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/raid1/www/Hosts/bankrupt/TCR_Public/171027.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, October 27, 2017, Vol. 21, No. 299 Headlines 470 W 42 STREET: Wants to Use NewBank's Cash Collateral 7 BAY CORP: Disclosures OK'd; Plan Hearing on Dec. 1 ACOSTA GROUP: May Use Cash Collateral; Final Hearing on Nov. 9 ACOSTA INC: Bank Debt Trades at 12.47% Off ACRISURE LLC: Moody's Affirms B3 CFR & Keeps Outlook Negative ADVANCED MICRO: Posts $71 Million Net Income in Third Quarter ALPHATEC HOLDINGS: Appoints Ward Woods to Board of Directors ALPHATEC HOLDINGS: Files $100 Million Shelf Registration Statement ALPHATEC HOLDINGS: May Issue 1M Shares Under 2016 Inducement Plan ALPHATEC HOLDINGS: President and Chief Operating Officer Resigns ALPHATEC HOLDINGS: Sees Q3 Total Revenue of $22.8M to $23.1M AMERICAN CASINO: S&P Lowers CCR to 'B' Then Withdraws Rating AMERICAN POWER: $500K Revolving Loan Maturity Extended to Nov. 18 AMERICAN POWER: Raymond L.M. Wong Quits as Director ARGON MEDICAL: S&P Assigns 'B+' Corp. Credit Rating, Outlook Stable ARMINDA GROUP: Reverses Name to 'Universal Solar Technology, Inc.' BAILEY'S EXPRESS: New Liquidation Plan Adds SAIA's Disputed Claim BELIEVERS BIBLE: Has Until Dec. 31 to Exclusively File Plan BELLA ROSE: Seeks Permission to Use Cash Collateral Through Nov. 30 BELLATRIX EXPLORATION: S&P Raises 2020 Sr Unsec. Notes Rating to B+ BELLEVILLE DEVELOPMENT: Plan Filing Deadline Moved to January 17 BILLNAT CORP: Hires McDonald Hopkins as Bankruptcy Counsel BILLNAT CORP: Hires SSG Advisors as Investment Banker BLANKENSHIP FARMS: Trustee Seeks to Retain Brasher Accounting BUENA VISTA PLANTATION: May Use Cash Collateral Until Nov. 2 BULK EXPRESS: Lombards Want More Time to Exclusively File Plan C & S COMPANY: Ch. 11 Trustee Files Proposed Reorganization Plan C SWANK ENTERPRISES: Hearing on Plan Outline OK Set for Nov. 14 CAMPBELLTON-GRACEVILLE: Exclusive Plan Filing Extended to Dec. 31 CAPITOL SUPPLY: Wants To Use Cash to Fund Operating Expenses CAPRI COAST: Seeks to Hire Black Agency as Broker CASHMAN EQUIPMENT: Can Continue Using Cash Collateral Until Jan. 15 CASHMAN EQUIPMENT: Has Until January 31 to File Chapter 11 Plan CASHMAN EQUIPMENT: Hearing on Cash Collateral Use Set for Jan. 10 CAVALIER REAL ESTATE: Plan to Pay Unsecured Creditors in Full CENTURYLINK INC: Bank Debt Trades at 2.34% Off CGG HOLDING: Court Confirms Plan of Reorganization CHEQUERED FLAG: Taps Herbert C. Broadfoot as Legal Counsel CITI CARS: Unsecureds May Recover 100% Under Plan CJ MICHEL INDUSTRIAL: Allowed to Use Cash Collateral Until Oct. 31 CJ MICHEL INDUSTRIAL: Seeks Extended Cash Use Through Nov. 30 CM EBAR: Taps Larson & Zirzow as Legal Counsel COATES INTERNATIONAL: Obtains $40,000 Financing from GS Capital COMPOUNDING DOCS: Disclosures Approved; Dec. 6 Plan Hearing CONCENTRA INC: Moody's Affirms B2 CFR; Outlook Stable CONCENTRA INC: S&P Places 'B+' CCR on CreditWatch Negative CONCORDIA INT'L: Moody's Lowers Corporate Family Rating to Ca CONSOLIDATED COMMUNICATIONS: Bank Debt Trades at 2.69% Off COUNTRY CLUB: Case Summary & 2 Unsecured Creditors CREEKSIDE HOMES: Taps Fox Law Corp. as Legal Counsel CREEKSIDE HOMES: Taps Keith Y. Boyd as Local Counsel CROSS-DOCK SOLUTIONS: Taps Speed Financial as Accountant CS MINING: Seeks February 5 Extension of Plan Filing Exclusivity CST INDUSTRIES: Exclusive Plan Filing Period Extended Until Feb. 5 CYPRESS ASSOCIATES: Unsecureds to Get 100% at 4% Interest in 60 Mos DETROIT, MI: Court Nixes J. Collins' Bid to File Delayed Claim DOGGY CARE: Taps David F. O'Brien as Accountant DOGGY CARE: Taps Scura Wigfield as Legal Counsel DULUTH ISD 709: Moody's Lowers GOULT Rating to Ba1; Outlook Neg. EAGAN AVENATTI: Wants Hearing on Exclusivity Continued to Jan. 10 EAST 30A RESTAURANT: To Pay Unsecureds 50% from Net Plan Profits EAST WEST COPOLYMER: Liquidation Plan Hearing Set for Nov. 22 EDELMAN FINANCIAL: Moody's Cuts CFR to B2 Following Dividend Recap EDELMAN FINANCIAL: S&P Lowers CCR to 'B' on Increased Leverage EDP GROUP: Hires Wayne Greenwald as Bankruptcy Court EPTMS INC: Case Summary & 6 Unsecured Creditors ESCONDIDO VENTURES: Plan Filing Period Extended Through Nov. 27 FANSTEEL INC: May Continue Using Cash Colalteral Through Dec. 1 FEIDEN GANG: Hires Miller & Funcia as Bankruptcy Counsel FRANCHISE SERVICES: Wants Plan Exclusivity Extended to Feb. 21 FRESH ICE CREAM: Interest Holders to Get 0% Under Plan FTE NETWORKS: Reports Prelim. Q3 Revenue of Approximately $79.1M GARDEN OF EDEN: Seeks December 26 Plan Filing Period Extension GILDED AGE: Wants To Continue Using Cash Through Nov. 30 GLAZER FOODS: Court Prohibits Use of Cash Collateral GLOBAL EMPOWERMENT: Allowed to Use Cash Collateral on Final Basis GREENSTAR HOSPITALITY: Wants to Continue Using Cash Until Dec. 31 HARTFORD COURT: May Use Cash Collateral Through Nov. 16 HAWKERS REALTY: FSB Wants to Prohibit Cash Collateral Use HHGREGG INC: Taps KSM Business as 'Ordinary Course' Accountant HOLLIFIELD RANCHES: Taps Williams Meservy as Counsel in SCSMF Suit INVERSIONES ARAXI: Secured Creditor Wants to Prohibit Cash Use IRENE'S BAKERY: Unsecureds to Get Full Payment Over 36 Months JOURNAL-CHRONICLE: Needs Access to Cash Collateral Through Nov. 14 KELLY CONSTRUCTION: Wants to Use Capital Bank Cash Collateral LANDS' END: Bank Debt Trades at 16.97% Off LANDWELL MANAGEMENT: Fails to Win Approval of $500K DIP Financing LE-MAR HOLDINGS: May Use Cash Collateral Until Nov. 30 LIFELINE SLEEP: Pa. L&I Tries to Block Disclosures OK LIMITLESS MOBILE: Taps Rust Consulting as Administrative Agent LOPEZ TIRES: Wants to Use Cash Collateral on Operations LOUISIANA PELLETS: Chapter 11 Plan Declared Effective Oct. 17 LW RETAIL: Wants to Use National Bank of New York's Cash Collateral MACAVITY COMPANY: Unsecureds to be Paid in Full at 2.25% Under Plan MDVIP LLC: S&P Assigns 'B' Corp Credit Rating, Stable Outlook MEDAPOINT INC: Has Court's Nod to Obtain DIP Financing METROPOLITAN COLLEGE: Fitch Affirms BB on Series 2014 $66.7MM Bonds MOTORS LIQUIDATION: No Distribution to Claimants for Q3 NATURE'S CHOICE: May Continue Cash Collateral Use Until Nov. 22 NAVISTAR INTERNATIONAL: Will Present at Gabelli & Co's Symposium NELSON INC: Wants To Use $320,000 of Cash Collateral for Payroll NICE CAR: Fourth Interim Cash Collateral Order Entered NORTH CAROLINA TOBACCO: U.S. Trustee Unable to Appoint Committee OFF THE BOAT: Cash Collateral Motion Mooted by Dismissal OFFSHORE SPECIALTY: Proposes $3M Financing From Schumann/Steier ORANGE ACRES: Has Interim Nod to Use BB&T's Cash Collateral ORIGINAL SOUPMAN: Seeks Case Conversion to Liquidation Proceeding OUTER HARBOR: Case Converted into Liquidation Proceeding PANADERIA Y REPOSTERIA: Plan Outline Conditionally Approved PARADISE WINE: Plan, Disclosures Must be Filed Before Jan. 16 PARADISE WINE: U.S. Trustee Unable to Appoint Committee PETCO ANIMAL: Bank Debt Trades at 17% Off PINNACLE LAND: Taps Calaiaro Valencik as Legal Counsel PLAIN LEASING: Seeks Approval of Third Cash Collateral Stipulation POINT.360: Taps Lewis Landau as Legal Counsel PORTRAIT INNOVATIONS: Committee Taps Emerald as Financial Advisor PORTRAIT INNOVATIONS: Committee Taps Kelley Drye as Lead Counsel PORTRAIT INNOVATIONS: Panel Taps Hull & Chandler as Local Counsel PPI DIRECT: Case Summary & 20 Largest Unsecured Creditors PROFLO INDUSTRIES: Can Use Huntington Cash Collateral Until Nov. 20 QSL PORTAGE: Seeks January 22 Plan Filing Exclusivity Extension QTS REALTY: S&P Rates Subsidiaries' New $350MM Sr Unsec. Notes 'BB' QUANTUM FUEL: Files Chapter 11 Plan of Liquidation REBUILTCARS CORP: Wants Plan Filing Deadline Moved to Nov. 1 RENX GROUP: Allowed to Use $2,852 of Cash Collateral ROCK INVESTMENT: R. Angerer Loan Increased to $275K in Joint Plan ROCKLINE VAC SYSTEMS: Creditor Wants to Prohibit Cash Use RTR FARMS: Voluntary Chapter 11 Case Summary RUPARI FOOD: Unsecureds to Recoup At Least 8% Under Plan SCOTT TERRAZZANO: Lawries Buying Jacksonville Homestead for $730K SENIOR COMMUNITY HOUSING: Taps Agredano Lozano as Consultant SEQUOIA VOTING: Court Confirms Second Amended Chapter 11 Plan SEVEN GROUP: Benitez Buying Redding Property for $450K SHIRAZ HOLDINGS: Needs Additional 60 Days to File Chapter 11 Plan SOUTHWORTH COMPANY: Creditors Committee Has Three Members SPANISH ISLES: Full Payment for Unsecureds Under Trustee's Plan SQUARE ONE: May Use First Citrus' Cash Collateral Until Nov. 15 STEFANOVOUNO LLC: Allowed to Use Cash Collateral Through Dec. 19 STEFANOVOUNO LLC: Wants to Use Cash Collateral Through Dec. 31 STERLING ENTERTAINMENT: Seeks February 1 Plan Filing Extension STERLING ENTERTAINMENT: Wants to Lease Las Vegas Club to GVIH STRATITUDE INC: Varnar Inc Joins Quadant 4 Creditor's Committee SULLIVAN VINEYARDS: Proposed Plan to be Funded by K. Sullivan SUNGARD AVAILABILITY: Bank Debt Trades at 7.40% Off SUNRISE REAL: Incurs US$2.8 Million Net Loss in Q3 2015 SURFACE DRILLING: Taps Kruse Energy as Auctioneer TERRAFORM POWER: S&P Rates New $300MM Term Loan B 'BB+' TOTAL EHR: Dec. 6 Plan Confirmation and Disclosures Hearing TOTAL EHR: Unsecured Creditors to Recoup 10% Under Plan TRI STATE TRUCKING: Jan. 26 Hearing on Amended Disclosures TRI STATE TRUCKING: Unsecureds to Get Up to 33% Under Amended Plan TROJAN BATTERY: S&P Raises CCR to 'B', Off CreditWatch Negative TRUCK HERO: Moody's Affirms B2 Corporate Family Rating UNITED SITE: Asks for Court's Permission to Use Cash Collateral V. CRUZ MD: Taps Buddy D. Ford as Legal Counsel VALLEY PETROLEUM: Has Court's Interim Nod to Use Cash Collateral VALLEY PETROLEUM: May Pay Prepetition Payroll & Payroll Taxes VB TAXI: IRS to Recoup 10%; Hearing on Disclosures Set for Nov. 16 VERMILLION INC: Will Sell $50 Million Worth of Securities WALKER RENAISSANCE: Has Final Authority to Use Cash Collateral WALLACE RUSH: Disclosures OK'd; Plan Hearing on Jan. 18 WALTER INVESTMENT: Bank Debt Trades at 8.5% Off WARWICK PROPERTIES: Taps David J. Winterton as Legal Counsel WASHINGTON MCLAUGHLIN: Exclusive Plan Filing Extended to Jan. 2 WELLMAN DYNAMICS: Wants to Continue Cash Use Until Dec. 1 WEST TEXAS BULLDOG: Wants Plan Exclusivity Moved to Jan. 14 WILD CALLING: Case Summary & 20 Largest Unsecured Creditors WP CPP HOLDINGS: S&P Affirms 'B' CCR, Outlook Still Negative WW MEDICAL: Moody's Assigns B3 Corporate Family Rating XS RANCH FUND: Exclusive Plan Filing Deadline Moved to Dec. 15 Z BEST RENTALS: Plan and Disclosures Hearing Set for Nov. 20 [^] BOOK REVIEW: Oil Business in Latin America: The Early Years ********* 470 W 42 STREET: Wants to Use NewBank's Cash Collateral ------------------------------------------------------- 470 W 42 Street Gourmet Food, Inc., seeks permission from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral of NewBank. The Debtor executed certain prepetition agreements with the Lender inclusive of Agreement of Compliance, Loan Agreement, the Debtor's Certification, and filed UCC, dated Oct. 28, 2013. The Lender also obtained an Unconditional Guaranty from Treehaus 736 Inc., Seventh Avenue Fine Foods, Corp., 830 Third Ave. Gourmet Food, Inc., 532 Madison Avenue Gourmet Foods, Inc, Michael Park, Individually, and, upon information and belief, hold a second position mortgage on real property located at 30 Regency Place, Weehawken, New Jersey 07086. As of the filing date, the Debtor was indebted to the Lender in an amount of approximately $1,585,690.76. The value of the Debtor's collateral in which the Lender has a security interest is approximately $70,000. The collateral is also subject to a disputed and wholly unsecured second position lien with KJY Investment, LLC, and a wholly unsecured third position lien with U.S. Foods. The Debtor says that the authority to utilize cash collateral is absolutely necessary to avoid irreparable harm and to preserve and to maintain the Debtor's operation and, hopefully, allow for a reorganization. The Debtor is prepared to grant to the Lender as adequate protection for use of cash collateral under the terms and conditions set forth in the proposed order, replacement liens and security interests for the use of cash collateral in accordance with the budget, over the collateral, but excluding causes of action commenced under Chapter 5 of the U.S. Bankruptcy Code, a superpriority claim with priority over any and all administrative expenses subject to the carve-out, as defined in the proposed court order, an adequate protection payment, for this interim order, of $7,500, compliance with the budget, reporting, access by NewBank and maintenance of the collateral. A copy of the Debtor's request is available at: http://bankrupt.com/misc/nysb17-12801-3.pdf About 470 W 42 Street Gourmet Food 470 W 42 Street Gourmet Food Inc., doing business as Treehaus, is a retail food store licensed by New York State Department of Agriculture and Markets. Its substantial assets are located at 470 W. 47th Street, New York, New York 10036. 470 W 42 Street Gourmet Food filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 17-12801) on Oct. 5, 2017. The petition was signed by Michael C. Park, the Debtor's senior manager, president and 60% shareholder. At the time of filing, the Debtor estimated $70,000 in assets and $3.82 million in liabilities. Judge Sean H. Lane presides over the case. Rosemarie E. Matera, Esq., at Kurtzman Matera, P.C., represents the Debtor as counsel. 7 BAY CORP: Disclosures OK'd; Plan Hearing on Dec. 1 ---------------------------------------------------- The Hon. Frank J. Bailey of the U.S. Bankruptcy Court for the District has approved 7 Bay Corp.'s fifth amended disclosure statement in support of its fourth amended plan of liquidation, dated Sept. 27, 2017. The hearing on the confirmation of the Plan is scheduled for Dec. 19, 2017, at 11:30 a.m. Eastern Standard Time. Objections to the plan confirmation must be filed by Dec. 1, 2017, at 4:30 p.m., Eastern Standard Time. Ballots must be submitted by 4:30 p.m. Eastern Standard Time, on Dec. 1, 2017. As reported by the Troubled Company Reporter on Oct. 18, 2017, the Debtor filed with the U.S. Bankruptcy Court for the District of Massachusetts a fifth amended disclosure statement in support of its fourth amended plan of liquidation, dated Sept. 27, 2017. The Disclosure Statement says that if the court finds that Mina Kairalla's contract with the Debtor is executory and allows the Debtor to reject it, Mr. Kairalla will be entitled to rejection damages within the meaning of Section 365 and lien in the amount of the damages pursuant to Section 365(j). About 7 Bay Corp 7 Bay Corp, based in Hull, Massachusetts, filed a Chapter 11 petition (Bankr. D. Mass. Case No. 15-14885) on Dec. 17, 2015. The petition was signed by Steven Buckley, president. Judge Frank J. Bailey presides over the case. John M. McAuliffe, Esq., at McAuliffe & Associates, P.C., serves as the Debtor's counsel. At the time of the filing, 7 Bay estimated $1 million to $10 million in both assets and liabilities. ACOSTA GROUP: May Use Cash Collateral; Final Hearing on Nov. 9 -------------------------------------------------------------- The Hon. H. Christopher Mott of the U.S. Bankruptcy Court for the Western District of Texas has authorized The Acosta Group, LLC, to use cash collateral. A final hearing on the Debtor's cash collateral use will be held on Nov. 9, 2017, at 10:00 a.m. (MT). Objections to the continued use of cash collateral must be filed by Nov. 2, 2017. On an interim basis that the Debtor may use the cash collateral under these conditions: a) to make adequate protection payments to the Texas comptroller in the amount of $100 on the 1oth of each month starting Oct. 1, 2017, until further court order; b) to make adequate protection payments of $1,200 per month to Weststar Bank, the first lienholder on 1705 Montana El Paso, Texas, on or before the 16th of each month starting Sept. 16, 2017; c) to make adequate protection payments of $1,808 per month to Gwen and Otis Hopkins, the lienholders on 3610 Keltner, El Paso, Texas, on or before the 6th of each month starting Oct. 6, 2017; d) the lienholders are awarded replacement liens in the identified respective post-petition cash collateral to the same extent as existed on petition date; e) the Debtor will maintain the replacement collateral at a level generally no less than what was on hand on the Petition Date; f) the Debtor will use the cash collateral only in the ordinary course of business, and will provide an operating budget to be attached to any final order on cash collateral use; g) the Debtor will make available on-line its Monthly Operating Reports, on their due dates in this case; h) the Debtor will file all postpetition tax reports and returns on a timely basis, and to pay all postpetition taxes on, a timely basis; and i) the Debtor will keep the property which generates the cash collateral adequately insured against loss. A copy of the Order is available at: http://bankrupt.com/misc/txwb17-31416-30.pdf About The Acosta Group The Acosta Group, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tex. Case No. 17-31416) on Sept. 1, 2017. The Debtor's assets and liabilities are both below $1 million. Judge H. Christopher Mott presides over the case. E.P. Bud Kirk, Esq., who has an office in El Paso, Texas, serves as the Debtor's bankruptcy counsel. ACOSTA INC: Bank Debt Trades at 12.47% Off ------------------------------------------ Participations in a syndicated loan under Acosta Inc. is a borrower traded in the secondary market at 87.53 cents-on-the-dollar during the week ended Friday, October 13, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.85 percentage points from the previous week. Acosta Inc. pays 325 basis points above LIBOR to borrow under the 2060 billion facility. The bank loan matures on Sept. 26, 2021 and carries Moody's B3 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended October 13. ACRISURE LLC: Moody's Affirms B3 CFR & Keeps Outlook Negative ------------------------------------------------------------- Moody's Investors Service has affirmed the B3 corporate family rating and B3-PD probability of default rating of Acrisure, LLC following the company's announcement of plans to increase its first-lien term loan by $325 million. The company will use proceeds to help fund acquisitions. Moody's also affirmed the B2 ratings on Acrisure's first-lien credit facilities and the Caa2 rating on its second-lien credit facility (see list below). The rating outlook remains negative, based on Acrisure's continued aggressive acquisition strategy and its steadily rising debt burden. RATINGS RATIONALE Acrisure's ratings reflect its growing market presence in US insurance brokerage, its good mix of business across property & casualty insurance and employee benefits, its healthy EBITDA margins, and the majority ownership stake held by Acrisure Management and Agency Partners, which helps align interests across the firm. Offsetting these strengths are the company's aggressive acquisition strategy, rising debt burden and persistently high financial leverage. The rapid growth heightens the management challenges of integrating accounting and information systems, and limiting the firm's exposure to errors and omissions in its delivery of products and services. Moreover, the company has large contingent earnout liabilities that use a substantial portion of free cash flow, limiting the amounts available to service the credit facilities. Acrisure completed over 190 acquisitions from the start of 2014 through mid-2017, noted Moody's. The company's reported revenue nearly tripled in 2014, more than doubled in 2015, nearly doubled in 2016, and continues its steep rise in 2017. To help fund these acquisitions, Acrisure has steadily increased its debt and equivalents (including Moody's adjustments for operating leases and the cash portion of contingent earnout liabilities) as follows: $96 million at year-end 2013, $388 million at year-end 2014, $1.0 billion at year-end 2015, $1.6 at year-end 2016 and $2.6 billion at June 30, 2017. The high volume of deals and rapid increase in debt give Acrisure little capacity to withstand disruptions in its existing or acquired operations. Acrisure's pro forma debt-to-EBITDA ratio will be in the range of 7.3x-7.5x, per Moody's estimates, after giving effect to the proposed incremental borrowing along with run-rate EBITDA from acquisitions funded by the borrowing. Pro forma (EBITDA - capex) interest coverage will be in the range of 1.5x-2.0x, and the free-cash-flow-to-debt ratio will be in the low-to-mid-single digits. The free cash flow after contingent earnout payments will be close to zero. Given the negative rating outlook, it is unlikely that Acrisure's ratings would be upgraded in the near future. Factors that could lead to a stable outlook include: (i) debt-to-EBITDA ratio below 7.2x, (ii) (EBITDA - capex) coverage of interest consistently above 1.8x, (iii) free-cash-flow-to-debt ratio (after contingent earnout payments) exceeding 2%, and (iv) a slowdown in acquisitions leading to some convergence of reported and pro forma EBITDA. Factors that could lead to a rating downgrade include: (i) debt-to-EBITDA ratio above 7.5x, (ii) (EBITDA - capex) coverage of interest below 1.2x, (iii) free-cash-flow-to-debt ratio (after contingent earnout payments) remaining below 1%, or (iv) significant disruptions to existing or newly acquired operations. Moody's has affirmed the following ratings (and loss given default (LGD) assessments): Corporate family rating at B3; Probability of default rating at B3-PD; $200 million first-lien revolving credit facility maturing in November 2021 at B2 (LGD3); $2.2 billion (including $325 million increase) first-lien term loan maturing in November 2023 at B2 (LGD3); $605 million second-lien term loan maturing in November 2024 at Caa2 (LGD5). The rating outlook for Acrisure is negative. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in September 2017. Based in Grand Rapids, Michigan, Acrisure distributes a range of property & casualty insurance, employee benefits and related products to small and mid-sized US businesses through offices in more than half the states, mainly in the Midwest, Northeast, South and West. The company generated revenue of $683 million for the 12 months through June 2017. ADVANCED MICRO: Posts $71 Million Net Income in Third Quarter ------------------------------------------------------------- Advanced Micro Devices, Inc., reported revenue for the third quarter of 2017 of $1.64 billion, operating income of $126 million and net income of $71 million, and diluted earnings per share of $0.07. On a non-GAAP basis, operating income was $155 million, net income was $110 million, and diluted earnings per share was $0.10. "Strong customer adoption of our new high-performance products drove significant revenue growth and improved financial results from a year ago," said Dr. Lisa Su, AMD president and CEO. "Our third quarter new product introductions and financial execution mark another important milestone as we establish AMD as a premier growth company in the technology industry." Q3 2017 Results * Revenue was $1.64 billion, up 26 percent year-over-year, primarily driven by higher revenue in the Computing and Graphics segment (CG). Revenue was up 34 percent sequentially, driven by the Enterprise Embedded and Semi- Custom segment (EESC) revenue seasonality and higher revenue in CG. In the quarter, AMD closed a patent licensing transaction which positively impacted revenue in the segments. * On a GAAP basis, gross margin was 35 percent, up 30 percentage points year-over-year primarily due to a $340 million charge related to the Company's GLOBALFOUNDRIES Wafer Supply Agreement (WSA) in the year ago period (WSA charge). In addition, the gross margin increase was primarily driven by the benefit from IP related revenue and a richer revenue mix from CG partially offset by costs associated with the WSA for certain wafers purchased at another foundry. Gross margin was up 2 percentage points sequentially primarily driven by the benefit from IP related revenue, partially offset by costs associated with the WSA for certain wafers purchased at another foundry. Operating income was $126 million compared to an operating loss of $293 million a year ago and operating income of $25 million in the prior quarter. Net income was $71 million compared to net losses of $406 million a year ago and $16 million in the prior quarter. Diluted earnings per share was $0.07 compared to losses per share of $0.50 a year ago and $0.02 in the prior quarter. * On a non-GAAP(1) basis, gross margin was 35 percent, up 4 percentage points year-over-year primarily driven by the benefit from IP related revenue and a richer revenue mix from CG, partially offset by costs associated with the WSA for certain wafers purchased at another foundry. Gross margin was up 2 percentage points sequentially primarily driven by the benefit from IP related revenue, partially offset by costs associated with the WSA for certain wafers purchased at another foundry. Operating income was $155 million compared to $70 million a year ago and $49 million in the prior quarter. Net income was $110 million compared to $27 million a year ago and $19 million in the prior quarter. Diluted earnings per share was $0.10 compared to $0.03 a year ago and $0.02 in the prior quarter. * Cash, cash equivalents, and marketable securities were $879 million at the end of the quarter, compared to $844 million in the prior quarter. Quarterly Financial Segment Summary * Computing and Graphics segment revenue was $819 million, up 74 percent year-over-year primarily driven by strong sales of Radeon graphics and Ryzen desktop processors. - Client average selling price (ASP) increased significantly year-over-year, due to higher desktop processor ASP driven by RyzenTM processor sales. - GPU ASP increased significantly year-over-year. - Operating income was $70 million, compared to an operating loss of $66 million a year ago. The year- over-year improvement was primarily driven by higher revenue. * Enterprise, Embedded and Semi-Custom segment revenue was $824 million, approximately flat year-over-year primarily driven by lower semi-custom SoC sales, mostly offset by IP related and EPYCTM processor revenue. - Operating income was $84 million, compared to $136 million a year ago. The year-over-year decrease was primarily due to higher costs partially offset by the net benefit of IP related items. * All Other operating loss was $28 million compared with an operating loss of $363 million a year ago. The year-over- year difference in operating loss was primarily related to the WSA charge in the year ago period. Q3 2017 Highlights * AMD continued driving innovation and competition into the consumer and commercial PC markets with new Ryzen processors: - Ryzen Threadripper processors launched for the High End Desktop and workstation markets. Available in 8-, 16- and 12-core variants, Threadripper processors are available from over 90 retailers, OEMs, and system integrators worldwide, including in the Alienware Area-51 Threadripper Edition gaming PC, BOXX APEXX 4 6301 and NextComputing Edge TR workstations. - Ryzen 3 CPUs offer exceptional responsiveness and performance at mainstream pricing, completing the Ryzen mainstream desktop lineup. - Ryzen PRO desktop solutions have received broad support from top global commercial PC suppliers, including Dell, HP, and Lenovo. * AMD expanded its graphics offerings with new consumer, professional, and embedded graphics solutions: - Launched the "Vega" architecture-based Radeon RX Vega family of GPUs, marking a return to the enthusiast-class gaming segment. These new "Vega" architecture-based GPUs combine cutting-edge capabilities with 8GB of HBM2 memory to deliver up to 13.7 TFLOPS of peak performance. - Launched the Radeon Pro WX 9100 professional graphics card, delivering up to 12.3 TFLOPS of peak single precision compute performance. - Launched the Embedded Radeon E9170 Series GPU, which delivers up to 3X the performance-per-watt over previous generations, and is targeted at digital casino games, thin clients, medical displays, digital and retail signage, and industrial systems. * With new announcements from Amazon Web Services (AWS), and Tencent, AMD enterprise solutions have now been chosen by five of the "Super 7" datacenter and cloud services companies. Previously announced collaborations include Alibaba, Baidu and Microsoft Azure. - Amazon Web Services selected AMD RadeonTM Pro MxGPU technology for the new Graphics Design instance type on Amazon AppStream 2.0, which allows users to run graphics- accelerated applications at a fraction of the cost of using graphics workstations. - Tencent announced plans to use AMD EPYC 7000 series server processors in their datacenters. * Atari disclosed that a customized AMD processor featuring Radeon graphics technology will power the upcoming Ataribox game console, which is targeted for global launch in spring 2018. Current Outlook For the fourth quarter of 2017, AMD expects revenue to decrease approximately 15 percent sequentially, plus or minus 3 percent. The midpoint of guidance would result in fourth quarter 2017 revenue increasing approximately 26 percent year-over-year. AMD now expects annual 2017 revenue to increase by greater than 20 percent, compared to prior guidance of mid-to-high teens percentage. For additional details regarding AMD's results and outlook please see the CFO commentary a copy of which is available for free at: https://is.gd/y09hRH About Advanced Micro Devices Sunnyvale, California-based Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global semiconductor company. AMD -- http://www.amd.com/-- offers x86 microprocessors, as a standalone central processing unit (CPU) or as incorporated into an accelerated processing unit (APU), chipsets, and discrete graphics processing units (GPUs) for the consumer, commercial and professional graphics markets, and server and embedded CPUs, GPUs and APUs, and semi-custom System-on-Chip (SoC) products and technology for game consoles. AMD incurred a net loss of $497 million in 2016, a net loss of $660 million in 2015 and a net loss of $403 million in 2014. As of Sept. 30, 2017, Advanced Mirco had $3.58 billion in total assets, $3.06 billion in total liabilities and $520 million in total equity. * * * In March 2017, S&P Global Ratings said it raised its corporate credit rating on Sunnyvale, Calif.-based Advanced Micro Devices to 'B-' from 'CCC+'. The outlook is stable. "Our upgrade reflects our view of the Company's capital structure as sustainable following a series of deleveraging transactions, a return to revenue growth, and improving, if still weak, profitability," said S&P Global Ratings credit analyst James Thomas. In February 2017, Moody's Investors Service upgraded Advanced Micro Devices' corporate family rating to 'B3', senior unsecured rating to 'Caa1', and speculative grade liquidity rating to SGL-1. The outlook is stable. The upgrade of the corporate family rating to 'B3' reflects AMD's improved performance outlook, driven by design wins, modest market share gains, and an expanded set of product offerings. ALPHATEC HOLDINGS: Appoints Ward Woods to Board of Directors ------------------------------------------------------------ Alphatec Holdings, Inc., has appointed Ward W. Woods to its Board of Directors, adding his decades of capital markets and business expertise, the Company disclosed in a regulatory filing with the Securities and Exchange Commission. Mr. Woods' term as director commenced on Oct. 19, 2017, and will expire at the Annual Meeting of Stockholders of the Company in 2018 and until his successor is duly elected and qualified, unless he sooner dies, retires or resigns. The Board has determined that Mr. Woods satisfies the current "independent director" standards established by the rules of The Nasdaq Stock Market. Mr. Woods, age 75, currently serves as chairman of the Advisory Board of the Stanford Woods Institute, as chair emeritus and trustee of the Wildlife Conservation Society and as a trustee of the David & Lucille Packard Foundation. He is a member of the Council on Foreign Relations. He is former president and chief executive officer of Bessemer Securities Corporation and founding partner of Bessemer Holdings, L.P. (1989-2003), a private equity firm. From 1978 to 1989, Mr. Woods was a senior partner and member of the Management Committee of Lazard Freres & Company. Prior to joining Lazard, Mr. Woods was a managing director and a partner of Lehman Brothers and was co-head of the Corporate Finance Department. He joined Lehman Brothers in 1967 and was elected partner in 1973. Upon graduation from Stanford University in 1964, Mr. Woods joined the Fay Improvement Company, an engineering construction and real estate firm in San Francisco and in 1966 became its general manager, acting in that capacity until the company was sold in 1967. He is a former trustee of Stanford University, former Chairman of The Stanford Management Company and a former trustee of the National Fish and Wildlife Foundation. Mr. Woods has also served as former Governor and Treasurer of The Nature Conservancy, vice-chair and trustee of The Asia Society and a trustee of The Boys Club of New York. The Board selected Mr. Woods to serve on the Board because it believes that his knowledge and experience in the areas of financial management and services, strategy, and growth and special situation opportunities contribute to the breadth of knowledge of the Board of Directors. Mr. Woods will receive the following annual cash and equity compensation in accordance with the Company's standard compensation program for independent directors: (i) an annual grant of nonqualified options equivalent in value to $30,000 on the date of grant with three-year vesting; (ii) an annual grant of shares of restricted stock equivalent in value to $45,000 on the date of grant with one-year vesting; (iii) an annual cash retainer of $25,000, which is paid quarterly; and (iv) an annual payment of $8,000, paid quarterly, to each independent director that serves as a member of a Board committee. In addition, it is anticipated that Mr. Woods will enter into the Company's standard form of indemnification agreement for non-employee directors. "The new leadership team at Alphatec has begun to execute an important mission to improve patient outcomes and expand market share. I look forward to contributing to the Company's advancement into a major spine market player," said Woods. About Alphatec Holdings Alphatec Holdings, Inc., through its wholly owned subsidiary Alphatec Spine, Inc. -- http://www.alphatecspine.com/-- is a medical device company that designs, develops, and markets spinal fusion technology products and solutions for the treatment of spinal disorders associated with disease and degeneration, congenital deformities, and trauma. The Company's mission is to improve lives by providing innovative spine surgery solutions through the relentless pursuit of superior outcomes. The Company markets its products in the U.S. via independent sales agents and a direct sales force. Alphatec reported a net loss of $29.92 million in 2016, a net loss of $178.7 million in 2015 and a net loss of $12.88 million in 2014. As of June 30, 2017, Alphatec had $84.19 million in total assets, $92.14 million in total liabilities, $23.60 million in redeemable preferred stock and $31.55 million total stockholders' deficit. "We have incurred significant net losses since inception and relied on our ability to fund our operations through revenues from the sale of our products, debt financings and equity financings, including the Private Placement in March 2017. As we have incurred losses, a successful transition to profitability is dependent upon achieving a level of revenues adequate to support our cost structure. This may not occur and, unless and until it does, we will continue to need to raise additional capital. At June 30, 2017, our principal sources of liquidity consisted of cash of $19.1 million and accounts receivable, net of $13.1 million. We believe that our current available cash will be sufficient to fund our planned expenditures and meet our obligations for at least 12 months following our financial statement issuance date," the Company stated in its quarterly report for the period ended June 30, 2016. ALPHATEC HOLDINGS: Files $100 Million Shelf Registration Statement ------------------------------------------------------------------ Alphatec Holdings, Inc., has filed a shelf registration statement with the Securities and Exchange Commission. The filing will register up to $100 million in aggregate of equity, debt, or other types of securities in one or more offerings. The terms of any future offering will be established at the time of the offering, subject to market conditions and approval by the Company's board of directors. Each time securities are offered and sold, the Company will provide a supplement to the registration statement with specific information about the offering and the amounts, prices, and terms of the securities. The supplement may also add, update or change information contained in the registration statement. The filing may enable the Company to offer and sell securities on an expedited basis if market opportunities present themselves. A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. The Company's common stock is listed on The NASDAQ Global Select Market under the symbol "ATEC." On Oct. 23, 2017, the last reported sale price of the Company's common stock on The NASDAQ Global Select Market was $4.10 per share. A full-text copy of the Form S-3 prospectus is available at: https://is.gd/IJpaEI About Alphatec Holdings Alphatec Holdings, Inc., through its wholly owned subsidiary Alphatec Spine, Inc. -- http://www.alphatecspine.com/-- is a medical device company that designs, develops, and markets spinal fusion technology products and solutions for the treatment of spinal disorders associated with disease and degeneration, congenital deformities, and trauma. The Company's mission is to improve lives by providing innovative spine surgery solutions through the relentless pursuit of superior outcomes. The Company markets its products in the U.S. via independent sales agents and a direct sales force. Alphatec reported a net loss of $29.92 million in 2016, a net loss of $178.7 million in 2015 and a net loss of $12.88 million in 2014. As of June 30, 2017, Alphatec had $84.19 million in total assets, $92.14 million in total liabilities, $23.60 million in redeemable preferred stock and $31.55 million total stockholders' deficit. "We have incurred significant net losses since inception and relied on our ability to fund our operations through revenues from the sale of our products, debt financings and equity financings, including the Private Placement in March 2017. As we have incurred losses, a successful transition to profitability is dependent upon achieving a level of revenues adequate to support our cost structure. This may not occur and, unless and until it does, we will continue to need to raise additional capital. At June 30, 2017, our principal sources of liquidity consisted of cash of $19.1 million and accounts receivable, net of $13.1 million. We believe that our current available cash will be sufficient to fund our planned expenditures and meet our obligations for at least 12 months following our financial statement issuance date," the Company stated in its quarterly report for the period ended June 30, 2016. ALPHATEC HOLDINGS: May Issue 1M Shares Under 2016 Inducement Plan ----------------------------------------------------------------- Alphatec Holdings, Inc. has filed with the Securities and Exchange Commission a Form S-8 registration statement to register an additional 1,000,000 shares of common stock, par value $0.0001 per share, for issuance under the Company's 2016 Employment Inducement Award Plan. A full-text copy of the prospectus is available for free at https://is.gd/7TaMvZ About Alphatec Holdings Alphatec Holdings, Inc., through its wholly owned subsidiary Alphatec Spine, Inc. -- http://www.alphatecspine.com/-- is a medical device company that designs, develops, and markets spinal fusion technology products and solutions for the treatment of spinal disorders associated with disease and degeneration, congenital deformities, and trauma. The Company's mission is to improve lives by providing innovative spine surgery solutions through the relentless pursuit of superior outcomes. The Company markets its products in the U.S. via independent sales agents and a direct sales force. Alphatec reported a net loss of $29.92 million in 2016, a net loss of $178.7 million in 2015 and a net loss of $12.88 million in 2014. As of June 30, 2017, Alphatec had $84.19 million in total assets, $92.14 million in total liabilities, $23.60 million in redeemable preferred stock and $31.55 million total stockholders' deficit. "We have incurred significant net losses since inception and relied on our ability to fund our operations through revenues from the sale of our products, debt financings and equity financings, including the Private Placement in March 2017. As we have incurred losses, a successful transition to profitability is dependent upon achieving a level of revenues adequate to support our cost structure. This may not occur and, unless and until it does, we will continue to need to raise additional capital. At June 30, 2017, our principal sources of liquidity consisted of cash of $19.1 million and accounts receivable, net of $13.1 million. We believe that our current available cash will be sufficient to fund our planned expenditures and meet our obligations for at least 12 months following our financial statement issuance date," the Company stated in its quarterly report for the period ended June 30, 2016. ALPHATEC HOLDINGS: President and Chief Operating Officer Resigns ---------------------------------------------------------------- Alphatec Holdings, Inc. accepted the resignation of its President and Chief Operating Officer, Mike Plunkett, who is stepping down from his position to pursue other interests. Mr. Plunkett's resignation is effective as of Nov. 15, 2017, and it is anticipated that he will remain available to the Company in a consulting capacity through the end of 2017 to transition his duties. Terry Rich, Alphatec's chief executive officer. stated, "Mike has contributed solidly to the commencement of the Alphatec transformation. We sincerely appreciate his years of service and leadership, and wish him the best in his future endeavors." About Alphatec Holdings Alphatec Holdings, Inc., through its wholly owned subsidiary Alphatec Spine, Inc. -- http://www.alphatecspine.com/-- is a medical device company that designs, develops, and markets spinal fusion technology products and solutions for the treatment of spinal disorders associated with disease and degeneration, congenital deformities, and trauma. The Company's mission is to improve lives by providing innovative spine surgery solutions through the relentless pursuit of superior outcomes. The Company markets its products in the U.S. via independent sales agents and a direct sales force. Alphatec reported a net loss of $29.92 million in 2016, a net loss of $178.7 million in 2015 and a net loss of $12.88 million in 2014. As of June 30, 2017, Alphatec had $84.19 million in total assets, $92.14 million in total liabilities, $23.60 million in redeemable preferred stock and $31.55 million total stockholders' deficit. "We have incurred significant net losses since inception and relied on our ability to fund our operations through revenues from the sale of our products, debt financings and equity financings, including the Private Placement in March 2017. As we have incurred losses, a successful transition to profitability is dependent upon achieving a level of revenues adequate to support our cost structure. This may not occur and, unless and until it does, we will continue to need to raise additional capital. At June 30, 2017, our principal sources of liquidity consisted of cash of $19.1 million and accounts receivable, net of $13.1 million. We believe that our current available cash will be sufficient to fund our planned expenditures and meet our obligations for at least 12 months following our financial statement issuance date," the Company stated in its quarterly report for the period ended June 30, 2016. ALPHATEC HOLDINGS: Sees Q3 Total Revenue of $22.8M to $23.1M ------------------------------------------------------------ Alphatec Holdings, Inc. released preliminary estimates of financial results for the third quarter ended Sept. 30, 2017. The Company also announced several corporate updates. Preliminary, Unaudited Third Quarter 2017 Financial Results * Total revenue of $22.8 million to $23.1 million * U.S. commercial revenue of $20.4 million to $20.7 million * U.S. commercial gross margin of 68% to 69% * Total operating expenses decreased to a range of $15.7 million to $16.0 million * Cash burn improved to approximately $3.7 million; cash balance of approximately $15.4 million at Sept. 30, 2017. "Third quarter revenue was down sequentially due to the impacts of the hurricanes in Texas, Florida, and Puerto Rico, and fewer selling days in the quarter," said Terry Rich, Alphatec's chief executive officer. "In spite of the weather-related challenges, we successfully managed operating expenses and substantially decreased cash burn for a fourth consecutive quarter. As well, with the momentum we are experiencing in our sales channel, we expect to drive sequential revenue growth in the fourth quarter." The Company will report final third quarter 2017 financial results and will hold a conference call on Thursday, Nov. 9, 2017, at 1:30 p.m. PT / 4:30 p.m. ET to discuss the results. The dial-in numbers are (877) 556-5251 for domestic callers and (720) 545-0036 for international callers. The conference ID number is 4698936. A live webcast of the conference call will be available online from the investor relations page of the Company's corporate website at www.atecspine.com. A replay of the webcast will remain available on the Company's website, www.atecspine.com, until the Company releases its fourth quarter and full year 2017 financial results. In addition, a telephonic replay of the call will be available until Nov. 16, 2017. The replay dial-in numbers are (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. Please use the replay conference ID number 4698936. About Alphatec Holdings Alphatec Holdings, Inc., through its wholly owned subsidiary Alphatec Spine, Inc. -- http://www.alphatecspine.com/-- is a medical device company that designs, develops, and markets spinal fusion technology products and solutions for the treatment of spinal disorders associated with disease and degeneration, congenital deformities, and trauma. The Company's mission is to improve lives by providing innovative spine surgery solutions through the relentless pursuit of superior outcomes. The Company markets its products in the U.S. via independent sales agents and a direct sales force. Alphatec reported a net loss of $29.92 million in 2016, a net loss of $178.7 million in 2015 and a net loss of $12.88 million in 2014. As of June 30, 2017, Alphatec had $84.19 million in total assets, $92.14 million in total liabilities, $23.60 million in redeemable preferred stock and $31.55 million total stockholders' deficit. "We have incurred significant net losses since inception and relied on our ability to fund our operations through revenues from the sale of our products, debt financings and equity financings, including the Private Placement in March 2017. As we have incurred losses, a successful transition to profitability is dependent upon achieving a level of revenues adequate to support our cost structure. This may not occur and, unless and until it does, we will continue to need to raise additional capital. At June 30, 2017, our principal sources of liquidity consisted of cash of $19.1 million and accounts receivable, net of $13.1 million. We believe that our current available cash will be sufficient to fund our planned expenditures and meet our obligations for at least 12 months following our financial statement issuance date," the Company stated in its quarterly report for the period ended June 30, 2016. AMERICAN CASINO: S&P Lowers CCR to 'B' Then Withdraws Rating ------------------------------------------------------------ S&P Global Ratings lowered its corporate credit rating on Las Vegas-based gaming operator American Casino & Entertainment Properties LLC (ACEP) to 'B' from 'B+' and removed the rating from CreditWatch, where we had placed it with negative implications on June 15, 2017. S&P subsequently withdrew the corporate credit rating. S&P also withdrew its issue-level and recovery ratings on ACEP's senior secured debt, as this debt has been repaid. The rating actions follow the completion of Golden Entertainment's acquisition of ACEP on Oct. 20, 2017 and the repayment of all of ACEP's debt. S&P lowered its corporate credit rating on ACEP to equalize it with its 'B' corporate credit rating on Golden Entertainment. AMERICAN POWER: $500K Revolving Loan Maturity Extended to Nov. 18 ----------------------------------------------------------------- American Power Group, Inc., a wholly owned subsidiary of American Power Group Corporation, and Iowa State Bank, entered into a Change of Terms Agreement, pursuant to which the maturity of APG's $500,000 Revolving Line of Credit was extended from Oct. 14, 2017, to Nov. 18, 2017. A full-text copy of the Change in Terms Agreement is available for free at https://is.gd/sgV9F9 About American Power Group American Power Group's alternative energy subsidiary, American Power Group, Inc. -- http://www.americanpowergroupinc.com/-- provides cost effective products and services that promote the economic and environmental benefits of its alternative fuel and emission reduction technologies. The Company's patented Turbocharged Natural Gas Dual Fuel Conversion Technology is a unique non-invasive software driven solution that converts existing vehicular and stationary diesel engines to run concurrently on diesel and various forms of natural gas including compressed natural gas, liquefied natural gas, conditioned well-head/ditch gas or bio-methane gas with the flexibility to return to 100% diesel fuel operation at any time. Depending on the fuel source and operating profile, the Company's EPA and CARB approved dual fuel conversions seamlessly displace 45% - 65% of diesel fuel with cleaner burning natural gas resulting in measurable reductions in nitrogen oxides (NOx) and other diesel-related emissions. American Power reported a net loss available to common stockholders of $10.40 million on $1.86 million of net sales for the year ended Sept. 30, 2016, compared to a net loss available to common stockholders of $1.04 million on $2.95 million of net sales for the year ended Sept. 30, 2015. As of June 30, 2017, American Power had $5.82 million in total assets, $12.08 million in total liabilities and a total stockholders' deficit of $6.26 million. Schechter Dokken Kanter Andrews & Selcer, Ltd., in Minneapolis, Minnesota, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2016, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. AMERICAN POWER: Raymond L.M. Wong Quits as Director --------------------------------------------------- Raymond L.M. Wong resigned from the Board of Directors of the American Power Group Corporation on Oct. 20, 2017. Mr. Wong's resignation is not due to any disagreement known to the Company's executive officers with respect to any matter relating to the Company's operations, policies or practices, according to a Form 8-K report filed with the Securities and Exchange Commission. About American Power Group American Power Group's alternative energy subsidiary, American Power Group, Inc. -- http://www.americanpowergroupinc.com/-- provides cost effective products and services that promote the economic and environmental benefits of its alternative fuel and emission reduction technologies. The Company's patented Turbocharged Natural Gas Dual Fuel Conversion Technology is a unique non-invasive software driven solution that converts existing vehicular and stationary diesel engines to run concurrently on diesel and various forms of natural gas including compressed natural gas, liquefied natural gas, conditioned well-head/ditch gas or bio-methane gas with the flexibility to return to 100% diesel fuel operation at any time. Depending on the fuel source and operating profile, the Company's EPA and CARB approved dual fuel conversions seamlessly displace 45% - 65% of diesel fuel with cleaner burning natural gas resulting in measurable reductions in nitrogen oxides (NOx) and other diesel-related emissions. American Power reported a net loss available to common stockholders of $10.40 million on $1.86 million of net sales for the year ended Sept. 30, 2016, compared to a net loss available to common stockholders of $1.04 million on $2.95 million of net sales for the year ended Sept. 30, 2015. As of June 30, 2017, American Power had $5.82 million in total assets, $12.08 million in total liabilities and a total stockholders' deficit of $6.26 million. Schechter Dokken Kanter Andrews & Selcer, Ltd., in Minneapolis, Minnesota, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2016, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. ARGON MEDICAL: S&P Assigns 'B+' Corp. Credit Rating, Outlook Stable ------------------------------------------------------------------- S&P Global Ratings assigned its 'B+' corporate credit rating to Argon Medical Devices Holding Inc. The outlook is stable. S&P said, "At the same time, we assigned our 'B+' issue-level rating and '3' recovery rating to the company's first-lien credit facility, which consists of $15 million revolving credit facility and $310 million first-lien term loan. The '3' recovery rating indicates expectations for meaningful (50%-70%;, rounded estimate: 60%) recovery in the event of a default. "We assigned our 'B-' issue-level rating (two notches below the corporate credit rating) and '6' recovery rating to the company's second-lien credit facility, which consists of $110 million second lien term loan. The '6' recovery rating indicates expectations for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a default." Argon Medical Devices Holding Inc. is a medical products company focused on products that are single-use, are physician-preferred, used in interventional radiology and oncology (i.e., biopsy procedures where tissue is removed to test for disease) or in vascular procedures (i.e., minimally invasive catheter procedures). Texas-based global medical device manufacturer Argon Medical Devices Holding Inc. (Argon) was acquired by leading China-based medical device company Shandong Weigao Group Medical Polymer Co. Ltd. (Weigao), with a minority interest (10%) held by a private equity sponsor. The transaction is being financed with a $15 million revolver (undrawn at close), a $310 million first-lien term loan, and a $110 million second-lien term loan. The debt will be nonrecourse to Weigao. S&P said, "The stable rating outlook reflects our expectation that modest organic revenue growth and strong profitability will allow the company to generate about $20 million in annual free cash flow. It also reflects our expectation for parent company Weigao to maintain favorable credit metrics, such that we continue to assume the group credit profile (GCP) will provide support to the Argon stand-alone credit rating. "We could lower the rating if free cash flow is reduced to negligible levels. This could be the result from operational issues in manufacturing or intensified competition from larger and stronger competitors. Such a scenario could include margin contraction of about 400 basis points from our 2018 base-case forecast. An additional path to a downgrade could result if we conclude that the potential support from Weigao is less likely. "While an upgrade is unlikely in the next few years, given elevated debt leverage, its narrow therapeutic focus, and small scale, we could raise the rating if parent company Weigao demonstrated that Argon was strategically more important than we believe to be the case today. This path to an upgrade assumes that Weigau retains its current credit quality. We could also raise the rating if Argon meaningfully outperformed our base case, such that EBITDA increases by 20% in 2018, likely stemming from its successful expansion into the Chinese market, resulting in adjusted debt leverage declining to below 5x." ARMINDA GROUP: Reverses Name to 'Universal Solar Technology, Inc.' ------------------------------------------------------------------ The Board of Directors of The Arminda Group, Inc., filed an Amendment to the Company's Articles of Incorporation, as amended, with the Secretary of State of the State of Nevada on Sept. 13, 2017. The Amendment reversed the name change filed on Aug. 18, 2017, according to the amendment approved by the Board of Directors on April 11, 2017. The Company said the reason for this reversal is that the original name, Universal Solar Technology, Inc., more clearly at this time identify with the current business partnerships it is pursuing. About Universal Solar Headquartered in Zhuhai City, Guangdong Province, in the People's Republic of China, Universal Solar Technology, Inc., was incorporated in the State of Nevada on July 24, 2007. It operates through its wholly owned subsidiary, Kuong U Science & Technology (Group) Ltd., a company incorporated in Macau, the People's Republic of China on May 10, 2007, and its subsidiary, Nanyang Universal Solar Technology Co., Ltd., a wholly foreign owned enterprise registered on Sept. 8, 2008 under the wholly foreign-owned enterprises laws of the PRC. The Company primarily manufactures, markets and sells silicon wafers to manufacturers of solar cells. In addition, the Company manufactures photovoltaic modules with solar cells purchased from third parties. Universal Solar reported a net loss of $1.28 million in 2013 following a net loss of $5.66 million in 2012. Paritz & Company, P.A., in Hackensack, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company had not generated cash from its operation, had a stockholders' deficiency of $ 10,663,106 and had incurred net loss of $11,175,906 since inception. These circumstances, among others, raise substantial doubt about the Company's ability to continue as a going concern. BAILEY'S EXPRESS: New Liquidation Plan Adds SAIA's Disputed Claim ----------------------------------------------------------------- Bailey's Express, Inc., filed with the U.S. Bankruptcy Court for the District of Connecticut an amended disclosure statement to accompany its amended plan of liquidation dated Oct. 20, 2017. The amended liquidating plan adds the disputed claim of SAIA, Inc., in Class 2. SAIA holds a claim against the Debtor in the amount of $846,807.78. SAIA asserts that the claim is secure by reason of an interline trust doctrine theory which the Debtor disputes. Pending the resolution of the Interline Trust Action, the Debtor will hold the amount of the SAIA claim in the Escrow Fund. To the extent SAIA prevails in the Interline Trust Action, then funds in the escrow reserve sufficient to satisfy the judgment against the Debtor or settlement between the parties to the Interline Trust Action will be turned over to SAIA. To the extent any judgment or settlement results in SAIA continuing to hold an unsecured claim, then SAIA will be paid its pro-rated distribution as a holder of an Allowed Unsecured Claim. If the Debtor prevails on the Interline Trust Action, the funds will be deposited into the Unsecured Claim Fund for distribution to holders of General Unsecured Claims and SAIA will be paid its pro-rated distribution as a holder of an Allowed Unsecured Claim. Previously classified in Class 2, general unsecured claimants are now classified in Class 3. The Plan Administrator will be required to post a bond representing 150% of the Cash on Hand as of the date of the Confirmation Order, and such bond shall be paid with the Estate Funds and shall be in favor of the United States of America. A full-text copy of the First Amended Disclosure Statement is available at: http://bankrupt.com/misc/ctb17-31042-152.pdf About Bailey's Express Headquartered in Middletown, Connecticut, Bailey's Express -- http://www.baileysxpress.com/-- is a Connecticut-based less than truckload carrier. It provides service across the nation and is dedicated in helping Connecticut, Massachusetts and Rhode Island companies market their products throughout the U.S. including Hawaii and Alaska. It has distribution points in Charlotte, Dallas, Denver, Easton, Fontana, Indianapolis, Jacksonville, Memphis, Neenah, Phoenix, Salt Lake City and Toledo. It also provides service to Mexico, Puerto Rico & Canada. Bailey's Express filed for Chapter 11 bankruptcy protection (Bankr. D. Conn. Case No. 17-31042) on July 13, 2017, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by David Allen, chief financial officer. Judge Ann M. Nevins presides over the case. Elizabeth J. Austin, Esq., and Jessica Grossarth Kennedy, Esq., at Pullman & Comley, LLC, serves as the Debtor's bankruptcy counsel. No creditors' committee has yet been appointed in the case. BELIEVERS BIBLE: Has Until Dec. 31 to Exclusively File Plan ----------------------------------------------------------- The Hon. Wendy L. Hagenau of the U.S. Bankruptcy Court for the Northern District of Georgia has extended Believers Bible Christian Church, Inc.'s exclusive period to file a plan, through Dec. 31, 2017, as well as the solicitation deadline through Jan. 30, 2018. As reported by the Troubled Company Reporter on Sept. 20, 2017, the Debtor asked for an additional 90 days extension of its exclusive period to file a plan, through Dec. 31, as well as the solicitation deadline through Jan. 30, 2018. The Debtor is still attempting to negotiate a plan with its major creditors and is currently working with a real estate agent to negotiate the sale of two parcels of land. The Debtor contended that the projected sale date is indeterminate at this time. About Believer's Bible Christian Church Believers Bible Christian Church, Inc., based in Atlanta, Georgia, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 16-65531) on Sept. 2, 2016, listing assets and debts at $1 million to $10 million at the time of the filing. William A. Rountree, Esq., at Macey, Wilensky & Hennings LLC, serves as Chapter 11 counsel. The 2016 petition was signed by Theo A. McNair Jr., president. The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the 2016 case. Believer's Bible previously filed for Chapter 11 (Bankr. N.D. Ga. Case No. 08-61958) on Feb. 4, 2008, and was represented by Paul Reece Marr, Esq., at Paul Reece Marr, P.C. The 2008 case was assigned to Judge Joyce Bihary. The Debtor estimated assets and debts at $1 million to $10 million at the time of the filing. The Debtor employed Price Realty Group, as real estate agent, to sell two parcels of real property it owns located along Campbellton Road, Atlanta, Georgia. BELLA ROSE: Seeks Permission to Use Cash Collateral Through Nov. 30 ------------------------------------------------------------------- Bella Rose Skin Care PLLC seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Michigan to use cash collateral in order to maximize the value of its inventory and pay its necessary operating expenses. The Debtor requires the interim use of cash collateral in the amount of up to $15,000 through Nov. 30, 2017. The Debtor asserts that if it is not able to utilize its inventory on an interim basis, it will be severely negatively impacted as it will be unable to continue operating as a going concern. The Debtor believes that only Retail Capital LLC and Yellowstone Capital LLC have interest in its cash collateral. Retail Capital asserts a lien in the amount of $43,472 and Yellowstone Capital asserts a lien in the amount of $60,216. As adequate protection for the use of cash collateral, the Debtor proposes that: (a) Retail Capital and Yellowstone Capital will be granted a replacement lien in the inventory with the same nature and to the extent of their respective prepetition liens; and (b) The Debtor will keep the value of its inventory at approximately $10,000 during the pendency of its bankruptcy case; (c) The Debtor will keep the respective collateral of Retail Capital and Yellowstone Capital fully secured; and (d) The Debtor will deposit all cash acquired post-petition into its DIP Account. A full-text copy of the Debtor's Motion, dated October 24, 2017, is available at http://tinyurl.com/ybur8u5x About Bella Rose Skin Care Bella Rose Skin Care PLLC is a Michigan limited liability company which was formed for the purpose of operating a wellness center. Bella Rose Skin Care filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 17-22144) on Oct. 24, 2017. The case is assigned to Judge Daniel S. Opperman. The Debtor is represented by Adam D. Bruski, Esq., and Rozanne M. Giunta, Esq., at Warner Norcross & Judd LLP, in Midland, Michigan. BELLATRIX EXPLORATION: S&P Raises 2020 Sr Unsec. Notes Rating to B+ ------------------------------------------------------------------- S&P Global Ratings raised its issue-level rating on Calgary, Alta.-based Bellatrix Exploration Ltd.'s senior unsecured notes due 2020 to 'B+' from 'B' and revised its recovery rating on the debt to '2' from '3'. At the same time, S&P Global Ratings affirmed its 'B' long-term corporate credit rating on Bellatrix. The outlook is stable. S&P said, "The senior unsecured debt upgrade reflects our view that Bellatrix's senior unsecured noteholders can now expect meaningful (70%-90%; rounded 85%) recovery in our default scenario. The recovery rating revision reflects our use of a reserve multiple-based approach to derive an estimated distressed value of Bellatrix based on the company's proved reserves as of Dec 31, 2016, and current debt level. "The stable outlook reflects our view that Bellatrix will maintain relatively stable daily production, resulting in FFO-to-debt staying close to 20%. In addition, we expect the company will outspend cash flow generation during the next 12 months resulting in negative FOCF during this period. "We would take a negative action if Bellatrix's upstream operations contracted because of production and reserves levels being lower than our base-case forecasts, resulting in deteriorated credit measures such as FFO-to-debt consistently below 20% and maintained negative FOCF. "We would consider a positive rating action if the company's credit metrics improve significantly, which could follow from higher-than-expected hydrocarbon prices or daily production resulting in FFO-to-debt consistently above 30%. We could also consider a positive rating action if Bellatrix improves its production and reserve base with higher liquids production leading to a significant increase of netbacks while maintaining strong credit measures." BELLEVILLE DEVELOPMENT: Plan Filing Deadline Moved to January 17 ---------------------------------------------------------------- The Hon. Vincent F. Papalia of the U.S. Bankruptcy Court for the District of New Jersey extended the exclusive periods within which only Belleville Development Group, LLC may file a chapter 11 plan and solicit acceptances thereto through and including January 17, 2018 and March 18, 2018, respectively. The Troubled Company Reporter has previously reported that the Debtor asked the Court for a 120-day extension of the exclusivity periods to complete its sale related efforts. The Debtor said that a deal to sell its assets have fallen through and it has been in talks with a new buyer. At the outset of this case, the Debtor told the Court that its goal was to consummate a sale of the its sole asset, the real property located at 620-632 Washington Avenue, Belleville, New Jersey. To achieve this end, the Debtor conducted an auction of the Property after the Petition Date, and at the conclusion of the auction, Anthony Marchigiano or his designee was deemed the successful purchaser of the Real Property. Consequently, the Court approved the sale of the Real Property to Mr. Marchigiano on July 26, 2017. However, subsequent to entry of the Sale Order, Mr. Marchigiano terminated the asset purchase agreement with the Debtor and the proposed sale of the Real Property to Purchaser was terminated. Notwithstanding Mr. Marchigiano's termination of his asset purchase agreement, the Debtor forged ahead and continued to solicit bids on the Real Property. While the Debtor's goal has been delayed, the Debtor assured the Court that it has been in negotiations with at least two parties (one being the party approved as the back-up bidder in the Sale Order) to purchase the Real Property. In addition to taking the necessary steps to achieve the Debtor's overarching goal through this proceeding, the Debtor and its professionals have also addressed several typical tasks related to a chapter 11 proceeding. The Debtor said that attending to the issues surrounding the sale of the Real Property and more importantly, the uncertainty of available funds, has made it difficult for the Debtor to address and formulate a proposed plan of liquidation. Additionally, the Debtor asserted that any recovery to its stakeholders will naturally flow from the sale of the Real Property. When a sale does occur, the Debtor will then be in a better position to focus its efforts on formulating a plan of liquidation that addresses claims, causes of action and distributions to creditors within the priority scheme of the Bankruptcy Code. About Belleville Development Group, LLC Belleville Development Group, LLC, based in Virginia Beach, VA, filed a Chapter 11 petition (Bankr. D.N.J. Case No. 17-20469) on May 22, 2017. Stephen Ravin, Esq., at Saul Ewing LLP, 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 Anthony Regan, managing member. The Hon. Vincent F. Papalia presides over the case. BILLNAT CORP: Hires McDonald Hopkins as Bankruptcy Counsel ---------------------------------------------------------- Billnat Corporation seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to hire McDonald Hopkins, LLC as counsel. Services to be rendered by the Counsel are: a. file pleadings in and monitor the Debtor's chapter 11 case; b. advise the Debtor of its obligations and duties as a Debtor in possession; c. execute the Debtor's decisions by filing with the Court motions, objections, and other relevant documents; d. appear before the Court on all matters in this case relevant to the interests of the Debtor; e. assist the Debtor in the administration of the chapter 11 case; and f. take other actions as are necessary to protect the rights of the Debtor's estate. Current hourly rates charged by McDonald Hopkins: Members $310-$815 Of Counsel $300-$775 Associates $210-$415 Paralegals $150-$305 Law Clerks $45-$70 Stephen M. Gross $720 Jayson B. Ruff $415 Stephen M. Gross attests that McDonald Hopkins is a "disinterested person" within the meaning of sections 101(14) and 327 of the Bankruptcy Code. The Firm can be reached through: Stephen M. Gross, Esq. Jayson B. Ruff, Esq. MCDONALD HOPKINS PLC 39533 Woodward Avenue, Suite 318 Bloomfield Hills, MI 48304 Tel: (248) 646-5070 Fax: (248) 646-5075 Email: sgross@mcdonaldhopkins.com jruff@mcdonaldhopkins.com About BillNat Corp. BillNat Corporation operates 20 retail pharmacies from leased facilities in Southern Michigan under the name "Sav-On Drugs". It was solely owned by Mr. William G. Newman until all of its capital stock was acquired by the Frank W. Kerr Company in exchange for Mr. Newman receiving additional shares of Kerr in a transaction that closed in August 2015, but was retroactively effective as of Dec. 15, 2014. Novi, Michigan-based Frank W. Kerr Company filed a chapter 7 petition on Aug. 23, 2016. The Debtor consented to and the Court entered an order for relief under Chapter 11, converting the case to a Chapter 11 proceeding (Bankr. E.D. Mich. Case No. 16-51724) on Sept. 19, 2016. Kerr tapped McDonald Hopkins PLC as counsel. Epiq Bankruptcy Solutions, LLC, serves as the Debtor's noticing, claims and balloting agent. The Debtor hired Conway Mackenzie Management Services, LLC, as restructuring consultant and Jeffrey K. Tischler as chief restructuring officer. The official committee of unsecured creditors retained Lowenstein Sandler LLP as lead counsel; Wolfson Bolton PLLC as local counsel; and BDO USA, LLP, as financial advisor. On Oct. 13, 2017, BillNat Corporation filed a petition seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mich. Case No. 17-54357). BillNat estimated assets of $10 million to $50 million and debt of $50 million to $100 million. The case judge is the Hon. Maria L. Oxholm. BillNat tapped McDonald Hopkins PLC as counsel, SSG Advisors, LLC, as investment banker, Conway Mackenzie Management Services, LLC, as restructuring advisor, and Epiq Bankruptcy Solutions, LLC, as claims and noticing agent. BILLNAT CORP: Hires SSG Advisors as Investment Banker ----------------------------------------------------- Billnat Corporation seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to hire SSG Advisors, LLC as investment banker. Services to be rendered by SSG Advisors are: a. prepare one or more information memorandum describing the Debtor, is historical performance and prospects including existing contracts, marketing and sales, labor force, and management and anticipated financial results of the Debtor; b. assist the Debtor in compiling a data room, of any necessary and appropriate documents related to the Sale; c. assist the Debtor in developing a list of suitable potential buyers who will be contacted on a discreet and confidential basis after approval by the Debtor; d. coordinate the execution of confidentiality agreements for potential buyers wishing to review the information memorandum; e. assist the Debtor in coordinating site visits for interested buyers and work with the management team to develop appropriate presentations for such visits; f. solicit competitive offers from potential buyers; g. advise and assist the Debtor in structuring the transaction and negotiating the transaction agreements; and h. assist the Debtor, its attorneys and accountants, as necessary, through closing on a best effort basis. Compensation for SSG consists of: a. Monthly fees. A monthly fee of $40,000 per month that was payable upon the execution of the Agreement and continued each month thereafter during the Engagement Term, payable on the first of each month beginning July 1, 2016. Any monthly fees in exxcess of $160,000 are credited against any Sale Fees. SSG has agreed to defer any Monthly fees starting October 2017 and thereafter until the closing of the Sale. b. Sale fee. Upon consummation of a Sale Transaction, SSG shall be entitled to a fee, payable in cash, in federal funds via wire transfer or certified check, at and as a condition of closing of such Sale, equal to the greater of: -- $250,000; or -- 2% of Total Consideration up to $30 million, plus * 2.75% of Total Consideration between $30 million and $40 million, plus * 3.50% of Total Consideration in excess of $40 million. Michael S. Goodman, Managing Director or SSG Advisors, LLC, attests that his firm is a "disinterested person" as that term is defined in Bankruptcy Code section 101(14). The Firm can be reached through: Michael S. Goodman SSG Advisors, LLC Five Tower Bridge, Suite 420 300 Barr Harbor Drive West Conshohocken, PA 19428 Phone: 610-940-1094 Fax: 610-940-3875 About BillNat Corp. BillNat Corporation operates 20 retail pharmacies from leased facilities in Southern Michigan under the name "Sav-On Drugs". It was solely owned by Mr. William G. Newman until all of its capital stock was acquired by the Frank W. Kerr Company in exchange for Mr. Newman receiving additional shares of Kerr in a transaction that closed in August 2015, but was retroactively effective as of Dec. 15, 2014. Novi, Michigan-based Frank W. Kerr Company filed a chapter 7 petition on Aug. 23, 2016. The Debtor consented to and the Court entered an order for relief under Chapter 11, converting the case to a Chapter 11 proceeding (Bankr. E.D. Mich. Case No. 16-51724) on Sept. 19, 2016. Kerr tapped McDonald Hopkins PLC as counsel. Epiq Bankruptcy Solutions, LLC, serves as the Debtor's noticing, claims and balloting agent. The Debtor hired Conway Mackenzie Management Services, LLC, as restructuring consultant and Jeffrey K. Tischler as chief restructuring officer. The official committee of unsecured creditors retained Lowenstein Sandler LLP as lead counsel; Wolfson Bolton PLLC as local counsel; and BDO USA, LLP, as financial advisor. On Oct. 13, 2017, BillNat Corporation filed a petition seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mich. Case No. 17-54357). BillNat estimated assets of $10 million to $50 million and debt of $50 million to $100 million. The case judge is the Hon. Maria L. Oxholm. BillNat tapped McDonald Hopkins PLC as counsel, SSG Advisors, LLC, as investment banker, Conway Mackenzie Management Services, LLC, as restructuring advisor, and Epiq Bankruptcy Solutions, LLC, as claims and noticing agent. BLANKENSHIP FARMS: Trustee Seeks to Retain Brasher Accounting ------------------------------------------------------------- Marianna Williams, the Chapter 11 trustee for Blankenship Farms LP, seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to retain the firm of Brasher Accounting. The firm, which was previously employed by the Debtor as its accountant, will continue to provide accounting services, including tax-related advice and the preparation of tax returns and monthly operating reports. Brasher Accounting will be paid a monthly fee of $1,200 for its services. The firm does not represent any interest adverse to the Debtor and its estate, according to court filings. Brasher Accounting can be reached through: Lori Brasher Brasher Accounting 125 N. Pleasant St. PO Box 276 Decaturville, TN 38329 About Blankenship Farms Headquartered in Parsons, Tennessee, Blankenship Farms, LP, is an active Tennessee limited partnership whose primary business is farming operations for row crop and cattle. It filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tenn. Case No. 16-10840) on April 27, 2016, estimating assets and liabilities between $1 million and $10 million. The petition was signed by James Trent Blankenship, president of TWB Management Inc., general partner of the Debtor. The case is assigned to Judge Jimmy L. Croom. Robert Campbell Hillyer, Esq., at Butler Snow LLP, served as counsel to the Debtor. Adam Vandiver of Vandiver Enterprises, LLC, served as farm equipment appraiser, and Brasher Accounting was the accountant. Marianna Williams was appointed as Chapter 11 trustee on March 9, 2017. The trustee retained Baker Donelson Bearman Caldwell & Berkowitz, PC, as legal counsel. The trustee also tapped Evans Real Estate as real estate agent; Marvin E. Alexander and Alexander Auction & Real Estate Sales as auctioneer; and Phillip Hollis, Esq., to provide real property title search services. BUENA VISTA PLANTATION: May Use Cash Collateral Until Nov. 2 ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Puerto Rico has entered an agreed order authorizing Buena Vista Plantation, Corp., and its debtor affiliates to use cash collateral realized from the collection of accounts receivable until Nov. 2, 2017. A hearing on the Debtor's motion for continued use of cash collateral is specially set for Nov. 2, 2017, at 2:00 p.m. As reported by the Troubled Company Reporter on Oct. 10, 2017, the Debtor sought court permission to use cash collateral for a period of 30 days in order to pay reasonable and necessary expenses associated with the Debtor's oilfield services business. InterBank of Canadian, Texas asserts a security interest in various assets of the Debtor, including the Debtor's prepetition accounts receivable. The IRS has also filed federal tax liens against the Debtor and by virtue of those tax liens asserts a lien against the Debtor's assets. On account of the assets of the Debtor and the replacement liens granted in the court order, InterBank and the IRS will be adequately protected on the Debtor's interim use of cash collateral. As adequate protection of InterBank's and the IRS's interest in the cash collateral, InterBank and the IRS are granted a replacement lien and security interest in the Debtor's postpetition accounts receivable generated by the Debtor's oilfield services operations in an amount equal to the amount of cash collateral used in accordance with 11 U.S.C. Section 361(2) in the same priority and in the same nature, extent and validity as the liens, if any, existed prepetition. About Buena Vista Plantation Buena Vista Plantation Corp. filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-02426) on March 31, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Gerardo L Santiago Puig, Esq., at GSP Law, PSC. BULK EXPRESS: Lombards Want More Time to Exclusively File Plan -------------------------------------------------------------- Robert A. Lombard, Jr., and Charlene M. Barnett-Lombard ask the U.S. Bankruptcy Court for the District of New Jersey to extend the exclusive period within which the Debtor is permitted to file a Chapter 11 plan to March 6, 2018, from Nov. 7, 2017, and to solicit acceptances of the plan through and including May 7, 2018. A hearing on the Debtor's request is scheduled for Nov. 14, 2017, at 10:00 a.m. The Debtors' case was precipitated by the pendency of a partial summary judgment motion in a federal district court action against the Bulk Express Logistics, Inc., and the Debtors brought by Liberty Insurance Corporation and LM Insurance Corporation. Liberty alleged in the district court action that Bulk underpaid its workers' compensation insurance premiums for the period commencing November 2004 through and including June 2012 causing it to sustain damages in excess of $1.3 million. The defendants have emphatically denied the allegations and were vigorously defending the action at the time of the Petition Date. Liberty's claim is unliquidated and disputed. Liberty has filed a motion for relief from the automatic stay to pursue the district court litigation, returnable on Oct. 31, 2017. The Debtors are objecting to that motion. Liberty's claim, if any, will eventually be liquidated and, once liquidated, the Debtors and Bulk would hope to engage Liberty in discussions over the terms pursuant to which it would support the Debtors' plan. Treatment of Liberty's claim will be an integral part of any plan of reorganization. Until Liberty's claim is resolved, however, it is simply premature to be filing a plan. The Debtors' case is integrally tied to the success of Bulk's Chapter 11 case. Bulk is presently taking advantage of the automatic stay to stabilize its own finances and business operations. Its lender is supportive of Bulk's efforts to reorganize. At the present time all post-petition obligations in both the Debtors and Bulk's Chapter 11 cases are current so that there will be no prejudice to creditors if the exclusivity period were to be extended. In sum, the Debtors are making good faith progress since filing for chapter 11 and hope to be in a position to file a confirmable plan in several months. In sum, an objective analysis of the relevant factors discussed above demonstrates that the Debtors seek to facilitate a successful conclusion to their Chapter 11 case and that cause exists for extending the exclusive periods. A copy of the Debtors' request is available at: http://bankrupt.com/misc/njb17-24308-76.pdf About Bulk Express Logistics, Inc. Headquartered in Monroe Township, New Jersey, Bulk Express Logistics, Inc. -- http://www.bulkexpressloqistics.com/-- is a privately held company that provides trucking and warehousing services. Bulk Express filed for Chapter 11 bankruptcy protection (Bankr. D. N.J. Case No. 17-24308) on July 14, 2017, listing $1.97 million in total assets and $4.51 million in total debts as of July 12. The petition was signed by Charlene M. Barnett-Lombard, its president. The Debtor sought and obtained joint administration of its case with the Chapter 11 case of Robert A. Lombard, Jr., and Charlene M. Barnett-Lombard (Bankr. D.N.J. Case No. 17-23949). Judge Christine M. Gravelle presides over the Debtors' cases. Richard Honig, Esq., at Hellring, Lindeman, Goldstein & Siegal LLP, serves as Bulk Express' bankruptcy counsel. Gary N. Marks, Esq., at Norris, McLaughlin & Marcus, P.A., serves as counsel to Charlene M. Barnett-Lombard, and Robert A. Lombard Jr. C & S COMPANY: Ch. 11 Trustee Files Proposed Reorganization Plan ---------------------------------------------------------------- Randy Sugarman, the chapter 11 Trustee for the estate of C & S Company, Inc., filed with the U.S. Bankruptcy Court for the District of Nevada a disclosure statement to accompany his proposed plan of reorganization dated Oct. 20, 2017. Class 10 under the chapter 11 Trustee's plan consists of the general unsecured claims. Each Creditor with an Allowed General Unsecured Claim as of the Initial Distribution Date, will, on such date, be paid its Pro Rata share of the Remaining Cash Amount. On and after the Effective Date, all of the Debtor's assets will vest in the Reorganized Debtor and the Reorganized Debtor will continue to exist as a separate entity in accordance with applicable law. The Debtor's existing articles of organization, by-laws, and operating agreements (as amended supplemented, or modified) will continue in effect for the Reorganized Debtor following the Effective Date, except to the extent that such documents are amended in conformance with the Plan or by proper corporate action after the Effective Date. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/nvb16-14155-303.pdf Attorneys for Randy Sugarman, Chapter 11 trustee: Gerald M. Gordon Mark M. Weisenmiller Michael E. Esposito GARMAN TURNER GORDON LLP 650 White Drive. Ste. 100 Las Vegas, Nevada 89119 About C & S Company C & S Company is an excavation company which specializes in underground utility work. The Debtor was founded in 1983 and purchased by Stacey and Brad Lindburg in July 2003. The Debtor filed a Chapter 11 petition (Bankr. D. Nev. Case No. 16-14155) on July 28, 2016. The petition was signed by Stacey Lindburg, president. The Debtor disclosed total assets at $120,000 and total liabilities at $2.42 million. The Debtor is represented by David J. Winterton, Esq., at David Winterton & Associates, Ltd. Randy Sugarman was appointed chapter 11 Trustee for the estate of C & S Company, Inc. The Chapter 11 Trustee hired Garman Turner Gordon LLP as counsel. C SWANK ENTERPRISES: Hearing on Plan Outline OK Set for Nov. 14 --------------------------------------------------------------- The Hon. Jeffery A. Deller of the U.S. Bankruptcy Court for the Western District of Pennsylvania has scheduled for Nov. 14, 2017, at 10:00 a.m. the hearing to consider the approval of C Swank Enterprises, LLC's amended disclosure statement referring to the Debtor's plan of reorganization. Objections to the Disclosure Statement must be filed by Nov. 7, 2017. As reported by the Troubled Company Reporter on Oct. 19, 2017, the Debtor filed with the Court its latest disclosure statement to accompany its plan of reorganization, dated Oct. 10, 2017. Class 3 under the latest plan is the secured claim of Paccar Financial. The total secured claims of this creditor are $583,700.76. They will be paid in full over seven years with a fixed interest rate of five 5%. About C Swank Enterprises Headquartered in Apollo, Pennsylvania, C Swank Enterprises, LLC, filed for Chapter 11 bankruptcy protection (Bankr. W.D. Pa. Case No. 16-23451) on Sept. 15, 2016, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Carol A. Swank, managing member. Judge Carlota M. Bohm presides over the case. Donald R. Calaiaro, Esq., at Calaiaro Valencik serves as the Debtor's bankruptcy counsel. The Debtor has no unsecured creditor, according to its Chapter 11 petition. CAMPBELLTON-GRACEVILLE: Exclusive Plan Filing Extended to Dec. 31 ----------------------------------------------------------------- The Hon. Karen K. Specie of the U.S. Bankruptcy Court for the Northern District of Florida has extended, at the behest of Campbellton-Graceville Hospital Corp., the exclusive period within which the Debtor may file a plan through and including Dec. 31, 2017, and the time within which the Debtor may solicit acceptances to its plan through and including March 1, 2018. As reported by the Troubled Company Reporter on Sept. 7, 2017, the Debtor asked for the extension to provide it additional time to negotiate a resolution of certain issues relating to the sale of the Debtor's assets. About Campbellton-Graceville Hospital Corporation Campbellton-Graceville Hospital Corporation is a non-profit corporation established pursuant to the laws of the State of Florida in 1961 and operates as a not-for-profit 25-bed critical access hospital serving northern Florida, as well as surrounding areas in Georgia and Alabama, and had approximately 100 employees. It offered comprehensive medical care, including emergency services, general hospitalization, laboratory services, swing bed, and physical therapy. Campbellton-Graceville Hospital filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 17-40185) on April 17, 2017. The Hon. Karen K. Specie presides over the case. Berger Singerman LLP represents the Debtor as counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and $1 million to $10 million to $50 million in liabilities. The petition was signed by Marwill Glade of GlassRatner Advisory & Capital Group, LLC, to Debtor's chief restructuring officer. On June 8, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee hired Broad and Cassel LLP as counsel, and Wayne Black and Associates, Inc., as investigative assistant. Judge Karen K. Specie in June 2017 entered an order finding that the appointment of a patient care ombudsman for Campbellton-Graceville Hospital is not necessary. CAPITOL SUPPLY: Wants To Use Cash to Fund Operating Expenses ------------------------------------------------------------ Capitol Supply, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral for a period of 30 days to, among other things, pay the Debtor's employees that are critical to the Debtor's ability to reorganize and fund all necessary operating expenses of the Debtor's business. The Debtor's secured creditor is Bank of America, N.A., with whom it entered into a $2 million term loan agreement in Sept. 2013, and $2 million line of credit in July 2014. The Debtor estimates that the Bank will assert a secured claim against the Debtor in the amount of $2 million, and will assert a security interest certain cash of the Debtor. The Debtor proposes to provide the Bank with a one-time adequate protection payment in the amount of $200,000 from the sale proceeds to hold in trust pending the earlier of the entry of either (a) a final and non-appealable final order approving the Debtor's use of cash collateral or (b) a final and non-appealable order authorizing the amendment and novation to Office Depot, Inc., of the Debtor's contract DTFACT-16-D-00008 with the Federal Aviation Administration. As of the Petition Date, the Debtor has inter alia $481,517.05 in net sale proceeds from the sale of real property located at NW 124th Avenue, Coral Springs, Florida 33065. The Debtor further proposes that upon the earlier of the entry of either the final court order or the Novation Order, counsel for the Bank will provide the Adequate Protection Payment to the Bank, and the amount will be applied to the principal of the indebtedness owed by the Debtor to the Bank. Upon entry of a final court order approving the Adequate Protection Payment, the Bank has agreed to waive any and all claims, interests and encumbrances it has, or may have, whether known or unknown, with respect to the remainder of the Sale Proceeds in the amount of $281,517.05; provided, however, that the Bank does not waive any right to a pro rata distribution of the Remaining Proceeds on account of any allowed unsecured claim that the Bank may have. Further, upon the entry of a final court order approving the Adequate Protection Payment, the Bank has agreed to consent to the Debtor's sale of its interest in an agreement with the Federal Aviation Administration to Office Depot, Inc. The continued operation of the Debtor's business will preserve its going concern value, enable the Debtor to capitalize on that value through a reorganization strategy, and ultimately facilitate the Debtor's ability to confirm a Chapter 11 plan. However, if the Debtor is not allowed to use cash collateral, it will be unable to operate. The Debtor warns that if it cannot use cash collateral, it will be forced to cease operations, which will severely disrupt the Debtor's entire operations. By contrast, granting authority will allow the Debtor's to maintain operations and preserve the going concern value of its business which will inure to the benefit of any secured creditors and all other creditors. A copy of the Debtor's request is available at: http://bankrupt.com/misc/flsb17-21544-54.pdf About Capitol Supply Since 1983, Capitol Supply, Inc., has provided the United States Government, the US Military, State and local government agencies and consumer and commercial customers worldwide various products needed to operate their businesses. Capitol Supply offers office supply, office furniture, hardware, tools, auto parts, cleaning supplies, dorms and quarters, package room, and GSA schedule needs. Capitol Supply was formerly known as Capitol Furniture Distributing Company and changed its name to Capitol Supply, Inc., in March 2005. Capitol Supply, Inc., based in Boca Raton, Florida, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 17-21544) on Sept. 20, 2017. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Robert J. Steinman, director and chief executive officer. The Hon. Erik P. Kimball presides over the case. Bradley S. Shraiberg, Esq., at Shraiberg Landaue & Page, P.A., serves as bankruptcy counsel. CAPRI COAST: Seeks to Hire Black Agency as Broker ------------------------------------------------- Capri Coast Capital, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire a broker in connection with the sale of its assets. The Debtor proposes to employ The Black Agency, LLC to assist in the sale of their assets and the assignment of their franchise agreements with Massage Envy Franchising, LLC to Joyfully Gifted, LLC for $1 million. The firm will receive a fee of 10% of the sale consideration upon closing. Black Agency is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Connell Black The Black Agency, LLC 8306 Wilshire Blvd Suite 446 Beverly Hills, CA 90211 Email: connell@theblackagency.com Cell: 310-425-5450 Fax: 310-356-3504 About Capri Coast Capital Inc. Capri Coast Capital Inc., Hampton Heights Inc., Ravello Ventures Inc. and Amalfi Assets Inc. operate massage therapy clinics under the "Massage Envy" trade name. Capri Coast sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 17-11136) on April 28, 2017. Erika Rice, its chief executive officer, signed the petition. On June 9, 2017, Hampton Heights and Ravello Ventures filed Chapter 11 petitions (Bankr. C.D. Cal. Case Nos. 17-11545 and 17-11546). Amalfi Assets filed for Chapter 11 protection (Bankr. C.D. Cal. Case No. 17-11851) on July 12, 2017. The cases are jointly administered with that of Capri Coast under Case No. 17-11136. Capri Coast hired Lewis Landau, Esq., as counsel, replacing the Law Office of Peter C. Bronstein. Capri Coast listed under $50,000 in assets and under $500,000 in liabilities. Hampton Heights listed under $50,000 in both assets and liabilities. Ravello Ventures listed under $500,000 in both assets and debts. Amalfi Assets listed between $1 million and $10 million in assets, and between $500,000 and $1 million in liabilities. CASHMAN EQUIPMENT: Can Continue Using Cash Collateral Until Jan. 15 ------------------------------------------------------------------- Judge Melvin S. Hoffman of the U.S. Bankruptcy Court for the District of Massachusetts has entered an eight interim order granting authorization to Cashman Equipment Corporation and its affiliates' use of cash collateral through and including Jan. 15, 2018. The following entities have valid claims against the Debtors secured by valid and perfected liens on certain of the Debtors' properties, including an interest in cash collateral relating to those properties: (a) Rockland Trust Company; (b) Santander Bank, N.A.; (c) Wells Fargo Equipment Finance, Inc.; (d) Citizens Asset Finance, Inc.; (e) U.S. Bank, National Association, acting through its division, U.S. Bank Equipment Finance; (f) Key Equipment Finance, a division of KeyBank National Association; (g) Fifth Third Bank; (h) Radius Bank; (i) Pacific Western Bank; (j) Equitable Bank; and (k) Banc of America Leasing and Capital, LLC. Rockland Trust has agreed to serve as Collateral Agent for the Lenders under the form of Intercreditor Agreement, to hold on behalf of the Lenders the liens on the Unencumbered Vessels and the Adequate Protection Mortgaged Vessels as adequate protection pursuant to the Eighth Interim Order and the Sale Order. As adequate protection to the Lenders for the Debtor's use of cash collateral, each Lender is granted a replacement lien on the same type of post-petition property of the Debtors' estates against which the Lender held a lien as of the Petition Date. Each Lender's Primary Replacement Liens will maintain the same priority, validity and enforceability as such Lender's pre-petition liens. To the extent that the diminution of any Lender's interest in cash collateral after the Petition Date exceeds the value of the Lender's primary replacement lien, the Lender is granted a lien on cash collateral junior to (a) existing liens as of the Petition Date, (b) replacement liens and primary replacement liens granted pursuant to the interim Court orders and (c) primary replacement liens granted. As further adequate protection, Rockland Trust, as agent for such Lenders under the Intercreditor Agreement, is granted a lien, junior to the Permitted Liens, for its own benefit and for the ratable benefit of the Lenders, on each of the Adequate Protection Mortgaged Vessels, and on all cash and non-cash proceeds of any sale or other disposition or liquidation (excluding any lease or charter or charter hire) thereof, subject to the terms of the Intercreditor Agreement, as security for any such diminution or decline, and all Agent Claims. Such additional adequate protection Lien is subject only to these permitted liens: (a) the prepetition mortgage(s)/security interests of any applicable Lender(s) on such Adequate Protection Mortgaged Vessel, (b) any Priority Maritime Liens on such Adequate Protection Mortgaged Vessel as of the Petition Date, and (c) the Insurer Lien on such Adequate Protection Mortgaged Vessel. For the avoidance of doubt, any vessels subject to liens held by the U.S. Secretary of Transportation acting through the U.S. Maritime Administration and Pacific Western Bank are not included in the term "Adequate Protection Mortgaged Vessels." A continued hearing on the Debtors' request for entry of an interim order on the use of Cash Collateral is scheduled for Jan. 10, 2018, at 10:00 a.m. Any further responses or objections to the Cash Collateral Motion must be made in writing, and must be filed with the Court no later than January 5. A full-text copy of the Eighth Interim Order, dated Oct. 24, 2017, is available at http://tinyurl.com/ybos6rb4 About Cashman Equipment Corp. Headquartered in Boston, Massachusetts, Cashman Equipment Corp. -- http://4barges.com/-- was founded in 1995 as a barge rental and marine contracting company with a fleet of 10 barges, 9 of which were built in the 1950s and 1960s. Cashman Equipment and certain of its affiliates and subsidiaries own, operate, rent, and sell a fleet of vessels, including inland and ocean barges, marine accommodation barges, specialized oil spill recovery barges, and tugs, as well as marine equipment, such as cranes, accommodation units, and marine pollution skimmers. Cashman Equipment and certain of its affiliates and subsidiaries, Cashman Scrap & Salvage, LLC, Servicio Marina Superior, LLC, Mystic Adventure Sails, LLC, and Cashman Canada, Inc., filed Chapter 11 petitions (Bankr. D. Mass. Lead Case No. 17-12205) on June 9, 2017. The petitions were signed by James M. Cashman, the Debtors' president. Mr. Cashman also commenced his own Chapter 11 case (Bankr. D. Mass. Case No. 17-12204). The cases are jointly administered. Cashman Equipment estimated its assets and debt at between $100 million and $500 million. Judge Melvin S. Hoffman presides over the cases. Harold B. Murphy, Esq., and Michael K. O'Neil, Esq., at Murphy & King, Professional Corporation, serve as Cashman Equipment, et al.'s counsel. Jeffrey D. Sternklar, Esq., at Jeffrey D. Sternklar LLC, serves as Mr. Cashman's counsel. An official committee of unsecured creditors has been appointed in the case and is represented by Michael J. Fencer, Esq., and John T. Morrier, Esq., at Casner & Edwards, LLP. CASHMAN EQUIPMENT: Has Until January 31 to File Chapter 11 Plan --------------------------------------------------------------- The Hon. Melvin S. Hoffman of the U.S. Bankruptcy Court for the District of Massachusetts extended the exclusive period during which only Cashman Equipment and its debtor-affiliates may file a plan of reorganization from October 23 through and including January 31, 2018. The Troubled Company Reporter has previously reported that the Debtors asked the Court to extend the period during which they have the exclusive right to (a) file a plan through January 31, 2018, and (b) solicit acceptances of their plan through April 2, 2018. The Debtors told the Court that they continue to communicate and cooperate with the Committee and have made substantial progress toward agreed terms with Lenders as to use of cash collateral and sale procedures. The Debtors also continue to provide extensive bi-weekly reporting to the Committee, the Lenders, and the Office of the United States Trustee regarding the Debtors' operations and sales efforts. Among the lending institutions asserting liens on the Debtors' assets are: Fifth Third Bank, Banc of America Leasing and Capital, LLC, Citizens Bank, N.A., Key Bank, N.A., the U.S. Maritime Administration, Pacific Western Bank, Radius Bank, Rockland Trust Company, Santander Bank, N.A., Wells Fargo, N.A., Equitable Bank and U.S. Bank Equipment Finance. These Lenders have asserted secured claims against the Debtors in the aggregate amount of approximately $144 million. On September 11, 2017, the Debtors filed a proposed Term Sheet reflecting an agreement with their Lenders establishing the terms of the Debtors' continued use of cash collateral and a protocol for the sale of selected vessels and equipment, in each case through January 15, 2018, and the distribution of the proceeds realized from those sales. The Term Sheet is subject to the final approval of the Lenders and the Bankruptcy Court. Pursuant to the Term Sheet, the Lenders have consented to an extension of the Debtors' exclusivity periods. While the Debtors have made progress in these complex cases, the Debtors said that additional work needs to be done to move to the next phase of their reorganization. The Debtors anticipated being able to advance a plan during the extended exclusive period. As such, the Debtors asserted that to lift exclusivity at this point would jeopardize the work that has been accomplished, the consensus-building for which the exclusivity period is designed, and the underlying policy of the Bankruptcy Code favoring reorganization. About Cashman Equipment Corp. Headquartered in Boston, Massachusetts, Cashman Equipment Corp. -- http://4barges.com/-- was founded in 1995 as a barge rental and marine contracting company with a fleet of 10 barges, 9 of which were built in the 1950s and 1960s. Cashman Equipment and certain of its affiliates and subsidiaries own, operate, rent, and sell a fleet of vessels, including inland and ocean barges, marine accommodation barges, specialized oil spill recovery barges, and tugs, as well as marine equipment, such as cranes, accommodation units, and marine pollution skimmers. Cashman Equipment and certain of its affiliates and subsidiaries, Cashman Scrap & Salvage, LLC, Servicio Marina Superior, LLC, Mystic Adventure Sails, LLC, and Cashman Canada, Inc., filed bare-bones Chapter 11 petitions (Bankr. D. Mass. Lead Case No. 17-12205) on June 9, 2017. The petitions were signed by James M. Cashman, the Debtors' president. Mr. Cashman also commenced his own Chapter 11 case (Bankr. D. Mass. Case No. 17-12204). The cases are jointly administered. Cashman Equipment estimated its assets and debt at between $100 million and $500 million. Judge Melvin S. Hoffman presides over the cases. Harold B. Murphy, Esq., and Michael K. O'Neil, Esq., at Murphy & King, Professional Corporation, serve as Cashman Equipment, et al.'s counsel. Jeffrey D. Sternklar, Esq., at Jeffrey D. Sternklar LLC, serves as Mr. Cashman's counsel, according to Mr. Cashman's petition. An official committee of unsecured creditors has been appointed in the case and is represented by Michael J. Fencer, Esq., and John T. Morrier, Esq., at Casner & Edwards, LLP. CASHMAN EQUIPMENT: Hearing on Cash Collateral Use Set for Jan. 10 ----------------------------------------------------------------- The Hon. Melvin S. Hoffman of the U.S. Bankruptcy Court for the District of Massachusetts held a hearing to consider Cashman Equipment Corporation and its affiliates' further use of cash collateral. The hearing is continued to Jan. 10, 2018, at 10:00 a.m. A copy of the Order is available at: http://bankrupt.com/misc/mab17-12205-539.pdf As reported by the Troubled Company Reporter on Oct. 23, 2017, the Court entered a seventh interim order granting authorization to the Debtors' use of cash collateral through and including Oct. 24, 2017. As adequate protection to the lenders for the Debtor's use of cash collateral, each lender was granted a replacement lien on the same type of post-petition property of the Debtors' estates against which the lender held a lien as of the Petition Date. To the extent that the diminution of any lender's interest in cash collateral after the Petition Date exceeds the value of the lender's primary replacement lien, the lender was granted a lien on cash collateral junior to (a) existing liens as of the Petition Date, (b) replacement liens and primary replacement liens granted pursuant to the interim court orders and (c) primary replacement liens granted. These entities may assert liens on the Debtors' property and may have an interest in the Debtors' cash collateral: (i) U.S. Secretary of Transportation acting through the U.S. Maritime Administration; (ii) Rockland Trust Company; (iii) Santander Bank, N.A.; (iv) Wells Fargo Equipment Finance, Inc.; (v) Citizens Asset Finance, Inc.; (vi) Banc of America Leasing and Capital, LLC; (vii) U.S. Bank National Association acting through its division U.S. Bank Equipment Finance; (viii) Key Equipment Finance, a division of KeyBank, National Association; (ix) Fifth Third Bank; (x) Radius Bank; (xi) Pacific Western Bank; and (xii) Equitable Bank. On Sept. 29, 2017, the Court entered an interim order allowing the Debtors' cash collateral use until Oct. 12, 2017. Commencing on Oct. 5, 2017, and continuing every two weeks thereafter, the Debtors would deliver to each Lender and its counsel not later than noon a variance report from the previous two-week period comparing the actual receipts and disbursements of the Debtors with the receipts and disbursements in the budget. About Cashman Equipment Corp. Headquartered in Boston, Massachusetts, Cashman Equipment Corp. -- http://4barges.com/-- was founded in 1995 as a barge rental and marine contracting company with a fleet of 10 barges, 9 of which were built in the 1950s and 1960s. Cashman Equipment and certain of its affiliates and subsidiaries own, operate, rent, and sell a fleet of vessels, including inland and ocean barges, marine accommodation barges, specialized oil spill recovery barges, and tugs, as well as marine equipment, like cranes, accommodation units, and marine pollution skimmers. Cashman Equipment and certain of its affiliates and subsidiaries, Cashman Scrap & Salvage, LLC, Servicio Marina Superior, LLC, Mystic Adventure Sails, LLC, and Cashman Canada, Inc., filed Chapter 11 petitions (Bankr. D. Mass. Lead Case No. 17-12205) on June 9, 2017. The petitions were signed by James M. Cashman, the Debtors' president. Mr. Cashman also commenced his own Chapter 11 case (Bankr. D. Mass. Case No. 17-12204). The cases are jointly administered. Cashman Equipment estimated its assets and debt at between $100 million and $500 million. Judge Melvin S. Hoffman presides over the cases. Harold B. Murphy, Esq., and Michael K. O'Neil, Esq., at Murphy & King, Professional Corporation, serve as Cashman Equipment, et al.'s counsel. Jeffrey D. Sternklar, Esq., at Jeffrey D. Sternklar LLC, serves as Mr. Cashman's counsel. An official committee of unsecured creditors has been appointed in the case and is represented by Michael J. Fencer, Esq., and John T. Morrier, Esq., at Casner & Edwards, LLP. CAVALIER REAL ESTATE: Plan to Pay Unsecured Creditors in Full ------------------------------------------------------------- Cavalier Real Estate, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Virginia a disclosure statement, dated Oct. 20, 2017, explaining its plan of reorganization dated Oct. 6, 2017. Class 4 unsecured claimants will be paid in full on the Effective Date unless the claimants total more than $300. If the claims total more than $400, they will share in $100 per month until paid in full. The Debtor, on the Filing Date, was a party to two leases. The first lease is with Kingdom Covenant Ministry for the rental of a 3-unit space for a church operation which monthly rent payments of $3,600. The written lease for this space has been provided to Wells Fargo. The Debtor also has an oral month-to-month lease with James Cuffee for a 1-unit space, which he operates as a vehicle repair business for $1,100 per month. Mr. Cuffee pays his rent irregularly. The other two spaces in the 3741 Parcel are vacant. The Debtor will assume these leases as part of the Plan. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/vaeb17-72997-20.pdf About Cavalier Real Estate LLC Cavalier Real Estate, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 17-72997) on August 21, 2017. Judge Frank J. Santoro presides over the case. CENTURYLINK INC: Bank Debt Trades at 2.34% Off ---------------------------------------------- Participations in a syndicated loan under CenturyLink Inc. Industrial is a borrower traded in the secondary market at 97.66 cents-on-the-dollar during the week ended Friday, October 13, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.93 percentage points from the previous week. CenturyLink Inc. pays 275 basis points above LIBOR to borrow under the 6000 billion facility. The bank loan matures on Jan. 18, 2025 and carries Moody's Ba3 rating and Standard & Poor's BBB+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended October 13. CGG HOLDING: Court Confirms Plan of Reorganization -------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court confirmed CGG Holding's Joint Chapter 11 Plan of Reorganization [Further Revised] on October 16, 2017. According to documents filed with the Court, "Holders of Secured Funded Debt Claims will receive under the Restructuring Plans their pro rata share (based on the aggregate principal amount of the Secured Funded Debt Claims less the Termed Out French RCF Claims) of (x) New First Lien Notes and (y) the Secured Funded Debt Claims Cash Payment. Each Holder of an Allowed Senior Note and Senior Notes Accrued Interest Claim will receive the following treatment: Under the Safeguard Plan, (i) conversion into New CGG Shares in the context of the Rights Issue, at a price equal to the Euro equivalent of $1.75 per New CGG Share with Warrants, by way of set-off against the Allowed Senior Notes Claims if, and to the extent that, the backstop of the Holders of Senior Notes is called and (ii) conversion into New CGG Shares in the context of the Senior Notes Equitization at a price equal to the Euro equivalent of $3.50 per New CGG Share, in each case in accordance with and subject to the Safeguard Plan. In accordance with and subject to the terms and conditions of the Safeguard Plan, holders of Existing CGG Shares will receive Warrants and will receive preferential subscription rights to subscribe for the Euro equivalent of $125 million of New CGG Shares in the Rights Issue, subject to applicable securities laws. A 100% recovery to Allowed General Unsecured Claims and all creditors who are Unimpaired under the Plan; a new money infusion of up to $500 million; a principal reduction through an up to $150 million pay down and extension of the remaining terms of the prepetition secured funded debt; and deleveraging the Company's balance sheet by equitizing approximately $1.54 billion of prepetition Senior Notes and $403.5 million in prepetition Convertible Bonds." About CGG Holding Paris, France-based CGG Holding (U.S.) Inc. -- http://www.cgg.com/ -- provides geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Founded in 1931 as "Compagnie Generale de Geophysique", CGG focuses on seismic surveys and other techniques to help energy companies locate oil and natural-gas reserves. The company also makes geophysical equipment under the Sercel brand name. The Group has more than 50 locations worldwide, more than 30 separate data processing centers, and a workforce of more than 5,700, of whom more than 600 are solely devoted to research and development. CGG is listed on the Euronext Paris SA (ISIN: 0013181864) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGG). After a deal was reached key constituencies on a restructuring that will eliminate $1.95 billion in debt, on June 14, 2017 (i) CGG SA, the group parent company, opened a "sauvegarde" proceeding, the French equivalent of a Chapter 11 bankruptcy filing, (ii) 14 subsidiaries of CGG S.A. filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-11637) in New York, and (iii) CGG S.A filed a petition under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. Case No. 17-11636) in New York, seeking recognition in the U.S. of the Sauvegarde as a foreign main proceeding. Chapter 11 debtors CGG Canada Services Ltd. and Sercel Canada Ltd. also commenced proceedings under the Companies' Creditors Arrangement Act in the Court of Queen's Bench of Alberta, Judicial District of Calgary in Calgary, Alberta, Canada, to seek recognition of the Chapter 11 cases in Canada. CHEQUERED FLAG: Taps Herbert C. Broadfoot as Legal Counsel ---------------------------------------------------------- Chequered Flag Automotive Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to employ Herbert C. Broadfoot II P.C. to, among other things, give legal advice regarding its duties under the Bankruptcy Code and assist in the preparation of a bankruptcy plan. The firm will charge an hourly fee of $375 for its services. Herbert Broadfoot II, Esq., disclosed in a court filing that he and his firm do not hold or represent any interest adverse to the Debtor and its estate. The firm can be reached through: Herbert C. Broadfoot II, Esq. Herbert C. Broadfoot II, P.C. 2964 Peachtree Road, NW, Suite 555 Atlanta, GA 30305 Phone: (404) 926-0058 Email: bert@hcbroadfootlaw.com About Chequered Flag Automotive Inc. Chequered Flag Automotive Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 17-67997) on October 13, 2017. Scott Bohannan, its president, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $100,000 and liabilities of less than $500,000. CITI CARS: Unsecureds May Recover 100% Under Plan ------------------------------------------------- Cox Enterprises Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida a disclosure statement dated Oct. 16, 2017, referring to the Debtor's plan of reorganization. Class 3 General Unsecured Claims are impaired by the Plan. The Debtor has two secured creditors and additional unsecured creditors who believe they are secured pursuant to security agreements however, under 11 U.S.C. Section 506(a), creditors can only be secured to the extent there is equity in assets in which they could be secured. In addition, the Debtor believes that there are no creditors secured in the potential value of the District Court Case. The Debtor has or will object to the claims. There are no assets for distribution to general unsecured creditors at this time however, the Debtor believes that upon conclusion of the District Court Case, the Debtor will have assets to distribute to holders of claims in Class 3. Upon confirmation of the Debtor's Plan this case will be temporarily closed, pending the resolution of the District Court Case. Upon the reopening of this case, the Debtor will establish an Effective Date of its Plan on which it will be substantially consummated. Holders of claims in Class 3 will receive, on the Effective Date of the Plan, the greater of: (i) 100% of the allowed amount of their claims, or (ii) a pro rata portion of the funds available for distribution after all remaining allowed secured and priority unsecured claims are paid. Holders of claims in this Class 3 will receive notice of the status conference and the Debtor's proposed distribution under either (i) or (ii) immediately above. The Debtor expects that secured and priority unsecured distributions on the Effective Date will not exceed $500,000. Payments and distributions under the Plan will be funded by: 1. the Debtor will fund its continued operations through the Effective Date of the Plan through the collection of its accounts receivables from its account debtors, and from additional revenue anticipated through its business operations. The Debtor will fund its Plan on the Effective Date by making the distributions set forth in the Plan from the proceeds of the recovery from the District Court Case; 2. while the Debtor has not been extremely profitable in the past year, the Debtor anticipates that it will succeed in the District Court Case and, having obtained the protection of a confirmed Plan and not having to deal with the mounting pressures of creditor NextGear Capital, Inc., it will be able to operate successfully on and after the Effective Date. The Debtor's disclosure statement in Section II(A)-(H) supra details the problems the Debtor experienced that forced it to reduce its business substantially due to creditors' pressures in the months prior to bankruptcy. Once the Debtor is able to operate with the protection of a confirmed plan and it can liquidate the District Court Case, it will be able to re- establish business operations, generate sales and income in a consistent manner to pay its creditors' claims and ongoing operational expenses; 3. funds held in the undersigned's trust account for confirmation, to the extent available; and 4. projected income, plan payments and expenses. A copy of the Disclosure Statement is available at: http://bankrupt.com/misc/flsb16-26681-134.pdf About Citi Cars Inc. Citi Cars Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 16-26681) on Dec. 19, 2016. The petition was signed by Bahram Armakan, president. At the time of filing, the Debtor estimated assets at $100,000 to $500,000 and liabilities at $500,000 to $1 million in estimated liabilities. The Debtor is represented by John A. Moffa, Esq., at Moffa & Breuer, PLLC. No official committee of unsecured creditors has been appointed. CJ MICHEL INDUSTRIAL: Allowed to Use Cash Collateral Until Oct. 31 ------------------------------------------------------------------ Judge Gregory R. Schaaf of the U.S. Bankruptcy Court for the Eastern District of Kentucky authorized CJ Michel Industrial Services, LLC to use cash collateral through Oct. 31, 2017 to pay those items designated on the Budget attached to its Motion including a carve-out for Debtor's legal fees. Judge Schaaf also ordered that all the terms of the Agreed Order for Authority to Incur Secured Debt in the Form of Continuation of the Debtor's Sale of Accounts Receivable to Gulf Coast Bank & Trust Company, to Use Cash Collateral, and to Provide Adequate Protection will remain in effect including any adequate protection granted therein. A full-text copy of the Debtor's Motion, dated Oct. 24, 2017, is available at http://tinyurl.com/ybn3p584 About CJ Michel Industrial Services CJ Michel Industrial Services, LLC, has provided staffing and/or contracting services for customers in the construction and industrial sector for over 20 years. Services are not limited to the electrical trade but include OSHA certified, trade licensed and fully insured low-E, data/communications service technicians, pipefitters, welders, iron workers, riggers, millwrights, concrete tradesmen, and general tradesmen. CJ Michel Industrial Services began to experience cash flow issues after it borrowed money from nontraditional lending sources which were primarily merchant cash advance lenders. It has been unable to reach out-of-court workout agreements with these lenders and seeks a "breathing spell" to reorganize its business under Chapter 11 of the Bankruptcy Code in order to restructure its debts, reorganize as a going concern, and maximize value for the benefit of the creditors of its Estate. CJ Michel Industrial Services, based in Lancaster, Kentucky, filed a Chapter 11 petition (Bankr. E.D. Ky. Case No. 17-51611) on Aug. 10, 2017. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Clarence J. Michel, Jr., member. The Hon. Gregory R. Schaaf presides over the case. Jamie L. Harris, Esq., at DelCotto Law Group PLLC, serves as bankruptcy counsel. CJ MICHEL INDUSTRIAL: Seeks Extended Cash Use Through Nov. 30 ------------------------------------------------------------- CJ Michel Industrial Services, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Kentucky for authority to use cash collateral, as set forth on the Budget, on an extended basis through Nov. 30, 2017. The Debtor requires the extended use of cash collateral to ensure continued going-concern operations and to protect and preserve the value of the Debtor's assets and ongoing operations. The Debtor asserts that without continued use of cash collateral, the Debtor will be irreparably harmed as cash is essential to continue business operations and pay employees. The proposed budget provides total operating expenses of approximately $14,786 for the month of November 2017. The Debtor proposes to provide Cash Collateral Creditor with same adequate protection as provided in previous orders. A full-text copy of the Debtor's Motion, dated Oct. 24, 2017, is available at http://tinyurl.com/yby39l6s A copy of the Debtor's Budget is available at http://tinyurl.com/y76qpw2d About CJ Michel Industrial Services CJ Michel Industrial Services, LLC, has provided staffing and/or contracting services for customers in the construction and industrial sector for over 20 years. Services are not limited to the electrical trade but include OSHA certified, trade licensed and fully insured low-E, data/communications service technicians, pipefitters, welders, iron workers, riggers, millwrights, concrete tradesmen, and general tradesmen. CJ Michel Industrial Services began to experience cash flow issues after it borrowed money from nontraditional lending sources which were primarily merchant cash advance lenders. It has been unable to reach out-of-court workout agreements with these lenders and seeks a "breathing spell" to reorganize its business under Chapter 11 of the Bankruptcy Code in order to restructure its debts, reorganize as a going concern, and maximize value for the benefit of the creditors of its Estate. CJ Michel Industrial Services, based in Lancaster, Kentucky, filed a Chapter 11 petition (Bankr. E.D. Ky. Case No. 17-51611) on Aug. 10, 2017. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Clarence J. Michel, Jr., member. The Hon. Gregory R. Schaaf presides over the case. Jamie L. Harris, Esq., at DelCotto Law Group PLLC, serves as bankruptcy counsel. No trustee or examiner has been appointed in this Chapter 11 case, and no creditors' committee or other official committee has been appointed. CM EBAR: Taps Larson & Zirzow as Legal Counsel ---------------------------------------------- CM Ebar, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Larson & Zirzow, LLC as its legal counsel. The firm will assist the Debtor in any potential sale of its assets; prepare a plan of reorganization; and provide other legal services related to its Chapter 11 case. The firm's standard hourly rates for its attorneys range from $400 to $500. Paraprofessionals will charge $175 per hour. The firm received a retainer in the sum of $50,000, including the filing fee. Larson is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Larson & Zirzow, LLC Zachariah Larson, Esq. Matthew C. Zirzow, Esq. Shara L. Larson, Esq. 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: (702) 382-1170 Fax: (702) 382-1169 Email: zlarson@lzlawnv.com Email: mzirzow@lzlawnv.com Email: slarson@lzlawnv.com About CM Ebar LLC CM Ebar, LLC is a casual-dining operator with various locations in Nevada, California, and New Mexico. Its principal place of business is located at 2270 Village Walk Drive, Henderson, Nevada. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 17-15530) on October 17, 2017. Barry L. Kasoff, manager, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million. Judge August B. Landis presides over the case. COATES INTERNATIONAL: Obtains $40,000 Financing from GS Capital --------------------------------------------------------------- Coates International, Ltd., received the net proceeds of a securities purchase agreement and related convertible promissory note, dated Oct. 18, 2017, in the face amount of $40,000. issued to GS Capital Partners, LLC. The Promissory Note matures in May 2018 and provides for interest at the rate of eight percent per annum. The Note may be converted into unregistered shares of the Company's common stock, par value $0.0001 per share, at the Conversion Price, as defined, in whole, or in part, at any time beginning 180 days after the date of the Note, at the option of the Holder. All outstanding principal and unpaid accrued interest is due at maturity, if not converted prior thereto. The Company incurred expenses amounting to $3,750 in connection with this transaction. The Conversion Price will be equal to 65% multiplied by the Market Price, as defined. The Market Price will be equal to the lowest closing daily Volume Weighted Average Price of the Company's common stock on the OTC Pink Sheets during the 12 trading-day period ending one trading day prior to the date of conversion by the Holder. The number of shares of common stock to be issued upon conversion will be equal to the aggregate amount of principal, interest and penalties, if any divided by the Conversion Price. The Holder anticipates that upon any conversion, the shares of stock it receives from the Company will be tradable by relying on an exemption under Rule 144 of the U.S. Securities and Exchange Commission. The Company also issued a $40,000 back-end convertible promissory note on the same terms and conditions as the above convertible promissory note. This note may be funded in the future upon mutual agreement of the parties. This note is collateralized by a $40,000 promissory note issued by the Holder to the Registrant, dated Oct. 18, 2017. If funded, the back-end note may be converted at any time commencing six months after Oct. 19, 2017. This note may be prepaid with a prepayment penalty equal to 15% during the first 60 days, 20% during the next 90 days and 30% during the next 30 days the note is outstanding. The Company has reserved 820,512,000 shares of its unissued common stock for potential conversion of the convertible note. The convertible promissory note was privately offered and sold to the Holder in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws which the Company believes are available to cover this transaction based on representations, warranties, agreements, acknowledgements and understandings provided to the Registrant by the Holder. About Coates Based in Wall Township, N.J., Coates International, Ltd. (OTC BB: COTE) -- http://www.coatesengine.com/-- was incorporated on Aug. 31, 1988, for the purpose of researching, patenting and manufacturing technology associated with a spherical rotary valve system for internal combustion engines. This technology was developed over a period of 15 years by Mr. George J. Coates, who is the President and Chairman of the Board of the Company. The Coates Spherical Rotary Valve System (CSRV) represents a revolutionary departure from the conventional poppet valve. It changes the means of delivering the air and fuel mixture to the firing chamber of an internal combustion engine and of expelling the exhaust produced when the mixture ignites. Coates reported a net loss of $8.35 million on $29,200 of total revenues for the year ended Dec. 31, 2016, compared to a net loss of $10.20 million on $94,200 of total revenues for the year ended Dec. 31, 2015. As of June 30, 2017, Coates had $2.30 million in total assets, $7.86 million in total liabilities and a total stockholders' deficiency of $5.55 million. MSPC, in Cranford, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company continues to have negative cash flows from operations, recurring losses from operations, and a stockholders' deficiency. These conditions raise substantial doubt about the Company's ability to continue as a going concern. COMPOUNDING DOCS: Disclosures Approved; Dec. 6 Plan Hearing ----------------------------------------------------------- Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern District of Florida issued an order approving Compounding Docs, Inc.'s disclosure statement accompanying its plan of reorganization. The last day for filing written acceptances or rejections of the Plan is Nov. 29, 2017. The hearing on the confirmation of the Plan will be on Dec. 6, 2017, at 2:00 p.m. at the United States Bankruptcy Court Courtroom B, 8th Floor, 1515 North Flagler Drive, West Palm Beach, Florida 33401. The last day for filing and serving objections to confirmation of the Plan is Dec. 1, 2017. The Troubled Company Reporter previously reported that the funds necessary for the implementation of the Plan are derived from Directed CDRx Investments, LLC, a recently formed Florida Limited Liability Company for the purpose of investment into the to be reorganized Debtor. DCDRx has issued its commitment to provide up to $1 million in new funding starting on Effective Date through Dec. 31, 2017; contingent upon confirmation of the Plan, and the degree and velocity of post-confirmation profitability. A copy of the Disclosure Statement is available at: http://bankrupt.com/misc/flsb16-25312-120.pdf About Compounding Docs Compounding Docs, Inc., sought for protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 16-25312) on Nov. 15, 2016. The petition was signed by Dr. Charles Robertson, director. At the time of the filing, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in estimated liabilities. The case is assigned to Judge Erik P. Kimball. The Debtor is represented by Tarek K. Kiem, Esq., at Rappaport Osborne Rappaport & Kiem, PL. The U.S. Trustee has been unable to appoint an official unsecured creditors committee in the case. CONCENTRA INC: Moody's Affirms B2 CFR; Outlook Stable ----------------------------------------------------- Moody's Investors Service affirmed the ratings on Concentra Inc., (Concentra) including the company's B2 Corporate Family Rating (CFR) and the B2-PD Probability of Default Rating. The outlook is stable. The CFR affirmation reflects the benefits that Concentra will realize from the combination of operations of the two leading providers of occupational health services in the U.S. The acquisition of U.S. HealthWorks Inc., from Dignity Health Holding Corporation (DHHC), for approximately $753 million, will expand Concentra's network of medical and onsite clinics by approximately 60%, materially expanding its scale in terms of revenues and EBITDA and strengthening its regional diversification. Following the close of the transaction, DHHC will become a new 20% minority owner of the combined entity, with Select Medical Holdings Corporation (parent; B1 stable) remaining as the controlling party and private equity firm Welsh, Carson, Anderson & Stowe retaining the remaining share. While the acquisition increases leverage, Moody's expects that organic growth, cash flow generation and realization of cost savings will result in fairly rapid deleveraging. Concentra and Select Medical have a good track record of achieving cost synergies. The transaction is expected to close during first quarter of 2018, subject to customary closing conditions, including clearance under the Hart-Scott Rodino act. Concurrently, Moody's affirmed the B2 instrument rating on the company's senior secured first lien credit facility. Based on the proposed financing structure, which will include second lien debt, there will likely be upward rating pressure on the first lien debt. Moody's will evaluate final instrument ratings once the terms of the capital structure are finalized. Concentra Inc.: Ratings affirmed: Corporate Family Rating at B2 Probability of Default Rating at B2-PD First lien senior secured revolving credit facility at B2 (LGD 3) First lien senior secured term loan at B2 (LGD 3) Outlook is stable. RATINGS RATIONALE Concentra's B2 Corporate Family Rating reflects Moody's expectation that the company will continue to operate with high financial leverage and that most of the generated free cash flow will be used to fund acquisitions or opening of new centers in lieu of debt repayment. The credit profile is supported by the company's leading scale in the highly fragmented occupational health industry. Further, Concentra benefits from very strong payor and geographic diversification. The ratings could be upgraded if Concentra successfully integrates U.S. HealthWorks and achieves meaningful operating synergies. Additionally, the company would need to sustain improvements in free cash flow and reduce leverage, such that debt to EBITDA is expected to be sustained below 4.5 times. The ratings could be downgraded if the company materially increases leverage, either through a debt financed acquisition, distribution to its joint venture partners, or due to deterioration in the company's operations. The ratings could also be downgraded if liquidity weakens or if the company's free cash flow becomes negative on a sustained basis. Specifically, if debt to EBITDA is expected to remain above 6.0 times, the ratings could be downgraded. Concentra is a provider of occupational and consumer healthcare services, including workers' compensation injury care, physical exams and drug testing for employers, and wellness and preventative care in approximately 416 locations across the US, including clinics at employer locations. The company also provides outpatient services to veterans in community based outpatient clinics. Concentra recognized revenue of about $1 billion in the twelve months ended June 30, 2017. Concentra is jointly owned by Select Medical Corporation and affiliates of Welsh, Carson, Anderson & Stowe. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. CONCENTRA INC: S&P Places 'B+' CCR on CreditWatch Negative ---------------------------------------------------------- S&P Global Ratings placed its ratings on Concentra Inc., including the 'B+' corporate credit rating, on CreditWatch with negative implications. The CreditWatch placement follows the company's announcement that it will acquire national provider of occupational medicine and urgent care services U.S. HealthWorks, a subsidiary of Dignity Health, for $753 million. S&P expects Concentra to finance a portion of the transaction with debt, resulting in a material increase in adjusted debt leverage, which is a departure from our current base-case expectations for the company to operate with leverage between 4x-5x. S&P will resolve the CreditWatch when more information becomes available and as it reassess its view of the company's financial policies. CONCORDIA INT'L: Moody's Lowers Corporate Family Rating to Ca ------------------------------------------------------------- Moody's Investors Service appended a limited default (LD) designation to Concordia International Corp.'s ("Concordia") Probability of Default Rating (PDR), downgrading the PDR to Ca-PD/LD from Caa3-PD. Moody's also downgraded the Corporate Family Rating to Ca from Caa3, the senior secured ratings to Caa2 from Caa1 and the senior unsecured ratings to C from Ca. Moody's lowered the Speculative Grade Liquidity Rating to SGL-4 from SGL-2 to reflect Moody's expectation for weak liquidity over the next 12-15 months. The rating outlook remains stable. The limited default "LD" designation appended to Concordia's PDR reflects the missed principal payment on October 20, 2017 which constituted a default under Moody's default definition. The /LD will remain in place until the company completes a restructuring or files for creditor protection. "In the case of a restructuring, recovery prospects for unsecured lenders in the capital structure would be very weak, based on their junior position and Moody's assessment of weak valuation of Concordia's assets," said Moody's Assistant Vice President, Morris Borenstein. Rating Actions: -- Corporate Family Rating, downgraded to Ca from Caa3 -- Probability of Default Rating, downgraded to Ca-PD/LD from Caa3-PD -- Senior Secured Bank Credit Facility, downgraded to Caa2 (LGD2) from Caa1 (LGD2) -- Senior Secured Regular Bond/Debenture, downgraded to Caa2 (LGD2) from Caa1 (LGD2) -- Senior Unsecured Regular Bond/Debenture, downgraded to C (LGD5) from Ca (LGD5) -- Speculative Grade Liquidity Rating, lowered to SGL-4 from SGL- 2 -- Outlook, remains Stable RATINGS RATIONALE On October 20, 2017, Concordia announced that it would not make a $34 million principal and accrued interest payment under its unsecured, two-year equity bridge facility. Moody's treats the missed principal payment as an event of default. Concordia also announced that it commenced proceedings under the Canada Business Corporations Act (CBCA) to realign its capital structure. A Canadian corporate statute, the CBCA can be used to allow Canadian-domiciled companies to restructure certain debt obligations. Concordia's Ca Corporate Family Rating reflects its very high financial leverage, ongoing operating headwinds, and imminent risk of a debt restructuring. Moody's estimates adjusted debt/EBITDA will exceed 9.0x over the next 12 months as earnings decline on a year over year basis. Concordia's North America legacy products will decline due to competition, and its UK business faces pricing pressure. New product launches will help offset these challenges. However, in order to grow, Concordia will eventually need to invest substantially to fill an internal R&D pipeline or make acquisitions. This strategy will be challenging with Concordia's existing capital structure and limited capital resources. The ratings could be upgraded if Concordia reduces financial leverage or if the potential for a debt restructuring or distressed exchange is reduced. The ratings could be downgraded if Concordia files for creditor protection or undertakes a debt restructuring. Headquartered in Oakville, Ontario, Concordia is a specialty pharmaceutical company focused on off-patent medicines. The principal methodology used in these ratings was Pharmaceutical Industry published in June 2017. CONSOLIDATED COMMUNICATIONS: Bank Debt Trades at 2.69% Off ---------------------------------------------------------- Participations in a syndicated loan under Consolidated Communications is a borrower traded in the secondary market at 97.31 cents-on-the-dollar during the week ended Friday, October 13, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.26 percentage points from the previous week. Consolidated Communications pays 300 basis points above LIBOR to borrow under the 1835 billion facility. The bank loan matures on Oct. 5, 2023 and carries Moody's Ba3 rating and Standard & Poor's BB- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended October 13. COUNTRY CLUB: Case Summary & 2 Unsecured Creditors -------------------------------------------------- Debtor: Country Club at the Park LLC 600 S Country Club Rd Tucson, AZ 85716 Type of Business: Country Club at the Park LLC filed as a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). The company owns in fee simple interest a real property located at 600 South Country Club Rd, Tucson, AZ 85716, valued by the Company at $2.59 million. Its gross revenue amounted to $77,250 in 2016 and $234,235 in 2015. Chapter 11 Petition Date: October 26, 2017 Case No.: 17-12733 Court: United States Bankruptcy Court District of Arizona (Tucson) Debtor's Counsel: Kasey C. Nye, Esq. KASEY C. NYE, LAWYER, PLLC 1661 North Swan Road, Suite 238 Tucson, AZ 85712 Tel: 520-399-7368 Fax: 520-413-2147 E-mail: knye@kcnyelaw.com Total Assets: $2.62 million Total Liabilities: $1.39 million The petition was signed by Clark Vaught, trustee of manager. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/azb17-12733.pdf CREEKSIDE HOMES: Taps Fox Law Corp. as Legal Counsel ---------------------------------------------------- Creekside Homes, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire The Fox Law Corp. as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; prepare a plan of reorganization; assist in any potential sale of its assets; and provide other legal services related to its Chapter 11 case. The firm's standard hourly rates are: Principal $475 Associate $250 - $450 Law Clerk $125 Paralegal $125 The Debtor paid $30,000 to the firm, plus $1,717 for the filing fee prior to the petition date. Steven Fox, Esq., disclosed in a court filing that he and other employees of his firm are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven R. Fox, Esq. Fox Law Corporation 17835 Ventura Blvd., Suite 306 Encino, CA 91316 Phone: (818)774-3545 Fax: (818)774-3707 Email: SRFox@FoxLaw.com About Creekside Homes Inc. Creekside Homes, Inc. is a small business organization in the home building industry with its principal place of business located at 219 NE Highway 99W McMinnville, Oregon. It designs, constructs and remodels houses to clients in Newberg, Forest Grove, McMinnville City and Sherwood City. It possesses interests in buildings under construction currently valued at approximately $1 million. It is licensed with the Oregon Construction Contractors Board. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 17-33893) on October 18, 2017. Andrew Burton, its president, signed the petition. At the time of the filing, the Debtor disclosed $1.1 million in assets and $1.13 million in liabilities. Judge Trish M. Brown presides over the case. CREEKSIDE HOMES: Taps Keith Y. Boyd as Local Counsel ---------------------------------------------------- Creekside Homes, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire The Law Offices of Keith Y. Boyd. The firm will provide legal services to the Debtor as local counsel, including representation in adversary proceedings. Its firm's rates are: Keith Boyd $400 Melissa Arnold $150 Law Clerk $200 Legal Assistants $50 - $100 Boyd received a retainer of $11,717, which included $1,717 for the filing fee. Keith Boyd, Esq., disclosed in a court filing that his firm does not hold or represent any interest adverse to the Debtor's estate. The firm can be reached through: Keith Y. Boyd, Esq. The Law Offices of Keith Y. Boyd 724 S. Central Ave., Suite 106 Medford, OR 97501 Tel: (541) 973-2422 Fax: (541) 973-2426 Email: keith@boydlegal.net About Creekside Homes Inc. Creekside Homes, Inc. is a small business organization in the home building industry with its principal place of business located at 219 NE Highway 99W McMinnville, Oregon. It designs, constructs and remodels houses to clients in Newberg, Forest Grove, McMinnville City and Sherwood City. It possesses interests in buildings under construction currently valued at approximately $1 million. It is licensed with the Oregon Construction Contractors Board. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 17-33893) on October 18, 2017. Andrew Burton, president, signed the petition. At the time of the filing, the Debtor disclosed $1.1 million in assets and $1.13 million in liabilities. Judge Trish M. Brown presides over the case. CROSS-DOCK SOLUTIONS: Taps Speed Financial as Accountant -------------------------------------------------------- Cross-Dock Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Speed Financial Services, Inc. as its accountant. The firm will review the Debtor's books and records and financial statements; prepare its monthly operating reports and tax returns; and provide financial support in connection with the preparation of its Chapter 11 plan of reorganization. The firm's standard hourly rates are: William Speed Partner $290 Robert Pieloch Manager $260 Robert Grochocki Manager $260 Lorraine Cofrancesco Sr. Accountant $235 Gregory LaScola Sr. Accountant $220 The firm will receive a retainer in the sum of $15,000 from Fancy Food Logistics, LLC, a non-debtor entity owned and controlled by the Debtor's principal. William Speed, an accountant employed with Speed Financial, 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: William J. Speed Speed Financial Services, Inc. 99 Morris Avenue Springfield, NJ 07081 About Cross-Dock Solutions LLC Cross-Dock Solutions -- http://cross-docksolutions.com/-- is a full service third party provider with climate controlled warehousing and multiple compartmented less-than-load (LTL) and truckload equipment that can accommodate chilled and frozen products on the same refrigerated trailer. The Company also offers cross-dock capabilities, cold chain storage and a warehouse management solution(WMS)that can be customized to its customers' business needs. Cross-Dock Solutions, LLC, based in Edison, New Jersey, filed a Chapter 11 petition (Bankr. D.N.J. Case No. 17-26993) on August 22, 2017. The Hon. Kathryn C. Ferguson presides over the case. Patricia A. Staiano, Esq., at Hellring Lindeman Goldstein & Siegal LLP, 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 Pedro Cardenas, its managing member. CS MINING: Seeks February 5 Extension of Plan Filing Exclusivity ---------------------------------------------------------------- CS Mining, LLC asks the U.S. Bankruptcy Court for the District of Utah to further extend the exclusive periods within which to file and solicit acceptances of a chapter 11 bankruptcy plan for approximately three months, up to the maximum statutory periods, through February 5, 2018 and April 4, 2018, respectively. Pursuant to an Order entered on August 2, 2017, the Debtor has the exclusive right to file one or more plans of reorganization or liquidation through October 30, 2017 and solicit and obtain acceptances for a plan through December 29, 2017. The Debtor asserts that it has made significant progress in this chapter 11 case. In the initial period post-Petition Date, the Debtor relates that it has dedicated majority of its time obtaining the debtor-in-possession financing and preparing for its anticipated (and now consummated) 363 Sale. In addition, the Debtor's management focused on responding to the many time-consuming demands that inevitably accompanied the running of this chapter 11 case including, among other things: (a) responding to inquiries from, and otherwise dealing with, the Debtor's utilities, the Debtor's customers, Committee and other parties-in-interest with questions regarding this chapter 11 case; (b) obtaining approval of, and administering, myriad motions designed to minimize the disruption of the Debtor's business during this chapter 11 case; (c) complying with various procedural requirements under the Bankruptcy Code, including the filing of monthly operating reports; and (d) engaging in discussions with all parties-in-interest in an attempt to negotiate a consensual path forward that maximizes value for the estate. After establishing a solid foundation for this chapter 11 case, the Debtor has commenced two significant adversary proceedings against its major, senior secured creditors. As part of the sale process, the Debtor successfully settled both of these cases which, in turn, helped to facilitate the sale and generate a significant benefit for the Estate and its creditors. These settlements, combined with the sale proceeds, will inform the structure of the chapter 11 plan, which Debtor is preparing. The Debtor claims that it has now begun to draft and shape the parameters of a chapter 11 liquidating plan. Until these issues were resolved, however, the Debtor asserts that the potential form of any chapter 11 plan involved too much uncertainty with too many variables to permit any meaningful and efficient drafting of a plan. Now that numerous case obstacles have been surmounted, the Debtor intends to get the plan process underway. The Debtor believes that the requested extension of the Exclusive Periods will foreclose the opening of a potential new avenue of distraction and save the attendant drain on estate resources -- all of which will benefit of the Debtor's creditors. About CS Mining, LLC CS Mining, LLC, is a mining and processing company headquartered in Milford, Utah. Purported creditors R.J. Bayer Professional Geologist, LLC; Minerals Advisory Group, LLC; Rollins Construction & Trucking, LLC; Rollins Machine, Inc.; and Oxbow Sulphur, Inc., filed an involuntary petition to put the Company into Chapter 11 bankruptcy (Bankr. D. Utah Case No. 16-24818) on June 2, 2016. Brahma Group, Inc., subsequently joined the petition. On Aug. 4, 2016, the Debtor filed its Notice of Filing Letter to the Consent and Proposed Form of Order, together with a proposed form of Order for Relief, which Order was entered by the Court on the Relief Date. Pursuant to the Order for Relief, CS Mining continues to operate its business and manage its properties as a debtor-in-possession pursuant to Chapter 11 of the Bankruptcy Code. Judge William T. Thurman presides over the case. The Petitioners are represented by Martin J. Brill, Esq., at Levene, Neale, Bender, Yoo & Brill L.L.P and George B. Hofmann, Esq., at Cohne Kinghorn PC. CS Mining tapped Snell & Wilmer L.L.P. as local counsel, and Pepper Hamilton LLP as its legal counsel, nunc pro tunc to June 2, 2016. FTI Consulting, Inc., as restructuring advisor. Epiq Bankruptcy Solutions, LLC, as claims and noticing agent. The U.S. Trustee on Aug. 12, 2016, appointed an Official Committee of Unsecured Creditors. The Committee hired Levene, Neale, Bender, Yoo & Brill L.L.P. as lead counsel and Cohne Kinghorn as local counsel. CST INDUSTRIES: Exclusive Plan Filing Period Extended Until Feb. 5 ------------------------------------------------------------------ Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware, at the behest of CST Industries Holdings Inc. and its affiliates, extended by 121 days the exclusive periods during which the Debtors must file a Chapter 11 plan and solicit acceptances of the plan, through and including February 5, 2018, and April 6, 2018, respectively. As reported by the Troubled Company Reporter on October 10, 2017, the Debtor sought an extension of the Exclusive Periods so as to maintain an environment where the Debtors and their creditors can work together toward the common goal of confirming either a plan of reorganization or a plan of liquidation. Moreover, the Debtors told the Court that the extension would also allow the Debtors sufficient time to perform all requisite tasks so as to obtain the maximum value for the benefit of all of the Debtors' stakeholders. The Debtors said as of the date of filing the Motion, the Debtors were in the midst of conducting a sale of substantially all of their assets, for which an asset purchase agreement has been negotiated with a stalking horse bidder. The Debtors further said that they have been currently in the process of marketing and selling substantially all of their assets. The Debtors told the Court that they have been unable to fully evaluate the amount of funds will be available to propose and confirm a plan of reorganization or liquidation at this intermediate stage in that process. The Debtors said that this uncertainty could be an unresolved contingency that mitigates in favor of an extension of the Exclusive Periods. In addition to the sale process, the Debtors told the Court that they, together with their professionals, have devoted a significant amount of time: (a) negotiating and documenting the Debtors' DIP Financing; (b) preparing the Schedules of Assets and Liabilities and Statement of Financial Affairs; (c) commencing and achieving a settlement in principle of an adversary proceeding against Oaktree; (d) retaining professionals to assist in the administration of the Debtors' Chapter 11 cases and the sale process; and (e) responding to various motions for relief and attending omnibus hearings. About CST Industries Holdings Inc. CST Industries, Inc. -- https://www.cstindustries.com/ -- is a global manufacturer of factory coated bolted steel storage tanks, aluminum geodesic domes and specialty covers. The Company has five manufacturing facilities and technical design centers and multiple regional sales offices located throughout North America and the United Kingdom. International offices are located in Argentina, Australia, Brazil, India, Japan, Malaysia, Mexico, Myanmar, Panama, Singapore, South Africa, Spain, United Kingdom, United Arab Emirates and Vietnam. CST Holdings, Inc., parent of CST Industries and CST Power & Construction, Inc., is a privately held corporation that is majority-owned by funds affiliated with The Sterling Group, a Houston, Texas-based private equity firm which owns approximately 60% of CST Holdings' stock. The Sterling Group has held a majority of CST Holdings' stock since 2006. CST Industries Holdings Inc., CST Industries, Inc., and CST Power & Construction, Inc. sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 17-11292) on June 9, 2017. The petitions were signed by Timothy J. Carpenter, chief executive officer. CST estimated assets of $50 million to $100 million and debt of $100 million to $500 million. Potter Anderson & Corroon LLP and Hughes Hubbard & Reed LLP are the Debtors' co-general counsel. Epiq Bankruptcy Solutions, LLC serves as claims and noticing agent. FTI Consulting Inc. serves as the Debtors' financial advisor and investment banker. On June 20, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee hired Lowenstein Sandler LLP as counsel; Shaw Fishman Glantz & Towbin LLC as co-counsel; and Teneo Restructuring and Teneo Capital LLC as investment banker. CYPRESS ASSOCIATES: Unsecureds to Get 100% at 4% Interest in 60 Mos ------------------------------------------------------------------- Cypress Associates, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Texas an amended disclosure statement with respect to its plan of reorganization dated Oct. 20, 2017. Class 3 under the amended plan class consists of all allowed general unsecured claims. The Debtor anticipates that this class will consist of the New Era Life Insurance Company rent defaults, Rising Star's judgment, and any allowed general unsecured claims. This class will be paid 100% of the Allowed Amount of each Holder's Class 3 claim plus interest at 4% per annum in cash, in equal monthly installments over a period of sixty 60 months, with the first payment due on the distribution date. Under the initial restructuring plan, creditors holding Class 3 general unsecured claims will be paid 20%, plus interest at 4% per annum, in cash. According to the August 2017 Monthly Operating Report, the Debtor currently has approximately $325,700 in cash on hand. On the Effective Date of the Plan, the Debtor will contribute or pay the current balance of the PALIC claim in full, with the remainder to be distributed pro rata as an initial distribution to unsecured allowed unsecured claims, after payment of allowed administrative fees (including accrued legal fees, accountancy fees, and United States Trustee Quarterly Fees) the Debtor may be able to pay the remaining amount owed to Philadelphia American Life Insurance Company/New Era Life Insurance, thereby releasing more funds for unsecured creditors. The Debtor may be able to pay the remaining allowed clams in approximately 36 to 48 months. A copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/txsb17-30491-78.pdf About Cypress Associates Inc. Cypress Associates, Inc. owns and operates an insurance brokerage in Houston, Texas. It was formed on February 12, 2009. The Debtor offers a variety of insurance products including health, life and well-being policies underwritten by Philadelphia American Life Insurance Company and New Era Life Insurance Company. Barry Glenn is the sole shareholder, officer and director of the Debtor. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 17-30491) on January 31, 2017. The petition was signed by Barry Glenn, president. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of $1 million to $10 million. The case is assigned to Judge Marvin Isgur. Burger Law Firm represents the Debtor as bankruptcy counsel. The Office of the U.S. Trustee on August 16 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Cypress Associates, Inc. DETROIT, MI: Court Nixes J. Collins' Bid to File Delayed Claim -------------------------------------------------------------- Judge Thomas J. Tucker of the U.S. Bankruptcy Court for the Eastern District of Michigan issued an order denying Jerome Collins' motion for leave to file delayed claim. In the motion, which was filed Dec. 30, 2016, Collins seeks, in substance, leave to file a proof of claim at a time that is now more than three years after the Feb. 21, 2014 deadline for filing such a proof of claim in this bankruptcy case. More specifically, Collins now seeks to file a proof of claim related to his efforts to obtain a lift of his suspension, and later termination, as a police officer employed by the City of Detroit, plus back pay and other monetary relief. The City argues that Collins must show more than "cause." Because Collins's motion was filed after (in fact, years after) the Bar Date, the City argues, Collins must satisfy the more demanding "excusable neglect" requirement. The Supreme Court's decision in Pioneer Inv. Servs. Co. v. Brunswick Assocs. Ltd. P'ship, is the leading case on what "excusable neglect" means. Collins's extraordinary delay in seeking to file a proof of claim, in this case, creates a danger of prejudice to the City and has an adverse potential impact on judicial proceedings in this case. In any Chapter 11 or Chapter 9 case, it is necessary to establish, and to enforce, a deadline for creditors to file proofs of claim. Establishing such a deadline is necessary because Debtor (and the other major creditors) need to know what the nature and amounts of claims are that must be dealt with in a plan of reorganization. Debtors rely on such a deadline in creating and confirmation of their proposed plan. Creditors rely on such a deadline in order to have confidence about what the nature and amounts of the claims are, in deciding how to vote on a proposed plan and whether to object to confirmation of the plan. These concerns are greatly magnified in a massive and complex Chapter 9 case like this one, in which there are thousands of creditors. Allowing creditors to casually ignore the deadline for filing proofs of claim would run the risk of creating chaos in such a large case and undermining the of all parties in interest. For these reasons, the "danger of prejudice" and "potential impact on judicial proceedings" factors under Pioneer weigh against finding excusable neglect here. The Court also finds that Collins has not offered a credible reason for his extraordinary delay in seeking to file a proof of claim in this case, and the reasons he has offered do not amount to any valid excuse for his delay. And the delay was within the reasonable control of Collins. These Pioneer factors weigh heavily against finding that Collins’s neglect is excusable. After considering all the relevant circumstances surrounding Collins's failure to timely file a proof of claim in this case, including the specific factors listed in Pioneer, the Court finds and concludes that Collins has not demonstrated "excusable neglect." A full-text copy of Judge Tucker's Opinion dated Oct. 20, 2017, is available at: http://bankrupt.com/misc/mieb13-53846-12704.pdf A copy of Judge Tucker's Order dated Oct. 20, 2017, is available at: http://bankrupt.com/misc/mieb13-53846-12705.pdf About the City of Detroit The City of Detroit, Michigan, weighed down by more than $18 billion in accrued obligations, sought municipal bankruptcy protection on July 18, 2013, by filing a voluntary Chapter 9 petition (Bankr. E.D. Mich. Case No. 13-53846). Detroit estimated more than $1 billion in both assets and debts. Kevyn Orr, who was appointed in March 2013 as Detroit's emergency manager, signed the petition. Detroit is represented by lawyers at Jones Day and Miller Canfield Paddock and Stone PLC. Michigan Governor Rick Snyder authorized the bankruptcy filing. The filing made Detroit the largest American city to seek bankruptcy, in terms of population and the size of the debts and liabilities involved. The City's $18 billion in debt includes $5.85 billion in special revenue obligations, $6.4 billion in post-employment benefits, $3.5 billion for underfunded pensions, $1.13 billion on secured and unsecured general obligations, and $1.43 billion on pension-related debt, according to a court filing. Debt service consumes 42.5 percent of revenue. The city has 100,000 creditors and 20,000 retirees. Detroit was represented by David G. Heiman, Esq., and Heather Lennox, Esq., at Jones Day, in Cleveland, Ohio; Bruce Bennett, Esq., at Jones Day, in Los Angeles, California; and Jonathan S. Green, Esq., and Stephen S. LaPlante, Esq., at Miller Canfield Paddock and Stone PLC, in Detroit, Michigan. Sharon Levine, Esq., at Lowenstein Sandler LLP, represented the American Federation of State, County and Municipal Employees and the International Union. Babette Ceccotti, Esq., at Cohen, Weiss & Simon LLP, represented the United Automobile, Aerospace and Agricultural Implement Workers of America. A nine-member official committee of retired workers appointed in the case was represented by Dentons US LLP. Lazard Freres & Co. LLC serves as the Retiree Committee's financial advisor. Detroit filed a notice that the effective date of its bankruptcy-exit plan occurred on Dec. 10, 2014. Judge Steven Rhodes on Nov. 12, 2014, entered an order confirming the Eighth Amended Plan for the Adjustment of Debts of the City of Detroit. Thomas Tucker, a federal bankruptcy judge since 2003, took over Detroit's landmark bankruptcy case following the retirement of Judge Rhodes. DOGGY CARE: Taps David F. O'Brien as Accountant ----------------------------------------------- Doggy Care of Jersey City, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire David F. O'Brien & Co. as its accountant. The firm will, among other things, prepare the Debtor's tax returns, financial statements and monthly operating reports; analyze its financial records; and evaluate its financial condition. The firm will charge an hourly fee of $250 for its services. David O'Brien, a certified public accountant, 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: David F. O'Brien David F. O'Brien & Co. 999 Riverview Drive, Suite 201 Totowa, NJ 07512 About Doggy Care of Jersey City LLC Doggy Care of Jersey City, LLC is a privately-held company that offers a short-term daytime care for dogs. It is a small business debtor as defined in 11 U.S.C. Section 101(51D). The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 17-30869) on October 13, 2017. Stephen Anatro, president, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of $1 million to $10 million. Judge John K. Sherwood presides over the case. DOGGY CARE: Taps Scura Wigfield as Legal Counsel ------------------------------------------------ Doggy Care of Jersey City, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Scura, Wigfield, Heyer, Stevens & Cammarota, LLP as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and will provide other legal services related to its Chapter 11 case. The firm's hourly rates are: Partners $425 Associates $375 Paralegals $150 David Stevens, Esq., disclosed in a court filing that his firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. Scura Wigfield can be reached through: David L. Stevens, Esq. Scura, Wigfield, Heyer, Stevens & Cammarota, LLP 1599 Hamburg Turnpike Wayne, NJ 07470 Tel: 973-696-8391 Email: dstevens@scuramealey.com Email: ecfbkfilings@scuramealey.com About Doggy Care of Jersey City LLC Doggy Care of Jersey City, LLC is a privately-held company that offers a short-term daytime care for dogs. It is a small business debtor as defined in 11 U.S.C. Section 101(51D). The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 17-30869) on October 13, 2017. Stephen Anatro, its president, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of $1 million to $10 million. Judge John K. Sherwood presides over the case. DULUTH ISD 709: Moody's Lowers GOULT Rating to Ba1; Outlook Neg. ---------------------------------------------------------------- Issue: Taxable General Obligation Capital Facilities Bonds, Series 2017B; Rating: Ba1; Rating Type: Underlying LT; Sale Amount: $615,000; Expected Sale Date: 10/30/2017; Rating Description: General Obligation; Issue: Taxable General Obligation Capital Facilities Bonds, Series 2017B; Rating: Aa2; Rating Type: Enhanced LT; Sale Amount: $615,000; Expected Sale Date: 10/30/2017; Rating Description: General Obligation; Issue: Taxable General Obligation Facilities Maintenance Bonds, Series 2017A; Rating: Ba1; Rating Type: Underlying LT; Sale Amount: $3,640,000; Expected Sale Date: 10/30/2017; Rating Description: General Obligation; Issue: Taxable General Obligation Facilities Maintenance Bonds, Series 2017A; Rating: Aa2; Rating Type: Enhanced LT; Sale Amount: $3,640,000; Expected Sale Date: 10/30/2017; Rating Description: General Obligation; Summary Rating Rationale Moody's Investors Service downgrades Duluth Independent School District No. 709, MN's underlying general obligation unlimited tax (GOULT) and full term certificates of participation (COP) ratings to Ba1 from Baa2. Moody's also downgrades the district's annual appropriation COPs rating to Ba2 from Baa3. Concurrently, Moody's assigns Ba1 underlying GOULT ratings and Aa2 enhanced ratings to the district's $3.6 million Taxable General Obligation Facilities Maintenance Bonds, Series 2017A and $615,000 Taxable General Obligation Capital Facilities Bonds, Series 2017B. Following the sale, the district will have $51 million in general obligation (GO) bonds, $147 million in full term COPs, and $33 million in annual appropriation COPs. The outlook on the underlying ratings is negative. The downgrade of the underlying GO rating to Ba1 from Baa2 reflects the district's declining enrollment, as charter school competition has weakened the district's per pupil operating revenue. Negative budget variances and the use of reserves for capital projects have also depleted operating liquidity. Based on fiscal 2018 projections, district management will need to either cash flow borrow or delay the timing of certain expenditures to ensure the cash position is sufficient to meet other operating expenses, although it has not yet secured an arrangement with a liquidity provider. The Ba1 rating also reflects fluctuations in cash levels throughout the year and an elevated debt burden. These challenges are balanced against a strong tax base that serves as a regional economic center. The full term COPs are rated on parity with the underlying GO rating due to the lack of annual appropriation risk. The annual appropriation COPs are rated one notch below the underlying GO rating due to the risk of non-appropriation and the more essential nature of the financed project (school buildings). The Aa2 enhanced ratings on the Series 2017A and Series 2017B GO bonds reflects the additional security provided by the State of Minnesota's School District Enhancement Program (MSDE). The programmatic rating is notched once from the State of Minnesota's Aa1 GO rating and carries a stable outlook, reflecting the stable outlook on the state's GO debt. Rating Outlook The negative outlook on the underlying ratings reflects the district's extremely narrow reserves and lack of near-term plans to improve its financial position. Based on fiscal 2018 projections, the district will need to either issue cash flow notes or delay the timing of certain expenditures to ensure the cash position is sufficient to meet other operating expenses, including certain debt service payments. An agreement with a liquidity provider has not yet been arranged. The outlook also reflects a long-term trend of declining enrollment, which is expected to continue to pressure the district's operating position. The stable outlook on the enhanced rating is based on the stable outlook assigned to the State of Minnesota's GO rating. Factors that Could Lead to an Upgrade - Material and sustained improvement to operating reserves and liquidity - Upward movement in State of Minnesota's GO rating (enhanced) Factors that Could Lead to a Downgrade - Inability to either secure cash flow borrowing or maintain a cash position sufficient to meet expenditures in fiscal 2018 - Failure to rebuild operating reserves and liquidity - Continued enrollment declines that further pressure operating revenue - Increases in debt levels or fixed costs - Downward movement in the State of Minnesota's GO rating (enhanced) - Weakening of the MSDE program mechanics (enhanced) Legal Security The district's GOULT debt, including the Series 2017A and 2017B bonds, are secured by the district's pledge and authorization to levy a dedicated property tax unlimited as to rate and amount. The security benefits from a statutory lien but not a lockbox structure. The district's full term COPs do not carry the district's full faith and credit pledge but are secured by a separate, dedicated statutorily authorized lease levy. The obligation of the district to make rental payments is absolute and unconditional and it is not subject to annual appropriation. The district's annual appropriation COPs are secured by lease payments which are subject to annual appropriation. The pledged assets are school buildings, which Moody's deem to be a more essential asset. Use of Proceeds Proceeds of the Series 2017A and Series 2017B bonds will finance capital improvements to various facilities throughout the district. Obligor Profile Duluth ISD 709 provides pre-kindergarten through twelfth grade education to residents of the City of Duluth as well as all or portions of five surrounding townships. The district serves a resident population of approximately 93,000 and reports a fiscal 2018 enrollment of 8,738. Methodology The principal methodology used in the general obligation underlying rating was US Local Government General Obligation Debt published in December 2016. The principal methodology used in the lease-backed rating was Lease, Appropriation, Moral Obligation and Comparable Debt of US State and Local Governments published in July 2016. The principal methodology used in the enhanced rating was State Aid Intercept Programs and Financings: Pre and Post Default published in July 2013. EAGAN AVENATTI: Wants Hearing on Exclusivity Continued to Jan. 10 ----------------------------------------------------------------- Eagan Avenatti LLP, Jason Frank Law, PLC and Scott Sims, and the Official Committee of Unsecured Creditors ask the U.S. Bankruptcy Court for the Central District of California to continue to Jan. 10, 2018, at 10:00 a.m. the Oct. 25 hearing on the Debtor's request for more time to exclusively file a plan and soclicit acceptance of the plan. The Parties are currently involved in settlement negotiations, including a possible resolution of this matter. As a result of the negotiations, JFL/Sims agrees to the continuation of the hearing on the requested extension of Exclusive Periods to Jan. 10, subject to the Debtor filing a plan and disclosure statement on terms acceptable to JFL/Sims, on or before Nov. 17, 2017; provided, however, if this does not occur, the requested extension would be advanced and heard on the merits on Nov. 29, 2017, at 10:00 a.m. A copy of the request is available at: http://bankrupt.com/misc/cacb17-11961-263.pdf About Eagan Avenatti LLP Headquartered in Newport Beach, California, Eagan Avenatti LLP provides legal services specializing in commercial, civil law and business litigation cases. Eagan Avenatti filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 17-11878) on May 10, 2017. The Hon. Catherine E. Bauer presides over the case. The Debtor employed Baker & Hostetler LLP and Pachulski Stang Ziehl & Jones, LLP as counsel. An involuntary case under Chapter 11 was previously filed against Eagan Avenatti on March 1, 2017 (Bankr. M.D. Fla. Case 17-01329). That case was transferred to the Santa Ana Division and reassigned to Bankruptcy Judge Catherine E. Bauer under case number 17-11878. The Office of the U.S. Trustee on June 16 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Eagan Avenatti LLP. The Committee hired Dinsmore & Shohl LLP, as counsel. EAST 30A RESTAURANT: To Pay Unsecureds 50% from Net Plan Profits ---------------------------------------------------------------- East 30A Restaurant Associates, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Florida a disclosure statement for its plan of reorganization dated Oct. 19, 2017. All Allowed Class 2 General Unsecured Creditor claims under the plan will be paid from 50% of the Net Plan Profits of Debtor for five years or until paid in full. However, if unsecured debts are not paid in full by the end of year five, any remaining balance will balloon at the end of year six and be due and payable by the Debtor at that time. The Debtor believes that it will have enough cash on hand on the Effective Date of the Plan to pay all the claims and expenses that are entitled to be paid on that date. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/flnb17-30450-148.pdf About East 30A Restaurant Associate East 30A Restaurant Associate, LLC, is a restaurant lounge owner based in Seacrest Beach, Florida. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D. Fla. Case No. 17-30450) on May 19, 2017, listing $1.45 million in total assets and $235,372 in total liabilities. The petition was signed by Kim Salinger, managing member. Judge Jerry C. Oldshue Jr. presides over the case. Clay Brown Adkinson, Esq., at Adkinson Law Firm, LLC, serves as the Debtor's bankruptcy counsel. EAST WEST COPOLYMER: Liquidation Plan Hearing Set for Nov. 22 ------------------------------------------------------------- Judge Douglas D. Dodd of the U.S. Bankruptcy Court for the Middle District of Louisiana approved East West Copolymer LLC and the Official Committee of Unsecured Creditors of East West Copolymer, LLC's disclosure statement in support of their proposed plan of liquidation dated Oct. 20, 2017. The court will hold a hearing on confirmation of the debtor's Chapter 11 Plan of Liquidation on Nov. 22, 2017, at 11:00 a.m. Ballots accepting or rejecting the plan, objections to the plan and supporting memoranda must be filed no later than Nov. 14, 2017, at 5:00 p.m. Class 4 under the liquidation plan consists of the Allowed General Unsecured Claims. Holders of Allowed Class 4 claims will receive one or more distributions in accordance with the Plan. This class is impaired. From and after the Effective Date, the Debtor will continue in existence solely for the purposes consistent with the terms of the Plan, which include, inter alia: transferring property to Liquidating Trust; liquidating Trust Assets; enforcing and prosecuting claims, rights, interests and privileges of Liquidating Trust, including Causes of Action; filing appropriate tax returns; and assisting in the administration of the Plan and taking such actions as are necessary to effectuate this Plan. The Liquidating Trustee will serve as the representative of Debtor until the entry of a final decree in the Bankruptcy Case. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/lamb17-10327-301.pdf Attorneys for the Official Committee of Unsecured Creditors of East West Copolymer, LLC: TAYLOR, PORTER, BROOKS & PHILLIPS LLP 8th Floor 450 Laurel Street (70801) Office Box 2471 Baton Rouge, LA 70821 About East West Copolymer LLC East West Copolymer, LLC, filed a Chapter 11 bankruptcy petition Bankr. M.D. La. Case No. 17-10327) on April 7, 2017. In its petition, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Gregory Nelson, manager. Stewart Robbins & Brown, LLC represents the Debtor as counsel. The Debtor hired Shared Management Resources, Ltd. as chief restructuring officer; Balmoral Advisors, LLC as investment banker; Didier Consultants Inc. as consultant; and Alluvion Community Capital, LLC, as agent to secure reimbursement for overpayment of utilities. On May 4, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee hired Taylor, Porter, Brooks & Phillips LLP as bankruptcy counsel. EDELMAN FINANCIAL: Moody's Cuts CFR to B2 Following Dividend Recap ------------------------------------------------------------------ Moody's Investors Service has downgraded The Edelman Financial Center, LLC's Corporate Family Rating to B2 from B1 following the announced dividend recap transaction. Moody's also assigned a B2 rating to the company's new first lien senior secured credit facilities, consisting of a $460 million term loan due 2024 and a $30 million revolving credit facility due 2022. The outlook is stable. In a proposed transaction, the proceeds from Edelman's new $460 million first lien term loan will be used to refinance the company's existing $226 million first lien term loan and fund a $225 million distribution to Hellman & Friedman, the company's private equity sponsor. This is the first time since Hellman & Friedman acquired the company in December 2015 for approximately $820 million that the company has made a debt-funded shareholder distribution. The downgrade of the CFR to B2 from B1 and related B2 senior secured debt ratings reflect the aggressive financial policies associated with this transaction, and the weakening of the company's pro forma financial leverage and profitability metrics. With an additional $234 million in debt, Edelman's pro forma leverage, as measured by debt/EBITDA (including Moody's standard adjustments), rises to 7.3x from 4.3x. The upsize of the first lien term loan will increase the company's interest expense by approximately $12 million, which will reduce the company's pre-tax income and free cash flow. In Moody's view, pro forma financial profile credit metrics are more commensurate with a B2 credit profile. The following rating actions were taken: Corporate Family Rating, downgraded to B2 from B1 Proposed $460 million first lien senior secured term loan due 2024, assigned at B2 Proposed $30 million first lien senior secured revolving credit facility, assigned at B2 Outlook, maintained at stable RATINGS RATIONALE The B2 CFR reflects the company's small scale, channel concentration, weak profitability, key man risk and high debt levels following the leveraged buyout by Hellman & Friedman in December 2015 and the proposed dividend recapitalization. The rating also reflects the company's solid AUM and revenue growth, strong client retention and an expectation that the company will continue to benefit from favorable industry trends. Since 2015, assets under management of $20.7 billion (as of September 30, 2017) has grown 39%, revenue of $245 million (last 12 months as of August 31, 2017) has grown 24% and adjusted EBITDA 33% on the same basis. This reflects Edelman's execution on its strategy to provide personal financial planning services to mass-affluent people nearing retirement. Additionally, management has taken steps to reduce the key man risk associated with founder, Ric Edelman. Mr. Edelman still plays an important role in marketing, but the company has significantly diversified its customer acquisition channels and he no longer is running the business day-to-day. The ratings could be upgraded if 1) debt-to-EBITDA (including Moody's adjustments) is sustained below 5.5x; 2) the company is able to maintain high single to double digit revenue growth rate and: 3) pre-tax income margins rise above 10%. The ratings could be downgraded if the company experiences a deterioration in operating performance or increase in leverage due to slow down in customer acquisition, sharp decline in client retention rates, reduction in product fee rates. Debt to EBITDA sustained above 8.0x or a material weakening in the company's liquidity profile could also pressure ratings. The Edelman Financial Center, LLC is one of the largest independent Registered Investment Advisor firms in the United States and has provided integrated financial planning and investment management services since 1988. As of September 30, 2017, the company served almost 35,000 households and had approximately $20.7 billion in assets under management. The principal methodology used in these ratings was Asset Managers: Traditional and Alternative published in December 2015. EDELMAN FINANCIAL: S&P Lowers CCR to 'B' on Increased Leverage -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Edelman Financial Center to 'B' from 'B+'. The outlook is stable. S&P said, "At the same time, we assigned a 'B' issue rating to Edelman's new first-lien term loan and first-lien revolving credit facility. The recovery rating on both of these securities is a '4', reflecting our expectation for an average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. "The downgrade reflects the increase in leverage to above our previous downside threshold (5x leverage) as a result of Edelman's proposed debt offering. Although we expect the company to continue to grow quickly, as a result of both solid revenue growth and expanding margins, we do not expect Edelman to achieve leverage at the 5x level or better until 2019 at the earliest. Furthermore, our rating incorporates our unfavorable view of the firm's majority ownership by Hellman & Friedman, a financial sponsor. We expect the company will maintain aggressive financial policies under Hellman & Friedman and that even if Edelman deleverages to below 5x, there is significant risk that the firm could increase leverage back up above 6x or more. "The stable outlook reflects our expectation for the company to grow EBITDA by slightly over 30% in 2017 and then around 10%-15% in 2018. It also incorporates our expectation for leverage to be in the low 6x area in 2017 and low to mid 5x area in 2018. "Although unlikely, if leverage rises above 8x on a sustained basis, we could lower the ratings. We could also lower the ratings if we observe significant deterioration in client or financial adviser retention such that the company has persistent net outflows and we view the business as materially weaker. "We could raise the ratings if the firm demonstrates increased scale and diversity while also maintaining solid organic growth and leverage close to or better than 5x." EDP GROUP: Hires Wayne Greenwald as Bankruptcy Court ---------------------------------------------------- EDP Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Wayne Greenwald, P.C. as bankruptcy counsel. Services to be rendered by Wayne Greenwald are: a. assist the Debtor in administering this case; b. make such motions or take such actions as may be appropriate or necessary under the Bankruptcy Code; c. represent the Client in prosecuting adversary proceedings to collect assets of the estate and such other actions as the Clients deem necessary and appropriate; d. negotiate with the Client's creditors in formulating a plan of reorganization in this case; e. draft and prosecuting the confirmation of the Client's plan of reorganization in this case; and f. render such additional services as the Client may require in this case. WGPC will bill the client at its regular hourly rates of $600.00 per hour partners' time, up to $550 per hour for counsels' time, $150 to $400 per hour for associates' time, and $75 to $150 per hour for clerk's and paraprofessionals' time. Wayne Greenwald attests that WGPC is a "disinterested person" as that term is defined in Bankruptcy Code Sec. 101(14). The Firm can be reached through: Wayne Greenwald, Esq. Wayne Greenwald, P.C. 475 Park Avenue S Floor 26 New York, NY 10016 Phone: 212-983-1922 Fax: 212-983-1965 E-mail: grimlawyers@aol.com About EDP Group Inc. EDP Group Inc. is a privately held company categorized under wholesale cosmetics. Based in New York, New York, EDP Group filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 17-12875) on October 13, 2017. The petition was signed by Maria Torres, president. Wayne Greenwald, Esq. at Wayne Greenwald, P.C. represents the Debtor as counsel. At the time of filing, the Debtor estimates $500,000 to $1 million in assets and $1 million to $10 million in liabilities. EPTMS INC: Case Summary & 6 Unsecured Creditors ----------------------------------------------- Debtor: EPTMS, Inc. dba The Mattress Store 9813 Dyer, Suite 300 El Paso, TX 79924 Business Description: EPTMS, Inc. is a retailer of mattresses in the El Paso, Texas area. Chapter 11 Petition Date: October 25, 2017 Case No.: 17-31729 Court: United States Bankruptcy Court Western District of Texas (El Paso) Judge: Hon. Christopher H. Mott Debtor's Counsel: E.P. Bud Kirk, Esq. E.P. BUD KIRK 600 Sunland Park Drive, Bldg 4, #400 El Paso, TX 79912 Tel: (915) 584-3773 E-mail: budkirk@aol.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Ricardo Solano a/k/a Javier Ricardo Solano Ramirez, president. A copy of the Debtor's list of six unsecured creditors is available for free at: http://bankrupt.com/misc/txwb17-31729_creditors.pdf A full-text copy of the petition is available for free at: http://bankrupt.com/misc/txwb17-31729.pdf ESCONDIDO VENTURES: Plan Filing Period Extended Through Nov. 27 --------------------------------------------------------------- Judge Ronald B. King of the U.S. Bankruptcy Court for the Western District of Texas, at the behest of Escondido Ventures, LLC, and its affiliates, extended the Debtors' exclusive periods to file a Chapter 11 plan or plans, and to obtain acceptances of the plan(s) to November 27, 2017, and January 26, 2018, respectively. As reported by the Troubled Company Reporter on October 4, 2017, the Debtors asked the Court for extensions of the exclusive periods, asserting that they have made significant progress towards a framework in formulating a Chapter 11 plan but they do not anticipate that a Chapter 11 plan will be completed prior to the Sept. 28 expiration of the Exclusive Period. Prior to the Petition Date and throughout the duration of these cases, the Debtors have diligently evaluated, in consultation with their professionals, a number of options to address the Debtors' financial issues. These efforts included engaging in discussions regarding restructuring the Debtors' businesses and the sale of their respective assets and membership interests in the entities. The Debtors believed they can sell new membership interests in the entities as part of a feasible, confirmable plan. However, because of various discussions with the United States Military Surface Deployment and Distribution Command, the Debtors needed additional time to finalize their plan of reorganization. The Debtors told the Court that considering the complexities of the Chapter 11 cases, neither the Debtors nor any other party in interest will be in a position to formulate, promulgate and build consensus for a plan before Sept. 28. The Debtors said that termination of exclusivity could be very disruptive to the Debtors' efforts to develop a plan considering that the Debtors continue to review and analyze their financial records, and its negotiations toward consensus on a feasible plan are yet not complete. About Escondido Ventures, LLC Escondido Ventures, LLC, holds 100% membership interest in Escondido Ventures, LLC, Killeen Diesel Service, LLC, Rockey's Moving & Storage, LLC, and Rockey's Van Lines. Headquartered in Killeen, Texas, Rockey's Moving & Storage -- http://www.rockeysmoving.com/-- moves household goods for families, military personnel, commercial offices and medical facilities. Its turnkey services include, but are not limited to packing, crating, storing and relocating to new home or office. Rockey's Moving owns and operates its own fleet of over 100 move vans for local moves, 25 tractors and 40 trailers for interstate relocation. Rockey's Van Lines is a licensed and bonded freight shipping and trucking company running freight hauling business from Killeen, Texas. On May 31, 2017, Escondido Ventures and affiliates Centex Moving, Killeen Diesel, Rockey's Moving, and Rockey's Van Lines sought Chapter 11 protection (Bankr. W.D. Tex. Lead Case No. 17-51358). The petitions were signed by Barcley Houston, authorized representative for each of the Debtors. On June 7, 2017, the Court entered an order jointly administering the five bankruptcy proceedings. Centex Moving, Rockey's Moving and Escondido Ventures estimated assets and liabilities between $1 million and $10 million. Killeen Diesel and Rockey's Van estimated assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Judge Ronald B. King presides over the cases. William B. Kingman, Esq., at Law Offices of William B. Kingman, PC, serves as the Debtors' bankruptcy counsel, and Plunkett Griesenbeck & Mimari, Inc., serves as special counsel. No trustee, examiner, or committee of unsecured creditors has been appointed in these bankruptcy cases. No request has been made for the appointment of a trustee or examiner. FANSTEEL INC: May Continue Using Cash Colalteral Through Dec. 1 --------------------------------------------------------------- The Hon. Anita L. Shodeen of the U.S. Bankruptcy Court for the Southern District of Iowa has granted Fansteel, Inc., authorization to continue using cash collateral of TCTM Financial FS, LLC, through Dec. 1, 2017 A copy of the Order is available at: http://bankrupt.com/misc/iasb16-01823-1143.pdf On Oct. 6, 2017, the Debtor filed a motion seeking the Court's permission to continue the cash collateral use for the period starting on Oct. 21, 2017, through and including Dec. 1, 2017. A copy of the Motion is available at: http://bankrupt.com/misc/iasb16-01823-1127.pdf About Fansteel and Affiliates Headquartered in Creston, Iowa, Fansteel, Inc., manufactures aluminum and magnesium castings for the aerospace and defense industries. Fansteel has four locations in the USA and one in Mexico and has a workforce of more than 600 employees. Fansteel generated $87.4 million in revenue in 2015 on a consolidated basis. Wellman Dynamics Corporation contributed 67% of Fansteel's sales. The rest of the sales are generated from Intercast, a division of Fansteel, and other non-debtor subsidiaries. Fansteel, Wellman Dynamics, and Wellman Dynamics Machinery & Assembly, Inc., filed Chapter 11 petitions (Bankr. S.D. Iowa Case Nos. 16-01823, 16-01825 and 16-01827) on Sept. 13, 2016. The petitions were signed by Jim Mahoney, CEO. The cases are assigned to Judge Anita L. Shodeen. The Debtors disclosed total assets of $32.9 million and total debt of $41.97 million. The companies tapped Jeffrey D. Goetz, Esq., and Krystal R. Mikkilineni, Esq., at Bradshaw, Fowler, Proctor & Fairgrave, P.C., as counsel; RSM US LLP as tax advisor; Jeffrey Sands and Dorset Partners, LLC as business broker; and Mark J. Steger, Esq., at the Clark Hill Law Firm, as Environmental Counsel. The companies filed motions to jointly administer the cases pursuant to Bankruptcy Rule 1015(b), and the court ordered the joint administration on Oct. 17, 2016. The court subsequently entered an order on May 24, 2017, vacating its Oct. 17 order and discontinuing the joint administration of the cases under the lead case of Fansteel. On Sept. 23, 2016, the U.S. Trustee for Region 12 appointed an official committee of unsecured creditors in Fansteel's bankruptcy case. The committee retained Morris Anderson & Associates, Ltd., as financial advisor; and Archer & Greiner, P.C. and Nyemaster Goode, P.C., as counsel. In March 2017, the U.S. trustee announced that the unsecured creditors' committee of Fansteel would no longer serve as the official committee in its case and that it would be reconstituted as the official committee of unsecured creditors in the Chapter 11 cases of Wellman Dynamics and Wellman Dynamics Machinery. As of March 22, 2017, a new creditors' committee has not yet been appointed in Fansteel's bankruptcy case. Wellman Dynamics filed a Chapter 11 plan of reorganization and disclosure statement on Jan. 11, 2017. On May 8, 2017, the creditors' committee of Wellman Dynamics filed a rival Chapter 11 plan of liquidation for the company. FEIDEN GANG: Hires Miller & Funcia as Bankruptcy Counsel -------------------------------------------------------- Feiden Gang, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to hire Jose P Funcia, Esq. and Miller & Funcia, P.A. as attorneys. Professional services the attorney will render are: a. give advice to the Debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements 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 interest of the Debtor in all matters pending before the court; and e. represent the debtor in negotiation with its creditors in the preparation of a plan. Jose Funcia, Esq. attests that neither he nor the firm represent any interest adverse to the debtor, or the estate, and they are disinterested persons as required by 11 U.S.C. Section 101(14). The Counsel can be reached through: Jose Funcia, Esq. Miller and Funcia. P.A. 9555 N Kendall Drive. Suite, 211 1175 NE 125 Street. Suite 310 North Miami, FL 33161 Phone: (305) 274-2922 Email: millerfunciaecf2@gmail.com About Feiden Gang, LLC Based in Miami, Florida, Feiden Gang, LLC filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 17-21796) on September 27, 2017. Jose P Funcia, Esq. at Miller & Funcia, P.A. represents the Debtor as counsel. The Debtor estimated less than $1 million both in assets and liabilities. FRANCHISE SERVICES: Wants Plan Exclusivity Extended to Feb. 21 -------------------------------------------------------------- Franchise Services of North America asks the U.S. Bankruptcy Court for the Southern District of Mississippi to extend by 120 days the period during which the Debtor can exclusively file a plan of reorganization and solicit acceptance of the plan through and including Feb. 21, 2018, and April 25, 2018, respectively. The Debtor also seeks an extension by 120 days of the Oct. 24, 2017 deadline for filing its Chapter 11 Plan and Disclosure Statement. The U.S. Trustee consents to this 120-day extension of the Oct. 24 deadline. The Debtor's Exclusive Plan Proposal Period and the Plan Solicitation Period are set to expire on Oct. 24, 2017, and Dec. 26, 2017, respectively. According to the Debtor, its Chief Restructuring Officer has been hindered in the administration of this bankruptcy case by the motion to dismiss filed by the Macquarie Parties. The Motion was filed 45 days after the Petition Date and was joined in by Boketo LLC 66 days after the Petition Date. The Debtor adds that once Macquarie filed its motion to dismiss, it contended that nothing substantive (including the auction and sale hearing, the examination of Bruce Donaldson, and the retention of a CPA firm) could occur until after the Court ruled on the motion. In light of the entry of the scheduling court order on post-trial briefing regarding motion to dismiss, it appears that there will be little or no substantive progress made in the case until at least after Nov. 8, 2017, when the briefing is completed. The Court entered an agreed scheduling order on Aug. 18, 2017, which required the Debtor to file a disclosure statement containing adequate information as set forth in 11 U.S.C. Section 1125 and a confirmable plan of reorganization on or before Oct. 24, 2017. Since the Petition Date, the Debtor, through its Chief Restructuring Officer and professionals, has addressed board governance issues; secured necessary funds for its operations and the administration of the case; paid its bills as they became due; retained professionals; started the sales process for the sale of the U-Save Holdings stock; taken initial steps to evaluate its claim against Macquarie; sought to resolve disputed claims; attempted to resolve contingencies in this case; and started to lay out the framework for a viable and confirmable plan, all while properly administering the bankruptcy case, including filing all schedules and reports required of it. The Debtor tells the Court that it is in its best interest and its bankruptcy estate's to be able to address as many of these matters as practical before propounding a Plan and a Disclosure Statement, but the Court must first rule on the motion to dismiss. Accordingly, it has not been practical for the Debtor to finalize and propose a Plan within the initial time period provided by the U.S. Bankruptcy Code. A copy of the Debtor's request is available at: http://bankrupt.com/misc/mssb17-02316-240.pdf About Franchise Services Franchise Services of North America Inc. -- http://www.fsna-inc.com/-- is a publicly traded company listed on the TSX Venture Exchange. The Company and its subsidiaries own these brands: U-Save Car & Truck Rental, U-Save Car Sales, Auto Rental Resource Center, Xpress Rent A Car, Sonoran National Insurance Group and Peakstone Financial Services. U-Save, together with its subsidiary ARRC, has over 650 locations throughout the United States and is one of North America's largest franchise car rental companies. U-Save currently services 21 airport markets in 9 different states and 12 countries. Although primarily based in the United States, U-Save has 16 international locations in Mexico, Greece, Central America and the Caribbean. With more than 150 years of combined insurance experience, Sonoran National Insurance Group is licensed in all 50 states and serves customers in every part of the country. Sonoran provides an entire range of business and personal insurance solutions customized to the needs of its clients. Franchise Services of North America Inc., based in Ridgeland, Miss., filed a Chapter 11 petition (Bankr. S.D. Miss. Case No. 17-02316) on June 26, 2017. The petition was signed by Thomas P. McDonnell, III, chief executive officer. The Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. The Hon. Edward Ellington presides over the case. Stephen W. Rosenblatt, Esq., at Butler Snow LLP, serves as bankruptcy counsel to the Debtor. Equity Partners HG LLC, serves as restructuring advisor to the Debtor. FRESH ICE CREAM: Interest Holders to Get 0% Under Plan ------------------------------------------------------ The Fresh Ice Cream Company, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of New York a first amended Chapter 11 plan of liquidation dated Oct. 16, 2017. Under the First Amended Plan, Class 4, which consists of all interests, will not receive any distribution on account of the holders' interests under the Plan. Class 4 is impaired by the Plan. In the previous version of the Plan, Class 4 was set to receive the balance of any distribution on account of the plan distribution fund, if any, after the payment of all allowed claims and the post-confirmation date reserve. The previous plan states that this class is unimpaired. A copy of the First Amended Plan is available at: http://bankrupt.com/misc/nyeb17-40716-72.pdf As reported by the Troubled Company Reporter on Sept. 22, 2017, the Debtor filed a Chapter 11 plan of liquidation that proposed to pay creditors from the proceeds generated from the sale of most of its assets. Under the proposed plan, creditors holding Class 3 general unsecured claims would receive a minimum 4.15% pro rata distribution or $331,105.35. The total amount of general unsecured claims is estimated at $8 million. About The Fresh Ice Cream The Fresh Ice Cream Company LLC owns and operates a frozen dairy and non-dairy product distribution company under the well-known ice cream brand name Steve's Ice Cream. Fresh Ice Cream distributes high quality frozen dairy and non-dairy products to over 12 national retailers including Whole Foods throughout the Northeast and West Coast. Fresh Ice Cream sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-40716) on Feb. 17, 2017. David Stein, managing member, signed the petition. At the time of the filing, the Debtor disclosed $1.32 million in assets and $6.31 million in liabilities. The case is assigned to Judge Elizabeth S. Stong. Jonathan S. Pasternak, Esq., and Erica R. Aisner, Esq., at DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, serve as the Debtor's bankruptcy counsel. On March 8, 2017, the U.S. trustee for Region 2 appointed an official committee of unsecured creditors. The committee retained Westerman Ball Ederer Miller Zucker & Sharfstein, LLP, as counsel. FTE NETWORKS: Reports Prelim. Q3 Revenue of Approximately $79.1M ---------------------------------------------------------------- FTE Networks, Inc., announced certain preliminary unaudited financial results for the three months ended Sept. 30, 2017: * Total revenue of approximately $79.1 million versus $50.7 million for the quarter ended June 30, 2017, a 56% increase; * Gross margin increase of over approximately 320 basis points to 19.6% versus 16.4% for the period ending June 30, 2017; and * Net income of approximately $1.4 million. The company said recent business highlights include: * Won three new projects that include infrastructure and technology expansion; valued at a combined $61.6 million; * Combined backlog of approximately $299.3 million as of Sept. 30, 2017; and * Continued to expand footprint and services to Fortune 100/500 clients. Preliminary Unaudited Financial Results For the three months ended Sept. 30, 2017, total revenues were approximately $79.1 million compared to $3.8 million in the same period of 2016, a greater than 21-fold increase primarily reflecting the consolidation of Benchmark Builders, Inc. Management made further advances on the Company's one-stop shopping concept leveraging the Company's three complementary businesses: FTE Network Services, CrossLayer, Inc., and Benchmark Builders, Inc. FTE Networks continues to achieve accretive synergies on the Benchmark integration and expand its consolidated service offerings nationally. Reflecting improving operating leverage on the growing revenue base, the consolidated third quarter 2017 gross margin increased by approximately 320 basis points over the prior quarter of 2017. FTE Networks generated an operating profit of approximately $4.9 million in third quarter 2017, compared to the prior quarter operating loss of $2.3 million. (The quarter ended June 30, 2017, included approximately $1.8 million in one-time expenses). Further, the company anticipates net income of approximately $1.4 million. "We continue to expand our footprint to new markets and to leverage the industry-leading position that our Benchmark subsidiary enjoys in the New York metropolitan region," said Mr. Michael Palleschi, president and CEO of FTE Networks. "The key hires that we made earlier in the year have contributed to successful performance on the aggressive growth plan that we set for ourselves. The strong sequential revenue growth we produced in the third quarter of 2017 is testimony to our ability to execute our strategy." These are preliminary financial results and remain subject to the completion of the Company's customary quarterly close and review procedures. Material adjustments may arise between the date of this release and the date on which the Company announces its third quarter 2017 results and files its Form 10-Q with the SEC. About FTE Networks Formerly known as Beacon Enterprise Solutions Group, FTE Networks, Inc. -- http://www.ftenet.com/-- is a provider of innovative technology-oriented solutions for smart platforms, network infrastructure and buildings. FTE's three complementary businesses are FTE Network Services, CrossLayer, Inc. and Benchmark Builders, Inc. Together they provide end-to-end design, build and support solutions for state-of-the-art networks and commercial properties to create the most transformative smart platforms and buildings. FTE's businesses are predicated on smart design and consistent standards that reduce deployment costs and accelerate delivery of innovative projects and services. The company works with Fortune 100/500 companies, including some of the world’s leading communications services providers. FTE Networks and its subsidiaries support multiple services, including Data Center Infrastructure, Fiber Optics, Wireless Integration, Network Engineering, Internet Service Provider, General Contracting Management and General Contracting. FTE Networks reported a net loss attributable to common shareholders of $6.31 million on $12.26 million of revenues for the year ended Dec. 31, 2016, compared to a net loss attributable to common shareholders of $3.63 million on $14.38 million of revenues for the year ended Sept. 30, 2015. As of June 30, 2017, FTE Networks had $139.04 million in total assets, $126.5 million in total liabilities and $12.57 million in total stockholders' equity. GARDEN OF EDEN: Seeks December 26 Plan Filing Period Extension -------------------------------------------------------------- Garden of Eden Enterprises, Inc. and its affiliates request the U.S. Bankruptcy Court for the Southern District of New York for a further 60-day extension of the periods during which the Debtors have the exclusive right to file a plan of reorganization and solicit acceptances to its plan through and including December 26, 20171 and February 20, 2018, respectively. Since the Petition Date, the Debtors' have been evaluating their store sales and the costs to support each store location. Enterprises, Broadway and Gourmet filed a Motion to Assume their respective leases which is currently scheduled to be heard by this Court on November 9, 2017. Broadway and Gourmet believe that if they are able to finalize rent modifications and/or extensions of their respective lease terms and negotiate payment terms with respect to the pre-petition cure amounts due and owing to their respective landlords, they will be in a position to negotiate and formulate a plan of reorganization with its secured creditors, along with the Committee. As such, Broadway and Gourmet need additional time to negotiate with their respective landlords in order to enable them to formulate a plan of reorganization. The Debtors are simultaneously negotiating with Noah Bank, American Express and the Committee with regard to their respective claims in the Debtors' estates. The Debtors request the opportunity to continue with these discussions in order to enable them the opportunity to reach a consensual plan of reorganization. Accordingly, at this time, the Debtors tell the Court that they are not in a position to present a plan and disclosure statement, however the Debtors believe that cause exists for an extension of the Exclusive Periods. The Debtors have agreed to exclude the Committee from the requested relief. About Garden of Eden Enterprises Garden of Eden Enterprises, Inc., Broadway Specialty Food, Inc., Coskun Brothers Specialty, and Garden of Eden Gourmet Inc. filed Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 16-12488, 16-12490, 16-12491, 16-12492, respectively) on Aug. 29, 2016. The petitions were signed by Mustafa Coskun, president. The cases are assigned to Judge James L. Garrity Jr. Doing business as Garden of Eden, the Debtors operate three upscale full-service specialty-food retail stores at leased premises in New York. Garden of Eden Enterprises is the parent operating company of the Debtors, and maintains its place of business at 720 Anderson Avenue, Cliffside Park, New Jersey 07010. Clifford A. Katz, Esq., and Scott K. Levine, Esq., of Platzer, Swergold, Levine, Goldberg, Katz & Jaslow, LLP, serve as counsel to the Debtors. The Debtors disclosed $8.05 million in assets and $8.29 million in liabilities. U.S. Trustee William K. Harrington on Sept. 15, 2016, appointed three creditors to serve on the official committee of unsecured creditors. The Committee retained Sullivan & Worcester LLP as counsel. GILDED AGE: Wants To Continue Using Cash Through Nov. 30 -------------------------------------------------------- Gilded Age Properties, LLC, asks for permission from the U.S. Bankruptcy Court for the District of Rhode Island to continue the use of Webster Bank, N.A.'s cash collateral, for 30 days from Nov. 1, 2017, through Nov. 30, 2017. The Debtor is seeking the use of cash collateral for 30 days conditioned upon the Debtor's continuing payment of, among other things, post-petition mortgage payments, real estate taxes and municipal charges for the Properties. The Debtor has attached to this pleading a proposed 30-day Cash Collateral Order setting forth the terms and conditions by which this Court will permit the Debtor the use of the Secured Creditor's cash collateral. Upon the amount of the cash generated through the Rents for ongoing operations while providing the Secured Creditor protection of its security interest in Debtor's prepetition collateral. In light of the foregoing, the Debtor, subject to Court approval, seeks permission to use cash collateral for ongoing operations. The Debtor assures the Court that use of cash collateral is in the best interests of the Debtor and its creditors. The cash currently held and yet to be generated by the operation of the Debtor's business through the Rents is the sole source of funding for the continued operation of the Debtor's business leading to its plan of reorganization under Chapter 11 of the Code. Therefore, the use of cash collateral is essential to the Debtor's operation and reorganization. If the Debtor is unable to use cash collateral it will be unable to pay the Secured Creditor and its current operating expenses. The Debtor warns that inability to pay these expenses will lead to the immediate demise of the Debtor's business. The preservation of the Debtor's business as a going concern is beneficial to all constituents of the Debtor's business, including the Secured Creditor. If immediately liquidated, it is possible, but not absolute, that the obligations due to the Secured Creditor would be paid in full, and the unsecured creditors would receive virtually little to nothing on account of their claims. In order to determine if a secured creditor is adequately protected such that its collateral may be used in reorganization, the first logical step is to consider the value of the creditor’s claim in relation to the collateral which secures it. Baybank-Middlesex v. Ralar Distributors, Inc. "The lassic protection for secured debt. . .is the existence of an ‘equity cushion’ Id. (quoting First Agg'cultural Bank v. Jug End in the Berkshires, Inc. (In re Jug End in the Berkshires, Inc. 1, 46 BR. 892, 899 (Bankr. D.Mass. 1985). The Secured Creditor's claims are secured to the extent of their respective interest in the Debtor's interest in the claimed collateral. 11 U.S.C. Section 506 (a). Since it appears the entire value of the Debtor's assets are consumed by the claims of the Secured Creditor, the value of the assets serving as security will ultimately have to be determined to assess the full extent of the Secured Creditor's security. In the interim, based upon the amounts of Rents received, it is believed that the Secured Creditor is fully secured. A copy of the Debtor's motion is available at: http://bankrupt.com/misc/rib17-10738-98.pdf As reported by the Troubled Company Reporter on Oct. 24, 2017, the Debtor sought court permission to continue the use of Webster Bank, N.A.'s cash collateral for 30 days from Nov. 1 through Nov. 30, 2017, in order to continue business operations. About Gilded Age Properties Gilded Age Properties, LLC, owns and operates two properties: a commercial rental property located at 117 Bellevue Avenue in Newport, Rhode Island and a residential apartment building located at 38-40 Freebody Street in Newport, Rhode Island. Gilded Age Properties filed a Chapter 11 petition (Bankr. D.R.I. Case No. 17-10738) on May 4, 2017. The petition was signed by Peter M. Iascone, member. At the time of the filing, the Debtor estimated assets and liabilities between $1 million and $10 million. The case is assigned to Judge Diane Finkle. The Debtor's counsel is William J. Delaney, Esq., at DarrowEverett LLP, in Providence, Rhode Island. GLAZER FOODS: Court Prohibits Use of Cash Collateral ---------------------------------------------------- The Hon. Raymond B. Ray of the U.S. Bankruptcy Court for the Southern District of Florida has granted Source Foods Inc.'s request to prohibit Glazer Foods, LLC, from using cash collateral. A copy of the Order is available at: http://bankrupt.com/misc/flsb17-18532-27.pdf As reported by the Troubled Company Reporter on Oct. 12, 2017, Source Foods asked the Court to prohibit the use of cash collateral, claiming that the Debtor was using cash collateral without consent. Source Foods is a creditor of the Debtor by reason of a Promissory Note in the amount of $272,994. The Note is secured by all of the Debtor's assets as evidenced by the Security Agreement dated May 25, 2016, and a UCC-1 Financing Statement bearing UCC number 201607710895. The Note is further secured by the personal guarantee of Jeffrey Glazer as evidenced by the Absolute Unconditional and Continuing Guarantee dated May 25, 2016. Neither the Debtor nor Jeffrey Glazer have made any payments under the Note. The Debtor has sought to obtain injunctive relief to protect Jeffrey Glazer the guarantor, but has made no attempt to obtain Source Foods' consent to use cash collateral. Glazer Foods LLC filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 17-18532) on July 7, 2017, estimating under $1 million in both assets and liabilities. Chad T Van Horn, Esq., at Van Horn Law Group, P.A., serves as counsel. GLOBAL EMPOWERMENT: Allowed to Use Cash Collateral on Final Basis ----------------------------------------------------------------- The Hon. James R. Sacca of the U.S. Bankruptcy Court for the Northern District of Georgia authorized Global Empowerment Ministries, Inc. to use cash collateral on a final basis. A full-text copy of the Final Order, dated Oct. 24, 2017, is available at http://tinyurl.com/y9oghwrz Counsel to Crimson Portfolio, LLC: Eric Breithaupt, Esq. STITES & HARBISON PLLC 303 Peachtree Street, N.E. 2800 SunTrust Plaza Atlanta, Georgia 30308 Telephone: (404) 739-8800 E-mail: ebreithaupt@stites.com About Global Empowerment Center Based in Decatur, Georgia, The Global Empowerment Center, Inc., formerly doing business as Victory House Evangelistic Temple, is a Georgia non-profit corporation who operates a church out of its real property. Global Empowerment Center sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 17-63234) on July 31, 2017. The petition was signed by Keith Lawrence, CEO. The case is assigned to Judge James R. Sacca. At the time of filing, the Debtor estimated at least $50,000 assets and $100,000 to $500,000 in liabilities. Leslie M. Pineyro, Esq., at Jones & Walden, LLC, is the Debtor's counsel. CBRE, Inc., is the Debtor's appraiser. An official committee of unsecured creditors has not been appointed in the Chapter 11 case of Global Empowerment Ministries. GREENSTAR HOSPITALITY: Wants to Continue Using Cash Until Dec. 31 ----------------------------------------------------------------- Greenstar Hospitality LLC asks the U.S. U.S. Bankruptcy Court for the Western District of Washington to extend the period for the Debtor's use of cash collateral for an additional two months until Dec. 31, 2017, to permit time to prepare a plan for approval to be submitted to creditors for voting. A hearing on the Debtor's request is scheduled for Oct. 27, 2017, at 9:30 a.m. The Debtor currently has no alternate source of funds to operate its business. In order to remain in business Debtor requires the continued use of cash collateral pending approval of a plan of reorganization. Plaza Bank has adequate protection against the diminution in value of its pre-petition collateral. It receives, and will continue to receive cash collateral payments of $8,255.10 per month. This monthly payment provides adequate protection under Sections 361 and 363 of the U.S. Bankruptcy Code and protects Plaza against diminution in value of the collateral from its pre-petition value. The continued operation of the Debtor's business preserves the value of the business as an ongoing concern, and as a result prevents diminution of the value of the collateral. The building itself suffers no diminution in value by the continuation of the motel business, but rather will benefit from ongoing operation, with continued maintenance and repair by on-site employees. As a result the value of the business will be preserved and likely enhanced from its pre-petition value. The Debtor will suffer immediate and irreparable harm without the relief requested. In the absence of a court order authorizing the continued use of cash collateral, the Debtor will have to cease its business operations rather than reorganizing for the benefit of creditors, including Plaza Bank. The Debtor's ability to reorganize and maintain the value of its assets, including the real property that is the collateral for Plaza Bank's loan, hinges on continued access to cash collateral. Absent an order permitting access to cash collateral it will have to cease operations, to the detriment of all creditors, and the purpose of Chapter 11 of the Bankruptcy Code will be frustrated. A copy of the Debtor's request is available at: http://bankrupt.com/misc/wawb17-12815-57.pdf As reported by the Troubled Company Reporter on July 17, 2017, the Debtor sought authority to use cash collateral pending confirmation of its plan of reorganization in order to operate its motel until a plan can be confirmed for the reorganization of the business. About Greenstar Hospitality Greenstar Hospitality LLC owns and operates a business known as the Cabana Motel located at 665 E. Windsor Street, Othello Washington, 99344. Its managing member and sole owner is Ahmed Fataftah. Its business manager is Sajjad Khan. Greenstar Hospitality filed for Chapter 11 bankruptcy protection (Bankr. W.D. Wash. Case No. 17-12815) on June 22, 2017, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Ahmed Fataftah, managing member. Judge Timothy W. Dore presides over the case. Lamont S. Bossard, Jr., Esq., at Iwama Law Firm, serves as the Debtor's bankruptcy counsel. HARTFORD COURT: May Use Cash Collateral Through Nov. 16 ------------------------------------------------------- The Hon. Jack B. Schmetterer of the U.S. Bankruptcy Court for the Northern District of Illinois has entered an agreed 7th interim order authorizing Hartford Court Development, Inc., to use the cash collateral of Hinsdale Bank & Trust Company, as successor-in-interest to Suburban Bank and Trust, through Nov. 16, 2017. A status hearing on the Debtor's use of cash collateral will be held on Nov. 14, 2017, at 10:30 a.m. As adequate protection, the Lender is granted valid and perfected security interests in, and liens on all assets of the Debtor. As additional adequate protection, the Debtor will make monthly payments to the Lender, provided however, that the payments are provisional, in the amount of $4,866 per month having commenced on Feb. 10, 2017, and thereafter on the 10th day of each month going forward. A copy of the 7th Cash Collateral Order is available at: http://bankrupt.com/misc/ilnb17-01356-163.pdf About Hartford Court Development Hartford Court Development, Inc., is an Illinois corporation that owns and manages 14 residential condominiums and their related parking spaces, all located in the 5300 block of North Cumberland Avenue, Chicago, Illinois. Hartford Court Development filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-01356) on Jan. 17, 2017. Paula Walega, the company's president, signed the petition. The Debtor estimated assets and liabilities at $500,000 to $1 million. The case is assigned to Judge Jack B. Schmetterer. The Debtor is represented by David P. Lloyd, Esq., at David P. Lloyd, Ltd. HAWKERS REALTY: FSB Wants to Prohibit Cash Collateral Use --------------------------------------------------------- First State Bank requests the U.S. Bankruptcy Court for the Northern District of Mississippi to prohibit or condition Hawkers Realty, LLC's use of cash collateral, or in the alternative, for adequate protection. First State Bank asserts a first lien position as to a parcel of real property located at 301 8th Avenue, Simpson County, Magee, Mississippi. As of the present date, First State Bank has a pay off balance of $161,830.53, exclusive of accumulating interest and reasonable attorney's fees. The real property is used by the Debtor as its place of business, with a portion of the building leased to the Ellisville School. The Deed of Trust contains an assignment of rents as part of First State Bank's collateral. As such, the rents generated from the building constitute as the cash collateral of First State Bank, and First State Bank believes that the Debtor has been using its cash collateral without its consent or approval. First State Bank contends that the monthly payment pursuant to the Note is $2,500, which amount is comprised of $1,927.80 in principal and $572.20 in interest. First State Bank claims that the Note is in default as of October 15, 2017 payment. Accordingly, First State Bank asserts that it is entitled to adequate protection as to the rents constituting its cash collateral. First State Bank is represented by: Robert Alan Byrd, Esq. Byrd & Wiser 145 Main Street P.O. Box 1939 Biloxi, Mississippi 39533 Telephone: (228) 432-8123 Facsimile: (228) 432-7029 E-mail: rab@byrdwiser.com About Hawkers Realty Hawkers Realty LLC is a small, fairly new real estate broker and agent company based in Magee, Mississippi. Hawkers Realty filed a Chapter 11 petition (Bankr. N.D. Miss. Case No. 17-13529) on Sept. 21, 2017. The petition was signed by Kim McNulty, manager. At the time of filing, the Debtor estimated assets and liabilities between $500,000 and $1 million. The case is assigned to Judge Jason D. Woodard. The Debtor is represented by R. Michael Bolen, Esq., at Hood & Bolen, as counsel. HHGREGG INC: Taps KSM Business as 'Ordinary Course' Accountant -------------------------------------------------------------- hhgregg, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire KSM Business Services, Inc. as "ordinary course" accountant. The firm will assist the company and its affiliates in the preparation of their income tax returns for the year ended March 31, 2017, and an audit of the 401k plan and drafting of their financial statements for the year ended December 31, 2016. KSM will receive a fixed fee of $25,000 for the preparation of the income tax returns. The Debtors will pay the firm a fee of $15,000 to $17,000 to audit their 401k plan and draft their financial statements. Timothy Duvall, vice-president of KSM, 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: Timothy J. Duvall KSM Business Services, Inc. 800 East 96th Street, Suite 500 Indianapolis, IN 46240 Tel: 317-580-2000 Fax: 317-580-2117 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 http://www.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 petitions were 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 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; Hilco IP Services as intellectual property advisor; Altus Group US, Inc., as tax advisor; 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 in the case of Gregg Appliances, Inc., Case No. 17-01303-RLM-11. No official committee has been appointed in the cases of hhgregg, Inc., No. 17-01302-RLM-11 or HHG Distributing, LLC, No. 17-01304-RLM-11. The Committee hired Cooley LLP and Bingham Greenebaum Doll LLP as counsel, and ASK LLP as avoidance claims counsel. The Committee retained Province Inc. as financial advisor. Counsel to the Agent for the Debtors' prepetition secured lenders and the lenders providing DIP financing are Sean M. Monahan, Esq., at Choate, Hall & Stewart LLP; and Jay Jaffe, Esq., at Faegre Baker Daniels, LLP. Counsel to the FILO Agent is Stuart Brown, Esq., at DLA Piper LLP. * * * When hhgregg filed for Chapter 11 bankruptcy, it had signed a term sheet with an anonymous party to purchase the Company assets. The Company said at that time it expected a quick and smooth process through Chapter 11 with emergence in approximately 60 days. Ten days later, hhgregg said it has terminated the nonbinding term sheet with the anonymous party because the Company was unable to reach a definitive agreement on terms, and said it continues to work with interested third parties to purchase assets of the business. hhgregg added it had received strong interest from third parties interested in buying some or all of the Company's assets. Subsequently, hhgregg executed a consulting agreement with a contractual joint venture comprised of Tiger Capital Group, LLC, and Great American Group, LLC, to conduct a sale of the merchandise and furniture, fixtures and equipment located at the Company's retail stores and distribution centers. In an April order, the Bankruptcy Court approved, at the Company's request, a plan for the Company to close 132 retail stores and the Company's distribution centers. According to a disclosure with the Securities and Exchange Commission in March, debtors Gregg Appliances, Inc., and HHG Distributing, LLC, entered into a Consulting Agreement with a contractual joint venture between Tiger Capital Group and Great American Group to conduct the sale of the merchandise and furniture, fixtures and equipment located at the Company's 132 retail stores and the distribution centers. The Company has said it does not anticipate any value will remain from the bankruptcy estate for the holders of the Company's common stock, although this will be determined in the continuing bankruptcy proceedings. As of June 8, 2017, the Debtors have completed store closing sales in all their stores. HOLLIFIELD RANCHES: Taps Williams Meservy as Counsel in SCSMF Suit ------------------------------------------------------------------ Hollifield Ranches, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Idaho to hire Williams, Meservy & Lothspeich, LLP as its legal counsel. The firm will represent Hollifield in a lawsuit filed by Sandton Credit Solutions Master Fund III, L.P. against the company (Adversary Case No. 17-03038). James Meservy, Esq., the attorney who will be handling the case, will charge an hourly fee of $250. Mr. Meservy disclosed in a court filing that his firm does not hold or represent any interest adverse to the company. The firm can be reached through: James C. Meservy, Esq. Williams, Meservy & Lothspeich, LLP 153 East Main Street P.0. Box 168 Jerome, ID 83338 Phone: (208) 324-2303 Fax: (208) 324-3135 Email: wmlcourt@wmlattys.com About Hollifield Ranches Hansen, Idaho-based Hollifield Ranches Inc. filed for Chapter 11 bankruptcy (Bankr. D. Idaho Case No. 10-41613) on Sept. 9, 2010. The Debtor estimated assets and debts at $10 million to $50 million as of the Chapter 11 filing. The Debtor owns a farming, cattle and dairy operation, and allegedly is owed money for potatoes it sent to Cummins Family Produce, Inc., for processing. The Debtor, which is run by Terry Hollifield, was forced to seek bankruptcy after its dairy business encountered cash flow problems in 2008 when the cost of feed was very high, and its cattle business had problems with the falling price for livestock. Judge Jim D. Pappas presides over the case. Brent T. Robinson, Esq., in Rupert, Idaho, represents the Debtor. J. Justin May, Esq., at May, Browning & May, represents the official committee of unsecured creditors. The court confirmed the Debtors Chapter 11 plan of reorganization in 2012. INVERSIONES ARAXI: Secured Creditor Wants to Prohibit Cash Use -------------------------------------------------------------- Secured creditor LSREF2 Island Holdings LTD., Inc., successor-in-interest of FirstBank Puerto Rico, asks the U.S. Bankruptcy Court for the District of Puerto Rico to prohibit Inversiones Araxi Group, Corp., and its affiliates' use of cash collateral. The Secured Creditor says that the Debtors have not requested authorization to use the cash collateral and the Secured Creditor has not consented to the use. In addition, the Debtors have not met its burden to demonstrate that the Secured Creditor is adequately protected. Pursuant to the loan documents, Julian's Corp. granted FirstBank mortgage liens over real estate properties. When the Debtors filed for bankruptcy, the rent proceeds from the bankruptcy estates' interest in the Property 31,466 and Property 537 became cash collateral under Section 363(a) of the U.S. Bankruptcy Code. Mortgage deeds, duly registered at the Puerto Rico Property Registry pre-petition, constitute a perfected security lien over the Debtors' interest in the rent proceeds generated from Property 31,466. Section 363(c) of the Bankruptcy Code prohibits the Debtors to "use, sell, or lease cash collateral" in the ordinary course of business, unless: (a) the Secured Creditor consents; or (b) the Court authorizes it after notice and a hearing. In the instant case, because the Secured Creditor has not consented for the Debtor to use the cash collateral, the Court must authorize the use within the confines of the Bankruptcy Code. Section 363(b) of the Bankruptcy Code allows a debtor to use cash collateral other than in the ordinary course of business, subject to objection by the secured creditor under Section 363(e). Section 363(e) provides that when a creditor objects to a debtor's use of its cash collateral, the bankruptcy court "shall prohibit or condition such use, sale, or lease as is necessary to provide adequate protection of such interest." A copy of the Secured Creditor's request is available at: http://bankrupt.com/misc/prb17-05577-18.pdf About Inversiones Araxi Group Inversiones Araxi Group Corp. is a small organization in the hotels and motels industry located in Caguas, Puerto Rico. Inversiones Araxi and Buena Vista Plantation previously sought bankruptcy protection on March 31, 2016 (Bankr. D.P.R. Case No. 16-02428 and 16-02426, respectively). Inversiones, Buena Vista Plantation Corp. and PR 1 Investment Rooms Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case Nos. 17-05575 to 17-05577) on Aug. 8, 2017. Luis J. Perez Delgado, president, signed the petitions. Inversiones Araxi estimated $1 million to $10 million in assets and debt. Judge Edward A. Godoy presides over the cases. GSP Law, P.S.C., is the Debtors' bankruptcy counsel. IRENE'S BAKERY: Unsecureds to Get Full Payment Over 36 Months ------------------------------------------------------------- Irene's Bakery & General Kitchen, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania an amended disclosure statement dated Sept. 20, 2017, referring to the Debtor's amended plan of reorganization. General unsecured claims are not secured by property of the estate and are not entitled to priority under Section 507(a) of the Code will be paid in full in quarterly payments over 36 months commencing March 31, 2018. Payments and distributions under the Amended Plan will be funded by the revenues generated from the ongoing operations of the Debtor's business. As of the Petition Date, the Debtor listed $38,487.60 in secured claims, $402.00 in priority tax claims and $102,259.53 in unsecured claims. The secured PACA claims have been reduced. There were no priority tax Proofs of Claims filed by the governmental claims deadline. A copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/paeb16-17425-67.pdf A copy of the Disclosure Statement is available at: http://bankrupt.com/misc/paeb16-17425-59.pdf Irene's Bakery & Gourmet Kitchen, Inc., filed a Chapter 11 petition (Bankr. E.D. Pa. Case No. 16-17425) on Oct. 21, 2016, and is represented by Jon M. Adelstein, Esq., at Adelstein & Kaliner, LLC. JOURNAL-CHRONICLE: Needs Access to Cash Collateral Through Nov. 14 ------------------------------------------------------------------ Journal-Chronicle Company, d/b/a J-C Press, seeks authorization from the U.S. Bankruptcy Court for the District of Minnesota for the use of cash collateral. The Debtor requires the use of cash collateral in order to carry on its business activities, to pay for its current operations, including purchases, insurance, utilities, payroll, and payroll taxes and rent. The Debtor will be able to operate, on a cash basis, and believes that it will be able to obtain a confirmed plan and reorganization in accordance with existing rules and statutes. The Debtor's estimated cash needs through November 14, 2017 will be no less than $434,900. The creditors with a purported lien in cash collateral are: (a) Profinium Financial; (b) Southern Minnesota Initiative Foundation; and (c) Sabra Otteson. Each has a blanket lien on all of the assets of the Debtor, including cash collateral assets. There are also two creditors that hold consignment inventory (and certain related equipment) at the Debtor's business. They are: (d) Veritiv Operating Company; and (e) FujiFilm Norma American Corporation. As and for adequate protection, the Debtor proposes that it be authorized to grant to the Cash Collateral Creditors (and all creditors having a lien in cash collateral), a replacement lien and postpetition security interest, to the same validity, priority, and extent of its security interest held prepetition, in any and all new cash collateral including new inventory receivables of the Debtor. Such replacement lien will secure it against diminution of the value of its collateral, as it existed as of the commencement of this case. As additional adequate protection, the Debtor proposes: (1) to maintain insurance on all of the property in which the Cash Collateral Creditors (and all other secured creditors) claim a security interest; (2) to pay all post-petition federal and state taxes, including timely deposit of payroll taxes; (3) provide the Cash Collateral Creditors (and all other secured creditors, upon reasonable notice), access during normal business hours for inspection of their collateral and the Debtor’s business records; and (4) all cash proceeds and income of the Debtor will be deposited into a Debtor in Possession Account (i.e., the DIP account). The court will hold a preliminary expedited hearing on the Debtor's Motion on Oct. 26, 2017 at 4:00 p.m. A final hearing on the Debtor's Motion will be held on Nov. 14, 2017 at 3:30 p.m. Any response to the final hearing must be filed and delivered not later than Nov. 9. A full-text copy of the Debtor's Motion, dated Oct. 24, 2017, is available at http://tinyurl.com/y9d952gp About Journal-Chronicle Company Journal-Chronicle Company, a Minnesota corporation -- http://www.j-cpress.com/services-- provides offset, digital and wide-format printing services. The Company also offers mailing, fulfillment and marketing support to its clients. J-C Press works with UPS, FedEx, USPS and a variety of other carriers to make sure customers get the products on time. The company ships to all 50 states and across the globe. Journal-Chronicle Company, doing business as J-C Press, filed a Chapter 11 petition (Bankr. D. Minn. Case No. 17-33322) on Oct. 23, 2017. The petition was signed by Patrick J. McDermott, president. At the time of filing, the Debtor estimated assets and liabilities at $1 million to $10 million. The case is assigned to Judge William J Fisher. The Debtor is represented by Thomas Flynn, Esq., at Larkin Hoffman Daly & Lindgren Ltd. KELLY CONSTRUCTION: Wants to Use Capital Bank Cash Collateral ------------------------------------------------------------- Kelly Construction, LLC, seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to use the cash collateral of Capital Bank of New Jersey. Prior to the Petition Date, the Debtor incurred secured debt obligations to Capital Bank. As of the Petition Date, the balance due on the Note was approximately $21,000. The Debtor's obligation under the Note is secured by a Security Interest in substantially all of the Debtor's assets. The value of those assets as set forth in the Debtor's schedules is approximately $334,162. An immediate need exists for Debtor to use cash collateral in order to continue the operation of its business. Without use of such funds, the Debtor’s trade creditors will cease to provide goods and services to the Debtor on credit and the Debtor will not be able to pay its payroll and other direct operating expenses and obtain goods and services needed to carry on its business in a manner that will avoid irreparable harm to the Debtor's estate. The Debtor therefore seeks authority to use the cash collateral of Capital Bank and to grant adequate protection to Capital Bank by providing for regular interest payments as due under the Note and granting Capital Bank postpetition replacement liens in substantially all of the Debtor's assets. A full-text copy of the Debtor's Motion, dated Oct. 22, 2017, is available at http://tinyurl.com/y8tagwnp About Kelly Construction Kelly Construction, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. N.J. Case No. 17-21184) on May 31, 2017. The Petition was signed by Salvador Garcia, president. At the time of filing, the Debtor estimated $100,000 to $500,000 in assets and $500,000 to $1 million in liabilities. The case is assigned to Judge Andrew B. Altenburg Jr. The Debtor is represented by Ellen M. McDowell, Esq. of McDowell Posternock Apell & Detrick, PC. LANDS' END: Bank Debt Trades at 16.97% Off ------------------------------------------ Participations in a syndicated loan under Lands' End is a borrower traded in the secondary market at 83.03 cents-on-the-dollar during the week ended Friday, October 13, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.40 percentage points from the previous week. Lands' End pays 325 basis points above LIBOR to borrow under the 515 million facility. The bank loan matures on Mar 19, 2021 and Moody's B3 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended October 13. LANDWELL MANAGEMENT: Fails to Win Approval of $500K DIP Financing ----------------------------------------------------------------- The Hon. Victoria S. Kaufman of the U.S. Bankruptcy Court for the Central District of California has denied Landwell Management, Inc.'s request for authorization to obtain postpetition financing. The Motion came on for hearing on Oct. 5, 2017. "Based on the information presented, the Debtor's Motion is denied without prejudice as stated at the time of the hearing on the Court's record and based upon the grounds in the Court's ruling," the Court ruled. As reported by the Troubled Company Reporter on June 27, 2017, the Debtor filed a motion seeking approval to obtain postpetition financing from Eternal Life Assisted Living, Inc., for the aggregate amount of $500,000 to be solely used for remodeling and repairing the Debtor's two real properties located at 6552 Woodman Avenue, Van Nuys, CA 91401, and 6558 Woodman Avenue, Van Nuys, CA 91401. "Given the circumstances of the Debtor and the proposed lender, the terms of the financing do not appear to be fair, reasonable and adequate. The Debtor was formed on Jan. 26, 2016. On July 18, 2016, after the property was damaged by fire and less than five months before the Debtor commenced the case, the Debtor obtained title to 6552 Woodman (for no consideration). It is not clear how or when the Debtor obtained title to 6558 Woodman. The Debtor apparently is not currently generating any income. The Debtor's last six MORs show an average monthly income of $120.83. In four of the last six months, the Debtor received zero income. Based on the Debtor's historical income and its lack of available cash, the Debtor cannot pay $2,083 per month on the proposed financing," Judge Kaufman ruled. A copy of the Order is available at: http://bankrupt.com/misc/cacb16-13162-110.pdf About Landwell Management Landwell Management, Inc., filed a Chapter 11 bankruptcy petition (Bankr. C.D.Cal. Case No. 16-13162) on Nov. 2, 2016. The Hon. Victoria S. Kaufman presides over the case. The Law Offices of Michael Jay Berger serves as counsel to the Debtor. The Debtor disclosed total assets of $600,000 and total liabilities of $1.59 million. The petition was signed by Vartan Akopyan, president. Michael Berger, Esq., at Law Offices of Michael Jay Berger, serves as the Debtor's bankruptcy counsel. LE-MAR HOLDINGS: May Use Cash Collateral Until Nov. 30 ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas has authorized Le-Mar Holdings, Inc., and its debtor affiliates to use cash collateral in accordance, and in a manner not materially inconsistent, with the budget, up to and including Nov. 30, 2017. A third interim hearing on the Debtors' cash collateral use is set for Nov. 15, 2017, at 1:30 p.m. (prevailing Central Time). Objections to the cash collateral use must be filed by Nov. 10, 2017, at 5:00 p.m. (prevailing Central Time). As reported by the Troubled Company Reporter on Oct. 18, 2017, the Court authorized the Debtors to use all collections received by the Debtors from the USPS on an interim basis, until the second interim hearing scheduled for Oct. 13, 2017, at 9:00 a.m. (prevailing Central Time). The Debtors must on or before Nov. 10, 2017, at 12:00 p.m. (prevailing Central Time) provide to Mobilization, City and Ryder Truck Rental, Inc., an operating report comparing the Debtors' budgeted expenses with its actual paid expenses up to the day before the operating report is due to Mobilization, City and Ryder. On or before Nov. 9, 2017, at 5:00 p.m. (prevailing Central Time) the Debtors must file and serve a proposed third interim budget. To the extent Mobilization has a valid, perfected first position security interest, Mobilization is granted adequate protection for any diminution in the value of Mobilization's interest in the cash collateral caused by the use of cash collateral with a valid, perfected, and enforceable replacement first priority security interest in the post-petition accounts receivable due to the Debtors from the USPS. To the extent City has a valid, perfected second priority security interest in the Debtors' accounts receivable from the USPS, City is granted adequate protection for any diminution in the value of City's interest in the collateral caused by the use of cash collateral with a valid, perfected, and enforceable replacement second priority security interest in the post-petition accounts receivable due to the Debtors from the USPS. A copy of the court order is available at: http://bankrupt.com/misc/txnb17-50234-129.pdf About Le-Mar Holdings Inc. Le-Mar Holdings, Inc., is a mid-sized company in the general freight trucking business with operations in Grand Prairie, Amarillo, Midland, Abilene, San Angelo, Austin, San Antonio, Lufkin and Lubbock. Chuck and Tracey Edwards own approximately 63.9% of the equity interests in Le-Mar while the Lawrence and Margie Edwards' Grand-Children's Trust owns approximately 36.1% of the equity interests. Le-Mar Holdings owns 100% of the equity interests of Edwards Mail Service, Inc., and 50% of the membership interests of Taurean East, LLC. Chuck and Tracey Edwards own 50% of the membership interests of Taurean East. Le-Mar Holdings, Edwards Mail and Taurean East sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case Nos. 17-50234 to 17-50236) on Sept. 17, 2017. Chuck Edwards, president, signed the petitions. At the time of the filing, Le-Mar Holdings estimated assets and liabilities of $1 million to $10 million. Judge Robert L. Jones presides over the case. David L. Campbell, Esq., at Underwood Perkins, P.C., and Mark N. Parry, Esq., at Moses & Singer LLP, serve as the Debtors' bankruptcy counsel. On Oct. 12, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. LIFELINE SLEEP: Pa. L&I Tries to Block Disclosures OK ----------------------------------------------------- Commonwealth of Pennsylvania, Department of Labor & Industry, Unemployment Compensation Fund filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania an objection to the approval of the disclosure statement and confirmation of Lifeline Sleep Center, LLC's plan of reorganization. L&I is a claimant in this Chapter 11 proceeding, having filed an amended claim for Unemployment Compensation taxes which increased the pre-petition claim by $285.63. The claim was amended after Debtor filed a split return for the fourth quarter of 2016. According to L&I, the Plan does not provide for the increase in the pre-petition amounts due. L&I filed an administrative claim for the first quarter of 2017 in the amount of $14,431.89. L&I claims that the failure to pay postpetition taxes is an indication that the plan is not feasible in violation of 11 USC 1129(a)(1). The Disclosure Statement and Plan, according to L&I, does not disclose these issues to creditors. A copy of the Objection is available at: http://bankrupt.com/misc/pawb16-24201-126.pdf As reported by the Troubled Company Reporter on Aug. 21, 2017, the Debtor filed with the Court a disclosure statement dated Aug. 7, 2017, referring to the Debtor's Chapter 11 plan dated Aug. 7, 2017, which proposes that Class 6 Unsecured Claims be paid, in total, an estimated amount of $28,000, plus 6% interest, of allowed unsecured claims, divided on a pro-rata basis. About Lifeline Sleep Center Lifeline Sleep Center, LLC, operates several specialty outpatient sleep centers, with a principal place of business at 2030 Ardmore Boulevard, Suite 251, Pittsburgh, Pennsylvania. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-24201) on Nov. 10, 2016. The petition was signed by Mark Kegg, owner. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of less than $1 million. Judge Jeffery A. Deller presides over the case. Brian C. Thompson, Esq., at Thompson Law Group, P.C., serves as the Debtor's legal counsel. No official committee of unsecured creditors has been appointed in the Debtor's case. LIMITLESS MOBILE: Taps Rust Consulting as Administrative Agent -------------------------------------------------------------- Limitless Mobile, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Rust Consulting/Omni Bankruptcy as its administrative agent. The firm will provide bankruptcy administrative services including assisting the Debtor in the balloting and tabulation of votes; prepare reports necessary to confirm a bankruptcy plan; and assist in managing the distributions. The firm's hourly rates are: Clerical Support $26.25 - $37.50 Project Specialists $48.75 - $63.75 Project Supervisors $63.75 - $78.75 Consultants $78.75 - $105.00 Technology/Programming $82.50 - $123.75 Senior Consultants $131.25 - $146.25 Equity Services $168.75 Paul Deutch, executive managing director of Rust Consulting, 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: Paul H. Deutch Rust Consulting/Omni Bankruptcy 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Tel: 212-302-3580 Fax: 212-302-3820 About Limitless Mobile Limitless Mobile, LLC, successor to Keystone Wireless, LLC, is a Delaware corporation formed in 2013 with a mission to construct a broadband network and provide wireless telecommunications services to nine rural and underserved counties of central Pennsylvania. The company has built a $40,000,000 state-of-the-art 3G/4G LTE network that has increased access to reliable, high quality mobile phone and home internet services in rural areas. As part of its restructuring strategy, the company has determined it is necessary to downsize its retail operations. To that end, it has decided to close 5 out of its 6 retail locations, and focus its marketing efforts on the wholesale of wireless telecommunications services to nationwide service providers who do not have established infrastructure in central Pennsylvania. As part of the strategy, its suspended wireless service provided to retail customers on Jan. 7, 2016. Limitless Mobile, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 16-12685) on Dec. 2, 2016. In its petition, the Debtor estimated $10 million to $50,000 million in assets and $50 million to $100 million in liabilities. The petition was signed by Amir Rajwany, chief operating officer. Dilworth Paxson, LLP, serves as counsel to the Debtor and Wilkinson Barker Knauer, LLP, serves as special counsel. Rust Consulting/Omni Bankruptcy acts as the Debtor's claims and noticing agent. MVP Capital, LLC, a division of Financial Telesis, Inc., serves as investment banker to the Debtor. On Dec. 16, 2016, an Official Committee of Unsecured Creditors was appointed in the case. Saul Ewing LLP represents the Committee. Gavin/Solmonese LLC serves as the panel's financial advisor. On October 2, 2017, the Debtor filed its proposed Chapter 11 plan of reorganization. LOPEZ TIRES: Wants to Use Cash Collateral on Operations ------------------------------------------------------- Lopez Tires, Wheels, & Accessories, LLC, asks for permission from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral to continue operating the tire sales store/business. The Debtor says that paying those expenses will effectively result in: (i) the maintenance and preservation of the Bankruptcy Estate; and (ii) provide the foundation for the Debtor's successful reorganization. The Debtor wants to use cash collateral to meet the ordinary cash needs of the Debtor (and for other purposes as may be approved in writing by the secured creditors) for the payment of: (a) reasonable and necessary operating expenses; (b) maintenance and preservation of property of the estate; (c) property taxes; and (d) payment of expenses associated with the Chapter 11 case, including U.S. Trustee's fees and professional fees and expenses. The funds generated in the ordinary course of the Debtor's home health services business constitute cash collateral. The revenue from the operation of tire sales store/business is the Debtor's only source of income. The Debtor warns that if it is not permitted to use those funds to manage, maintain and operate its business, it cannot exist. The Debtor does not have sufficient unencumbered cash or other assets with which to continue to operate its business in Chapter 11. The Debtor requires immediate authority to use cash collateral in order to continue its business operations without interruption toward the objective of formulating an effective plan of reorganization. The Debtor's use of cash collateral, to the extent and on the terms and conditions set forth herein, is necessary to avoid immediate and irreparable harm to the estate. In the event Debtor is authorized to use cash collateral, lien holders are adequately protected by the value of the tire store business and any required/agreed to cash payments. The Debtor will provide continuing post-petition liens to the lienholders to the extent the lienholders have valid pre-petition security interests in the cash collateral. A copy of the Debtor's request is available at: http://bankrupt.com/misc/txsb17-70402-4.pdf About Lopez Tires Headquartered in Mcallen, Texas, Lopez Tires, Wheels, & Accessories, LLC, formerly doing business as Lopez Tires & Wheels, L.L.C., is a privately held company that owns a shop that sells automobile parts, accessories, and tires. The Company has a fee simple interest in a real property located at Lot 1, Lopez Wheels Subdivision, an addition to the City of McAllen, Hidalgo County, Texas, valued at $471,766. Lopez Tires reported gross revenue of $353,288 in 2016 and gross revenue of $974,494 in 2015. Lopez Tires, Wheels, & Accessories filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 17-70402) on Oct. 18, 2017, listing $727,057 in total assets and $1.22 million in total liabilities. The petition was signed by Castulo de Jesus Lopez, president. Judge Eduardo V. Rodriguez presides over the case. Marcos Demetrio Oliva, Esq., at Marcos D. Oliva, PC, serves as the Debtor's bankruptcy counsel. LOUISIANA PELLETS: Chapter 11 Plan Declared Effective Oct. 17 ------------------------------------------------------------- BankruptcyData.com reported that Louisiana Pellets' Chapter 11 Plan became effective, and the Company emerged from Chapter 11 protection as of Oct. 17, 2017. The U.S. Bankruptcy Court confirmed the Plan on Sept. 8, 2017. The confirmation order notes, "On the Effective Date, the Liquidating Trust will be established pursuant to the Liquidating Trust Agreement for the purposes as set forth in the Plan. The Liquidating Trust shall have a separate existence from the Debtors." About Louisiana Pellets Louisiana Pellets, Inc, and German Pellets Louisiana, LLC, are members of the "German Pellets" family of companies, which is a family of related companies centered in Wismar, Germany, operating in the wood pellets industry. LPI owns a wood pellet production facility located on 334 acres of land in Urania, Louisiana. The Facility is still under construction and is not yet fully complete or operational. GPLA is the general contractor for construction of the Facility. A contract is in place with E.ON UK PLC (a United Kingdom utility company) to purchase the wood pellet production from the Facility. LPI and PLA sought Chapter 11 protection (Bankr. W.D. La. Lead Case No. 16-80162) on Feb. 18, 2016, due to cost overruns and delays in the course of construction of their still-to-be-completed wood pellet production facility. The petitions were signed by Anna-Kathrin Leibold, president and chief executive officer. The Hon. John W. Kolwe presides over the case. Louisiana Pellets estimated assets and debts at $100 million to $500 million. German Pellets estimated assets and debts at $50 million to $100 million. The Debtors tapped Locke Lord LLP as counsel. Henry Hobbs, Jr., acting U.S. Trustee for Region 5, appointed on March 15, 2016, five creditors of Louisiana Pellets Inc. and German Pellets Louisiana LLC to serve on the official committee of unsecured creditors. The Committee retained Jones Walker LLP as counsel and Cooley LLP as co-counsel. LW RETAIL: Wants to Use National Bank of New York's Cash Collateral ------------------------------------------------------------------- LW Retail Associates LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral in which the National Bank of New York City is likely to assert a security interest. On Oct. 2, 2015, the Debtor entered into an Amended and Restated Mortgage Note and a Note Modification Agreement with NBNYC pursuant to which, the bank extended credit to the Debtor in the amount of $6,250,000 at an interest rate of 3.5%. The Note provides for payments, amortized on a 30-year schedule, in the amount of $28,246.89 per month. The Note has a maturity date of Nov. 1, 2020, which date may be extended for up to two five-year terms. There is currently approximately $6,027,685.21 outstanding on the Note. NBNYC is likely to assert that all cash equivalents, whether in the form of cash, rents, accounts generated therefrom, security deposits, deposit accounts, or in any other form, whenever acquired, which represent income, proceeds, products, rents, or profits of the Pre-Petition Collateral that are now in the possession, custody or control of the Debtor, or in which the Debtor will obtain an interest during the pendency of the Chapter 11 case, are to be treated as the cash collateral in which NBNYC has asserted a security interest. NBNYC has first priority perfected liens and security interests in the cash collateral pursuant to the Mortgage and Security Agreement and in accordance with U.S. Bankruptcy Code Sections 361, 363(a) and 552(b). The filing of this Chapter 11 case was caused by protracted litigation with the Board of Managers of the Loft Space Condominium concerning disputed assessments to commercial and residential portions of the buildings. The recent entry of an order appointing a temporary receiver threatened to terminate the Debtor's access to rents from the Commercial Units necessary to pay the mortgage, real estate taxes and other expenses related to the Commercial Units. As adequate protection for the Debtor's use of NBNYC's (undisputed) and the Board's (disputed) collateral, in consideration for the use of the cash collateral and for the purpose of adequately protecting them from collateral diminution, the Debtor will grant NBNYC and the Board replacement liens in all of the Debtor's pre-petition and post-petition assets and proceeds, including the cash collateral and the proceeds of the foregoing, to the extent that NBNYC and the Board had a valid security interest in said prepetition assets on the Petition Date and in the continuing order of priority that existed as of the filing date. The Debtor proposes to continue making monthly debt service payments to NBNYC in the amount of $28,246.89 per month as provided for in the Note and in accordance with the terms set forth therein as adequate protection to NBNYC and in satisfaction of the Debtor's obligations. The Debtor believes there is no "nondefault contract rate of interest" as contemplated by 11 U.S.C. Section 362(d)(3)(B) with respect to real estate taxes that would require the Debtor to make monthly payments to NYCDTF. However, the real estate taxes are undisputed and a fixed, liquidated amount. As such, the Debtor proposes to pay NYSDTF $1,284.66 per month representing a 1% interest rate in satisfaction of the Debtor's obligations under 11 U.S.C. Section 362(d)(3)(B). In addition, the Debtor is contemplating a future motion seeking authority to pay NYCDTF the amount of its first priority secured claim from the Debtor's operating profits. A copy of the Debtor's motion is available at: http://bankrupt.com/misc/nyeb17-45189-5.pdf About LW Retail Associates LW Retail Associates, LLC, filed as a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). The Company owns in fee simple interest four condominium units in New York valued by the Company at $12.20 million in the aggregate. LW Retail Associates filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 17-45189) on Oct. 5, 2017. The petition was signed by Louis Greco, manager. At the time of filing, the Debtor disclosed $12.64 million in assets and $6.25 million in liabilities. Judge Elizabeth S. Stong presides over the case. Dawn Kirby, Esq., at DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, is the Debtor's counsel. MACAVITY COMPANY: Unsecureds to be Paid in Full at 2.25% Under Plan ------------------------------------------------------------------- Macavity Company, LLC, filed with the U.S. Bankruptcy Court for the District of Arizona a disclosure statement in support of its plan of reorganization dated Oct. 20, 2017. Class 3, Allowed Unsecured Claims, is impaired under the plan. Holders of Allowed Class 3 Unsecured Claims will be paid in full with simple interest at the rate of 2.25% per annum no later than the fifth anniversary of the Effective Date. Holders of Allowed Class 3 Unsecured Claims will receive the following amounts in payment of their Allowed Claims: (a) beginning on the first anniversary of the Effective Date, 60 monthly principal and interest payments with simple interest at the rate of 2.25% per annum; and (b) a single payment of all remaining principal and interest on or before the sixth anniversary of the Effective Date. As an alternative, at the election of the Holder of a Class 3 General Unsecured Claim and provided sufficient funding is available to the Reorganized Debtor, payment of 25% of the Allowed Claim on the Effective Date. The Debtor's real property located in Princeton, Texas will be developed and sold to homebuilders in phases consistent with the approved Site Plan. Net Proceeds from each sale will be paid pro rata to the Secured Creditor that provides the Development Loan and Montex Lands, Inc. (assuming Montex does not elect the discounted payoff on the Effective Date). The Secured Creditor that provides the Development Loan and Montex will release their liens on the portion of the Property sold upon receipt of 120% of the pro rata amount of their respective loans on the Property sold. For example, if one acre is sold, and the amount of the Montex debt against the sold acre is $100, Montex will release its lien on the sold Property upon payment of $120. The Reorganized Debtor will continue to be managed by the current management of Macavity. A copy of the Disclosure Statement is available at: http://bankrupt.com/misc/azb17-10065-222.pdf About Macavity Company LLC Macavity Company, LLC, develops real estate properties. It was incorporated in 2008 and is based in Mesa, Arizona. It has a fee simple interest in an 861.50-acre undeveloped land located at NW Corner of Monte Carlo Boulevard and FM 75, Princeton, Texas, valued at $28 million. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 17-08474) on July 24, 2017. The petition was signed by Lane Spencer of Ready RDC LLC, sole member. At the time of the filing, the Debtor disclosed $28.12 million in assets and $17.29 million in liabilities. Judge Brenda K. Martin presides over the case. Gallagher & Kennedy, PA represents the Debtor as bankruptcy counsel. The Debtor hired CBRE Inc. as appraiser; and MCA Financial Group Ltd. as financial advisor. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Macavity Company LLC as of Aug. 29, according to a court docket. MDVIP LLC: S&P Assigns 'B' Corp Credit Rating, Stable Outlook ------------------------------------------------------------- S&P Global Ratings assigned its 'B' corporate credit rating to MDVIP LLC. The outlook is stable. At the same time, S&P assigned its 'B' issue-level rating and '3' recovery rating to the company's first-lien credit facility, which consists of a $25 million revolving credit facility due 2022 and $215 million term loan due 2024. The '3' recovery rating indicates expectations for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. Founded in 2000, Boca Raton, Fla.-based MDVIP is a leading concierge health care provider with a national network of 863 physicians and approximately 284,000 patient members. MDVIP LLC (MDVIP) is recapitalizing as part of a leveraged buyout by private equity company Leonard Green & Partners L.P. Pro forma for the transaction, adjusted leverage will be about 6.8x at the end of fiscal year-end 2018. The ratings on MDVIP primarily reflect the company's concentration in the highly fragmented and still-evolving concierge medicine market, sensitivity of membership fees to economic downturns, modest scale (about $300 million in annual gross revenues), and high leverage. Partially offsetting these factors are the absence of reimbursement risk, revenue predictability with expectations of steady annual free cash flows of approximately $30 million per year, and the company's leading industry position, subscription-based business model, growing physician and patient base, and strong retention rates. S&P said, "Our stable rating outlook reflects our expectation that MDVIP will deliver high-single-digit organic revenue growth and healthy free cash flow of above $30 million per year over the next few years supported by its leading position in the concierge health care market. "We could lower the rating if MDVIP's free cash flow dips below $15 million with no clear prospect of recovery. Slower-than-expected top-line growth, coupled with operational setbacks and significant margin deterioration, could lead to such a scenario. This would likely be a result of heightened competition, an economic downturn, or unforeseen adverse events such as an unfavorable legal ruling. "We view a ratings upgrade as unlikely over the next 12 months, given leverage over 5x and the niche focus of its business. We could consider raising the rating if MDVIP grows significantly while sustaining leverage below 5.0x; this would likely require double-digit revenue growth in addition to significant margin improvement. However, we would likely view any improvement in credit metrics as temporary given our view that the company's financial sponsor ownership would be supportive of aggressive financial policies. We could also raise the rating if the company improves its business risk by increasing its scale while also maintaining current solid EBITDA margins." MEDAPOINT INC: Has Court's Nod to Obtain DIP Financing ------------------------------------------------------ The Hon. Tony M. Davis of the U.S. Bankruptcy Court for the Western District of Texas has authorized Medapoint, Inc., to obtain debtor-in-possession financing from lender Medapoint D.I.P. Financing SPV LLC. Without the use of the financing under the Post-Petition Financing Agreement, the Debtor's estate will not have the funds necessary to bridge the gap between monthly payables and revenue to afford the investment banker sufficient time to undertake and complete a marketing process, and to close any transaction. Effective as of the date of the financing under the Post-Petition Financing Agreement from the Lender, the Lender has the authority to advance amounts to the Debtor not to exceed $300,000. The Lender will have valid and first-priority security interests and liens, superior to all other creditors of this estate, subject only to prior liens, in and upon all of the personal property of the Debtor's estate, whether now owned and existing or hereafter acquired, and all products and proceeds thereof. A copy of the Order is available at: http://bankrupt.com/misc/txwb17-10876-68.pdf About Medapoint Inc. Founded in 2009 and based in Austin, Texas, Medapoint, Inc., provides software solutions. The applications support more than 1,500 private and municipal providers of emergency medical services (EMS) throughout the United States, including one of the nation's leading private ambulance services, which provides more than 1.5 million transports annually. Medapoint, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 17-10876) on July 17, 2017. Eric J. Becker, its president, CEO and director, signed the petition. At the time of the filing, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Tony M. Davis presides over the case. The Debtor tapped Spector & Johnson PLLC as legal counsel; and K&L Gates as special counsel. METROPOLITAN COLLEGE: Fitch Affirms BB on Series 2014 $66.7MM Bonds ------------------------------------------------------------------- Fitch Ratings has affirmed its 'BB' rating on $66.7 million of revenue bonds, series 2014, issued by Build NYC Resource Corporation on behalf of the Metropolitan College of New York (MCNY). The Rating Outlook is Stable. SECURITY The bonds are general obligations of the college and secured by a mortgage on the 40 Rector Street property (now '60 West') and a pledge of unrestricted revenues. KEY RATING DRIVERS LIMITED OPERATING FLEXIBILITY: The 'BB' rating reflects MCNY's recent history of near breakeven GAAP-based operations and a limited financial cushion. Other factors constraining the rating include MCNY's small and sensitive student revenue base, and high debt burden with restrictive security features. HIGH TUITION DEPENDENCE: MCNY is highly dependent on student-derived revenue from its small student base, magnifying the effect of enrollment shifts. A recent uptick in enrollment bodes well for the college's new location, but revenue sensitivity remains a concern. ADEQUATE BALANCE SHEET: MCNY has slim but adequate balance sheet resources for the rating category. Available funds (AF) at Dec. 31, 2016 were approximately $13.5 million, equal to an adequate 51% of operating expenses but a weak 18% of debt. AF declined in 2016 as the college capitalized final costs related to its new facilities from unrestricted cash, but are expected to remain stable in future years. SLIM OPERATING MARGINS: MCNY has a history of generating balanced to positive GAAP-based operating margins since at least 2011, though the percentage has declined in recent years due to enrollment challenges and higher depreciation costs. Slight GAAP deficits are expected for the next few years as MCNY books depreciation on the two new facilities. PRESSURED DEBT PROFILE: The college's high debt burden remains a negative credit factor, at approximately 16% of operating revenues in fiscal 2016. The college's security features are quite onerous with restrictive financial covenants, requiring management vigilance given the recent history of thin operating performance. RATING SENSITIVITIES FURTHER ENROLLMENT DECLINES: Enrollment remains a primary concern for Metropolitan College of New York, as the college's small scale and high tuition dependence exacerbate the effect of declining enrollment. Further enrollment declines leading to deficit operations could pressure the rating. THINNING FINANCIAL RESOURCES: Further erosion in balance sheet resources would pressure the college's ability to support its obligations and negatively affect the college's rating. FEDERAL PROGRAM DEPENDENCY: MCNY's students are highly dependent on federal grants and loans to pay tuition, and changes in program rules have greater effect on the college than on many other institutions. MOTORS LIQUIDATION: No Distribution to Claimants for Q3 ------------------------------------------------------- Wilmington Trust Company, acting solely in its capacity as trust administrator and trustee of the Motors Liquidation Company GUC Trust, filed with the Securities and Exchange Commission on Oct. 24, 2017, a GUC Trust Report required by Section 6.2(c) of the GUC Trust Agreement together with the Budget Variance Report, each for the fiscal quarter ended Sept. 30, 2017. In addition, the Motors Liquidation Company GUC Trust announced that no distribution in respect of its Units is anticipated for the fiscal quarter ended Sept. 30, 2017. Pursuant to the Second Amended and Restated Motors Liquidation Company GUC Trust Agreement dated as of July 30, 2015, and between the parties thereto, Wilmington Trust Company, acting solely in its capacity as trust administrator and trustee of the Motors Liquidation Company GUC Trust, is required to file certain GUC Trust Reports with the Bankruptcy Court for the Southern District of New York. In addition, pursuant to that certain Bankruptcy Court Order Authorizing the GUC Trust Administrator to Liquidate New GM Securities for the Purpose of Funding Fees, Costs and Expenses of the GUC Trust and the Avoidance Action Trust, dated March 8, 2012, the GUC Trust Administrator is required to file certain quarterly variance reports as described in the third sentence of Section 6.4 of the GUC Trust Agreement with the Bankruptcy Court. The GUC Trust has no officers, directors or employees. The GUC Trust and Wilmington Trust Company, solely in its capacity as trustee and trust administrator, rely solely on receiving accurate information, reports and other representations from GUC Trust professionals and other service providers to the GUC Trust. In submitting the 6.2(c) Report, the Budget Variance Report and executing any related documentation on behalf of the GUC Trust, the GUC Trust Administrator has relied upon the accuracy of those reports, information and representations. During the quarter ended Sept. 30, 2017, no Unresolved Term Loan Avoidance Action Claims were allowed, and thus the GUC Trust is not required to distribute any assets to holders of those claims. In addition, because the amount of Excess GUC Trust Distributable Assets did not exceed the Distribution Threshold for the quarter ended Sept. 30, 2017, no distribution to holders of Units is required to be made in respect of that quarter. As of the quarter ended Sept. 30, 2017, but prior to current quarter activity and post-closing adjustments, the GUC Trust's Distributable Assets consisted solely of $466,177,799 in cash and marketable securities ($453,234,206 of which represents the proceeds of the liquidated New GM Securities that were categorized as GUC Trust Distributable Assets, and $12,943,593 of which represents Dividend Assets). During the three months ended Sept. 30, 2017, the amount of GUC Trust Cash set aside from distribution to fund projected Wind-Down Costs and Reporting and Transfer Costs of the GUC Trust increased by $829,246 from the cash set aside as of June 30, 2017, with the total amount of such set aside cash aggregating $30,956,946 as of Sept. 30, 2017. That increase was due primarily to a net increase in Wind-Down Costs. A full-text copy of the Report is available for free at: https://is.gd/LhqXkV About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Garden City Group is the claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31. On Dec. 15, 2011, Motors Liquidation Company was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. Motors Liquidation Company GUC Trust had $530.7 million in total assets, $42.50 million in total liabilities and $488.21 million in net assets in liquidation. NATURE'S CHOICE: May Continue Cash Collateral Use Until Nov. 22 --------------------------------------------------------------- The Hon. Donald R. Cassling of the U.S. Bankruptcy Court for the Northern District of Illinois has entered a third interim agreed order authorizing Nature's Choice Landscape Supply, Inc., to use cash collateral to pay the ordinary and necessary operating expenses of the Debtor from the Petition Date until 5:00 p.m. on Nov. 22, 2017. A hearing on the Debtor's use of cash collateral will be held on Nov. 21, 2017, at 10:00 a.m. As reported by the Troubled Company Reporter on April 25, 2017, Swift Financial Corp., doing business as Swift Capital, asked the Court to prohibit the Debtor's use of non-estate property owned by Swift and the use of cash collateral in which Swift holds an interest. By contract dated Dec. 11, 2015, Swift and the Debtor entered into a Future Receivables Sales Agreement. Under the FRSA, Swift paid the Purchase Price of $100,000 to the Debtor in consideration of the Debtor's sale to Swift of the Amount Sold of $132,900. The Purchased Percentage of the future receivables was 10%. As adequate protection to Swift, the Debtor will remit to Swift the sum of $5,000 per month commencing in October 2017. The Debtor and Swift are authorized and directed to perform, and will continue to perform, all of their respective obligations under the FRSA postpetition unless and until the occurrence of a termination event. In addition to its liens and security interests under the existing FRSA, as additional adequate protection, Swift will have a valid and perfected security interest and lien in the same priority as Swift had prior to the Petition Date, to the extent of the Debtor's use of cash collateral and adequate protection, in all of the Debtor's now owned or after acquired personal property. The Debtor's right to continue to use cash collateral will be contingent upon the Debtor's compliance with each and every provision of this Order and Swift's FRSA. Unless extended further with the written consent of Swift (confirmed by the execution of another cash collateral agreement and entry of a further court order approving further cash collateral agreement), the authorization granted to the Debtor to use cash collateral under this court order will terminate automatically and without further notice upon the earliest of: a. the date upon which the Debtor files a motion, stipulation, or proposes an order which provides for or consents to the conversion of the Debtor's case to Chapter 7; b. the date upon which the Debtor no longer is Debtor-In- Possession in the case or is otherwise limited or excluded from the management and operation of its business (through the appointment of a trustee or an examiner under the U.S. Bankruptcy Code, or through the appointment of some other type of fiduciary or custodian under federal or state law); c. the Debtor fails to make any payment when due under this court order; d. the granting of stay relief to any party that claims an interest in the collateral or in the replacement collateral; e. the Debtor ceases to operate its business (without the prior written consent of Swift); f. an order is entered by the Court rejecting a non- residential real property lease of the Debtor relating to the Business (without the prior written consent of Swift); g. an order is entered by the Court or a stipulation is entered into by the Debtor providing for modification of the automatic stay for any party with an interest in the non-residential real property lease (including the lessor, the sub-lessor, or any fee ownership interest); h. the Debtor's actions or inactions materially affect the payments being made to or received by Swift; or i. the Debtor fails to comply with the provisions of this court order. The Debtor will keep and maintain insurance coverage on all of Debtor's assets in an amount sufficient to fully protect Swift's interests in the Collateral naming Swift as loss-payee in order of lien priority. A copy of the Order is available at: http://bankrupt.com/misc/ilnb17-07949-54.pdf About Nature's Choice Landscape Supply, Inc. Nature's Choice Landscape Supply, Inc., a landscaping contractor, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ill. Case No. 17-07949) on March 14, 2017, estimating under $1 million in both assets and liabilities. The Debtor is represented by Gina B. Krol, Esq., at Cohen & Krol. NAVISTAR INTERNATIONAL: Will Present at Gabelli & Co's Symposium ---------------------------------------------------------------- Troy A. Clarke, chairman, president and chief executive officer of Navistar International Corporation, and Walter G. Borst, executive vice president and chief financial officer, will discuss industry topics and business matters related to the company during Gabelli & Company's 41st Annual Automotive Aftermarket Symposium in Las Vegas, Nevada, on Monday, October 30, which is scheduled to begin at 3:15 p.m. Pacific. Mr. Clarke will also discuss business matters related to the company during the Robert W. Baird 2017 Industrial Conference in Chicago, Illinois on Thursday, November 9, which is scheduled to begin at 2:00 p.m. Central. The live webcast can be accessed through the investor relations page of the company's website at http://www.navistar.com/navistar/investors/webcasts. Investors are advised to log on to the website at least 15 minutes prior to the start of the webcast to allow sufficient time for downloading any necessary software. The webcast will be available for replay at the same address approximately three hours following its conclusion, and will remain available for a limited time. About Navistar Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International brand commercial and military trucks, proprietary diesel engines, and IC Bus brand school and commercial buses. An affiliate also provides truck and diesel engine service parts. Another affiliate offers financing services. Additional information is available at www.Navistar.com. Navistar reported a net loss attributable to the Company of $97 million on $8.11 billion of net sales and revenues for the year ended Oct. 31, 2016, compared with a net loss attributable to the Company of $184 million on $10.14 billion of net sales and revenues for the year ended Oct. 31, 2015. As of July 31, 2017, Navistar had $6.08 billion in total assets, $11 billion in total liabilities, and a total stockholders' deficit of $4.92 billion. * * * Navistar carries a 'B3' Corporate Family Rating (CFR) and stable outlook from Moody's. Moody's said in January 2017 that Navistar's ratings reflects the continuing challenges the company faces in re-establishing its competitive position and profitability in the North American medium and heavy truck markets. In October 2017, S&P Global Ratings affirmed its 'B-' corporate credit rating on Navistar International Corp. The outlook remains stable. "We could lower our ratings on Navistar if the company faces challenges that prevent it from maintaining its profitability, causing its credit measures to deteriorate or its liquidity to weaken. We could also lower our ratings if we come to believe that Navistar is dependent upon favorable business, financial, and economic conditions to meet its financial commitments, or if we view the company's financial obligations as unsustainable in the long term." As reported by the TCR on Oct. 26, 2017, Fitch Ratings affirmed the Issuer Default Ratings (IDRs) for Navistar International Corporation (NAV), Navistar, Inc., and Navistar Financial Corporation (NFC) at 'B-'. The Rating Outlook is Stable. Fitch expects NAV's debt and leverage could be nearly unchanged or increase slightly following the completion of its refinancing plans. NELSON INC: Wants To Use $320,000 of Cash Collateral for Payroll ---------------------------------------------------------------- Nelson, Inc., asks for permission from the U.S. Bankruptcy Court for the Western District of Tennessee to use $320,000 of cash collateral to pay expenses for payroll in continued construction operations and disaster relief efforts in Florida from the aftermath of Hurricane Irma which is the Debtor's core business. Parties with interest in cash collateral include: (a) Great American Insurance Company ($850,000); (b) Jones Walker L.L.P. for the benefit of Integrated Construction LLC ($400,000); (c) Joree Brownlow Attorney ($338,606); (d) Darrell O'Neal Attorney ($9,125); (e) Dedrick Brittenaum Attorney ($25,000); (f) Asmor Schor Attorney ($81,139); and (g) Kendal Dinelli Consulting ($177,234). They assert an interest to that certain Suntrust Bank account containing $2.6 million. The Debtor does not object to the assertion of the parties. The Debtor claims in an interest in the Suntrust "trust" account in the amount of $700,000. Upon execution of appropriate waivers and releases the seven creditors will receive $1,881,104 from the Suntrust Bank Account. The Debtor requests authority to use the asserted cash collateral for the management and operation of the Construction Business with the budget. The Debtor says it has an immediate need for cash to continue to operate the construction business. The Debtor's ability to maintain business relationships with contractors is essential to the Debtor’s reorganization and the value of their business. Without the ability to use cash collateral the continued operation of the construction business will not be economically feasible and the value of the business will deteriorate as a result. A copy of the Debtor's motion is available at: http://bankrupt.com/misc/tnwb17-29082-9.pdf About Nelson, Inc. Headquartered in Memphis, Tennessee, and founded in 1972, Nelson, Inc. -- http://www.nelson-inc.net-- is an SBA Certified HUB Zone contractor licensed in Tennessee, Mississippi, Arkansas, Louisiana, Virginia, and the District of Columbia. Nelson is a 100% African American owned and operated firm with offices located in Memphis, Washington, DC, North Mississippi and the Mississippi Gulf Coast. During construction, Nelson provides all on-site management, supervision, and administration as required, to assure the success of this important reconstruction process. Nelson, Inc., previously sought bankruptcy protection on May 4, 2011 (Bankr. W.D. Tenn. Case No. 11-24542). The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tenn. Case No. 17-29082) on Oct. 15, 2017, listing $5.62 million in total assets and $10 million in total liabilities. The petition was signed by Will Nelson, president. Paul A. Robinson, Jr., Esq., at the Law Office of Paul Robinson, serves as the Debtor's bankruptcy counsel in the new case. NICE CAR: Fourth Interim Cash Collateral Order Entered ------------------------------------------------------ Judge Raymond B. Ray of the U.S. Bankruptcy Court for the Southern District of Florida has entered a fourth interim order authorizing Nice Car, Inc., to use cash collateral during the fourth interim period solely to pay the ordinary, necessary and reasonable expenses of operating its business exclusively in accordance with and subject to the Budget. The Debtor's authorization, and Stirling Financial LLC's consent, to use cash collateral will terminate on the earliest to occur of: (a) Nov. 15, 2017; or (b) the entry of an order of the Court terminating such right; or (c) the dismissal of the Case or the conversion of the Case to a case under chapter 7 of the Bankruptcy Code; or (d) the appointment in the Case of a trustee or an examiner with expanded powers. The Debtor acknowledged that it is currently indebted to Stirling Financial in the sum of $20,978,653, secured by the Debtor's intangibles and all proceeds thereof, including but not limited to all accounts, chattel paper, documents, instruments, promissory notes and tangibles, including inventory. On account of the Debtor's use of cash collateral, Stirling Financial is granted the following adequate protection: (a) a valid, binding, enforceable, non-avoidable and automatically perfected replacement liens and security interests on the Debtor's Prepetition Collateral; (b) a monthly adequate protection payment of $10,000; (c) the Debtor will permit representatives, agents, and employees of Stirling Financial: (i) to have access to and inspect the Debtor's assets; (ii) to examine the Debtor's books and records; and (iii) to discuss the Debtor's affairs, finances, and condition with the Debtor's officers and financial advisors. The Adequate Protection Liens, and the Adequate Protection Payment, will be subject and subordinate to the following expenses: (a) all fees required to be paid to the Clerk of the Bankruptcy Court and to the U.S. Trustee plus interest at the statutory rate; and (b) all accrued but unpaid costs, fees, and expenses incurred by persons or firms retained by the Debtors, to the extent allowed at any time whether allowed by interim order, procedural order, or otherwise in an aggregate amount not to exceed $100,000. The Court will hold a further interim hearing on Nov. 15, 2017 at 10:00 a.m. to consider the continued use of cash collateral. A full-text copy of the Fourth Interim Order, dated Oct. 24, 2017, is available at http://tinyurl.com/yalfvc7f About Nice Car Founded in 1977, Nice Car, Inc. -- https://nicecar1977.com/ -- is a family owned and operated full service used car dealer. The Debtor's business is located in Hollywood, Broward County, Florida and serves customers throughout the South Florida area. Steven Kerzer is the 100% shareholder and president of Nice Car. Nice Car filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 17-15001), on April 24, 2017. The petition was signed by Steven Kerzer, president. At the time of filing, the Debtor had estimated assets and liabilities ranging from $10 million to $50 million. The case is assigned to Judge Raymond B. Ray. The Debtor is represented by Robert F. Reynolds, Esq., at Slatkin & Reynolds, P.A. An official committee of unsecured creditors has been appointed in the case. NORTH CAROLINA TOBACCO: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of North Carolina Tobacco International, LLC, as of Oct. 24, according to a court docket. About North Carolina Tobacco International North Carolina Tobacco International, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 17-51077) on Oct. 10, 2017. William A. Barbee, the court-appointed receiver for the Debtor's assets, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of less than $1 million. Judge Benjamin A. Kahn presides over the case. Richard S. Wright, Esq., at Moon Wright & Houston, PLLC, serves as the Debtor's bankruptcy counsel. OFF THE BOAT: Cash Collateral Motion Mooted by Dismissal -------------------------------------------------------- The Hon. Melvin S. Hoffman of the U.S. Bankruptcy for the District of Massachusetts entered an order declaring moot Amended Motion for Use of Cash Collateral filed by Off The Boat, Inc. in light of the dismissal. About Off The Boat 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. OFFSHORE SPECIALTY: Proposes $3M Financing From Schumann/Steier --------------------------------------------------------------- Offshore Specialty Fabricators, LLC, seeks authorization from the U.S. Bankruptcy Court for the Southern District of Texas to obtain secured postpetition financing from Schumann/Steier Holdings, LLC. The Debtor seeks immediate access to a secured $3 million DIP financing facility it has obtained from the DIP Lender, of which $300,000 has been wired to Diamond McCarthy LLP's trust fund account, held in escrow, pending a court ruling. The DIP Facility will comprise a commitment for up to $3 million which will be funded through an interim draw and a final draw. The DIP Facility is required to ensure that the Debtor is able to: (i) insure and maintain the derrick barges William Kallop and Swing Thompson; (ii) pay on-going expenses of the Debtor's routine operations, including payroll, and have funds to pay the professionals retained by the estate; (iii) pay the fees to the DIP Lender as required by the Term Sheet; and (iv) preserve its other assets for the benefit of its secured and unsecured creditors. No other financing or liquidity is immediately available to the Debtor on an unsecured basis. The DIP Facility will mature on the earliest of six months, or an event of default, or the effective Date of a plan of reorganization. It will have an interest rate of LIBOR + 15% with a LIBOR floor of 3%. These fees will be paid: (i) a commitment fee of 2.5% of the Facility Amount, payable upon funding of the interim draw; (ii) due diligence expense reimbursement: reasonable expenses of $20,000 to be invoiced upon the Debtor's interim draw; and collateral monitoring fee of $11,000 per month. At this time, the Debtor does not have access to cash to operate its business and pay the normal costs of Debtor's business during the winter period. The Debtor has approximately $12,000 in cash. Thus, without debtor-in-possession financing, the Debtor would be forced to cease operations immediately. Through the DIP Facility, the Debtor will have access to the cash to preserve its operations until its exit from Chapter 11. Moreover, it permits the Debtor to pursue an orderly sale of its Barges instead of having them liquidated in a fire sale, if the decision is made to pursue that route. Offshore Express, LLC, is the guarantor of the loan. A copy of the Debtor's request is available at: http://bankrupt.com/misc/txsb17-35623-53.pdf About Offshore Specialty Fabricators Headquartered in Houston, Texas, Offshore Specialty Fabricators, LLC -- http://www.osf-llc.com-- fka Offshore Specialty Fabricatores, Inc., provides decommissioning project management utilizing its heavy lift derrick barges for the installation and removal of oil & gas facilities in the Gulf of Mexico. The Company's fleet includes the Derrick barges William Kallop (1765 short tons) and Swing Thompson (1320 short tons), which can be used in tandem to lift up to 3,080 short tons. The Debtor's facility is located at 115 Menard Road in Houma, Louisiana. Offshore Specialty has been providing offshore construction solutions to the international and domestic oil and gas industry for over 20 years. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 17-35623) on Oct. 1, 2017, estimating its assets at between $50 million and $100 million and its debt at between $10 million and $50 million. The petition was signed by Tammy Naron, CEO. Judge Marvin Isgur presides over the case. Kyung Shik Lee, Esq., at Diamond McCarthy LLP, serves as the Debtor's bankruptcy counsel. ORANGE ACRES: Has Interim Nod to Use BB&T's Cash Collateral ----------------------------------------------------------- The Hon. Michael G. Williamson of the U.S. Bankruptcy Court for the Middle District of Florida has entered a fourth interim order authorizing Orange Acres Ranch Homeowners Association, Inc., to use cash collateral of Branch Banking & Trust Company. As adequate protection with respect to the Lender's interests in the cash collateral, the Lender is granted replacement liens in and upon all of the categories and types of collateral in which Lender held a security interest and lien as of May 18, 2017, to the same extent, validity and priority that the Lender held as of the Petition Date. As additional adequate protection, the Debtor will make a payment to the Lender on or before the first day of each month while this court order is in effect in the amount of $4,500 and will deposit one-twelfth of the Debtor's real property tax liability in a segregated account. The Debtor will maintain insurance coverage for the collateral in accordance with the obligations under the Lender's loan and security documents. A copy of the Order is available at: http://bankrupt.com/misc/flmb17-04326-63.pdf As reported by the Troubled Company Reporter on May 29, 2017, the Debtor asked the Court for interim and final authorization on the use of cash collateral. The Debtor believes that the Lender may assert valid and perfected security interests in certain items of cash collateral held by the Debtor. The Debtor requires the immediate use of cash collateral to fund operating expenses necessary to continue the operation of its business, to maximize the return on its assets, and to otherwise avoid irreparable harm and injury to its business and its estate, as well as to pay for the costs of administration of its Chapter 11 case. About Orange Acres Ranch Homeowners Orange Acres Ranch Homeowners Association, Inc., is listed as a Florida Not For Profit Corporation, which owns and operates a mobile home park known as Orange Acres Ranch. The Park consists of 210 lots, including 73 unimproved lots. The Park amenities include a clubhouse and swimming pool. Orange Acres Ranch Homeowners Association filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-04326) on May 18, 2017. The petition was signed by Brent Geary, president. At the time of filing, the Debtor estimated assets and liabilities of $1 million to $10 million. The case is assigned to Judge Michael G. Williamson. The Debtor is represented by Scott A. Stichter, Esq., at Stichter Riedel Blain & Postler, P.A. ORIGINAL SOUPMAN: Seeks Case Conversion to Liquidation Proceeding ----------------------------------------------------------------- BankruptcyData.com reported that The Original Soupman Inc. filed with the U.S. Bankruptcy Court a motion to convert its Chapter 11 reorganization to a liquidation under Chapter 7. The motion explains, "Shortly after the Petition Date, the Debtors a motion to sell substantially all of their assets to Soupman Lending, the Debtors' postpetition lender, for a credit bid of $1,785,000. An auction was held pursuant to Bankruptcy Court-approved procedures and the winning bidder, Gallant Brands, was approved as the successful bidder by the Bankruptcy Court. The sale of substantially all of the Debtors' assets closed on Sept. 8, 2017. The Debtors no longer maintain active business operations and have only operated their businesses for the purpose of maximizing the value of the Debtors' assets, resolving certain claims and winding down their affairs for the benefit of the Debtors' creditors. The Debtors have determined that the best interest of all creditors will best be served by converting these Chapter 11 Cases to cases under Chapter 7 of the Bankruptcy Code so that a Chapter 7 trustee may investigate and pursue those causes of actions to maximize recoveries while reducing the continuing costs of the administration of these estates." The Debtors also sought and received expedited consideration of this motion. The Court scheduled an Oct. 31, 2017 hearing to consider the conversion motion, with objections due by October 26, 2017, according to the report. About the Original Soupman The Original Soupman, Inc. -- http://originalsoupman.com/-- manufactures and sells soups under the brand name "Original Soupman". Soupman at present sells soups in 17-ounce Tetra Recart packaging to grocery chains and club stores throughout the United States, through on-line retailers, and in frozen 4 pound bulk packaging to its franchise restaurants and to the New York City School System. The parent entity, Soupman, Inc., is a publicly traded Delaware corporation on the OTCQB. Kiosk Concepts, Inc., an 80% owned subsidiary of The Original Soupman, was created to license the intellectual property to franchisees. In 2004, Soupman signed a license agreement with Yegan Food Inc., which operated a soup restaurant in West 55th Street in New York, run by Ali "Al" Yeganeh. This restaurant became a worldwide destination for soups, being rated #1 by Zagat and praised by the New York Times as "Art, not Soup." The fame of the business and its soup rose to even greater heights after a 1995 "Seinfeld" episode in which the irascible Soup Nazi berates customers who stand in long lines for his legendary soup, often yelling "No soup for you!" The Original Soupman, Inc., Soupman, Inc., and Kiosk Concepts, Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 17-11313) on June 13, 2017. The Debtors tapped Polsinelli PC as bankruptcy counsel, and Epiq Bankruptcy Solutions, Inc., as administrative advisor and notice and claims agent. The Debtors tapped Wyse Advisors, LLC, and appointed the firm's managing partner as its chief restructuring officer. OUTER HARBOR: Case Converted into Liquidation Proceeding -------------------------------------------------------- The Chapter 11 case of Outer Harbor Terminal LLC has been converted into a case under chapter 7 effective as of 4:00 p.m. Pacific Standard Time on Oct. 16, 2017. The U.S. Bankruptcy Court for the District of Delaware made the ruling in a decision dated Oct. 13. Pursuant to the Case Conversion Order, the Debtor is directed to (1) turn over to the Chapter 7 trustee all records and property of the estate under its custody and control as required by Federal Rule of Bankruptcy Procedure 1019(4); and (2) without delay, file a schedule of unpaid debts incurred after commencement of the superseded case including the name and address of each creditor. BankruptcyData.com related that the U.S. Trustee assigned to the case requested the conversion order. About Outer Harbor Terminal Outer Harbor Terminal, LLC -- a/k/a Ports America Outer Terminal, LLC, PAOH, and PAOHT -- was a joint venture of Ports America and Terminal Investment Ltd. The Oakland, California-based port operator filed for Chapter 11 protection (Bankr. D. Del. Case No. 16-10283) on Feb. 1, 2016. It announced plans to wind down operations and leave Oakland to concentrate on its investments in other terminals that the company operates in Tacoma, Los Angeles-Long Beach, New York-New Jersey and Baltimore. The Chapter 11 petition was signed by Heather Stack, chief financial officer. The Debtor listed $103 million in assets and $370 million in debt. The Hon. Laurie Selber Silverstein is the case judge. Milbank, Tweed, Hadley & Mccloy LLP is the Debtor's general counsel. Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., serves as its Delaware counsel. Prime Clerk LLC is the claims and noticing agent. The U.S. Trustee for Region 3 has appointed three creditors to serve in the Debtor's official committee of unsecured creditors. Brinkman Portillo Ronk, APC, and Rosner Law Group LLC represent the Committee. * * * Outer Harbor Terminal, LLC, filed with the Bankruptcy Court a combined Chapter 11 plan of liquidation and disclosure statement dated Feb. 13, 2017. Class 5 (General Unsecured Claims) -- estimated between $7,019,669 and $12,402,535 -- are impaired by the Plan. The holders are expected to recover 9% to 16%. The Committee has sought to challenge the Plan and investigate the payments, made to affiliates of the Debtor's parent company and debtor-in-possession lender HHH Oakland Inc., in the hopes of clawing back some of the money to pay the $7 million to $12.5 million in unsecured claims the Debtor owed. PANADERIA Y REPOSTERIA: Plan Outline Conditionally Approved ----------------------------------------------------------- Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District of Puerto Rico conditionally approved Panaderia Y Reposteria Pontevedra, Inc.'s disclosure statement, dated Oct. 19, 2017, describing its plan of reorganization. Acceptances or rejections of the Plan may be filed in writing on/or before 14 days prior to the date of the hearing on confirmation of the Plan. Any objection to the final approval of the Disclosure Statement and/or the confirmation of the Plan must be filed on/or before 14 days prior to the date of the hearing on confirmation of the Plan. A hearing for the consideration of the final approval of the Disclosure Statement and the confirmation of the Plan will be held on Nov. 30, 2017, at 09:30 A.M. at the United States Bankruptcy Court, Southwestern Divisional Office, MCS Building, Second Floor, 880 Tito Castro Avenue, Ponce, Puerto Rico. About Panaderia Y Reposteria Panaderia Y Reposteria Pontevedra Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 17-01280) on February 27, 2017. The petition was signed by Carlos R. Rodriguez Torres, president. At the time of the filing, the Debtor estimated assets of less than $500,000 and liabilities of less than $1 million. The Debtor hired Modesto Bigas Law Office as counsel. PARADISE WINE: Plan, Disclosures Must be Filed Before Jan. 16 ------------------------------------------------------------- Judge Caryl E. Delano of the U.S. Bankruptcy Court for the Middle District of Florida ordered Paradise Wine, LLC, to file a plan and disclosure statement on or before Jan. 16, 2018. The Disclosure Statement must, at the minimum, contain adequate information pertaining to the Debtor in the following areas: (a) Pre- and post-petition financial performance; (b) Reasons for filing Chapter 11; (c) Steps taken by the Debtor since filing of the petition to facilitate its reorganization; (d) Projections reflecting how the Plan will be feasibly consummated; (e) A liquidation analysis; and (f) A discussion of the Federal tax consequences as described in section 1125(a)(1) of the Bankruptcy Code. If the Debtor fails to file a Plan and Disclosure Statement by the Filing Deadline, the Court will issue an Order to Show Cause why the case should not be dismissed or converted to a Chapter 7 case. About Paradise Wine, LLC Paradise Wine, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 17-08033) on September 18, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Barbara A Hart, Esq., at Stichter Riedel Blain & Postler, P.A. PARADISE WINE: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Paradise Wine, LLC, as of Oct. 24, according to a court docket. About Paradise Wine, LLC Paradise Wine, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 17-08033) on Sept. 18, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Barbara A Hart, Esq., at Stichter Riedel Blain & Postler, P.A. PETCO ANIMAL: Bank Debt Trades at 17% Off ----------------------------------------- Participations in a syndicated loan under Petco Animal Supplies is a borrower traded in the secondary market at 83 cents-on-the-dollar during the week ended Friday, October 13, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.75 percentage points from the previous week. Petco Animal Supplies pays 325 basis points above LIBOR to borrow under the 2506 billion facility. The bank loan matures on Jan. 26, 2023 and Moody's did not give any rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended October 13. PINNACLE LAND: Taps Calaiaro Valencik as Legal Counsel ------------------------------------------------------ Pinnacle Land Group, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Calaiaro Valencik as its legal counsel. Calaiaro Valencik will advise the Debtor regarding its duties under the Bankruptcy Code, prepare a plan of reorganization, and provide other legal services related to its Chapter 11 case. The firm's hourly rates are: Donald Calaiaro $375 David Valencik $325 Michael Kaminski $350 Staff Attorney $250 Paralegal $100 Calaiaro Valencik has agreed to a retainer of $5,000. The firm's attorneys are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Donald R. Calaiaro, Esq. David Z. Valencik, Esq. Michael Kaminski, Esq. Calaiaro Valencik 428 Forbes Avenue, Suite 900 Pittsburgh, PA 15219-1621 Phone: (412) 232-0930 Email: dcalaiaro@c-vlaw.com Email: dvalencik@c-vlaw.com Email: mkaminski@c-vlaw.com About Pinnacle Land Group LLC Pinnacle Land Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 17-23339) on August 18, 2017. Joann Jenkins, manager, signed the petition. Judge Gregory L. Taddonio presides over the case. At the time of the filing, the Debtor disclosed that it had estimated assets and liabilities of less than $1 million. PLAIN LEASING: Seeks Approval of Third Cash Collateral Stipulation ------------------------------------------------------------------ Plain Leasing, Inc., asks the U.S. Bankruptcy Court for the Central District of California for approval of a Third Cash Collateral Stipulation entered between the Debtor and its secured creditor, Bank of Hope, for the continued use of cash collateral for a limited interim period which expires on Jan. 31, 2018. The Debtor is also requesting for a continuance of the status hearing on cash collateral which is currently set for Oct. 25 to Jan. 24, 2018 at 11:00 a.m. Further, if the Debtor and Bank of Hope will enter into and submit a new cash collateral stipulation in advance of this date, then the Debtor requests that this date be further continued to a date before the expiration of the next cash collateral stipulation. Prepetition, the Debtor's loan from Bank of Hope had a balance of no less than $1,328,149, secured by a blanket lien on all of the Debtor's assets, including trucks, chassis, as well as rental and lease income -- which is the Debtor's sole source of income. Under the loan with Bank of Hope, the Debtor is required to make monthly payments in the aggregate amount of not less than $30,366. The Debtor claims that it has remained current on its loan payments as of the Petition Date, as well as postpetition. The Debtor believes that it has sufficient income to continue making loan payments to Bank of Hope and intends to remain current on its loan payments. The Debtor was previously authorized to use cash collateral through June 30, 2017 and then until Oct. 31 pursuant to stipulations approved by the Court. Now, the Debtor needs the use of cash collateral for the preservation of its bankruptcy estate, as well as for the maintenance and continued operation of its business. The Debtor has requested and Bank of Hope has consented to the Debtor's continued use of cash collateral solely for the purposes and in the total amounts set forth in the Budget, subject to the Court's approval. The Budget projects total monthly expenses of $40,403. As adequate protection, the Debtor will make the regular monthly payments to Bank of Hope in the aggregate amount of not less than $30,366 as they come due under the Lease Documents. In addition, Bank of Hope will be granted a replacement lien on the rents, proceeds and profits of the prepetition collateral, with such replacement lien being a perfected security interest in and to the post-petition collateral, having the same extent, validity and priority that Bank of Hope had in the prepetition collateral on the Petition Date. Moreover, if the protection granted is insufficient to satisfy in full the claims of Bank of Hope, an allowed super-priority claim under Section 503(b) of the Bankruptcy Code will be granted to Bank of Hope in the amount of any such insufficiency. A full-text copy of the Debtor's Motion, dated Oct. 24, 2017, is available at http://tinyurl.com/y9kvk5wq About Plain Leasing Plain Leasing, Inc., f/k/a K Trans, Inc., which rents out trucks and chassis, filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 17-12539) on March 2, 2017. The petition was signed by Ji K. Lim, president. At the time of filing, the Debtor estimated at least $50,000 in assets and $500,000 to $1 million in liabilities. The case is assigned to Judge Robert Kwan. The Debtor is represented by Joon M. Khang, Esq., at Khang & Khang LLP. The Office of the U.S. Trustee on July 5, 2017, appointed three creditors of to serve on the official committee of unsecured creditors. The committee members are: (1) Jae Seung Rho; (2) Sam Lee aka Yoon Lee; and (3) James Jae. The Committee retained Blakeley LLP as counsel, and the Law Firm of Kim & Min as special counsel. POINT.360: Taps Lewis Landau as Legal Counsel --------------------------------------------- Point.360 seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to employ Lewis Landau, Esq., and pay the attorney an hourly fee of $495 for his legal services. Mr. Landau received from the Debtor a net retainer of $46,138.59 prior to the petition date. In a court filing, Mr. Landau disclosed that he does not hold any interest adverse to the Debtor's estate, creditors and equity security holders. Mr. Landau maintains an office at: Lewis R. Landau, Esq. Lewis R. Landau Attorney-at-Law 22287 Mulholland Highway, Suite 318 Calabasas, CA 91302 Voice and Fax: (888)822-4340 Email: Lew@Landaunet.com About Point.360 Point.360 (PTSX) -- http://www.point360.com/and http://www.mvf.com/-- is a value add service organization specializing in content creation, manipulation and distribution processes integrating complex technologies to solve problems in the life cycle of Rich Media. With locations in greater Los Angeles, Point.360 performs high and standard definition audio and video post production, creates virtual effects and archives and distributes physical and electronic Rich Media content worldwide, serving studios, independent producers, corporations, non-profit organizations and governmental and creative agencies. Point.360 provides the services necessary to edit, master, reformat and archive clients' audio and video content, including television programming, feature films and movie trailers. Point.360's interconnected facilities provide service coverage to all major U.S. media centers. Point.360 on Oct. 10, 2017, filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 17-22432). Haig S. Bagerdjian, the Company's Chairman, President and CEO, signed the petition. No trustee has been appointed, and the Company will continue to operate its business as "debtor in possession" under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court. The Debtor had total assets of $11.14 million and total debt of $14.77 million as of March 31, 2017. The Hon. Julia W. Brand is the case judge. PORTRAIT INNOVATIONS: Committee Taps Emerald as Financial Advisor ----------------------------------------------------------------- The official committee of unsecured creditors of Portrait Innovations, Inc. and Portrait Innovations Holding Co. seeks court approval to hire a financial advisor. In a filing with the U.S. Bankruptcy Court for the Western District of North Carolina, the committee proposes to employ Emerald Capital Advisors to provide these services: (a) review and analyze the Debtors' operations, financial condition, business plan, strategy and operating forecasts; (b) assist the committee in evaluating any proposed debtor- in-possession financing; (c) assist in the determination of an appropriate capital structure for the Debtors; (d) advise the committee as it assesses the Debtors' executory contracts; (e) assist in the identification, development, and implementation of strategies related to the potential recoveries for the unsecured creditors as it relates to the Debtors' Chapter 11 plan; (f) assist the committee in understanding the business and financial impact of various restructuring alternatives of the Debtors; (g) assist in analyzing the Debtors' financial restructuring process; (h) assist in evaluating, structuring and negotiating the terms and conditions of any proposed transaction; (i) assist in evaluating the asset sale process; (j) assist in evaluating the terms, conditions and impact of any proposed asset sale transaction; (k) assist the committee in evaluating any proposed merger, divestiture, joint venture or investment transaction; (l) assist the committee to value the consideration offered by the Debtors to unsecured creditors in connection with the sale or restructuring; and (m) provide testimony, as necessary, in any proceeding before the bankruptcy court. The firm's hourly rates are: Managing Partners $650 - $700 Managing Directors $600 Vice-Presidents $500 - $550 Associates $400 - $450 Analysts $300 - $350 John Madden, managing partner of Emerald, disclosed in a court filing that he and his firm do not hold or represent any interest adverse to the Debtors. The firm can be reached through: John P. Madden Emerald Capital Advisors 70 East 55th Street, 17th Floor New York, NY 10022 Tel: 212-201-1904 Email: info@emeraldcapitaladvisors.com About Portrait Innovations Based in Charlotte, North Carolina, Portrait Innovations Inc. -- http://www.portraitinnovations.com/-- provides in-studio photography sessions to consumers on both a walk-in and appointment basis. The Company offers a variety of portrait packages and other products such as canvases, mugs, calendars and holiday cards to its customers after the session's completion, as well as through its online portal, http://www.portraits.com/ As of Sept. 1, 2017, Portrait operated more than 119 studios in 31 states. On Sept. 1, 2017, Portrait Innovations, Inc. and parent Portrait Innovations Holding Company filed voluntary petitions under the provisions of Chapter 11 of the United States Bankruptcy Code (Bankr. W.D.N.C. Lead Case No. 17-31455). The petitions were signed by John Grosso, president and chief executive officer. Each of the Debtors estimated assets and debt of $10 million to $50 million. The Hon. Craig J. Whitley is the case judge. Rayburn Cooper & Durham, P.A., serves as counsel to the Debtors. The Debtors hired Troutman Sanders LLP as special counsel; The Finley Group as financial advisor; Piper Jaffray & Co. as investment banker; and Hilco Real Estate, LLC as real estate advisor. Rust Consulting/Omni Bankruptcy is the claims and noticing agent. On September 20, 2017, the court ordered the appointment of an official committee of unsecured creditors. PORTRAIT INNOVATIONS: Committee Taps Kelley Drye as Lead Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Portrait Innovations, Inc. and Portrait Innovations Holding Co. seeks court approval to hire Kelley Drye & Warren LLP as its lead bankruptcy counsel. In a filing with the U.S. Bankruptcy Court for the Western District of North Carolina, the committee proposes to employ the firm to, among other things, give legal advice regarding its duties under the Bankruptcy Code; investigate the Debtors' financial condition; analyze claims; and give advice on any proposed Chapter 11 plan. The firm's hourly rates for its attorneys range from $425 to $880. Paralegals charge $270 per hour. The attorneys who will be representing the committee are: Eric Wilson $825 Jason Adams $715 Lauren Schlussel $610 Maeghan McLoughlin $575 Charlie Liu $425 Eric Wilson, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Kelley Drye can be reached through: Eric R. Wilson, Esq. Kelley Drye & Warren LLP 101 Park Avenue New York, NY 10178 Phone: 212-808-5087 Fax: 212-808-7897 Email: ewilson@kelleydrye.com About Portrait Innovations Based in Charlotte, North Carolina, Portrait Innovations Inc. -- http://www.portraitinnovations.com/-- provides in-studio photography sessions to consumers on both a walk-in and appointment basis. The Company offers a variety of portrait packages and other products such as canvases, mugs, calendars and holiday cards to its customers after the session's completion, as well as through its online portal, http://www.portraits.com/ As of Sept. 1, 2017, Portrait operated more than 119 studios in 31 states. On Sept. 1, 2017, Portrait Innovations, Inc. and parent Portrait Innovations Holding Company filed voluntary petitions under the provisions of Chapter 11 of the United States Bankruptcy Code (Bankr. W.D.N.C. Lead Case No. 17-31455). The petitions were signed by John Grosso, president and chief executive officer. Each of the Debtors estimated assets and debt of $10 million to $50 million. The Hon. Craig J. Whitley is the case judge. Rayburn Cooper & Durham, P.A., serves as counsel to the Debtors. The Debtors hired Troutman Sanders LLP as special counsel; The Finley Group as financial advisor; Piper Jaffray & Co. as investment banker; and Hilco Real Estate, LLC as real estate advisor. Rust Consulting/Omni Bankruptcy is the claims and noticing agent. On September 20, 2017, the court ordered the appointment of an official committee of unsecured creditors. PORTRAIT INNOVATIONS: Panel Taps Hull & Chandler as Local Counsel ----------------------------------------------------------------- The official committee of unsecured creditors of Portrait Innovations, Inc. and Portrait Innovations Holding Co. seeks court approval to hire Hull & Chandler, P.A. as its local counsel. In a filing with the U.S. Bankruptcy Court for the Western District of North Carolina, the committee proposes to employ the firm to participate in any process regarding the sale of the Debtors' assets or the negotiation of a plan of reorganization, and provide other services related to their Chapter 11 cases. Hull & Chandler will work closely with Kelley Drye & Warren LLP, the firm tapped by the committee to be its lead bankruptcy counsel, to ensure that there is no unnecessary duplication of effort or cost, according to the filing. The firm's hourly rates for its attorneys range from $150 to $425. Paralegals charge $100 per hour. Felton Parrish, Esq., the attorney who will be representing the committee, will charge $425 per hour. Mr. Parrish disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Hull & Chandler can be reached through: Felton E. Parrish, Esq. Hull & Chandler, P.A. 1001 Morehead Square Drive, Suite 450 Charlotte, NC 28203 Tel: 704-375-8488 Fax: 704-375-8487 Email: fparrish@lawyercarolina.com About Portrait Innovations Based in Charlotte, North Carolina, Portrait Innovations Inc. -- http://www.portraitinnovations.com/-- provides in-studio photography sessions to consumers on both a walk-in and appointment basis. The Company offers a variety of portrait packages and other products such as canvases, mugs, calendars and holiday cards to its customers after the session's completion, as well as through its online portal, http://www.portraits.com/ As of Sept. 1, 2017, Portrait operated more than 119 studios in 31 states. On Sept. 1, 2017, Portrait Innovations, Inc. and parent Portrait Innovations Holding Company filed voluntary petitions under the provisions of Chapter 11 of the United States Bankruptcy Code (Bankr. W.D.N.C. Lead Case No. 17-31455). The petitions were signed by John Grosso, president and chief executive officer. Each of the Debtors estimated assets and debt of $10 million to $50 million. The Hon. Craig J. Whitley is the case judge. Rayburn Cooper & Durham, P.A., serves as counsel to the Debtors. The Debtors hired Troutman Sanders LLP as special counsel; The Finley Group as financial advisor; Piper Jaffray & Co. as investment banker; and Hilco Real Estate, LLC as real estate advisor. Rust Consulting/Omni Bankruptcy is the claims and noticing agent. On September 20, 2017, the court ordered the appointment of an official committee of unsecured creditors. PPI DIRECT: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: PPI Direct, LLC 746 N. Coast Hwy Laguna Beach, CA 92651 Type of Business: PPI Direct, which opened its doors in 2010, is a small organization in the business services industry located in Laguna Beach, CA. Its principal assets are located at 45610 Corte Vista Clara Temecula, California. PPI Direct previously sought bankruptcy protection on April 6, 2017 (Bankr. C.D. Cal. Case No. 17- 11351). That case was dismissed. Chapter 11 Petition Date: October 24, 2017 Case No.: 17-14237 Court: United States Bankruptcy Court Central District of California (Santa Ana) Judge: Hon. Erithe A. Smith Debtor's Counsel: Matthew D. Resnik, Esq. SIMON RESNIK HAYES LLP 510 West 6th Street, Suite 1220 Los Angeles, CA 90014 Tel: (213) 572-0800 E-mail: matt@srhlawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Shaun Michael Reynolds, managing member. A full-text copy of the petition, along with a list of 20 largest unsecured creditors, is available for free at http://bankrupt.com/misc/cacb17-14237.pdf PROFLO INDUSTRIES: Can Use Huntington Cash Collateral Until Nov. 20 ------------------------------------------------------------------- Judge Mary Ann Whipple of the U.S. Bankruptcy Court for the Northern District of Ohio authorized ProFlo Industries, LLC, on an interim basis to use cash collateral until November 20, 2017. A continued hearing for use of cash collateral will be held on Nov. 16, 2017 at 10:00 a.m. Such cash collateral consists of bank balance, accounts receivable of the estate and gross sales of goods and services, which Huntington Bank claims to have a valid and perfected security interest. The Debtor is required to make adequate protection payments for the use of cash collateral in the amount of the regular monthly payment on the line of credit to Huntington Bank. The security interest of Huntington Bank in bank balance, accounts receivable and fees of the Debtor's estate has been extended to all post-petition receivables and gross retail sales created by the Debtor in the operation of the Debtor's business with the same force and effect as said security interest attached to the Debtor's prepetition accounts receivables. In addition, the Debtor will prepare and serve upon counsel for Huntington Bank not less frequently than once per month an operating report in similar form to that required by the Office of the U.S. Trustee's guidelines setting forth the total receipts and disbursements. A full-text copy of the Order, dated October 24, 2017, is available at http://tinyurl.com/y7jdjubc About ProFlo Industries Headquartered in Alvada, Ohio, ProFlo Industries, LLC, is an Ohio Limited Liability Company engaged in the airline refueling business. The principal customers of the business are multi-national companies providing goods, services and advice in the global aviation industry. ProFlo consists of one shareholder: Terry N. Bosserman who owns 100% of the shares. ProFlo Industries filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ohio Case No. 17-33184) on Oct. 8, 2017, estimating its assets at between $500,001 and $1 million and liabilities between $100,001 and $500,000. The petition was signed by Terry N. Bosserman, president. The Debtor is represented by Patricia A. Kovacs, Esq. QSL PORTAGE: Seeks January 22 Plan Filing Exclusivity Extension --------------------------------------------------------------- QSL Portage, LLC requests the U.S. Bankruptcy Court for the Northern District of Indiana to extend the exclusive periods within which only the Debtor may file and solicit acceptances of a chapter 11 plan for periods of 90 days, through and including January 22, 2018 and March 23, 2018, respectively. The Bankruptcy Code provides for an initial period of 120 days after the commencement of a chapter 11 case during which a debtor has the exclusive right to file a plan. Absent an extension, the Debtor's Plan Exclusive Period was set to expire on October 24, and the Solicitation Period is slated to expire December 23, 2018, respectively. While the Debtor's case may not be overly complex on a stand-alone basis, the Debtor asserts that the litigation between the Debtor and its franchisor has complicated the reorganization process. As a practical matter, until the preliminary injunction phase of the franchise litigation is resolved, the Debtor tells the Court that it cannot reasonably formulate a plan of reorganization or a disclosure statement. The Debtor believes that proposed extension of the Exclusive Periods would provide the Debtor with a reasonable opportunity to formulate and file a chapter 11 plan after the preliminary injunction phase of the litigation has concluded. The Debtor claims that it has made progress on negotiating with creditors on various issues in the case and expects to engage in constructive negotiations with their creditors towards a plan of reorganization once the Debtor has a reasonable opportunity to formulate a plan. About QSL Portage QSL Portage operates the Quaker Steak & Lube restaurant at 6245 Ameriplex Dr., Portage, Indiana, since 2006. The Debtor filed a Chapter 11 petition (Bankr. N.D. Ind. Case No. 17-21799) on June 26, 2017. Larry J. Briski, managing member, signed the petition. At the time of filing, the Debtor estimated less than $500,000 in assets and $1 million to $10 million in liabilities. Gordon E. Gouveia II, Esq., at Shaw Fishman Glantz & Towbin LLC serves as the Debtor's legal counsel. The case is assigned to Judge James R. Ahler. No request has been made for the appointment of a trustee or examiner, and no official committee of unsecured creditors has been appointed by the Office of the United States Trustee. QTS REALTY: S&P Rates Subsidiaries' New $350MM Sr Unsec. Notes 'BB' ------------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '2' recovery rating to QTS Realty Trust Inc. subsidiaries QualityTech LP's and QTS Finance Corp.'s proposed $350 million senior unsecured notes due 2025. The '2' recovery rating indicates S&P's expectation for substantial (70%-90%; rounded estimate: 85%) recovery for lenders in the event of a payment default. S&P expects the company will use the proceeds from the notes issuance to repay its $300 million 5.875% senior unsecured notes due 2022 and borrowings under the revolving credit facility. The 'BB-' corporate credit rating and stable outlook on QTS Realty Trust Inc. remain unchanged. RATINGS LIST QTS Realty Trust Inc. Corporate Credit Rating BB-/Stable/-- New Rating QualityTech LP QTS Finance Corp. Senior Unsecured $350 mil. notes due 2025 BB Recovery Rating 2 (85%) QUANTUM FUEL: Files Chapter 11 Plan of Liquidation -------------------------------------------------- BankruptcyData.com reported that Quantum Fuel Systems Technologies filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Liquidation on October 17, 2017. According to documents filed with the Court, "The initial Liquidating Trustee shall be selected by the Debtor and the Committee and shall be identified in the Liquidating Trust Agreement to be filed with the Bankruptcy Court as part of the Plan Supplement. The appointment of the Liquidating Trustee shall be approved in the Confirmation Order, and the Liquidating Trustee's duties shall commence as of the Effective Date. The Liquidating Trustee shall administer the Plan and the Liquidating Trust and shall serve as a representative of the Estate under section 1123(b) of the Bankruptcy Code for the purpose of, among other things, enforcing Causes of Action belonging to the Estate." About Quantum Fuel Lake Forest, California-based Quantum Fuel Systems Technologies Worldwide, Inc., is an innovator, developer and producer of compressed natural gas (CNG) fuel storage tanks and packaged fuel storage systems for heavy-, medium-, and light-duty trucks and passenger vehicles. The Company also produces integrated vehicle system technologies, including engine and vehicle control systems and drivetrains. It supplies its tanks and systems to truck and automotive original equipment manufacturers and aftermarket and OEM truck integrators worldwide. Quantum Fuel filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 16-11202) on March 22, 2016. The petition was signed by Brian W. Olson as chief executive officer. The Debtor listed total assets of $23.10 million and total debts of $21.7 million. Foley & Lardner LLP serves as counsel to the Debtor. Judge Mark S. Wallace is assigned to the case. REBUILTCARS CORP: Wants Plan Filing Deadline Moved to Nov. 1 ------------------------------------------------------------ Rebuiltcars Corporation asks the U.S. Bankruptcy Court for the Northern District of Illinois to extend the deadline for the Debtor to file its Chapter 11 plan and disclosure statement to and including Nov. 1, 2017, from Oct. 16, 2017. A hearing to consider the Debtor's request is scheduled for Oct. 25, 2017, at 10:00 a.m. The Debtor says it is working with creditors to work through details of the Plan, and needs additional two weeks to resolve details in the Plan. The Debtor's counsel has spoken with the U.S. Trustee and they do not object to this continuance. The Debtor assures the Court that no party shall be prejudiced by this continuance. About Rebuiltcars Corp Rebuiltcars Corporation filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-11811) on April 14, 2017. The petition was signed by Mindaugas Kazakevicius, president. The Debtor estimated $50,000 to $100,000 in assets and $500,000 to $1 million in liabilities. The case is assigned to Judge Timothy A. Barnes. The Debtor is represented by Paul M. Bach, Esq., at the Bach Law Offices. RENX GROUP: Allowed to Use $2,852 of Cash Collateral ---------------------------------------------------- The Hon. Trish M. Brown of the U.S. Bankruptcy Court for the District of Oregon has entered an interim order authorizing RenX Group II, LLC, no more than $2,852 for certain expenses as outlined in its cash collateral motion prior to the final cash collateral hearing scheduled for Oct. 24, 2017. The Court has determined that the Debtor requires the use of the cash collateral of Robert & Melody Johnson, Jeffrey Kantor, and Jimmy Drakos, ("Prepetition Lenders"), in order to continue its ordinary course business operations and to avoid immediate and irreparable harm to its bankruptcy estate. The Prepetition Lenders are granted the following adequate protection of their interests in the collateral: (a) The Debtors will continue to maintain property and casualty insurance on the collateral, in an amount not less than the amounts maintained as of the Petition Date with the Prepetition Lenders named as loss payee, and will provide the Prepetition Lenders with proof of such insurance upon request. (b) As adequate protection for the use of the collateral, Debtors will pay to Prepetition Lenders the sum of $350 per month ($250 to Robert & Melody Johnson, $25 to Jeffrey Kantor, and $25 to Jimmy Drakos). The Debtor will make the first half of such payment after entry of the Interim Order. Subsequent payments will be made upon the monthly due date (if approved by the Court after the final cash collateral hearing). Payments will continue until further order of the Court or the Court enters an Order confirming a chapter 11 Plan in this case. The adequate protection is limited to the adequate protection payments and no additional adequate protection is authorized -- the Prepetition Lenders will not receive a post-petition lien except as otherwise ordered by the Court. A full-text copy of the Interim Order, dated Oct. 24, 2017, is available at http://tinyurl.com/ycvvggdo About RenX Group II Founded in 2013, RenX Group II, LLC, is a home business in Portland, Oregon. It sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 17-33139) on Aug. 22, 2017. Tracey Baron, manager, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets and liabilities of $1 million to $10 million. Judge Trish M. Brown presides over the case. The Debtor's attorneys are Michael D. O'Brien, Esq. and Theodore J. Piteo, Esq., of Michael D. O'Brien & Associates, P.C. ROCK INVESTMENT: R. Angerer Loan Increased to $275K in Joint Plan ----------------------------------------------------------------- The Rock Investment Group, Inc., filed with the U.S. Bankruptcy Court for the District of Colorado an amended disclosure statement to accompany its joint plan of reorganization dated August 31, 2017. The latest filing asserts that the Debtor has filed an Objection to the Claim of Legarza Exploration, which is currently pending before the Court. The total amount of the disputed claim is $133,789.08. If the claim is allowed, the total amount of claims against the Debtor will be $264,341.11. The Joint Plan will be funded through a post-petition loan from Robert Angerer, Sr. in the amount of not less than $275,000. The post-petition loan amount provided in the previous plan was not less than $250,000. Because the Debtor has no active operations, the Joint Plan presents the best option for creditors. The Loan Proceeds will result in the allowed claims against the Debtor being paid in full immediately while the Debtor completes the necessary title work to sell its assets and repay the Loan. A full-text copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/cob16-18110-103.pdf About Rock Investment Group The Rock Investment Group, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 16-18110) on August 17, 2016. The petition was signed by Robert Angerer, president. At the time of the filing, the Debtor disclosed $11.59 million in assets and $2.91 million in liabilities. The case is assigned to Judge Thomas B. McNamara. The Debtor hired Kutner Brinen P.C. as its bankruptcy counsel, and Keating, Wagner, Polidori, Free, P.C. as its special counsel. ROCKLINE VAC SYSTEMS: Creditor Wants to Prohibit Cash Use --------------------------------------------------------- John M. Fernandez, creditor of Rockline VAC Systems, Inc., asks the U.S. Bankruptcy Court for the Southern District of Florida to prohibit the Debtor's use of cash collateral. The Creditor requests that a hearing be held on Nov. 1, 2017. The Creditor says that the Debtor apparently continues to use the Creditor's cash collateral in blatant disregard of the provisions of the U.S. Bankruptcy Code and its responsibilities and obligations as a debtor-in-possession. The Creditor has advised the Debtor that it does not consent to the continued use of its cash collateral and has requested budgets from the Debtor. The Debtor continues to use the Creditor's cash collateral and has not provided the Debtor with any budget. A copy of the Creditor's request is available at: http://bankrupt.com/misc/flsb17-21340-26.pdf The Creditor is represented by: Alvin S. Goldstein, Esq. FURR COHEN, P.A. 2255 Glades Road, Suite 337W Boca Raton, FL 33431 Tel: (561) 395-0500 Fax: (561)338-7532 E-mail: agoldstein@furrcohen.com About Rockline VAC Systems Rockline VAC Systems, Inc., filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 17-21340) on Sept. 6, 2017. The Debtor is represented by Chad T. Van Horn, Esq., at Van Horn Law Group, Inc. RTR FARMS: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: RTR Farms, Inc. 8838 Hwy 1 Duncan, MS 38740 Type of Business: RTR Farms, Inc. is a privately owned company in Duncan, Mississippi engaged in the farming industry. Chapter 11 Petition Date: October 25, 2017 Case No.: 17-14067 Court: United States Bankruptcy Court Northern District of Mississippi (Aberdeen) Judge: Hon. Neil P. Olack Debtor's Counsel: Craig M. Geno, Esq. LAW OFFICES OF CRAIG M. GENO, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157 Tel: 601-427-0048 E-mail: cmgeno@cmgenolaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Rick Young, president. The Debtor did not file a list of 20 largest unsecured creditors on the Petition Date. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/msnb17-14067.pdf RUPARI FOOD: Unsecureds to Recoup At Least 8% Under Plan -------------------------------------------------------- Rupari Food Services Inc., its affiliated debtors and the Official Committee of Unsecured Creditors filed with the U.S. Bankruptcy Court for the District of Delaware joint combined disclosure statements and Chapter 11 plans of liquidation dated Oct. 16, 2017. Class 3B General Unsecured Claims are impaired by the Plan. Holders will recover at least 8%. After satisfaction in full of all senior claims, in full and final satisfaction, settlement, and release of each Allowed General Unsecured Claim, each holder of an Allowed General Unsecured Claim will receive on account of Allowed General Unsecured Claim the holder's pro rata share of the beneficial interest in the Rupari Food Liquidating Trust and, as a Beneficiary of the Rupari Food Liquidating Trust, will receive, on a distribution date, its pro rata share of net cash derived from the Rupari Food Liquidating Trust Assets available for Distribution as provided under this Combined Plan and Disclosure Statement and Rupari Food Liquidating Trust Agreement, until all Allowed General Unsecured Claims in Class 3B are paid in full or the Rupari Food Liquidating Trust Assets are exhausted; provided, however, that all distributions to holders of Allowed General Unsecured Claims shall be subject to the Rupari Food Liquidating Trustee first paying in full all Rupari Food Liquidating Trust Operating Expenses and reserving in the Rupari Food Liquidating Trust Operating Reserve for Rupari Food Liquidating Trust Operating Expenses as reasonable and appropriate. Class 3A General Unsecured Claims are impaired by the Plan. Holders will recover 0%. Rupari Holding has no assets. Therefore, holders of Allowed General Unsecured Claims against Rupari Holding will receive no Distribution under the Plan; provided, however, that in the event that the Liquidating Trust holds any Liquidating Trust Assets following the payment of all senior claims and the Liquidating Trust Operating Expenses, holders of Allowed General Unsecured Claims in Class 3B will receive a pro rata distribution from any remaining Liquidating Trust Assets. Payments required under the Plan will be funded from (a) cash held by the Debtors as of the Effective Date, (b) the plan contribution payments on the Effective Date, (c) net proceeds of avoidance actions, and (d) net recoveries resulting from the prosecution of other estate claims and Causes of Action. The Plan Contribution Payments will constitute the following payments from WPP and Danish Crown in exchange for full mutual general releases of all claims, rights, and other actions that could be asserted by the parties: (1) payment in the amount of $700,000 by WPP and (2) payment of $300,000 by Danish Crown. Danish Crown will have an allowed Class 3 Claim in the amount of $2,463,312.07 and an Allowed Administrative Expense Claim in the amount of $3,894. Rupari Bridge Company will have an allowed Class 3A Claim and a Class 3B Claim, but will agree in the Plan to waive any right to distribution on account of the claim. To the extent not paid in full in cash on the Effective Date, reserves for payment of claims not yet allowed and for Disputed Claims will be funded on the Effective Date and, in the case of Professional Fee Administrative Expense Claims, held by Liquidation Trustee until the claims are approved, and authorized to be paid, by the Court. On the Effective Date, the Debtors and the Debtors' Estates will transfer the Liquidating Trust Assets to the Liquidating Trust to be utilized, administered, and distributed by the Liquidating Trustee in accordance with the terms and conditions of this Combined Plan and Disclosure Statement, the Plan Confirmation Order and the Liquidating Trust Agreement. This Combined Plan and Disclosure Statement contemplates the creation of a Liquidating Trust from which, under the terms of this Combined Plan and Disclosure Statement and the Liquidating Trust Agreement, Distributions will be made for the benefit of holders of various allowed claims. The Plan does not provide for the substantive consolidation of the Estates of Rupari Food and Rupari Holding. Each Estate will be separately administered in accordance with the terms of the Plan. This Plan is, in large part, premised on the settlement reached in the Plan Term Sheet, which in turn, is embodied in this Plan. The Debtors, through their advisors, and at the direction of the Independent Director and Chief Restructuring Officer/Chief Financial Officer entered into negotiations with WPP, the Creditors' Committee, and Danish Crown prior to the filing of this Combined Plan and Disclosure Statement. The Plan Term Sheet provides that WPP and Danish Crown will make these Plan Contribution Payments: (1) payment in the amount of $700,000 by WPP, and (2) payment of $300,000 by Danish Crown. In addition, WPP shall waive all Claims against the Estates and shall receive no distribution on account of its Claims, and Danish Crown will receive an Allowed Class 3 Claim in the amount of $2,463,312.07 and an Allowed Administrative Expense Claim in the amount of $3,894. Rupari Bridge Company will have an allowed Class 3A Claim and a Class 3B Claim, but will agree in the Plan to waive any right to distribution on account of the claim. A copy of the Joint Disclosure Statement and Plan is available at: http://bankrupt.com/misc/deb17-10793-532.pdf About Rupari Holding Corp. Established in 1978, Rupari -- http://www.rupari.com/-- is a culinary supplier of sauced and unsauced ribs, barbeque pork, and BBQ chicken. Since 1978, Rupari Foods has been producing and distributing the finest, restaurant-quality, pre-cooked, sauced, bone-in proteins, and related barbeque products. The Company offers a full line of meats under the Rupari brand name, as well as a variety of products under the retail names of Tony Roma's and Butcher's Prime. The Company's products are available at large and mid-sized retailers throughout the United States and Canada. Rupari Holding Corp. and its affiliate Rupari Food Services, Inc., filed Chapter 11 petitions (Bankr. D. Del. Case Nos. 17-10793 and 17-10794, respectively) on April 10, 2017. The petitions were signed by signed by Jack Kelly, CEO. At the time of filing, the Debtors each estimated $50 million to $100 million in assets and $100 million to $500 million in liabilities. The cases are assigned to Judge Kevin J. Carey. R. Craig Martin, Esq., Maris J. Kandestin, Esq., Richard A. Chesley, Esq., and John K. Lyons, Esq., at DLA Piper LLP (US) are serving as counsel to the Debtors. Kinetic Advisors LLC is the financial advisor. Donlin, Recano & Co., Inc., is the claims and noticing agent. Andrew R. Vara, Acting U.S. Trustee for Region 3, on April 20, 2017, appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Rupari Holding Corp. The Committee tapped Lowenstein Sandler LLP as lead bankruptcy counsel, Whiteford Taylor & Preston LLC, as Delaware counsel, and CohnReznick LLP and CohnReznick Capital Market Securities, LLC, as its financial advisor and investment banker. SCOTT TERRAZZANO: Lawries Buying Jacksonville Homestead for $730K ----------------------------------------------------------------- Scott Terrazzano asks the U.S. Bankruptcy Court for the Middle District of Florida to authorize the sale of his homestead located at 13032 Huntley Manor Drive, Jacksonville, Florida to Daniel and Vicke Lawrie for $730,000. On the Petition Date, the Debtor claimed the Homestead Property as exempt pursuant to Florida Constitution Article X, Section 4(a)(l) as reflected in Schedule C. He owns the Homestead Property jointly with his non-filing spouse. He and his spouse acquired it as husband and wife on July 16, 2008. Although the Homestead Property is exempt and the sale may not be subject to court approval, the United States Trustee asked a motion be filed to approve the sale. The Debtor asks the Court to enter an Order finding that the Homestead Property is exempt. In addition to the homestead exemption, the Homestead Property is also exempt as tenancy by the entirety property. As reflected in the deed recorded as Duval County Official Records Book 14574 Page 1818, the Debtor and his non-filing spouse acquired the Homestead Property as husband and wife. Accordingly, the Debtor and his non-filing spouse hold the Homestead Property as tenants by the entirety. Atlantic Coast Bank is the only unsecured creditor that holds a claim against the Debtor and his non-filing spouse. Atlantic Coast Bank filed proof of claim 18 in the amount of $33,826 and proof of claim 19 in the amount of $91,114. No creditors are entitled to levy on the Homestead Property or proceeds therefrom by virtue of the homestead exemption. As the only creditor holding an unsecured claim against both the Debtor and his nonfiling spouse, Atlantic Coast Bank would be the only creditor excluded from the tenancy by the entirety exemption. The Debtor asks the Court enters an Order finding that, in addition to the homestead exenrption that exempts the Homestead Property in its entirety, the Debtor would also be entitled to claim the tenancy by the entirety exemption as to all creditors with the exception of Atlantic Coast Bank. The Debtor proposes that a portion of the funds be paid at closing or deposited into the DIP account to pay of Chapter 11 expenses, including United States Trustee fees and attorney fees and as a reserve for future Plan payments. The remaining funds should be deposited into a joint non-DIP homestead bank account, in order to maintain the exempt status of the proceeds and given that he owns the property jointly with his non-filing spouse. He asks a determination that these funds would maintain their exempt status, conditioned on remaining separate and apart from other funds, not commingled, and held for the sole purpose of reinvesting in another homestead. The Debtor and the Purchasers entered into the Contract to Buy and Sell Real Estate (Residential) dated Aug. 3, 2017 for the sale of the Homestead Property for the total purchase price of $730,000. The closing is currently scheduled for Nov. 3, 2017. The first mortgage lien of Bayview Financial, as reflected in proof of claim 5, would be paid in full from the sale. An estimated closing statement will be filed with the Court after conclusion of sale. A copy of the Contract attached to the Motion is available for free at: http://bankrupt.com/misc/Scott_Terrazzano_75_Sales.pdf The Debtor avers that the Proposed Sale is in the best interest of the Debtor, his creditors and the bankruptcy estate. The Proposed Sale would allow the mortgage holder to immediately recover its allowed secured claim. The Proposed Sale will also allow him to use exempt funds in part to fund future plan payments to other secured creditors and pay Chapter 11 administrative expenses, attorney fees and United States Trustee fees. The Debtor asks an expedited hearing on Nov. 2, 2017. The Creditor: ATLANTIC COAST BANK 10328 Deerwood Pk Jacksonville, FL 32256-7172 Counsel for the Debtor: Taylor J. King, Esq. LAW OFFICES OF MICKLER & MICKLER 5452 Arlington Expressway Jacksonville, FL 32211 Telephone: (904) 725-0822 Facsimile: (905) 725-0855 E-mail: tjking@plan1aw.com Scott Terrazzano sought Chapter 11 protection (Bankr. M.D. Fla. Case No. 3:16-bk-2595-PMG) on July 8, 2016. SENIOR COMMUNITY HOUSING: Taps Agredano Lozano as Consultant ------------------------------------------------------------ Senior Community Housing Long Beach, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Agredano Lozano and Associates as its consultant. The Debtor proposes to hire the firm to navigate the minefield related to obtaining city approval to move forward with financing and construction. The primary hold up to financing is the recession of the entitlements by the City of Long Beach. The process is expected to take about six months, according to court filings. The firm will receive payments on a monthly basis. Felipe Agredano Lozano, chief executive officer and president of Agredano, disclosed in a court filing that he and his firm are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Felipe E. Agredano Lozano Agredano Lozano and Associates 1027 W. Louisa Avenue West Covina, CA 91790 About Senior Community Housing Long Beach LLC Senior Community Housing Long Beach, LLC, based in Winnetka, California, filed a Chapter 11 petition (Bankr. C.D. Calif. Case No. 17-12260) on August 24, 2017. In its petition, the Debtor disclosed $1.65 million in total assets and $6.66 million in total liabilities. The petition was signed by Dean R. Isaacson, president of the Debtor's managing partner. Judge Maureen Tighe presides over the case. Michael R Totaro, Esq., at Totaro & Shanahan, is the Debtor's bankruptcy counsel while Mihel Law is the special litigation counsel. On October 18, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. SEQUOIA VOTING: Court Confirms Second Amended Chapter 11 Plan ------------------------------------------------------------- Judge Thomas B. McNamara of the U.S. Bankruptcy Court for the District of Colorado issued an order confirming Sequoia Voting Systems, Inc.'s second amended (revised) plan of reorganization. Judge McNamara finds that the Plan, and the compromises and settlements embodied therein, have been proposed in good faith and not by any means forbidden by law. Article 2 of the Plan adequately and properly identifies and classifies all Claims and Equity Interests. The Claims or Equity Interests placed in each Class are substantially similar to other Claims or Equity Interests, as the case may be, in each such Class, and such classification is therefore consistent with Section 1122 of the Bankruptcy Code. Valid business, factual and legal reasons exist for the various Classes of Claims and Equity Interests created under the Plan, and such classification does not unfairly discriminate among holders of Claims or Equity Interests. The Plan’s classification scheme recognizes the differing legal and equitable rights of creditors versus holders of Equity Interests, secured versus unsecured Claims and priority versus non-priority Claims. The Plan provides for the same treatment for a Claim or Equity Interest in each respective Class unless the holder of a particular Claim or Equity Interest has agreed to a less favorable treatment of such Claim or Equity Interest. In addition, Article 6 of the Plan regarding corporate governance of the Debtor is consistent with the interests of creditors and equity security holders and with public policy. The Troubled Company Reporter previously reported that general unsecured creditors will be paid 9.2% under the plan. Holders of Allowed Class 2 general unsecured claims will get a pro rata share of available cash after funding reserve and convenience claims. A copy of that disclosure statement is available for free at https://is.gd/vRUT76 A full-text copy of Judge McNamara's Order dated Oct. 20, 2017, is available at: http://bankrupt.com/misc/cob14-11360-187.pdf About Sequoia Voting Systems SVS Holdings, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 10-24238) on June 8, 2010. On October 16, 2012, the court entered an order converting the case to a Chapter 7 proceeding and appointed Tom H. Connolly as Chapter 7 trustee. With the approval of the court on February 11, 2014, the trustee caused Sequoia Voting Systems, Inc., based in Louisville, Colorado, to file a voluntary Chapter 11 petition (Bankr. D. Colo. Case No. 14-11360) on Feb. 11, 2014. It listed total assets of $547,583 and total liabilities of $3.38 million. The petition was signed by Tom H. Connolly, president. SEVEN GROUP: Benitez Buying Redding Property for $450K ------------------------------------------------------ The Seven Group Holdings, LLC, asks the U.S. Bankruptcy Court for the District of Connecticut to authorize the sale of real property located at 440 Black Rock Turnpike, Redding, Connecticut to Paola A. Benitez or her nominee for $450,000. As of the Petition Date, the Debtor owned the Property. On June 6, 2017, Debtor filed an Amended Notice of Intent to Sell the Property in accordance with the Purchase and Sale Agreement for the total sum of $450,000 to the Buyer. Pursuant to the terms of the Confirmed Plan, the Debtor asks to consummate and sell the Property pursuant to the Sale Agreement on Nov. 1, 2017 to the Buyer. As set forth, despite marketing efforts, no further bidders or buyers for the Property were identified or located. The proceeds from the sale will full pay all creditors in the case under the terms of the Confirmed Plan. The material terms of the Sale Agreement are: a. Purchaser: Paola Benitez b. Purchase Price: $450,000 c. Deposit: $5,000 d. Mortgage contingency date: Sept. 29, 2017 e. Closing Date: Nov. 1, 2017 f. Terms: Free and clear of all claims, liens and encumbrances As of the Petition Date, the Property was subject to these liens, interests, claims and encumbrances: a. Real Estate Taxes on the Grand List of Oct. 1, 2015 due and payable July 1, 2016 and Jan. 1, 2017 in the total amount of $10,146; b. Sewer and water use and/or assessment charges as may be due and payable to the Water Pollution Control Authority of the Town of Redding; c. Fire District Taxes as may be due and payable to Redding Fire District #1; d. Fire District Tax Lien on the Grand List of 2014 in the amount of $272 dated June 30, 2016 and recorded July 6, 2016 in Volume 404 at Page 105 of the Redding Land Records; and e. Mortgage in favor of Joseph Spinelli and John Sorice in the original principal amount of $320,000, dated April 24, 2015 and recorded April 30, 2015 in Volume 397 at Page 286 of the Redding Land Records. The Debtor respectfully asks authority to distribute the proceeds from the sale of the Property as set forth on the draft closing settlement statement. The proceeds will be used to pay off all Allowed Claims, as set forth in the Confirmed Plan, including administrative, priority, secured and unsecured claims. All closing costs, fees and other associated expenses will be paid at the time of closing. All excess proceeds will be disbursed to the Debtor. in light of the urgency of the Debtor's need to sell its inventory, the Debtor asks that the Court's order authorizing the sale of its inventory be effective immediately, without regard to the 14-day stay otherwise provided for under Fed. R. Bankr. P. 6004(h). A copy of the Sale Agreement and the draft closing settlement statement attached to the Motion is available for free at: http://bankrupt.com/misc/Seven_Group_142_Sales.pdf The Purchaser: Paola A. Benitez 4 Roe Street Melville, NY 11747 About The Seven Group Holdings The Seven Group Holdings, LLC, is a Florida limited liability company that purchases, rehabilitates, and sells real estate. Seven Group is a holding company with no employees or postpetition operating revenue. It is owned 50% by The 6 Group, LLC, and 50% by Cruz East Venture, LLC. In August 2016, it sold a rehabilitated parcel of real estate it owned in North Babylon, New York. The Seven Group filed a Chapter 11 bankruptcy petition (Bankr. D. Conn. Case No. 16-51259) on Sept. 20, 2016, estimating under $1 million in assets and liabilities. The Debtor is represented by Jeffrey M. Sklarz, at Green & Sklarz, LLC. No official committee of unsecured creditors has been appointed in the case. On July 31, 2017, the Court confirmed the First Amended Plan of Reorganization of the Debtor. SHIRAZ HOLDINGS: Needs Additional 60 Days to File Chapter 11 Plan ----------------------------------------------------------------- Shiraz Holdings, LLC, requests the U.S. Bankruptcy Court for the Southern District of Florida to extend the exclusivity period to file a bankruptcy-exit plan for a period of 60 days, and extend the time to solicit acceptances of any such plan for the same period. Pursuant to 11 U.S.C. Section 1121(b), the Debtor has the exclusive right to file and ballot a plan of reorganization until October 24, 2017. The Debtor owns several parcels of real property including three commercial properties and one residential property. The Debtor believes that its properties are income producing in nature and ought to generate sufficient cash flows to support its secured debt and provide a meaningful distribution to unsecured creditors. The Debtor tells the Court that it is in the process of negotiating with its creditors, it has engaged brokers to help facilitate the sale of leases of its properties, and has reached certain settlements that should prove helpful in its reorganization efforts. The Debtor asserts that this bankruptcy case involves several unresolved contingencies, including negotiations with CCOP, LLC and other potential claimants in the case, and analysis of the most prudent method to maximize the value of Debtor's assets. Moreover, the deadline for creditors other than governmental units to file proofs of claim is October 30, 2017. In the meantime, the Debtor requires additional time to negotiate and prepare adequate information while it continues to negotiate with its secured and unsecured creditors to advance restructuring of its debt. About Shiraz Holdings, LLC Shiraz Holdings, LLC, based in Delray Beach, Fla., filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 17-17968) on June 26, 2017. The Hon. Paul G. Hyman, Jr. presides over the case. Thomas M. Messana, Esq., at Messana, P.A., serves as bankruptcy counsel. In its petition, the Debtor estimated $10 million to $50 million in both assets and liabilities. The petition was signed by Jordan A. Satary, managing member. SOUTHWORTH COMPANY: Creditors Committee Has Three Members --------------------------------------------------------- In the Chapter 11 case of Southworth Company, William K. Harrington, United States Trustee, Region 1, in early October 2017, formed a three-member unsecured creditors' committee as contemplated by 11 U.S.C. Sec. 1102(a)(1). These creditors have been appointed to the Committee: 1. Mark H. Snyder, President Cheney Pulp & Paper Company 1000 Anderson Street P.O. Box 215 Franklin, OH 45005 Tel: 937-746-9991 Fax: 937-746-3884 2. MarkSnyder@CheneyPulp.com Mr. Kent Tarrant 45 Valley View Drive Hampden, MA 01036 Tel: 413-566-5130 E-mail: Kent100@charter.net 3. Mr. William C. Blanker 72 Meadow Wood Drive Greenfield, MA 01301 Phone: 413-773-9830 E-mail: Bblanker72@gmail.com About Southworth Company Southworth Company is a privately owned Massachusetts Corporation organized in 1839 and headquartered in Agawam, Massachusetts. In 2006, Southworth acquired the Esleeck Paper Company in Turners Falls where it operates as Turners Falls Paper Company. The Madison Park Group, a greeting card and gift company based in Seattle, Washington, was acquired in 2012 and operates as a division of Southworth. Southworth has recently employed approximately 100 employees and has been engaged in the manufacture of specialty papers for baking and health care applications, envelopes and office paper, as well as greeting cards and gifts. Southworth Company filed a Chapter 11 petition (Bankr. D. Mass. Case No. 17-30817) on Sept. 27, 2017. The petition was signed by John S. Leness, its president. At the time of filing, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Elizabeth D. Katz presides over the case. Joseph B. Collins, Esq., at Hendel & Collins P.C., in Springfield, Massachusetts, serves as counsel to the Debtor. Shatz, Schwartz and Fentin, P.C., is counsel to the Official Committee of Unsecured Creditors. SPANISH ISLES: Full Payment for Unsecureds Under Trustee's Plan --------------------------------------------------------------- Margaret J. Smith, chapter 11 Trustee for the bankruptcy estate of Spanish Isles Property Owners' Association, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a disclosure statement in connection with her proposed plan of reorganization, dated Oct. 20, 2017, which contemplates the restructuring and the treatment of the Debtor's obligations resulting in the payment in full of any and all Allowed Claims against the Debtor. One key feature of the Plan is how it deals with the Debtor's assessment powers and who will have the ability to use and enforce those powers. Under the Governing Documents, the Debtor (through its board of directors) has the power to levy, enforce, and collect general assessments, special assessments, and charges. "Annual assessments" are fixed, but may be increased annually up to 5%. "Special assessments" generally are levied to account for unexpected or infrequent expenses. "Charges" are levied for the use of communities' common areas. Another important feature of the Plan is a loan that will be provided by ASM. ASM is a lender who has agreed to lend money necessary for the Plan to work properly. The funds provided by ASM will be used to: fund a claim reserve for the payment of disputed claims; pay a portion of approved Administrative Expenses; fund a reserve in the amount of $100,000; and pay all Allowed Claims upon confirmation of the Plan. The Plan also features the creation of a Creditor Trust, to be run by the Creditor Trustee. The Creditor Trust will be used to pay off Creditors with valid, Allowed Claims. On the Effective Date, all of the Creditor Trust Assets will be transferred to and will vest in the Creditor Trust. Creditor Trust Assets include, but are not limited to, Cash, recoveries from Causes of Action, and all powers held by the board of directors of Debtor, including but not limited to, the power to levy and collect assessments (both general and special) and charges. Class 3 under the plan consists of Allowed General Unsecured Claims. Each Holder of an Allowed Class 3 claim will receive payment in full in cash, including the payment of interest. All distributions required to be made pursuant to the terms of the Plan, and the costs of administering such distributions incurred by the Creditor Trustee, will be obtained from the Creditor Trust Assets and Exit Facility. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/flsb14-34444-747.pdf Attorneys for Margaret J. Smith, Chapter 11 Trustee: Kristopher A. Aungst, Esq. Jesse R. Cloyd, Esq. TRIPP SCOTT, P.A. 110 Southeast 6th Street 15th Floor Fort Lauderdale, Florida 33301 Tel: (954) 525-7500 Fax: (954) 761-8475 About Spanish Isles Property Owners Association, Inc. Spanish Isles Property Owners Association, Inc. filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 14-34444) on November 2, 2014, disclosing assets and liabilities of less than $1 million. The Debtor is represented by Brett A Elam, Esq. Judge Erik P. Kimball presides over the case. Margaret J. Smith was appointed as Chapter 11 trustee in the Debtor's case. Kristopher E. Aungst, Esq., at Tripp Scott, P.A., represents the trustee as legal counsel. No official committee of unsecured creditors has been appointed in the case. SQUARE ONE: May Use First Citrus' Cash Collateral Until Nov. 15 --------------------------------------------------------------- The Hon. Cynthia C. Jackson of the U.S. Bankruptcy Court for the Middle District of Florida has entered a fifth interim order authorizing Square One Development, LLC, and Square One Henderson, LLC, to use cash collateral of First Citrus Bank until Nov. 15, 2017. A continued hearing on use of cash collateral will be held on Nov. 15, 2017, at 2:00 p.m. First Citrus Bank will have a perfected postpetition lien against cash collateral to the same extent and with the same validity and priority as the prepetition lien, without the need to file or execute any documents as may otherwise be required under applicable non-bankruptcy law. The Debtor will maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with First Citrus Bank. A copy of the Order is available at: http://bankrupt.com/misc/flmb17-03846-181.pdf As reported by the Troubled Company Reporter on Oct. 2, 2017, the Court previously granted the Debtors permission to use cash collateral until Sept. 30, 2017. The Debtor was authorized to use cash collateral to pay: (a) amounts expressly authorized by the Court, including payments to the U.S. Trustee for quarterly fees; (b) the current and necessary expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and (c) additional amounts as may be expressly approved in writing by First Citrus Bank. About Square One Development Headquartered in Tampa, Florida, Square One Development, LLC, is a multi-member Florida limited liability company formed on April 6, 2010. It owns a group of 12 related entities including eight gourmet burger restaurants with operations in West Central Florida. Square One Development, LLC, and its affiliates filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Lead Case No. 17-03846) on June 9, 2017. The petitions were signed by William Milner, manager. Square One Winter Park, LLC, an affiliate, estimated its assets and liabilities between $1 million and $10 million. Latham, Shuker, Eden & Beaudine, LLP, is serving as bankruptcy counsel to the Debtor. STEFANOVOUNO LLC: Allowed to Use Cash Collateral Through Dec. 19 ---------------------------------------------------------------- Judge Michael A. Fagone of the U.S. Bankruptcy Court for the District of New Hampshire authorized Stefanovouno, LLC, to use and expend the proceeds of cash collateral to pay the costs and expenses incurred by the Debtor in the ordinary course of business as shown by the cash collateral budget through Dec. 19, 2017. The approved cash collateral budget provides total monthly expenses of approximately $92,805. The Debtor, however, is given leave to file an amended budget on or before Oct. 26, 2017. The Debtor may pay out of the cash collateral any quarterly fees due and outstanding to the Office of the U.S. Trustee. However, the Debtor is prohibited from making payments to Yellowstone Capital or Elite Enterprise, without an order of the Court authorizing such payments. Charbel Realty, LLC, is granted a security interest in all of the Debtor's post-petition assets of the same kinds, nature and type as the cash collateral in which it held valid and enforceable, perfected security interests prior to the Petition Date, as well as the proceeds thereof. Such replacement liens will be supplemental and in addition to the security interests held by Charbel Realty on the Petition Date. The Debtor is required to provide for the collection and turnover of meals and room taxes ("M&R") generated by sales on a weekly basis and shall sequester these M&R funds on a current basis in the Chapter 11 debtor in possession account, or such other account as the Bankruptcy Court may authorize with respect to these payments. Moreover, the Debtor will turn over the M&R tax funds collected through the close of business each Sunday to the NH Department of Revenue Administration ("DRA") not later than 12:00 p.m. on each following Tuesday. The Debtor's monthly average for M&R is $10,000. The Debtor is directed to pay the exact amount of the M&R tax due each week as required by law. At a hearing on Oct. 24, the Debtor represented that it intended to make a payment of approximately $2,500 to the DRA. If the payment to the DRA is not made and the DRA files a certification to that effect, the Court will conduct an emergency hearing to consider whether to limit or prohibit the Debtor's use of cash collateral. The Debtor is ordered to file the monthly operating report for November 2017 on or before Dec. 12, 2017. The Debtor is required to file and serve a Motion for Further Use of Cash Collateral by Dec. 4, 2017. Any Objections to the Debtor's Motion for Further Use of Cash Collateral must be filed and served by Dec. 15. A further hearing on the Debtor's further use of cash collateral will be held on Dec. 19, 2017 at 10:00 a.m. A full-text copy of the Order, dated Oct. 24, 2017, is available at http://tinyurl.com/ya75jrrg About Stefanovouno Stefanovouno, LLC, operates a pizza restaurant known as Tommy K's in the building at 2323 Brown Avenue, Manchester, New Hampshire. The restaurant is open seven days a week. It also owns the Manchester real property. Stefanovouno is owned, managed, and operated by Thomas Katsiantonis. Mr. Katsiantonis has owned, managed, and operated Stefanovouno since November 2014. Stefanovouno filed for Chapter 11 bankruptcy protection (Bankr. D.N.H. Case No. 17-11142) on Aug. 16, 2017, estimating its assets at between $100,000 and $500,000 and liabilities at between $1 million and $10 million. The petition was signed by Mr. Katsiantonis. Eleanor Wm Dahar, Esq., at Victor W. Dahar Professional Association, serves as the Debtor's bankruptcy counsel. Brandee Wilson is the Debtor's bookkeeper. STEFANOVOUNO LLC: Wants to Use Cash Collateral Through Dec. 31 -------------------------------------------------------------- Stefanovouno, LLC, seeks permission from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral of Charbel Realty, LLC, in order to fund its operations for the period Nov. 1, 2017, through Dec. 31, 2017. The Debtor requests authorization to use the income generated from its restaurant sales of $134,230 in November 2017 and $134,230 in December 2017 as cash collateral for monthly mortgages and expenses through Dec. 31, 2017. The Debtor projects that during the budget period it will generate approximately $134,230 in income from restaurant sales in November 2017 and $134,230 in income from restaurant sales in December 2017. The Debtor's cash flow will be comprised of revenue from operation of the pizza restaurant. The Debtor needs the use of the cash collateral generated from the restaurant business to pay its postpetition obligations. After payment of postpetition obligations necessary to the operation of the business and maintenance of the property, including estimated Chapter 11 expenses, the Debtor projects that it will have approximately $101,387 in November 2017 and $132,812 in December 2017 surplus cash-on-hand at the end of the budget period. Charbel has liens on all of the Debtor's business assets and equipment and real estate. Thus, the Debtor has no cash with which to operate other than cash collateral. The cash is necessary to pay operating expenses and payments, and monthly mortgage payments. In order to provide adequate protection of the security interest of Charbel in cash collateral and to protect the interest of other creditors, the Debtor needs to use the cash collateral. The Debtor says that approving the use of cash collateral is in the best interests of the Debtor, its estate, and its creditors, including Charbel Realty, because it will permit the Debtor to continue as a going concern, thereby maximizing the value of its assets, a result which will inure to the benefit of all of the Debtor's creditors and other constituencies. Absent the use of cash collateral, the Debtor will be forced to cease operations immediately, resulting in the forced liquidation of its assets. The Debtor needs the use of the cash collateral to satisfy necessary mortgage payments, utility, insurances, taxes, including State of NH Rooms and Meals taxes, and monthly expenses. The Debtor proposes granting Charbel adequate protection liens on the estate's post-petition accounts receivable and the cash proceeds thereof. The proposed adequate protection lien will have the same priority, validity, and enforceability as existing lien on the pre-petition cash collateral, but will only be recognized to the extent of the diminution in value, if any, of the pre-petition cash collateral resulting from the Debtor's use of cash collateral during the budget period. A copy of the Debtor's motion is available at: http://bankrupt.com/misc/nhb17-11142-57.pdf As reported by the Troubled Company Reporter on Sept. 29, 2017, the Court authorized to use and expend cash collateral to pay costs and expenses incurred in the ordinary course of its business in accordance with the budget through Oct. 31, 2017. About Stefanovouno Stefanovouno, LLC, operates a pizza restaurant known as Tommy K's in the building at 2323 Brown Avenue, Manchester, New Hampshire. The restaurant is open seven days a week. It also owns the Manchester real property. Stefanovouno is owned, managed, and operated by Thomas Katsiantonis. Mr. Katsiantonis has owned, managed, and operated Stefanovouno since November 2014. Stefanovouno filed for Chapter 11 bankruptcy protection (Bankr. D. N.H. Case No. 17-11142) on Aug. 16, 2017, estimating its assets at between $100,000 and $500,000 and liabilities at between $1 million and $10 million. The petition was signed by Mr. Katsiantonis. Eleanor Wm Dahar, Esq., at Victor W. Dahar Professional Association, serves as the Debtor's bankruptcy counsel. STERLING ENTERTAINMENT: Seeks February 1 Plan Filing Extension -------------------------------------------------------------- Sterling Entertainment Group LV, LLC seeks from the U.S. Bankruptcy Court for the District of Nevada an additional 90-day extension of the periods during which the Debtor has the exclusive right to file a chapter 11 plan of reorganization and to solicit acceptances of its plan, through and including February 1, 2018 and April 2, 2018, respectively. The Debtor owns the Olympic Garden Gentlemen's Club located at 1531 Las Vegas Boulevard, Las Vegas, Nevada 89104 as well as the real Property associated with the Club. The Debtor seeks these extensions (a) to provide further time for preparing adequate information, formulate a plan, and conclude negotiations for the Debtor's business operations and (b) to ensure the plan that is eventually formulated will take into account all the interests of the Debtor and its creditors. The Debtor asserts that its case has been pending for a relatively short period of time and its business property has had limited operations (by the receiver) over the past year. The Debtor has decided to market and lease the operations of the Club to a third-party entity in order to generate significant cash flow for the Debtor -- cash flow that will be the source of funding for any proposed plan of reorganization. The Debtor contends that its business operations have been difficult to resume based on the nature of its business (a sexually-oriented business) and the Club has not been operating full-time. The Debtor claims that preserving privileged licenses, reopening the Club and resuming operations have been its focus over the first 90 days. While the Debtor has found a viable operator, but the Debtor has had to deal with various turnover issues, administrative claims, and issues relating to preserving privileged licensing necessary for the Club's operations. Accordingly, the Debtor claims that the additional time requested will permit the business operator to prepare the Club for regular operations and generate a stable cash flow. About Sterling Entertainment Group Los Angeles, California-based Sterling Entertainment Group LV, LLC owns the Olympic Garden Gentlemen's Club located at 1531 Las Vegas Boulevard, Las Vegas, Nevada 89104 as well as the real Property associated with the Club. Sterling Entertainment Group filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 17-13662) on July 6, 2017. The petition was signed by Amadouba Tall, trustee of Salahadin Family Trust. The Hon. August B. Landis presides over the case. Bryan M Viellion, Esq. at Kaempfer Crowell, represents the Debtor. At the time of filing, the Debtor estimated $10 million to $50 million in both assets and liabilities. STERLING ENTERTAINMENT: Wants to Lease Las Vegas Club to GVIH ------------------------------------------------------------- Sterling Entertainment Group LV, LLC, asks the US Bankruptcy Court for the District Of Nevada to authorize the lease of its property operating as the Olympic Garden Gentlemen's Club located at 1531 Las Vegas Boulevard, Las Vegas, Nevada to Garden Variety Investment Holdings, LLC ("GVIH"). The Debtor purchased the Club and the Property in July of 2015. It has decided to lease the operations of the Club to a third party entity in order to generate significant cash flow for the Debtor. The Debtor has marketed the operations to various entities to gauge interest in and to solicit offers to operate the Club. Its counsel marketed the operations of the Club to several prominent gentlemen club owners across the United States. Each owner expressed interest in purchasing the Club and the real property associated with the Club, but none expressed any desire to enter into a lease with the Debtor under which he would operate the Club. After reviewing the offers and personally meeting with the different groups submitting offers, the Debtor, in its sound business judgment, believes that entering into the Lease Agreement with GVIH is in the best interests of the estate and creditors in order to generate cash flow with which to pay back its creditors. The Lease requires a Base Rent of $65,000 to be paid each month to the Debtor, net of property taxes, insurance, and utilities. The Lease provides for additional rent to be paid to the Debtor should the operator reach certain annual gross revenue thresholds over $7,800,000. The Lease provides for the operator to run all aspects of business operations of the Club, including safeguarding the Property with surveillance and security. Moreover, the Club operations will provide for property protection from vagrants and vandalizers which currently threaten the Club and the Property. On Oct. 20, 2017, the Club was broken into and vandalized. An operator present, operating the Club would significantly deter such activity. The Lease allows the Club to begin operating again, preserving all privileged licenses issued by the City of Las Vegas. The Lease will allow for the new operator to rebuild the Olympic Garden brand which is well known throughout Las Vegas as one of the preeminent gentlemen's clubs. VIH is managed by TYLNNE2, LLC, the operating company of Thomas Lynn. Mr. Lynn has owned and/or operated several food and beverage establishments in and around Las Vegas, including several on the Las Vegas Strip for the last 10 years. The Debtor's counsel, Bryan Viellion, has known Mr. Lynn for many years. Mr. Lynn was a business partner in other ventures with Michael Viellion, the counsel's brother. GVIH and Mr. Lynn retained counsel at Marquis Aurbach Coffing to assist them with matters relating to this transaction, including a full review of the Lease and the terms negotiated between the Debtor and GVIH. Kaempfer Crowell in no way represents or has represented Mr. Lynn, his operating company TLYNNE2, or GVIH with regards to this transaction. The Debtor directly negotiated terms with Mr. Lynn and Mr. Viellion. Tony Celeste, a partner at Kaempfer Crowell, and Bryan Viellion counseled the Debtor with regards to the negotiations and to ensure compliance with applicable bankruptcy law. The Debtor's decision to enter into the Lease with GVIH was made after careful review of all of the facts and circumstances and using its business judgment in choosing an operator who could perform under the Lease and provide substantial cash flow to the estate with which it could use to pay its debts. Immediate possession by the Lessee is also crucial to deter future break-ins and vandalizing of the Club and Property. Delays in approval of the Lease will delay the opening of the Club, the licensing, the improvements to the Club, the rent payments to the Club which are scheduled to begin Nov. 1, 2017, and generally prejudice the Debtor and the operator in reopening the Club. Absent the referenced Lease, the Debtor's estate will be substantially and irreparably harmed. Accordingly, the Debtor asks the Court to approve the lease of estate property to GVIH, in accordance with the terms of the Lease. The Debtor further asks that the Court waives the 14-day stay period pursuant to Bankruptcy Rule 6004(h). About Sterling Entertainment Group Based in Los Angeles, California, Sterling Entertainment Group filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 17-13662) on July 6, 2017. The petition was signed by Amadouba Tall, trustee of Salahadin Family Trust. At the time of filing, the Debtor estimated $10 million to $50 million in both assets and liabilities. The Hon. August B. Landis presides over the case. Bryan M Viellion, Esq. at Kaempfer Crowell, represents the Debtor. STRATITUDE INC: Varnar Inc Joins Quadant 4 Creditor's Committee --------------------------------------------------------------- Patrick S. Layng, U.S. Trustee for the Northern Disrict of Illinois, in an amended notice on Oct. 24, informed the Bankruptcy Court that Varnar, Inc., a creditor from the Stratitude, Inc. case, has been appointed to the official unsecured creditor's committee in the jointly administered cases of Quadrant 4 System Corporation and Stratitude. The four creditors appointed to serve on the Committee are: (1) FisherBroyles, LLP Attn: Steven C. Papkin 5670 Wilshire Boulevard, Suite 1800 Los Angeles, California 90036 (2) Maksim Saitskiy Attn: Maksim Saitskiy 1490 East 2nd Street Brooklyn, NY 11230 (3) Micah Winkelspecht Attn: Micah Winkelspecht 4141 Glencoe Ave, Unit 507 Marina Del Rey, CA 90292 (4) Varnar, Inc. Attn: Gopal Varanasi 46090 Lake Center Plaza Suite 108 Sterling, VA 20165 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 Quadrant 4 System Quadrant 4 System Corporation (OTC:QFOR) -- http://www.qfor.com/-- sells IT products and services. Its revenues are primarily generated from the placement of staffing or solution consultants, and the sale and licensing of its proprietary cloud-based Software as a Service (SaaS) systems, as well as a wide range of technology oriented services and solutions. Quadrant's principal executive offices are located in Schaumburg Illinois. The Company also operates its business from various offices located in Naples, Florida; Alpharetta, Georgia; Bingham Farms, Michigan; Cranbury, New Jersey; Pleasanton, California; and Ann Arbor, Michigan. Quadrant 4 System is the 100% owner of the issued and outstanding common stock of Stratitude, Inc., a California corporation, which it acquired on or about Nov. 3, 2016. Concurrently with the Stratitude Acquisition, Stratitude acquired certain of the assets of Agama Solutions, Inc., a California corporation. Both Stratitude and Agama are located in Pleasanton and Fremont, California and are engaged in the IT business. Quadrant 4 System disclosed total assets of $47.05 million and total liabilities of $31.39 million as of Sept. 30, 2016. Quadrant 4 System filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-19689) on June 29, 2017. CEO Robert H. Steele signed the petition. Quadrant 4, which was subject to a securities fraud probe that led to the arrest and resignation of its top two executives seven months ago, sought Chapter 11 protection after reaching a settlement with the U.S. Securities and Exchange Commission and signing deals to sell four business segments for at least $6.9 million. The Chapter 11 case is assigned to Judge Jack B. Schmetterer. The Debtor's bankruptcy attorneys are Adelman & Gettleman, Ltd.'s Chad H. Gettleman, Esq. and Nathan Q. Rugg, Esq. Nixon Peabody LLP acts as special counsel for matters concerning taxes, labor, ERISA, securities compliance, international law, and related matters while Faegre Baker Daniels LLP acts as special counsel for securities litigation. Silverman Consulting Inc., serve as financial consultants to the Debtor, and Livingstone Partners, LLC, as investment banker. On July 10, 2017, a three-member panel was appointed as official committee of unsecured creditors in the Debtor's case. Sugar Felsenthal Grais & Hammer LLP serve as counsel to the Committee and Amherst Partners, LLC as financial advisor. About Stratitude, Inc. Headquartered in Pleasanton, California, Stratitude, Inc. -- http://www.stratitude.com-- is a provider of information technology consulting services to a variety of industries in the United States. The Company offers business process review and assessment, business process infrastructure analysis, business process project estimation & planning and business process roadmap development. The Company is 100% owned by Quadrant 4 System Corporation, a debtor in a related Chapter 11 bankruptcy case (Bankr. N.D. Ill. Case No. 17-19689) filed on June 29, 2017. Concurrently with the acquisition of Stratitude by Quadrant 4 on Nov. 3, 2016, Stratitude acquired certain assets of Agama Solutions, Inc., a California corporation. Stratitude, Inc., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 17-30724) on Oct. 13, 2017, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Robert H. Steele, CEO. Judge Jack B. Schmetterer presides over the case. Nicholas R Dwayne, Esq., and Nathan Q. Rugg, Esq., at Adelman & Gettleman, Ltd., serve as the Debtor's bankruptcy counsel. * * * The Chapter 11 cases of Quadant 4 and Stratitude are jointly administered. SULLIVAN VINEYARDS: Proposed Plan to be Funded by K. Sullivan ------------------------------------------------------------- Sullivan Vineyards Corporation, Sullivan Vineyards Partnership, and Ross Sullivan and Kelleen Sullivan, equity interest holders in the Debtors, filed with the U.S. Bankruptcy Court for the Northern District of California a disclosure statement to accompany their joint reorganization plan dated Oct. 20, 2017. The Plan does not impair any classes of creditors. The Plan will not forestall secured creditors from exercising their non-bankruptcy law remedies regarding their collateral. Kelleen Sullivan will lend the Debtors sufficient funds to pay in full all allowed unsecured claims, excluding only the claims of the Chapter 11 Trustee and his professionals, which are to be paid by Winery Rehabilitation, LLC, and Stephen Finn, pursuant to the order of the Bankruptcy Court for the appointment of a Chapter 11 Trustee. Class 4 under the plan consists of the claims of the General Unsecured Creditors of SVP. The Plan leaves unaltered the legal, equitable, and contractual rights to which the Class 4 Claims entitle the holders of such Claims. The holder of the Allowed Class 4 Claim will be paid in accordance with the applicable non-bankruptcy law on the later of the Effective Date or the date on which the Class 4 Claim becomes allowed. Class 5 consists of the claims of the General Unsecured Creditors of SVC. The Plan leaves unaltered the legal, equitable, and contractual rights to which the Class 5 Claims entitle the holders of such Claims. The holder of the Allowed Class 5 Claim shall be paid in accordance with applicable non-bankruptcy law on the later of the Effective Date or the date on which the Class 5 Claim becomes allowed. Kelleen Sullivan has sufficient assets to pay all claims for which payment under the Plan is due on the Effective Date. With respect to the former employees, there is insurance coverage for the cost of defense. There is also insurance coverage for claims arising from Kelleen Sullivan's operation of motor vehicles. A full-text copy of the Disclosure Statement dated Oct. 10, 2017, is available at: http://bankrupt.com/misc/canb17-10065-222.pdf About Sullivan Vineyards Sullivan Vineyards Corporation filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 17-10065), on Feb. 1, 2017. The petition was signed by Ross Sullivan, CEO. The Debtor is represented by Steven M. Olson, Esq., at the Law Office of Steven M. Olson. The case is assigned to Judge Alan Jaroslovsky. The Debtor estimated assets at $1 million to $10 million and liabilities at $10 million to $50 million at the time of the filing. Sullivan Vineyards Partnership sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif., Case No. 17-10067) on Feb. 2, 2017. The petition was signed by Ross Sullivan, general partner. The case is assigned to Judge Alan Jaroslovsky. At the time of the filing, the Debtor disclosed $18.99 million in assets and $14.27 million in liabilities. SUNGARD AVAILABILITY: Bank Debt Trades at 7.40% Off --------------------------------------------------- Participations in a syndicated loan under SunGard Availability is a borrower traded in the secondary market at 92.60 cents-on-the-dollar during the week ended Friday, October 13, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.43 percentage points from the previous week. SunGard Availability pays 500 basis points above LIBOR to borrow under the 1025 billion facility. The bank loan matures on March 27, 2019 and Moody's B1 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended October 13. SUNRISE REAL: Incurs US$2.8 Million Net Loss in Q3 2015 ------------------------------------------------------- Sunrise Real Estate Group, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of US$2.85 million on US$1.36 million of net revenues for the three months ended Sept. 30, 2015, compared to a net loss of US$973,918 on US$2.25 million of net revenues for the three months ended Sept. 30, 2014. For the nine months ended Sept. 30, 2015, Sunrise Real reported a net loss of US$6.80 million on US$3.71 million of net revenues compared to a net loss of US$2.58 million on US$7.15 million of net revenues for the nine months ended Sept. 30, 2014. As of Sept. 30, 2015, the Company had US$103.98 million in total assets, US$113.88 million in total liabilities and a total shareholders' deficit of US$9.90 million. In the first three quarter of 2015, the Company's principal sources of cash were revenues from its agency sales and property management business. Most of the Company's cash resources were used to fund its property development investment and revenue related expenses, such as salaries and commissions paid to the sales force, daily administrative expenses and the maintenance of regional offices. The Company ended the period with a cash position of US$930,101. The Company's operating activities used cash in the amount of $9,116,933, which was primarily attributable to the real estate property development. The Company's investing activities used cash resources of $1,131,794, which was primarily attributable to the acquisition of property, plant and equipment and long-term investments. The Company's financing activities obtained cash resources of $9,431,362, which was primarily attributable to new bank loan received and advance from an affiliate. The potential cash needs for 2015 will be the repayments of the Company's bank loans and promissory notes, the rental guarantee payments and promissory deposits for various property projects as well as its development projects in Wuhan, GXL project and Linyi. A full-text copy of the Form 10-Q is available for free at: https://is.gd/X0UO0t About Sunrise Real Estate Headquartered in Shanghai, the People's Republic of China, Sunrise Real Estate Group, Inc., and its subsidiaries' principal activities are real estate development and property brokerage services, including real estate marketing services, property leasing services; and property management services in the People's Republic of China. Sunrise Real reported a net loss of US$6.72 million on US$4.76 million of net revenues for the year ended Dec. 31, 2015, compared to a net loss of US$5.21 million on US$8.61 million of net revenues for the year ended Dec. 31, 2014. RH, CPA, in Bayside, NY, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2015, noting that the Company has a working capital deficiency, accumulated deficit from recurring net losses for the current and prior years, and significant short-term debt obligations currently in default or maturing in less than one year. These conditions raise substantial doubt about its ability to continue as a going concern. SURFACE DRILLING: Taps Kruse Energy as Auctioneer ------------------------------------------------- Surface Drilling of Texas, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire a broker and auctioneer. The Debtor proposes to employ Kruse Energy & Equipment Auctioneers LLC to sell its personal properties, including two oil well drilling rigs and other equipment, at a public auction or through a private transaction. The firm will receive a commission of 10% of the gross proceeds from the sale. David Long, president of Kruse Energy, disclosed in a court filing that he and his firm do not have any connection with the Debtor or its creditors. The firm can be reached through: David Long Kruse Energy & Equipment Auctioneers LLC 11611 W. County Road 128 Odessa, TX 79765 Phone: +1 432-563-2005 About Surface Drilling of Texas Founded in 2013, Surface Drilling of Texas, LLC, provides drilling services to the energy industry. It is a small business debtor as defined in 11 U.S.C. Section 101(51D), posting gross revenue of $4 million in 2016 and gross revenue of $2.14 million in 2015. Surface Drilling sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 17-70155) on Sept. 19, 2017. Tyson Cornwell, manager, signed the petition. The Debtor disclosed $1.24 million in assets and $2.39 million in liabilities. Judge Tony M. Davis presides over the case. Todd J. Johnston, Esq., at McWhorter Cobb & Johnson, LLP, in Lubbock, Texas, serves as counsel to the Debtor. TERRAFORM POWER: S&P Rates New $300MM Term Loan B 'BB+' ------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '1' recovery rating to a new $300 million term loan B expected to be issued by TerraForm Power Operating LLC, a subsidiary of TerraForm Power Inc. The outlook is stable. The '1' recovery rating reflects our expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of default. We expect the company to use the proceeds to refinance existing issuances. S&P said, "We recently upgraded TerraForm Power upon the close of its acquisition by Brookfield Asset Management. In our opinion, the sale was largely credit positive, because it removed bankrupt SunEdison Inc. from the operations and management of TerraForm's assets. "Brookfield is also in the process of acquiring TerraForm Global Inc. from SunEdison. However, this transaction has not closed yet, and we are taking no rating action on that entity at this time." Ratings List TerraForm Power Inc. Corporate Credit Rating BB-/Stable/-- New Rating TerraForm Power Operating LLC $300 mil term loan B BB+ Recovery Rating 1(95%) TOTAL EHR: Dec. 6 Plan Confirmation and Disclosures Hearing ----------------------------------------------------------- Judge Barbara Ellis-Monro of the U.S. Bankruptcy Court for the Northern District of Georgia conditionally approved Total EHR, LLC's disclosure statement to accompany its plan of reorganization filed on Oct. 18, 2017. Nov. 22, 2017, is fixed as the last day for filing written acceptances or rejections of the Debtors' Plan. Nov. 22, 2017, is fixed as the last day for filing and serving written objections to the Disclosure Statement or to confirmation of the Plan. A hearing will be held in Courtroom 1402, U.S. Courthouse, 75 Ted Turner Drive S.W., Atlanta, Georgia at 10:00 a.m. on Dec. 6, 2017 to consider any objections to the Disclosure Statement or to confirmation of the Plan. About Total EHR, LLC Total EHR, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 17-53995) on March 3, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Edward F. Danowitz, Esq., at Danowitz Legal, P.C. TOTAL EHR: Unsecured Creditors to Recoup 10% Under Plan ------------------------------------------------------- Total EHR, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of Georgia a disclosure statement dated Oct. 18, 2017, referring to the Debtor's plan of reorganization. Class C Allowed General Unsecured Claims are impaired by the Plan. The claims will be paid 10% of their allowed claims on the Effective Date, and more if there is a successful collection of existing receivables. Class D: General Unsecured Claims of Insiders are impaired by the Plan. The claimants will be paid no amount through the Plan. The Plan will be funded initially from funds in the Debtor-in Possession account, from the collection of accounts receivable, from the suspension of priority wage claims to insiders, and by the infusion of additional capital by equity interests, if needed to fund the Plan. Post confirmation management of the Reorganized Debtor will be remain with April Lowry, unless and until replaced by a majority of the Membership Interests in the Debtor. A copy of the Disclosure Statement is available at: http://bankrupt.com/misc/ganb17-53995-59.pdf About Total EHR, LLC Total EHR, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 17-53995) on March 3, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Edward F. Danowitz, Esq., at Danowitz Legal, P.C. TRI STATE TRUCKING: Jan. 26 Hearing on Amended Disclosures ---------------------------------------------------------- The Hon. John J. Thomas of the U.S. Bankruptcy Court for the Middle District of Pennsylvania will convene a hearing on Jan. 26, 2018, at 10:00 a.m. to consider approval of the amended disclosure statement filed by Tri State Trucking Company. Nov. 22, 2017, is fixed as the last day for filing and serving written objections to the amended disclosure statement. About Tri State Trucking Company Tri State Trucking Company operates an over the road logistics company hauling various freight of its customers. It employs approximately 50 people and operates from its headquarters located at 16064 Route 6, Mansfield, Pennsylvania 16933. Tri State filed Chapter 11 bankruptcy petition (Bankr. M.D. Pa. Case No. 15-04444) on Oct. 13, 2015. William E. Robinson signed the petition as president. The Debtor estimated assets in the range of $10 million to $50 million and liabilities of at least $1 million. Mette, Evans, & Woodside represents the Debtor as counsel. Judge John J. Thomas is assigned to the case. The Debtor also hired Robert E. Chernicoff, Esq., at Cunningham Chernicoff & Warshawsky, P.C., as counsel. TRI STATE TRUCKING: Unsecureds to Get Up to 33% Under Amended Plan ------------------------------------------------------------------ Tri State Trucking Company and the Official Committee of Unsecured Creditors filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania an amended disclosure statement dated Oct. 16, 2017, with respect to the joint plan of liquidation for the Debtor. Class 2 Unsecured Claims estimated at $3.12 million are impaired by the Plan. Holders are expected to recover between 9% and 33%. There is a dispute with a party known as Spartan Mat. Spartan Mat received payment based upon a sum owed to Spartan Mat for mats which are used at well sites which the Debtor was to then resell. The claim for the mats themselves has been resolved, however, Spartan Mat has now filed an unsecured claim for $1.6 million which is alleged to be owed for lease costs or consequential damages. The Debtor has disputed this claim. Spartan Mat filed a motion alleging that its claim is to be determined in an arbitration proceeding. The Debtor has disputed that the Spartan Mat Claim should be arbitrated, believing that, if at all, the matter should proceed through the claim process. The Committee or the Plan Administrator may determine to contest the claim. Because of the amount of the Spartan Mat Claim, if the claim is allowed, the percentage amount to be paid to unsecured creditors will be considerably less. A Claim has been filed by Ironent, LLC, in the amount of $921,385.36. The claim has been resolved by a Stipulation entered into by the Debtor with Ironent. A claim has also been filed by Caterpillar Financial Service to which the Debtor and Committee filed Objections. A settlement was reached between the parties and Caterpillar Financial Services received its allocation in accordance with the settlement. An Amended Claim was thereafter filed in the amount of $143,426.26. This is believed to be a deficiency Claim following payment to Caterpillar from the sale proceeds. There are additional claims which have been filed by leasing companies who are believed to have been paid as a result of the sale transaction approved by the sale court order or for which equipment has been returned. Therefore, the Debtor believes that no sums may be owed to the creditors. These claims include those of Allied Financial, PACCAR Financial Corp. and First Citizens Bank. In addition, Bradco Supply Company filed a Claim in the amount of $31,200. The Debtor has commenced an adversary proceeding against Bradco Supply Company for a violation of the automatic stay. Thus, this Claim may ultimately be disallowed. The Plan Administrator will review all claims. The Plan Administrator will consider filing objections to those claims which the Debtor and Plan Administrator believe are not proper to the extent an objection is expedient and necessary. The Plan Administrator will also examine all claims to determine whether they included any post-Petition interest or any other charges which are not proper. Distributions to Class 2 Claim holders may be made on a periodic basis by the Plan Administrator at the discretion of the Plan Administrator and to the extent cash is available. A final distribution will occur within 60 days after all of the Plan assets, including causes of action, have been completely liquidated and all activities of the Plan Administrator have ended. The Plan provides for the appointment of a Plan Administrator. The Plan Administrator is to be chosen by the Committee in consultation with the Debtor prior to the Confirmation of the Plan. A copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/pamb15-04444-646.pdf The Troubled Company Reporter previously reported that holders of Allowed Class 2 Claims will receive a pro rata distribution of the funds available to be paid from the Plan. Class 2 Claim holders were projected to receive a distribution of approximately 21% unless the Spartan Mat Claim is allowed, which would reduce distributions to approximately 15%. About Tri State Trucking Company Tri State Trucking Company operates an over the road logistics company hauling various freight of its customers. It employs approximately 50 people and operates from its headquarters located at 16064 Route 6, Mansfield, Pennsylvania 16933. Tri State filed Chapter 11 bankruptcy petition (Bankr. M.D. Pa. Case No. 15-04444) on Oct. 13, 2015. William E. Robinson signed the petition as president. The Debtor estimated assets in the range of $10 million to $50 million and liabilities of at least $1 million. Mette, Evans, & Woodside represents the Debtor as counsel. Judge John J. Thomas is assigned to the case. The Debtor also hired Robert E. Chernicoff, Esq., at Cunningham Chernicoff & Warshawsky, P.C., as counsel. TROJAN BATTERY: S&P Raises CCR to 'B', Off CreditWatch Negative --------------------------------------------------------------- S&P Global Ratings raised its corporate credit rating on U.S.-based Trojan Battery Co. LLC to 'B' from 'B-'. The outlook is stable. At the same time, S&P raised its issue-level rating on the company's senior secured credit facility to 'B' from 'B-'. The '3' recovery rating remains unchanged, indicating its expectation for meaningful recovery (50-70%; rounded estimate: 50%) in the event of a payment default. S&P said, "We have also removed all of our ratings on Trojan from CreditWatch with negative implications, where we placed them on June 26, 2017. "The upgrade reflects the improvement in covenant cushion following the recent amendment to the company's senior secured credit facility. We now forecast that the company will maintain cushion under its net leverage covenant of greater than 15% over the next 12 months. The revised covenant levels provide the company with additional flexibility to draw on its revolving credit facility if it needs additional liquidity. . The covenant revisions also resolves our previous concerns about the company's ability to comply with its net leverage covenant in the near term. "The stable outlook on Trojan reflects our expectation that the company will maintain leverage of about 4x-5x over the next 12 months. These credit measures incorporate our expectation for modest revenue growth and relatively stable EBITDA margins. "We could lower our rating on Trojan by one notch if the company's operating performance declined due to lower demand for the company's products or higher than expected labor or raw materials cost such that adjusted debt to EBITDA grew to more than 6.5x on a sustained basis. We could also lower our rating if the company pursued debt-financed acquisitions or shareholder returns such that it increased its leverage to more than 6.5x on a sustained basis, or if the company's headroom under its net leverage ratio covenant declined below 15%. "Although unlikely over the next 12 months, we could raise our rating on Trojan by one notch if the company's total debt to EBITDA was less than 5x on a sustained basis, and believed that the company was committed to maintaining financial policies that would support this level of leverage. We would also have to expect the company's headroom under its net leverage ratio covenant would be at or above 15% on a sustained basis." TRUCK HERO: Moody's Affirms B2 Corporate Family Rating ------------------------------------------------------ Moody's Investors Service affirmed the ratings of Truck Hero, Inc. including Corporate Family Rating ("CFR") and Probability of Default Rating at B2 and B2-PD, respectively. In a related action Moody's affirmed the B1 rating on Truck Hero's first lien senior secured credit facilities, including a $100 million revolving credit, an upsized $863 million term loan (from $673 million); and Caa1 rating to the upsized $295 million second lien senior secured term loan (from $250 million). The rating outlook remains negative. Proceeds from the incremental amount under the credit facilitates are expected to be used to fund Truck Hero's announced agreement to acquire Omix-ADA, Inc. ("Omix-ADA"), the world's largest independent developer and supplier of Jeep® and off-road parts, accessories and floor liners. Omix-ADA's family of brands includes Rugged Ridge® and Alloy USA®. This transaction follows the LBO of Truck Hero in April 2017 by affiliates of CCMP Capital Advisors, LP ("CCMP"). Ratings affirmed: Truck Hero, Inc. Corporate Family Rating, B2; Probability of Default, B2-PD; $100 million first lien senior secured revolving credit facility, B1 (LGD3); $863 million (upsized amount) first lien senior secured term loan facility, B1 (LGD3); $295 million (upsized amount) second lien senior secured term loan facility, Caa1 (LGD5); Rating Outlook: Negative RATINGS RATIONALE Truck Hero's B2 Corporate Family Rating continues to incorporate the company's high leverage, aggressive history of acquisitions, discretionary demand nature of its narrow product portfolio, and modest revenue base. Pro forma for the acquisition, debt/EBITDA at June 30, 2017 is estimated at about 7.6x. This compares to the estimated pro forma debt/EBITA of 8.2x (7.4x, including certain management assumptions) at December 30, 2016 for the company's LBO by CCMP. As businesses acquired by Truck Hero in 2016 have folded into the company's operations, debt/EBITDA improved to 6.9x for the LTM period ending June 30, 2017. While this improvement in leverage supports Truck Hero's integration success, the current transaction re-leverages the company's balance sheet. In addition, Moody's believes Omix-ADA product portfolio contains product with more aftermarket discretionary characteristics than Truck Hero's primary traditional portfolio of truck bed covers, bed liners, and caps for the pick-up truck aftermarket. The acquisition lifts Truck Hero's revenue base in the B sub-factor rating range under Moody's Global Automotive Supplier Industry methodology, yet remains modest. The ratings continue to be supported by Truck Hero's demonstrated track record of good organic annual revenue growth at approximately16% for the over the recent three years and success at integrating acquisitions. The acquisition of Omix-ADA further expands Truck Hero's breadth of branded product offerings with well established niche product market positions. The acquisition also supports Truck Hero's strong EBITA margins in the mid-to-high teens. Truck Hero's existing portfolio of products are primarily light truck related, discretionary in nature, and not related to a vehicle's overall performance, and subject to economic, fuel price trends, and other factors affecting the level of consumer discretionary spending. Omix-ADA's aftermarket Jeep and off-road parts reflect a similar profile. The maintenance of the negative rating outlook reflects Moody's expectation that Truck Hero's leverage will remain high for the rating category over the intermediate-term. The current transaction follows the LBO of the company in April 2017, while the company continues an aggressive strategic acquisition pace resulting in increasing debt levels. Truck Hero is expected to continue to have a good liquidity profile over the next 12-15 months following the acquisition of Omix-ADA, supported by a $100 million revolving credit facility and anticipated free cash flow generation. Pro forma for the acquisition, Truck Hero is estimated to have only nominal amounts of cash on hand. The revolving credit facility is estimated to have moderate usage at closing with a large majority of the committed amount available for borrowings. Additional usage of the revolver is not anticipated, as Moody's expects free cash flow to improve to about 5% as a percentage of debt over the next 12-15 months. The financial maintenance covenant for the senior secured credit facilities is a springing maximum first lien net leverage ratio test which is not expected to trigger over the next 12-15 months. Truck Hero's ratings could be upgraded or the outlook changed to stable if the company integrates its recent acquisitions resulting in EBITA/interest expense approaching 3.5x and Debt/ EBITDA sustained below 4.5x on a run-rate basis. Truck Hero's ratings could be downgraded if the company is unable to integrate its recent acquisitions, or if product sales decrease due to weak economic conditions, or competitive pressures. A deterioration in liquidity, or a financial policy focused on further debt funded acquisitions, or shareholder distributions rather than debt reduction could also lower the company's rating. Lower ratings could arise if EBITA/interest expense is maintained at about 1.5x, or if Debt/ EBITDA is sustained at above 7.x on a run-rate basis. The principal methodology used in these ratings was Global Automotive Supplier Industry published in June 2016. Truck Hero, Inc. is a wholly-owned subsidiary of Truck Holdings, Inc. (a non-operating holding company). The company manufactures truck bed covers, bed liners, truck caps, and sells truck accessory products through its online retail business throughout the United States and Canada. Revenues for the LTM period ending June 30, 2017 were $711 million. The company is owned by affiliates of CCMP Capital Advisors, LP. UNITED SITE: Asks for Court's Permission to Use Cash Collateral --------------------------------------------------------------- United Site and Utilities, LLC, and secured creditor, Commercial Credit Group Inc. seek authorization from the U.S. Bankruptcy Court for the Southern District of Indiana to allow the Debtor to use cash collateral to pay postpetition expenses incurred in the ordinary course of its business activities. As of the Petition Date, the Debtor was obligated to CCG on two separate commercial purchase-money loans that are evidenced by the Negotiable Promissory Notes payable to CCG. In order to secure the Debtor's obligations to CCG, the Debtor executed and delivered to CCG security agreements of even date with each of the Notes pursuant to which Debtor granted to CCG security interests and liens in and upon specific vehicles and equipment, as well as all of the Debtor's respective accounts, accounts receivable, equipment, contract rights, goods, inventory and other items of personal property more particularly described therein, which in part, constitute cash collateral. As of the Petition Date, the Debtor owed the combined amount of $178,941.56 on the Notes, plus subsequently accruing interest, and other charges, including legal expenses recoverable under the Loan Documents. CCG will be granted postpetition liens against the same types of property of the Debtor, to the same validity, extent and priority, as existed as of the Petition Date, wherever located, effective nunc pro tunc as of the Petition Date. The liens will be deemed for all purposes to have been properly perfected, without filing, as of the Petition Date. Commencing Oct. 15, 2017, and then on the 15th day of each month thereafter, the Debtor will remit monthly post-petition interest only payments to CCG for the months of September (in the amount of $4,000), October (in the amount of $4,500), and November (in the amount of $5,000). Commencing Dec. 15, 2017, the Debtor will remit monthly post-petition contract payments in the aggregate amount of $7,613 per month. All payments accrued but unpaid during the pendency of this Stipulation shall be due 10 days after the Court enters its order approving this Stipulation. The payments will continue until the indebtedness is paid in full, the confirmation of a Chapter 11 plan or other court order. The unpaid indebtedness existing at the time of confirmation will be deemed fully secured and paid at the amount set forth in the Plan until the indebtedness is paid in full with interest or otherwise ordered by the Court. The other terms of the loan documents will be expressly preserved. Any of these will constitute an event of default: -- the Debtor will violate or fail to timely satisfy, postpetition, any term or condition of the joint motion or the Loan Documents; -- a trustee or examiner is appointed under Chapter 11 of the U.S. Bankruptcy Code without the consent of CCG; -- the Debtor sells or encumbers any item of property subject to CCG's liens (including, without limitation, the cash collateral), without the prior written consent of CCG; -- the Debtor's Chapter 11 proceeding is converted to a Chapter 7 proceeding or dismissed; -- the Debtor's business operations materially change; and -- insurance required under the security agreements is deemed inadequate, allowed to lapse by the Debtor, or is otherwise terminated. A copy of the request made by the Debtor and Commercial Credit is available at http://bankrupt.com/misc/insb17-04912-32.pdf Commercial Credit is represented by: Thomas P. Yoder, Esq. BARRETT MCNAGNY LLP 215 E. Berry Street Fort Wayne, IN 46802 E-mail: tpy@barrettlaw.com Headquartered in Indianapolis, Indiana, United Site and Utilities, LLC, filed for Chapter 11 bankruptcy protection (Bankr. S.D. Ind. Case No. 17-04912) on June 29, 2017, estimating its assets and liabilities at up to $50,000 each. KC Cohen, Esq., at KC Cohen, Lawyer, PC, serves as the Debtor's bankruptcy counsel. V. CRUZ MD: Taps Buddy D. Ford as Legal Counsel ----------------------------------------------- V. Cruz, M.D., PLLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to employ Buddy D. Ford P.A. to, among other things, give legal advice regarding its duties under the Bankruptcy Code and negotiate with creditors in the preparation of a bankruptcy plan. The firm's hourly rates are: Buddy Ford $425 Senior Associates $375 Junior Associates $300 Senior Paralegals $150 Junior Paralegals $100 The Debtor has agreed to pay the firm a retainer of $22,000. The firm does not represent any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Buddy D. Ford, Esq. Buddy D. Ford, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Phone: (813)877-4669 Email: All@tampaesq.com About V. Cruz, M.D. PLLC V. Cruz, M.D., PLLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 17-08466) on October 3, 2017. Victor D. Cruz, its manager, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of less than $500,000. VALLEY PETROLEUM: Has Court's Interim Nod to Use Cash Collateral ---------------------------------------------------------------- The Hon. Beth E. Hanan of the U.S. Bankruptcy Court for the Eastern District of Wisconsin has authorized 5208VPN, LLC, and Valley Petroleum, LLC, to use cash collateral on an interim basis until the final hearing to be held on Sept. 20, 2017, at 10:00 a.m. As adequate protection to Wells Fargo Bank, N.A. and CAP Services, Inc., for their interests in the Debtors' cash collateral, the Court grants Wells Fargo and CAP Services each a postpetition security interest in and lien upon the Debtors' assets to the same extent, on the same collateral, and in the same priority as any valid, perfected and non-avoidable liens held by Wells Fargo and CAP Services. In addition, the Debtors will pay Wells Fargo $5,300 on or before the 1st day of each month and will pay CAP Services $2,900 on or before the 21st day of each month, and the Debtors will commence escrowing $1,100 per month for real estate taxes, the payment also to be made on or before the first day of the month, in a separate account to be opened by 5208 VPN for that sole purpose. The Debtors will maintain an adequate amount of insurance on their assets at all times. A copy of the Order is available at: http://bankrupt.com/misc/wieb17-28112-54.pdf As reported by the Troubled Company Reporter on Sept. 26, 2017, the Debtors filed a motion seeking final authority from the Court to use the cash collateral through Jan. 31, 2018. About Valley Petroleum Based in Appleton, Wisconsin, Valley Petroleum operates a small gas station at the real estate owned by 5208VPN, LLC, which is located at 5208 North Richmond Street, Appleton, Wisconsin. Valley Petroleum and debtor affiliate, 5208VPN, LLC, sought Chapter 11 protection (Bankr. E.D. Wisc. Case Nos. 17-28113 and 17-28112) on Aug. 17, 2017. The petitions were signed by Steve A. Rosek, member. The Debtors have requested for the joint administration of their cases. 5208VPN, LLC, estimated $1,000 to $10,000 in assets and $1,000 to $10,000 in liabilities; and Valley Petroleum estimated $100 to $500 in assets and $1,000 to $10,000 in liabilities. The Debtors are represented by Leonard G. Leverson, Esq., at Leverson Lucey & Metz S.C. VALLEY PETROLEUM: May Pay Prepetition Payroll & Payroll Taxes ------------------------------------------------------------- The Hon. Beth E. Hanan of the U.S. Bankruptcy Court for the Eastern District of Wisconsin has authorized 5208VPN, LLC, and Valley Petroleum, LLC, to pay prepetition payroll and payroll taxes. In order for Valley Petroleum to continue operating, it is essential to provide for the uninterrupted payment of wages to employees who are needed to furnish postpetition services to Valley Petroleum. Valley Petroleum may use cash collateral to pay all wages and salary for services furnished by employees prior to the petition date, and all associated taxes, fees and related expenses; provided, however, that (i) in no event will any individual employee be paid more than the amount that would be entitled to priority under Section 507(a)(4) of the U.S. Bankruptcy Code, (ii) there is sufficient cash available on hand at the time to pay all wages and salary, and (iii) any prepetition wage claim paid will be an offset against any later filed prepetition wage claim. The payments of prepetition payroll and payroll taxes will be made in accordance with Valley Petroleum's existing practices and paid on the same days and in the same manner as prior to the petition. A copy of the court order is available at: http://bankrupt.com/misc/wieb17-28112-55.pdf About Valley Petroleum Based in Appleton, Wisconsin, Valley Petroleum operates a small gas station at the real estate owned by 5208VPN, LLC, which is located at 5208 North Richmond Street, Appleton, Wisconsin. Valley Petroleum and debtor affiliate, 5208VPN, LLC, sought Chapter 11 protection (Bankr. E.D. Wisc. Case Nos. 17-28113 and 17-28112) on Aug. 17, 2017. The petitions were signed by Steve A. Rosek, member. The Debtors have requested for the joint administration of their cases. 5208VPN, LLC, estimated $1,000 to $10,000 in assets and $1,000 to $10,000 in liabilities; and Valley Petroleum estimated $100 to $500 in assets and $1,000 to $10,000 in liabilities. The Debtors are represented by Leonard G. Leverson, Esq., at Leverson Lucey & Metz S.C. VB TAXI: IRS to Recoup 10%; Hearing on Disclosures Set for Nov. 16 ------------------------------------------------------------------ VB Taxi Corp. asks the U.S. Bankruptcy Court for the Eastern District of New York to approve its disclosure statement dated Oct. 16, 2017, referring to the Debtor's plan of reorganization. The hearing to consider the approval of the Disclosure Statement will be held on Nov. 16, 2017, at 2:30 p.m. Class III Unsecured Claims will consist of a deficiency amount which will rise after the surrender and the subsequent sale of the two taxi medallions which constitutes the collateral of the formerly secured creditor, Progressive Credit Union, against their secured claim in the amount of $98,718.80. The Debtor proposes to pay Progressive Credit Union a total amount of $45,000 over a period of 36 months in full settlement of the resulting deficiency amount, after the surrender of the two medallions, with equal monthly payments of $1,250. Class IV Unsecured Claims will consist of the claim of the creditor, Internal Revenue Service, in the amount of $2,904.40. The Debtor proposes to pay 10% of the original claim in one lump sum payment of $290.44. Class III and IV are impaired by the Plan. The Plan will be financed from contributions from the personal funds of each of the two loan guarantors. A copy of the Disclosure Statement is available at: http://bankrupt.com/misc/nyeb17-41661-39.pdf About VB Taxi Corp. VB Taxi Corp., based in Brooklyn, New York, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 17-41661) on April 5, 2017. The petition was signed by Marina Fridman, president. In its petition, the Debtor disclosed $0 in assets and $1.3 million in liabilities. Judge Nancy Hershey Lord presides over the case. The Debtor hired the Law Offices of Alla Kachan, P.C., as counsel and Wisdom Professional Services Inc. as its accountant. VERMILLION INC: Will Sell $50 Million Worth of Securities --------------------------------------------------------- Vermillion, Inc., filed with the Securities and Exchange Commission a Form S-3 registration statement relating to the sale, from time to time, in one or more offerings, of common stock, preferred stock, debt securities, warrants, rights and units for an aggregate initial offering price up to $50,000,000 in amounts, at prices and on terms that Vermillion will determine at the time of the offering. The Company may offer and sell these securities in the same offering or in separate offerings; to or through underwriters, dealers or agents; or directly to purchasers. The names of any underwriters, dealers or agents involved in the sale of the Company's securities, their compensation and any over-allotment options held by them will be described in the applicable prospectus supplement. The Company's common stock is traded on The NASDAQ Stock Market under the symbol "VRML." On Oct. 23, 2017, the last reported sale price for the Company's common stock on The NASDAQ Stock Market was $1.42 per share. As of Oct. 23, 2017, the aggregate market value of the Company's common stock held by its non-affiliates, as calculated pursuant to the rules of the Securities and Exchange Commission, was $47,382,510. Pursuant to General Instruction I.B.6 of Form S-3, in no event will the Company sell securities in a public offering with a value exceeding more than one-third of its "public float" (the market value of our common stock held by our non-affiliates) in any 12-month period so long as its public float remains below $75,000,000. A full-text copy of the preliminary prospectus is available at: https://is.gd/YqjpZi About Vermillion Vermillion, Inc., is dedicated to the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients. Vermillion, along with its prestigious scientific collaborators, has diagnostic programs in oncology, hematology, cardiology and women's health. Vermillion, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 09-11091) on March 30, 2009. Vermillion's legal advisor in connection with its successful reorganization efforts was Paul, Hastings, Janofsky & Walker LLP. Vermillion emerged from bankruptcy in January 2010 after filing a Plan that pay all claims in full and lets equity holders to retain control of the Company. Vermillion reported a net loss of $14.96 million on $2.64 million of total revenue for the year ended Dec. 31, 2016, compared to a net loss of $19.11 million on $2.17 million of total revenue for the year ended Dec. 31, 2015. As of June 30, 2017, Vermillion had $8.17 million in total assets, $3.64 million in total liabilities and $4.52 million in total stockholders' equity. WALKER RENAISSANCE: Has Final Authority to Use Cash Collateral -------------------------------------------------------------- Judge Michael G. Williamson of the U.S. Bankruptcy Court for the Middle District of Florida has entered a final order authorizing Walker Renaissance Manufacturing Inc. to use cash collateral. The Debtor is required to continue to comply with the terms and conditions set forth in the Interim Order authorizing the Debtor Financing and/or Limited Use of Cash Collateral and Granting Adequate Protection regarding FNB Bank d/b/a Advanced AR Funding, entered on June 26, 2017. A full-text copy of the Final Order, dated October 24, 2017, is available at http://tinyurl.com/ydckjy95 About Walker Renaissance Manufacturing Walker Renaissance Manufacturing Inc. is a packaging company in Hillsborough County, Florida, that owns a real property located at 8802 E. Broadway Ave., Tampa, Florida 33619 valued at $839,348. Walker Renaissance filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 17-05390) on June 21, 2017. Robert M. Walker, president and CEO, signed the petition. The Debtor disclosed $1.58 million in assets and $1.52 million in liabilities at the time of the filing. The Debtor is represented by David W. Steen, Esq., at David W Steen, P.A. WALLACE RUSH: Disclosures OK'd; Plan Hearing on Jan. 18 ------------------------------------------------------- The Hon. Jerry A. Brown of U.S. Bankruptcy Court for the Eastern District of Louisiana has approved Wallace, Rush, Schmidt, Inc.'s first amended disclosure statement, as immaterially modified on Oct. 9, 2017. The hearing on the confirmation of the Plan will be held on Jan. 18, 2018, at 10:00 a.m. Objections to the plan confirmation must be filed by Jan. 11, 2018, which is also the deadline for filing acceptances or rejections of the Plan. About Wallace, Rush, Schmidt Inc. Wallace, Rush, Schmidt, Inc., doing business as Wallace Resource Systems of Leachville, LLC, and Wallace Staffing and Labor, LLC, is a personnel resource company specializing in Natural Disaster Clean up/Recovery and Man-Made disasters which combined with its many years of experience in disaster clean up and restoration, supervision and administration expanding customer base. The company specializes in job management and labor services for disaster restoration companies. It serves its clients nationwide 24/7. Wallace Rush sought Chapter 11 protection (Bankr. E.D. La. Case No. 17-10698) on March 24, 2017. The petition was signed by Eddie Schmidt, vice president. The Debtor estimated assets and liabilities in the range of $1 million to $10 million. Judge Jerry A. Brown is assigned to the case. The Debtor tapped Phillip K. Wallace, Esq., at Phillip K. Wallace, PLC, as counsel. WALTER INVESTMENT: Bank Debt Trades at 8.5% Off ----------------------------------------------- Participations in a syndicated loan under Walter Investment Management Corp is a borrower traded in the secondary market at 91.50 cents-on-the-dollar during the week ended Friday, October 13, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.15 percentage points from the previous week. Walter Investment Management Corp pays 375 basis points above LIBOR to borrow under the 1500 billion facility. The bank loan matures on Dec. 18, 2020 and Moody's Caa2 rating and Standard & Poor's CCC- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended October 13. WARWICK PROPERTIES: Taps David J. Winterton as Legal Counsel ------------------------------------------------------------ Warwick Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire David J. Winterton & Associates Ltd. as its legal counsel. The firm will assist the Debtor in the preparation of a plan of reorganization and will provide other legal services related to its Chapter 11 case. The firm's hourly rates for its attorneys range from $250 to $400. Paralegals charge $125 per hour. Winterton is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: David J. Winterton, Esq. David J. Winterton & Associates Ltd. 1140 N. Town Center Drive, Suite 120 Las Vegas, NV 89144 Phone: (702) 363-0317 Fax: (702) 363-1630 Email: david@davidwinterton.com About Warwick Properties LLC Warwick Properties, LLC, a company based in Henderson, Nevada, owns a real property located at 2115 Willow Road, Arroyo Grande, California. The property is valued by the Debtor at $1.30 million. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 17-15065) on September 20, 2017. Seth McCormick, managing member, signed the petition. At the time of the filing, the Debtor disclosed $1.30 million in assets and $901,752 in liabilities. Judge Mike K. Nakagawa presides over the case. WASHINGTON MCLAUGHLIN: Exclusive Plan Filing Extended to Jan. 2 --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland has extended the exclusive periods within which only the Debtors may file a Plan of Reorganization until Jan. 2, 2018, and within which only the Debtor can obtain acceptance of the plan until April 2, 2018. As reported by the Troubled Company Reporter on Oct. 9, 2017, the Debtor asked the Court to extend the Exclusive Periods, assuring the Court that it sought the extension in good faith and that there is no risk of harm to the Debtor's creditors if the Court grants the requested extension. About Washington McLaughlin Christian School Washington McLaughlin Christian School filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 17-17821) on June 6, 2017, listing less than $1 million in both assets and liabilities. The Hon. Wendelin I. Lipp presides over the case. The Debtor is represented by Michael P. Coyle, Esq., at The Coyle Law Group. WELLMAN DYNAMICS: Wants to Continue Cash Use Until Dec. 1 --------------------------------------------------------- Wellman Dynamics Machining & Assembly, Inc., and Wellman Dynamics Corporation ask the U.S. Bankruptcy Court for the Southern District of Iowa for permission to continue using cash collateral for the period starting on Oct. 21, 2017, through and including Dec. 1, 2017. Copies of the Debtors' request are available at: http://bankrupt.com/misc/iasb16-01825-357.pdf http://bankrupt.com/misc/iasb16-01827-286.pdf As reported by the Troubled Company Reporter on Sept. 4, 2017, the Court previously authorized Wellman Dynamics Machining & Assembly, Inc., and Wellman Dynamics Corporation to continue to use TCTM Financial FS, LLC's collateral through Sept. 22, 2017, pursuant to and upon the same terms as those previously agreed to by TCTM and the Official Committee of Unsecured Creditors in the Stipulation and Consent Order approved by the Court in its Order dated May 11, 2017. About Fansteel and Affiliates Headquartered in Creston, Iowa, Fansteel, Inc., operates four business units at four locations in the USA and one in Mexico with a workforce of more than 600 employees. Fansteel generated approximately $87.4 million in revenue in 2015 on a consolidated basis. Wellman Dynamics Corporation contributed 67% of Fansteel's sales. The rest of the sales are generated from Intercast, a division of Fansteel, and other non-debtor subsidiaries. Fansteel, Wellman Dynamics and Wellman Dynamics Machinery & Assembly, Inc., filed Chapter 11 petitions (Bankr. S.D. Iowa Case Nos. 16-01823, 16-01825 and 16-01827) on Sept. 13, 2016. The petitions were signed by Jim Mahoney, CEO. The cases are assigned to Judge Anita L. Shodeen. The Debtors disclosed total assets of $32.9 million and total debt of $41.97 million. The companies tapped Jeffrey D. Goetz, Esq., and Krystal R. Mikkilineni, Esq., at Bradshaw, Fowler, Proctor & Fairgrave, P.C., as counsel; RSM US LLP as tax advisor; Jeffrey Sands and Dorset Partners, LLC, as business broker; and Mark J. Steger, Esq., at the Clark Hill Law Firm, as Environmental Counsel. The companies filed motions to jointly administer the cases pursuant to Bankruptcy Rule 1015(b), and the court ordered the joint administration on Oct. 17, 2016. The court subsequently entered an order on May 24, 2017, vacating its Oct. 17 order and discontinuing the joint administration of the cases under the lead case of Fansteel. On Sept. 23, 2016, the U.S. Trustee for Region 12 appointed an official committee of unsecured creditors in Fansteel's bankruptcy case. The committee retained Morris Anderson & Associates, Ltd., as financial advisor; and Archer & Greiner, P.C., and Nyemaster Goode, P.C., as counsel. In March 2017, the U.S. trustee announced that the unsecured creditors' committee of Fansteel would no longer serve as the official committee in its case and that it would be reconstituted as the official committee of unsecured creditors in the Chapter 11 cases of Wellman Dynamics and Wellman Dynamics Machinery. As of March 22, 2017, a new creditors' committee has not yet been appointed in Fansteel's bankruptcy case. Wellman Dynamics filed a Chapter 11 plan of reorganization and disclosure statement on Jan. 11, 2017. On May 8, 2017, the creditors' committee of Wellman Dynamics filed a rival Chapter 11 plan of liquidation for the company. WEST TEXAS BULLDOG: Wants Plan Exclusivity Moved to Jan. 14 ----------------------------------------------------------- West Texas Bulldog Oilfield Services, Inc., asks U.S. Bankruptcy Court for the Western District of Texas to extend the Debtor's exclusive plan filing period to Jan. 14, 2018, and the solicitation period to March 15, 2018. The Exclusive Filing Period and Solicitation Period will expire on Nov. 15, 2017, and Jan. 14, 2018, respectively. The Debtor says that the relief requested is essential in the context of the Debtor's relatively large Chapter 11 case and the recovering oil and gas market, which directly impacts on the Debtor's business. The Debtor's business is to provide services to the oil and gas industry in the Midland, Texas area. As the Court is aware, the oil and gas market had a substantial downturn during the last quarter of 2015 through the second quarter of 2016, which impacted the Debtor negatively. The additional time requested is not substantial and will cause no harm to any of the creditors. About West Texas Bulldog Oilfield Services Headquartered in Odessa, Texas, West Texas Bulldog Oilfield Services, Inc., is an auto body parts supplier. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tex. Case No. 17-70126) on July 17, 2017, estimating its assets at between $100,000 and $500,000 and liabilities at between $1 million and $10 million. The petition was signed by Nicholas Solis, its member. Judge Tony M. Davis presides over the case. Jesse Blanco, Jr., Esq., at Jesse Blanco Attorney At Law, serves as the Debtor's bankruptcy counsel. WILD CALLING: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Wild Calling Pet Food, LLC fka Western Plains Seed Provisions, Inc. dba Natural Pet Specialties dba Natural Pet Marketplace dba Petersen Packaging 5428 W. 7th St. Rd Greeley, CO 80634 Type of Business: Wild Calling Pet Food, LLC -- http://wildcalling.com-- is a relatively new company in the pet food manufacturing industry. Based in Greeley, Colorado, the family-owned company claims that its line of dog and cat foods are all natural and grain- free with added vitamins and minerals. Chapter 11 Petition Date: October 25, 2017 Case No.: 17-19898 Court: United States Bankruptcy Court District of Colorado (Denver) Judge: Hon. Thomas B. McNamara Debtor's Counsel: Joli A. Lofstedt, Esq. CONNOLLY & LOFSTEDT, PC 950 Spruce St., Ste. 1C Louisville, CO 80027 Tel: 303-661-9292 Fax: 303-661-9555 E-mail: joli@clpc-law.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Timothy Petersen, CEO. A full-text copy of the petition, along with a list of 20 largest unsecured creditors, is available for free at http://bankrupt.com/misc/cob17-19898.pdf WP CPP HOLDINGS: S&P Affirms 'B' CCR, Outlook Still Negative ------------------------------------------------------------ S&P Global Ratings affirmed all of its ratings on WP CPP Holdings LLC, including its 'B' corporate credit rating. The outlook remains negative. S&P said, "The affirmation reflects that, although the company's debt-to-EBITDA will remain above our downgrade trigger of 7.0x in 2017, CPP's revenue and earnings are beginning to show signs of improvement. We believe that this improvement could lead the company to reduce its leverage to a more appropriate level for the current rating over the next 12 months. However, there is some uncertainty as to the pace and extent of this expected improvement in the company's credit measures. We now expect CPP's debt-to-EBITDA to be about 7.5x in 2017, compared with our previous expectation of less than 7.0x, due to delays in the qualifying of its new parts, weakness in the industrial gas turbine (IGT) aftermarket, and lower demand for wide-body jetliners, business jets, and helicopters. While all of these factors have negatively affected CPP's EBITDA margins, we expect that its debt-to-EBITDA will decline below 7.0x in 2018 as its margins and revenue improve now that the qualified parts have entered production and the company is seeing solid demand from its defense customers and the IGT original equipment manufacturers. Despite these improvements, the company's cushion under the leverage covenant on its credit facility will likely remain tight, which could negatively affect its liquidity. "The negative outlook on CPP reflects that, although we expect the company's debt-to-EBITDA to improve below 7.0x in 2018, the speed and magnitude of this improvement remains uncertain given its previous issues with new product qualifications. We expect the company's revenue and margins to increase, driven by the ramp-up of production on its new products and improvements in its key markets. "We could lower our ratings on CPP if the company's debt-to-EBITDA remains above 7.0x over the next six to 12 months and we do not expect it to improve. This could occur if the company encounters further delays with its new products, if its EBITDA margin do not improve, or if the demand in its key markets declines. We could also lower our ratings if the company's earnings decline and its tight covenant cushion limits the availability under its revolver, causing its liquidity to deteriorate. "We could revise our outlook on CPP to stable over the next 12 months if the company's debt-to-EBITDA declines below 7.0x and we expect it to remain there. This could occur if the company successfully increases its production and improves its profitability while the demand in its key markets remains good." WW MEDICAL: Moody's Assigns B3 Corporate Family Rating ------------------------------------------------------ Moody's Investors Service announced that it assigned a B3 Corporate Family Rating and B3-PD Probability of Default Rating to WW Medical and Healthcare Corporation. This entity will be merged into Argon Medical Devices Holdings, Inc. ("Argon") at closing. This is the first time Moody's has rated Argon. The rating agency also assigned a B2 rating to Argon's senior secured first lien credit facilities, including its $15 million revolver and $310 million term loan. Moody's also assigned a Caa2 rating to Argon's $110 million secured second lien term loan. The outlook is stable. Proceeds will be used along with sponsor equity to fund the $850 million leveraged buyout of Argon by Shandong Weigao Group Medical Polymer Company Limited ("Weigao") and an undisclosed private equity firm. Ratings assigned: WW Medical and Healthcare Corporation (to be merged into Argon Medical Devices Holdings, Inc. at closing) Corporate Family Rating at B3 Probability of Default Rating at B3-PD Senior secured first lien revolving credit facility expiring 2022 at B2 (LGD 3) Senior secured first lien term loan due 2024 at B2 (LGD 3) Secured second lien term loan due 2025 at Caa2 (LGD 5) The outlook is stable. RATINGS RATIONALE The B3 CFR is constrained by Argon's moderate scale relative to many other larger competitors in the medical device space. The ratings also reflect Moody's expectation that Argon's financial leverage will remain high, particularly given the company's size. Moody's projects Argon's adjusted debt to EBITDA to be approximately 6.5 times at the transaction's close and remain above 6.0 times during the next 12 to 18 months. Management expects the transaction to close in late-2017. The ratings also reflect the limited nature of Argon's portfolio of products, as the majority of its devices are used in interventional radiology. Further, Argon's six largest selling products account for a meaningfull percentage of revenue and therefore give rise to product concentration risk. The rating is supported by the strategic benefits of Argon being majority-owned by Weigao. Moody's expects Weigao, China's largest manufacturer of medical devices, to facilitate a wider distribution of Argon's products across China. The rating is also supported by Argon's good profitability. The stable outlook reflects Moody's view that Argon will remain modest in size, be highly leveraged, and have relatively high product and geographic concentration. The ratings could be downgraded if the company's operating performance materially weakens or if its liquidity deteriorates. The ratings could be upgraded if the company is able to effectively manage its growth while significantly increasing its scale and diversifying its medical device portfolio beyond interventional radiology. Additionally, Argon would need to sustain adjusted debt to EBITDA below 4.5 times. Headquartered in Plano, TX, Argon Medical Devices Holdings, Inc. is a medical device company specializing in the manufacturing of products used by interventional radiologists to perform diagnostic and therapeutic procedures. Following the LBO, Argon will be owned by Weigao (90%) and an undisclosed private equity firm (10%) with revenue as of June 2017 of appropriately $180 million. The principal methodology used in these ratings was Medical Product and Device Industry published in June 2017. XS RANCH FUND: Exclusive Plan Filing Deadline Moved to Dec. 15 -------------------------------------------------------------- The Hon. Roger L. Efremsky of the U.S. Bankruptcy Court for the Northern District of California has extended, at the behest of XS Ranch Fund VI, L.P., the exclusive period for the Debtor to file a plan of reorganization through Dec. 15, 2017, and thereafter the period within the Debtor has the exclusive right to solicit acceptances to any plan so filed through March 15, 2018. As reported by the Troubled Company Reporter on Oct. 5, 2017, the Debtor sought the extension to avoid the undue delay and expense that would result in the event of competing plans being filed in this case. The Debtor told the Court that notwithstanding the complexity of the case and the fact that the Debtor elected to convert the case to a Chapter 11 less than four months ago, it has made significant progress towards a reorganization that is expected to pay unsecured creditors in full. About XS Ranch Fund VI L.P. Dr. Hasso Plattner, David Winton, Granite Land Company, and Peter Mainstain filed an involuntary petition (Bankr. N.D. Cal. Case No. 16-31367) against XS Ranch Fund VI, L.P for relief under Chapter 7 of the Bankruptcy Code on December 23, 2016. On May 31, 2017, the Debtor consented to conversion of the Bankruptcy Case to one under Chapter 11. On June 1, the Court entered its order converting the Bankruptcy Case to Chapter 11. The petitioning creditors were represented by Patricia H. Lyon, Esq., at French and Lyon; Terry J. Mollica, Esq., at Chiarelli & Mollica, LLP; Mary Ellmann Tang, Esq., at French Lyon Tang; and David C. Winton, Esq., at the Law Offices of David C. Winton. The Debtor is represented by Pamela Egan, Esq., at Rimon P.C.; and Richard H. Golubow, Esq., Garrick A. Hollander, Esq., and Andrew Levin, Esq., at Winthrop Couchot. On July 28, 2017, the U.S. Trustee for Region 17 appointed an official committee of unsecured creditors. The committee hired Sheppard Mullin Richter & Hampton LLP, as counsel. Z BEST RENTALS: Plan and Disclosures Hearing Set for Nov. 20 ------------------------------------------------------------ Judge Jerry A. Funk of the U.S. Bankruptcy Court for the Middle District of Florida conditionally approved Z Best Rentals, Inc.'s disclosure statement with respect to a chapter 11 plan dated Oct. 17, 2017. Creditors and other parties in interest must file their written ballots accepting or rejecting the Plan no later than seven days before the date of the Confirmation Hearing. Nov. 20, 2017, is fixed for the hearing on final approval of the disclosure statement and for the hearing on confirmation of the plan. The hearing will be held at 2:30 P.M., in 4th Floor Courtroom D, 300 North Hogan Street, Jacksonville, Florida. Any objections to the Disclosure Statement or Confirmation must be filed and served seven days before the Confirmation Hearing. About Z Best Rentals Z Best Rentals, Inc., based in Palm Coast, Florida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-03586) on Sept. 23, 2016. The petition was signed by Sherry Arnett, president. The Debtor is in the business of renting household furnishings and appliances. The Debtor disclosed $2.35 million in assets and $2.71 million in liabilities as of the bankruptcy filing. The Debtor is represented by Lisa C. Cohen, Esq., at Ruff & Cohen, P.A. No official committee of unsecured creditors has been appointed in the case. [^] BOOK REVIEW: Oil Business in Latin America: The Early Years --------------------------------------------------------------- Author: John D. Wirth Ed. Publisher: Beard Books Softcover: 282 pages List price: $34.95 Review by Gail Owens Hoelscher Buy a copy for yourself and one for a colleague on-line at http://is.gd/DvFouR This book grew out of a 1981 meeting of the American Historical Society. It highlights the origin and evolution of the state- owned petroleum companies in Argentina, Mexico, Brazil, and Venezuela. Argentina was the first country ever to nationalize its petroleum industry, and soon it was the norm worldwide, with the notable exception of the United States. John Wirth calls this phenomenon "perhaps in our century the oldest and most celebrated of confrontations between powerful private entities and the state." The book consists of five case studies and a conclusion, as follows: * Jersey Standard and the Politics of Latin American Oil Production, 1911-30 (Jonathan C. Brown) * YPF: The Formative Years of Latin America's Pioneer State Oil Company, 1922-39 (Carl E. Solberg) * Setting the Brazilian Agenda, 1936-39 (John Wirth) * Pemex: The Trajectory of National Oil Policy (Esperanza Duran) * The Politics of Energy in Venezuela (Edwin Lieuwen) * The State Companies: A Public Policy Perspective (Alfred H. Saulniers) The authors assess the conditions at the time they were writing, and relate them back to the critical formative years for each of the companies under review. They also examine the four interconnecting roles of a state-run oil industry and distinguish them from those of a private company. First, is the entrepreneurial role of control, management, and exploitation of a nation's oil resources. Second, is production for the private industrial sector at attractive prices. Third, is the integration of plans for military, financial, and development programs into the overall industrial policy planning process. Finally, in some countries is the promotion of social development by subsidizing energy for consumers and by promoting the government's ideas of social and labor policy and labor relations. The author's approach is "conceptual and policy oriented rather than narrative," but they provide a fascinating look at the politics and development of the region. Mr. Brown provides a concise history of the early years of the Standard Oil group and the effects of its 1911 dissolution on its Latin American operations, as well as power struggles with competitors and governments that eventually nationalized most of its activities. Mr. Solberg covers the many years of internal conflict over oil policy in Argentina and YPF's lack of monopoly control over all sectors of the oil industry. Mr. Wirth describes the politics and individuals behind the privatization of Brazil's oil industry leading to the creation of Petrobras in 1953. Mr. Duran notes the wrangling between provinces and central government in the evolution of Pemex, and in other Latin American countries. Mr. Lieuwin discusses the mixed blessing that oil has proven for Venezuela., creating a lopsided economy dependent on the ups and downs of international markets. Mr. Saunders concludes that many of the then-current problems of the state oil companies were rooted in their early and checkered histories." Indeed, he says, "the problems of the past have endured not because the public petroleum companies behaved like the public enterprises they are; they have endured because governments, as public owners, have abdicated their responsibilities to the companies." Jonh D. Wirth is Gildred Professor of Latin American Studies at Standford University. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2017. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***