credit analyst Tennille Lopez.
The outlook is stable. S&P Global Ratings expects Sequa's
recapitalization, along with the improving market environment, new
contracts, and cost reduction efforts, to result in improving
credit metrics, with pro forma debt to EBITDA declining close to
7.0x-8.0x by the end of 2017 from 13.9x at the end of 2016.
Although unlikely in the next year, S&P could raise its ratings on
Sequa if the company's revenues and earnings improve faster than we
anticipate, likely due to new contracts and increased higher margin
aftermarket sales, resulting in debt to EBITDA declining to below
7.0x and the company generates positive free cash flow that S&P
views as sustainable.
S&P is unlikely to lower the rating over the next year given the
recent refinancing, but could do so if operations weaken
significantly as a result of lost contracts, further restructuring
charges, or if the company engages in a more aggressive financial
policy such as paying a debt financed dividend, leading S&P to
believe that the capital structure was no longer sustainable. S&P
could also lower the rating if these events result in a material
deterioration in the company's liquidity position.
SHEFFIELD AVENUE: Has Until May 12 to Use Deutsche Bank Cash
------------------------------------------------------------
Judge Deborah L. Thorne of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized Sheffield Avenue
Investors, LLC's use of cash collateral of Deutsche Bank Trust
Company Americas to pay postpetition expenses to third parties
during the period of April 5, 2017 through May 12, 2017.
The Debtor is authorized to use the cash collateral during the
Interim Period, in accordance with the Budget, plus an allowed
variance of no more than 10%; provided, however, that the amounts
set forth for real estate taxes will be deposited into escrow and
not paid to the taxing authority.
The Budget reflects these total weekly expenses for the period
starting April 5, 2017 through May 12, 2017:
Week of Total Expenses
------- --------------
4/05/2017-4/09/2017 $17,144
4/10/2017-4/16/2017 $34,973
4/17/2017-4/23/2017 $31,428
4/24/2017-4/30/2017 $4,872
5/01/2017-5/07/2017 $17,341
5/08/2017-5/14/2017 $35,170
Daniel J. Hyman of Millennium Properties Real Estate, Inc.
("Receiver") is authorized to use cash collateral to pay
postpetition expenses to third parties in accordance with that
certain Order Appointing Receiver for Non-Residential Property
entered in the Circuit Court of Cook County, Illinois, County
Department, Chancery Division in Case No. 2016 CH 11079 as
consolidated with Case No. 2016 CH 11080 on Dec. 16, 2016.
In return for the Debtor's continued interim use of cash
collateral, Deutsche Bank, as Trustee for the Registered Holders of
UBS-Citigroup Commercial Mortgage Trust 2012-C1, Commercial
Mortgage Pass-Through Certificates, Series 2012-C1, by Rialto
Capital Advisors, LLC, as Special Servicer and Attorney-in-Fact
("Lender") is granted the following adequate protection for their
asserted security interests and liens in the rents derived from the
property located at 2954 N. Sheffield Avenue, Chicago, Illinois:
(i) the Debtor and/or the Receiver will maintain and pay premiums
for adequate insurance to cover the Property from fire, theft and
water damage; (ii) the Debtor and/or the Receiver will properly
maintain the Property in good repair and properly manage the
Property; and (iii) the Lender is granted valid, perfected and
enforceable replacement liens and security interests in
post-petition rents, proceeds and any other cash collateral of the
Debtor, in the same priority and to the same extent as existed
prepetition.
A final hearing on the Motion is scheduled before the Court on May
11, 2017, at 2:00 p.m.
A copy of the Budget attached to the Order is available for free
at:
http://bankrupt.com/misc/ilnb17-10810_34_cash_Sheffield_Avenue.pdf
Sheffield Avenue Investors
Sheffield Avenue Investors, Inc., is the owner of real property
located at 2954 N. Sheffield Ave., Chicago, Illinois consisting of
12,200 square feet of predominantly commercial medical tenants
with
ground floor retail and medical tenant.
Sheffield Avenue Investors sought Chapter 11 protection (Bankr.
N.D. Ill. Case No. 17-10810) on April 5, 2017, estimating assets
and liabilities of $1 million to $10 million. Arthur Holmer,
managing member of Weiland Ventures, LLC, signed the petition.
Judge Benjamin A. Goldgar is assigned to the case.
The Debtor tapped Scott R Clar, Esq., at Crane, Heyman, Simon,
Welch & Clar, as counsel.
SMP LTD: Chapter 15 Case Summary
--------------------------------
Chapter 15 Debtor: SMP Ltd.
18 Yeocheon-ro 217beon-gil, Nam-gu
Ulsan 44714
Republic of Korea
Chapter 15 Case No.: 17-11192
Type of Business: SMP is a Korean stock corporation originally
formed in 2011 as a 50-50 joint venture between
SunEdison Products Singapore Pte. Ltd. (formerly
known as MEMC Singapore Pte. Ltd.) and LOTTE
Fine Chemical Co., Ltd. (formerly known as
Samsung Fine Chemical Co., Ltd.) SPS now holds
an approximately 65.25% equity interest in SMP
following LFC's sale of a portion of its shares.
SMP is organized under the laws of the Republic
of Korea, with a registered address at 18
Yeocheon-ro 217beon-gil, Nam-gu, Ulsan,
Republic of Korea.
SMP's primary business is the development,
manufacture, commercialization, distribution and
sale of polysilicon. Polysilicon is a core raw
material used in solar cells, making it integral
to solar energy generation.
SMP currently has outstanding 10,162,000 shares
of common stock.
Website: http://www.smpolysilicom.com(defunct)
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Judge: Hon. Stuart M. Bernstein
Foreign Representative: Heein Lee, the custodian and foreign
representative
Debtor's Counsel: Lisa M. Schweitzer, Esq.
CLEARY GOTTTLIEB STEEN & HAMILTON, LLP
One Liberty Plaza
New York, NY 10006
Tel: (212) 225-2000
Fax: (212) 225-3999
E-mail: lschweitzer@cgsh.com
- and -
Jane Vanlare, Esq.
CLEARY GOTTTLIEB STEEN & HAMILTON, LLP
One Liberty Plaza
New York, NY 10032
Tel: (212) 225-2872
Fax: (212) 225-3999
E-mail: jvanlare@cgsh.com
Estimated Assets: Not Indicated
Estimated Debts: Not Indicated
SQUARETWO FINANCIAL: Financing From Cerberus Business Has Final OK
------------------------------------------------------------------
The Hon. James L. Garrity, Jr., of the U.S. Bankruptcy Court for
the Southern District of New York has entered a final order
granting SquareTwo Financial Services Corporation, et al.'s motion
for authorization to obtain postpetition financing and use cash
collateral.
The Debtors are authorized to:
a. obtain secured postpetition financing on a superpriority
basis in the form of a revolving loan facility in the
principal amount of up to $58,500,000 from Cerberus
Business Finance, LLC, as collateral agent and
administrative agent;
b. grant DIP Superpriority Claims and the DIP Liens to the
DIP Parties on all of the collateral to secure the DIP
Facility and all obligations owing and outstanding
thereunder and under the DIP Documents, as applicable, the
interim court order and the final court order, as
applicable, subject only to permitted liens and the carve-
out; and
c. provide adequate protection, including the Adequate
Protection Liens and the Adequate Protection Superpriority
Claims.
A copy of the court order is available at:
http://bankrupt.com/misc/nysb17-10659-156.pdf
About SquareTwo Financial
SquareTwo Financial Services Corporation, et al.'s primary business
is to acquire, manage, and collect charged-off consumer and
commercial accounts receivable, which are accounts that credit
issuers have charged off as uncollectible, but that remain owed by
the borrower and subject to collection.
The Debtors filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 17-10659) on March 19, 2017. The petition was
signed by J.B. Richardson, Jr., authorized signatory.
The Debtors are represented by Matthew A. Feldman, Esq., Paul V.
Shalhoub, Esq., Robin Spigel, Esq., and Debra C. McElligott, Esq.,
at Willkie Farr & Gallagher LLP, in New York. The Debtors' CCAA
Counsel is D.J. Miller, Esq., Asim Iqbal, Esq., and Mitch Grossell,
Esq., at Thornton Grout Finnigan LLP, in Toronto, Ontario.
The Debtors' Restructuring Advisor is Alixpartners, LLP;
Investment Bankers are Keefe, Bruyette & Woods, Inc., and Miller
Buckfire & Co. The Debtors' claims and noticing agent is Prime
Clerk LLC.
At the time of filing, the Debtors had estimated assets of $100
million to $500 million and estimated debts of $100 million to $500
million.
SUBDIVISION OF SILVER: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: Subdivision of Silver City, LLC
7037 Kingston Cove Lane
Willis, TX 77318
Case No.: 17-32789
Business Description: The Debtor is a real estate developer
based in Willis, TX.
Chapter 11 Petition Date: May 1, 2017
Court: United States Bankruptcy Court
Southern District of Texas (Houston)
Judge: Hon. Jeff Bohm
Debtor's Counsel: Margaret Maxwell McClure, Esq.
LAW OFFICE OF MARGARET M. MCCLURE
909 Fannin, Suite 3810
Houston, TX 77010
Tel: 713-659-1333
Fax: 713-658-0334
Email: margaret@mmmcclurelaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Peter W. Hill, managing member.
The Debtor failed to include a list of its 20 largest unsecured
creditors at the time of the filing.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txsb17-32789.pdf
T & S FARMS: Case Summary & 9 Unsecured Creditors
-------------------------------------------------
Debtor: T & S Farms, a Partnership
2348 East 200 North
Saint Anthony, ID 83445
Case No.: 17-40375
Business Description: Founded in 2002, T & S Farms, an Idaho
Partnership, is a small organization in the
crop harvesting companies industry located
in Saint Anthony, ID.
Chapter 11 Petition Date: May 2, 2017
Court: United States Bankruptcy Court
District of Idaho (Pocatello)
Judge: Hon. Jim D Pappas
Debtor's Counsel: Brent T Robinson, Esq.
ROBINSON & TRIBE
POB 396
Rupert, ID 83350
Tel: (208) 436-4717
E-mail: btr@idlawfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dell W. (Smokey) Gould, general
partner.
A list of the Debtor's nine unsecured creditors is available for
free at http://bankrupt.com/misc/idb17-40375.pdf
TAPSTONE ENERGY: Moody's Assigns B3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service assigned first time ratings to Tapstone
Energy, LLC, including a B3 Corporate Family Rating (CFR), a B3-PD
Probability of Default Rating (PDR) and a Caa1 rating to the
company's proposed $300 million senior unsecured notes. The rating
outlook is stable.
The net proceeds of the notes' offering and approximately $30
million of equity issuance will be used to repay up to $330 million
of borrowings outstanding under the borrowing base revolving credit
facility.
"Tapstone needs to execute an aggressive drilling program in the
relatively new NW Stack play in order to grow its production,"
commented Prateek Reddy, Moody's analyst. "While projected credit
metrics position the company well within the B3 rating category,
its limited operating history and capital spending that will
outpace operating cash flow constrain the ratings."
Rating Actions:
Corporate Family Rating, Assigned at B3
Probability of Default Rating, Assigned at B3-PD
$300 Million Senior Unsecured Notes due 2022, Assigned at Caa1
(LGD5)
Outlook, Assigned at Stable
RATINGS RATIONALE
Tapstone's B3 CFR reflects the company's small scale, single-basin
concentration risk as a pure-play Anadarko Basin operator, and
limited history associated with production and developmental
economics of the North West Stack (NW Stack) play. The rating also
reflects the company's drilling program that will require capital
spending in excess of its operating cash flow, resulting in rising
debt balances. While leverage is expected to rise, Tapstone's
relatively low debt levels should provide the flexibility needed to
develop its inventory of drilling locations. The rating is
supported by production growth and projected credit metrics that
position the company well within the rating category. A hedging
program that protects 2017's cash flow, operations in areas with
sufficient midstream takeaway capacity and largely benign
contracts, and strong asset coverage of debt also support the
rating. The geologic risk associated with operations in the
relatively new NW Stack play are partially offset by the
management's knowledge and experience of operating oil and gas
properties in the basin.
The proposed $300 million senior notes are rated Caa1, one notch
below the B3 CFR. The notes will be unsecured but guaranteed by the
company's subsidiaries on a senior unsecured basis. The one notch
difference between the senior notes rating and the CFR reflects the
substantial size of the priority-claim secured revolving credit
facility ($300 million borrowing base and $30 million of borrowings
outstanding pro forma for the senior unsecured notes issuance)
relative to the unsecured debt in the capital structure.
Tapstone is likely to maintain adequate liquidity over the next
12-18 months. Following the senior notes issuance, availability
under the company's borrowing base revolving credit facility should
be about $265 million. Operating cash flow generated over the next
12-18 months will not be sufficient to fully fund capital spending
and the company will use revolver availability as needed. The
revolver's commitments expire in December 2019 and the credit
agreement has a maximum consolidated leverage ratio of 4x. Moody's
expects the company to comply with the covenants over the next
12-18 months but the headroom to the covenants will tighten in the
second half of 2017, before improving in 2018. The revolver has a
secured claim on a substantial portion of the company's proved
reserves and other assets, limiting alternatives for raising
additional cash through asset sales without a reduction in the
borrowing base.
The stable outlook reflects expectations for organic production
growth through the economic development of the NW Stack area while
maintaining at least adequate liquidity.
Ratings could be upgraded if the company executes on the
anticipated production growth at competitive returns, reflected in
the maintenance of leveraged full cycle ratio soundly above 1x.
Sustaining retained cash flow (RCF) to debt above 25% is also
necessary for an upgrade.
Ratings could be downgraded if production declines below current
levels or if RCF to debt falls below 10%. Deteriorating liquidity
including revolver availability dropping under $100 million could
also result in a downgrade.
Headquartered in Oklahoma City, OK, Tapstone is an independent
exploration and production company that is primarily focused on
properties in the Anadarko Basin in Oklahoma, Texas and Kansas.
The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011.
TERESA GUIDICE: Ex-Lawyer's Stay Bid on Malpractice Suit Denied
---------------------------------------------------------------
Bill Wichert, writing for Bankruptcy Law360, reports that U.S.
District Judge Jose L. Linares denied James A. Kridel Jr.'s motion
for a stay of the bankruptcy court's order allowing Teresa Giudice,
a "The Real Housewives of New Jersey" star, and John W. Sywilok,
the trustee of her Chapter 7 estate, to proceed with the
malpractice lawsuit while he appeals that ruling, finding that his
application "suffers from an incurable procedural defect" since he
did not file such a motion with the bankruptcy court.
In March 2017, a state court granted a motion from Ms. Giudice and
Mr. Sywilok to reopen the malpractice lawsuit and add Mr. Sywilok
as a plaintiff, court documents state, according to Law360.
The malpractice lawsuit accuses Mr. Kridel -- Ms. Giudice's former
bankruptcy attorney -- of negligence and intentional breach of
fiduciary duty, Law360 relates. The lawsuit alleged that Mr.
Kridel's mishandling of Giudice's Chapter 7 case with her husband
exposed her to criminal charges and prison.
Ms. Giudice and her husband, Giuseppe "Joe" Giudice, pled guilty to
various charges in March 2014, admitting that they concealed their
assets in Chapter 7 bankruptcy filings and fraudulently secured
mortgage loans through falsified applications.
Mr. Kridel is represented by Carl M. Perri, Ruth V. Simon and Don
R. Sampen of Clausen Miller PC.
Mr. Sywilok is represented by Michael Kopelman of Kopelman &
Kopelman LLP, Anthony M. Rainone of Brach Eichler LLC and Carlos J.
Cuevas.
Ms. Giudice is represented by Leonard C. Walczyk of Wasserman
Jurista & Stolz PC.
The case is Kridel et al. v. Sywilok et al., case number
2:16-cv-09444, in the U.S. District Court for the District of New
Jersey.
TEXAS FLUORESCENCE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Texas Fluorescence Laboratories, Inc.
dba TEF Labs, Inc.
9415 Capitol View Dr
Austin, TX 78747-2158
Case No.: 17-10517
Business Description: The Debtor is a small business debtor as
defined in 11 U.S.C. Section 101(51D).
TEF Labs, Inc. develops products for
designing fluorescent and molecular probes.
It develops ion indicators, ionophores, PKC
indicators, general fluorophores, and
surfactants for cell biology, biochemistry,
biomolecular screening, molecular biology,
microbiology, and neuroscience. The company
also provides probes for electrophysiology,
live-cell function, receptors and ion
channels, in situ hybridization, signal
transduction, and ribonucleic acid and
deoxyribonucleic acid; and pH indicators; as
well as membrane potential; flow cytometry;
and custom synthesis products. TEF Labs,
Inc. is based in Austin, Texas.
Website: http://www.teflabs.com
Chapter 11 Petition Date: May 1, 2017
Court: United States Bankruptcy Court
Western District of Texas (Austin)
Judge: Hon. Tony M. Davis
Debtor's Counsel: Catherine A. Lenox, Esq.
B. WELDON PONDER, JR., ATTORNEY AT LAW
P.O. Box 9904
Austin, TX 78766
Tel: 512-689-7273
Fax: 512-451-7273
E-mail: clenox.law@gmail.com
- and -
B. Weldon Ponder, Jr., Esq.
B. WELDON PONDER, JR., ATTORNEY AT LAW
4408 Spicewood Springs Road
Austin, TX 78759
Tel: (512) 342-8222
Fax: (512) 342-8444
E-mail: welpon@austin.rr.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Akwasi Minta, director and officer.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/txwb17-10517.pdf
TOO FAST APPAREL: Asks Court to Approve Plan Outline
----------------------------------------------------
Too Fast Apparel, LLC, has filed an application seeking court
approval of its disclosure statement, which explains the company's
proposed Chapter 11 plan.
In its application, the company asked the U.S. Bankruptcy Court for
the District of New Jersey to conditionally approve the disclosure
statement, and schedule a combined hearing for confirmation of the
plan and final approval of the disclosure statement.
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.
About Too Fast Apparel
Too Fast Apparel, LLC, filed a chapter 11 petition (Bankr. D.N.J.
Case No. 16-29175) on Oct. 6, 2016. The petition was signed by
Maureen Keough, member. The Debtor estimated assets of less than
$500,000 and liabilities of less than $1 million at the time of the
filing.
The case is assigned to Judge Andrew B. Altenburg. The Debtor is
represented by Ira Deiches, Esq., at Deiches & Ferschmann. Joseph
B. Friedman, CPA, serves as its accountant.
UNILIFE CORP: Interim Financing Okayed; May 4 Final Hearing Set
---------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court issued
an order on an interim basis, approving Unilife's motion for
interim and final orders authorizing Debtors to obtain
post-petition secured super-priority D.I.P. financing; authorizing
cash collateral; granting adequate protection and scheduling a
final hearing. As previously reported, "Lender ROS Acquisition
Offshore is providing a commitment for 100% of the financing, which
is a senior secured priming super-priority credit facility in a
maximum principal amount of $7,500,000. The facility consists of
the following: (i) a term loan interim commitment of $1 million;
(ii) a term loan final commitment in a maximum principal amount of
$6,500,000 in three advances to the borrower, with the first
advance on the date that is three business days after entry of the
final order and the second and third on or about June 1, 2017 and
June 30, 2017. The interest rate is 10% per annum payable monthly
in cash in arrears on each monthly anniversary of the petition
date." The Court scheduled a final hearing on May 4, 2017.
About Unilife Corporation
Unilife Corporation -- http://www.unilife.com-- is a U.S.-based
developer and commercial supplier of injectable drug delivery
systems. Unilife has a portfolio of innovative, differentiated
products with a primary focus on wearable injectors. Products
within each platform are customizable to address specific customer,
drug and patient requirements.
Unilife Corporation filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 17-10805) on April 12, 2017. John Ryan, chief
executive officer, signed the petition.
The Debtor disclosed total assets of $82.98 million and total
liabilities of $201.1 million.
The Hon. Laurie Selber Silverstein presides over the case.
Cozen O'Connor, Esq., serves as counsel to the Debtor.
UNITED ROAD: Settles Paperwork Spat Affecting $40M Sale
-------------------------------------------------------
Jeff Montgomery, writing for Bankruptcy Law360, reports that a
court-recommended qualifier settled a paperwork dispute that bogged
down a $40 million sale of United Road Towing Inc.'s multistate
roadside assistance business. Law360 shares that at issue was a
Chicago government request for a disclosure of all permits and
approvals required for Medley Capital Corp's planned acquisition of
the Debtor.
The Hon. Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware entered on April 27 a supplemental order
approving United Road Towing, Inc., et al.'s asset purchase
agreement with Medley Capital Corporation, and authorizing the sale
of the Debtors' assets outside the ordinary course of business.
A copy of the supplemental court order is available at:
http://bankrupt.com/misc/deb17-10249-319.pdf
Subject to the occurrence of the Closing, the Debtors are
authorized to assume and assign to the Purchaser, the
Chicago Contracts and the Chicago Contracts will constitute Assumed
Contracts under Purchase Agreement effective as of the Closing
Date; provided however, the Chicago Contracts will be deemed
"Assumed Contracts Not Transferred at Closing" under the Transition
Services Agreement between the Debtors and the Purchaser and will
only transfer upon receipt by the applicable Purchaser of the
licenses.
Effective as of the Closing, the Purchaser will assume the Debtors'
obligations under the Chicago Contracts, including any indemnity
obligations set forth therein, regardless of whether arising from
acts occurring prior to or after the Closing Date.
To the extent that Medley Capital Corporation, URT Acquisition
Holdings Corporation or URT E&R Towing, Inc., seek to assign the
Chicago Contracts to another entity other than a direct or indirect
subsidiary of Medley, Holdings, or New E&R, such assignment may
only be with the consent of the City of Chicago, to the extent
provided in the Chicago Contracts.
The cure amount for the subcontract for towing services with Texas
Towing, LLC, through March 31, 2017, will be $178,884.83, which
will be paid in accordance with the prevailing payment terms under
the Texas Towing Contract. Any amount coming due under the Texas
Towing Contract for the period after April 1, 2017, will be
determined by the Purchaser and Texas Towing, LLC, and paid in
accordance with the prevailing payment terms under the Texas Towing
Contract.
Notwithstanding anything to the contrary in the Sale Order, the
Purchase Agreement, or any other order or document related to the
foregoing, and subject to (x) the execution of the Chubb assumption
agreement by the Debtors, the Purchaser and Chubb, (y) the
satisfaction of the conditions to effectiveness to the Chubb
Assumption Agreement, and (z) the occurrence of the Closing:
(a) Effective as of the Closing, the Debtors are authorized
to and will assume all insurance policies issued by ACE
American Insurance Company, Illinois Union Insurance
Company, Westchester Surplus Lines Insurance Company,
Insurance Company of North America, Indemnity Insurance
Company of North America, Chubb Custom Insurance Company
and any of the affiliates or successors of the foregoing
to (or providing coverage to) one or more of the Debtors
and their predecessors at any time and all related
program, collateral and security, claims servicing and
other agreements between Chubb, on the one hand, and any
of the Debtors, on the other hand;
(b) Effective as of the Closing, the Debtors are hereby
authorized to and will assign the Chubb Insurance
Policies and Agreements to the Purchaser and to enter
Into an assumption agreement by and among the Debtors,
the Purchaser and Chubb with respect to such assignment;
and
(c) Effective upon the assignment of Chubb Insurance Policies
and Agreements and as more fully set forth in the Chubb
Assumption Agreement:
i. the Purchaser assumes and will be liable for any and
all now existing or hereafter arising obligations,
liabilities, duties, terms, provisions, and covenants
of any of the Debtors under the Chubb Insurance
Policies and Agreements, including, without
limitation, any and all liability and obligation to
pay losses and expenses within the deductibles,
provide collateral and security as required by Chubb,
pay premium to Chubb, and pay service fees to the
applicable third party claims administrator. As
between the Debtors and the Purchaser, any amounts
outstanding as of the Closing will be treated as cure
amounts under the Purchase Agreement;
ii. the rights and interests of the Debtors in any and all
Collateral will be transferred and assigned to the
Purchaser, and all right, title and interest of the
Debtors in the Chubb Insurance Policies and Agreements
and the Collateral will terminate;
iii. the Collateral will secure the insureds' and the
Purchaser's obligations and liabilities under the
Chubb Insurance Policies and Agreements; and
iv. the Purchaser and the Debtors will remain jointly
obligated to cooperate with Chubb in providing
information reasonably necessary for premium audits or
claims handling under the Chubb Insurance Policies and
Agreements.
Subject to (i) the execution by the Purchaser, and acceptance by
the Surety, in writing, of a new indemnity agreement in form and
substance satisfactory to the Surety in its sole and absolute
discretion; and (ii) the occurrence of the Closing:
(a) Effective as of the Closing, the Debtors are hereby
authorized to assume and assign to the Purchaser, all of
the outstanding surety bonds issued by Platte at the
request and on behalf of any of the Debtors; provided
however, that Purchaser pays the Cure Amount of
$29,638.50 (representing the fees and expenses of counsel
that are payable under the Assumed Contracts to which the
Surety is a party arising or accrued through April 24,
2017) plus (i) any premiums due or past due under the
Bonds as of March 31, 2017, and (ii) any reasonable fees
and expenses of counsel that are payable under the
Assumed Contracts to which the Surety is a party arising
or accruing after April 24, 2017, through the Closing (in
an amount not to exceed $7,500), so as to be actually
received by Platte within one business day after the
Closing as set forth in section 2.6(d) of the Asset
Purchase Agreement, provided further however that the
amount in clause (ii) of the preceding proviso will be
paid within 10 Business Days of Closing; and
(b) Upon assumption and assignment, the Bonds will be deemed
Acquired Assets and Assumed Contracts under the Purchase
Agreement.
About United Road Towing
Headquartered in Mokena, Illinois, United Road Towing, Inc. dba
Good Buy Auto Auction, UR Vehicle Management Solutions, Quality
Towing, United Road Vehicle Management Solutions, and dba United
Road Towing-San Antonio -- and its affiliates provide towing,
recovery, impound, and vehicle management solutions services to
both the private and public sector. Through a portfolio of local
and regional brands operating across 10 different regions in eight
different states, the Company dispatches approximately 500,000
tows, manage over 200,000 impounds and sell over 38,000 vehicles
annually across the U.S.
United Road Towing, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 17-10249) on Feb. 6, 2017.
These affiliates filed separate Chapter 11 bankruptcy petitions on
the same day: URT Holdings, Inc. (Bankr. D. Del. Case No.
17-10250), City Towing, Inc. (Bankr. D. Del. Case No. 17-10251),
URS West, Inc. (Bankr. D. Del. Case No. 17-10252), Bill & Wag's,
Inc. (Bankr. D. Del. Case No. 17-10253), Export Enterprises of
Massachusetts, Inc. (Bankr. D. Del. Case No. 17-10254), Pat's
Towing, Inc. (Bankr. D. Del. Case No. 17-10255), Keystone Towing,
Inc. (Bankr. D. Del. Case No. 17-10256), Ross Baker Towing, Inc.
(Bankr. D. Del. Case No. 17-10257), URT Texas, Inc. (Bankr. D.
Del. Case No. 17-10258), Mart Caudle Corporation (Bankr. D. Del.
Case No. 17-10259), Signature Towing, Inc. (Bankr. D. Del. Case No.
17-10260), WHW Transport, Inc. (Bankr. D. Del. Case No. 17-10261),
URS Southeast, Inc. (Bankr. D. Del. Case No. 17-10262), URS
Northeast, Inc. (Bankr. D. Del. Case No. 17-10263), URS Southwest,
Inc. (Bankr. D. Del. Case No. 17-10264), Fast Towing, Inc. (Bankr.
D. Del. Case No. 17-10265), E&R Towing and Garage, Inc. (Bankr. D.
Del. Case No. 17-10266), Sunrise Towing, Inc. (Bankr. D. Del. Case
No. 17-10267), Ken Lehman Enterprises, Inc. (Bankr. D. Del. Case
No. 17-10268), United Road Towing of South Florida, Inc. (Bankr. D.
Del. Case No. 17-10269), Rapid Recovery Incorporated (Bankr. D.
Del. Case No. 17-10270), United Road Towing Services, Inc. (Bankr.
D. Del. Case No. 17-10271), Arri Brothers, Inc. (Bankr. D. Del.
Case No. 17-10272), Rancho Del Oro Companies, Inc. (Bankr. D. Del.
Case No. 17-10273), CSCBD, Inc. (Bankr. D. Del. Case No. 17-10274),
UR VMS, LLC (Bankr. D. Del. Case No. 17-10275), URS Leasing, Inc.
(Bankr. D. Del. Case No. 17-10276), and UR Vehicle Management
Solutions, Inc. (Bankr. D. Del. Case No. 17-10277).
The petitions were signed by Michael Mahar, chief financial
officer.
Judge Laurie Selber Silverstein presides over the case.
The Debtors estimated assets of between $10 million and $50
million and debt between $50 million and $100 million.
Daniel J. McGuire, Esq., Grace D. D'Arcy, Esq., and Carrie V.
Hardman, Esq., at Winston & Strawn LLP, serve as Debtors' general
counsel.
M. Blake Cleary, Esq., Ryan M. Bartley, Esq., and Andrew
Magaziner, Esq., at Young Conaway Stargatt & Taylor, LLP, serve as
the Debtors' Delaware counsel.
Getzler Henrich & Associates LLC is the Debtors' financial
advisor.
SSG Advisors LLC is the Debtors' investment banker.
Rust Consulting/Omni Bankruptcy is the Debtors' noticing, claims
and balloting agent.
Andrew R. Vara, Acting U.S. Trustee for Region 3, on Feb. 16,
2017, appointed five creditors to serve on the official committee
of unsecured creditors appointed in the Chapter 11 cases of United
Road Towing, Inc., and its affiliates. The Committee has hired
Pachulski Stang Ziel & Jones LLP as counsel, and Gavin/Solmonese
LLC as financial advisor.
UPPER PADRE: Involuntary Chapter 11 Case Summary
------------------------------------------------
Alleged Debtor: Upper Padre Partners, LP
381 East Austin Street
New Braunfels, TX 78130
Case Number: 17-51045
Type of Business: The Debtor's principal assets are located at
14353 Commodores Dr. Corpus Christi, TX 78418.
Involuntary Chapter 11 Petition Date: May 1, 2017
Court: United States Bankruptcy Court
Western District of Texas (San Antonio)
Judge: Hon. Craig A. Gargotta
Petitioners' Counsel: Thomas Rice, Esq.
PULMAN CAPPUCCIO PULLEN BENSON & JONES
2161 NW Military Hwy Suite 400
San Antonio, TX 78213
Tel: (210) 222-9494
Fax: (210) 892-1610
E-mail: trice@pulmanlaw.com
Alleged creditors who signed the petition:
Petitioners Nature of Claim Claim Amount
----------- --------------- ------------
Schlitterbahn NP Water Unpaid Operating $2,797,992
Resort Management, LLC Expenses
381 East Austin Street
New Braunfels, TX 78130
Waterpark Management, Inc. Unpaid Loan $1,857,053
381 East Austin Street
New Braunfels, TX 78130
WALTON EDGEMONT: Obtains Creditor Protection Under CCAA
-------------------------------------------------------
Walton Edgemont Development Corporation (the "Corporation"), Walton
International Group Inc. ("WIGI") and certain affiliates, including
the general partner of Walton Development and Management L.P. and
the general partner of Walton Asset Management LP (collectively,
the "WIGI CCAA Entities") on April 29, 2017, disclosed that they
have obtained creditor protection under the Companies' Creditors
Arrangement Act ("CCAA") pursuant to an initial order (the "Initial
Order") granted by the Court of Queen's Bench of Alberta.
The Initial Order authorizes the WIGI CCAA Entities to begin a
court-supervised restructuring and provides for a broad stay of
proceedings against the WIGI CCAA Entities in order to provide the
opportunity to finalize and present a CCAA plan to creditors for
approval. Under the terms of the Initial Order, Ernst & Young Inc.
will serve as the Court-appointed monitor (the "Monitor") of the
WIGI CCAA Entities. The WIGI CCAA Entities are being advised by
Bennett Jones LLP.
WIGI's and the Corporation's business has been adversely impacted
by the effects on the Alberta economy of the substantial and
sustained drop in energy prices that commenced in 2014. This has
resulted in weakened demand, reduced sales and revenues, and
protracted project timing in many of the Walton Group's real estate
developments. Given these continued economic conditions, liquidity
restraints and tightening credit markets, it has become difficult
to obtain financing extensions and new project financing.
The Corporation, WIGI and their advisors, in consultation with the
Monitor, are currently assessing the best course forward for the
WIGI CCAA Entities. This includes an extensive review and
evaluation of potential restructuring alternatives that will
maximize value for all stakeholders of the WIGI CCAA Entities.
During the CCAA proceedings, it is expected that day-to-day
operations will continue and interim financing has been secured in
order to carry on business. The WIGI CCAA Entities have already
undertaken substantial and meaningful steps to reduce their costs
in reaction to declining revenues and cash flows, and will continue
to pursue cost saving opportunities through this process.
Further news releases will be provided on an ongoing basis
throughout the CCAA process to provide further details in respect
of the restructuring plan as may be determined necessary.
A copy of the Initial Order and additional information regarding
the CCAA proceedings will be available on the Monitor's Web site at
http://www.ey.com/ca/wigi
The Corporation is managed by Walton Asset Management L.P. and the
development of the project is managed by Walton Development and
Management L.P., both of which are members of the Walton Group of
Companies.
WALTON ONTARIO: Obtains Creditor Protection Under CCAA
------------------------------------------------------
Walton Ontario Land 1 Corporation, the general partner (the
"General Partner") of Walton Ontario Land L.P. 1 (the
"Partnership"), Walton International Group Inc. ("WIGI") and
certain affiliates, including the general partner of Walton
Development and Management L.P. and the general partner of Walton
Asset Management LP (collectively, the "WIGI CCAA Entities") on
April 29, 2017, disclosed that they have obtained creditor
protection under the Companies' Creditors Arrangement Act ("CCAA")
pursuant to an initial order (the "Initial Order") granted by the
Court of Queen's Bench of Alberta.
The Initial Order authorizes the WIGI CCAA Entities to begin a
court-supervised restructuring and provides for a broad stay of
proceedings against the WIGI CCAA Entities in order to provide the
opportunity to finalize and present a CCAA plan to creditors for
approval. While the Partnership is not a WIGI CCAA Entity, it is
covered by the stay of proceedings. Under the terms of the Initial
Order, Ernst & Young Inc. will serve as the Court-appointed monitor
(the "Monitor") of the WIGI CCAA Entities. The WIGI CCAA Entities
are being advised by Bennett Jones LLP.
The Partnership, WIGI and their advisors, in consultation with the
Monitor, are currently assessing the best course forward for the
WIGI CCAA Entities. This includes an extensive review and
evaluation of potential restructuring alternatives that will
maximize value for all stakeholders of the WIGI CCAA Entities.
During the CCAA proceedings, it is expected that day-to-day
operations will continue and interim financing has been secured in
order to carry on business. The WIGI CCAA Entities have already
undertaken substantial and meaningful steps to reduce their costs
in reaction to declining revenues and cash flows, and will continue
to pursue cost saving opportunities through this process.
Further news releases will be provided on an ongoing basis
throughout the CCAA process to provide further details in respect
of the restructuring plan as may be determined necessary.
A copy of the Initial Order and additional information regarding
the CCAA proceedings will be available on the Monitor's Web site at
http://www.ey.com/ca/wigi.
The Partnership is managed by Walton Asset Management L.P. and the
development of the project is managed by Walton Development and
Management L.P., both of which are members of the Walton Group of
Companies.
WEBSTER RESTAURANTS: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Webster Restaurants, Ltd.
P.O. Box 27460
Houston, TX 77277
Case No.: 17-32793
Business Description: The Debtor is a single asset real estate
(as defined in 11 U.S.C. Section 101(51B))
Chapter 11 Petition Date: May 1, 2017
Court: United States Bankruptcy Court
Southern District of Texas (Houston)
Judge: Hon. Jeff Bohm
Debtor's Counsel: Margaret Maxwell McClure, Esq.
LAW OFFICE OF MARGARET M. MCCLURE
909 Fannin, Suite 3810
Houston, TX 77010
Tel: 713-659-1333
Fax: 713-658-0334
Email: margaret@mmmcclurelaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by David J. Felt, president of GP,
Healthcare Logistics, Inc.
The Debtor failed to include a list of its 20 largest unsecured
creditors at the time of the filing.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txsb17-32793.pdf
WENNER MEDIA: S&P Withdraws 'B' CCR Following Debt Repayment
------------------------------------------------------------
S&P Global Ratings said that it withdrew its 'B' corporate credit
rating on New York City-based magazine publisher Wenner Media LLC
at the company's request.
The withdrawal follows Wenner's completion of the sale of its Us
Weekly magazine brand to American Media Inc. Prior to the
withdrawal, Wenner fully repaid all of the outstanding obligations
under its senior secured credit agreement.
WEST BATON: U.S. Trustee Forms 5-Member Committee
-------------------------------------------------
Henry G. Hobbs, Jr., Acting U.S. Trustee for Region 5, on May 2
appointed five creditors of West Baton Rouge Credit, Inc., to serve
on the official committee of unsecured creditors.
The committee members are:
(1) Jack A. Craven
7711 Rosedale Road
Port Allen, LA 70767
(2) David and Carol Desoto
2444 Lafiton Lane
Port Allen, LA 70767
(3) Laura N. McKinney
52583 Highway 433
Slidell, LA 70461
(4) Joseph M. Arnaud
114 Folse Street
Des Allemands, LA 70030
(5) Diana or Rodney Thibodeaux
7728 Ed Lejeune Street
Addis, LA 70710
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About West Baton Rouge Credit
Based in Port Allen, Louisiana, West Baton Rouge Credit, Inc.
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
M.D. La. Case No. 17-10227) on March 14, 2017. The petition was
signed by Todd Cutrer, president. The case is assigned to Judge
Douglas D. Dodd.
At the time of the filing, the Debtor estimated its assets and
liabilities at $1 million to $10 million.
Pamela Magee, Esq., who has an office in Baton Rouge, Louisiana,
serves as the Debtor's bankruptcy counsel.
WESTINGHOUSE ELECTRIC: Georgia Power, et al., Object to Financing
-----------------------------------------------------------------
Georgia Power Company, Oglethorpe Power Corporation, Municipal
Electric Authority of Georgia and the City of Dalton, Georgia, as
joint owners of the Vogtle Electric Generating Plant filed with the
U.S. Bankruptcy Court for the Southern District of New York an
objection to final approval of Westinghouse Electric Company LLC,
et al.'s motion for interim and final orders authorizing the
Debtors to obtain senior secured, superpriority, postpetition
financing.
The Owners object to the proposed grant to the DIP Lenders
of liens in the intellectual property needed to complete
construction of two new nuclear-fueled electric generating units at
the Vogtle Plant.
The Owners object to the DIP Financing Motion to the extent it
proposes to grant the DIP Lenders liens on the Intellectual
Property; i.e, the intellectual property needed to complete
construction of the Project -- which involves the construction of a
commercial nuclear power plant, which together with the V.C. Summer
nuclear power plant also currently under construction, represent
the first commercial nuclear power plants built in this country in
the past 30 years. A court must find that proposed postpetition
financing is fair, reasonable and in the best interests of the
debtor and its creditors, the Owners say.
The primary purpose of the Interim Assessment Agreement is to fully
preserve the opportunity for the Owners to complete the Project if
they determine that is the best course of action given the
circumstances. The Owners state, "Consistent with that purpose,
the Owners must continue to have access to the Intellectual
Property, both to complete construction and safely operate the
nuclear plant. Assuring that access is beneficial to these estates
because it will minimize the risk of a shutdown of the Project,
thereby minimizing the potential incurrence of wind down costs by
the Debtors. If, however, the DIP Lenders are granted liens on the
Intellectual Property, the possibility would exist that the DIP
Lenders would later foreclose on the Intellectual Property, which
could seriously disrupt or even potentially halt construction of
the Project."
In contrast to this potential harm to the Owners and to the
Debtors' bankruptcy estates, expanding the collateral carve-out to
include the Intellectual Property will not harm the DIP Lenders,
according to the Owners. None of the proceeds of the DIP Loans can
be used to fund construction of the Project. The Owners say they
themselves are obligated to fund, and have been funding, the costs
of construction, including making payments to WEC in the amount of
$5.4 million per week to cover WEC's overhead allocable to the
Project. The Debtors, the Owners state, are already obligated to
grant the DIP Lenders superpriority administrative claims in
respect of their obligations under the DIP Facility, and those
claims will entitle the DIP Lenders to receive the proceeds from
any disposition of the Intellectual Property if necessary to repay
the loan. "Therefore, the DIP Lenders will be protected by their
superpriority administrative claim, regardless of whether the
Intellectual Property is sold separately or as part of a going
concern sale. In short, although an expansion of the carve-out as
requested by the Owners will eliminate the potential risk of
disruption of the Project and its attendant costs to the Debtors'
estates, it will not in any respect affect the value of assets
available to repay the DIP Loans," the Owners claim.
"It is simply not reasonable or equitable for the DIP Lenders to
require liens on assets critical to the completion of the Project
where (a) they are providing no funding for the construction of the
Project, (b) the Owners instead are providing all the required
funding, including to cover WEC's overhead, for the ongoing
construction and (c) the DIP Lenders will nonetheless retain an
economic entitlement to the value of the Intellectual Property.
However, to further ensure that the value of the Intellectual
Property is available to the DIP Lenders, the Owners would not
object if the final order on the DIP Financing Motion provides the
DIP Lenders with a lien on any proceeds of the Intellectual
Property. Alternatively, the Owners would not object to WEC
granting a lien on the Intellectual Property but only if the DIP
Lenders agree to marshalling as follows: The DIP Lenders would be
required to look first to all Collateral other than the
Intellectual Property to satisfy the Debtors' obligations under the
DIP Facility and, only if necessary to repay the loan, could then
look to the Intellectual Property," the Owners say.
The Objection is available at:
http://bankrupt.com/misc/nysb17-10751-371.pdf
The Owners are represented by:
Anna Kordas, Esq.
JONES DAY
250 Vesey Street
New York, New York 10281
Tel: (212) 326-3939
Fax: (212) 755-7306
E-mail: akordas@jonesday.com
-- and --
Gregory M. Gordon, Esq.
Dan B. Prieto, Esq.
JONES DAY
2727 North Harwood Street
Dallas, Texas 75201
Tel: (214) 220-3939
Fax: (214) 969-5100
E-mail: gmgordon@jonesday.com
dbprieto@jonesday.com
About Westinghouse Electric
Westinghouse Electric Company LLC --
http://www.westinghousenuclear.com/-- is a U.S. based nuclear
power company founded in 1999 that provides design work and
start-up help for new nuclear power plants and makes many of the
components. Westinghouse manufactures and supplies the commercial
fuel products needed to run the plants, and it offers training,
engineering, maintenance, and quality management services. Almost
50% of nuclear power plants around the world and about 60% of U.S.
plants are based on Westinghouse's technology. Westinghouse's
world headquarters are located in the Pittsburgh suburb of
Cranberry Township, Pennsylvania.
On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion
to a group comprising of Toshiba (77% share), partners The Shaw
Group (20% share), and Ishikawajima-Harima Heavy Industries Co.
Ltd. (3% share). After purchasing part of Shaw's stake in 2013,
Japan-based conglomerate Toshiba obtained ownership of 87% of
Westinghouse.
Amid cost overruns at U.S. nuclear reactors it was building,
Westinghouse Electric Company LLC, along with 29 affiliates, filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751) on March
29, 2017.
In their petition, the Debtors listed total assets of $4.32 billion
and total liabilities of $9.39 billion as of Feb. 28, 2017.
The petitions were signed by AlixPartners' Lisa J. Donahue, chief
transition and development officer.
The Hon. Michael E. Wiles presides over the cases.
Gary T. Holtzer, Esq., Robert J. Lemons, Esq., Garrett A. Fail,
Esq., and David N. Griffiths, Esq., at Weil, Gotshal & Manges LLP,
serve as counsel to the Debtors. AlixPartners LLP serves as the
Debtors' financial advisor. The Debtors' investment banker is PJT
Partners Inc. Their claims and noticing agent is Kurtzman Carson
Consultants LLC.
Toshiba Nuclear Energy Holdings (UK) Ltd. is represented by Albert
Togut, Esq., Brian F. Moore, Esq., and Kyle J. Ortiz, Esq., at
Togut, Segal & Segal LLP.
WISE METALS: S&P Raises CCR to 'B-' Then Withdraws Rating
---------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating on
U.S.-based aluminum can sheet producer Wise Metals Intermediate
Holdings LLC and its subsidiaries Wise Metals Group LLC and Wise
Alloys Finance Corp. to 'B-' from 'CCC+', in line with S&P's rating
on parent company Constellium N.V. The outlook is negative. This
resolves the CreditWatch placement with positive implications on
the Wise Metals Group ratings. Subsequently, S&P withdrew all
ratings on Wise Metals and its subsidiaries at the issuer's
request.
At the same time, S&P withdrew its 'CCC+' issue rating and recovery
rating of '4' on the $650 million senior secured notes co-issued by
Wise Metals Group LLC and Wise Alloys Finance Corp. at the issuer's
request. These notes have been fully repaid.
The rating action reflects that Wise Metals' $650 million senior
secured notes were repaid in full by parent Constellium NV on March
3, 2017. This follows Constellium's earlier repayment of Wise
Metals' payment-in-kind (PIK) toggle notes in the fourth quarter of
2016. There are no more rated debts at Wise Metals and S&P now
believes Constellium has fully clarified its financial and
operational strategy with regard to Wise Metals, supported by Wise
Metals' improved operating performance in 2016. S&P now views the
subsidiary as integral to the group's identity and strategy. Hence
S&P has revised Wise Metals' status within the Constellium group to
core, from moderately strategic, and have aligned the ratings with
Constellium prior to the withdrawal.
WK MANAGEMENT: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: WK Management Services, Inc.
3812 Glen Arbor
Houston, TX 77025
Case No.: 17-80138
Business Description: The Debtor owns approximately 3,460 acres of
unimproved land located in the Bolivar
Peninsula of Galveston, Galveston County,
Texas. The Debtor is a real estate holding
company which intends to subdivide its
interest in the unimproved real estate in
Galveston County, Texas, to satisfy allowed
claims against it. The Debtor believes that
the property is worth between $40 million
and $84 million, with liens asserted against
it by TCA Global Credit Master Fund, LP, a
Grand Cayman corporation, which asserts a
debt against the Debtor in the amount of
$16.5 million arising out of two extensions
of credit in the original principal amount
of $7.3 million.
Chapter 11 Petition Date: May 1, 2017
Court: United States Bankruptcy Court
Southern District of Texas (Galveston)
Judge: Hon. Marvin Isgur
Debtor's Counsel: John Vincent Burger, Esq.
BURGER LAW FIRM
4151 Southwest Frwy, Ste 770
Houston, TX 77027
Tel: 713-960-9696
Fax: 713-961-4403
Email: bankruptcy@burgerlawfirm.com
Estimated Assets: $50 million to $100 million
Estimated Debts: $10 million to $50 million
The petition was signed by Bryan Scott Jarnagin, president.
The Debtor failed to include a list of its 20 largest unsecured
creditors at the time of the filing.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txsb17-80138.pdf
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Eugen Valentin Dietl
Bankr. C.D. Cal. Case No. 17-15007
Chapter 11 Petition filed April 24, 2017
represented by: Matthew D Resnik
Simon Resnik Hayes LLP
E-mail: matt@srhlawfirm.com
In re Elan Medical Corporation
Bankr. E.D. Cal. Case No. 17-22713
Chapter 11 Petition filed April 24, 2017
See http://bankrupt.com/misc/caeb17-22713.pdf
represented by: Sarah M. Stuppi
In re Shahnaz Amir
Bankr. N.D. Cal. Case No. 17-50963
Chapter 11 Petition filed April 24, 2017
represented by: Jason Vogelpohl
Central Coast Bankruptcy
E-mail: jason@centralcoastbankruptcy.com
In re Osmin A. Morales, M.D., P.A.
Bankr. S.D. Fla. Case No. 17-15027
Chapter 11 Petition filed April 24, 2017
See http://bankrupt.com/misc/flsb17-15027.pdf
represented by: Aleida Martinez Molina
E-mail: amartinez@wsh-law.coms
In re Ruby Red Dentata, LLC
Bankr. D. Minn. Case No. 17-41184
Chapter 11 Petition filed April 24, 2017
See http://bankrupt.com/misc/mnb17-41184.pdf
Filed Pro Se
In re Hazel Sylvanus Frederick
Bankr. D. Nev. Case No. 17-12068
Chapter 11 Petition filed April 24, 2017
represented by: JEFFREY A. COGAN
JEFFREY A. COGAN, ESQ., LTD.
E-mail: jeffrey@jeffreycogan.com
In re Selene Sarai Sanchez
Bankr. D. Nev. Case No. 17-12082
Chapter 11 Petition filed April 24, 2017
represented by: Gina M. Corena, Esq.
LAW OFFICE OF GINA M. CORENA, ESQ.
E-mail: gina@lawofficecorena.com
In re Janet P. Capolino
Bankr. S.D.N.Y. Case No. 17-35655
Chapter 11 Petition filed April 24, 2017
represented by: Andrea B. Malin, Esq.
Michelle L Trier, Esq.
GENOVA & MALIN
E-mail: genmallaw@optonline.net
michelle_genmal@optonline.net
In re FB Coventry, LLC
Bankr. D. R.I. Case No. 17-10650
Chapter 11 Petition filed April 24, 2017
See http://bankrupt.com/misc/rib17-10650.pdf
represented by: Peter M. Iascone
PETER M. IASCONE & ASSOCIATES, LTD.
E-mail: piascone@aol.com
In re McGee Trucking LLC
Bankr. S.D. W.V. Case No. 17-30185
Chapter 11 Petition filed April 24, 2017
See http://bankrupt.com/misc/wvsb17-30185.pdf
represented by: Megan A Patrick
KLEIN & SHERIDAN LC
E-mail: mpatrick@kswvlaw.com
*********
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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
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