/raid1/www/Hosts/bankrupt/TCR_Public/180214.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Wednesday, February 14, 2018, Vol. 22, No. 44
Headlines
417 RENTALS: Taps Atty. Joseph Greene as Special Counsel
54 NIPOMO: Taps Kornfield Nyberg as Legal Counsel
AGACI LLC: Taps SSG Advisors LLC as Investment Banker
AMERICAN RANCH: Taps Leech Tishman as Legal Counsel
ANU INC: Taps Trevett Cristo as Legal Counsel
AQUA LIFE: Taps Agentis as Legal Counsel
ATWAL ASSOCIATES: Taps Trevett Cristo as Legal Counsel
B & C HIDDEN: Taps C. Taylor Crockett as Attorney
BARTLETT MANAGEMENT: Committee Retains Goldstein & McClintock
BBVA COMPASS: Moody's Puts (P)Ba2 Pref. Shelf Rating on Review
BEAULIEU GROUP: Has Final Authorization to Use Cash Collateral
BEAULIEU GROUP: Hires Hall Booth Smith as Special Counsel
BERNARD L. MADOFF: March 28 Hearing on Alpha Prime Settlement Set
BICOM NY: Intends to File Plan of Liquidation After BRAC Closing
BIKRAM'S YOGA: Hires Dentons US LLP as Special Counsel
BISHOP GORMAN: Unsecured Creditors to Recoup 33% Under Plan
BLACKMAN COMMUNITY: Taps Carr, Riggs & Ingram as Valuation Analyst
BON-TON STORES: Jones Day, Cole Represent 2nd Lien Noteholders
CALFRAC WELL: S&P Hikes CCR to B- on Improving Credit Metrics
CAPRI COAST: Taps Jeffrey S. Shinbrot as New Legal Counsel
CAPTAIN NEMOS: Seeks Authority to Access Cash Collateral
CARL WEBER: Exclusive Plan Filing Deadline Moved to March 19
CC CARE LLC: Taps Templin Healthcare as Accountant
CHESEAPAKE ENERGY: Vanguard Group Has 10.2% Stake as of Dec. 31
CHRIST ON THE WESTSIDE: Taps Dibble & Miller as Legal Counsel
CINRAM GROUP: Taps Appraisal Group as Real Estate Appraiser
CLAIRE'S STORES: Board OKs Key Employee Retention Program
COLORADO NATIONAL: Committee Taps Banking Regulatory Counsel
CORONA LANE: Taps Tyler Bartl as Legal Counsel
CROSIER FATHERS: Creates $24-Mil. Fund for Abuse Survivors
CROSIER FATHERS: Has Until March 31 to Exclusively File Plan
DANIEL EKE: Taps McNamee, Hosea, Jernigan, Kim, Greenan as Counsel
EAST ALLEGHENY SD: Moody's Lowers $24MM Bond Debt Rating to B3
ECLIPSE BERRY: Taps Lewis Brisbois as Local Counsel
ECLIPSE BERRY: Taps McCarron & Diess as Special PACA Counsel
ECLIPSE BERRY: Taps Murray Wise Capital as Financial Advisor
ECLIPSE BERRY: Taps Saul Ewing Arnstein as Bankruptcy Counsel
ENUMERAL BIOMEDICAL: Has Interim OK to Use Cash Through Feb. 16
ENUMERAL BIOMEDICAL: Taps Murtha Cullina LLP as Counsel
EVAN JOHNSON: Needs More Time to Finalize Settlements, File Plan
FISHERMAN'S PIER: Trustee Taps Risk Management as Consultant
FLEXI-VAN LEASING: S&P Raises CCR to 'B-', On CreditWatch Postive
GENWORTH FINANCIAL: S&P Rates New Senior Secured Debt 'B+'
GENWORTH HOLDINGS: Moody's Confirms B2 Sr. Unsecured Debt Ratings
GRAY TELEVISION: S&P Affirms 'B+' CCR, Outlook Remains Stable
GREAT FOOD: Wants To Borrow Up To $35,000 From Amber Anderson
GREIF INC: S&P Alters Outlook to Pos. on Improved Credit Metrics
HUMAN CONDITION: Exclusive Plan Filing Period Extended to April 4
ICONIX BRAND: S&P Lowers CCR to 'CC' on Distressed Debt Exchange
JASON FLY LOGGING: Case Summary & 20 Largest Unsecured Creditors
JONES ENERGY: Bond Issue Updates No Impact on Fitch Ratings
JONESBORO HOSPITALITY: Lender Objects to Plan Outline Approval
JONESBORO HOSPITALITY: U.S. Trustee Objects to Disclosure Statement
KC7 RANCH: Taps Briggs Freeman Sotheby as Real Estate Broker
KC7 RANCH: Taps Carrington, Coleman, Sloman & Blumenthal as Counsel
KC7 RANCH: Taps CliftonLarsonAllen LLP as Accountant
KDS MUSIC STUDIOS: Taps Kastelz Law Group as Legal Counsel
KEL-LEE PROPERTIES: Taps Langley & Banack Inc as Attorney
LINCOLN ENTERPRISE: Taps Hoffman, Larin & Agnetti, PA as Counsel
LMM SPORTS: E. Metz Taps Polsinelli as New Legal Counsel
MASONITE INTERNATIONAL: S&P Raises CCR to 'BB+', Outlook Stable
MELBOURNE BEACH: Seeks Authority on Interim Cash Collateral Use
MENOTTI ENTERPRISE: Hires Medina Law Firm LLC as Attorney
MOREHEAD MEMORIAL: Seeks April 6 Exclusive Plan Filing Extension
NAVILLUS TILE: Requires Exclusivity Extension to Develop Exit Plan
OCULAR THERAPEUTIX: Summer Road Has 8.4% Stake as of Jan. 29
ORWELL TRUMBULL: Hires Chiron Financial LLC as Investment Banker
ORYX SOUTHERN: S&P Assigns 'B+' Corp. Credit Rating, Outlook Stable
PERLL DIAGNOSTICS: Taps CGA Law Firm as Legal Counsel
PHILOS GLOBAL: Hires Law Offices of Joel A. Schechter as Counsel
PREMIER MARINE: Dowco to be Paid $8.4K at 4% Over 36 Months
PSIVIDA CORP: Incurs $5.78 Million Net Loss in Second Quarter
QUALITY CARE: Abrams Capital Has 6.4% Stake as of Jan. 30
RAND LOGISTICS: Taps Kurtzman Carson Consultants as Claims Agent
REMARKABLE HEALTHCARE: Case Summary & Top Unsecured Creditors
RENAISSANCE CHARTER: Fitch Affirms BB Rating on 2011 Revenue Bonds
RISE ENTERPRISES: Plan Delayed Due to Unresolved Negotiations
RMG ENTERPRISES: Court OKs Factoring Pact With Interstate Billing
ROBERT F.X. SILLERMAN: Wants Involuntary Ch.7 Converted to Ch.11
ROOT9B HOLDINGS: Ithan Creek Discloses 8.28% Stake as of Dec. 29
ROYAL T ENERGY: Tapped Susan B. Hersh as Co-Counsel for 2 Days
RUBY TUESDAY: Dimensional No Longer a Shareholder as of Dec. 31
S&K MACHINEWORKS: Case Summary & 20 Largest Unsecured Creditors
SAEXPLORATION HOLDINGS: Highbridge Has 9.9% Stake as of Jan. 29
SOCIEDAD EL PARAISO: Taps Harold A. Frye Maldonado as Attorney
SPECIALTY CONTRACTING: Wants to Access $1 Million of DIP Financing
STAR GOLDEN: Has Final Nod To Obtain Up To $250,000 DIP Financing
STEIN PROPERTIES: Hires Newmark Knight Frank as Real Estate Broker
STEMTECH INTERNATIONAL: Hires Bohlmann Accounting as Tax Accountant
STONE CRAZY: Hires #1 Properties as Real EstateAgent
SUNCOAST INTERNAL: Proposes Johnson Pope as Counsel
TAG MOBILE: Taps Eric A. Liepins as Legal Counsel
TEXAS E&P: Trustee Hires Traton Engineering as Contract Operator
TIME INC: S&P Raises CCR to 'B+' Then Withdraws Rating
TOTAL COMM SYSTEMS: Hires Bielli & Klauder as Counsel
TOUCHSTONE HOME: Taps Jon M. Leader as Expert Witness
TRI-STAR CONSTRUCTION: Taps Ochoa & Associates as Bookkeeper
TSC/NESTER'S LANDING: Taps Long & Foster as Real Estate Broker
US 1 ASSOCIATES: Taps Middlebrooks Shapiro as Legal Counsel
US OIL SANDS: FTI Wants Seeks U.S. Approval of Financing
VALLEY PETROLEUM: Court Approves Disclosure Statement
VESCO CONSULTING: Unsecureds to Get 100% in 4 Payments
W. W. CONSTRUCTION: Taps Vanden Bos & Chapman, LLP as Attorney
W.N.Y. PROPERTIES: Case Summary & 7 Unsecured Creditors
WALTER ENERGY: Labor Lawyer Not Entitled to Admin Expense
WEATHERFORD INT'L: Vanguard Group Has 8.27% Stake as of Dec. 31
WESTMORELAND RESOURCE: WLB Willing to Provide Services After June 1
WESTMOUNTAIN GOLD: Committee Taps Ballard Spahr LLP as Counsel
WJA ASSET MGT: Taps A-CORE Consultants as Real Estate Appraiser
WONDERWORK INC: Trustee Hires Garfunkel Wild as Special Counsel
WONDERWORK INC: Trustee Hires Togut Segal as Attorneys
WOODBRIDGE GROUP: Sarachek Represents Secured Noteholders
YOSI SAMRA: Seeks April 6 Exclusive Plan Filing Period Extension
*********
417 RENTALS: Taps Atty. Joseph Greene as Special Counsel
--------------------------------------------------------
417 Rentals, LLC, seeks approval from the U.S. Bankruptcy Court for
the Western District of Missouri to hire a special counsel.
The Debtor proposes to hire Joseph Christopher Greene, Esq., to
pursue rent and possession and unlawful detainer litigation, and
provide other non-bankruptcy-related services. He will be paid
$6,000 per month.
Mr. Greene does not represent any interest adverse to the Debtor's
estate, according to court filings.
About 417 Rentals
Based in Brookline, Missouri, 417 Rentals, LLC, is a privately held
company in the real estate rental service industry. 417 Rentals
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
W.D. Mo. Case No. 17-60935) on Aug. 25, 2017. Christopher Gatley,
its member, signed the petition. At the time of the filing, the
Debtor estimated assets and liabilities of $1 million to $10
million. Ronald S. Weiss, Esq., at Berman, DeLeve, Kuchan &
Chapman, LLC, serves as the Debtor's bankruptcy counsel. Joseph
Christopher Greene, Esq., is the Debtor's litigation counsel.
54 NIPOMO: Taps Kornfield Nyberg as Legal Counsel
-------------------------------------------------
54 Nipomo Partners, LLC, seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to hire Kornfield,
Nyberg, Bendes, Kuhner & Little, P.C., as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and provide other legal services related to its
Chapter 11 case.
The firm's hourly rates are:
Eric Nyberg Attorney $450
Charles Bendes Attorney $425
Chris Kuhner Attorney $425
Sarah Little Attorney $375
Nancy Nyberg Bookkeeping/Accounting $90
Kornfield has required a $15,000 retainer, plus $1,717 for payment
of the filing fee.
The firm does not represent any interest adverse to the Debtor's
estate, according to court filings.
Kornfield can be reached through:
Eric A. Nyberg, Esq.
Chris D. Kuhner, Esq.
Kornfield, Nyberg, Bendes, Kuhner & Little, P.C.
1970 Broadway, Suite 225
Oakland, CA 94612
Tel: (510) 763-1000
Fax: (510) 273-8669
E-mail: e.nyberg@kornfieldlaw.com
c.kuhner@kornfieldlaw.com
About 54 Nipomo Partners
54 Nipomo Partners, LLC listed its business as single asset real
estate (as defined in 11 U.S.C. Section 101(51B)) whose principal
assets are located at 170 South Frontage Road Nipomo, California.
54 Nipomo Partners sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Cal. Case No. 18-40282) on Feb. 1,
2018. In the petition signed by Robert Marinai, general manager,
the Debtor estimated assets and liabilities of $1 million to $10
million.
Judge Charles Novack presides over the case.
AGACI LLC: Taps SSG Advisors LLC as Investment Banker
-----------------------------------------------------
A'GACI, LLC, seeks approval from the U.S. Bankruptcy Court for the
Western District of Texas, San Antonio Division, to hire SSG
Advisors, LLC, as its investment banker.
SSG will assist and advise Debtor with various services in
connection with the Sale, Financing and/or Restructuring
Transactions:
I. Sale Transaction:
a. prepare an information memorandum describing A'GACI, its
historical performance and prospects, including existing contracts,
marketing and sales, labor force, management, financial projections
involving starting up the business;
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 and update and
review such list with the Debtor on an ongoing basis;
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 sale and
negotiating the transaction agreements;
h. otherwise, assist the Debtor and its other professionals,
as necessary, through closing on a best efforts basis.
II. Financing Transaction:
a. prepare an information memorandum describing A’GACI, its
historical performance and prospects, including existing contracts,
marketing and sales, labor force, management, and financial
projections;
b. assist the Debtor in compiling a data room of any necessary
and appropriate documents related to the Financing;
c. assist the Debtor in developing a list of suitable
potential lenders and investors who will be contacted on a discreet
and confidential basis after approval by the Debtor and update and
review such list with the Debtor on an on-going basis;
d. coordinate the execution of confidentiality agreements for
potential lenders and investors wishing to review the information
memorandum;
e. assist the Debtor in coordinating site visits for
interested lenders and investors and work with the management team
to develop appropriate presentations for such visits;
f. solicit competitive offers from potential lenders and
investors;
g. advise and assist the Debtor in structuring the Financing
and negotiating the lending agreements;
h. otherwise, assist the Debtor and its other professionals,
as necessary, through closing on a best efforts basis.
III. Restructuring:
SSG, on a best effort basis, shall assist the Debtor in the
negotiation with various stakeholders in the Debtor, including, but
not limited to any of the Debtor’s secured and unsecured lenders,
general unsecured creditors and shareholders in regard to a
possible Restructuring Transaction of existing claims and equity in
connection with a Plan of Reorganization sponsored through a new
investment in the Debtor.
Fees SSG will charge for its services are:
(i) Initial Fee. An initial fee equal to $25,000, due upon the
execution of the Engagement Agreement.
(ii) Monthly Fee. Monthly fees of $25,000 per month payable on
the first of each month beginning February 1, 2018. The Monthly
Fees will be credited back in full against all Transaction Fees
except in case of a liquidation of the Debtor’s assets.
(iii) Sale Fee. Upon the consummation of a Sale Transaction to
any party, 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 (a)
$425,000 or (b) 2.5% of Total Consideration. However, in the event
that existing equity, or any affiliate, is the buyer in a Sale
Transaction, then SSG shall be entitled to a Modified Sale Fee of
$250,000. Notwithstanding the foregoing, in the event that the
Debtors determine to terminate the Sale process and move to a
liquidation of their assets, then SSG's Sale Fee shall be $100,000
with no credit for Monthly Fees incurred.
(iv) Financing Fee. Upon the closing of a Financing Transaction
with any party, other than as set forth below, 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 Financing Transaction equal to $200,000. There will be no
Financing Fee for the existing lenders rolling over to a DIP or
cash collateral.
(v) Restructuring Fee. Upon the closing of a Restructuring
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 Restructuring equal to $300,000.
(vi) Payment of Multiple Fees. SSG may earn both a Sale Fee and
a Financing Fee and/or a Restructuring Fee and a Financing Fee.
However, SSG may not earn both a Sale Fee and a Restructuring Fee.
(vii) In addition to the foregoing Initial Fee, Monthly Fees and
Transaction Fees noted above whether or not a Transaction is
consummated, SSG will be entitled to reimbursement for all of SSG's
reasonable out-of-pocket expenses. Anything over $2,500 is subject
to pre-approval by the Debtor.
Teresa C. Kohl, managing director of SSG Capital Advisors, attests
that SSG is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, as required by Section 327(a) of
the Bankruptcy Code, and does not hold or represent an interest
adverse to Debtor's estates, and SSG has no connection to Debtor,
its creditors, or its related parties.
The firm can be reached through:
Teresa C. Kohl
SSG Capital Advisors, LLC
Five Tower Bridge, 300 Barr Harbor Drive, Suite 420,
West Conshohocken, PA 19428
Phone: (212) 786-7432
Fax: (212) 782-3756
About A'GACI, L.L.C.
Founded in San Antonio, Texas, A'GACI, L.L.C. --
http://www.agacistore.com/-- is a fast-fashion retailer of women's
apparel and accessories. A'GACI attracts young, fashion-driven
consumers through its value-pricing and frequent introductions of
new and trendy merchandise. It operates specialty apparel and
footwear stores under the A'GACI banner as well as a
direct-to-consumer business comprised of its e-commerce Web site
http://www.agacistore.com/ Stores feature an assortment of tops,
dresses, bottoms, jewelry, and accessories sold primarily under the
Company's exclusive A'GACI label. In addition, the Company sells
shoes under its sister brand labels of O'Shoes and Boutique Five.
A'GACI, L.L.C., filed a Chapter 11 petition (Bankr. W.D. Tex. Case
No. 18-50049) on Jan. 9, 2018. In the petition signed by
manager/CMO David Won, the Debtor disclosed $82 million in total
assets and $62 million in total liabilities as of Nov. 25, 2017.
The case is assigned to Judge Ronald B. King.
Haynes and Boone, LLP, serves as the Debtor's bankruptcy counsel;
Berkeley Research Group, LLC is the financial advisor; and SSG
Advisors, LLC, is the investment banker. Kurtzman Carson
Consultants LLC,is the claims, noticing & balloting agent and
maintains the site http://www.kccllc.net/agaci
No trustee, examiner or official committee of unsecured creditors
has been appointed in the case.
AMERICAN RANCH: Taps Leech Tishman as Legal Counsel
---------------------------------------------------
American Ranch and Seafood Markets Inc. seeks approval from the
U.S. Bankruptcy Court for the Central District of California to
hire Leech, Tishman, Fuscaldo & Lampl, Inc., as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; assist in the disposition of its properties;
prepare a plan of reorganization; and provide other legal services
related to its Chapter 11 case.
The Debtor has agreed to pay Leech Tishman a retainer of $30,000,
of which $15,000 was received by the firm prior to the petition
date. The remainder of the retainer will be paid to the firm in
three equal monthly installments.
Sandford Frey, Esq., a partner at Leech Tishman, 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:
Sandford L. Frey, Esq.
Leech, Tishman, Fuscaldo & Lampl, Inc.
US Bank Tower
633 W. Fifth Street, 48th Floor
Los Angeles, CA 90071
Tel: 213-246-4970
Fax: 213-640-4002
E-mail: sfrey@leechtishman.com
About American Ranch and Seafood
American Ranch and Seafood Markets, Inc. --
https://americanranchmarket.com/ -- operates a specialty store
offering Filipino foods and groceries with locations in Eaglerock,
Artesia and East Hollywood, California. The company provides a
selection of fresh seafood, fresh produce (fruits & vegetables),
meat and an assortment of popular brand name groceries. It also
accepts catering services for special events. American Ranch is
equally owned by Gene S. Chua and Virgil Sy.
American Ranch sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Cal. Case No. 18-10175) on Jan. 5, 2018. In the
petition signed by Gene S. Chua, president and CEO, the Debtor
estimated assets of less than $500,000 and liabilities of $1
million to $10 million. Judge Julia W. Brand presides over the
case.
ANU INC: Taps Trevett Cristo as Legal Counsel
---------------------------------------------
Anu, Inc., seeks approval from the U.S. Bankruptcy Court for the
Western District of New York to hire Trevett Cristo P.C. as its
legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; represent the Debtor in any proceedings which may
be instituted by creditors; and provide other legal services
related to its Chapter 11 case.
The firm's hourly rates are:
Partners $290
Associates $175
Paralegals $75
Trevett Cristo received a retainer in the sum of $6,717 prior to
the Petition Date.
David Ealy, Esq., disclosed in a court filing that he and other
officers or employees of the firm do not represent any interest
adverse to the Debtor and its estate.
The firm can be reached through:
David H. Ealy, Esq.
Trevett Cristo P.C.
Two State Street, Suite
1000 Rochester, NY 14614
Phone: (585) 454-2181
E-mail: dealy@trevettcristo.com
About Anu Inc.
Anu, Inc., sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D.N.Y. Case No. 18-20060) on Jan. 24, 2018. In the
petition signed by Parvinder P. Atwal, president, the Debtor
estimated assets of less than $50,000 and liabilities of less than
$500,000.
AQUA LIFE: Taps Agentis as Legal Counsel
----------------------------------------
Aqua Life Corp. received approval from the U.S. Bankruptcy Court
for the Southern District of Florida to hire Agentis PLLC as its
legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; represent the Debtor in negotiations with its
creditors in the preparation of a bankruptcy plan; and provide
other legal services related to its Chapter 11 case.
The firm's hourly rates range from $305 to $575 for its attorneys
and from $90 to $210 for paralegals.
Jacqueline Calderin, Esq., the attorney who will be handling the
case, charges an hourly fee of $480.
Ms. Calderin disclosed in a court filing that her firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Jacqueline Calderin, Esq.
Agentis PLLC
501 Brickell Key Drive, Suite 300
Miami, FL 33131
Tel: 305.722.2002
E-mail: jc@ecclegal.com
About Aqua Life Corp.
Aqua Life Corp., which conducts business under the name of
Pinch-A-Penny #43, filed a Chapter 11 petition (Bankr. S.D. Fla.
Case No. 17-15918) on May 10, 2017. The petition was signed by
Raymond E. Ibarra, vice-president. At the time of filing, the
Debtor had $1.07 million in assets and $2.49 million in
liabilities.
The case is assigned to Judge Robert A Mark. The Debtor tapped
Agentis PLLC as its legal counsel. No trustee, examiner or
statutory committee has been appointed in the Debtor's case.
* * *
The Debtor filed its proposed Chapter 11 plan of reorganization on
Jan. 5, 2018.
ATWAL ASSOCIATES: Taps Trevett Cristo as Legal Counsel
------------------------------------------------------
Atwal Associates, Inc., seeks approval from the U.S. Bankruptcy
Court for the Western District of New York to hire Trevett Cristo
P.C. as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; represent the Debtor in any proceedings which may
be instituted by creditors; and provide other legal services
related to its Chapter 11 case.
The firm's hourly rates are:
Partners $290
Associates $175
Paralegals $75
Trevett Cristo received a retainer in the sum of $6,717 prior to
the Petition Date.
David Ealy, Esq., disclosed in a court filing that he and other
officers or employees of the firm do not represent any interest
adverse to the Debtor and its estate.
The firm can be reached through:
David H. Ealy, Esq.
Trevett Cristo P.C.
Two State Street, Suite
1000 Rochester, NY 14614
Phone: (585) 454-2181
Email: dealy@trevettcristo.com
About Atwal Associates Inc.
Atwal Associates, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. N.Y. Case No. 18-20061) on January 24,
2018. Parvinder P. Atwal, 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.
B & C HIDDEN: Taps C. Taylor Crockett as Attorney
-------------------------------------------------
B & C Hidden Acres LLC seeks authority from the U.S. Bankruptcy
Court for the Northern District of Alabama, Southern Division, to
employ C. Taylor Crockett, Esq., and C. Taylor Crockett, P.C., as
attorney.
Professional services to be rendered by C. Taylor Crockett are:
a. provide the Debtor legal advice with respect to its powers
and duties as Debtor-in-Possession in the continued management of
its financial affairs;
b. prepare on behalf of the Debtor necessary schedules, lists,
application, motions, answers, orders and reorganization papers as
is or may become necessary;
c. review all leases and other corporate papers and prepare
any necessary motions to assume unexpired leases or executory
contracts and assist in preparation of corporate authorizations and
resolutions regarding Chapter 11 case;
d. perform any and all other legal services for Debtor as
Debtor-in-Possession as may be necessary to achieve confirmation of
Chapter 11 Plan of Reorganization.
C. Taylor Crockett will charge $375.00 per hour for his services.
C. Taylor Crockett assures the court that he and his firm are
disinterested persons as that term is defined in 11 U.S.C. Sec.
101(14).
The counsel can be reached through:
C. Taylor Crockett, Esq.
C. TAYLOR CROCKETT. P.C.
2067 Columbiana Road
Birmingham, AL 35216
Phone: +1 205-978-3550
E-mail: taylor@taylorcrockett.com
About B & C Hidden Acres LLC
Based in Selma, Alabama, B & C Hidden Acres LLC filed a Chapter 11
petition (Bankr. N.D. Ala. Case No. 18-00360) on Jan. 29, 2018,
estimating under $1 million both in assets and liabilities. C.
Taylor Crockett, Esq. at C. Taylor Crockett, P.C., is the Debtor's
counsel.
BARTLETT MANAGEMENT: Committee Retains Goldstein & McClintock
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of Bartlett
Management Services, Inc. and its debtor-affiliates submitted an
amended application for entry of an order from the U.S. Bankruptcy
Court for the Central District of Illinois authorizing the
retention of Goldstein & McClintock LLLP as counsel to the
Committees.
On Jan. 18, 2018, the Committees selected Goldstein & McClintock
LLLP as its counsel.
The membership of each of the Committees is largely, but not
completely, overlapping. G&M believes that it will be able to
adequately represent all three committees, and most of the key
issues G&M will be addressing are commonly beneficial to all three.
However, out of an abundance of caution G&M has informed the
members of the Committees that it is possible that the interest of
one or more Committees could diverge in the future with respect to
particular issues, and G&M has requested that the Committees grant
G&M leave to withdraw with respect to any such issues (with the
Committees then either negotiating such issues themselves or
retaining separate counsel as needed).
Services G&M will provide are:
(a) advise the Committee on all legal issues as they arise;
(b) represent and advise the Committee regarding the terms of
any sales of assets or plans of reorganization or liquidation, and
assisting the Committee in negotiations with the Debtors and other
parties;
(c) investigate the Debtors' assets and pre-bankruptcy
conduct;
(d) prepare, on behalf of the Committee, all necessary
pleadings, reports, and other papers;
(e) represent and advise the Committee in all proceedings in
this case;
(f) assist and advise the Committee in its administration; and
(g) provide such other services as are customarily provided
by counsel to a creditors' committee in cases of this kind.
G&M's hourly rates for 2018 are:
Attorneys' associates $275
Senior partners $765
Legal assistants $135 to $255
Matthew E. McClintock Partner $475
Thomas R. Fawkes Partner $475
Sean P. Williams Associate $330
G&M has agreed not to charge for any non-working travel time in
this chapter 11 case and to keep its "blended rate" below $375 per
hour absent approval by the Committee.
Matthew E. McClintock, partner at the firm, claims that the firm is
a "disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The counsel can be reached through:
Matthew E. McClintock, Esq.
Sean P. Williams, Esq.
GOLDSTEIN & MCCLINTOCK LLLP
111 West Washington Street, Suite 1221
Chicago, IL 60602
Tel: (312) 337-7700
Fax: (312) 277-2305
E-mail: mattm@goldmclaw.com
About Bartlett Management Services
Bartlett Management Services, Inc., Bartlett Management
Indianapolis, Inc., and Bartlett Management Peoria, Inc., own 33
current franchises of KFC Corporation, the franchisor of the
Kentucky Fried Chicken quick-services restaurant chain that
provides a diverse menu of chicken and related side dishes and
desserts.
Bartlett Management Services and its affiliates sought Chapter 11
protection (Bankr. C.D. Ill. Lead Case No. 17-71890) on Dec. 5,
2017. The Debtors have sought joint administration of the cases
under Case No. 17-71890. Robert E. Clawson, president, signed the
petitions.
Bartlett estimated $1 million to $10 million in assets and $10
million to $50 million in liabilities.
The Hon. Mary P. Gorman presides over the cases.
Jonathan A Backman, Esq., at the Law Office of Jonathan A. Backman,
serves as bankruptcy counsel to the Debtors. The Debtors also
hired Valenti Florida Management, Inc., as accountant and financial
advisor, Steven A. Nerger of Silverman Consulting, Inc., as chief
restructuring officer.
On Jan. 8, 2018, the Office of the United States Trustee appointed
an Unsecured Creditors' Committee in each of the three cases. On
Jan. 19, 2018, counsel filed appearances on behalf of all three
Committees.
BBVA COMPASS: Moody's Puts (P)Ba2 Pref. Shelf Rating on Review
--------------------------------------------------------------
Moody's Investors Service placed on review for upgrade the
long-term ratings and assessments of BBVA Compass Bancshares, Inc.
and its bank subsidiary, Compass Bank. Moody's also placed on
review for upgrade Compass Bank's Prime-2 short-term deposit rating
and its (P)Prime-3 short-term bank note program. Moody's affirmed
the short-term Counterparty Risk Assessment at Prime-2(cr).
The following ratings and assessments are on review for upgrade:
Issuer: Compass Bank
-- Baseline Credit Assessment, currently baa2
-- Adjusted Baseline Credit Assessment, currently baa2
-- Long-term Counterparty Risk Assessment, currently Baa1(cr)
-- Long-term issuer rating, currently Baa3, Rating under Review
from Stable
-- Senior unsecured debt rating, currently Baa3, Rating under
Review from Stable
-- Senior unsecured bank note program, currently (P)Baa3
-- Subordinate debt rating, currently Baa3
-- Subordinate bank note program, currently (P)Baa3
-- Short-term bank note program, currently (P)P-3
-- Long-term deposit rating, currently A3, Rating under Review
from Stable
-- Short-term deposit rating, currently P-2
Outlook Actions:
-- Outlook, Changed To Rating Under Review From Stable
Issuer: BBVA Compass Bancshares, Inc.
-- Long-term issuer rating, currently Baa3, Rating under Review
from Stable
-- Senior unsecured shelf, currently (P)Baa3
-- Subordinate shelf, currently (P)Baa3
-- Pref. shelf, currently (P)Ba1
-- Pref. shelf noncumulative, currently (P)Ba2
-- Pref. Stock Non-cumulative, currently Ba2(hyb)
Outlook Actions:
-- Outlook, Changed To Rating Under Review From Stable
Issuer: Phoenix Loan Holdings
-- Pref. Stock Non-cumulative, currently Ba2(hyb)
The following ratings and assessments have been affirmed:
Issuer: Compass Bank
-- Short-term Counterparty Risk Assessment, affirmed P-2(cr)
RATINGS RATIONALE
The review is driven by improvement in BBVA Compass' core deposit
funding and capital position. BBVA Compass has improved its core
deposit to loan ratio which now stands at 98% as of September 30,
2017. Moody's noted the improvement in BBVA Compass' core deposit
funding was a function of growing core deposits as well as a
meaningful slowdown in loan growth. Therefore, the review will
consider the sustainability of BBVA Compass' improved core deposit
funding in a rising rate environment amid renewed loan growth.
Additionally, BBVA Compass has reduced its market funding driven by
the run-off of the Treasury repo book held at BBVA Securities,
Inc.. Moody's will consider the likelihood that BBVA Compass will
maintain its lower reliance on market funding.
With regard to capital, BBVA Compass has improved its Moody's
adjusted tangible common equity relative to risk-weighted assets to
an estimated 11.7% as of December 31, 2017 from 10.6% at year-end
2015. BBVA Compass has built its capital through retained earnings
as well as a modest reduction in the balance sheet. The review will
consider BBVA Compass' capital management plans and the probability
that its higher capital ratios will be maintained.
BBVA Compass' earnings remain weak relative to similarly-rated and
higher-rated peers. The bank's high cost structure results in an
efficiency level around 70%. Recent interest rate hikes and
management actions have boosted its NIM to 3.22% in 4Q17 from 2.66%
in 4Q15 thus improving profitability. However, this improvement in
profitability was constrained by higher provisions related to
energy in 2016 and the hurricane-related provision in 3Q17. Moody's
expects the bank's high cost levels will continue to dampen
profitability. The review will consider BBVA Compass' profitability
forecast assessing the potential benefit of additional interest
rates hikes.
Moody's also noted that BBVA Compass' creditworthiness has been
further supported by its solid asset quality performance, despite
its energy concentration and exposure to hurricane-affected areas.
During the review process, Moody's will consider management's loan
growth expectations as well as review its risk governance and
concentration limits.
What Could Change the Rating Up
BBVA Compass' ratings could be upgraded if Moody's believes its
strengthened capital and core funding profiles will be sustained as
well as its asset quality.
What Could Change the Rating Down
Given that BBVA Compass' ratings are on review for upgrade, a
downgrade is unlikely. However, upward pressure would be reduced if
the bank embarked on a growth strategy that materially leveraged
BBVA Compass' balance sheet adding asset risk and decreasing
capital metrics and liquid resources.
The principal methodology used in these ratings was Banks published
in September 2017.
BEAULIEU GROUP: Has Final Authorization to Use Cash Collateral
--------------------------------------------------------------
Judge Mary Grace Diehl of the U.S. Bankruptcy Court for the
Northern District of Georgia has signed a final order authorizing
and directing Beaulieu Group, LLC and affiliates to:
(a) Maintain the escrow in the amount of $1,000,000
established pursuant to the Interim Order to be used to satisfy any
additional amount of the CT Lender Claim that might ultimately be
allowed by the Court, with any excess to be promptly returned to
the Debtors' estates; and
(b) Increase the escrow in the amount of $4,000,000
established pursuant to the Interim Order by $1,000,000 for a total
of $5,000,000, to be used to satisfy any additional amount of the
Cygnets Claim that might ultimately be allowed by the Court, with
any excess to be promptly returned to the Debtors' estates.
The Debtors are further authorized to use their remaining cash,
including any cash that might constitute cash collateral of
Cygnets, CT Lender or any other entity, to pay ordinary
post-petition expenses of the Debtors (including, but not limited
to, health care costs, accounts payable, workers compensation
claims and professional fees) as they come due, or such other
obligations as are authorized by the Court.
On Dec. 8, 2017, the Court entered the Interim Order, pursuant to
which the Debtors have made the following payments: (a) $6,327,646
to CT Lender, as the undisputed portion of the CT Lender Claim, and
(b) $15,815,514 to Cygnets, as the undisputed principal portion of
the Cygnets Claims.
A full-text copy of the Final Order is available at:
http://bankrupt.com/misc/ganb17-41677-539.pdf
About Beaulieu Group
Founded in 1978 by Carl M. Bouckaert and Mieke D. Hanssens,
Beaulieu Group LLC -- http://www.beaulieuflooring.com/-- is a
privately owned American company that manufactures and distributes
high-end quality products in carpet, engineered hardwood, laminate
and luxury vinyl. Beaulieu Group has 2,500 full- and part-time
hourly and salaried employees.
Beaulieu Group, along with the two other affiliates, filed
voluntary petitions seeking relief under the provisions of Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No.
17-41677) on July 16, 2017. The cases are jointly administered
before the Honorable Judge Mary Grace Diehl.
Scroggins & Williamson, P.C., is the Debtors' bankruptcy counsel.
McGuireWoods is the special corporate counsel and Armory Strategic
Partners is the restructuring advisor. American Legal Claim
Services, LLC, is the claims and noticing agent.
An Official Committee of Unsecured Creditors was appointed on July
21, 2017. The Committee retained Thompson Hine LLP as counsel; Fox
Rothschild LLP as co-counsel; and Phoenix Management Services LLC
as financial advisor.
No trustee or examiner has been appointed in the case.
BEAULIEU GROUP: Hires Hall Booth Smith as Special Counsel
---------------------------------------------------------
Beaulieu Group, LLC, et al., seek authority from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Hall, Booth, Smith P.C., as special counsel to continue to assist
them with issues relating to the administration of the Debtor's
working compensating claims.
Prior to the Petition Date, the Debtors employed Hall Booth as its
outside counsel to handle workers compensation matters, including,
without limitation, resolution of workers compensation claims
asserted against the Debtors.
On July 20, 2017, the Court entered an order authorizing Debtors to
continue to administer and continue their Workers Compensation
Program, and to pay any and all amounts which become due and owing
with respect thereto. As of the Petition Date, the Debtors had a
number of open workers compensation claims pending before the
Georgia Board of Workers Compensation. Although the automatic stay
has to date prevented unresolved claims from proceeding to hearing,
any claims which cannot be resolved consensually will need to be
liquidated through contested hearings and the best forum to hear
these claims would be the Georgia Board of Workers Compensation
pursuant to applicable law.
Since the Petition Date, Hall Booth has advised the Debtors in the
ordinary course regarding the administration of the Debtors'
workers compensation claims as permitted under the Insurance
Programs Order. In that regard, Hall Booth has incurred a limited
amount of time and expense in rendering this advice, and invoices
for those services were processed and paid in the ordinary course
through the Debtors' in-house administrator handling workers
compensation claims. The total amount of these invoices was
$8,930. Even though the Debtors believe the services rendered to
date by Hall Booth and the fees paid have all been within the
ordinary course of the Debtors' business and authorized under the
Insurance Programs Order, out of an abundance of caution the
Debtors are asking that Hall Booth's retention be approved nunc pro
tunc as of the Petition Date. The Official Committee of Unsecured
Creditors do not oppose such request.
Hall Booth's present rates are:
Attorneys $165 to $190 per hour
Paralegals $110 per hour
Dale E. Simmons, a partner at Hall Booth, attests that Hall Booth
represents no interest adverse to Debtors in the matters upon which
the firm is to be engaged; Hall Booth has no connection with the
Debtors, their creditors or any party in interest or their
respective attorneys and accountants.
The counsel can be reached through:
Dale E. Simmons, Esq.
Hall Booth Smith, P.C.
3528 Darien Highway, Suite 300
Brunswick, GA 31525
Phone: (912) 554-0093
About Beaulieu Group
Founded in 1978 by Carl M. Bouckaert and Mieke D. Hanssens,
Beaulieu Group LLC -- http://www.beaulieuflooring.com/-- is a
privately owned American company that manufactures and distributes
high-end quality products in carpet, engineered hardwood, laminate
and luxury vinyl. Beaulieu Group has 2,500 full- and part-time
hourly and salaried employees.
Beaulieu Group, along with the two other affiliates, filed
voluntary petitions seeking relief under the provisions of Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No.
17-41677) on July 16, 2017. The cases are jointly administered
before the Honorable Judge Mary Grace Diehl.
Scroggins & Williamson, P.C., is the Debtors' bankruptcy counsel.
McGuireWoods is the special corporate counsel and Armory Strategic
Partners is the restructuring advisor. American Legal Claim
Services, LLC, is the claims and noticing agent.
An Official Committee of Unsecured Creditors was appointed on July
21, 2017. The Committee retained Thompson Hine LLP as counsel; Fox
Rothschild LLP as co-counsel; and Phoenix Management Services LLC
as financial advisor.
No trustee or examiner has been appointed in this case.
BERNARD L. MADOFF: March 28 Hearing on Alpha Prime Settlement Set
-----------------------------------------------------------------
Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee
for the liquidation of Bernard L. Madoff Investment Securities LLC
(BLMIS), filed a motion on Feb. 12, 2018, in the United States
Bankruptcy Court for the Southern District of New York, seeking
approval of a settlement agreement with Alpha Prime Fund Ltd.
("Alpha Prime"). An approval hearing for the agreement has been
set for March 28, 2018 at 10 a.m.
Alpha Prime was a BLMIS feeder fund incorporated under Bermuda law.
Through this settlement, the SIPA Trustee will recover $76.45
million, representing 100 percent of the transfers Alpha Prime
received from BLMIS in the two years preceding the commencement of
BLMIS's SIPA proceeding. This agreement leaves open issues
concerning Alpha Prime's ability to collect certain monies from the
BLMIS Customer Fund.
"This agreement confers a significant, immediate benefit to the
BLMIS Customer Fund," said BakerHostetler partner Oren J.
Warshavsky. "Our commitment to the BLMIS Customer Fund is evident
with this unique settlement. This could be a game changer for how
trustees approach complicated resolutions going forward."
"Once again, the SIPA Trustee and his team have reached a favorable
outcome for the customers of BLMIS," said Stephen P. Harbeck,
President and Chief Executive Officer of SIPC. "This is an
important addition to the Customer Fund and the recoveries will be
distributed as quickly as possible."
The SIPA Trustee's motion can be found on the United States
Bankruptcy Court's website at http://www.nysb.uscourts.gov/;Bankr.
S.D.N.Y., No. 08-01789 (SMB) / Adv. Pro. No. 09-01364 (SMB). The
motion -- as well as further information on recoveries to date,
other legal proceedings, further settlements, and general
information -- can also be found on the SIPA Trustee's website:
www.madofftrustee.com.
Messrs. Harbeck and Picard, and David J. Sheehan, Chief Counsel to
the SIPA Trustee, would like to thank the Securities Investor
Protection Corporation's Josephine Wang and Kevin Bell, as well as
BakerHostetler attorneys Oren J. Warshavsky, Geoffrey A. North,
Gonzalo S. Zeballos, Tatiana Markel, and Carrie A. Longstaff, who
assisted with the work on the matter and the settlement.
About Bernard L. Madoff
Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of New
York granted the application of the Securities Investor Protection
Corporation for a decree adjudicating that the customers of BLMIS
are in need of the protection afforded by the Securities Investor
Protection Act of 1970. The District Court's Protective Order (i)
appointed Irving H. Picard, Esq., as trustee for the liquidation of
BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and
(iii) removed the SIPA Liquidation proceeding to the Bankruptcy
Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr.
Picard has retained AlixPartners LLP as claims agent.
On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal &
Associates Florida General Partnership, Martin Rappaport Charitable
Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven
Morganstern -- assert US$64 million in claims against Mr. Madoff
based on the balances contained in the last statements they got
from BLMIS.
On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later
transferred to Manhattan. In June 2009, Judge Lifland approved the
consolidation of the Madoff SIPA proceedings and the bankruptcy
case.
Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to 150
years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.).
From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has commenced distributions to victims. As of Nov. 30,
2017, the SIPA Trustee has recovered, from pre-litigation and other
settlements, nearly $12.789 billion -- more than 73% of the
currently estimated principal amount lost in the Ponzi scheme by
those who filed claims. Following the ninth distribution of $584.5
million in February 2018, the aggregate amount distributed to
customers will total nearly $9.725 billion, with 1,386 BLMIS
accounts fully satisfied. This ninth pro rata interim
distribution, when combined with the prior eight distributions,
will equal 63.683 percent of each customer's allowed claim amount,
unless that claim has been fully satisfied.
BICOM NY: Intends to File Plan of Liquidation After BRAC Closing
----------------------------------------------------------------
BICOM NY, LLC, ISCOM NY, LLC, and Bay Ridge Automotive Company, LLC
("BRAC") d/b/a Bay Ridge Ford request the U.S. Bankruptcy Court for
the Southern District of New York to extend by approximately 90
days the exclusive periods to file a chapter 11 plan and solicit
acceptances thereof through May 6, 2018 and July 5, 2018,
respectively.
A hearing will be held on Feb. 21, 2017 at 11:00 a.m. during which
time the Court will consider extending the Debtors' exclusive
periods to file a chapter 11 plan and solicit acceptances thereof.
Responses and objections must be filed and served no later than
Feb. 14.
Under the Extension Order, the Debtors' exclusive period to file a
plan currently expires on Feb. 5, 2018 and the period for the
Debtors to solicit acceptances of a plan filed within the Exclusive
Filing Period currently expires on April 6, 2018.
The Debtors filed the Chapter 11 cases in order to stay individual
creditor action that would have harmed the collective creditor
body, and to preserve and maximize the value of the Debtors'
estates, while pursuing a sale of their businesses. The Debtors'
aim in filing these cases is nearly complete.
Prior to this request, the sales of ISCOM and BICOM closed. As a
result of the sale of their assets, including their
franchise/dealerships rights under the Franchise Agreements, BICOM
and ISCOM have ceased operating as going concerns.
In addition, the Debtors' negotiations with creditors and the key
stakeholders have yielded consensual resolutions (mostly reached
within the first month of these cases) that were indispensable to
allowing the Debtors to purse their sales process.
On September 26, 2017, the Debtors held an auction for
substantially all of their assets. At the auction, the Debtors'
Chief Restructuring Officer selected Successful Bidders and Back-Up
Bidders for the Assets.
On September 27, 2017, Plante Consulting, LLC filed an objection to
the CRO's selection of SMG Consultants, LLC as the Successful
Bidder for substantially all of BRAC's assets and Plante as the
Back-Up Bidder.
Plante filed a Notice, stating that the equity interests of Plante
"have been reconstituted as follows: 25% percent owned by Yuri
Frid; and 75% percent owned by Veniamin Nilva." The reconstitution
removed Gary Flom, a principal of the Debtors, as a member of
Plante.
On October 31, 2017, BRAC held a renewed auction for the BRAC
Assets. At this auction, the CRO selected Plante as the Successful
Bidder and SMG Consultants as the Back-Up Bidder. Consequently, on
November 21, Court entered an order which, inter alia, authorized
the sale of the BRAC Assets to Plante and BRAC's assumption of its
two unexpired leases for nonresidential real property -- one for
its showroom and the other for its service center (the "BRAC
Leases") -- and assignment of such leases to Plante. The BRAC Sale
Order incorporated the Manufacture Procedures as applied to BRAC
and Ford and provided that "Ford has the right to review, and
continue its review, of the dealer application submitted by Buyer
in accordance with Ford's review rights under the Ford Agreement
and applicable state law."
On December 1, 2017, Plante filed a Second Notice of
Reconstitution, stating that upon the closing of the BRAC Assets to
Plante, 100% of the equity interests in Plante would be assigned to
Charles Chalom. The notice further disclosed that the lease between
BRAC and New York City Economic Development Corporation under which
BRAC leases certain premises, where it maintains its service
center, located at the northeast corner of the Brooklyn Army
Terminal commonly known as 152 58th Street, Brooklyn, New York,
"will be owned by an entity owned in whole or in part by Gary Flom
and Veniamin Nilva."
On February 1, 2018, counsel for BRAC filed a letter with the Court
enclosing an e-mail from Ford's counsel stating that Ford had
approved Plante, as Reconstituted, as a Ford dealer subject to
certain "standard documentation" being provided at closing. The
letter advised that the "parties are seeking to close the sale of
the BRAC Assets on or before February 16, 2018."
The Debtors submit that the imminent BRAC Closing constitutes an
unresolved contingency that weighs heavily in favor of extending
the Exclusive Periods. Under the Bidding Procedures Order, the BRAC
Sale Order, and other applicable law, Ford (and the other
Manufactures) hold well-defined rights with respect to the review
and approval or denial of Plante's franchise application, and which
affect BRAC's ability to assume and assign the Ford Franchise
Agreement. The Ford Franchise Agreement is, of course, absolutely
necessary to operating a Ford dealership.
Managing the demands and pressures of the various parties with
divergent interest
affected by the sale, including Ford, BRAC’s landlords, and
competing bidders, has been a highly delicate, challenging, and at
times perilous, process. BRAC and the others Debtors should be
granted adequate time to prepare and propose a plan of liquidation
after the sales process is complete.
The Debtors intend to file a viable plan of liquidation soon after
the BRAC Closing that will receive the support of JPMorgan Chase
Bank, N.A. ("DIP Lender") and the Creditors' Committee (or that
will be jointly proposed with the committee). The process of
developing and obtaining approval of a chapter 11 liquidation plan
will not be a protracted or controversial.
In addition, the Debtors require additional time to prepare a plan
and disclosure statement that provide adequate information. The
Debtors need to review and evaluate many of the 486 claims that
have been filed against the Debtors, including over $5.8 in
administrative expenses claims and $30 million in other priority
claims that need to be addressed before the estate can confirm a
chapter 11 plan.
About Bicom NY LLC
BICOM NY, LLC dba Jaguar Land Rover Manhattan --
http://www.landrovermanhattan.com/-- is a dealer of Jaguar and
Land Rover cars in New York City. ISCOM NY, LLC dba Maserati of
Manhattan -- http://www.maseratiofmanhattan.com/-- is a retailer
of Maserati cars in New York City.
BICOM NY, and ISCOM NY and related entity Bay Ridge Automotive
Company, LLC, sought Chapter 11 protection (Bankr. S.D.N.Y. Case
Nos. 17-11906 to 17-11908) on July 10, 2017.
In the petitions signed by Gary B. Flom, manager, BICOM NY
disclosed $37.37 million in total assets and $12.17 million in
total liabilities as of the bankruptcy filing, and ISCOM NY
disclosed $4.85 million in total assets and $5.33 million in total
liabilities.
Judge Michael E. Wiles presides over the cases.
Eric J. Snyder, Esq., at Wilk Auslander LLP, is the Debtors'
bankruptcy counsel. The Debtors hired Aboyoun & Heller, LLC, as
special counsel; and JND Corporate Restructuring as administrative
agent.
On July 31, 2017, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors. Moses & Singer, LLP, is
the Committee's legal counsel.
BIKRAM'S YOGA: Hires Dentons US LLP as Special Counsel
------------------------------------------------------
Bikram's Yoga College of India and its debtor-affiliates seek
authority from United States Bankruptcy Court for the Central
District of California in Santa Barbara to employ Dentons (US) LLP
as special counsel.
Prepetition, most or all of the Debtors were parties to, or were
otherwise involved in, a number of lawsuits which resulted in the
entry of numerous judgments against some or all of the Debtors,
restraining orders against some or all of the Debtors and their
principals, judgment liens against the assets of some or all of the
Debtors, a paralysis of business operations as a result of such
litigation, the loss of revenue and assets as a result of such
litigation, and a management void.
There were three matters pending on the date the Voluntary Petition
was filed. Prepetition, Dentons served as counsel to Yoga College
in connection with such matters, and Dentons served and continues
to serve -- where the case is still active -- as counsel to Bikram
Choudhury in connection with such matters:
(1) as litigation counsel in Jill Lawler v. Bikram Choudhury,
et al., Los Angeles County Superior Court Case No. BC572579;
(2) as litigation and appellate counsel in Jane Doe 3 v.
Bikram Choudhury, et al., Los Angeles County Superior Court Case
No. BC 528813; and
(3) as appellate counsel in Jafa-Bodden v. Choudhury, et al.,
Los Angeles County Superior Court Case No. BC5120413
(collectively, the Actions).
At this time, none of the Debtors other than Yoga College are
parties to the Actions.
To the extent that any other Debtors are named a party in any of
the Actions, pursuant to this Application, Dentons and the Debtors
request authority to employ Dentons to represent any other Debtor
that becomes named as a party to any of the Actions.
Dentons will bill the Debtors at a special discounted rate of $365
per hour for all attorneys, and $150 per hour for all paralegals.
Nick S. Pujji, Esq., partner at Dentons US LLP, attests that his
firm does not hold or represent any interest materially adverse to
the Debtors or the Debtors' estates, and Dentons is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The counsel can be reached through:
Nick S. Pujji, Esq.
Dentons US LLP
601 S. Figueroa Street, Suite 2500
Los Angeles, CA 90017-5704
Phone: +1 213 623 9300
Fax: +1 213 623 9924
About Bikram's Yoga
Indian yoga guru Bikram Choudhury founded Bikram Choudhury Yoga,
the studio that popularized doing yoga in sauna heat. Choudhury
built a worldwide following with 26 yoga postures, known as Bikram
Yoga, in rooms heated to 105 degrees Fahrenheit.
Bikram's Yoga College of India, and related entities Bikram
Choudhury Yoga Inc., Bikram Inc., Yuz Inc., and Int'l Trading
Representative sought Chapter 11 protection (Bankr. C.D. Cal. Lead
Case No. 17-12045) on Nov. 9, 2017 after being dogged by $16.7
million in legal judgments.
Mr. Choudhury is facing allegations and lawsuits of sexual
misconduct by a number of his yoga practitioners, students,
instructors and teacher trainees. The yoga guru has denied
wrongdoing but has fled the U.S. after a warrant has been issued
for his arrest in May. A warrant for his arrest was issued for his
arrest after he failed to pay a judgment awarded to Minakshi
Jafa-Bodden, his former legal counsel.
Bikram's Yoga College of India estimated under $100,000 in assets.
Bikram Choudhury Yoga Inc. estimated under $50,000 in assets.
Bikram Inc. estimated under $1 million in assets. Yuz Inc.
estimated under $100,000 in assets. Int'l Trading Representative
listed under $500,000 in assets. The Debtors, other than Int'l
Trading, estimated under $50 million in estimated liabilities.
Int'l Trading said its liabilities are under $500,000.
The Chapter 11 petitions were signed by John A. Bryan, Jr., as CEO.
An Oct. 15, 2017 document attached to the petition showed that Mr.
Choudhury, general partner, appointed Mr. Bryan as CEO and Chief
Restructuring Officer. Mr. Bryan is the CEO of restructuring firm
The Watley Group, LLC.
The case judge is Hon. Deborah J. Saltzman.
Levene, Neale, Bender, Yoo & Brill LLP serves as counsel to the
Debtors. The Watley Group is the restructuring advisor.
BISHOP GORMAN: Unsecured Creditors to Recoup 33% Under Plan
-----------------------------------------------------------
General Unsecured Creditors are estimated to recover 33% under the
plan of reorganization filed by Bishop Gorman Development
Corporation, according to the Debtor's disclosure statement.
Each General Unsecured Creditors (Class 5) will receive its Pro
Rata portion of the $10 million GUC Fund. The liens held by J.A.
Tiberti Construction Co., Inc. (JATCO) will be void and the JATCO
Claim will be treated in all respects as a General Unsecured Claim.
Following the Effective Date, payments will be made to the holders
of Allowed General Unsecured Claims that execute the GUC/Diocese
Release quarterly from the proceeds of the Additional Rent. The
Additional Rent will be deposited in a separate account by the
Reorganized Debtor free of the Liens of Bank of America. Only
holders of General Unsecured Claims that execute the GUC/Diocese
Release will receive their Pro Rata share of the GUC Fund that is
attributable to the Additional Rent. If all holders of Class 5
Claims vote in favor of the GUC/Diocese Release, the estimated
Recovery is 33%.
General Unsecured Claims are estimated to total $30,000,000.
Disbursements under the Plan, including the GUC Fund, will be
funded from the Confirmation Funds. The Confirmation Funds are
comprised of the prepayment of the Diocese Note in the amount of
$4,859,567.42, the Additional Rent, and the Authorized Donor
Funds.
Confirmation Funds are estimated to be $14 million, with $4 million
allocated to Administrative Claims and the remaining $10 million
allocated to Holders of General Unsecured Claims under the Plan.
Disbursements to Holders of General Unsecured Claims will be funded
through a $10 million GUC Fund (which is a subset of the
Confirmation Funds) comprised of the prepayment of the Diocese Note
in the amount of $4,859,567.42, plus $2,140,432.58 in Cash from the
Confirmation Funds, and, following the Effective Date, the
Additional Rent.
In consideration for the contributions of the Diocese to fund the
Plan, the Debtor agrees to release the Diocese, on behalf of Debtor
and its bankruptcy estate, from any and all claims arising before
the Effective Date of the Plan.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/nvb17-11942-246.pdf
About Bishop Gorman Development Corporation
Bishop Gorman Development Corporation is a charitable organization
with its principal assets located at 5959 S. Hualapai Way, Las
Vegas, Nevada.
Bishop Gorman Development filed for Chapter 11 bankruptcy
protection (Bankr. D. Nev. Case No. 17-11942) on April 17, 2017,
estimating assets and liabilities between $100 million and $500
million each. Deacon Aruna Silva, executive director, signed the
petition.
Judge August B. Landis presides over the case.
Brett A. Axelrod, Esq., at Fox Rothschild LLP, serves as the
Debtor's bankruptcy counsel. The Debtor also hired Greenberg
Traurig, LLP, as its special litigation counsel, and Wallace
Neumann & Verville, LLP, as its accountant.
BLACKMAN COMMUNITY: Taps Carr, Riggs & Ingram as Valuation Analyst
------------------------------------------------------------------
Blackman Community Water System, Inc., seeks authority from the
U.S. Bankruptcy Court for the Northern District of Florida to hire
Carr, Riggs & Ingram, LLC, as valuation analyst.
The professional services that CRI will render will be limited to
the valuation of the Debtor's property that is collateral securing
debt and to assist the Debtor in the preparation if its Chapter 11
and disclosure statement.
The current rate charged by CRI are:
Partner/Certified Valuation Analysts $245 per hour
Senior Accountants $175 per hour
Staff Accountants $125 per hour
Destin Cobb, CPA, CVA, shareholder of the accounting firm of CRI,
attests that his firm is a disinterested entity in this case and
does not have any interest adverse to the estate in the matters
upon which it is to be engaged.
The firm can be reached through:
Destin Cobb, CPA, CVA
Carr, Riggs & Ingram, LLC
866 N Ferdon Blvd
Crestview, FL 32536
Phone: 850-826-4104
E-mail: dcobb@cricpa.com
Blackman Community Water System Inc. filed a Chapter 11 petition
(Bankr. N.D. Fla. Case No. 16-30031) on Jan. 15, 2016. In the
petition signed by Randall Ward, president, the Debtor disclosed
assets at $5.32 million and debts at $1.96 million. The Debtor's
counsel is Ashley B. Rogers, Esq., at Chesser & Barr P.A.
BON-TON STORES: Jones Day, Cole Represent 2nd Lien Noteholders
--------------------------------------------------------------
Jones Day and Cole Schotz P.C. filed with the U.S. Bankruptcy Court
for the District of Delaware a verified statement pursuant to Rule
2019 of the Federal Rules of Bankruptcy Procedure with respect to
certain beneficial holders or the investment advisors or managers
for certain beneficial holders of 8.00% Second Lien Senior Secured
Notes Due 2021 issued by The Bon-Ton Department Stores, Inc.,
pursuant to that certain Indenture dated as of May 28, 2013, with
Wilmington Savings Fund Society, FSB, as successor Trustee.
The Second Lien Noteholders with their corresponding disclosable
economic interests include:
a. Brigade Capital Management, LP, on behalf of
itself and/or certain of its affiliates and/or funds
399 Park Avenue, Suite 1600
New York, NY 10022
$127,853,000
in Notes Obligations
b. Wolverine Asset Management, LLC, on behalf of
itself and/or certain of its affiliates and/or funds
175 W. Jackson Boulevard, Suite 340
Chicago, IL 60604
$18,745,000
in Notes Obligations
c. B. Riley FBR, Inc., on behalf of itself and/or
certain of its affiliates and/or funds
299 Park Avenue
New York, NY 10171
$10,700,000
in Notes Obligations
d. Riva Ridge Master Fund, Ltd., on behalf of itself
and/or certain of its affiliates and/or funds
55 Fifth Avenue, 18th Floor
New York, NY 10003
$10,515,000
in Notes Obligations
e. Bennett Management Corporation, on behalf of
itself and/or certain of its affiliates and/or funds
2 Stamford Plaza, Suite 1501
281 Tresser Blvd.
Stamford, CT 06901
$13,520,000
in Notes Obligations
f. Alden Global, LLC, on behalf of itself and/or
certain of its affiliates and/or funds
885 Third Avenue, 34th Floor
New York, NY 10022
$42,034,000
in Notes Obligations
In November 2017, certain of the Second Lien Noteholders retained
Jones Day to represent them as counsel in connection with a
potential restructuring of the outstanding debt obligations of The
Bon-Ton Stores, Inc., and affiliates and certain of their
subsidiaries and affiliates. Cole Schotz was retained by the
Second Lien Noteholders in January 2018 to act as Delaware counsel
in the Debtors' Chapter 11 cases.
The Counsel represents the Second Lien Noteholders in their
capacity as noteholders under the Second Lien Indenture.
The Counsel does not represent or purport to represent any other
entities in connection with the Debtors' Chapter 11 cases. The
Counsel does not represent the Second Lien Noteholders as a
"committee" and does not undertake to represent the interests of,
and is not a fiduciary for, any creditor, party in interest, or
other entity. In addition, the Second Lien Noteholders do not
represent or purport to represent any other entities in connection
with the Debtors' Chapter 11 cases.
Upon information and belief formed after due inquiry, the Counsel
does not hold any disclosable economic interests in relation to the
Debtors other than accrued and unpaid expenses reimbursable under
the Second Lien Indenture and contingent claims for indemnification
thereunder.
As of the date of this Verified Statement, the Second Lien
Noteholders hold, or are the investment advisors or managers of
accounts that hold, approximately $223,367,000 in aggregate
principal amount of the outstanding debt under the Second Lien
Indenture.
A copy of the Statement is available at:
http://bankrupt.com/misc/deb18-10248-82.pdf
The firms can be reached at:
Norman L. Pernick, Esq.
J. Kate Stickles, Esq.
COLE SCHOTZ P.C.
500 Delaware Avenue, Suite 1410
Wilmington, Delaware 19801
Tel: (302) 652-3131
Fax: (302) 652-3117
E-mail: npernick@coleschotz.com
kstickles@coleschotz.com
-- and --
Sidney P. Levinson, Esq.
Genna L. Ghaul, Esq.
Charles S. Wittmann-Todd, Esq.
JONES DAY
250 Vesey Street
New York, NY 10281
Tel: (212) 326-3939
Fax: (212) 755-7306
E-mail: slevinson@jonesday.com
gghaul@jonesday.com
cwittmanntodd@jonesday.com
-- and --
Bruce Bennett, Esq.
Joshua M. Mester, Esq.
JONES DAY
555 South Flower Street
Fiftieth Floor
Los Angeles, California 90071
Tel: (213) 489-3939
Fax: (213) 243-2539
E-mail: bbennett@jonesday.com
jmester@jonesday.com
About The Bon-Ton Stores
The Bon-Ton Stores, Inc. (OTCQX: BONT) -- http://www.bonton.com/--
with corporate headquarters in York, Pennsylvania and Milwaukee,
Wisconsin, operates 256 stores, which includes nine furniture
galleries and four clearance centers, in 23 states in the
Northeast, Midwest and upper Great Plains under the Bon-Ton,
Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and
Younkers nameplates. The stores offer a broad assortment of
national and private brand fashion apparel and accessories for
women, men and children, as well as cosmetics and home
furnishings.
The Bon-Ton Stores, Inc., sought Chapter 11 protection (Bankr. D.
Del. Case No. 18-10248) on Feb. 4, 2018. In the petitions signed
by Executive Vice President and CFO Michael Culhane, the Debtor
disclosed total assets at $1.58 billion and total debt at $1.74
billion.
The Bon-Ton Stores tapped PAUL, WEISS, RIFKIND, WHARTON & GARRISON
LLP as counsel; YOUNG CONAWAY STARGATT & TAYLOR, LLP as co-counsel;
PJT PARTNERS LP as investment banker; AP SERVICES, LLC, as
financial advisor; A&G REALTY PARTNERS LLC, as real estate advisor;
and PRIME CLERK LLC, as claims agent.
CALFRAC WELL: S&P Hikes CCR to B- on Improving Credit Metrics
-------------------------------------------------------------
S&P Global Ratings said it raised its long-term corporate credit
rating on Calgary, Alta.-based Calfrac Well Services Ltd. to 'B-'
from 'CCC+', and its issue-level rating on Calfrac Holdings L.P.'s
senior unsecured debt to 'CCC' from 'CCC-'. The outlook is
positive. The recovery rating on the unsecured debt is unchanged at
'6', and represents negligible (0%-10%; rounded estimate 5%)
recovery in S&P's default scenario.
S&P said, "The upgrade primarily reflects our expectation of
improved projected revenue and cash flow following a period of
stable-to-improving industry activity in North America. Based on
stronger cash flow generation, we estimate the company's fully
adjusted, 2018-2019 weighted-average funds from operations
(FFO)-to-debt ratio will strengthen and remain well above 12% this
year under our base-case scenario. We also expect Calfrac will
maintain an adequate liquidity profile.
The company's financial risk profile has improved materially from a
year ago, when depressed hydrocarbon prices and industry activity
resulted in negative EBITDA generation at the trough of industry
activity in 2016, and elevated credit measures into 2017.
S&P said, "Our improved cash flow and leverage estimates result
from higher active rig count and drilling activity in the North
American producing regions where Calfrac operates. We believe the
projected increased drilling activity, and the need for associated
fracturing services should support incremental revenue and cash
flows for 2018-2019. Despite our projected improvement in the
company's cash flow and leverage metrics, we continue to view the
overall financial risk profile as highly leveraged, and highly
susceptible to the industry's inherent volatility. Moreover, we
believe there is a relatively high fixed component in Calfrac's
operating cost structure that keeps our forecast EBITDA margins in
the 13%-15% range, and vulnerable to rapid deterioration during an
industry downturn."
The positive outlook reflects S&P Global Ratings' view that Calfrac
will generate sufficient cash flow to improve its fully adjusted,
two-year (2018-2019), weighted-average FFO-to-debt ratio close to
20%, while maintaining adequate liquidity. S&P said, "In our
opinion, cash flow ratios at this level would sufficiently improve
the company's financial risk profile to support a 'B' rating. The
rebound in industry activity over the past year, which we assume
will continue under our hydrocarbon price assumptions, underpins
our revenue and cash flow growth assumptions for Calfrac."
S&P said, "We could raise the rating if the company generates
adjusted FFO-to-debt above 20% over the next 12 months and we
expect it to be sustained at this level. In such a scenario, we
would expect Calfrac to generate positive free cash flows and
stable-to-improving margins while maintaining its existing business
risk position.
"We could revise the outlook to stable if the company's adjusted
FFO-to-debt remains well below 20% with no visibility of
improvement. This could occur if industry activity is weaker than
we expect, which would, in turn, reduce Calfrac's equipment
utilization and lead to weaker earnings and cash flows."
CAPRI COAST: Taps Jeffrey S. Shinbrot as New Legal Counsel
----------------------------------------------------------
Capri Coast Capital, Inc., seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire a new legal
counsel.
In its application, Capri Coast proposes to hire Jeffrey S.
Shinbrot, APLC to provide legal services to the company and its
affiliates in connection with their Chapter 11 cases. The firm
will replace Lewis Landau, Esq., as bankruptcy counsel.
Jeffrey Shinbrot, Esq., the attorney who will be handling the case,
charges an hourly fee of $575. Paralegals charge $150 per hour.
The firm has requested a postpetition retainer in the sum of
$10,000.
Shinbrot is a "disinterested person" as defined in Section 101(14)
of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Jeffrey S. Shinbrot, Esq.
Jeffrey S. Shinbrot, APLC
8200 Wilshire Boulevard, Suite 400
Beverly Hills, CA 90211
Tel: (310) 659-5444
Fax: (310) 878-8304
E-mail: jeffrey@shinbrotfirm.com
About Capri Coast Capital
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. 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.
In the petitions signed by CEO Erika Rice, Capri Coast estimated
under $50,000 in assets and under $500,000 in liabilities. Hampton
Heights estimated under $50,000 in both assets and liabilities.
Ravello Ventures estimated under $500,000 in both assets and debt.
Amalfi Assets estimated between $1 million and $10 million in
assets, and between $500,000 and $1 million in liabilities.
Capri Coast initially tapped the Law Office of Peter C. Bronstein
as counsel, then replaced the firm with Lewis Landau, Esq., then
replaced it with Jeffrey S. Shinbrot, APLC.
CAPTAIN NEMOS: Seeks Authority to Access Cash Collateral
--------------------------------------------------------
Captain Nemos Subs and Salads, L.L.C., asks the U.S. Bankruptcy
Court for the Eastern District of Michigan to authorize its use of
cash collateral in the ordinary course of its business.
Captain Nemos needs the use of the funds to run his business
operations -- including paying employees, withholding and FICA
taxes, fuel the delivery vehicle, insurance, and all the other
normal business expenses. Without the use of said cash collateral
on an expedited basis, Captain Nemos fears that it may become
unable to pay its employees, equipment lease payments, taxes, etc.
described above.
Captain Nemos has attached projections for the months of February
1, 2018 through July 31, 2018. Those projections are based on the
historical income for the Flat Rock location. Captain Nemos
estimates that his current cash collateral needs are approximately
$50,000 on an interim emergency basis for the month of February to
avoid irreparable harm.
Captain Nemos believes that these creditors may have interest in
the cash collateral:
(a) The State of Michigan, Department of Treasury, who has
filed several Notices of State Tax Lien.
(b) Rapid Financial Services, L.L.C. d/b/a Rapid Advance.
Rapid Advance purchased $52,000 worth of future credit card payment
receivables of Captain Nemos for the price of $40,000.00. The only
collateral existing at the time of filing which might secure the
obligation owed to Rapid Advance is Captain Nemos' deposit
accounts. Approximately $7,000 is still owed to Rapid Advance.
Captain Nemos proposes to pay (a) $300 to State of Michigan
Department of Treasury, and (b) $100 to Rapid Financial Services
LLC as adequate protection.
A full-text copy of the Debtor's Motion is available at:
http://bankrupt.com/misc/mieb18-41307-9.pdf
About Captain Nemos Subs
Captain Nemos Subs and Salads, L.L.C., a Michigan corporation
is/was the owner of several sub and salad shops in the Downriver
area of Southeast, Michigan. Captain Nemos sells subs, salads,
appetizers, and other food goods and drinks to customers. The
business is located at 28801 Telegraph Rd., Flat Rock, MI 48134.
Captain Nemos Subs and Salads filed a Chapter 11 petition (Bankr.
E.D. Mich. Case No. 18-41307) on Feb. 1, 2018. In the petition
signed by Brett T. Manning, managing member, the Debtor estimated
less than $50,000 in assets and $100,000 to $500,000 in
liabilities. The Debtor tapped Captain Edward J. Gudeman, Esq.,
and Brian A. Rookard, Esq., at Gudeman and Associates, P.C., in
Royal Oak, Michigan, as counsel.
CARL WEBER: Exclusive Plan Filing Deadline Moved to March 19
------------------------------------------------------------
The Hon. John K. Sherwood of the U.S. Bankruptcy Court for the
District of New Jersey has extended the exclusive period during
which only Carl Weber Green Properties, LLC can file a plan of
reorganization to March 19, 2018 and the period for obtaining
acceptances is extended until 60 days thereafter.
As reported by the Troubled Company Reporter on January 23, 2018,
Carl Weber sought for exclusivity extension telling the Court that
it is in the process of preparing a Chapter 11 plan of liquidation
and disclosure statement. However, Carl Weber's professionals are
still in the process of being retained.
Carl Weber said that the delay in preparing and filing the plan has
been caused by the delay in approval of Carl Weber's application to
retain counsel. Carl Weber assured the Court that once counsel is
approved, Carl Weber's counsel will assist in preparing and filing
the proposed plan. Additionally, Carl Weber has been pursuing
potential resolutions with various parties and creditors.
About Carl Weber Green Properties
Carl Weber Green Properties, LLC, is affiliated with 3490RT94, LLC,
which sought bankruptcy protection (Bankr. D.N.J. Case No.
16-32067) on Nov. 17, 2016. 3490RT94 listed its business as a
single asset real estate.
Carl Weber sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Case No. 17-29110) on Sept. 20, 2017. In the
petition signed by Manager Philip Sivin, the Debtor estimated
assets of $1 million to $10 million and liabilities of less than $1
million.
Giordano, Halleran & Ciesla, P.C., serves as counsel to the Debtor.
CC CARE LLC: Taps Templin Healthcare as Accountant
--------------------------------------------------
CC Care, LLC, seeks approval from the U.S. Bankruptcy Court for the
Northern District of Illinois to hire Templin Healthcare Accounting
Services, LLP, as accountant.
The firm will assist CC Care, LLC and its affiliates in compiling
financial and statistical cost reports for long-term care
facilities required by the State of Illinois Department of
Healthcare and Family Services.
Each Debtor will pay the firm $2,182 in advance. In the event the
fees for its services exceed this amount, such additional services
will be paid at the rate of $125 per hour.
Templin does not hold any interest adverse to the Debtors or their
estates, according to court filings.
The firm can be reached through:
Larry Templin
Templin Healthcare Accounting Services, LLP
P.O. Box 9
Dunlap, IL 61525
Phone: 630.361.2868
E-mail: info@templinhealthcare.com
About CC Care LLC
CC Care, LLC, and its affiliates are Delaware limited liability
companies owned by JLM Financial Healthcare, LP, that operate
long-term care facilities that provide nursing, healthcare,
therapeutic and social services to the chronically ill with a
diagnosis of mental illness.
The operating entities own these nursing care facilities:
Entity Facility Name/Location
------ ----------------------
CC Care Community Care Center, Chicago, Illinois
BT Care Bourbonnais Terrace Nursing Home, Bourbonnais, Ill.
CT Care Crestwood Terrace Nursing Center, Crestwood, Ill.
FT Care Frankfort Terrace Nursing Center, Frankfort, Ill.
JT Care Joliet Terrace Nursing Center, Joliet, Illinois
KT Care Kankakee Terrance Nursing Center, Bourbonnais, Ill.
SV Care Southview Manor, Chicago, Illinois
TN Care Terrace Nursing Home, Waukegan, Illinois
WCT Care West Chicago Terrace Nursing Home, West Chicago, Ill.
On Oct. 30, 2017, Chapter 11 bankruptcy petitions were filed by CC
Care, LLC, doing business as Community Care Center (Bankr. N.D.
Ill. Lead Case No. 17-32406), and BT Bourbonnais Care, LLC, doing
business as Bourbonnais Terrace Nursing Home (Case No. 17-32411),
CT Care, LLC (17-32417), FT Care, LLC (17-32423), JT Care, LLC
(17-32425), KT Care, LLC (17-32427), SV Care, LLC (17-32430), TN
Care, LLC (17-32429), WCT Care, LLC (17-32433), JLM Financial
Healthcare, LP (17-32421). Patrick Laffey, their manager and
designated representative, signed the petitions. The cases are
jointly administered under Case No. 17-32406 and assigned to Judge
Janet S. Baer.
At the time of filing, CC Care estimated $1 million to $10 million
in assets and liabilities.
The Debtors tapped Burke Warren MacKay & Serritella, P.C. and
Crane, Simon, Clar & Dan as their bankruptcy counsel; Meyer
Magence, Attorney at Law as special counsel; and Development
Specialists, Inc. as financial advisor.
On Nov. 27, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee hired
Freeborn & Peters LLP as its bankruptcy counsel, and Protiviti Inc.
as its financial advisor.
CHESEAPAKE ENERGY: Vanguard Group Has 10.2% Stake as of Dec. 31
---------------------------------------------------------------
In a Schedule 13G/A filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2017,
it beneficially owns 92,656,059 shares of common stock of
Chesapeake Energy Corp, constituting 10.19 percent of the shares
outstanding.
Vanguard Fiduciary Trust Company, a wholly-owned subsidiary of The
Vanguard Group, Inc., is the beneficial owner of 989,218 shares or
.10% of the Common Stock outstanding of the Company as a result of
its serving as investment manager of collective trust accounts.
Vanguard Investments Australia, Ltd., a wholly-owned subsidiary of
The Vanguard Group, Inc., is the beneficial owner of 225,902 shares
or .02% of the Common Stock outstanding of the Company as a result
of its serving as investment manager of Australian investment
offerings.
A full-text copy of the regulatory filing is available at:
https://is.gd/MGivG1
About Chesapeake Energy
Based in Oklahoma City, Chesapeake Energy Corporation's (NYSE:CHK)
-- http://www.chk.com/-- is focused on discovering and developing
its large and geographically diverse resource base of
unconventional oil and natural gas assets onshore in the United
States. The company also owns oil and natural gas marketing and
natural gas compression businesses.
Chesapeake Energy reported a net loss available to common
stockholders of $4.92 billion on $7.87 billion of total revenues
for the year ended Dec. 31, 2016, compared to a net loss available
to common stockholders of $14.85 billion on $12.76 billion of total
revenues for the year ended Dec. 31, 2015.
The Company had $11.98 billion in total assets, $12.68 billion in
total liabilities and a total deficit of $704 million as of Sept.
30, 2017.
* * *
Chesapeake Energy carries a 'Caa1' corporate family rating from
Moody's Investors Service. Moody's said Chesapeake's 'Caa1' CFR
incorporates its improving but modest cash flow generation at
Moody's commodity price estimates relative to the company's high
debt levels.
CHRIST ON THE WESTSIDE: Taps Dibble & Miller as Legal Counsel
-------------------------------------------------------------
Church of Christ on the Westside seeks approval from the U.S.
Bankruptcy Court for the Western District of New York to hire
Dibble & Miller, P.C., as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; assist in reviewing and resolving claims; assist
the Debtor in the preparation of a plan of reorganization; and
provide other legal services related to its Chapter 11 case.
The firm will charge $300 per hour for the services of its
attorneys and $180 per hour for paralegal services.
Dibble & Miller has requested a $22,500 pre-bankruptcy retainer and
$1,717 filing fee.
Mikal Krueger, Esq., at Dibble & Miller, 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:
Mikal J. Krueger, Esq.
Dibble & Miller, P.C.
55 Canterbury Rd.
Rochester, NY 14607
Phone: (585) 271-1500
E-mail: info@dibblelaw.com
About Church of Christ on the Westside
Church of Christ on the Westside, also known as Westside Church of
Christ, is a Christian religious organization and a not-for-profit
corporation formed under section 402 of the New York Not-for-Profit
Corporation Law, with a principal place of business located at 469
Lyell Avenue, City of Rochester, New York.
Church of Christ on the Westside sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 18-20104) on Feb.
2, 2018. The Debtor tapped Dibble & Miller, P.C., as bankruptcy
counsel.
CINRAM GROUP: Taps Appraisal Group as Real Estate Appraiser
-----------------------------------------------------------
Cinram Group, Inc. and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the District of New Jersey to employ
Appraisal Group International as real estate appraiser effective as
of Jan. 11, 2018.
The Debtors require real estate appraisal services to estimate the
market value of two properties owned by the Debtors, which are
located at (1) 1400 East Lackawanna Avenue, Olyphant, Pennsylvania,
and (2) 1 & 2 JVC Road, Tuscaloosa, Alabama.
AGI's appraisal of each property will include:
(i) inspection of the property, neighborhood and competitive
environs;
(ii) identification of the specific estate to be appraised and
effective dates of valuation;
(iii) ananalysis of the land and improvements of the subject
property;
(iv) analysis of highest and best use;
(v) consideration of valuation approaches, review of marketing
activity, and processing the valuation approaches selected into
value indications; and
(vi) reconciliation of the approaches selected and concluding
value indications into a final value estimate of the subject
property.
AGI's fee for fieldwork, analysis and preparation of the appraisal
reports is $6,000 for each property $3,000 of which (for each
property) will be payable upon retention, with the balance due upon
completion. In addition, the Debtors will reimburse AGI for
reasonable out of pocket expenses that may be incurred in
connection with each appraisal not to exceed $1,500 per appraisal.
Avi M. Vardi, president of Appraisal Group International, attests
that AGI does not hold an adverse interest to the estate and is a
disinterested person under 11 U.S.C. Sec. 101(14).
AGI's current hourly rates are:
Principal Appraiser $395
Associate Appraiser $125
Staff $100
The appraiser can be reached through:
Avi M. Vardi, MAI
Appraisal Group International
211 Parsippany, NJ 07054
Phone: 973-515-1100
Fax: 973-515-1180
About Cinram Group, Inc.
Cinram Group, Inc., and its affiliates were once providers of media
development and delivery services. Located in North America and
Europe, Cinram worked with some of the biggest names in home
entertainment and retail. As consumer demand has rapidly shifted
away from physical media for audio and video over the past several
years, Cinram has exited the manufacturing and supply chain
services business, selling or winding down substantially all of its
operations and operating assets. As a result, Cinram no longer has
any active business operations. Remaining assets consist primarily
of approximately four million square feet of owned and leased
industrial property and undeveloped land located in Pennsylvania
and Alabama.
Livingston, New Jersey-based Cinram Group, Inc., and its affiliates
sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 17-15258)
on March 17, 2017. In the petitions signed by CEO Glenn Langberg,
Cinram Group estimated $1 million to $10 million in assets and
liabilities; Cinram Operations, Inc., estimated $1 million to $10
million in assets and under $50,000 in liabilities; Cinram Property
Group, LLC, estimated $10 million to $50 million in assets and
under $50,000 in liabilities.
The Hon. Vincent F. Papalia presides over the jointly administered
cases.
Kenneth A. Rosen, Esq., at Lowenstein Sandler, LLP, serves as
bankruptcy counsel to the Debtors.
On April 3, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee members
are SIR Properties Trust, MPEG LA LLC, Technicolor Home
Entertainment Services Inc., and Richter LLP. Cole Schotz P.C.
serves as bankruptcy counsel.
CLAIRE'S STORES: Board OKs Key Employee Retention Program
---------------------------------------------------------
The Board of Directors of Claire's Stores, Inc. has approved the
adoption of a key employee retention program. Under the program,
the Company may make cash retention payments to certain employees
identified by the Board, including the named executive officers of
the Company. Participants in the program will each be eligible to
receive a one-time retention payment upon entering into a retention
agreement with the Company. Under the retention agreement, the
payment will be subject to a repayment "clawback" by the Company in
the event that the Company terminates the participant's employment
for Cause (as defined in the retention agreement) or the
participant voluntarily resigns prior to the occurrence of the
earlier of certain specified events or the expiration of 18 months
from the date of the agreement. The cash retention bonuses payable
(subject to clawback) to Messrs. Marshall and Huckins are
$1,800,000 and $750,000, respectively. Awards under the key
employee retention program would supersede and replace award
opportunities under retention bonus arrangements approved by the
Compensation Committee of the Board in June 2017.
About Claire's Stores
Hoffman Estates, Ill.-based Claire's Stores, Inc. --
http://www.clairestores.com/-- is a specialty retailer of
fashionable jewelry and accessories for young women, teens, tweens
and girls ages 3 to 35. The Company operates through its stores
under two brand names: Claire's and Icing. As of July 29, 2017,
Claire's Stores, Inc. operated 2,660 stores in 17 countries
throughout North America and Europe, excluding 860 concession
locations. The Company franchised 650 stores in 27 countries
primarily located in the Middle East, Central and Southeast Asia
and Central and South America, and Southern Africa.
Claire's Stores reported net income of $53.89 million on $1.31
billion of net sales for the fiscal year ended Jan. 28, 2017,
compared to a net loss of $236.43 million on $1.40 billion of net
sales for the fiscal year ended Jan. 30, 2016.
As of Oct. 28, 2017, Claire's Stores had $1.98 billion in total
assets, $2.53 billion in total liabilities and a stockholders'
deficit of $548.6 million.
* * *
In October 2016, Moody's Investors Service downgraded to 'Ca' from
'Caa3' the corporate family rating of Claire's Stores, Inc., and
took rating actions on various instruments. The outlook remains
negative. "These rating actions result from Claire's closing its
exchange offer, which we characterized as a distressed exchange, as
well as new credit facilities which were issued in tandem with the
closing of the exchange," stated Moody's Vice President Charlie
O'Shea.
In May 2017, S&P Global Ratings affirmed its 'CC' corporate credit
rating on Hoffman Estates, Ill.-based U.S. specialty retailer
Claire's Stores Inc. The outlook is negative. "We believe
Claire's will eventually need to complete further distressed
transactions such as exchanging debt at subpar levels, which we
would view as tantamount to default. We note that various tranches
of debt at Claire's continue to trade at a steep discount to par,"
said credit analyst Samantha Stone.
COLORADO NATIONAL: Committee Taps Banking Regulatory Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Colorado National
Bancorp seeks authority from the U.S. Bnakruptcy Court for the
District of Colorado to retain Christian Otteson and his law firm
Shapiro Bieging Barber Otteson LLP as its special banking
regulatory counsel.
The professional services that SBBO is to render are:
a. advise the Committee as to bank regulations affecting the
bankruptcy case and the Debtor's assets and liabilities;
b. analyze purchase and sale agreements and proposed plans of
reorganization regarding the impact of bank regulations on such
transactions;
c. assist the Committee with investigation of potential
purchasers of the Debtors' assets regarding suitability of such
purchasers to bank regulatory agencies;
d. assist the Committee in its analysis of and negotiation
with any third party concerning matters related to banking
regulations and practices; and
e. communicate with bank regulators concerning actions taken
or proposed by the Committee.
The hourly rates charged by SBBO attorneys range from $250 to $425.
Mr. Otteson's rate in this case will be $400.
Christian Otteson, a partner with the law firm of SBBO, attests
that he and SBBO are "disinterested persons" within the meaning of
11 U.S.C. Sec. 101(14).
The firm can be reached through:
Christian E. Otteson, Esq.
Shapiro Bieging Barber Otteson LLP
4582 South Ulster Street Parkway, Suite 1650
Denver, CO 80237
Tel: 720-488-0220
E-mail: cotteson@sbbolaw.com
About Colorado National Bancorp
Colorado National Bancorp, formerly known as Community Bank
Partners Inc., operates as a bank holding company for Colorado
National Bank that provides banking products and services to
businesses and consumers in Colorado and surrounding states. It
was incorporated in 2009 and is based in Denver, Colorado.
Colorado National Bancorp sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 17-20315) on Nov. 8,
2017. In the petition signed by CEO Scott D. Jackson, the Debtor
estimated assets and liabilities of $1 million to $10 million.
Judge Elizabeth E. Brown presides over the case. Shapiro Bieging
Barber Otteson LLP is the Debtor's counsel.
CORONA LANE: Taps Tyler Bartl as Legal Counsel
----------------------------------------------
Corona Lane, LLC, received approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to hire Tyler, Bartl, Ramsdell
& Counts, PLC as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; assist in negotiations to obtain financing; assist
in the preparation of a plan of reorganization; and provide other
legal services related to its Chapter 11 case.
Gregory Counts, Esq., and Steven Ramsdell, Esq., charge $330 per
hour and $400 per hour, respectively.
Tyler received a retainer in the sum of $5,000 from the Debtor.
Mr. Counts disclosed in a court filing that he and his firm have no
connections with the Debtor or any of its creditors.
The firm can be reached through:
Gregory H. Counts, Esq.
Tyler, Bartl, Ramsdell & Counts, P.L.C.
300 N. Washington Street, Suite 310
Alexandria, VA 22314
Tel: 703.549.5001
Fax: 703.549.5011
E-mail: gcounts@tbrclaw.com
About Corona Lane
Corona Lane, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Va. Case No. 17-14231) on Dec. 13,
2017. In the petition signed by Barbara Diseati-Ayres, member, the
Debtor estimated assets and liabilities of less than $500,000.
Judge Brian F. Kenney presides over the case.
CROSIER FATHERS: Creates $24-Mil. Fund for Abuse Survivors
----------------------------------------------------------
Crosier Fathers and Brothers Province, Inc., Crosier, Crosier
Fathers of Onamia and The Crosier Community of Phoenix filed
Chapter 11 plans of reorganization which provides for the
establishment of an approximately $25.5 million cash fund, $24
million of which will be distributed to survivors of abuse.
The Plan Proponents estimate that administrative fees will be equal
to or less than the remaining $1.5 million.
On the Effective Date, the Trust will assume all liability for and
will pay all Class 8 - Tort Claims pursuant to the provisions of
the Plan, Plan Documents, Confirmation Order, Tort Claims
Allocation Protocol, and Trust Documents. The Tort Claimants shall
have their Class 8 Claims treated pursuant to the Tort Claims
Allocation Protocol, which will be developed by the Committee and
submitted to the Court for approval after notice and opportunity
for those with standing to be heard.
Each holder of a Class 5 General Unsecured Claim, as and when such
General Unsecured Claim is or becomes an Allowed Claim, will be
paid the principal amount of its Claim (without interest or
penalties) in Cash in two (2) installments with the first (1st)
installment to be paid on the first Business Day which is six (6)
months after the Effective Date or the Claim Payment Date, and the
next installment on the first Business Day that is twelve (12)
months after the previous payment.
A full-text copy of the Crosier Fathers Disclosure Statement dated
Dec. 27, 2017, is available at:
http://bankrupt.com/misc/mnb17-41681-102.pdf
A full-text copy of the Crosier Onamia Disclosure Statement dated
Dec. 27, 2017, is available at:
http://bankrupt.com/misc/mnb17-41682-95.pdf
A full-text copy of the Crosier Phoenix Disclosure Statement dated
Dec. 27, 2017, is available at:
http://bankrupt.com/misc/mnb17-41683-92.pdf
About Crosier Fathers and
Brothers Province Inc.;
and The Crosier Community of Phoenix
Crosier Fathers and Brothers Province, Inc. --
https://www.crosier.org/ -- is a Minnesota non-profit corporation
that is the civil counterpart of the religious entity known as the
Canons Regular of the Order of the Holy Cross Province of St.
Odilia.
Crosier, Crosier Fathers of Onamia and The Crosier Community of
Phoenix sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Minn. Case No. 17-41681 to 17-41683) on June 1, 2017.
The Rev. Thomas Enneking, their president, signed the petitions.
Crosier Fathers and Brothers estimated less than $1 million in
assets and less than $500,000 in liabilities. Crosier Fathers of
Onamia and The Crosier Community of Phoenix each estimated under
$10 million in assets. Crosier Fathers of Onamia estimated under
$10 million in liabilities, while The Crosier Community of Phoenix
estimated under $500,000 in debt.
Judge Robert J Kressel presides over the cases.
The Debtors have hired Quarles & Brady LLP as lead counsel and
Larkin Hoffman as local counsel. JND Corporate Restructuring has
been retained as claims and noticing agent. Levrose Real Estate,
LLC, serves as real estate broker.
The Debtors also have hired Keegan, Linscott and Kenon, P.C., as
accountant; Gaskins Bennett Birrell Schupp LLP as special insurance
counsel; Larson King LLP as special litigation counsel in civil
actions filed before the petition date; and Larkin Hoffman Daly &
Lindgren Ltd., as local counsel.
On June 22, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee retained
Stinson Leonard Street LLP as its bankruptcy counsel.
CROSIER FATHERS: Has Until March 31 to Exclusively File Plan
------------------------------------------------------------
The Hon. Robert J. Kressel of the U.S. Bankruptcy Court for the
District of Minnesota has extended, at the behest of Crosier
Fathers and Brothers Province, Inc., Crosier Fathers of Onamia, and
The Crosier Community of Phoenix, the periods within which the
Debtors have the exclusive right to file a plan of reorganization
and to solicit acceptances of a plan to March 31 and June 30, 2018,
respectively.
As reported by the Troubled Company Reporter on Jan. 3, 2018, the
Debtors sought the extension, saying that (i) the Debtors and
Official Committee of Unsecured Creditors have already filed a
consensual plan of reorganization, evidencing the Debtors' good
faith efforts to get a consensual plan on file; (ii) it has been
just over six months since the Debtors filed for relief under
Chapter 11 and the Debtors are still well in advance of the full
18-month deadline allowable for extensions of the exclusive periods
under the U.S. Bankruptcy Code; (iii) the Debtors have managed the
reorganization cases in good faith; (iv) the extension is not being
sought to pressure creditors but is rather to preserve the Debtors'
exclusive periods during solicitation of the currently filed
consensual plan, in the unlikely event that a different or amended
plan must be filed; and (v) the Debtors have complied with their
post-petition obligations.
A copy of the court order is available at:
http://bankrupt.com/misc/mnb17-41683-115.pdf
About Crosier Fathers and
Brothers Province Inc.;
and The Crosier Community of Phoenix
Crosier Fathers and Brothers Province, Inc. --
https://www.crosier.org/ -- is a Minnesota non-profit corporation
that is the civil counterpart of the religious entity known as the
Canons Regular of the Order of the Holy Cross Province of St.
Odilia.
Crosier, Crosier Fathers of Onamia and The Crosier Community of
Phoenix sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Minn. Case No. 17-41681 to 17-41683) on June 1, 2017.
The Rev. Thomas Enneking, their president, signed the petitions.
Crosier Fathers and Brothers estimated less than $1 million in
assets and less than $500,000 in liabilities. Crosier Fathers of
Onamia and The Crosier Community of Phoenix each estimated under
$10 million in assets. Crosier Fathers of Onamia estimated under
$10 million in liabilities, while The Crosier Community of Phoenix
estimated under $500,000 in debt.
Judge Robert J Kressel presides over the cases.
The Debtors have hired Quarles & Brady LLP as lead counsel and
Larkin Hoffman as local counsel. JND Corporate Restructuring has
been retained as claims and noticing agent. Levrose Real Estate,
LLC, serves as real estate broker.
The Debtors also have hired Keegan, Linscott and Kenon, P.C., as
accountant; Gaskins Bennett Birrell Schupp LLP as special insurance
counsel; Larson King LLP as special litigation counsel in civil
actions filed before the petition date; and Larkin Hoffman Daly &
Lindgren Ltd., as local counsel.
On June 22, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee retained
Stinson Leonard Street LLP as its bankruptcy counsel.
DANIEL EKE: Taps McNamee, Hosea, Jernigan, Kim, Greenan as Counsel
------------------------------------------------------------------
Daniel Eke and Associates, P.C., seeks approval from the U.S.
Bankruptcy Court for the District of Maryland, Greenbelt Division,
to hire McNamee, Hosea, Jernigan, Kim, Greenan & Lynch, P.A., as
its counsel.
The professional services which the Law Firm will provide to the
Debtor are:
a) prepare and file the petition, schedules, statement of
affairs and other documents required by the court;
b) represent the debtor at the initial debtor interview and
meeting of creditors;
c) counsel the Debtor in connection with the formulation,
negotiation and promulgation of plans of reorganization and related
documents;
d) advise the Debtor concerning, and assisting in the
negotiation and documentation of financing agreements, debt
restructurings and related transactions;
e) review the validity of liens asserted against the property
of the Debtor and advising the Debtor concerning the enforceability
of such liens;
f) prepare all necessary and appropriate applications,
motions, pleadings, draft orders, notices, and other documents, and
reviewing all financial and other reports to be filed in this
Chapter 11 case; and
g) perform all other legal services that the Law Firm is
qualified to handle for or on behalf of the Debtor that may be
necessary or desirable in this Chapter 11 case and the Debtor's
business.
Steven L. Goldberg, Esq. attests that his firm represents no other
entity in connection with this bankruptcy proceeding, and is
disinterested as that term is defined in 11 U.S.C. Sec. 101(14).
Fees the law firm will charge the Debtor are:
Junior Partner $375 per hour
Associates $325 per hour
Paralegal $75 to $105 per hour
The firm can be reached through:
James M. Greenan, Esq.
Steven L. Goldberg, Esq.
MCNAMEE, HOSEA, JERNIGAN, KIM, GREENAN & LYNCH, P.A.
6411 Ivy Lane, Suite 200
Greenbelt, MD 20770
Tel: (301) 441-2420
Fax: (301) 982-9450
E-mail: jgreenan@mhlawyers.com
sgoldberg@mhlawyers.com
About Daniel Eke and Associates
Daniel Eke and Associates, P.C. (DE&A) is a minority-owned,
Certified Public Accounting firm. Since 1991, DE&A has serviced
the needs of federal and state government agencies, small and
medium-size companies and non-profit organizations.
Based in Silver Spring, Maryland, Daniel Eke and Associates filed a
Chapter 11 petition (Bankr. D. Md. Case No. 18-11192) on Jan. 29,
2018, estimating under $1 million both in assets and liabilities.
Steven L. Goldberg, Esq., and James M. Greenan, Esq. at McNamee,
Hosea, Jernigan, Kim, Greenan & Lynch, P.A., serve as the Debtor's
counsel.
EAST ALLEGHENY SD: Moody's Lowers $24MM Bond Debt Rating to B3
--------------------------------------------------------------
Moody's Investors Service has assigned a B3 underlying rating and
A2 enhanced rating to East Allegheny School District, PA's $5.055
million General Obligation (Limited Tax) Bonds, Series A and
Federally Taxable Series B of 2018. Approximately $24 million of
bond debt outstanding has been downgraded to B3 from the current
B2. Moody's has also assigned a B3 issuer-level rating to the
school district, which Moody's use as a reference point for the
limited tax rating.
An enhanced rating of A2 has been assigned to the Series A and B of
2018. Moody's have also affirmed the enhanced rating of A3 for the
Series 2014 and Series 2015 bonds.
RATINGS RATIONALE
The B3 underlying rating reflects the district's severely
constrained financial position, insufficient cash receipts to
support normal operations for several months of each fiscal year,
limited revenue raising capability, and below average wealth and
economic indicators for the district's tax base.
The A2 and A3 enhanced ratings reflect Moody's current assessment
of the Pennsylvania School District Intercept Program, which
provides that state aid will be allocated to bondholders in the
event that the school district cannot meet its scheduled debt
service payments. The A2 rating for the Series 2018 bonds reflects
that East Allegheny has engaged a paying agent, and there is
specific language in the bond documents that will trigger the state
aid intercept prior to default. The A3 rating for the Series 2014
and 2015 bonds reflects that those series do not have a paying
agent or any specific language in the bond documents ensuring a
timely trigger of the intercept.
As of audited 2016 financial statements, East Allegheny's state aid
revenue provides more than sum sufficient debt service coverage.
RATING OUTLOOK
The negative underlying rating outlook reflects Moody's expectation
of further financial pressure for the district, particularly given
a general unwillingness to raise the real estate tax levy to levels
necessary to achieve positive cash flow, as well as increased debt
service requirements during the district's weak cash months after
2023.
The A2 and A3 enhanced ratings carry an outlook of stable, which
mirrors the outlook for the Commonwealth of Pennsylvania (Aa3
stable).
FACTORS THAT COULD LEAD TO AN UPGRADE (Stable Outlook)
- Significant revenue increase, such that cash flow is positive
in all months of the year
- Sustained structural balance that moderates the current fund
balance deficit
FACTORS THAT COULD LEAD TO A DOWNGRADE
- Failure to provide for timely principal or interest payments on
any debt obligation
- Litigation settlement with adverse effect on the district's
financial position
LEGAL SECURITY
The Series A and B of 2018 bonds are general obligations (limited
tax) of the school district, and carry the district's full faith
and credit pledge. The bonds are further enhanced by the
Pennsylvania School Intercept Program.
The intercept program is not a general obligation guarantee of the
Commonwealth, and in fact, there have been times when the state has
not distributed any aid to school districts, as was the case during
the 2016 state budget impasse. However, with implementation of Act
85 in 2016, the state has ensured that intercept payments, for the
benefit of bond debt service, will be made even in the absence of
an appropriation budget.
USE OF PROCEEDS
The Series A of 2018 bonds will currently refund a portion of the
district's Series of 2014 bonds, a portion of the 2013 General
Obligation Note, and a portion of the Series of 2006 bonds.
Proceeds from the Series B of 2018 bonds will advance refund a
portion of the district's Series of 2000 General Obligation Notes.
The refunding will not result in a net present value savings, but
will generate debt service savings in the near term.
PROFILE
The district is a small, suburban school district serving
approximately 1,600 students in the Boroughs of East McKeesport,
Wall, and Wilmerding and North Versailles Township in Allegheny
County, Pennsylvania.
ECLIPSE BERRY: Taps Lewis Brisbois as Local Counsel
---------------------------------------------------
Eclipse Berry Farms, LLC, seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire Lewis Brisbois
Bisgaard & Smith, LLP as local bankruptcy counsel.
The firm will assist the company and its affiliates in the
preparation of their plan of reorganization; represent them in
negotiations with their creditors; and provide other legal services
related to their Chapter 11 cases.
The firm's hourly rates for its attorneys range from $395 to $495.
Paraprofessionals charge $150 per hour.
Lewis Brisbois received a retainer in the sum of $25,000 from the
Debtor prior to the petition date.
Lovee Sarenas, Esq., at Lewis Brisbois, disclosed in a court filing
that the firm is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Amy L. Goldman, Esq.
Lovee D. Sarenas, Esq.
Lewis Brisbois Bisgaard & Smith LLP
633 W. 5th Street, Suite 4000
Los Angeles, CA 90071
Tel: 213-250-1800
Fax: 213-250-7900
E-mail: Amy.Goldman@lewisbrisbois.com
Lovee.Sarenas@lewisbrisbois.com
About Eclipse Berry Farms
Founded in 1999, Eclipse Berry Farms operates farms that produce
berry products. The Company is based in Los Angeles, California.
Eclipse Berry Farms, LLC and its affiliates Harvest Moon Strawberry
Farms, LLC and Rosalyn Farms, LLC, filed Chapter 11 petitions (C.D.
Cal. Case Nos. 18-10443, 18-10453 and 18-10464, respectively) on
Jan. 16, 2018. In the petition signed by CRO Robert Marcus,
Eclipse Berry Farms estimated $10 million to $50 million in assets
and less than $100 million in debt.
The Hon. Barry Russell is the case judge.
The Debtors tapped Kevin H Morse, Esq. at Saul Ewing Arnstein &
Lehr LLP as counsel; and Murray Wise Capital LLC as financial
advisor.
ECLIPSE BERRY: Taps McCarron & Diess as Special PACA Counsel
------------------------------------------------------------
Eclipse Berry Farms, LLC, and its affiliates seek authorization
from the U.S. Bankruptcy Court for the Central District of
California to employ Mary Jean Fassett and the partners, associates
and paralegals of the law firm of McCarron & Diess as their special
PACA counsel.
The Debtors seek to retain M&D as special PACA counsel because
special PACA counsel because (a) the firm is knowledgeable as to
the facts of this case, the interested parties and all relevant
information regarding the Debtors; and (b) the firm has extensive
experience and knowledge with respect to the collection and
prosecution of claims under the Perishable Agricultural Commodities
Act (PACA).
Services required of M&D are:
(a) negotiate with the Debtors' customers for the settlement
and payment of all outstanding PACA receivables;
(b) prepare, on behalf of the Debtors, all necessary adversary
proceedings as required by applicable bankruptcy or non-bankruptcy
law, as required for the prosecution, settlement and collection of
all outstanding PACA receivables, and representing the Debtors in
any hearings or proceedings related thereto;
(c) appear in Court and protecting the interests of the
Debtors before the Court with respect to all outstanding PACA
receivables; and
(d) perform all other legal services for the Debtors which may
be necessary and proper in this case related to PACA receivables.
M&D's hourly rates are:
Attorneys $365 to $400
Paralegal services $125
Mary Jean Fassett $385
Mary Jean Fassett, senior litigation counsel at McCarron & Diess,
attests that M&D, its members and its associates are "disinterested
persons" as defined in 11 U.S.C. Sec. 101(14).
The counsel can be reached through:
Mary Jean Fassett, Esq.
McCarron & Diess - Washington, D.C.
4530 Wisconsin Avenue, N.W., Suite 301
Washington, DC 20016
Tel: 202-364-0400
Fax: 202-364-2731
E-mail: mjf@mccarronlaw.com
About Eclipse Berry Farms
Founded in 1999, Eclipse Berry Farms operates farms that produce
berry products. The company is based in Los Angeles, California.
Eclipse Berry Farms, LLC and its affiliates Harvest Moon Strawberry
Farms, LLC and Rosalyn Farms, LLC, filed Chapter 11 petitions (C.D.
Cal. Case Nos. 18-10443, 18-10453 and 18-10464, respectively) on
Jan. 16, 2018. In the petition signed by CRO Robert Marcus,
Eclipse Berry Farms estimated $10 million to $50 million in assets
and less than $100 million in debt.
Hon. Barry Russell is the case judge.
The Debtors tapped Kevin H Morse, Esq. at Saul Ewing Arnstein &
Lehr LLP as counsel; and Murray Wise Capital LLC as financial
advisor.
ECLIPSE BERRY: Taps Murray Wise Capital as Financial Advisor
------------------------------------------------------------
Eclipse Berry Farms, LLC, and its affiliates seek authorization
from the U.S. Bankruptcy Court for the Central District of
California to employ Ken Nofziger, Kati Churchill, and the
professionals and paraprofessionals of Murray Wise Capital LLC as
their financial advisors.
Services MWC will render are:
(a) assist in the preparation of budgets, cash flow forecast,
statements of financial position, distribution schedules and other
financial reporting as required;
(b) assist in updating and monitoring these Reports on a
weekly basis;
(c) advise and assist the Company in preparation for potential
bankruptcy filings, including but not limited to:
i. develop forecasts and other information needed to
obtain court approval for the use of cash collateral;
ii. assist in conducting bankruptcy related claims
management and reconciliation processes;
iii. participate in formulating, developing, negotiating
and implementing a reorganization and/or liquidation plan; and
iv. assist in communications and negotiations with parties
involved in any bankruptcy proceedings.
(d) testify in and prepare for hearings, requested by the
Court or the Company; and
(e) perform other services as deemed reasonably appropriate
and as agreed to by the CRO.
Ken Nofziger, president of Murray Wise Capital, attests that MWC
does not hold or represent any interest adverse to the Debtors'
chapter 11 estates and that MWC is a "disinterested person" as such
term is defined in Section 101(14) of the Bankruptcy Code.
MWC's hourly rates for professionals in this matter will be from
$275 to $395 per hour.
MWC's discounted rates are:
Professional EBF Rate Standard Rate
------------ -------- -------------
Ken Nofziger $395 per hour $450 per hour
Kati Churchill $275 per hour $350 per hour
The firm can be reached through:
Ken Nofziger
Murray Wise Associates LLC
1605 South State Street, Suite 110.
Champaign, IL 61820
Phone: 217-398-6400
Fax: 217-352-9381
About Eclipse Berry Farms
Founded in 1999, Eclipse Berry Farms operates farms that produce
berry products. The company is based in Los Angeles, California.
Eclipse Berry Farms, LLC and its affiliates Harvest Moon Strawberry
Farms, LLC and Rosalyn Farms, LLC, filed Chapter 11 petitions (C.D.
Cal. Case Nos. 18-10443, 18-10453 and 18-10464, respectively) on
Jan. 16, 2018. In the petition signed by CRO Robert Marcus,
Eclipse Berry Farms estimated $10 million to $50 million in assets
and less than $100 million in debt.
Hon. Barry Russell is the case judge.
The Debtors tapped Kevin H Morse, Esq. at Saul Ewing Arnstein &
Lehr LLP as counsel; and Murray Wise Capital LLC as financial
advisor.
ECLIPSE BERRY: Taps Saul Ewing Arnstein as Bankruptcy Counsel
-------------------------------------------------------------
Eclipse Berry Farms, LLC, and its affiliates seek authorization
from the U.S. Bankruptcy Court for the Central District of
California to employ Saul Ewing Arnstein & Lehr LLP as their
bankruptcy counsel.
Services required of SEA&L are:
(a) provide legal advice with respect to the Debtors' powers
and duties as debtors in possession in the management of their
assets;
(b) provide legal advice with respect to the Debtors'
obligations to their creditors, equity holders, taxing bodies and
other government agencies;
(c) negotiate with the Debtors' creditors and preparing
responses to all documents filed by the creditors;
(d) pursue confirmation of a plan and approval of a disclosure
statement;
(e) prepare, on behalf of the Debtors, all necessary
applications, motions, answers, orders, reports and other legal
papers as required by applicable bankruptcy or non-bankruptcy law,
as dictated by the demands of the cases, or as required by the
Court, and representing the Debtors in any hearings or proceedings
related thereto;
(f) appear in Court and protecting the interests of the
Debtors before the Court; and
(g) perform all other legal services for the Debtors which may
be necessary and proper in this case.
Barry A. Chatz, a partner with the law firm of Saul Ewing Arnstein,
attests that the firm is a "disinterested person" as such term is
defined in Section 101(14) of the Bankruptcy Code.
SEA&L's current rates are:
Attorneys $395 to $495 per hour
Paraprofessionals $150 to $250 per hour
SEA&L's discounted rates are:
Discounted Rates Standard Rates
---------------- --------------
Barry A. Chatz $495 per hour $795 per hour
Kevin H. Morse $395 per hour $440 per hour
William A. Williams $295 per hour $315 per hour
The counsel can be reached through:
Barry A. Chatz, Esq.
Kevin H. Morse, Esq.
SAUL EWING ARNSTEIN & LEHR LLP
161 N. Clark Street, Suite 4200
Chicago, IL 60601
Tel: 312-876-7100
Fax: 312-876-0288
E-mail: barry.chatz@saul.com
kevin.morse@saul.com
About Eclipse Berry Farms
Founded in 1999, Eclipse Berry Farms operates farms that produce
berry products. The company is based in Los Angeles, California.
Eclipse Berry Farms, LLC and its affiliates Harvest Moon Strawberry
Farms, LLC and Rosalyn Farms, LLC, filed Chapter 11 petitions (C.D.
Cal. Case Nos. 18-10443, 18-10453 and 18-10464, respectively) on
Jan. 16, 2018. In the petition signed by CRO Robert Marcus,
Eclipse Berry Farms estimated $10 million to $50 million in assets
and less than $100 million in debt.
Hon. Barry Russell is the case judge.
The Debtors tapped Saul Ewing Arnstein & Lehr LLP as counsel; and
Murray Wise Capital LLC as financial advisor.
ENUMERAL BIOMEDICAL: Has Interim OK to Use Cash Through Feb. 16
---------------------------------------------------------------
The Hon. Frank J. Bailey of the U.S. Bankruptcy Court for the
District of Massachusetts authorized Enumeral Biomedical Holdings,
Inc., Enumeral Biomedical Corp. and Enumeral Securities Corporation
to use cash collateral on an interim basis, substantially in
accordance with the Budget, through and including Feb. 16, 2018.
Intuitive Venture Partners, LLC, as Collateral Agent for certain
purportedly secured convertible noteholders may have an interest in
cash collateral. As such, the Collateral Agent is granted:
(1) replacement liens on the same types of post-petition
property of the Debtors' estates against which they held liens as
of the Petition Date, but only to the extent of any post-petition
diminution in the value of the Collateral Agent's pre-petition
collateral resulting from the Debtors' use of the Cash Collateral;
and
(2) a lien on the Debtors' contingent right to the Deposit
under the terms of the Purchase Agreement, but only to the extent
of any post-petition diminution in value of the Collateral Agent's
pre-petition collateral resulting from the Debtors' use of the Cash
Collateral, and only after accounting for the value of the
Replacement Liens
On the Petition Date, Enumeral Biomedical Holdings ("EBHI") filed a
Motion, pursuant to which EBHI sought the Court's authorization to
sell, free and clear of liens, the assets related to its anti-PD-1
antibody program, for $1,600,000 in cash pursuant to an Asset
Purchase Agreement by and between XOMA Corporation and EBHI.
A continued hearing on the Debtors' request for use of cash
collateral is scheduled for February 16, 2018, at 2:00 p.m. Any
such response or objection must be filed with the Clerk of this
Court not later than February 14.
A full-text copy of the Interim Order is available at:
http://bankrupt.com/misc/mab18-10280-45.pdf
About Enumeral Biomedical
Headquartered in Cambridge, Massachusetts, Enumeral Biomedical
Holdings, Inc., formerly doing business as Cerulean Group, Inc. --
http://www.enumeral.com/-- is a biopharmaceutical company focused
on discovering and developing novel antibody immunotherapies that
help the immune system fight cancer and other diseases. The
Company utilizes a proprietary platform technology that facilitates
the rapid high resolution measurement of immune cell function
within small tissue biopsy samples. Its initial focus is on the
development of a pipeline of next generation monoclonal antibody
drugs targeting established and novel immuno-modulatory receptors.
Enumeral Biomedical Holdings, Inc., Enumeral Biomedical Corp., and
Enumeral Securities Corporation sought for Chapter 11 protection
(Bankr. D. Mass. Case Nos. 18-10280 to 18-10282) on Jan. 29, 2018.
Kevin G. Sarney, interim president and CEO, signed the petitions.
Judge Frank J. Bailey is the case judge for Case Nos. 18-10280 and
18-10281, and Judge Joan N. Feeney is assigned to Case No.
18-10282.
At the time of filing, Enumeral Biomedical Holdings disclosed $1.6
million in assets and $2.54 million in debt.
Daniel C. Cohn, Esq. and Jonathan Horne, Esq., of Murtha Cullina
LLP, are serving as the Debtors' counsel.
ENUMERAL BIOMEDICAL: Taps Murtha Cullina LLP as Counsel
-------------------------------------------------------
Enumeral Biomedical Holdings, Inc., Enumeral Biomedical Corp. and
Enumeral Securities Corporation seek authority from the U.S.
Bankruptcy Court for the District of Massachusetts, Eastern
Division, to employ Daniel C. Cohn and the law firm of Murtha
Cullina LLP as their counsel.
Services required of Murtha Cullina are:
a. advise the Debtors with respect to their rights, powers and
duties as debtors-in-possession in the management of their assets;
b. advise and assist the Debtors in connection with the
Proposed Sale and other potential dispositions of their assets;
c. advise the Debtors with respect to any Chapter 11 plans and
any other matters relevant to the formulation and negotiation of
plans;
d. prepare, on the Debtors' behalf, all necessary and
appropriate applications, motions, answers, orders, reports, and
other pleadings and documents, and reviewing all financial and
other reports filed in these Chapter 11 Cases;
e. advise the Debtors with respect to, and assist in the
negotiation and documentation of, financing agreements, cash
collateral orders and related transactions;
f. review and analyze the nature and validity of any liens
asserted against the Debtors' property and advising the Debtors
concerning the enforceability of such liens;
g. advise the Debtors regarding their ability to initiate
actions to collect and recover property for the benefit of their
estates;
h. advise the Debtors concerning any executory contracts and
unexpired leases, including assumptions, assignments, rejections,
renegotiations and recharacterizations;
i. review and analyze the claims of the Debtors' creditors,
the treatment of such claims and the preparation, filing or
prosecution of any objections to claims;
j. represent the Debtors at all hearings and matters
pertaining to the above, and to any aspect of their affairs as
debtors and debtors-in-possession;
k. commence and conduct any and all litigation necessary or
appropriate to assert rights held by the Debtors, to protect assets
of the Debtors' Chapter 11 estates or otherwise further the goals
of the Debtors in these Chapter 11 Cases; and
1. perform all other legal services and providing all other
necessary legal advice to the Debtors as debtors-in-possession that
may be necessary or appropriate in these bankruptcy proceedings.
Murtha Cullina is holding a retainer in the amount of $66,651.
Daniel C. Cohn, a partner at Murtha Cullina, attests that his firm
has not represented, nor does it now represent, any interest
adverse to the Debtors with respect to the matters on which his
firm is to be employed, and his Firm and its attorneys are
otherwise disinterested persons with respect to the Debtors, as
that term is defined in 11 U.S.C Sec 101(14).
The counsel can be reached through:
Daniel C. Cohn, Esq.
MURTHA CULLINA LLP
99 High Street
Boston, MA 02110
Tel: (617) 457-4155
E-mail: dcohn@murthalaw.com
About Enumeral Biomedical
Enumeral Biomedical -- http://www.enumeral.com/-- is a
biopharmaceutical company focused on discovering and developing
novel antibody immunotherapies that help the immune system fight
cancer and other diseases. The Company utilizes a proprietary
platform technology that facilitates the rapid high resolution
measurement of immune cell function within small tissue biopsy
samples. Its initial focus is on the development of a pipeline of
next generation monoclonal antibody drugs targeting established and
novel immuno-modulatory receptors. Enumeral Biomedical is
headquartered in Cambridge, Massachusetts.
Enumeral Biomedical Holdings and its affiliates, Enumeral
Biomedical Corp. and Enumeral Securities Corporation, filed Chapter
11 petitions (Bankr. D. Mass. Case No. 18-10280 to 18-10282) on
Jan. 29, 2018.
Enumeral Biomedical Holdings disclosed $1,600,000 in assets and
$2,540,000 liabilities.
Murtha Cullina LLP, is the Debtors' counsel, with the engagement
led by partner Daniel C. Cohn.
EVAN JOHNSON: Needs More Time to Finalize Settlements, File Plan
----------------------------------------------------------------
Evan Johnson & Sons Construction, Inc., filed a second motion with
the U.S. Bankruptcy Court for the Southern District of Mississippi,
requesting that it be granted an additional 60 days from the date
of an Order granting the motion within which to file its Disclosure
Statement and Plan, and a similar extension to obtain Plan
confirmation, and the same extensions of its periods of
exclusivity.
Evan Johnson has been successful in resolving a number of claims
and has been successful in obtaining substantial funds that are
presently being held in an interest-bearing, escrow savings account
under the control of counsel for Evan Johnson.
Evan Johnson contends, however, not all of the settlements are
final (one is set for hearing on Feb. 6, 2018), and not all funds
have been disbursed that are required to be disbursed under the
settlement orders.
Accordingly, Evan Johnson avers that until such time as the "open"
settlements are finalized, and then funded, the Court should extend
the time within which to allow the Debtor to have the exclusive
right to file a disclosure statement and plan of reorganization.
About Evan Johnson & Sons
Evan Johnson & Sons Construction, Inc., based in Pearl, Miss.,
filed a Chapter 11 petition (Bankr. S.D. Miss. Case No. 17-02192)
on June 15, 2017. In the petition signed by Melanie Johnson, its
president, the Debtor estimated $1 million to $10 million in both
assets and liabilities. The Hon. Edward Ellington presides over
the case. Craig M. Geno, Esq., at The Law Offices of Craig M.
Geno, PLLC, serves as bankruptcy counsel to the Debtor.
FISHERMAN'S PIER: Trustee Taps Risk Management as Consultant
------------------------------------------------------------
Soneet R. Kapila, the Chapter 11 Trustee of Fisherman's Pier, Inc.,
seeks authority from the U.S. Bankruptcy Court for the Southern
District of Florida to employ Rick Fenstermacher of Risk Management
Solutions, Inc. for the purpose of assisting the Trustee with
insurance consulting services including risk management assessment,
identifying the various tenant's insurance requirements,
determining the adequacy of business interruption coverage limits,
and evaluating the adequacy of property coverage limits in regards
to the properties.
RMS will charge $325 per hour for its services.
Rick Fenstermacher, president of Risk Management Solutions, attests
that neither he nor RMS, nor any employee in RMs represent any
adverse interest to the Debtor, the Trustee or the estate, and they
are disinterested persons as required by 11 U.S.C. Section 327(a).
The firm can be reached through:
Rick Fenstermacher
Risk Management Solutions, Inc
1001 Brickell Bay Drive, Suite 2717B
Miami, FL 33131
Tel: 786-456-4283
About Fisherman's Pier
Fisherman's Pier Inc., which owns a fishing pier in Ft. Lauderdale,
Florida, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Fla. Case No. 17-22819) on Oct. 23, 2017. In the
petition signed by Martha Marchelos, its president, the Debtor
estimated assets and liabilities of $1 million to $10 million.
Judge Raymond B. Ray presides over the case. John A. Moffa, Esq.,
at Moffa & Breuer, PLLC, serves as the Debtor's bankruptcy
counsel.
On Dec. 15, 2017, the Court entered an order approving the
selection of Soneet R. Kapila, as the Chapter 11 Trustee. The
Trustee retained Rice Pugatch Robinson Storfer & Cohen, PLLC, as
counsel.
FLEXI-VAN LEASING: S&P Raises CCR to 'B-', On CreditWatch Postive
-----------------------------------------------------------------
S&P Global Ratings raised its corporate credit rating on Flexi-Van
Leasing Inc. to 'B-' from 'CCC' and removed the rating from
CreditWatch, where we placed it with positive implications on Feb.
5, 2018. The outlook is stable.
Chassis lessor Flexi-Van Leasing Inc. has successfully refinanced
its existing asset-based lending (ABL) facility and unsecured notes
with the proceeds from a new $185 million ABL facility and $300
million of second-lien notes.
S&P said, "We raised our corporate credit rating on Flexi-Van
because the company's recent refinancing caused us to reassess its
liquidity position as adequate. The company used the proceeds from
a new $185 million ABL facility and $300 million of second-lien
notes to refinance its existing debt due 2018. Therefore, the
company no longer faces any meaningful near-term debt maturities.
"The stable outlook on Flexi-Van reflects our expectation that the
company's operating performance will improve over the next year on
new business, improved operating costs, and stable overall demand
from its existing customers. Therefore, we anticipate that the
company's credit metrics will be mostly stable to modestly
improving, with an EBIT interest coverage metric of somewhat less
than 1x and a FFO-to-debt ratio in the mid-to-high single digit
percent area in 2018.
"We could lower our ratings on Flexi-Van if the company's operating
performance deteriorates, causing its capital structure to become
unsustainable. This could occur from increased competition or if
there is an unforeseen decline in U.S. trade levels that causes
port traffic to decrease.
"We could consider raising our ratings on Flexi-Van if it continues
to grow its business and improve its operating performance such
that its EBIT interest coverage approaches 1.0x on a sustained
basis while its FFO-to-debt ratio improves to the high single digit
percent area. This could occur if the company expanded its product
offerings or saw stronger demand and pricing from its customers."
GENWORTH FINANCIAL: S&P Rates New Senior Secured Debt 'B+'
----------------------------------------------------------
S&P Global Ratings said that it has assigned its 'B+' debt rating
to Genworth Financial Inc.'s (NYSE:GNW) new five-year senior
secured term loan secured by its holdings in Genworth MI Canada
Inc. (MIC), its Canadian mortgage insurance subsidiary. The company
expects to use net proceeds of the loan and cash on its balance
sheet to retire its existing 6.515% senior unsecured notes maturing
in May 2018.
S&P said, "With this issue, we estimate that Genworth's financial
leverage will remain consistent with our expectations of 25% to
30%. We also expect Genworth to maintain liquidity resources to
support the rating.
"The 'B+' rating is one notch higher than our long-term issuer
credit rating, reflecting the significant collateral of MIC shares
pledged relative to the size of the term loan. Our senior unsecured
ratings on Genworth are not affected by this issuance."
RATINGS LIST
Genworth Holdings Inc.
Issuer Credit Rating B/Watch Neg/--
New Rating
Genworth Holdings Inc.
$450 Senior Secured Debt Due 2023 B+
GENWORTH HOLDINGS: Moody's Confirms B2 Sr. Unsecured Debt Ratings
-----------------------------------------------------------------
Moody's Investors Service has confirmed the B2 senior unsecured
debt ratings of Genworth Holdings, Inc. (Holdings). Moody's also
assigned a Ba3 debt rating to Holdings new senior secured term loan
(term loan). Net proceeds from the new term loan together with
existing cash from Holdings are expected to be used to repay its
unsecured notes maturing in May 2018.
In addition, Moody's downgraded the insurance financial strength
(IFS) ratings of Genworth Life Insurance Company (GLIC) and
Genworth Life Insurance Company of New York (GLICNY) to B3 from B2,
and the IFS rating of Genworth Life and Annuity Insurance Company
(GLAIC) to Ba3 from Ba1. These actions follow Genworth Financial
Inc.'s (Unrated, Genworth), the ultimate parent of Holdings, recent
earnings release and announcement to enter into a new term loan.
The outlook is negative. This concludes the review for downgrade
initiated on August 3, 2016.
The ratings of Genworth Mortgage Insurance Corporation (Ba1 IFS
rating, Positive) and Genworth Financial Mortgage Insurance Pty
Limited (Baa1 IFS rating, stable), respectively are not part of
this rating action.
RATINGS RATIONALE
Ratings Rationale - The Holding Company
The ratings confirmation reflects reduced near term liquidity risk
based on the company's anticipated paydown of a May 2018 debt
maturity with the proceeds from its new loan secured by the
publicly listed shares of Genworth's Canadian mortgage insurance
subsidiary, Genworth MI Canada Inc (MIC, unrated) that Holdings
owns. The new term loan addresses a near-term debt maturity, which
is credit positive for the group. However, for existing debt
holders, this benefit is offset by the introduction of
higher-ranking lenders secured by the MIC stock.
The negative outlook reflects challenges associated with further
debt maturities over the next five years as well as ongoing
execution risk associated with the closing of its transaction with
China Oceanwide Holdings Group Co. Ltd. (COH; unrated). While
Genworth and COH have indicated they remain committed to the
transaction, the repeated withdrawal and refiling of their joint
application with the Committee on Foreign Investment in the United
States (CFIUS) and the need to secure other regulatory approvals
increases the likelihood of the transaction being further delayed
or terminated. It also reflects the need to develop alternative
arrangements, absent a transaction, to address debt maturities of
approximately $1.5 billion between 2020 and 2021.
Moody's notes that Genworth has meaningful holding company
resources, including its stake in its global mortgage insurance
operations and net cash and investments of approximately $870
million at December 31. 2017. Genworth's ability to organically
build additional liquidity is constrained by the current modest
dividend capacity in aggregate from its insurance subsidiaries,
relative to its debt load. As a result, Genworth may need to
evaluate potential refinancing alternatives, current holding
company cash, and / or potential asset sales to address upcoming
debt maturities in case the transaction with COH does not close.
The new term loan is rated two notches higher than the existing
senior unsecured debt, based on the security interest in MIC
shares.
Ratings Rationale - The Life Insurance Companies
The rating downgrade of GLIC and its subsidiary GLAIC reflect both
the uncertain financial flexibility at Genworth (discussed above),
and the continued concern about GLIC / GLICNY's ability to achieve
rate actions, grow margins, and the tail risk associated with the
LTC business and the earnings volatility in GLAIC due to adverse
mortality, reserve increase and accelerated DAC amortization after
its annual review of assumptions. While GLAIC has meaningful
interest sensitivity associated with its life and annuity business,
Moody's believe it has a stronger credit profile than GLIC /
GLICNY, although its ownership by GLIC also acts as a constraint on
the rating.
The negative outlook on the life companies reflects the pressures
they face, the strategic rationale of the acquisition of Genworth
by COH, the necessary regulatory approvals, progress related to the
de-stacking, in terms of regulatory approvals on the timing and
contributions, on definitive debt repayment decisions, and on
business and financial profile of the life insurance companies, in
terms of earnings, reserve adequacy, and regulatory capitalization.
Moody's notes that Genworth has removed GLIC and GLICNY from
certain default covenants on all existing debt.
RATING DRIVERS
Should the deal close, Moody's expects to affirm the ratings of
Genworth and its life insurance companies. If the deal closes and
the company demonstrates a path to address the 2020/2021 debt
maturities, there would be upward pressure on the ratings of
Genworth Mortgage Insurance Corporation (GMICO Ba1 IFS rating
positive), GLAIC and the holding company. If the deal does not
close, Moody's will evaluate the financial performance of the
businesses, the company's financial flexibility challenges and
progress the company has made in developing alternative
arrangements for addressing its upcoming debt maturities.
Rating Drivers -- Holding Company
Capital support to repay all or a portion of the 2020 and 2021 debt
maturities at closing could lead to the affirmation or upgrade of
Genworth's ratings. Additionally, the following could place upward
pressure on the holding company's ratings: 1) successful separation
and isolation of the LTC business (or removing GLAIC as a
significant subsidiary on the existing debt) and improvement of
holding company financial flexibility through increased dividend
capacity; and 2) Improved credit profile of GLAIC.
Conversely, the following could result in a downgrade of the
holding company's ratings: 1) further downgrade of the US life
insurance operations -- GLAIC; 2) lack of progress in developing
alternative arrangements for its upcoming debt maturing between
2020 and 2021; and 3) if the planned acquisition by COH is
terminated or further delayed.
Rating Drivers - US life insurance operating subsidiaries
The following factors could result in GLAIC's outlook being changed
to stable from negative, and place upward pressure on the company
over time: 1) stability in statutory earnings and return on
statutory surplus greater than 4%, 2) improvement in financial
flexibility at the holding company (i.e., reduction in and/or
refinancing of 2020/2021 debt maturities), and 3) the unstacking of
GLAIC.
Conversely, factors that could result in a downgrade of GLAIC's
rating include: 1) Failure to maintain RBC > 325% of company
action level (CAL) for an extended period of time, 2) return on
statutory surplus less than 4%, and 3) if the planned acquisition
by COH is terminated or further delayed.
The following could lead to a change of GLIC/GLICNY's outlook to
stable from negative, and place upward pressure on the ratings over
time: 1) significant LTC rate approvals and/or other actions that
help grow margins in the legacy LTC book of business, and 2)
improvement in financial flexibility at the holding company (i.e.,
reduction in and/or refinancing of 2018 and 2020/21 debt
maturities).
Factors that could result in a downgrade of GLIC's/GLICNY's ratings
include: 1) further deterioration of the margins on LTC reserves,
increasing the probability of a material reserve charge in the
future, 2) RBC ratio less than 300% CAL for an extended period of
time, and 3) denial of LTC rate approvals, pressuring reserve
adequacy of legacy LTC business.
The following ratings were downgraded with a negative outlook:
Genworth Life and Annuity Insurance Company: insurance financial
strength to Ba3 from Ba1
Genworth Global Funding Trust 2007-4 : funding agreement-backed
senior secured MTN notes to Ba3 from Ba1;
Genworth Global Funding Trust 2008-7: funding agreement-backed
senior secured MTN notes to Ba3 from Ba1;
Genworth Global Funding Trust 2008-9: funding agreement-backed
senior secured MTN notes to Ba3 from Ba1;
Genworth Global Funding Trust 2008-10: funding agreement-backed
senior secured MTN notes to Ba3 from Ba1;
Genworth Global Funding Trust 2008-11: funding agreement-backed
senior secured MTN notes to Ba3 from Ba1;
Genworth Global Funding Trust 2008-14: funding agreement-backed
senior secured MTN notes to Ba3 from Ba1;
Genworth Global Funding Trust 2008-26: funding agreement-backed
senior secured MTN notes to Ba3 from Ba1;
Genworth Global Funding Trust 2008-29: funding agreement-backed
senior secured MTN notes to Ba3 from Ba1;
Genworth Global Funding Trust 2008-31: funding agreement-backed
senior secured MTN notes to Ba3 from Ba1;
Genworth Global Funding Trust 2008-33: funding agreement-backed
senior secured MTN notes to Ba3 from Ba1;
Genworth Global Funding Trust 2008-36: funding agreement-backed
senior secured MTN notes to Ba3 from Ba1;
Genworth Global Funding Trust 2008-38: funding agreement-backed
senior secured MTN notes to Ba3 from Ba1;
Genworth Life Insurance Company: insurance financial strength to B3
from B2;
Genworth Life Insurance Company of New York: insurance financial
strength to B3 from B2;
The following ratings were confirmed with a negative outlook:
Genworth Holdings, Inc.: backed senior unsecured at B2; backed
junior subordinate at B3 (hyb); backed provisional senior unsecured
shelf at (P) B2, and backed provisional subordinate shelf at (P)
B3;
The following rating was unaffected by this rating action and
remains with a stable outlook:
Genworth Financial Mortgage Insurance Pty Limited: IFS rating at
Baa1.
The following rating was unaffected by this rating action and
remains with a positive outlook:
Genworth Mortgage Insurance Corporation: Insurance financial
strength at Ba1
Genworth Holdings is the intermediate holding company of Genworth
Financial, Inc., an insurance and financial services holding
company headquartered in Richmond, Virginia. The group reported
GAAP net income available to Genworth Financial, Inc.'s common
shareholders of $817 million for 2017 on total assets of $105
billion and shareholders' equity of $15 billion
The principal methodology used in these ratings was Global Life
Insurers published in April 2016.
Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.
GRAY TELEVISION: S&P Affirms 'B+' CCR, Outlook Remains Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' corporate credit rating on
Atlanta, Ga.-based Gray Television Inc. The rating outlook is
stable.
U.S.-based television broadcaster Gray Television Inc.'s net
average trailing-eight-quarter leverage has declined due to its
large cash balance following its equity offering in the fourth
quarter of 2017.
S&P said, "At the same time, we affirmed our 'BB+' issue-level
rating on the company's $100 million priority revolving credit
facility due 2022. The '1+' recovery rating is unchanged,
indicating our expectation for full recovery of principal (100%) in
the event of a payment default.
"We also affirmed our 'BB' issue-level rating on the company's
first-lien term loan due 2024 ($637 million outstanding). The '1'
recovery rating is unchanged, indicating our expectation for very
high recovery of principal (90%-100%; rounded estimate: 95%) in the
event of a payment default.
"In addition, we affirmed our 'B+' issue-level ratings on the
company's $525 million senior unsecured notes due 2024 and $700
million senior unsecured notes due 2026. The '4' recovery rating is
unchanged, indicating our expectation for average recovery of
principal (30%-50%; rounded estimate: 35%) in the event of a
payment default.
"The affirmation reflects Gray Television's continued good
operating performance through 2017 and our expectation that it will
use its substantial cash balances, including the cash from its $250
million equity issuance in fourth-quarter 2017, to pursue
acquisitions, which could result in average-trailing-eight quarter
leverage exceeding 5x. We estimate that net leverage improved below
5x to the mid-4x area in the fourth quarter of 2017. Over the past
few years, the company has had a track record of using a
combination of cash and debt to fund acquisitions at EBITDA
multiples in the 6x-8x range, resulting in sustained net leverage
above 5x prior to the most recent share issuance. We expect
consolidation within the television broadcasting industry to
continue in 2018. We also believe Gray Television's potential
acquisition prices could well exceed an 8x EBITDA multiple due to
the intense competition for available markets and the company's
history of seeking No. 1- or No. 2-ranked stations in its markets.
"The stable rating outlook on Gray Television reflects our
expectation that the company will continue to increase its size and
scale while maintaining a high number of No. 1- or No. 2-rated
stations in the markets in which it competes. We also believe the
company's leverage, based on average trailing-eight-quarter EBITDA,
could increase to the mid-5x area due to acquisitions over the next
year.
"We could raise our corporate credit rating on Gray Television if
we believe the company will be able to maintain lease-adjusted debt
to average trailing-eight-quarter EBITDA below 5x on a sustained
basis. The company would also need to clarify both the degree it
can tolerate allowing leverage to increase in pursuit of future
acquisitions and its financial policy on using future free cash
flow generation for debt reduction or shareholder returns. We could
also raise the rating if the company meaningfully increases its
scale and diversification through acquisitions.
"We could lower the rating if the company's debt to average
trailing-eight-quarter EBITDA increases to the mid-6x area due to
weaker-than-expected operating performance or if the company makes
an expensive debt-financed acquisition that drives leverage
higher."
GREAT FOOD: Wants To Borrow Up To $35,000 From Amber Anderson
-------------------------------------------------------------
Great Food Great Fun, LLC, and its affiliates ask for permission
from the U.S. Bankruptcy Court for the Western District of New York
to obtain short-term debtor-in-possession financing from Amber
Anderson in the form of a line of credit in an amount of up to
$35,000 on an unsecured administrative expense basis, so as to
assist Professional Hospitality to meet its seasonal start-up
costs.
A hearing on the Debtors' request is set for Feb. 26, 2018, at
10:00 a.m.
The loan will be payable on demand, with advances to be made solely
at Ms. Anderson's discretion and with interest to be payable at the
rate of 10% per annum.
Professional Hospitality is a seasonal business and, as is typical
for it, it has not been operating since the end of September 2017.
Those funds which remained in the business at that time have
subsequently been used to pay bills.
Pre-petition, Debtor Professional Hospitality did not have in place
any line of credit to assist it with its short term cash needs for
start-up costs for a new season. Typically, the Debtor
Professional Hospitality begins to incur start-up costs in March,
however, it does not receive any revenues until approximately May.
Start-up funds for Professional Hospitality had been borrowed by it
from either Debtor Great Food Great Fun or from Wing City Grille,
LLC, a third restaurant previously owned by the Debtors' sole
member, Andrew C. Carlson. Wing City Grille, LLC, closed shortly
before the Debtor restaurants filed for Chapter 11 last summer. As
a Chapter 11 Debtor itself, Great Food Great Fun is not this year
in a position to loan Professional Hospitality the start-up funds
it needs.
Ms. Anderson, an individual who is not an owner or an employee of
either of the Debtors, but who is the girlfriend of the Debtors'
sole member, Andrew C. Carlson, has agreed to make an up to $35,000
short-term loan to Professional Hospitality, to assist it with its
start-up costs.
Debtor Professional Hospitality anticipates that it will
potentially need to borrow up to $35,000 from Ms. Anderson during
March, April and May 2018 in order to meet its ordinary and
customary start-up costs and operating costs including, but not
limited to, rent, real property taxes, electric and gas deposits,
inventory, expenses to de-winterize the building and start-up
payroll to non-insiders.
Debtor Professional Hospitality is not proposing to make any
payments for payroll to any insider using the DIP Financing.
Typically, salaries for insiders have been paid only after
Professional Hospitality's business is operating without a need for
further outside cash borrowing. Last year, Professional
Hospitality made its first salary payments to insiders during
June 2017.
It is the Debtors' anticipation that the loan from Ms. Anderson
would be repaid by Debtor Professional Hospitality as its cashflow
permits from future revenues once its business is operating for the
2018 season. The Note will come due on July 20, 2018. It is the
Debtors' anticipation that the Note will be paid on or prior to
that date.
Debtor Professional Hospitality anticipates that it likely will not
need to fully expend the $35,000 borrowing sought to be approved
through this motion, however, approval in this amount is being
requested at this time solely to avoid any potential need to expand
this line in the future.
Debtor Professional Hospitality's current assets are subject to
recorded prepetition liens and security interests in favor of U.S.
Foods, Inc./U.S. Foodservice, Inc., the New York State Department
of Taxation and Finance, and Northwest Savings Bank.
Security interests against Debtor Professional Hospitality's assets
have also been asserted by Snap Advances, LLC, and Tango Capital,
however, the Debtors dispute that any amount is owed by Debtor
Professional Hospitality to Snap Advances or Tango.
Professional Hospitality has not been using cash collateral since a
time contemporaneous with its Fall 2017 shutdown and it suspended
payments to its secured creditors at that same time. In advance of
the hearing on the Debtors' continued use of cash collateral
scheduled for March 26, 2018, Professional Hospitality will be
proposing to resume making adequate protection payments to its
Secured Creditors. Once the business is up and running, these
adequate protection payments will be at rates comparable to those
paid when it was previously operating.
The Debtors' insiders do not themselves currently have the cash
availability to provide the start-up funding needed.
Upon information and belief, under the Debtors' present
circumstances, no party would be willing to provide similar
financing to Debtor Professional Hospitality on terms more
advantageous than those set forth herein.
A copy of the Debtors' request is available at:
http://bankrupt.com/misc/nywb17-11557-143.pdf
About Great Food Great Fun and
Professional Hospitality
Great Food Great Fun LLC is a New York corporation which is doing
business as "Wing City Grille" and which operates a restaurant in
Fredonia, New York. Professional Hospitality, LLC, is a New York
corporation which is doing business as "Village Casino Restaurant"
and which operates a restaurant and banquet facilities on the
waterfront in Bemus Point, New York. The Village Casino Restaurant
is seasonal, generally operating only between May 1 and Sept. 30
each year. Great Food and Professional Hospitality are single
member limited liability corporations owned by Andrew C. Carlson,
an individual who is not in bankruptcy.
Great Food Great Fun, LLC, and Professional Hospitality, LLC, filed
Chapter 11 petitions (Bankr. W.D.N.Y. Case Nos. 17-11557 and
17-11558, respectively) on July 24, 2017.
Judge Carl L. Bucki presides over the Debtors' jointly administered
cases.
Andreozzi Bluestein LLP, serves as counsel to the Debtors.
GREIF INC: S&P Alters Outlook to Pos. on Improved Credit Metrics
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' corporate credit rating on
Delaware, Ohio-based Greif Inc. and revised the outlook to positive
from stable.
S&P said, "At the same time, we affirmed our 'BB-' issue-level
rating on the company's senior unsecured notes. The recovery rating
is '5', indicating our expectation for modest (10%-30%; rounded
estimate: 20% for U.S.-denominated senior notes and 15% for
Euro-denominated notes) recovery in a payment default scenario.
"Our positive outlook reflects Greif's improved overall operating
performance over the past year and the subsequent favorable impact
on its credit measures, with an adjusted debt-to-EBITDA ratio of
2.5x and funds from operations (FFO) to debt of 28.2% for fiscal
2017. For fiscal 2017, Greif's total revenue increased 9.5% as a
result of improved sales volumes and select price increases in the
company's two largest segments. Operating margins were relatively
flat, with gross margin pressure from raw materials volatility and
the impact of Hurricane Harvey being offset by the company's
process improvement initiatives and lower restructuring expense.
"The positive rating outlook on Greif reflects the one-in-three
chance that we will upgrade the company over the next 12 months.
This incorporates our expectation that continued growth in Greif's
overall business, along with stable to lower debt levels, will
improve its credit measures to support a one-notch upgrade. The
company may pursue small bolt-on acquisitions as part of its growth
strategy, but we do not expect it to pursue any opportunities that
would meaningfully weaken its credit measures on a sustained
basis.
"Although unlikely, we could lower our ratings on Greif if a severe
economic downturn led to sustained weakness in the company's sales
volumes and compressed its profit margins, causing its adjusted
debt to EBITDA and FFO to debt to approach 4x and 20%,
respectively, for a sustained period with no foreseeable
improvement. We estimate that this could occur if Greif's sales
volumes remained flat and operating margins declined by 400 basis
points (bps) from our base-case scenario.
"We could raise our ratings on Greif if continued improvement in
the company's operating performance, combined with a stable debt
level, caused its FFO to debt to improve to above 30% while
adjusted debt to EBITDA remained in the 2x-3x range. We estimate
that this could occur if Greif's operating margins rose by 100 bps
and sales volumes remained consistent with our base-case scenario.
In order to upgrade the company, we would also need to believe that
its financial policies would remain consistent and be sustainable
at the rating."
HUMAN CONDITION: Exclusive Plan Filing Period Extended to April 4
-----------------------------------------------------------------
The Hon. Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York has extended, at the behest of Human Condition
Safety, Inc., the exclusive period in which Human Condition may
file a chapter 11 plan is extended to and including April 4, 2018
as well as the exclusive period to solicit acceptances of said plan
to and including June 3, 2018.
As previously reported by the Troubled Company Reporter on Jan. 8,
2018, the Debtor requested for 90-day extension of the exclusive
periods to propose and solicit acceptances of a plan. The Debtor
told the Court that the requested extension is appropriate and
warranted in this case, as it would afford the Debtor the
opportunity to complete, finalize and submit a proposed Chapter 11
plan.
At the time the Debtor filed its initial motion to extend the
Exclusive Periods on July 8, 2017, the Debtor announced its
intention to file a motion to sell substantially all its assets and
to thereafter file a proposed viable Chapter 11 liquidating plan.
The Debtor was diligently evaluating proposed terms for such a sale
and plan. Consequently, the Court extended the exclusive period
for filing and soliciting acceptances of a plan to October 6 and
December 5, 2017, respectively.
On July 11, 2017, the Debtor filed its Motion to Sell, and
subsequently, obtained Court Orders approving the sale bidding
procedures and the sale itself. On September 14, the Debtor closed
the sale of substantially all its assets to the successful bidder
and DIP Financing lender, AIG. Since then Debtor has been
addressing post sale closing issues, including assumption and
assignment of additional contracts in connection with the sale, and
has been diligently evaluating proposed terms for its Chapter 11
liquidating plan.
The Debtor filed its first motion to further extend the Exclusive
Periods and the Court has given the Debtor until January 4 to file
its plan and until March 5 to solicit acceptances of that plan.
Since then Debtor has continued to address post sale closing
issues, including assumption and assignment of additional contracts
in connection with the sale, and has continued to diligently
evaluate proposed terms for its Chapter 11 liquidating plan which
the Debtor is now in a position to file shortly.
About Human Condition Safety
Headquartered in New York, New York, Human Condition Safety Inc. --
http://www.hcsafety.com/-- develops wearable devices, artificial
intelligence, building information modeling, and cloud computing
solutions that assists workers and their managers prevent injuries
before they happen at their workplace. Human Condition Safety was
incorporated in 2014.
Human Condition Safety filed for Chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 17-10585) on March 10, 2017. In the
petition signed by Greg Wolyniec, president, director and chief
executive officer, the Debtor estimated its assets at between
$500,000 and $1 million and its liabilities at between $1 million
and $10 million. Judge Sean H. Lane presides over the case.
John D. Giampolo, Esq., at Wollmuth Maher & Deutsch LLP, is serving
as the Debtor's bankruptcy counsel.
ICONIX BRAND: S&P Lowers CCR to 'CC' on Distressed Debt Exchange
----------------------------------------------------------------
U.S.-based Iconix Brand Group Inc. has reached an agreement with
holders of $110 million convertible notes due in March 2018 to
exchange their debt for new convertible notes.
S&P Global Ratings lowered its corporate credit rating on New
York-based Iconix Brand Group Inc. to 'CC' from 'CCC-'. The outlook
is negative.
S&P's 'CCC+' issue-level and '1' recovery ratings on the senior
secured bank loan are not affected.
The rating action follows Iconix's announcement that it has reached
agreement with holders of the approximately $110 million principal
amount of 1.5% convertible notes due in March 2018 (2018
convertible notes) to exchange them for an equal amount of new
convertible notes due in August 2023 (new convertible notes) and
cash payments representing accrued but unpaid interest on the 2018
convertible notes. S&P said, "We view the transaction as a
distressed exchange tantamount to a default upon completion because
we believe the 2018 convertible notes holders will receive less
value than originally promised. This is because of the five-year
maturity extension, the ability of Iconix to force conversion of
the new convertible notes, and the substantial decline in potential
equity conversion value. We also believe that absent the exchange,
there would be an extremely high probability of a payment default
and bankruptcy filing in the next month."
S&P said, "The negative outlook reflects the likelihood that we
could lower our corporate credit rating on Iconix to 'SD' when the
distressed exchange is completed.
"Assuming the exchange occurs as planned and if Iconix fully repays
the 2018 convertible notes by maturity, we will re-evaluate the
ratings after further analyzing its pro forma cash flow generating
ability, liquidity (including forecasted financial covenant
compliance), and leverage. Based on our preliminary assessment, we
will likely raise the corporate credit rating to the 'CCC'
category."
JASON FLY LOGGING: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Jason Fly Logging, LLC
1155 Jeff Sanders Rd.
Batesville, MS 38606-9214
Business Description: Jason Fly Logging, LLC, headquartered
in Batesville, Mississippi, is a privately
held logging company established in 2010.
Chapter 11 Petition Date: February 12, 2018
Case No.: 18-10483
Court: United States Bankruptcy Court
Northern District of Mississippi (Aberdeen)
Judge: Hon. Jason D. Woodard
Debtor's Counsel: Toni Campbell Parker, Esq.
LAW OFFICE OF TONI CAMPBELL PARKER
P.O. Box 240666
615 Oakleaf Office Lane
Memphis, TN 38124-0666
Tel: 901-683-0099
Fax: 866-489-7938
E-mail: tparker002@att.net
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jason Fly, member.
A full-text copy of the petition, along with a list of the Debtor's
20 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/msnb18-10483.pdf
JONES ENERGY: Bond Issue Updates No Impact on Fitch Ratings
-----------------------------------------------------------
The rating of Jones Energy Holdings LLC (JEH) are unaffected by the
changes to its $450 million first lien bond issue. Updated terms
remove JEH's flexibility to unrestrict the Eastern Anadarko Basin
(Merge) assets. The ratings remain on Negative Watch pending the
update to Fitch's Corporate Rating Criteria.
Management's original plan included flexibility to unrestrict the
Merge assets, and then raise incremental capital to extract value
from that asset base. Potential forms of capital included, but were
not limited to, drillCo's, preferred stock, or a revolving credit
facility. Under the previous structure, Fitch was concerned that
the potential reduction of JEH's ownership in the Merge could
negatively impact recovery prospects for the first lien and
unsecured notes while the Merge assets were being developed to
create incremental value. The updated terms significantly reduce
Fitch's concerns regarding the leakage risk.
JEH plans to use net proceeds from the bond sale to pay down most
of the amounts outstanding under the $350 million revolving credit
facility ($211 million drawn as of Dec. 31, 2017), and build cash
on the balance sheet to fund drilling and completion activities.
The company expects to maintain a $50 million borrowing base under
the existing revolving credit facility at JEH with $25 million
drawn at closing. Fitch notes that JEH may have limited access to
the bank funding market in the future, when the revolving credit
facility is paid off and replaced with a First Out Credit Facility
as currently anticipated by the company. The revolving credit
facility matures in November 2019. JEH remains subject to the
credit agreement amendment as of Nov. 26, 2017 that suspends
covenants until March 31, 2019, among other terms.
JEH's ratings reflects deterioration in key credit metrics
including Debt/EBITDA, and interest coverage, a sustained negative
FCF profile, increased cash on the balance sheet, liquidity
concerns post 2019, modest near-term maturities, and potential for
liability management.
Fitch recognizes that the financing increases cash on the balance
sheet, but also observes that increased debt levels and sustained
negative FCF offset this credit positive.
The following ratings remain on Rating Watch Negative:
Jones Energy Holdings LLC
-- Long-Term Issuer Default Rating (IDR) 'CCC';
-- Senior secured credit facility 'B'/'RR1';
-- First lien Senior Notes 'B'/'RR1';
-- Senior unsecured notes 'CCC-'/'RR5'.
Jones Energy Inc.
-- Long-Term IDR 'CCC'.
JONESBORO HOSPITALITY: Lender Objects to Plan Outline Approval
--------------------------------------------------------------
Ciena Capital Funding, LLC, as Servicer for Bank of New York Mellon
Trust Company, N.A., f/k/a The Bank of New York Trust Company,
N.A., (the "Lender"), objects to the final approval of the First
Amended Disclosure Statement Dated December 1, 2017 of Jonesboro
Hospitality, LLC.
The Lender points out that the Debtor only owns one asset: real
property and improvements located at 3006 S. Caraway Road,
Jonesboro, Arkansas 72401, which Property is subject to secured
claims amounting to $2,995,678.
According to the Lender, after confirming a plan in the Debtor's
first bankruptcy case, the Debtor immediately defaulted and filed
the instant case.
Despite having had more than a year to refinance or sell its
property, the best the Debtor has come up with is a sale within six
months to an unknown buyer for an unknown price, the Lender
complains. Even assuming the Debtor's imaginary $3.5 million price
were realized, the Property would appear to realize no return for
unsecured creditors after closing costs and post-petition accrued
interest is paid on secured claims, the Lender points out. Even
worse, the Debtor wants to solicit its facially- unconfirmable Plan
without disclosing any basis for its claims calculations, its
valuation of the Property, its failed marketing efforts, the
dubious prospects for a return to unsecured creditors, or why it
believes that six months of additional time will accomplish a sale
when nine months have never generated even one offer, the Lender
tells the Court.
Between its previously-failed bankruptcy case and the present case,
the Debtor has been in bankruptcy for approximately two-thirds of
the last four years. In that time, the Debtor has failed to come
forth with a viable plan to repay its secured creditors, let alone
its unsecured creditors, the Lender says.
Accordingly, the Lender asks the Court not to approve the
Disclosure Statement, saying it does not contain adequate
information and the Plan is unconfirmable on its face. Proceeding
to confirmation is futile, the Lender concludes.
A full-text copy of the Lender's Objection is available at:
http://bankrupt.com/misc/txeb17-40311-114.pdf
Attorneys for the Lender:
Howard Marc Spector, Esq.
Nathan M. Johnson, Esq.
SPECTOR & JOHNSON, PLLC
12770 Coit Road, Suite 1100
Dallas, Texas 75251
Tel: (214) 365-5377
Fax: (214) 237-3380
E-mail: hspector@spectorjohnson.com
About Jonesboro Hospitality
Jonesboro Hospitality, LLC, doing business as FairBridge Inn &
Suites, owns and operates a hotel located at 3006 S. Caraway Road,
Jonesboro, Arkansas.
Jonesboro Hospitality previously filed a prior Chapter 11 case
(Bankr. N.D. Tex. Case No. 13-34324) in Dallas in 2013. It
confirmed a plan of reorganization in its prior case on May 30,
2014.
Jonesboro Hospitality sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Tex. Case No. 17-40311) on Feb. 15,
2017. The petition was signed by Payal Nanda, principal. At the
time of the filing, the Debtor estimated its assets and liabilities
at $1 million to $10 million.
The case is assigned to Judge Brenda T. Rhoades.
The Debtor is represented by Joyce W. Lindauer, Esq., Sarah M. Cox,
Esq., Jamie N. Kirk, Esq., and Jeffery M. Veteto, Esq., at Joyce W.
Lindauer Attorney, PLLC.
No request has been made for the appointment of a trustee or
examiner and no official committee has yet been appointed.
JONESBORO HOSPITALITY: U.S. Trustee Objects to Disclosure Statement
-------------------------------------------------------------------
The United States trustee for the Eastern District of Texas objects
to the First Amended Disclosure Statement explaining Jonesboro
Hospitality, LLC's plan of reorganization.
The U.S. Trustee points out that the Debtor appears to lack any
prospect to reorganize its affairs within a reasonable amount of
time. This is evidenced by the Debtor's apparent inability to
perform under the terms of its previously confirmed plan. In
addition, according to the filed operating reports, the Debtor has
had significant negative cash flow over the life of the case . The
Debtor's filed plan lacks the support of creditors.
Moreover, the U.S. Trustee complains that the Debtor's disclosure
statement fails to describe in sufficient detail the Debtor's
prospects for a sale of its sole substantial asset within six
months of confirmation. The disclosure statement also fails to
describe what happens if a sale of the Debtor's hotel does not
occur within six months. The disposition of the hotel, and of this
case, should be described and the plan should include
self-liquidating features. Most importantly, Debtor also should
not be permitted to file another chapter 11 case in the event a
sale is not accomplished within the six month period contemplated
by the plan.
A full-text copy of the U.S. Trustee's Objection is available at:
http://bankrupt.com/misc/txeb17-40311-113.pdf
About Jonesboro Hospitality
Jonesboro Hospitality, LLC, doing business as FairBridge Inn &
Suites, owns and operates a hotel located at 3006 S. Caraway Road,
Jonesboro, Arkansas.
Jonesboro Hospitality previously filed a prior Chapter 11 case
(Bankr. N.D. Tex. Case No. 13-34324) in Dallas in 2013. It
confirmed a plan of reorganization in its prior case on May 30,
2014.
Jonesboro Hospitality sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Tex. Case No. 17-40311) on Feb. 15,
2017. In the petition signed by Payal Nanda, principal, the Debtor
estimated its assets and liabilities at $1 million to $10 million.
The case is assigned to Judge Brenda T. Rhoades.
The Debtor is represented by Joyce W. Lindauer, Esq., Sarah M. Cox,
Esq., Jamie N. Kirk, Esq., and Jeffery M. Veteto, Esq., at Joyce W.
Lindauer Attorney, PLLC.
No request has been made for the appointment of a trustee or
examiner and no official committee has yet been appointed.
KC7 RANCH: Taps Briggs Freeman Sotheby as Real Estate Broker
------------------------------------------------------------
KC7 Ranch, Ltd. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, to employ Briggs Freeman Sotheby's International
Realty as real estate broker.
KC7 Ranch owns 31,737.89 acres of real property located in
Balmorhea, Texas. The Ranch, which includes a fully restored ranch
home originally built in the 1890's, two guest houses, a rock barn
and corrals, is located in Reeves and Jeff Davis Counties and is
being marketed together with its mineral rights and seven constant
flowing springs.
In order to market the Ranch most effectively and thereby sell the
Ranch for the highest and best price, the Debtors originally
entered into a prepetition Farm and Ranch Real Estate Listing
Agreement Exclusive Right to Sell with BFSIR on or about November
14, 2017.
The current real estate listing sale price for the Ranch is $52
million. The agreed upon sales commission for the Ranch is 6.00% of
the sales price for a sales price of $60 million and above; 5.00%
of the sales price for a sales price between $50 million and
$59,999,999.99; 4.00% of the sales price for a sales price between
$40 million and $49,999,999.99; and 3.00% of the sales price for a
sales price of $39,999,999.99 or less. The Listing Agreement also
allows for payment of half the applicable sales commission to a
broker representing a buyer.
James Sammons III attests that BFSIR is "disinterested", as that
term is defined in 11 U.S.C. Sec. 101(14).
The broker can be reached through:
James Sammons III
Briggs Freeman Sotheby's International Realty
2913 Fairmount St., Ste 200
Dallas, TX 75201
Phone: (214) 353-6600
E-mail: jsammons@brigssfreeman.com
About KC7 Ranch, Ltd.
KC7 Ranch, Ltd., is a privately held company in Fort Worth, Texas,
that owns a real property asset known as the "KC7 Ranch". KC7
Ranch filed a Chapter 11 petition (Bankr. N.D. Tex. Case No.
17-45166) on Dec. 28, 2017. In the petition signed by Thomas F.
Darden, president, the Debtor estimated $50 million to $100 million
in assets and $10 million to $50 million in liabilities. Michael
J. Sutherland, Esq., at Carrington, Coleman, Sloman & Blumenthal,
LLP, is the Debtor's counsel. Briggs Freeman Sotheby's
International Realty is the real estate broker, and
CliftonLarsonAllen LLP is the accountant.
KC7 RANCH: Taps Carrington, Coleman, Sloman & Blumenthal as Counsel
-------------------------------------------------------------------
KC7 Ranch, Ltd. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, to employ Carrington, Coleman, Sloman & Blumenthal,
L.L.P. as counsel.
The services to be rendered by CCSB are:
a. advise the Debtors concerning their powers and duties as
debtors in possession in the continued operations of their
businesses and management of their properties;
b. act to help protect, preserve and maximize the value of the
Debtors' estates, including the sale and liquidation of assets
outside the ordinary course of business, if prudent and advisable;
c. prepare all necessary motions, applications, reports, and
pleadings in connection with the Debtors' chapter 11 cases,
including preparation and solicitation of a chapter 11 plan and
disclosure statement and related documents; and
d. perform other legal services for the Debtors in connection
with their chapter 11 cases that the Debtors determine are
necessary and appropriate.
J. Michael Sutherland, Esq., a partner at CCSB, attests that CCSB
is "disinterested" as such term is defined in Section 101(14) of
the Bankruptcy Code.
CCSB's current customary hourly rates are:
J. Michael Sutherland, partner $600
Michelle V. Larson, partner $570
Attorneys $290 to $800
Paraprofessionals $290 to $800
The firm can be reached through:
J. Michael Sutherland, Esq.
Michelle V. Larson, Esq.
CARRINGTON, COLEMAN, SLOMAN & BLUMENTHAL, L.L.P.
901 Main Street, Suite 5500
Dallas, TX 75202
Phone: (214) 855-3000
Fax: (214) 855-1333
E-mail: msutherland@ccsb.com
mlarson@ccsb.com
About KC7 Ranch, Ltd.
KC7 Ranch, Ltd., is a privately held company in Fort Worth, Texas,
that owns a real property asset known as the "KC7 Ranch". KC7
Ranch filed a Chapter 11 petition (Bankr. N.D. Tex. Case No.
17-45166) on Dec. 28, 2017. In the petition signed by Thomas F.
Darden, president, the Debtor estimated $50 million to $100 million
in assets and $10 million to $50 million in liabilities. Michael
J. Sutherland, Esq., at Carrington, Coleman, Sloman & Blumenthal,
LLP, is the Debtor's counsel. Briggs Freeman Sotheby's
International Realty is the real estate broker, and
CliftonLarsonAllen LLP is the accountant.
KC7 RANCH: Taps CliftonLarsonAllen LLP as Accountant
----------------------------------------------------
KC7 Ranch, Ltd., and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, to employ CliftonLarsonAllen LLP as accountants.
Services to be provided by CLA are:
a. prepare federal and state tax returns;
b. assist the Debtors and other professionals employed in the
case in preparation of schedules of assets and liabilities and
statements of financial affairs and any plan of reorganization to
be filed with the Court; and
c. provide additional financial analysis, projections, and
other accounting and tax services as may be required.
Richard T. Baumeister, Jr., managing principal of
CliftonLarsonAllen LLP, attests that CLA is "disinterested" as such
term is defined in section 101(14) of the Bankruptcy Code.
The accountants primarily responsible for this engagement and their
respective hourly rates are:
Marion Hecht, principal $520
Richard T. Baumeister, Jr., managing principal $445
Kimberly Middleton, manager $240
Prescott Holloway and Ginger Stafford, associates $150
The firm can be reached through:
Richard T. Baumeister, Jr.,
CliftonLarsonAllen LLP
801 Cherry Street, Suite 1400
Fort Worth, TX 76102-6835
Tel: 817-877-5000
Fax: 817-877-5330
About KC7 Ranch, Ltd.
KC7 Ranch, Ltd., is a privately held company in Fort Worth, Texas,
that owns a real property asset known as the "KC7 Ranch". KC7
Ranch filed a Chapter 11 petition (Bankr. N.D. Tex. Case No.
17-45166) on Dec. 28, 2017. In the petition signed by Thomas F.
Darden, president, the Debtor estimated $50 million to $100 million
in assets and $10 million to $50 million in liabilities. Michael
J. Sutherland, Esq., at Carrington, Coleman, Sloman & Blumenthal,
LLP, is the Debtor's counsel. Briggs Freeman Sotheby's
International Realty is the real estate broker, and
CliftonLarsonAllen LLP is the accountant.
KDS MUSIC STUDIOS: Taps Kastelz Law Group as Legal Counsel
----------------------------------------------------------
KDS Music Studios, LLC, seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to hire Kastelz Law Group,
PA as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; negotiate with creditors; review all loan and
lease documents it executed; represent the Debtor in connection
with any potential postpetition financing; prepare a bankruptcy
plan; and provide other legal services related to its Chapter 11
case.
The firm will be paid a flat fee of $5,000 for its services.
Thomas Kastelz, Esq., the attorney who will be handling the case,
disclosed in a court filing that he is a "disinterested person" as
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Thomas M. Kastelz, Esq.
Kastelz Law Group, PA
3390 Kori Rd., Suite 6
Jacksonville, FL 32257
Phone: (904) 733-7777
E-mail: info@kastelzlaw.com
pleadings@kastelzlaw.com
About KDS Music Studios
KDS Music Studios, LLC, is a music recording studio. Its corporate
headquarters are located at 7566 Southland Blvd., Suite 107,
Orlando, Florida.
KDS Music Studios sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 17-07875) on Dec. 20,
2017. Judge Karen S. Jennemann presides over the case. At the
time of the filing, the Debtor estimated assets and liabilities of
less than $500,000.
KEL-LEE PROPERTIES: Taps Langley & Banack Inc as Attorney
---------------------------------------------------------
Kel-Lee Properties, LLC, seeks authority from the U.S. Bankruptcy
Court for the Western District of Texas, San Antonio Division, to
hire Langley & Banack, Inc. as attorneys for the Debtor.
Legal services Langley & Banack will render are:
a. take all necessary action to protect and preserve the
estate of the Debtor, including the prosecution of actions on the
Debtor’s behalf, the defense of any action commenced against the
Debtor, the negotiation of disputes in which the Debtor is involved
and the preparation of objections to claims filed against the
Debtor’s estate;
b. prepare on behalf of the Debtor all necessary motions,
applications, answers, orders, reports, and papers in connection
with the administration and prosecution of the Debtor’s Case;
c. advise the Debtor in respect of various bankruptcy issues
and other services as requested from time to time; and
d. perform all other necessary legal services in connection
with the Case.
Langley & Banack's current standard hourly rates are:
David S. Gragg, Shareholder $475.00
Natalie F. Wilson, Associate $335.00
Natalie F. Wilson, an associate at Langley & Banack, attests that
neither she nor the firm represents any interest adverse to the
Debtor, as required by 11 U.S.C. Sec. 327(a); additionally, they
are disinterested persons pursuant to 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Natalie F. Wilson, Esq.
LANGLEY & BANACK, INC
745 E Mulberry, Suite 900
San Antonio, TX 78212
Tel: 210-736-6600
Fax: 210-735-6889
E-mail: nwilson@langleybanack.com
About Kel-Lee Properties
Kel-Lee Properties is a nonresidential building operator based in
Beeville, Texas. Kel-Lee Properties filed a Chapter 11 petition
(Bankr. W.D. Tex. Case No. 18-50027) on Jan. 3, 2018. In the
petition signed by Kelly Byrne, director, the Debtor estimated $1
million to $10 million both in assets and liabilities. The
Debtor's counsel is Langley & Banack, Inc.
LINCOLN ENTERPRISE: Taps Hoffman, Larin & Agnetti, PA as Counsel
----------------------------------------------------------------
Lincoln Enterprise, LLC, filed an emergency application seeking
authority from the U.S. Bankruptcy Court for the Southern District
of Florida to employ Michael S. Hoffman, Esq., and Hoffman, Larin &
Agnetti, P.A., as the Debtor's Counsel.
Services HLA will render are:
a. advise the Debtor with respect to its duty as a
debtor-in-possession;
b. advise the Debtor with respect to the continued management
of its real property, business interests and related obligations;
c. 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;
d. prepare motions and file, pleadings, orders, applications,
adversary proceedings and other documents necessary for the
advancement of the Debtor's case;
e. protect the interest of the Debtor in all matters pending
before the Court;
f. represent the Debtor in negotiation with creditors; and
g. propose and seek confirmation of a plan of reorganization.
Michael S. Hoffman, Esq., a partner with the law firm of Hoffman
Larin, attests that neither he nor nor HLA hold or represent any
interest adverse to the Debtors, and they are disinterested within
the meaning of 11 U.S.C. Sec. 327(a).
Michael S. Hoffman's current hourly rate is $325. The rates of
other attorneys and paralegals range from $100 to $350.
The counsel can be reached through:
Michael S. Hoffman, Esq.
HOFFMAN, LARIN & AGNETTI., P.A.
909 North Miami Beach Blvd., Suite 201
North Miami Beach, FL 33162
Tel: 305-653-5555
Fax: 305-940-0090
E-mail: mshoffman@hlalaw.com
About Lincoln Enterprise, LLC
Lincoln Enterprise, LLC, is a privately held Florida limited
liability company whose principal assets are located at 226 Lincoln
Road Miami Beach, FL 33139. The company is equally owned by Joseph
Cohen and LED Trust, LLC. Lincoln Enterprise filed a Chapter 11
petition (Bankr. S.D. Fla. Case No. 18-10939) on Jan. 25, 2018. In
the petition signed by Haim Yehezkel, managing member of LED Trust,
the Debtor estimated $50,000 in assets and $1 million to $10
million in liabilities. Judge Laurel M Isicoff presides the case.
Michael S. Hoffman, Esq. at Hoffman, Larin & Agnetti, P.A., is the
Debtor's counsel.
LMM SPORTS: E. Metz Taps Polsinelli as New Legal Counsel
--------------------------------------------------------
Eric Metz seeks approval from the U.S. Bankruptcy Court for the
District of Arizona to hire new legal counsel in connection with
his Chapter 11 case.
Eric Metz, who holds 40% membership interest in LMM Sports
Management LLC, proposes to employ Polsinelli, PC, to replace
Gallagher & Kennedy.
The firm's hourly rates range from $400 to $625 for shareholders,
$260 to $330 for associates, and $205 to $250 for paralegals.
John Clemency, Esq., and Janel Glynn, Esq., the attorneys who will
be handling the case, will charge $610 per hour and $415 per hour,
respectively.
Polsinelli does not hold or represent any interest adverse to the
Debtor, according to court filings.
The firm can be reached through:
John R. Clemency, Esq.
Janel M. Glynn, Esq.
Polsinelli, PC
One E. Washington, Suite 1200
Phoenix, AZ 85004
Tel: (602) 650-2000
Fax: (602) 264-7033
E-mail: jclemency@polsinelli.com
E-mail: jglynn@polsinelli.com
About LMM Sports
LMM Sports Management, LLC provides sports management services to
professional athletes employed by the National Football League.
LMM Sports sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ariz. Case No. 14-13952) on Sept. 10, 2014.
On Sept. 15, 2014, the case was jointly administered with the
Chapter 11 cases of Ethan Lock (Bankr. D. Ariz. Case No. 14-13954)
and Eric Metz (Bankr. D. Ariz. Case No. 14-13955) who both hold 40%
membership interest in the company. Since then, LMM Sports was
dismissed as a debtor and Mr. Lock's Chapter 11 plan was confirmed
and his case was closed. Mr. Metz's case, however, remains
administered in LMM Sports' case.
The Hon. Daniel P. Collins presides over the cases.
LMM Sports disclosed total assets of $1.06 million and total
liabilities of $3.84 million.
Polsinelli, PC, replacing Gallagher & Kennedy, represents Mr. Eric
Metz in his Chapter 11 case.
MASONITE INTERNATIONAL: S&P Raises CCR to 'BB+', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings said it raised its long-term corporate credit
rating on Masonite International Corp. to 'BB+' from 'BB'. The
outlook is stable.
At the same time, S&P Global Ratings raised its issue-level rating
on the company's senior unsecured notes to 'BB+' from 'BB'. The '3'
recovery rating on the debt is unchanged, indicating S&P's
expectation for meaningful (50%-70%; rounded estimate of 65%)
recovery in S&P's simulated default.
The upgrade reflects the strength in Masonite's credit measures
over the past couple of years, and our expectation for this trend
to continue in 2018 and 2019. S&P said, "We estimate the company to
generate an adjusted debt-to-EBITDA ratio of about 2x in 2018 and
2019--roughly in line with year-end 2017 levels--supported by
continuing positive momentum in new home construction and repair
and remodeling spending in North America. We have revised our
financial risk assessment to intermediate from significant to
reflect our estimates, which are consistent with the company's
financial policy in terms of leverage."
S&P said, "The stable outlook reflects our expectation that
Masonite will maintain adjusted debt-to-EBITDA in the low 2x area
and adjusted FFO-to-debt in the low-to-mid 30% area over the next
12 months, supported by positive momentum in new home construction
and repair and remodeling spending in North America. Although we
view the company's credit measures to be sensitive to cyclical
housing downturns, we believe Masonite can manage its discretionary
spending to maintain leverage below 3x.
"We believe an upgrade is highly unlikely given the company's
limited operating breadth as a door producer. However, we could
upgrade Masonite if it completes acquisitions that expand its
product base and enhance earnings stability while maintaining
adjusted debt-to-EBITDA in the low 2x area. We could also raise the
rating if we expect the company to generate and sustain adjusted
debt-to-EBITDA below 2x and FFO-to-debt above 45%."
MELBOURNE BEACH: Seeks Authority on Interim Cash Collateral Use
---------------------------------------------------------------
Melbourne Beach, LLC, asks the U.S. Bankruptcy Court for the Middle
District of Florida to permit it to use cash collateral on an
interim basis to the extent needed to avoid immediate and
irreparable harm to its estate until a subsequent final hearing can
be conducted on this request.
Melbourne Beach requests authority to use cash collateral
immediately to fund the operating expenses necessary to continue
the operation of the business and to maintain the estate, to
maximize the return on its assets, and to otherwise avoid
irreparable harm and injury to its business and the estate.
Melbourne Beach believes that U.S. Bank, National Association, as
Trustee for the registered holders of Bear Stearns Commercial
Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2003-PWR2, the current owner and holder of
that certain Mortgage, that certain Assignment of Leases and Rents.
U.S. Bank claims perfected and enforceable security interest and
lien on, among other assets, Melbourne Beach's proceeds and rents,
which constitute U.S. Bank's cash collateral pursuant to the
Mortgage and related loan documents.
Melbourne Beach intends to provide U.S. Bank with replacement liens
to the same extent and validity as held by U.S. Bank pre-petition.
Melbourne Beach believes that U.S. Bank will be adequately
protected by its continued operation.
Melbourne Beach represents that it has conferred with U.S. Bank
with respect to the use of cash collateral, and that U.S. Bank has
consented to the use of cash collateral as set forth in the Budget
through March 16, 2018. The Parties, however, have not yet agreed
to the form of an interim order but are continuing to discuss the
terms of an agreed order.
A full-text copy of the Debtor's Motion is available at:
http://bankrupt.com/misc/flmb17-07975-32.pdf
About Melbourne Beach
Established in 1998, Melbourne Beach, LLC is a privately held
company that leases real properties. Melbourne Beach is the owner
of Ocean Spring Plaza, located at 981 E. Eau, Gallie Blvd,
Melbourne, FL 32937, valued by the company at $15.30 million. The
company's gross revenue amounted to $997,732 in 2016 and $924,000
in 2015.
Melbourne Beach filed a Chapter 11 petition (Bankr. Md. Fla. Case
No. 17-07975) on Dec. 26, 2017. In the petition signed by Brian
West, managing member, the Debtor disclosed $15.35 million in
assets and $2.82 million in liabilities. James W. Elliott, Esq.,
at McIntyre Thanasides Bringgold Elliott Grimaldi Guito & Mathews,
P.A., serves as bankruptcy counsel to the Debtor.
MENOTTI ENTERPRISE: Hires Medina Law Firm LLC as Attorney
---------------------------------------------------------
Menotti Enterprise LLC, seeks authority from the U.S. Bankruptcy
Code for the Southern District of New York to employ Medina Law
Firm LLC as its attorney.
Medina Law is required to
(a) take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on the
Debtor's behalf, the defense of any actions commenced against the
Debtor, the negotiation of disputes in which the Debtor is involved
and the preparation of objections to claims filed against the
Debtor's estate;
(b) prepare on behalf of the Debtor, as debtor-in-possession,
all necessary motions, applications, answers, orders, reports, and
other papers in connection with the administration of the Debtor's
estate;
(c) negotiate and prepare on behalf of the Debtor a plan of
reorganization and all related documents; and
(d) perform all other necessary legal services in connection
with the prosecution of this chapter 11 case.
Eric S. Medina, managing member of Medina Law Firm LLC, attests
that neither he, the Firm, nor its attorneys, counsel or staff, or
present contractors represent or have any connection with any
creditor or other party in interest in this case, their respective
attorneys, accountants, the United States Trustee or any person
employed in the Office of the United States Trustee.
Medina Law received advance payment retainers in the aggregate
amount of $35,000.00. Of this amount, $32,490.00 was expended in
legal fees and $1,808.67 in costs, which is inclusive of the filing
fee paid to the Clerk of Court in connection with commencement of
this case.
Medina's current hourly billing rates are:
Eric S. Medina, Esq. $500
Daniel A. Graber, Esq. $450
John Pereira, Esq. $500
Ann Marie Sinisi, Esq. $500
Paraprofessionals $150
Law Clerks $100
The counsel can be reached through:
Eric S. Medina, Esq.
MEDINA LAW FIRM LLC
641 Lexington Avenue
Thirteenth Floor
New York, NY 10022
Tel.: (212) 404-1742
Fax: (888) 833-9534
E-mail: emedina@medinafirm.com
About Menotti Enterprise
Menotti Enterprise, LLC -- http://menottienterprise.com/-- is an
independent family-owned & operated construction site safety
management consulting firm. The company has safety management
experience in a multitude of construction project types such as
government, educational, retail, commercial, residential, MTA, and
maritime. Its main focus is to identify any hazard on site,
prevent any potential incidents from occurring, and mitigating any
future construction delays. It strives to prevent & reduce all
associated liabilities of its clients during all phases of
construction starting with pre-construction all the way to
closeout. The company is headquartered in Bronx, New York.
Menotti Enterprise, LLC filed a Chapter 11 petition (Bankr.
S.D.N.Y. Case No. 18-10138) on Jan. 19, 2018. In the petition
signed by Steven Menotti, vice president, the Debtor estimated $1
million to $10 million in assets and liabilities.
Eric S. Medina, Esq., at MEDINA LAW FIRM LLC, is the Debtor's
counsel.
MOREHEAD MEMORIAL: Seeks April 6 Exclusive Plan Filing Extension
----------------------------------------------------------------
Morehead Memorial Hospital asks the U.S. Bankruptcy Court for the
Middle District of North Carolina to extend these deadlines for a
period of sixty days: (1) the deadline for filing a plan and
disclosure statement up to and including April 6, 2018; and (2) the
Debtor's exclusive periods for filing a plan and obtaining
acceptances of such plan up to and including April 6, 2018 and June
8, 2018, respectively.
On January 1, 2018, University of North Carolina Health Care System
consummated the Sale with Morehead Memorial Hospital. Now,
Morehead Memorial Hospital needs additional time to formulate the
terms of a plan of liquidation.
About Morehead Memorial Hospital
Founded in 1924, Morehead Memorial Hospital --
http://www.morehead.org/-- is a North Carolina non-profit
corporation that owns and operates a 108-bed general acute care
community hospital on a 22-acre campus located at 117 East Kings
Highway, Eden, North Carolina. Within the Hospital Real Property,
Morehead Memorial also owns and operates a 121-bed skilled nursing
facility. It also owns several other parcels of real property
located in Eden that are contiguous to, or in the general vicinity
of, the Hospital Real Property.
Morehead Memorial Hospital filed for Chapter 11 bankruptcy
protection (Bankr. M.D.N.C. Case No. 17-10775) on July 10, 2017,
estimating its assets and liabilities at between $10 million and
$50 million. The petition was signed by Dana M. Weston, the CEO.
Judge Benjamin A. Kahn presides over the case.
Thomas W. Waldrep, Jr., Esq., Jennifer B. Lyday, Esq., and
Francisco T. Morales, Esq., at Waldrep LLP, serve as the Debtor's
bankruptcy counsel. The Debtor also hired Womble Carlyle Sandridge
& Rice, LLP, as special counsel; Grant Thornton LLP as financial
advisor; Hanlon Hammond Camp LLC as investment banker and
operational and strategic advisor; and Donlin, Recano & Company,
Inc., as claims and noticing agent.
On July 24, 2017, William Miller, the bankruptcy administrator for
the Middle District of North Carolina, appointed an official
committee of unsecured creditors. The Committee retained law firms
Nelson Mullins Riley & Scarborough LLP, and Sills Cummis & Gross,
P.C., as co-counsel.
NAVILLUS TILE: Requires Exclusivity Extension to Develop Exit Plan
------------------------------------------------------------------
Navillus Tile, Inc., doing business as Navillus Contracting, asks
the U.S. Bankruptcy Court for the Southern District of New York to
(a) extend the exclusive period to file a chapter 11 plan for
Navillus through and including July 6, 2018 and (b) extend the
exclusive period to solicit acceptances of a chapter 11 plan for
Navillus through and including Sept. 5, 2018.
A hearing will be held on Feb. 28, 2018 at 11:00 a.m., for the
Court to consider extending by 120 days the exclusive periods
during which only Navillus may file a chapter 11 plan and solicit
acceptances thereof. Feb. 21 has been fixed as the objection
deadline.
Navillus has made significant progress in its chapter 11 case thus
far and continues to work towards expeditiously exiting chapter 11.
However, there is still a substantial amount of work which must be
done before Navillus is in a position to propose a chapter 11 plan
in a form which would enable Navillus to reorganize successfully.
During the first approximately 90 days of its chapter 11 case,
Navillus has, among other things:
(a) Obtained final Court approval of the emergency relief
requested in the first day motions filed with the Court;
(b) Negotiated and obtained final Court approval of a $135
million debtor-in-possession financing facility from Liberty Mutual
Insurance Company;
(c) Prepared and filed with the Court Navillus' schedules and
statements of financial affairs;
(d) Obtained entry of an Order establishing February 14, 2018
as the deadline to file proofs of claim;
(e) Proposed mediation procedures in an effort to initiate
negotiations with the union funds that constitute Navillus' largest
unsecured creditors and responded to requests for stay relief made
by the related unions;
(f) Successfully negotiated and obtained Court approval of a
completion agreement (the "OVA Completion Agreement") with Liberty
to enable Navillus to continue performing work on the One
Vanderbilt Avenue project which constitutes Navillus' single
largest asset with a remaining contract value of approximately $130
million;
(g) Intervened in the chapter 11 case of Advanced Contracting
Solutions, LLC (Bankr. S.D.N.Y. Case No. 17-13147), to protect
Navillus' interests in connection with a highly contested
evidentiary hearing relating to numerous unions' objections to the
sale of substantially all of ACS' assets;
(h) Initiated an adversary proceeding against one contractor
for nonpayment under a prepetition construction contract;
(i) Prepared cash flow projections and financial forecasts and
engaged in discussions with the Committee's professionals regarding
same; and
(j) Responded in good faith to the Committee's due diligence
requests.
As a part of its negotiation of the OVA Completion Agreement with
Liberty and Tishman Construction Corporation of New York, Navillus
agreed to use its reasonable and best efforts to achieve certain
milestones towards confirmation of a chapter 11 plan. At the
request of the Committee, and with the consent of Tishman and
Liberty, these milestones have been extended to dates within the
proposed extended Exclusive Periods.
Despite the significant progress in its chapter 11 case as
described above, and Navillus' continued pursuit of an expeditious
exit from chapter 11, Navillus requires an extension of its
Exclusive Periods to enable it to develop a business plan and
pursue a resolution of its largest liabilities, whether through
mediation, a successful appeal or otherwise.
Accordingly, Navillus requires more time in which negotiate,
document, file, solicit votes on, and ultimately gain confirmation
of a plan of reorganization.
About Navillus Tile
Navillus Tile Inc., is one of the largest subcontractors and
general contractors in New York, specializing as a high-end
concrete and masonry subcontractor on large private and public
construction projects in the New York metropolitan area. Navillus
works closely with many of New York's most prominent architects,
builders, owners, government agencies and institutions and is
pre-qualified by numerous commercial and government agencies.
Navillus operates its business from a midtown Manhattan
headquarters which it has leased since 2015. Donald O'Sullivan,
which founded the business with his brothers, is the sole director,
president and chief executive officer of Navillus.
Navillus Tile filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case
No. 17-13162) on Nov. 8, 2017, estimating $100 million to $500
million in assets and debt.
Judge Sean H. Lane is the case judge.
Cullen and Dykman LLP is the Debtor's legal counsel. Otterbourg
P.C., serves as special litigation and conflicts counsel. Garden
City Group, LLC, is the claims agent and administrative advisor.
On Nov. 28, 2017, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors. Hahn & Hessen LLP is
the committee's bankruptcy counsel.
OCULAR THERAPEUTIX: Summer Road Has 8.4% Stake as of Jan. 29
------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Summer Road LLC disclosed that it beneficially owns
3,027,488 shares of common stock of Ocular Therapeutix, Inc.,
constituting 8.4 percent of the shares outstanding. This
calculation is rounded to the nearest tenth and is based upon
36,158,202 shares of common stock to be outstanding as of Jan. 29,
2017 as reported in the Company's Prospectus Supplement filed
pursuant to Rule 424(b)(5) on Jan. 25, 2018.
Summer Road LLC is a family office under the Investment Advisers
Act Rule 202(a)(11)(G)-1. Pursuant to investment management
agreements between itself and each of two "Family Clients" (as
defined in the Family Office Rule), Summer Road LLC exercises
voting and dispositive power with respect to the shares of Common
Stock of the Company held by each of the Family Clients.
A full-text copy of the regulatory filing is available at:
https://is.gd/MlHtNZ
About Ocular Therapeutix
Ocular Therapeutix, Inc., headquartered in Bedford, Massachusetts
-- http://www.ocutx.com/-- is a biopharmaceutical company focused
on the development and commercialization of innovative therapies
for diseases and conditions of the eye using its proprietary
hydrogel platform technology. Its bioresorbable hydrogel-based
drug product candidates are designed to provide extended delivery
of therapeutic agents to the eye. Its lead product candidates are
DEXTENZA (dexamethasone insert), for the treatment of post-surgical
ocular inflammation and pain, allergic conjunctivitis and dry eye
disease, and OTX-TP, for the treatment of glaucoma and ocular
hypertension, which are extended-delivery, drug-eluting inserts
that are placed into the canaliculus through a natural opening
called the punctum located in the inner portion of the eyelid near
the nose. Its intracanalicular inserts combine its hydrogel
technology with U.S. Food and Drug Administration, or FDA, approved
therapeutic agents with the goal of providing extended delivery of
drug to the eye.
Ocular reported a net loss of $44.70 million in 2016, a net loss of
$39.74 million in 2015, and a net loss of $28.64 million in 2014.
As of Sept. 30, 2017, Ocular had $64.39 million in total assets,
$28.47 million in total liabilities and $35.92 million in total
stockholders' equity.
"As of September 30, 2017, we had cash and cash equivalents of
$51.2 million and outstanding debt of $18.0 million. Cash in
excess of immediate requirements is invested in accordance with our
investment policy, primarily with a view to liquidity and capital
preservation. In August 2017, we announced that we expected to
realize savings in operating expenses, including personal costs, as
a result of streamlining headcount, as part of an initiative to
enhance operations and reduce expenses. Based on our current plans
and forecasted expenses, with these costs savings, we believe that
existing cash and cash equivalents will fund operating expenses,
debt service obligations and capital expenditure requirements into
the fourth quarter of 2018. If we are unable to obtain additional
financing, we will be required to implement further cost reduction
strategies. These factors, and the factors described above,
continue to raise substantial doubt about our ability to continue
as a going concern," the Company stated in its quarterly report for
the period ended Sept. 30, 2017.
ORWELL TRUMBULL: Hires Chiron Financial LLC as Investment Banker
----------------------------------------------------------------
Orwell-Trumbull Pipeline Co., LLC, and Chiron Financial, LLC, filed
a Joint Application for Order seeking authority from the U.S.
Bankruptcy Court for the Northern District of Ohio to employ Chiron
Financial LLC as investment banker.
Chiron Financial will:
a. prepare an information memorandum describing the Debtor,
its historical performance and prospects, including its existing
contracts, marketing and sales, labor force, management and
financial projections;
b. assist in preparing a data room of all necessary and
appropriate documents needed in connection with a proposed
transaction;
c. assist in developing lists of potential lenders, investors
and/or purchasers, as appropriate, to be contacted by Chiron
Financial or the Debtor;
d. coordinate the execution of confidentiality agreements with
potential lenders, investors and purchasers wishing to review the
information memorandum described above;
e. assist the company in coordinating site visits for
interested lenders, investors and purchasers, including engaging
with the Debtor's management team to develop appropriate
presentations for such visits;
f. solicit competitive offers from potential lenders,
investors and purchasers;
e. advise and assist the company in structuring potential
financing, restructurings or sales, including, without limitation,
assistance with negotiating agreements documenting such
transactions; and
g. provide additional professional services reasonably
requested by the Debtor's management team through the closing of
any transaction.
Jay H. Krassoff, managing director of Chiron Financial attests that
his firm is a "disinterested person," as defined in section 101(14)
of the Bankruptcy Code.
Fees Chinron Financial will charge are:
* Minimum Transaction Fee. Upon the closing of any Financing,
Restructuring or Sale (each, as used in this Application, as
defined in the Engagement Agreement), a minimum transaction fee in
the amount of $375,000, payable in cash via wire transfer or
certified check.
* Financing Fee. Upon the closing of any Financing with any
Party, a financing fee in an aggregate amount equal to (i) 5.0% of
the first $10,000,000 of the aggregate amount of such Financing and
(ii) 3.0% of the amount, if any, by which the aggregate amount of
such Financing obtained by the Debtor exceeds $10,000,000.
* Restructuring Fee. Upon the closing of any Restructuring, a
restructuring fee in an aggregate amount equal to (i) 5.0% of the
first $10,000,000 of the aggregate amount of such Restructuring and
(ii) 3.0% of the amount, if any, by which the aggregate amount of
such Restructuring exceeds $10,000,000.
* Sale Fee. Upon the consummation of a Sale to any party, a
sale fee in an aggregate amount equal to (i) 5.0% of the first
$10,000,000 of the aggregate amount of Total Consideration (as used
in this Application, as defined in the Engagement Agreement) and
(ii) 3.0% of the amount, if any, by which the Total Consideration
exceeds $10,000,000.00.
The firm can be reached through:
Jay H. Krasoff
CHIRON FINANCIAL LLC
1301 McKinney, Suite 2800
Houston, TX 77010
Phone: (713) 929-9080
About Orwell Trumbull Pipeline
Based in Willoughby, Ohio, Orwell-Trumbull Pipeline Co., LLC,
engineers, installs, constructs, and inspects electronic measuring
equipment for the natural gas industry.
Orwell Trumbull Pipeline filed a Chapter 11 petition (Bankr. N.D.
Ohio Case No. 17-17135) on Dec. 4, 2017. In the petition signed by
Managing Member Richard M. Osborne, the Debtor estimated $10
million to $50 million in both assets and liabilities.
The Hon. Arthur I. Harris presides over the case.
Glenn E. Forbes, Esq., at Forbes Law LLC, serves as bankruptcy
counsel to the Debtor. Dettelbach Sicherman & Baumgart, LLCPA;
Kravitz Brown & Dortch, LLC; and Wuliger and Wuliger, is the
Debtor's special counsel. Chiron Financial LLC is the Debtor's
investment banker.
ORYX SOUTHERN: S&P Assigns 'B+' Corp. Credit Rating, Outlook Stable
-------------------------------------------------------------------
Midland, Texas-based crude gathering and transportation system Oryx
Southern Delaware Holdings LLC is issuing an $800 million
senior-secured term loan B due 2025. The company will use the
proceeds to repay existing debt and to fund a distribution to the
current owners.
S&P Global Ratings said it assigned its 'B+' corporate credit
rating to Oryx Southern Delaware Holdings LLC. The outlook is
stable.
S&P said, "We also assigned our 'B+' issue-level rating and '3'
recovery rating to the company's $800 million term loan due 2025.
The '3' recovery rating indicates that the lenders can expect
meaningful (50%-70%; rounded estimate 65%) recovery in the event of
payment default.
"Our 'B+' corporate credit rating on Oryx Southern Delaware
Holdings LLC reflects our view of the company's highly leveraged
financial risk profile and weak business risk profile. We expect
Oryx's credit metrics to be elevated in 2018, but improve in 2019
as volumes and cash flows increase. The company's business risk
profile reflects its small scale of operations, exposure to
volumetric risk, and limited geographic diversity, as well as its
position in the highly economic Delaware Basin.
"The stable outlook reflects our expectation that Oryx will
continue to run at capacity until Oryx II comes online later this
year, at which time throughput volumes will increase. We expect
leverage to be high in 2018 as the ramp up begins, with debt to
EBITDA of about 6.5x in 2018. However, we expect leverage to come
down significantly in 2019 due to increased volumes and repayment
of the term loan via the cash flow sweep.
"We could consider lowering the rating if we expected debt to
EBITDA to remain above 6x over the next 24 months. This could occur
if Oryx II faced significant delays or operational disruptions that
stalled volume growth through Oryx's system. In addition, if
counterparties slowed drilling, this could result in elevated
leverage at Oryx due to reduced volume throughput.
"We do not view an upgrade as likely at this time. However, if Oryx
improves its size, scale and diversity through acquisition or
growth projects, enters into contracts with investment grade
counterparties, adds dedicated volumes while maintaining debt to
EBITDA below 4x on a sustained basis, we could consider an
upgrade."
PERLL DIAGNOSTICS: Taps CGA Law Firm as Legal Counsel
-----------------------------------------------------
Perll Diagnostics, Inc., seeks approval from the U.S. Bankruptcy
Court for the Middle District of Pennsylvania to hire CGA Law Firm
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:
Lawrence Young Attorney $345
Brent Diefenderfer Attorney $275
E. Haley Rohrbaugh Attorney $160
Christina Locondro Paralegal $120
Kenneth Brayboy Paralegal $120
Prior to the petition date, the Debtor paid the firm the sum of
$8,000.
CGA is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.
The firm can be reached through:
Lawrence V. Young, Esq.
CGA Law Firm
135 North George Street
York, PA 17401
Tel: 717-848-4900
Fax: 717-843-9039
E-mail: lyoung@cgalaw.com
tlocondro@cgalaw.com
About Perll Diagnostics
Perll Diagnostics, Inc. -- https://www.perlldiagnostics.com/ -- is
a locally-owned full-service diagnostics laboratory in
Mechanicsburg, Pennsylvania. The company provides drug testing,
basic metabolic panel, an allergy testing and other types of
diagnostic testing services. Perll Diagnostics previously sought
bankruptcy protection on June 6, 2013 (Bankr. M.D. Pa. Case No.
13-02985).
Perll Diagnostics sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Pa. Case No. 18-00437) on Feb. 2,
2018. In the petition signed by Nava K. Nawaz, M.D., president,
the Debtor disclosed $178,877 in assets and $3.13 million in
liabilities. Judge Henry W. Van Eck presides over the case.
PHILOS GLOBAL: Hires Law Offices of Joel A. Schechter as Counsel
----------------------------------------------------------------
Philos Global Technologies, Inc., seeks authority from the U.S.
Bankruptcy Court for the Northern District of Illinois, Eastern
Division, to hire Joel A. Schechter of the Law Offices of Joel A.
Schechter, as counsel.
The professional services to be rendered by Schechter are:
(a) give Debtor and Debtor-in-Possession legal advice with
respect to its powers and duties as Debtor-in-Possession in the
continued operation of its business;
(b) prepare on behalf of the Debtor and Debtor-in-Possession
necessary motions, answers, orders, reports and other legal papers
necessary and appurtenant to these proceedings; and
(c) perform all other legal services for the Debtor and
Debtor-in-Possession which may be necessary in this proceeding.
Joel A. Schechter will charge an hourly rate of $450.00.
Joel A. Schechter attests that he represents no interest adverse to
the Debtor, as Debtor-in-Possession, or the estate in the matters
upon which he is to be engaged.
The counsel can be reached through:
Joel A. Schechter, Esq.
Law Offices of Joel A. Schechter
53 W. Jackson Blvd., Suite 1522
Chicago, IL 60604
Phone: (312) 332-0267
Fax: 312 939-4714
E-mail: joelschechter@covad.net
About Philos Global Technologies
Based in Buffalo Grove, Illinois, Philos Global Technologies, Inc.,
filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-37543) on
Dec. 19, 2017, estimating under $1 million in both assets and
liabilities. Joel A. Schechter, Esq. at Law Offices of Joel A.
Schechter is the Debtor's counsel.
PREMIER MARINE: Dowco to be Paid $8.4K at 4% Over 36 Months
-----------------------------------------------------------
Premier Marine, Inc. filed with the U.S. Bankruptcy Court for the
District of Minnesota a disclosure statement to accompany its plan
of reorganization dated Jan. 30, 2018.
Class 6 under the plan is the Dowco secured claim which will be
allowed in the amount of $287,500 and secured by the Dowco Lien in
the Tooling. Dowco shall have an Allowed Class 16 general unsecured
claim in the amount of $1,212,500.
The Dowco Secured Claim will be amortized and paid over 36 months.
Interest will accrue at the rate of 4% per annum. Dowco will
receive 36 equal monthly payments of principal and interest in the
amount of $8,488.15 commencing on the first day of the first
calendar month following the Effective Date. Dowco shall retain the
Dowco Lien pending satisfaction of the Dowco Secured Claim. The
Debtor will assume the Amended and Restated Dowco Supply Agreement
as of the Effective Date. Dowco will have an Allowed Class 16
general unsecured claim in the amount of $1,212,500 in lieu of
payment of any cure cost.
A full-text copy of the Latest Disclosure Statement is available
at:
http://bankrupt.com/misc/mnb17-32006-227.pdf
About Premier Marine
For 25 years, Premier Marine, Inc., has manufactured "Premier"
brand pontoon boats -- http://www.pontoons.com/-- in Wyoming,
Minnesota. Premier Marine designs, builds and markets luxury
pontoons and holds many patents on manufacturing elements such as
furniture hinges, J-Clip rail fasteners and the PTX performance
package. The family-owned and operated Company sells its pontoons
through boat dealers located throughout the United States and
Canada.
Premier Marine is a family owned business formed in 1992 by Robert
Menne and Eugene Hallberg. The Menne family controls 72.8% of the
company equity. Hallberg controls the remaining 27.2% and is
Premier's landlord.
Premier Marine, Inc., filed a Chapter 11 petition (Bankr. D. Minn.
Case No. 17-32006) on June 19, 2017.
The need for reorganization in chapter 11 was precipitated by a
failed acquisition of another pontoon manufacturer in 2011. The
Chapter 11 was filed in response to an eviction action commenced by
Hallberg for the nonpayment of rent. The Chapter 11 is necessary
to attract a new equity partner, reject the Hallberg leases,
consolidate manufacturing under a single roof and reorganize the
business for the mutual benefit of the Debtor creditors, employees
and dealer network.
The bankruptcy petition was signed by Lori J. Melbostad, the
Debtor's president.
The Debtor estimated assets and liabilities between $10 million and
$50 million.
The case is assigned to Judge Katherine A. Constantine.
The Debtor's counsel are Michael F. McGrath, Esq., and Will R.
Tansey, Esq., at Ravich Meyer Kirkman McGrath Nauman & Tansey, A
Professional Association. Guidesource's Richard Gallagher is the
Debtor's financial consultant.
On June 27, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. Fafinski, Mark &
Johnson, P.A., represents the committee as bankruptcy counsel.
PSIVIDA CORP: Incurs $5.78 Million Net Loss in Second Quarter
-------------------------------------------------------------
pSivida Corp. filed with the Securities and Exchange Commission its
quarterly report on Form 10-Q reporting a net loss of $5.78 million
on $933,000 of total revenues for the three months ended Dec. 31,
2017, compared to a net loss of $67,000 on $5.97 million of total
revenues for the three months ended Dec. 31, 2016.
For the six months ended Dec. 31, 2017, Psivida reported a net loss
of $11.76 million on $1.31 million of total revenues compared to a
net loss of $7.22 million on $6.24 million of total revenues for
the same period a year ago.
As of Dec. 31, 2017, Psivida had $14.19 million in total assets,
$4.29 million in total liabilities and $9.90 million in total
stockholders' equity. At Dec. 31, 2017, the Company's cash and
cash equivalents totaled $12.9 million.
Recent Operating Highlights
* Submitted the New Drug Application (NDA) to the U.S. Food and
Drug Administration (FDA) for Durasert three-year treatment
for posterior segment uveitis
* Obtained from the FDA a small business waiver of the
Prescription Drug User Fee Act (PDUFA) fee of approximately
$2.4 million in connection with the NDA filing
* Newly released second Phase 3 study data for Durasert three-
year treatment for posterior segment uveitis continued to
demonstrate positive efficacy and safety profile at 12 months
* Presented Phase 3 data at several medical conferences,
including the American Academy of Ophthalmology (AAO) annual
meeting and the American Uveitis Society (AUS) winter meeting
* Reported positive Phase 1 knee osteoarthritis pain study data
indicating that the implant was well tolerated and showed
potential for pain reduction through the six-month study
period
"We achieved several milestones in the fiscal second quarter and
the past few weeks and continue to make material progress in the
transformation of pSivida into a fully integrated commercial stage
pharmaceutical enterprise," commented Nancy Lurker, president &
CEO. "Our highest priority was the NDA submission for Durasert
three-year treatment for posterior segment uveitis, which we
accomplished in early January. We are also pleased with the
continued positive read out of our clinical uveitis data and look
forward to presenting these data at upcoming congresses. Meanwhile,
we will continue to refine our go-to-market plan in the U.S. and I
am confident we have the experienced team and strategy to execute
our launch plan with precision."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/vg7udC
About pSivida Corp.
Headquartered in Watertown, Mass., pSivida Corp. --
http://www.psivida.com/-- develops drug delivery products
primarily for the treatment of chronic eye diseases. The Company
has developed three products for treatment of back-of-the-eye
diseases, which include Medidur for posterior segment uveitis, its
lead product candidate that is in pivotal Phase III clinical
trials; ILUVIEN for diabetic macular edema (DME), its lead licensed
product that is sold in the United States and European Union (EU)
countries, and Retisert. Medidur is designed to treat chronic
non-infectious uveitis affecting the posterior segment of the eye
(posterior segment uveitis). ILUVIEN is an injectable micro-insert
that provides treatment of DME from a single injection. Retisert
is an implant that provides treatment of posterior segment
uveitis.
pSivida reported a net loss of $18.48 million on $7.54 million of
total revenues for the fiscal year ended June 30, 2017, compared
with a net loss of $21.55 million on $1.62 million of total
revenues in 2016.
In its report on the consolidated financial statements for the year
ended June 30, 2017, Deloitte & Touche LLP stated that the
Company's anticipated recurring use of cash to fund operations in
combination with no probable source of additional capital raises
substantial doubt about its ability to continue as a going concern.
QUALITY CARE: Abrams Capital Has 6.4% Stake as of Jan. 30
---------------------------------------------------------
In a Schedule 13G/A filed with the Securities and Exchange
Commission, these entities disclosed beneficial ownership of shares
of common stock of Quality Care Properties, Inc., as of
Jan. 30, 2018:
Shares Percentage
Beneficially of
Reporting Persons Owned Shares
----------------- ------------ -----------
Abrams Capital Partners II, L.P. 4,848,480 5.17%
Abrams Capital, LLC 5,715,249 6.09%
Abrams Capital Management, LLC 6,031,871 6.43%
Abrams Capital Management, L.P. 6,031,871 6.43%
David Abrams 6,031,871 6.43%
The percentages are calculated based upon the statement in the
Issuer's Quarterly Report on Form 10-Q, as filed with the SEC on
Nov. 9, 2017, that there were 93,809,524 shares of Common Stock of
the Issuer outstanding as of November 3, 2017.
A full-text copy of the regulatory filing is available at:
https://is.gd/JcDuXr
About Quality Care
Quality Care Properties, Inc., headquartered in Bethesda, Maryland,
was formed in 2016 to hold the HCR ManorCare, Inc. portfolio, 28
other healthcare related properties, a deferred rent obligation due
from HCRMC under a master lease and an equity method investment in
HCRMC previously held by HCP, Inc.
As of Sept. 30, 2017, Quality Care had $4.46 billion in total
assets, $1.80 billion in total liabilities, $1.93 million in
redeemable preferred stock and $2.65 billion in total equity.
* * *
As reported by the TCR on Dec. 20, 2017, S&P Global Ratings lowered
its corporate credit rating on Quality Care Properties Inc. to
'CCC' from 'B-'. "The downgrade reflects our view that QCP has
limited covenant cushion and a heightened probability of breaching
its DSC covenant as early as the first or second quarter of 2018
absent an amendment of its credit facilities, waiver by the
lenders, or possible debt or company reorganization.
In October 2017, Moody's Investors Service confirmed Quality Care
Properties, Inc.'s (QCP) ratings, including its Caa1 corporate
family rating (CFR) following QCP's announcement that the REIT's
work-out discussions with its struggling tenant, HCR Manorcare,
Inc. (HCR, unrated), are continuing.
RAND LOGISTICS: Taps Kurtzman Carson Consultants as Claims Agent
----------------------------------------------------------------
Rand Logistics, Inc. and its Debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ
Kurtzman Carson Consultants LLC as the claims and noticing agent.
KCC will:
(a) prepare and serve required notices and documents in these
chapter 11 cases in accordance with the Bankruptcy Code and the
Bankruptcy Rules in the form and manner directed by the Debtors
and/or the Court, including without limitation (i) notice of the
commencement of these chapter 11 cases and the initial meeting of
creditors under Bankruptcy Code Sec. 341(a), (ii) notice of any
claims bar date, (iii) notices of transfers of claims, (iv) notices
of objections to claims and objections to transfers of claims, (v)
notices of any hearings on a disclosure statement and confirmation
of the Debtors' plan or plans of reorganization, including under
Bankruptcy Rule 3017(d), (vi) notice of the effective date of any
plan, and (vii) all other notices, orders, pleadings, publications,
and other documents as the Debtors or Court may deem necessary or
appropriate for an orderly administration of these chapter 11
cases;
(b) maintain an official copy of the Debtors' schedules of
assets and liabilities and statements of financial affairs, listing
the Debtors' known creditors and the amounts owed thereto (unless
such requirement is waived);
(c) maintain (i) a list of all potential creditors, equity
holders, and other parties in interest and (ii) a "core" service
list consisting of all parties that have filed a notice of
appearance pursuant to Bankruptcy Rule 9010 and update said lists
and make said lists available upon request by a party-in-interest
or the Clerk;
(d) furnish a notice to all potential creditors of the last
date for filing proofs of claim and a form for filing a proof of
claim, after such notice and form are approved by this Court, and
notify such potential creditors of the existence, amount and
classification of their respective claims as set forth in the
Schedules, which may be effected by inclusion of such information
(or the lack thereof, in cases where the Schedules indicate no debt
due to the subject party) on a customized proof of claim form
provided to potential creditors;
(e) maintain a post office box or address for the purpose of
receiving claims and returned mail, and process all mail received;
(f) for all notices, motions, orders, or other pleadings or
documents served, prepare and file, or cause to be filed, with the
Clerk an affidavit or certificate of service within seven (7)
business days of service which includes (i) either a copy of the
notice served or the docket number(s) and title(s) of the
pleading(s) served, (ii) a list of persons to whom it was served
(in alphabetical order) with their mailing or email addresses as
appropriate, (iii) the manner of service, and (iv) the date served;
(g) process all proofs of claim received, including those
received by the Clerk, check said processing for accuracy, and
maintain the original proofs of claim in a secure area;
(h) maintain the official claims register for each Debtor on
behalf of the Clerk; upon the Clerk's request, provide the Clerk
with certified, duplicate unofficial Claims Registers; and specify
in the Claims Registers the following information for each claim
docketed (i) the claim number assigned, (ii) the date received,
(iii) the name and address of the claimant and agent, if
applicable, who filed the claim, (iv) the amount asserted, (v) the
asserted classification(s) of the claim (e.g., secured, unsecured,
priority, etc.), (vi) the applicable Debtor, and (vii) any
disposition of the claim;
(i) implement necessary security measures to ensure the
completeness and integrity of the Claims Registers and the
safekeeping of the original claims;
(j) record all transfers of claims and provide any notices of
such transfers as required by Bankruptcy Rule 3001(e);
(k) relocate, by messenger or overnight delivery, all of the
court-filed proofs of claim to the offices of KCC, not less than
weekly;
(l) upon completion of the docketing process for all claims
received to date for each case, turn over to the Clerk copies of
the Claims Registers for the Clerk’s review (upon the Clerk's
request);
(m) monitor the Court's docket for all notices of appearance,
address changes, and claims-related pleadings and orders filed and
make necessary notations on and/or changes to the Claims Registers
and any service or mailing lists, including to identify and
eliminate duplicative names and addresses from such lists;
(n) identify and correct any incomplete or incorrect addresses
in any mailing or service lists;
(o) assist in the dissemination of information to the public
and respond to requests for administrative information regarding
these chapter 11 cases as directed by the Debtors or the Court,
including through the use of a case website and/or call center;
(p) monitor the Court's docket in these chapter 11 cases and,
when filings are made in error or containing errors, alert the
filing party of such error and work with them to correct any such
error;
(q) if these chapter 11 cases are converted to cases under
chapter 7 of the Bankruptcy Code, contact the Clerk's office within
three (3) days of notice to KCC of entry of the order converting
the cases;
(r) thirty (30) days prior to the close of these chapter 11
cases, to the extent practicable, request that the Debtors submit
to the Court a proposed order dismissing KCC as Claims and Noticing
Agent and terminating its services in such capacity upon completion
of its duties and responsibilities and upon the closing of these
chapter 11 cases;
(s) within seven (7) days of notice to KCC of entry of an
order closing these chapter 11 cases, provide to the Court the
final version of the Claims Registers as of the date immediately
before the close of the chapter 11 cases; and
(t) at the close of these chapter 11 cases, (i) box and
transport all original documents, in proper format, as provided by
the Clerk's office, to (A) the Philadelphia Federal Records Center,
located at 14700 Townsend Road, Philadelphia, PA 19154, or (B) any
other location requested by the Clerk’s office, and (ii) docket a
completed SF-135 Form indicating the accession and location numbers
of the archived claims.
Robert Jordan, Senior Director of Corporate Restructuring Services
for Kurtzman Carson Consultants LLC, attests that KCC is a
"disinterested person" as that term is defined in section 101(14)
of the Bankruptcy Code.
KCC hourly fees are:
Position Hourly Rate
-------- -----------
Analyst $30 to $50
Technology/Programming Consultant $35 to $70
Consultants $70 to $195
Securities Director/Solicitation Consultant $195
Securities Senior Director/Solicitation Lead $215
The firm can be reached through:
Robert Jordan
Kurtzman Carson Consultants, LLC
2335 Alaska Avenue
El Segundo, CA 90245
Tel: (310) 823-9000
About Rand Logistics
Headquartered in Jersey City, New Jersey, Rand Logistics, Inc.
(NASDAQ:RLOG) -- http://www.randlogisticsinc.com/-- provides bulk
freight shipping services in the Great Lakes region. Through its
subsidiaries, the Company operates a fleet of ten self-unloading
bulk carriers, including eight River Class vessels and one River
Class integrated tug/barge unit, and three conventional bulk
carriers, of which one is operated under a contract of
affreightment. The Company's vessels operate under the U.S. Jones
Act -- which dictates that only ships that are built, crewed and
owned by U.S. citizens can operate between U.S. ports -- and the
Canada Marine Act -- which requires Canadian commissioned ships to
operate between Canadian ports. Headquartered in Jersey City, New
Jersey, Rand Logistics was formed in 2006 through the acquisition
of the outstanding shares of capital stock of Lower Lakes Towing
Ltd.
Rand Logistics, Inc., and its affiliates Lower Lakes Transportation
Company, Grand River Navigation Company, Inc., Black Creek Shipping
Company, Inc., Rand LL Holdings Corp., Rand Finance Corp., and
Black Creek Shipping Holding Company, Inc., each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 18-10175) on Jan. 29, 2018. CFO Mark S.
Hiltwein signed the petitions. The cases are jointly administered
under Case No. 18-10175 before the Honorable Brendan Linehan
Shannon.
The Debtors disclosed $268.9 million in total assets and $258.5
million in total debt as of Nov. 30, 2017.
Meredith A. Lahaie, Esq., Alexis Freeman, Esq., and Zach Lanier,
Esq., at Akin Gump Strauss Hauer & Feld LLP serves as the Debtors'
general bankruptcy counsel.
David B. Stratton, Esq., David M. Fournier, Esq., and Evelyn J.
Meltzer, Esq., at Pepper Hamilton LLP serve as the Debtors'
Delaware bankruptcy counsel.
Conway Mackenzie, Inc., is the Debtors' turnaround managers.
Miller Buckfire & Co. LLC serves as the Debtors' investment banker
and financial advisor.
Kurtzman Carson Consultants -- http://www.kccllc.net/rand-- is the
Debtors' noticing, balloting and claims agent.
REMARKABLE HEALTHCARE: Case Summary & Top Unsecured Creditors
-------------------------------------------------------------
Affiliates that filed voluntary petitions seeking relief under
Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Remarkable Healthcare of Carrollton, LP 18-40295
4501 Plano Parkway
Carrollton, TX 75010
Remarkable Healthcare of Dallas, LP 18-40296
3350 Bonnie View Road
Dallas, TX 75216
Remarkable Healthcare of Fort Worth, LP 18-40297
6649 N. Riverside Drive
Fort Worth, TX 76137
Remarkable Healthcare of Seguin, LP 18-40298
1339 Eastwood Drive
Seguin, TX 78155
Remarkable Healthcare, LLC 18-40300
904 Emerald Blvd.
Southlake, TX 76092
Type of Business: Remarkable Healthcare operates skilled nursing
facilities in Dallas, Fort Worth, Prestonwood
and Seguin, Texas. All Remarkable facilities
are designed to meet the needs of patients
requiring post acute recovery and therapy or
residents needing a longer-term stay. Services
are tailored to each individual with the goal of
facilitating increased strength and mobility
while minimizing pain and impairment.
Remarkable's programs are designed to help
patients recover quickly from surgery, injury,
or serious illness and speed up the recovery
process.
http://remarkablehealthcare.net/
Chapter 11 Petition Date: February 12, 2018
Court: United States Bankruptcy Court
Eastern District of Texas (Sherman)
Debtors' Counsel: Mark A. Castillo, Esq.
CURTIS CASTILLO PC
901 Main St. Suite 6515
Dallas, TX 75202
Tel: 214-752-2222
Fax: 214-752-0709
Email: mcastillo@curtislaw.net
Estimated Assets and Debt:
Assets Liabilities
---------- -----------
RH of Carrollton $1 mil.-$10 million $1 mil.-$10 million
RH of Dallas $1 mil.-$10 million $1 mil.-$10 million
RH of Fort Worth $1 mil.-$10 million $1 mil.-$10 million
RH of Seguin $1 mil.-$10 million $1 mil.-$10 million
RH LLC $100,000-$500,000 $1 mil.-$10 million
The petitions were signed by Laurie Beth McPike, president of LBJM,
LLC, its general partner.
A full-text copy of Remarkable Healthcare of Carrollton's petition
containing, among other items, a list of the Debtor's 20 largest
unsecured creditors is available for free at:
http://bankrupt.com/misc/txeb18-40295.pdf
A full-text copy of Remarkable Healthcare of Dallas's petition
containing, among other items, a list of the Debtor's 20 largest
unsecured creditors is available for free at:
http://bankrupt.com/misc/txeb18-40296.pdf
A full-text copy of Remarkable Healthcare of Fort Worth's petition
containing, among other items, a list of the Debtor's 20 largest
unsecured creditors is available for free at:
http://bankrupt.com/misc/txeb18-40297.pdf
A full-text copy of Remarkable Healthcare of Seguin's petition
containing, among other items, a list of the Debtor's 20 largest
unsecured creditors is available for free at:
http://bankrupt.com/misc/txeb18-40298.pdf
A full-text copy of Remarkable Healthcare, LLC's petition
containing, among other items, a list of the Debtor's 11
largest unsecured creditors is available for free at:
http://bankrupt.com/misc/txeb18-40300.pdf
RENAISSANCE CHARTER: Fitch Affirms BB Rating on 2011 Revenue Bonds
------------------------------------------------------------------
Fitch Ratings has affirmed its rating on the Florida Development
Finance Corporation's $84,945,000 outstanding revenue bonds series
2011 A & B at 'BB'. The bonds are issued on behalf of Renaissance
Charter School, Inc. (RCS).
The Rating Outlook is Stable.
SECURITY
The bonds are jointly secured by lease payments made from the
unrestricted revenues of seven Florida charter schools (the
financed schools), a cash-funded debt service reserve, and first
liens on three of the financed facilities and a leasehold interest
in the fourth.
Bondholders benefit from structural aspects of the transaction,
including the consolidated revenue pledge of the financed schools;
subordination of operating expenses along with Charter Schools
USA's (CSUSA) cost reimbursement and fees; and unrestricted
revenues of the financed schools flowing monthly from RCS to the
trustee, with initial allocations to debt service. Annual bond
covenants include liquidity tests and a 1.1x debt service coverage
covenant (adjusted for subordinate cost reimbursement and fees).
KEY RATING DRIVERS
VARIABLE FINANCIAL PERFORMANCE: The consolidated schools generated
positive GAAP operating margins in each of the past four years. On
a consolidated basis, transaction maximum annual debt service
(TMADS) coverage in fiscal 2017 was 1.3x after payment of the
subordinate management fee. Coverage before the fee was sound at
1.8x.
ENROLLMENT DECLINE: Aggregate enrollment has experienced declines
the past two years. Fiscal year 2017 (Fall 2016) enrollment was
down 2.5% YOY and current school academic year enrollment (as of
February 2018) was down another 7%. The recent year decline was
primarily due to a 21% decline in enrollment at Keys Gate Charter
High School (KGHS). The school's third year of a 'D' grade from the
Florida Department of Education (DOE) combined with charter school
competition contributed to this decline and led us to be concerned
as to the school's long-term viability. The charter operator
continues to make efforts to improve the school's academic
performance.
OPERATIONAL HISTORY AND RENEWALS: All seven schools have been in
operation for five or more years and have had at least one charter
renewal, which, per Fitch criteria, satisfies the requirement for
inclusion in debt service coverage.
EXPERIENCED MANAGEMENT: The financed schools benefit from the
management oversight and successful track record of CSUSA, which
serves as the education management organization (EMO).
RATING SENSITIVITIES
CONTINUED ENROLLMENT DECLINES: Continued enrollment declines that
impact the financial condition of the schools could pressure the
rating, as revenues are derived primarily from state per-pupil
funding. Deterioration of school grades will likely affect future
enrollment trends.
STANDARD SECTOR CONCERNS: A limited financial cushion, changes in
per pupil funding, and charter renewal risk are credit concerns
common in all charter school transactions which, if pressured,
could have a negative impact on Renaissance Charter School, Inc.'s
rating.
RISE ENTERPRISES: Plan Delayed Due to Unresolved Negotiations
-------------------------------------------------------------
Rise Enterprises, S.E., asks the U.S. Bankruptcy Court for the
District of Puerto Rico for a 90-day extension of the period within
which the Debtor has the exclusive right to file a Disclosure
Statement and Plan of Reorganization, and to allow a term of 60
days after the order approving the Disclosure Statement is entered
to procure the votes for the Plan.
The Debtor represents that:
(a) There are still pending negotiations with its creditors
that need to be resolved prior to the filing of the Disclosure
Statement and Plan of Reorganization.
(b) The Debtor is meeting its obligations as
debtor-in-possession -- Monthly Operating Reports have been filed
and quarterly fees have been paid.
(c) Any extension of time will not harm the creditors but
rather, it will increase the possibilities of a successful
reorganization.
About Rise Enterprises
Rise Enterprises, S.E., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 17-04678) on June 30, 2017.
In the petition signed by Ismael Falcon Ortega, partner, the
Debtor estimated assets of less than $1 million and liabilities of
$1 million to $10 million. Judge Mildred Caban Flores presides
over the case. Mary Ann Gandia, Esq., at Gandia-Fabian Law Office,
serves as the Debtor's bankruptcy counsel.
RMG ENTERPRISES: Court OKs Factoring Pact With Interstate Billing
-----------------------------------------------------------------
The Hon. Keith L. Phillips of the U.S. Bankruptcy Court for the
Eastern District of Virginia has entered a final order authorizing
RMG Enterprises, LTD., to enter into factoring and security
agreement with Interstate Billing Service, Inc., effective as of
Dec. 27, 2017.
Prior to the filing of the voluntary petition for relief, the
Debtor and IBS had been parties to a Recourse Client Accounts
Receivable Financing Agreement for several years. IBS has
continued funding the Debtor, but the interim court order expired
on its terms as of the date of the final hearing.
An immediate and critical need exists for the Debtor to obtain
additional funds to continue the operation of the business.
Without the funds, the Debtor and its estate will suffer immediate
and irreparable harm. Without the funds, the Debtor will not be
able to pay payroll, fuel and other operating expenses needed to
carry on its business. The Debtor's ability to finance its
operation and the availability to it of sufficient working capital
and liquidity through the use of cash collateral and the incurrence
of post-petition financing is vital to the confidence of the
Debtor's suppliers of goods and services, insurance carriers, to
its customers and employees and to the preservation and maintenance
of the going concern value of the Debtor's business.
The Debtor has also filed a motion seeking the authority to use
cash collateral; however, the Debtor requires post-petition date
financing under Section 364 of the U.S. Bankruptcy Code, in
addition to the authorization to use cash collateral.
IBS is willing to extend a factoring arrangement in accordance with
the same or substantially similar terms, and which are not
materially different from, those set forth in that certain Recourse
Client Accounts Receivable Financing Agreement filed on Jan. 2,
2018.
On a final basis, the Court finds that based on the Debtor's motion
and other filings to date, and in light of the Debtor's current
financial situation as evidenced by the filing of the voluntary
petition for relief, the Debtor is unable to obtain an adequate
unsecured revolving credit facility allowable under Section
503(b)(1) of the Bankruptcy Code to be treated as an administrative
expense of the estate pursuant to Section 364(b) of the Bankruptcy
Code. IBS has conditioned the financing upon the grant of the duly
perfected security interest in the Collateral for which IBS will
have a senior post-petition lien on all accounts, accounts
receivable, and Proceeds thereof, to the extent such accounts and
accounts receivable were purchased or funded by IBS, as the term
"Proceeds" is defined in that certain Intercreditor Agreement dated
Feb. 7, 2014, by and between the Debtor and Union Bank & Trust and
a post-petition lien against any other assets of the Debtor granted
under the Financing Agreement to the same extent and priority as
IBS' lien existed on collateral immediately prior to the filing of
the Petition.
Good cause has been shown for the entry of this court order. Among
other things, the entry of this Order will help minimize disruption
of the Debtor's business and operations and permit the Debtor to
meet payroll and other operating expenses, obtain fuel, retain
customer and vendor confidence by demonstrating an ability to
maintain normal business operations. The findings authorized by
the Order are therefore in the best interest of the Debtor's
estate.
As security for the Post-Petition Debt reflected by the DIP
Financing Agreement, IBS is hereby granted, pursuant to Section
364(d)(1) of the Bankruptcy Code a valid, first priority, binding
enforceable and perfected security interest in and lien on the
post-petition Accounts and Proceeds.
As security for the Post-Petition Debt reflected by the DIP
Financing Agreement, IBS is hereby granted valid binding
enforceable and perfected security interest in and lien on the
other collateral, to the same extent and priority as its lien
existed on the collateral immediately prior to the filing of the
Petition.
The security interest and liens granted and pursuant to the DIP
Financing Agreement in the post-petition Accounts and Proceeds will
be a first and prior security interest and lien on the
post-petition Accounts and Proceeds, with priority over all other
present and future security interests and liens of every kind.
Adequate protection payments will be made to the Secured Creditors
in the amounts and under the terms provided for in the cash
collateral motion and the final court order granting the motion.
A copy of the final court order is available at:
http://bankrupt.com/misc/vaeb17-36349-54.pdf
About RMG Enterprises
Headquartered in Fredericksburg, Virginia, RGM Enterprises, Ltd.,
t/a Commonwealth Carrier -- http://commonwealthcarrier.net/--
provides time-sensitive transposition, merging, and transshipment
services; specialized handling of fragile materials; handling,
reporting, and inventory of products; customized transportation of
unique products; reload, storage, inventory and distribution of
rail delivered products; and a unique 24/7/365 emergency service
for its small client base. The company's 4.5-acre Fredericksburg,
Virginia complex has a 55,000 sq. ft. warehouse with an acre of
dedicated paved and lighted yard. RGM has been providing "Uncommon
Services" since 1973.
RGM Enterprises filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Va. Case No. 17-36349) on Dec. 27, 2017, listing $622,087 in
total assets as of Nov. 30, 2017, and $1.37 million, in total
liabilities as of Nov. 30, 2017. Patrick F. Smith, president,
signed the petition. Robert B. Easterling, Esq., in
Fredericksburg, Virginia, serves as counsel to the Debtor.
ROBERT F.X. SILLERMAN: Wants Involuntary Ch.7 Converted to Ch.11
----------------------------------------------------------------
Robert F.X. Sillerman, the Executive Chairman and Chief Executive
Officer of Function(x) Inc., filed on Feb. 2, 2018, a petition to
convert a Chapter 7 filing against him into a Chapter 11
proceeding.
Creditors React Presents and Clubtix filed an involuntary Chapter 7
bankruptcy petition (Bankr. S.D.N.Y. Case No. 17-13633) on Dec. 26,
2017, against Mr. Sillerman.
Mr. Sillerman is the former SFX Entertainment chief. SFX sought
bankruptcy protection in February 2016 with total assets of $662
million and total debt of $490 million.
According to Jon Chapple, writing for IQ magazine, Chicago-based
EDM promoter React Presents and its ticketing platform, ClubTix, in
December 2017 won a judgment against Mr. Sillerman over an unpaid
$10 million promissory note relating to the company's 2014
acquisition by SFX.
Function(x) said in a regulatory filing last week that Mr.
Sillerman has historically provided financial support to the
Company in form of cash and guarantees of Company's obligations.
It warned that Mr. Sillerman may be unable to provide financial
support to the Company in the foreseeable future. There are no
assurances the Company will be able to secure an alternative source
of funding.
As reported by the Troubled Company Reporter, Function(x) is in
discussions with the G Series Holders and the Rant Noteholder to
restructure its obligations under the G Series Settlement Agreement
and the Rant Note Settlement Agreement, respectively, but no
assurances can be made that the parties will come to an agreement.
On Oct. 24, 2017, entered into (i) a settlement and mutual release
agreement with the holders of the Company's Series G Preferred
Stock, and (ii) a confession of judgment. The G Series Settlement
Agreement provides that if an aggregate amount equal to the sum of
four monthly installment payments due to the G Series Holders is
not received by the escrow agent on or before Jan. 24, 2018, the
escrow agent will immediately release the G Series Confessions of
Judgment to the G Series Holders.
The Company agreed to deposit with the escrow agent cash in an
aggregate amount of $3,179,608 payable to the Holders in monthly
installments.
The Company was unable to make three out of the four monthly
installment payments. As a result of the G Series Payment Default,
the G Series Holders may file the G Series Confession of Judgment
in a court of competent jurisdiction. The Company has not received
any notice that such G Series Confession has been filed.
On April 18, 2017, the Company entered into the Note Exchange
Agreement, by and between the Company and the holder of the Rant
Note, pursuant to which the Company issued to the Rant Noteholder
(a) a $3,240,000 12% Senior Convertible Note due June 1, 2017; and
(b) 440 shares of the Company's Series F Convertible Preferred
Stock, par value $0.001 per share. On June 8, 2017, the Company
defaulted on the Rant Note and became obligated to pay the
mandatory default amount in cash or by conversion into shares of
the Company's common stock.
On October 24, the Company also entered into (i) a settlement and
mutual release agreement with the holder of the Rant Note, and (ii)
a confession of judgment. The Rant Settlement Agreement provides
that if an aggregate amount equal to the sum of the initial four
monthly installment payments is not been received by the escrow
agent on or before January 24, 2018, the escrow agent will
immediately release the Rant Confession of Judgment to the Rant
Noteholder.
The Company agreed to pay to the escrow agent an aggregate amount
of $3,000,000 representing installment payments owed to the Rant
Noteholder.
The Company was unable to make three of four monthly installment
payments. As a result of the Rant Note Payment Default, the Rant
Noteholder may file the Rant Note Confession of Judgment in a court
of competent jurisdiction. The Company has not received any notice
that such Rant Note Confession has been filed.
The Hon. Judge Mary Kay Vyskocil oversees the Sillerman bankruptcy
case.
Mr. Sillerman is represented by:
Sanford Philip Rosen, Esq.
Rosen & Associates, P.C.
747 Third Avenue
New York, NY 10017-2803
Tel: (212) 223-1100
Fax: (212) 223-1102
Petitioning Creditors are represented by:
Michael James Edelman, Esq.
Vedder Price P.C.
1633 Broadway, 31st Floor
New York, NY 10019
Tel: (212) 407-7700
Fax: (212) 407-7799
E-mail: mjedelman@vedderprice.com
- and -
Michael M Eidelman, Esq.
Vedder Price P.C.
222 N. LaSalle, Suite 2600
Chicago, IL 60601
Tel: (312) 609-7636
E-mail: meidelman@vedderprice.com
- and -
James V Garvey, Esq.
Vedder Price, P.C.
222 N LaSalle Street, 26th Floor
Chicago, IL 60601
Tel: (312) 609-5025
E-mail: jgarvey@vedderprice.com
The other petitioning creditors are Lucas King and Jeffrey
Callahan. They are also represented by Vedder Price.
A hearing on the Motion to Convert is set for Feb. 28, 2018, at
10:00 a.m. Responses are due by Feb. 21.
ROOT9B HOLDINGS: Ithan Creek Discloses 8.28% Stake as of Dec. 29
----------------------------------------------------------------
Ithan Creek Master Investors (Cayman) L.P. reported to the
Securities and Exchange Commission that as of Dec. 29, 2017, it
beneficially owns 505,078 shares of common stock of root9B
Technologies, Inc., constituting 8.28 percent of the shares
outstanding. A full-text copy of the regulatory filing is
available for free at https://is.gd/1mJaBu
About Root9B Holdings
root9B Holdings (OTCQB: RTNB) -- http://www.root9bholdings.com/--
is a provider of Cybersecurity and Regulatory Risk Mitigation
Services. Through its wholly owned subsidiaries root9B and IPSA
International, the Company delivers results that improve
productivity, mitigate risk and maximize profits. Its clients
range in size from Fortune 100 companies to mid-sized and
owner-managed businesses across a broad range of industries
including local, state and government agencies.
Root9B Technologies, Inc., changed its name to root9B Holdings,
Inc., effective Dec. 5, 2016, and relocated its corporate
headquarters from Charlotte, NC, to the current headquarters of
root9B, its wholly owned cybersecurity subsidiary, in Colorado
Springs, CO.
Root9B reported a net loss of $30.48 million for the year ended
Dec. 31, 2016, following a net loss of $8.33 million in 2015. As
of March 31, 2017, Root9B Holdings had $16.84 million in total
assets, $15.80 million in total liabilities, and $1.03 million in
total stockholders' equity.
Cherry Bekaert LLP, in Charlotte, North Carolina, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2016, noting that Company has suffered
recurring losses from operations and has negative operating cash
flows and will require additional financing to fund the continued
operations. The availability of such financing cannot be assured.
These conditions raise substantial doubt about its ability to
continue as a going concern, the auditors said.
ROYAL T ENERGY: Tapped Susan B. Hersh as Co-Counsel for 2 Days
--------------------------------------------------------------
Royal T Energy, LLC, seeks approval from the U.S. Bankruptcy Court
for the U.S. Bankruptcy Court for the Eastern District of Texas,
Sherman Division, of its hiring of Susan B. Hersh and the law firm
Susan B. Hersh, P.C. as co-counsel for the Debtor for a limited
term for the period of Nov. 1 to 2, 2017.
In connection with its Chapter 11 filing, the Debtor engaged the
law firm of Spector Johnson, PLLC for general bankruptcy
representation. Johnson requested the Firm to be co-counsel to the
Debtor to provide certain expertise and assistance on a limited
basis, as needed.
Susan B. Hersh, P.C. provided legal services during the Limited
Term, shortly after which a decision was made to retain substitute
bankruptcy counsel, Eric A. Liepins, P.C.
Susan B. Hersh, president of Susan B. Hersh, P.C., attests that she
is a disinterested person as that term is defined in 11 U.S.C.
101(14).
Susan B. Hersh charges $325 per hour for legal services rendered.
The fees incurred by the Firm, during the Limited Term is $1,592.50
(for 4.9 hours) plus $487.50, for 1.5 hours additional hours for
the preparation of the professional retention pleadings and fee
application, for a total fees incurred of $2,080.00.
The firm can be reached through:
Susan B. Hersh, Esq.
SUSAN B. HERSH, P.C.
12770 Coit Road, Suite 1100
Dallas, TX 75251
Tel: (972) 503-7070
Fax: (972) 503-7077
E-mail: susan@susanbhershpc.com
About Royal T Energy LLC
Headquartered in Sherman, Texas, Royal T Energy, LLC, is a
privately-owned company that provides petroleum haulage services.
It operates an oilfield services company, consisting largely of
hauling and disposal of materials related to the hydraulic
fracturing industry. The Company's operations are conducted
primarily in the Permian Basin, near Pecos, Texas.
Royal T Energy filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Tex. Case No. 17-42386) on Nov. 1, 2017. In the petition
signed by James Alexander, member-manager, the Debtor estimated its
assets at up to $50,000 and its liabilities at between $10 million
and $50 million. Judge Brenda T. Rhoades presides over the case.
Nathan M. Johnson, Esq., at Spector & Johnson, PLLC, serves as the
Debtor's bankruptcy counsel.
RUBY TUESDAY: Dimensional No Longer a Shareholder as of Dec. 31
---------------------------------------------------------------
Dimensional Fund Advisors LP disclosed in a Schedule 13G/A filed
with the Securities and Exchange Commission that as of Dec. 31,
2017, it has ceased to beneficially own shares of common stock of
Ruby Tuesday Inc. A full-text copy of the regulatory filing is
available for free at https://is.gd/VHcJcG
About Ruby Tuesday
Ruby Tuesday, Inc. (NYSE:RT) -- http://www.rubytuesday.com/-- owns
and franchises Ruby Tuesday brand restaurants. As of Sept. 5,
2017, there were 599 Ruby Tuesday restaurants in 41 states, 14
foreign countries, and Guam. Of those restaurants, the Company
owned and operated 541 Ruby Tuesday restaurants and franchised 58
Ruby Tuesday restaurants, comprised of 17 domestic and 41
international restaurants. The Company's Company-owned and
operated restaurants are concentrated primarily in the Southeast,
Northeast, Mid-Atlantic, and Midwest of the United States, which
the Company considers to be its core markets.
Ruby Tuesday reported a net loss of $106.1 million for the year
ended June 6, 2017, a net loss of $50.68 million for the year ended
May 31, 2016, and a net loss of $3.19 million for the year ended
June 2, 2015. As of Sept. 5, 2017, Ruby Tuesday had $701.02
million in total assets, $403.12 million in total liabilities and
$297.9 million in total shareholders' equity.
* * *
As reported by the TCR on Dec. 26, 2017, S&P Global Ratings
withdrew all of its ratings on Ruby Tuesday Inc., including the
'CCC+' corporate credit rating, at the company's request. Prior to
the withdrawal, the ratings were on CreditWatch developing. The
withdrawal follows the completion of NRD Capital's acquisition of
Ruby Tuesday and repayment of the company's rated unsecured notes.
S&K MACHINEWORKS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: S&K Machineworks and Fabrication, Inc.
aka Coastal Industrial Fabrication
40850 Pine Grove Rd
Bay Minette, AL 36507-8460
Business Description: S&K Machineworks and Fabrication offers
CNC machining, conventional machining, and
fabrication services. These services
include pump repair, shaft repair, gear box
rebuilding, reclamation of mechanical parts
associated with heavy equipment, valve
repair, and fabrication. The Company's
facility is divided into a CNC shop of 6,000
sq-ft., a conventional machine shop of 2,000
sq-ft., a fabrication shop of 20,000 sq-ft.,
a 2,400 sq-ft. facility dedicated to all
stainless steel fabrication work, a 2400 sq-
ft. coating/painting shop, 1,200 sq-ft. of
office space, and 800 sq-ft. chemical
storage area. The Company is headquartered
in Bay Minette, Alabama.
http://www.skmachineworks.com/
Chapter 11 Petition Date: February 12, 2018
Case No.: 18-00543
Court: United States Bankruptcy Court
Southern District of Alabama (Mobile)
Debtor's Counsel: Irvin Grodsky, Esq.
IRVIN GRODSKY P.C.
P.O. Box 3123
Mobile, AL 36652-3123
Tel: (251) 433-3657
E-mail: igpc@irvingrodskypc.com
igrodsky@irvingrodskypc.com
Total Assets: $1.83 million
Total Liabilities: $4.25 million
The petition was signed by Bill Kinggard, president.
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/alsb18-00543.pdf
SAEXPLORATION HOLDINGS: Highbridge Has 9.9% Stake as of Jan. 29
---------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Highbridge Capital Management, LLC and 1992 MSF
International Ltd. reported that as of Jan. 29, 2018, they
beneficially own 6,711,574 shares of Common Stock of SAExploration
Holdings, Inc. (including 1,820,619 shares of Common Stock issuable
upon exercise of warrants and 4,577,806 shares of Common Stock
issuable upon the mandatory conversion of Series B Preferred Stock
and/or upon exercise of warrants issuable upon the mandatory
conversion of Series B Preferred Stock), constituting 9.99 percent
of the shares outstanding.
The percentage is calculated based upon 10,236,655 shares of Common
Stock issued and outstanding, which is the sum of (i) 9,424,334
shares of Common Stock issued and outstanding as of Jan. 26, 2018,
as disclosed in the Company's Preliminary Information Statement on
Schedule 14C filed with the Securities and Exchange Commission on
Jan. 30, 2018 and (ii) the issuance by the Company on Jan. 29, 2018
of 812,321 shares of Common Stock, as described in the Company's
Current Report on Form 8-K filed with the Securities and Exchange
Commission on Feb. 1, 2018, and assumes the conversion of the
reported Series B Preferred Stock and the exercise of the reported
warrants subject to the 9.99% Blocker. Therefore, as of the date
hereof, (i) 1992 MSF International Ltd. may be deemed to
beneficially own approximately 9.99% of the outstanding shares of
Common Stock and (ii) Highbridge Capital Management, LLC may be
deemed to beneficially own approximately 9.99% of the outstanding
shares of Common Stock.
Pursuant to the terms of the reported warrants, the Reporting
Persons cannot exercise any of the reported warrants if the
Reporting Persons would beneficially own, after any such exercise,
more than 9.99% of the outstanding shares of Common Stock and the
percentage set forth in Row (11) of the cover page for each
Reporting Person gives effect to the 9.99% Blocker. Consequently,
at this time, the Reporting Persons are not able to exercise all of
such reported warrants due to the 9.99% Blocker.
A full-text copy of the regulatory filing is available at:
https://is.gd/cFwMh8
About SAExploration Holdings
Based in Houston, Texas, SAExploration Holdings, Inc. --
http://www.saexploration.com/-- is an internationally-focused
oilfield services company offering a full range of
vertically-integrated seismic data acquisition and logistical
support services in remote and complex environments throughout
Alaska, Canada, South America, Southeast Asia and West Africa.
SAExploration reported a net loss attributable to the Company of
$25.03 million for the year ended Dec. 31, 2016, a net loss
attributable to the Company of $9.87 million for the year ended
Dec. 31, 2015, and a net loss attributable to the Company of $41.75
million for the year Dec. 31, 2014. The Company's balance sheet at
Sept. 30, 2017, showed $158.6 million in total assets, $143.3
million in total liabilities and $15.28 million in total
stockholders' equity.
* * *
In June 2016, S&P Global Ratings lowered its corporate credit
rating on SAExploration Holdings to 'CC' from 'CCC-'. At the same
time, S&P lowered the issue-level rating on the company's senior
secured notes to 'CC' from 'CCC-'. The outlook remains negative.
The downgrade follows SAExploration's announcement that it plans to
launch an exchange offer to existing holders of its 10% senior
secured notes for shares of common equity and a new issue of
second-lien notes. Following the rating action, S&P withdrew the
corporate credit and issue-level ratings at the company's request.
Moody's Investors Service withdrew SAExploration's 'Caa2' Corporate
Family Rating and other ratings. Moody's withdrew the rating for
its own business reasons, as reported by the TCR on Sept. 13, 2016.
SOCIEDAD EL PARAISO: Taps Harold A. Frye Maldonado as Attorney
--------------------------------------------------------------
Sociedad El Paraiso S.E. and Conrado Rosa Guzman seek authority
from the U.S. Bankruptcy Court for the District of Puerto Rico to
employ Harold A. Frye Maldonado as attorney to represent the
Debtors in this case.
Harold A. Frye Maldonado will charge an hourly rate of $150.00 plus
actual and necessary out of pocket expenses. Prior to the filing of
this application, Mr. Frye received a retainer in the amount of
$3,000.00.
Harold A. Frye Maldonado, Esq., attests that he does not hold or
represent any interest adverse to the estate and that he is a
disinterested person pursuant to 11 U.S.C. Sec. 101(14).
The counsel can be reached through:
Harold A. Frye Maldonado, Esq.
Villa Nevarez, 301-PR 21 (Marginal)
San Juan, PR 00927
Tel: 787-668-3022
Fax: (800) 204-0744
E-mail: frye.maldonado@gmail.com
About Sociedad El Paraiso
Sociedad El Paraiso, SE, a special partnership organized by Conrado
Rosa Guzman in Puerto Rico, operates privately-owned properties
leased to third parties for residential and commercial purposes.
Sociedad El Paraiso and Conrado Rosa Guzman sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Lead Case No.
14-09700) on Nov. 24, 2014. In the petition signed by Guzman, as
authorized representative, Sociedad El Paraiso estimated its assets
and debt at $1 million to $10 million.
The Debtors are represented by Harold A. Frye Maldonado, Esq.
SPECIALTY CONTRACTING: Wants to Access $1 Million of DIP Financing
------------------------------------------------------------------
Specialty Contracting Company seeks permission from the U.S.
Bankruptcy Court for the District of Nevada to obtain up to $1
million in postpetition financing under an accounts receivable
purchase and security agreement with Avalon Funding Corporation, as
the DIP lender.
The Debtor wants to grant the DIP Lender a senior security
interest, pursuant to Section 364(c)(2) of the U.S. Bankruptcy Code
with respect to obligations, against the collateral described as
all post-petition accounts receivable generated by the Debtor for
its post-petition services.
The Debtor has determined that the proposed DIP factoring agreement
is necessary to continue to operate its business and for a
successful reorganization. To ensure the uninterrupted business
operations of the Debtor, the Debtor has concluded that obtaining
this post-petition financing is necessary and in the best interest
of the Debtor to bridge its ongoing business operations until the
time as it can collect prepetition receivables and negotiate cash
collateral use for the same.
The DIP Factoring Agreement provides for the extension of credit in
a maximum amount of $1 million, available upon entry of an interim
or final DIP court order. The credit accommodations under the DIP
Factoring Agreement consist of accounts receivable advances not to
exceed 75% of the eligible gross receivables less than 60 days from
the date of invoice} up to a maximum of $1 million advance.
The funds paid to Debtor under the DIP Factoring Agreement will be
released to the Debtor each Friday to finance the 3 ongoing
business operations by the Debtor.
The Debtor has not previously received advances from the DIP
Lender.
The DIP Lender will be paid 2% of the invoice amount for factored
invoices collected within 1-20 days of purchase by the Lender; and
an additional .00l each day thereafter for invoices collected after
20 days until the invoice is paid in full. An additional service
fee of .003 of the invoice amount will be added to the above
factoring fee. The Debtor will also reimburse DIP Lender for all
legal fees, tiling fees and expenses incurred by DIP Lender in
obtaining Court approval of the DIP Factoring Agreement. Lastly,
the Debtor agrees to pay $1,000 to DIP Lender at closing,
18 which closing fee will be paid out of the initial funding.
Avalon has no connection to the Debtor and has proposed terms that
are customary and reasonable in the industry. The Debtor has
determined that Avalon's proposal for the DIP Factoring Agreement
was, under the circumstances, the most favorable in light of the
Debtor's immediate working capital needs. Accordingly, the Debtor,
in its sound business judgment, ultimately accepted Avalon's
proposal for postpetition financing.
A copy of the Debtor's request is available at:
http://bankrupt.com/misc/nvb18-50037-71.pdf
About Specialty Contracting Co
Specialty Contracting is a privately held demolition contractor in
Sparks, Nevada. Specialty Contracting filed a Chapter 11 petition
(Bankr. D. Nev. Case No. 18-50037) on Jan. 11, 2018. In the
petition signed by Kenneth Mercurio, president, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
The Hon. Bruce T. Beesley presides over the case. Stephen R.
Harris, Esq., at Harris Law Practice LLC, serves as bankruptcy
counsel to the Debtor.
STAR GOLDEN: Has Final Nod To Obtain Up To $250,000 DIP Financing
-----------------------------------------------------------------
The Hon. Bruce T. Beesley of the U.S. Bankruptcy Court for the
District of Nevada has granted Star Golden Enterprises, LLC, final
authorization to obtain up to $250,000 in postpetition financing
from Evan Sofer.
As reported by the Troubled Company Reporter on Aug. 11, 2017, the
Debtor asked for permission from the Court to obtain up to $250,000
in DIP financing, to be used solely to fund: (i) the general
working capital requirements of the Debtor, including obligations
incurred in the ordinary course of the Debtor's business,
including, without limitation, ad valorem taxes, homeowners'
association fees or dues, insurance expenses, and maintenance
expenses; (ii) payment of allowed fees, costs, and expenses of
estate professionals; (iii) the costs to fund the investigation and
prosecution of the causes of action, including the avoidance
actions; and (iv) payment of obligations due and payable under the
DIP Note. The postpetition financing is a loan in the principal
amount of no less than $100,000 and up to $250,000 pursuant to: (i)
the Secured Promissory Note between the Debtor, as borrower, and
Evan Sofer, as lender; (ii) the deed of trust; (iii) the approval
order; and (iv)any other related loan documents.
The rate of interest to be charged for the loans and other
extensions of credit to the Debtor pursuant to the DIP note will be
5% per year, compounded annually, and will be due and payable on or
before the maturity date. The loan will mature, and all unpaid
principal, accrued but unpaid Interest, and accrued but unpaid
Enforcement Costs will be due and payable in full on date of the
earlier of: (a) any default by the borrower; or (b) the 10th month
anniversary of the loan date.
Upon and during the occurrence of an event of default, the
outstanding principal amount of the DIP Loan (including any accrued
but unpaid interest as of the date of the event of default) will
bear interest at 7% per year and will be payable demand as set
forth in the DIP note.
In the event of any litigation arising under the loan documents or
arising from the loan, the prevailing party will be entitled to
recover from the non-prevailing party all reasonable attorneys'
fees and costs incurred in such action pursuant to the terms of the
DIP note and loan documents. Further, pursuant to the terms of the
DIP note, the Debtor will pay on demand, costs and expenses
incurred by or on behalf of the lender, arising or related to the
DIP note and other loan documents.
As security for the DIP Note, the lender is granted, valid, binding
and fully perfected, security interests in, and liens upon all
property subject to the deed of trust.
A copy of the final court order is available at:
http://bankrupt.com/misc/nvb17-10440-213.pdf
About Star Golden Enterprises
Star Golden Enterprises, LLC, was created on March 15, 2013, as a
Nevada series limited liability company in order to acquire
property for lease or sale at a profit. Its members are IMME, LLC,
Evan Sofer and Robert Goldsmith.
Star Golden Enterprises sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 17-10440) on Jan. 31,
2017, estimating its assets and debt at $1 million to $10 million.
The Hon. Bruce T. Beesley is the case judge.
Garman Turner Gordon LLP is counsel to the Debtor, with the
engagement led by Gregory E. Garman, Esq., Gabrielle A. Hamm, Esq.,
and Mark M. Weisenmiller, Esq.
No trustee, examiner or official committee has been appointed in
the case.
STEIN PROPERTIES: Hires Newmark Knight Frank as Real Estate Broker
------------------------------------------------------------------
Stein Properties, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Maryland to employ Newmark Knight Frank
as real estate broker to market and sell the Property.
The principal asset of the Debtor is the Columbia Professional
Center, an office complex located at 10840 Little Patuxent Parkway,
Columbia, Maryland 21045. The Property consists of 3.19 acres of
land, improved by an office building consisting of 33,545 square
feet of rentable space.
NKF shall be compensated by a 3% commission on the gross sale
proceeds from the Property.
Christopher Abramson, Executive Managing Director of Newmark Knight
Frank, attests that NKF is a "disinterested person" as that term is
defined in sections 327 and 101(14) of the Bankruptcy Code and does
not hold or represent an interest adverse to the bankruptcy estate
as described in section 327.
The broker can be reached through:
Christopher Abramson
Newmark Knight Frank
One East Pratt Street, Suite 805
Baltimore, MD 21202
Phone: 410-625-4200
About Stein Properties
Based in Columbia, Maryland, Stein Properties, Inc., filed a
voluntary Chapter 11 petition (Bankr. D. Md. Case No. 17-22680) on
Sept. 22, 2017. At the time of filing, the Debtor estimated
$1,000,001 to $10 million in assets and $10,000,001 to $50 million
in liabilities. The case is assigned to Judge David E. Rice.
Lawrence A. Katz, Esq., at Hirschler Fleischer, is the Debtor's
counsel.
STEMTECH INTERNATIONAL: Hires Bohlmann Accounting as Tax Accountant
-------------------------------------------------------------------
Stemtech International, Inc., seeks authority from the U.S.
Bankruptcy Court for the Southern District of Florida, Fort
Lauderdale Division, to employ Benjamin Bohlmann, CPA and Bohlmann
Accounting Group, PLLC as tax accountants for the Debtor, for
purposes of preparing and filing the Debtor's consolidated income
tax return and related filings for the year ended Dec. 31, 2016.
The Debtor seeks relief on an emergency basis in an effort to meet
applicable filing deadlines of Jan. 31, 2018.
Bohlmann shall be paid a flat fee in advance in the amount of
$12,500, which is the same amount charged in connection with
preparation of the consolidated tax return and related filings for
the year ended Dec. 31, 2015.
Benjamin Bohlmann's hourly rate is $445. Bohlmann's other
professional hourly rates range from $95 to $350.
Benjamin Bohlmann, CPA, partner in Bohlmann Accounting Group, PLLC,
attests that his firm is "disinterested" as defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Benjamin Bohlmann, CPA
Bohlmann Accounting Group, PLLC
9130 S. Dadeland Boulevard, Suite 1900
Miami, FL 33156
Phone: 786-787-0660
E-mail: bbohlmann@bagpllc.com
About Stemtech International
Stemtech International, Inc., is a holding company with assets
comprising intellectual property, a leasehold interest, and direct
and indirect equity interests in several subsidiaries operating
both domestically and internationally.
Stemtech filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla.
Case No. 17-11380) on Feb. 2, 2017. In the petition signed by CEO
Ray C. Carter, the Debtor estimated $1 million to $10 million in
assets and liabilities.
The Hon. Raymond B. Ray presides over the case.
The Debtor tapped Seese, P.A., as counsel; and GlassRatner Advisory
& Capital Group, LLC, as its financial advisor.
Guy Gebhardt, acting U.S. Trustee for Region 21, on Feb. 22, 2017,
appointed three creditors of Stemtech International to serve on an
official committee of unsecured creditors. The Committee members
are (1) Wilhelm Keller; (2) Greg Newman; and (3) Andrew P. Leonard.
The Committee retained Paul Steven Singerman, Esq., at Berger
Singerman LLP, as counsel.
STONE CRAZY: Hires #1 Properties as Real EstateAgent
----------------------------------------------------
Stone Crazy, LLC, seeks authority from the U.S. Bankruptcy Court
for the District of Wyoming to employ Phyllis Gaptor of #1
Properties as real estate agent.
The Debtor owns a a vacant lot immediately west of its primary
location in Wheatland, Wyoming, which it does not plan to keep
after filing for Chapter 11 relief.
The Debtor proposes that the compensation of the Real Estate Sales
Brokerage is pursuant to a standard 5% listing contract.
Phyllis Gaptor attests that he does not represent nor hold an
interest adverse to the estate in the matters upon which he is to
be engaged, and his employment would be in the best interests of
the estate.
The broker can be reached through:
Phyllis Gaptor
#1 Properties
6106 Yellowstone
Cheyenne, WY 82001
Tel: 307-604-2222
Cell: 308-331-0589
E-mail: Phyllis@cheyennehomes.com
About Stone Crazy
Stone Crazy, LLC, is a privately held company engaged in activities
related to real estate. The company owns four properties in
Wheatland, Wyoming having an aggregate current value of $2.70
million.
Stone Crazy, LLC, filed a Chapter 11 petition (Bankr. D. Wyo. Case
No. 18-20026) on Jan. 24, 2018. In the petition signed by Managing
Member Jennifer Louise Stone, the Debtor disclosed $2.74 million in
assets and $2.23 million in liabilities. The Hon. Cathleen D.
Parker presides over the case. Ken McCartney, Esq., at The Law
Offices of Ken McCartney, P.C., serves as bankruptcy counsel.
SUNCOAST INTERNAL: Proposes Johnson Pope as Counsel
---------------------------------------------------
Suncoast Internal Medicine Consultants, PA, seeks approval from the
U.S. Bankruptcy Court for the Middle District of Florida to hire
Michael C. Markham of the law firm of Johnson, Pope, Bokor, Ruppel
& Burns, LLP as counsel.
JP will render all necessary legal services to the Debtor in this
bankruptcy case.
Mr. Markham's current hourly rate is $410.
Michael C. Markham, a partner at Johnson Pope, attests that JP does
not hold or represent any interest adverse to any interest of the
Debtor or its creditors with respect to the matters upon which it
is to be engaged, and JP is a "disinterested person" pursuant to
Sec. 327(a) of the Bankruptcy Code, as that term is defined by Sec.
101(14).
The counsel can be reached through:
Michael C. Markham, Esq.
JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP
P.O. Box 1100 (33601-1100)
401 E. Jackson St., Suite 3100
Tampa, FL 33602
Tel: 813-225-2500
Fax: 813-223-7118
E-mail: Mikem@jpfirm.com
About Suncoast Internal Medicine Consultants
Based in Largo, Florida, Suncoast Internal Medicine Consultants, PA
-- http://suncoastinternalmedicine.com/-- provides medical care to
Pinellas County and the Greater Tampa Bay area. Its staff is
composed of board-certified physicians focusing in the specialties
of internal medicine, gastroenterology, and rheumatology. Suncoast
was founded in 1965 by Dr. George Kotsch.
Suncoast Internal Medicine Consultants sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
18-00399) on Jan. 19, 2018. In the petition signed by Robert L.
DiGiovanni, DO, president, the Debtor estimated assets and
liabilities of $1 million to $10 million. Judge Catherine Peek
McEwen presides over the case. Johnson, Pope, Bokor, Ruppel &
Burns LLP is the Debtor's bankruptcy counsel.
TAG MOBILE: Taps Eric A. Liepins as Legal Counsel
-------------------------------------------------
TAG Mobile, LLC, seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to hire Eric A. Liepins, P.C., 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.
Eric Liepins, Esq., will charge $275 per hour for his services.
The hourly rates for paralegals and legal assistants range from $30
to $50.
The firm received a retainer in the sum of $10,000.
Mr. Liepins disclosed in a court filing that his firm does not
represent any interest adverse to the Debtor's estate.
The firm can be reached through:
Eric A. Liepins, Esq.
Eric A. Liepins, P.C.
12770 Coit Road, Suite 1100
Dallas, TX 75251
Telephone: (972) 991-5591
Telecopier: (972) 991-5788
About TAG Mobile LLC
Founded in 2010, Tag Mobile, LLC's line of business includes
providing two-way radiotelephone communication services such as
cellular telephone services.
On Feb. 2, 2018, the U.S. Bankruptcy Court for the Northern
District of Texas issued an order converting Tag Mobile's case from
Chapter 7 to Chapter 11 (Bankr. N.D. Texas Case No. 17-33791).
Judge Stacey G. Jernigan presides over the case.
TEXAS E&P: Trustee Hires Traton Engineering as Contract Operator
----------------------------------------------------------------
Jason R. Searcy, the Ch. 11 Trustee of Texas E&P Operating, Inc.,
seeks authority from the U.S. Bankruptcy Court for the Northern
District of Texas to retain Traton Engineering Associates, L.P. as
contract operator.
Services Traton will render are:
1. manage and oversee assets and employees;
2. conduct field inspection and inventory equipment;
3. provide engineering supervision of existing operations such
as direction of gaugers, pumpers, and office personnel;
4. supervise all routine well service operations, all repair
and maintenance operations, including onsite supervision of the
installation or removal of well equipment, pumping of any treating
fluid or substance into a well, and other onsite operations
performed under contract by third party of with leased equipment;
5. supervise all drilling and completion operations, workover
operations, recompletion operations, and any type of remedial
operation, whether or not it would ordinarily be considered a
normal well-service operation, including contracting with
supervisory personnel for onsite supervision as required and
maintaining overall supervision of such personnel;
6. prepare worker, completion, and drilling procedures;
7. prepare cost estimates and circulate Authorizations for
Expenditures for Trustee's approval;
8. obtain all necessary drilling permits and file all
necessary and appropriate reports;
9. evaluate opportunities and maximize asset values;
10. provide emergency response assistance with respect to any
accident, spill, upset or similar occurrence requiring immediate
action to protect the health, safety and mechanical and
environmental integrity of the pertinent area and equipment located
thereon;
11. supporting and coordinating sales efforts;
12. maintain land and lease documents;
13. market production;
14. perform JIB and revenue distributions and/or prepare and
render billings to the Trustee and non-operators with respect to
each of the subject joint operating agreements for approved
expenses and charges;
15. supervise pumpers;
16. review well performance and prepare for Trustee monthly
production reports;
17. prepare and furnish any and all reports, statements, and
information that may be required to any duly constituted authority
with jurisdiction over the leases;
18. review and approve all invoices and charges for all
expenses incurred and credits received;
19. keep accurate accounting for the leases with respect to
each subject joint operating agreement; and
20. any and all other matters within Traton Engineering
Associates, L.P.'s knowledge at direction of Trustee.
Pat Merit, petroleum engineer and principal at Traton Engineering
Associates, L.P., attests that his firm represents no other entity
in connection with this case and represents nor holds any interest
adverse to the interest of this estate with respect to the matters
on which it is to be employed and is a disinterested party within
the meaning of 11 U.S.C. Sec. 101(14).
Traton's hourly rates are:
A. Engineering Services:
Principle Engineer $225 per hour
Partner $200 per hour
Junior Engineer $175 per hour
Tech I $125 per hour
Tech II $110 per hour
Accounting $125 per hour
Clerical $55 per hour
B. Field Consultation Services:
Daylight $1,300
24 Hour $1,700
The firm can be reached through:
Pat Merit
Traton Engineering Associates, L.P.
1415 N. Loop W., Suite 1250
Houston, TX 77008
Phone: 281-540-0028
About Texas E&P Operating
Based in Richardson, Texas, the Texas E&P group of companies --
http://texasepgroup.com/-- offer direct investment opportunities
in its oil and natural gas projects in the Southwestern United
States. From the initial investment to the production of each
well, the Group oversees each phase of development. Texas E&P
Operating is an independent oil and natural gas operator, with
specialties in developing new and existing oil fields since 1994.
Texas E&P Funding manages a diverse offering of oil and natural gas
investments. Texas E&P Well Service is in the well workover and
completion industry, with dedication to safety and innovation.
Texas E&P Operating, Inc., f/k/a Chestnut Exploration and
Production, Inc., filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Tex. Case No. 17-34386) on Nov. 29, 2017, estimating
its assets and liabilities at between $10 million and $50 million
each. Mark A. Plummber, president, signed the petition.
Judge Stacey G. Jernigan presides over the case.
John Mark Chevallier, Esq., at McGuire, Craddock & Strother, P.C.,
serves as the Debtor's bankruptcy counsel.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors' in the Debtor's case.
On Jan. 19, 2018, Jason Searcy was appointed as the Chapter 11
Trustee of the Debtor. The Trustee hired Searcy & Searcy, P.C., as
counsel.
TIME INC: S&P Raises CCR to 'B+' Then Withdraws Rating
------------------------------------------------------
S&P Global Ratings raised its corporate credit rating on New
York-based media company Time Inc. to 'B+' from 'B' and removed it
from CreditWatch, where we had placed it with positive implications
on Nov. 27, 2017. The rating outlook is stable.
The upgrade follows Meredith Corp.'s announcement that it has
successfully closed its acquisition of Time Inc. and redeemed all
of the company's debt.
S&P subsequently withdrew all of its ratings on Time Inc.,
including the 'B+' corporate credit rating.
TOTAL COMM SYSTEMS: Hires Bielli & Klauder as Counsel
-----------------------------------------------------
Total Comm Systems, Inc., seeks authorization from the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to employ
Bielli & Klauder, LLC, as counsel.
Total Comm requires Bielli & Klauder to:
a) give the Debtor legal advice with respect to its powers and
duties as Debtor and Debtor-in-Possession;
b) prepare on behalf of the Debtor necessary applications,
answers, orders, reports and other legal papers;
c) represent the Debtor in defense of any proceedings instituted
to reclaim property or to obtain relief from the automatic stay
under Section 362(a) of the Bankruptcy Code;
d) assist the Debtor in the preparation of schedules, statements
of financial affairs, and any amendments thereto, which the Debtor
may be required to file in this case;
e) assist the Debtor in the preparation of a plan of
reorganization and disclosure statement;
f) assist the Debtor with any potential sales of its assets
pursuant to section 363 of the Bankruptcy Code; and
g) perform all other legal services for the Debtor which may be
necessary herein.
Bielli & Klauder will be paid at these hourly rates:
Thomas D. Bielli, Partner $350
David M. Klauder, Partner $350
Cory P. Stephenson, Associate $205
Alyssa Carillo, Paralegal $150
Thomas D. Bielli, member of Bielli & Klauder, LLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Bielli & Klauder can be reached at:
Thomas D. Bielli, Esq.
David M. Klauder, Esq.
Cory P. Stephenson, Esq.
Nella M. Bloom, Esq.
BIELLI & KLAUDER, LLC
1500 Walnut Street, Suite 900
Philadelphia, PA 19102
Tel: (215) 642-8271
Fax: (215) 754-4177
E-mail: tbielli@bk-legal.com
dklauder@bk-legal.com
cstephenson@bk-legal.com
nbloom@bk-legal.com
About Total Comm Systems
Based in Bristol, Pennsylvania, Total Comm Systems, Inc., is a
provider of engineering, construction, excavation, installation,
and maintenance services for the telecommunications industry.
Total Comm previously sought bankruptcy protection (Bankr. E.D. Pa.
Case No. 16-15530) on Aug. 3, 2016.
Total Comm Systems again filed a Chapter 11 petition (Bankr. E.D.
Pa. Case No. 18-10525) on Jan. 29, 2018. In the petition signed by
Michael H. Pollitt, president, the Debtor estimated assets of
$500,000 to $1 million and liabilities of $1 million to $10 million
at the time of the filing. The case is assigned to Judge Eric L.
Frank. Thomas Daniel Bielli, Esq., at Bielli & Klauder, LLC, is
the Debtor's counsel.
TOUCHSTONE HOME: Taps Jon M. Leader as Expert Witness
-----------------------------------------------------
Touchstone Home Health LLC sought approval from the U.S. Bankruptcy
Court for the District of Colorado to hire Jon M. Leader as an
expert witness to provide expert testimony at the Jan. 23, 2018
confirmation hearing concerning the reasonableness of attorney fees
and costs charged by Santangelo Law Offices P.C. against the Debtor
arising from the Larimer County trademark infringement action and
prepetition arbitration proceedings.
Jon M. Leader will charge $275 per hour for his services.
Jon M. Leader, owner of Leader Counsel, attests that he is
disinterest ad defined by 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Jon M. Leader, Esq.
11500 Olympic Blvd. 400
Los Angeles, CA 90064
Phone: +1 310-696-3300
E-mail: jleader@llaw.la
About Touchstone Home Health
Based in Greeley, Colorado, Touchstone Home Health LLC provides
in-home skilled patient health care services for patients located
primarily in Weld and Larimer County, Colorado. Touchstone Home
Health sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Colo. Case No. 17-11134) on Feb. 16, 2017. At the time
of the filing, the Debtor estimated assets and liabilities of less
than $50,000. The case is assigned to Judge Thomas B. McNamara.
The Debtor tappped Vorndran Shilliday, P.C., as bankruptcy counsel.
TRI-STAR CONSTRUCTION: Taps Ochoa & Associates as Bookkeeper
------------------------------------------------------------
Tri-Star Construction and Restoration Services, Inc. seek authority
from the U.S. Bankruptcy Court for the Central District of
California, Santa Ana Division, to employ Irma Ochoa and Ochoa &
Associates as bookkeeper.
Services to be rendered by Ms. Ochoa are:
a. preparation and submission of State and Federal payroll tax
forms if necessary; and
b. preparation of Monthly Operating Reports.
Ms. Ochoa charges $60 per hour for her services.
Irma Ochoa attests that she is a disinterested person as defined in
Sec. 101(14) of the Bankruptcy Code.
The accountant can be reached through:
Irma L. Ochoa
Ochoa & Associates
416 N. Manti Drive
Anaheim, CA 92807
Phone: 714-974-7167
About Tri-Star Construction and
Restoration Services Inc.
Tri-Star Construction and Restoration Services, Inc., is a
privately-held company that provides water damage restoration, mold
repair and fire damage repair services in Anaheim, California. It
is a small business debtor as defined in 11 U.S.C. Section
101(51D).
X Tri-Star Construction sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 18-10006) on Jan. 3,
2018. In the petition signed by Salvador Reyes Gomez, president,
the Debtor disclosed $1.23 million in assets and $613,407 in
liabilities. Judge Erithe A. Smith presides over the case.
Tri-Star tapped Totaro & Shanahan as its legal counsel.
TSC/NESTER'S LANDING: Taps Long & Foster as Real Estate Broker
--------------------------------------------------------------
TSC/Nester's Landing, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of Maryland to hire Dee Dee Miller and Long
and Foster Real Estate as real estate broker.
The Debtor is engaged in the business of buying, selling and
developing real estate, and owns several contiguous parcels in
Baltimore County, Maryland. The Debtor will require the services of
a real estate broker in order to market and sell the real
property.
The fees which are to be charged are contingent upon the actual
closing of a sale, and are proposed as 5% of the Sale Price.
Dee Dee Miller discloses that he is not a "disinterested person" as
that term is defined at 11 U.S.C. Sec. 101(14) in that he has
performed services for a creditor, equity holder or insider of the
Debtor, specifically USFC. He has not been an employee, director or
officer of the Debtor. He holds no interest adverse to the Debtor,
its creditors or equity holders for any reason.
The broker can be reached through:
Dee Dee Miller
LONG & FOSTER REAL ESTATE
568A Ritchie Highway
Severna Park, MD 21146
Direct Office: 410-544-4000
Mobile: 443-995-2297
Email: DEEDEE.MILLER@Longandfoster.com
About TSC/Green Acres and
TSC/Nester's Landing
Based in Columbia, Maryland, TSC/Green Acres Road owns in fee
simple interest subdivided lots located at 7345 Green Acres Drive,
Glen Burnie, MD valued by the company at $2.08 million. Its
affiliate TSC/Nester's Landing is also the fee simple owner of a
property located at 1915 Turkey Point Road, Baltimore County
(consisting of subdivided lots) valued at $1.89 million.
TSC/Green Acres Road, LLC and its affiliate TSC/Nester's Landing,
LLC, filed separate Chapter 11 bankruptcy petitions (Bankr. D. Md.
Case Nos. 17-25912 and 17-25913, respectively) on Nov. 28, 2017.
Gerard McDonough, trustee for AN&J Family Trust, signed the
petitions.
TSC/Green Acres Road disclosed total assets of $2.57 million and
total liabilities of $2.60 million as of the bankruptcy filing.
TSC/Nester's Landing disclosed total assets of $1.89 million and
total liabilities of $1.69 million.
The Hon. David E. Rice presides over TSC/Green Acres' case, while
the Hon. Robert A. Gordon is assigned to TSC/Nester's Landing's
case.
David W. Cohen, Esq., at the Law Office of David W. Cohen, serves
as counsel to the Debtors.
US 1 ASSOCIATES: Taps Middlebrooks Shapiro as Legal Counsel
-----------------------------------------------------------
US 1 Associates, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of New Jersey to hire Middlebrooks Shapiro, P.C.,
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:
Melinda Middlebrooks $400
Joseph Shapiro $350
Jessica Minneci $300
Angela Nascondiglio $250
Law Clerks/Paralegals $90
Middlebrooks Shapiro has agreed to an initial retainer in the sum
of $5,000, plus filing fee of $1,717.
The firm is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.
Middlebrooks Shapiro can be reached through:
Jessica M. Minneci, Esq.
Middlebrooks Shapiro, P.C.
841 Mountain Avenue, First Floor
Springfield, NJ 07081
Phone: (973) 218-6877
E-mail: jminneci@middlebrooksshapiro.com
About US 1 Associates Inc.
US 1 Associates, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 18-12231) on Feb. 2, 2018.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $100,000.
US OIL SANDS: FTI Wants Seeks U.S. Approval of Financing
--------------------------------------------------------
FTI Consulting Canada Inc., as court-appointed receiver and manager
of the assets, properties, and undertakings of US Oil Sands Inc.
and US Oil Sands (Utah) Inc., filed a motion with the U.S.
Bankruptcy Court for the District of Utah (1) recognizing and
giving full force and effect to an order of the Canadian Court
anticipated to be entered by that court on Feb. 16, 2018,
authorizing the Chapter 15 Debtors to obtain additional secured
credit, (2) approving liens on assets located in the territorial
jurisdiction of the U.S., and (3) granting adequate protection to
pre-petition secured parties.
A hearing on the Canadian Financing motion is set for Feb. 16,
2018.
Prior to the filing of this Chapter 15 case, and pursuant to the
receivership order, the Receiver obtained authority from the
Canadian Court to borrower up to $1 million of secured debt, which
was ultimately funded by ACMO S.A R.L., and then later assigned to
USO (Utah) LLC, which is the only current secured creditor of the
Chapter 15 Debtors.
As set forth in the First Report of FTI Consulting Canada Inc., in
its capacity as court-appointed receiver and manager of US Oil
Sands Inc. and US Oil Sands (Utah) Inc. filed with the Canadian
Court on Feb. 1, 2018, the Receiver has determined that it is in
the best interests of the Chapter 15 Debtors to obtain
authorization to borrow, as necessary, up to an additional $500,000
in secured debt (for a total authorization of up to $1.50 million)
at the prime commercial rate of interest from USO and to grant
first-priority liens on the Chapter 15 Debtors' assets to secure
indebtedness.
Accordingly, on Feb. 1, 2018, together with the First Report of the
Receiver, the receiver filed a motion in the Canadian Proceeding
approving an amendment to the Receivership Order authorizing the
Additional Financing.
USO is the Chapter 15 Debtors' only secured creditor (other than
applicable taxing authorities, if any, holding statutory liens).
To the knowledge of the Receiver, the Chapter 15 Debtors do not
have any other secured creditors.
All of ACMO's rights and interests in, to, and under the Loan
Documents have been assigned to USO.
The Receiver also respectfully requests pursuant to Sections 361,
363(b), and 364(d) U.S. Bankruptcy Code that the Court -- in
conjunction with recognition of the financing requested in the
Canadian Financing Motion -- approve the Receiver's request that
USO, as the post-petition lender, be granted a first-priority lien
with regard to such financing on all of the Chapter 15 Debtors'
assets located in the territorial jurisdiction of the U.S.
Specifically, as USO holds a perfected security interest in all of
the Chapter 15 Debtors' assets, the Receiver is requesting that
USO, as the post-petition lender, be given a priming lien with
regard to the Additional Financing. Pursuant to Section 364(d), a
debtor may incur debt secured by a priming lien if "(A) the trustee
is unable to obtain such credit otherwise; and (B) there is
adequate protection of the interest of the holder of the lien on
the property of the estate on which such senior or equal lien is
proposed to be granted."
The original financing approved in the Receivership Order occurred
almost two months before this case was filed. The Additional
Financing is an extension of that original financing. Because the
original financing was previously approved by the Canadian Court in
the Receivership Order and the Court has granted comity to the
Receivership Order, approval of the Additional Financing is
appropriate.
In this case, the Chapter 15 Debtors have no other credit
alternatives other than the Additional Financing. Further, USO,
who is the stalking horse credit bidder under a separately filed
motion seeking approving of bid and auction procedures, is
adequately protected both by the value of the Chapter 15 Debtors'
assets and its credit bid right in the pending sale procedures
motion before the Court. Finally, the terms of the Additional
Financing were negotiated in good faith and are fair and
reasonable.
A copy of the Receiver's request is available at:
http://bankrupt.com/misc/utb17-29716-18.pdf
About US Oil Sands
Calgary, Alberta-based US Oil Sands -- http://www.usoilsandsinc.com
-- is engaged in the exploration and development of oil sands
properties and, through its wholly owned United States subsidiary
US Oil Sands (Utah) Inc., has 100% interest in bitumen leases
covering 32,005 acres of land in Utah's Uinta Basin. The Company
has developed a proprietary extraction process which uses a
bio-solvent to extract bitumen from oil sands without the need for
tailings ponds.
In September 2017, the Court of Queen's Bench of Alberta has
granted the application of the Company's lender, ACMO S.a R.L., to
appoint FTI Consulting Canada Inc. as receiver and manager over the
assets, undertakings and property of US Oil Sands. The Receiver is
charged with managing the day-to-day affairs of the Company during
the period of its appointment and should be contacted with respect
to any questions concerning the assets and liabilities of US Oil
Sands.
The receiver filed Chapter 15 petitions for US Oil Sands Inc. and
affiliate US Oil Sands (Utah) Inc. on Nov. 7, 2017 (Bankr. Utah
Case No. 17-29716 and 17-29717) to seek recognition of the
proceedings in Canada. The foreign main proceeding is ACMO
S.A.R.L. v. US Oil Sands Inc. and US Oil Sands (Utah) Inc., Court
of Queen's Bench Alberta, Court File No. 1701-12253.
FTI Consulting Canada Inc., the receiver, is the Debtors'
authorized representative in the Chapter 15 cases. Bruce H. White,
Esq., at Parsons Behle & Latimer is the U.S. counsel.
VALLEY PETROLEUM: Court Approves Disclosure Statement
-----------------------------------------------------
The disclosure statement under Chapter 11 of the Bankruptcy Code
having been filed by Valley Petroleum, LLC, on November 14, 2017,
referring to a plan filed by the Debtor on November 14, 2017, has
been approved by the U.S. Bankruptcy Court for the Eastern District
of Wisconsin.
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. Lead Case No. 17-28112) on Aug.
17, 2017. The two cases are jointly administered.
In the petitions signed by Steve A. Rosek, member, 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.
Leonard G. Leverson, Esq., at Leverson Lucey & Metz S.C.,
represents the Debtors as bankruptcy counsel. The Debtors hired
BIS, Inc. as their accountant.
VESCO CONSULTING: Unsecureds to Get 100% in 4 Payments
------------------------------------------------------
Each holder of an allowed general unsecured claim will receive 100%
of the amount of each Allowed Claim in four equal payments under
the plan of reorganization of VESCO Consulting Services, LLC,
according to the Debtor's disclosure statement.
The first payment to general unsecured creditors will be made on or
before the last business day of a calendar quarter that is on or
after the Effective Date, which each of the following three
payments to be made on or before the last business day of each
successive calendar quarter.
Following the Effective Date, Reorganized VESCO will continue its
present business and will continue to operate as Reorganized VESCO.
The Debtor intends to fund its Plan through Cash that it has
available to it from its operations through the Effective Date, as
well as Cash that it generates through its continued operations
after the Effective Date. It is possible that the Plan could also
be funded in part through the sale of Debtor assets as well as
other business opportunities that could arise.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/cob16-21351-240.pdf
About VESCO Consulting Services
VESCO Consulting Services, LLC, leases properties to mine
construction aggregates (sand and gravel) and sells and delivers
the material to its customers, which are typically concrete and
asphalt producers as well as oil and gas construction companies.
VESCO also engages in trucking activities, construction, custom
crushing, and mine reclamation.
VESCO sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Col. Case No. 16-21351) on Nov. 19, 2016. In the
petition signed by Michael Miller, president, the Debtor estimated
its assets and liabilities at $1 million to $10 million.
The case is assigned to Judge Elizabeth E. Brown.
The Debtor is represented by Kevin S. Neiman, Esq., at the Law
Offices of Kevin S. Neiman, PC.
An official committee of unsecured creditors has not been appointed
in the Chapter 11 case.
W. W. CONSTRUCTION: Taps Vanden Bos & Chapman, LLP as Attorney
--------------------------------------------------------------
W. W. Construction, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of Oregon to hire Vanden Bos & Chapman, LLP,
as its attorney.
The professional services that VBC is to render are:
(a) give the Debtor legal advice with respect to Debtor's
powers and duties as debtor-in-possession in the operation of
Debtor's business;
(b) institute such adversary proceedings as are necessary in
the case;
(c) represent the Debtor generally in the proceedings and to
propose on behalf of Debtor as debtor-in-possession necessary
applications, answers, orders, reports and other legal papers; and
(d) perform all other legal services for the
debtor-in-possession or to employ an attorney for such professional
services.
The current hourly rates of VBC are:
Robert J Vanden Bos, Managing Partner $520
Ann K. Chapman, Partner $450
Douglas Ricks, Partner $395
Christopher Coyle, Partner $375
Certified Bankruptcy Assistants $250
Legal Assistants $130
Douglas R. Ricks assures the Court that VBC has no connection with
the creditors or any other adverse party or its attorneys, and VBC
represents no interest adverse to the Debtor as
debtor-in-possession or to the estate in the matters upon which VBC
is to be engaged.
The counsel can be reached through:
Douglas R. Ricks, Esq.
VANDEN BOS & CHAPMAN, LLP
319 SW Washington St., Ste. 520
Portland, OR 97204
Tel: 503-241-4861
Fax: 503-241-3731
E-mail: vbcservicedougr@yahoo.com
About W. W. Construction
W. W. Construction, LLC, is a family owned and operated business
founded in 1988 and is headquartered in Newport, Oregon. Acting as
a general and sub contractor, W. W. Construction provides
excavating, site work and underground utilities for projects
located across the Northwest.
W. W. Construction filed a Chapter 11 petition (Bankr. D. Ore. Case
No. 18-60234) on Jan. 29, 2018. In the petition signed by Beth
Wheeler, managing member, the Debtor estimated $1 million to $10
million both in assets and liabilities. The case is assigned to
Judge David W Hercher. Douglas R. Ricks, Esq. at Vanden Bos &
Chapman, LLP, is the Debtor's counsel.
W.N.Y. PROPERTIES: Case Summary & 7 Unsecured Creditors
-------------------------------------------------------
Debtor: W.N.Y. Properties of Rochester, LLC
P.O. Box 274
Clinton, NY 13323
Type of Business: Clinton, New York-based W.N.Y. Properties of
Rochester, LLC is a privately held company
engaged in activities related to real estate.
The Company is the fee simple owner of a single
family residence on 1.1 acres of land located at
608 Wild Mallard Trail, Town of Webster, Monroe
County, New York, valued by the Company at
$895,000.
Chapter 11 Petition Date: February 12, 2018
Case No.: 18-60161
Court: United States Bankruptcy Court
Northern District of New York (Utica)
Debtor's Counsel: Ronald S Goldman, Esq.
RONALD S. GOLDMAN, ESQ.
45 Exchange Street, Suite 532
Rochester, NY 14614
585-546-7410
Fax: 585-546-7451
E-mail: rosgol@yahoo.com
Total Assets: $1.68 million
Total Liabilities: $1.17 million
The petition was signed by Jason Palmer, member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at:
http://bankrupt.com/misc/nynb18-60161.pdf
WALTER ENERGY: Labor Lawyer Not Entitled to Admin Expense
---------------------------------------------------------
Bankruptcy Judge Tamara O. Mitchell entered an order denying Thomas
J. Lynch's motion for an allowance of an administrative priority
claim.
Lynch, a labor relations attorney, filed the motion on April 26,
2017 seeking administrative expense priority for the payment of a
severance benefit in the amount of $285,547.80. Lynch contends this
amount is due under a prepetition employment agreement with the
Debtor, Walter Energy, Inc. when his employment was terminated
after the filing of the bankruptcy petition in this case. The
motion is opposed by the Chapter 7 Trustee and by Warrior Met Coal,
Inc. At the hearing before the Court on Oct. 3, 2017, the parties
offered evidence, including live testimony, and presented oral
arguments.
The Court finds Lynch failed to establish that he is entitled to be
paid an administrative expense under Bankruptcy Code sections
503(b)(1)(A), (c)(1), (c)(2), 507(a)(2), or any equitable
principle. As to section 503(b)(1)(A), Lynch's Employment Agreement
providing for severance pay under certain conditions was a
pre-petition contract, and as such, any amounts due under the
contract are pre-petition claims. Furthermore, while Lynch may have
refrained from disparaging or competing with his former employer,
any benefit that his inaction may have bestowed upon the estate did
not rise to the level of a concrete benefit justifying an
administrative expense. There is little evidence, if any, before
the Court that would allow the Court to entertain Lynch's claim
that he is entitled to an administrative expense. Lastly, any
amounts due to Lynch are not due to be paid as an administrative
expense on the basis of equitable principles. Accordingly, Lynch's
Application is disallowed.
The bankruptcy case is in re: NEW WEI, INC., Debtor, Case No.
15-02741-TOM-7 (Bankr. N.D. Ala.).
A copy of Judge Mitchell's Memorandum Opinion and Order dated Jan.
24, 2018 is available at https://is.gd/3vPMCz from Leagle.com.
New WEI, Inc., et al., Jointly Administered, Debtor, represented by
Allan J. Arffa -- aarffa@paulweiss.com -- Paul, Weiss, Rifkind,
Wharton & Garrison, James Blake Bailey -- jbailey@bradley.com --
Bradley Arant Boult Cummings LLP, Jay R. Bender --
jbender@bradley.com -- Bradley Arant Boult Cummings LLP, Robert N.
Kravitz -- rkravitz@paulweiss.com -- Paul, Weiss, Rifkind, Wharton
& Garrison, Jayna Partain Lamar -- jlamar@maynardcooper.com --
Maynard, Cooper & Gale, P.C., Daniel J. Leffell --
dleffell@paulweiss.com -- Paul, Weiss, Rifkind, Wharton & Garrison,
Cathleen C. Moore -- ccmoore@bradley.com -- Bradley Arant Boult
Cummings LLP, J. Leland Murphree -- lmurphree@maynardcooper.com --
Maynard Cooper & Gale, PC, Robert Karl Ozols --
rozols@maynardcooper.com -- Maynard, Cooper & Gale PC & Dan
Youngblut -- dyoungblut@paulweiss.com -- Paul, Weiss, Rifkind,
Wharton & Garrison.
Andre' M Toffel, Trustee, represented by Thomas Benjamin Humphries,
Sirote & Permutt PC, Steve Olen, Cunningham, Bounds & Stephen B.
Porterfield, Sirote & Permutt.
UMWA 1974 Pension Plan and Trust, Creditor Committee, represented
by George N. Davies, QUINN, CONNOR, WEAVER, DAVIES & ROUCO & Robert
Moore Weaver, Quinn, Connor, Weaver, Davies & Rouco LL.
Official Committee of Unsecured Creditors of Walter Energy, Inc.,
et al., Creditor Committee, represented by Bill D. Bensinger --
bdbensinger@csattorneys.com -- Christian & Small, LLP, Charles L.
Kerr , MORRISON &FOERSTER LLP, J. Alexander Lawrence --
alawrence@mofo.com -- MORRISON &FOERSTER LLP, Jennifer L. Marines
-- jmarines@mofo.com -- MORRISON &FOERSTER LLP, Lorenzo Marinuzzi
-- lmarinuzzi@mofo.com -- MORRISON &FOERSTER LLP, Samantha Martin
-- smartin@mofo.com -- MORRISON &FOERSTER LLP, Brett Miller --
bmiller@mofo.com -- MORRISON &FOERSTER LLP, James A. Newton --
jnewton@mofo.com -- MORRISON &FOERSTER LLP, Erica J. Richards --
erichards@mofo.com -- MORRISON &FOERSTER LLP & Daniel D. Sparks ,
Christian & Small LLP.
Official Committee of Retired Employees of Walter Energy, Inc.,
Creditor Committee, represented by Richard Patrick Carmody, Landon
S. Raiford, Jenner & Block LLP, Melissa M. Root, Jenner & Block
LLP, Charles B. Sklarsky, Jenner & Block LLP & Catherine L. Steege,
Jenner & Block LLP.
About Walter Energy
Walter Energy, Inc. -- http://www.walterenergy.com/-- is a
metallurgical coal producer for the global steel industry with
strategic access to steel producers in Europe, Asia and South
America. The Company also produces thermal coal, anthracite,
metallurgical coke and coal bed methane gas, with operations in the
United States, Canada and the United Kingdom.
For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.
Walter Energy and its affiliates sought Chapter 11 protection
(Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham, Alabama on
July 15, 2015, after signing a restructuring support agreement with
first-lien lenders. Walter Energy disclosed total assets of $5.2
billion and total debt of $5 billion as of March 31, 2015.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as
counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree
Deakins LLP, as labor and employment counsel; Maynard, Cooper &
Gale, P.C., as special counsel; PJT Partners LP serves as
investment banker, replacing Blackstone Advisory Services, L.P.;
AlixPartners, LLP, as financial advisor, and Kurtzman Carson
Consultants LLC, as claims and noticing agent.
The Bankruptcy Administrator for the Northern District of Alabama
appointed an Official Committee of Unsecured Creditors and an
Official Committee of Retirees. The Creditors Committee tapped
Morrison & Foerster LLP and Christian & Small LLP as attorneys.
The Retiree Committee retained Adams & Reese LLP and Jenner & Block
LLP as attorneys.
The informal group of certain unaffiliated First Lien Lenders and
First Lien Noteholders -- Steering Committee -- retained Akin,
Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard
Freres & Co. LLC as financial advisor.
WEATHERFORD INT'L: Vanguard Group Has 8.27% Stake as of Dec. 31
---------------------------------------------------------------
In a Schedule 13G/A filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2017,
it beneficially owns 82,163,758 shares of common stock of
Weatherford International PLC, constituting 8.27 percent of the
shares outstanding.
Vanguard Fiduciary Trust Company, a wholly-owned subsidiary of The
Vanguard Group, Inc., is the beneficial owner of 427,681 shares or
.04% of the Common Stock outstanding of the Company as a result of
its serving as investment manager of collective trust accounts.
Vanguard Investments Australia, Ltd., a wholly-owned subsidiary of
The Vanguard Group, Inc., is the beneficial owner of 251,874 shares
or .02% of the Common Stock outstanding of the Company as a result
of its serving as investment manager of Australian investment
offerings.
A full-text copy of the regulatory filing is available at:
https://is.gd/n30mgo
About Weatherford
Weatherford International plc (NYSE: WFT), an Irish public limited
company and Swiss tax resident -- http://www.weatherford.com/-- is
a multinational oilfield service company. Weatherford provides
equipment and services used in the drilling, evaluation,
completion, production and intervention of oil and natural gas
wells. The Company operates in over 90 countries and has a network
of approximately 800 locations, including manufacturing, service,
research and development, and training facilities and employs
approximately 29,200 people.
Weatherford reported a net loss attributable to the Company of
$3.39 billion on $5.74 billion of total revenues in 2016, compared
to a net loss attributable to the Company of $1.98 billion on $9.43
billion of total revenues in 2015.
* * *
As reported by the TCR on Nov. 20, 2017, Fitch Ratings affirmed
Weatherford and its subsidiaries' Long-Term Issuer Default Ratings
(IDR) and senior unsecured ratings at 'CCC'. WFT's 'CCC' rating
reflects exposure to the oilfield services sector and a stressed
balance sheet. Fitch expects an extended down-cycle and delayed
recovery from Fitch initial sector recovery expectations due to low
to range-bound oil and gas prices.
WESTMORELAND RESOURCE: WLB Willing to Provide Services After June 1
-------------------------------------------------------------------
Westmoreland Resource Partners, LP and Westmoreland Resources GP,
LLC, the general partner of the Partnership, received a letter from
Westmoreland Coal Company pertaining to Continued Renegotiation and
Reservation of Rights re Provision of Shared Services.
A full-text copy of the Letter is as follows:
Ladies and Gentlemen:
As you are aware, Westmoreland Coal Company ("WLB") has for several
months engaged in extensive discussions with the Conflicts
Committee of the Board of Westmoreland Resources GP, LLC (the
"GP"), Westmoreland Resource Partners, LP ("WMLP"), and WMLP's term
loan lenders regarding various iterations of a proposed
restructuring transaction that would consensually transfer to the
WMLP term loan lenders full ownership of the assets that are
collateral for their term loans. As you also are aware, certain of
these potential transactions also proposed to transfer consensually
to the WMLP term loan lenders additional assets in which the WMLP
term loan lenders presently do not have a security interest.
These negotiations included the terms upon which WLB would agree to
continue to directly and/or indirectly support WMLP and the GP. The
GP currently provides shared services to WMLP pursuant to that
certain Services Agreement, dated as of January 1, 2015.
Unfortunately, these negotiations have not yet resulted in an
agreement.
Despite the foregoing, WLB hereby informs the GP and WMLP that WLB
intends to continue pursuing value maximizing transactions for all
relevant stakeholders, including through continued renegotiation
towards market terms and conditions underlying provision of such
shared services. And if a mutually agreeable resolution of this
continued renegotiation is not reached by June 1, 2018, this letter
reserves all rights regarding the scope of employees and/or
services that WLB is presently providing to the GP and/or WMLP,
with respect to WMLP's operations and activities. Although WLB is
not a party to the Services Agreement, WLB is providing this notice
120 days in advance of June 1, 2018, consistent with the notice
period expressly set forth in Section 5.4 of the Services
Agreement.
However, and to be clear, if circumstances warrant, WLB is willing
to continue to provide services and employees beyond June 1, 2018,
if doing so will facilitate value-maximizing transactions for all
relevant stakeholders. Furthermore, during this 120-day period,
WLB remains committed to continuing negotiations with all parties
towards the collective goal of a consensual restructuring
transaction -- and WLB reserves all of its rights, claims, and
defenses regarding this and any related matter(s).
WESTMORELAND COAL COMPANY
By: /s/ Gary Kohn
Name: Gary Kohn
Title: Chief Financial Officer
About Westmoreland Resource
Based in Englewood, Colorado, Westmoreland Resource Partners, LP --
http://www.westmorelandMLP.com/-- is a low-cost producer and
marketer of high-value thermal coal to large electric utilities
with coal-fired power plants under long-term coal sales contracts.
The Company also markets to industrial users and is a producer of
surface mined coal in Ohio. Its reserves and operations are well
positioned to serve its primary market areas of the Midwest,
Northeast and Rocky Mountain regions of the United States. The
company's operations are located in Ohio and Wyoming. It sold 7.8
million tons of coal in 2016.
Westmoreland Resource reported a net loss of $31.58 million on
$349.3 million of total revenues for the year ended Dec. 31, 2016,
compared to a net loss of $33.68 million on $384.7 million of total
revenues for the year ended Dec. 31, 2015. The Company's balance
sheet at Sept. 30, 2017, showed $367.3 million in total assets,
$409.6 million in total liabilities, and a total deficit of $42.23
million.
WESTMOUNTAIN GOLD: Committee Taps Ballard Spahr LLP as Counsel
--------------------------------------------------------------
Lindquist & Vennum LLP, now known as Ballard Spahr LLP, as counsel
for the Official Unsecured Creditors Committee of WestMountain
Gold, Inc., filed a supplemental application seeking approval from
the U.S. Bankruptcy Court for the District of Colorado for the
continued, uninterrupted employment of Ballard Spahr LLP, as
counsel for the Committee.
On April 26, 2017, the Court authorized the employment of Lindquist
& Vennum LLP as counsel for the Committee, nunc pro tunc to April
19, 2017. Effective January 1, 2018, Lindquist & Vennum LLP
combined with Ballard Spahr LLP, with Ballard Spahr LLP continuing
as the combined firm.
Professional services that Ballard Spahr will render are:
a. provide the Committee with legal advice regarding its
powers and duties, including those provided by Bankruptcy Code Sec.
1103;
b. investigate the Debtor's assets, liabilities, and financial
condition, and entities or persons related to the Debtor that may
have information regarding Debtor's assets, liabilities, financial
condition, or prepetition and postpetition conduct;
c. file necessary petitions, pleadings, reports, and taking
actions which may be required throughout the case, including but
not limited to motions, objections, and commencing adversary
proceedings under the Bankruptcy Code as appropriate and
necessary;
d. assist the Committee in determining the proper course of
this chapter 11 case and issues that arise during the case,
including but not limited to postpetition financing, asset sales,
issues related to Debtor's plan of
reorganization, distributions to creditors; and
e. perform all other legal services for the Committee
authorized by the Committee and are be necessary and appropriate in
this case.
Ethan J. Birnberg, an attorney with Ballard Spahr LLP, attests that
his firm is a disinterested person under 11 U.S.C. Sec. 101(14) and
does not represent or hold an interest adverse to the estate of the
Debtor.
Ballard Spahr LLP has not received a retainer for its services.
Its customary hourly rates are: Ethan Birnberg ($385 per hour) and
Chad Jimenez ($285 per hour).
The firm can be reached through:
Ethan J. Birnberg, Esq.
BALLARD SPAHR LLP
1225 17th Street, Suite 2300
Denver, CO 80202-5596
Phone: 303-454-0528
Fax: 303-573-1956
E-mail: birnberge@ballardspahr.com
About Westmountain Gold
Based in Fort Collins, Colorado, WestMountain Gold, Inc., is a
precious metals exploration company. Its major project is known as
the Terra or TMC Project, which consists of a gold mining operation
in Alaska.
WestMountain Gold, Inc., and Terra Gold Corporation sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Col.
Lead Case No. 17-11527) on March 1, 2017. In the petitions signed
by Rick Bloom, authorized representative, the Debtors estimated
their assets and debt at $1 million to $10 million.
Kutner Brinen, P.C., is serving as bankruptcy counsel to the
Debtors. Holland & Hart LLP, Schwabe Williamson & Wyatt, P.C., and
Thrasher Worth LLC have been tapped as special counsel to the
Debtors.
WJA ASSET MGT: Taps A-CORE Consultants as Real Estate Appraiser
---------------------------------------------------------------
TD Opportunity Fund, LLC, one of the debtors-in-possession with the
WJA Asset Management, LLC bankruptcy case, seeks authority from the
U.S. Bankruptcy Court for the Central District of California, Santa
Ana Division, to employ A-CORE Consultants, Inc., to perform
certain valuation services.
Services A-CORE will render are:
1. perform onsite inspection of the Property;
2. review the plat map and assessment information;
3. review zoning regulations;
4. interview with local brokers as to the health of the market
of the date of value;
5. consider highest and best use as vacant;
6. consider valuation methodologies pertinent to the
valuation; and
7. prepare a summary type report.
The Firm will perform the valuation for a fixed fee of $6,000, plus
reimbursement of expenses not to exceed $250.00. The Firm has
requested a non-refundable retainer of $4,000.
John Olivas, MAI, attests that his firm is disinterested within the
meaning of 11 U.S.C. Sections 327(a) and 101(4).
The firm can be reached through:
John Olivas, MAI
A-CORE CONSULTANTS, INC.
20555 Devonshire Street, Suite 200
Chatsworth, CA 91311
Phone: (818) 350-0660
About WJA Asset Management
Luxury Asset Purchasing International, LLC, et al., are part of a
network of entities or "Funds" formed to offer a range of
investment opportunities to individuals. Many of the existing
Funds are performing and some Funds had substantial gains. However,
certain Funds, i.e., those invested in private trust deeds secured
by real estate, suffered losses.
William Jordan Investments, Inc. ("Advisor"), is a registered
investment advisor. Laguna Hills, California-based WJA Asset
Management, LLC ("Manager"), is the managing member of Luxury, et
al. William Jordan was the president and sole owner of Advisor and
was the sole member and manager of Manager.
On May 18, 2017, Luxury and its affiliates filed voluntary
petitions under Chapter 11 of the United States Bankruptcy Code.
On May 25, 2017, four other affiliated filed voluntary Chapter 11
petitions. On June 6, CA Real Estate Opportunity Fund III filed
its Chapter 11 petition. The Debtors' cases are jointly
administered under Bankr. C.D. Cal. Lead Case No. 17-11996, and the
Debtors continue to operate their businesses and manage their
affairs as DIP.
Pursuant to court orders, Howard Grobstein is now serving as the
chief restructuring officer of the Debtors and Mr. Jordan no longer
has any ongoing role in the Debtors' operations.
At the time of the filing, WJA estimated assets of less than
$500,000 and liabilities of $1 million to $10 million.
Judge Scott C. Clarkson presides over the cases.
Lei Lei Wang Ekvall, Esq., Philip E. Strok, Esq., Robert S.
Marticello, Esq., and Michael L. Simon, Esq., at Smiley
Wang-Ekvall, LLP, serve as counsel to the Debtors.
WONDERWORK INC: Trustee Hires Garfunkel Wild as Special Counsel
---------------------------------------------------------------
Stephen S. Gray, Chapter 11 trustee of the estate of WonderWork,
Inc., seeks authority from the U.S. Bankruptcy Court for the
Southern District of New York to retain Garfunkel Wild, P.C. to
serve as his special counsel.
Services to be rendered by GW are:
a. develop, negotiate, document and close the disposition of
Debtor's not-for-profit and restricted assets and all matters
incident thereto;
b. advise the Trustee on the requirements applicable to
not-for-profit entities, including the applicability of these
requirements to the disposition of restricted funds; and
c. prosecute any applications or proceedings in any court with
appropriate jurisdiction as may be necessary for approval of the
transfer of any assets.
The GW Firm's current rates are:
Partners $400 to $610 per hour
Associates/
Paraprofessionals and law clerks $210 to $405 per hour
Burton S. Weston, Esq., a partner and director at Garfunkel Wild,
attests that GW Firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code, as modified by
Section 1107(b) of the Bankruptcy Code.
The firm can be reached through:
Burton S. Weston, Esq.
GARFUNKEL WILD P.C.
11 Great Neck Road
Great Neck, NY 11021
Tel: (516) 393-2200
Fax: (516) 466-5964
About Wonderwork, Inc.
Wonderwork, Inc., is a charity that has provided grants to fund
more than 220,000 surgeries in just six years.
Wonderwork filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No.
16-13607) on Dec. 29, 2016. In the petition signed by CEO Brian
Mullaney, the Debtor estimated $10 million to $50 million in assets
and $10 million to $50 million in debt.
The Debtor was represented by Aaron R. Cahn, Esq., at Carter
Ledyard & Milburn LLP, as counsel; and BDO USA, LLP, as auditor and
tax advisor.
Pursuant to the Court's order entered on April 21, 2017, Jason R.
Lilien was appointed as Chapter 11 examiner. He hired Loeb & Loeb
LLP as his counsel.
On Nov. 3, 2017, the Examiner issued his final report wherein,
among other things, the Examiner found that there were sufficient
grounds to appoint a Chapter 11 trustee.
On Nov. 9, 2017, the Court entered an order directing the
appointment of a Chapter 11 Trustee. By application dated Nov. 15,
2017, the United States Trustee moved for the appointment of
Stephen S. Gray as Chapter 11 trustee.
The Trustee tapped TOGUT, SEGAL & SEGAL LLP, as bankruptcy counsel.
WONDERWORK INC: Trustee Hires Togut Segal as Attorneys
------------------------------------------------------
Stephen S. Gray, Chapter 11 trustee of the estate of WonderWork,
Inc., seeks authority from the U.S. Bankruptcy Court for the
Southern District of New York to retain Togut, Segal & Segal LLP to
serve as his attorneys in this Chapter 11 case.
Legal services Togut will render are:
a. assist and advise the Trustee with respect to his powers
and duties as a trustee under section 1106 of the Bankruptcy Code;
b. assist in obtaining control over property of the Debtor's
estate;
c. assist in any sale of property of the estate;
d. assist in the retention of other professionals;
e. take all necessary actions to protect and preserve the
interests of the Trustee and the estate, including, without
limitation, the commencement and prosecution of actions deemed
necessary by the Trustee, negotiations concerning litigation in
which the Trustee or Debtor's estate are involved, and review and
analyze all claims filed against the Debtor's estate;
f. prepare on behalf of the Trustee all necessary motions,
applications, answers, orders, reports and papers necessary to the
administration of the Debtor's estate;
g. appear before this Court or any other court on matters
concerning the interests of the Trustee and the Debtor's estate;
and
h. perform such other tasks as requested by the Trustee in the
performance of his duties with respect to the Debtor's estate.
Albert Togut, Esq., senior member of Togut, Segal & Segal LLP,
attests that his firm is a "disinterested person" as that term is
defined in section 101(14) of the Bankruptcy Code, as modified by
section 1107(b) of the Bankruptcy Code.
The Togut Firm's rates are:
Partners $695 to $990 per hour
Counsel to the Firm $630 to $730 per hour
Associates $320 to $570 per hour
Paralegals and Law Clerks $195 to $335 per hour
The firm can be reached through:
Albert Togut, Esq.
Steven S. Flores, Esq.
TOGUT, SEGAL & SEGAL LLP
One Penn Plaza, Suite 3335
New York, NY 10119
Phone: 212-594-5000
Fax: 212-967-4258
E-mail: altogut@TeamTogut.com
sflores@teamtogut.com
About Wonderwork, Inc.
Wonderwork, Inc., is a charity that has provided grants to fund
more than 220,000 surgeries in just six years.
Wonderwork filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No.
16-13607) on Dec. 29, 2016. In the petition signed by CEO Brian
Mullaney, the Debtor estimated $10 million to $50 million in assets
and $10 million to $50 million in debt.
The Debtor was represented by Aaron R. Cahn, Esq., at Carter
Ledyard & Milburn LLP, as counsel; and BDO USA, LLP, as auditor and
tax advisor.
Pursuant to the Court's order entered on April 21, 2017, Jason R.
Lilien was appointed as Chapter 11 examiner. He hired Loeb & Loeb
LLP as his counsel.
On Nov. 3, 2017, the Examiner issued his final report wherein,
among other things, the Examiner found that there were sufficient
grounds to appoint a Chapter 11 trustee.
On Nov. 9, 2017, the Court entered an order directing the
appointment of a Chapter 11 Trustee. By application dated Nov. 15,
2017, the United States Trustee moved for the appointment of
Stephen S. Gray as Chapter 11 trustee.
The Trustee tapped TOGUT, SEGAL & SEGAL LLP, as counsel.
WOODBRIDGE GROUP: Sarachek Represents Secured Noteholders
---------------------------------------------------------
The Sarachek Law Firm filed with the U.S. Bankruptcy Court for the
District of Delaware a verified statement pursuant to Rule 2019 of
the Federal Rules of Bankruptcy Procedure stating that it is legal
counsel to certain secured noteholders of Woodbridge Group of
Companies, LLC, and its affiliates.
The Secured Noteholders and the nature and amount of their specific
claims or interests in these bankruptcy cases as of Feb. 12, 2018,
are:
a. Betty Lu Dunne
150 Cortona Way, Apartment 216
Brentwood, CA 94513
$301,250
b. Marjorie and Steven Tandlich
10851 SW 68 Avenue
Pinecrest, FL 33156
$150,541.66
c. Patricia and Kent Fletcher
338 Fallingstar
Irvine, CA 92614
$100,000
d. Elizabeth Cruz
23 Matinee Court
Aliso Viejo, CA 92656
$50,000
e. Leonard Simons
5226 Europa Drive, Apartment M
Boynton Beach, FL 33437
$228,921
f. Robert Schattner
11110 Boca Woods Lane
Boca Raton, FL 33428
$1,519,500
g. Lori and Lloyd Feldman
12708 Copper Mountain Pass
Boynton Beach, FL 33473
$65,000
Sarachek does not own or have a claim against or interest in the
Debtors. Pursuant to Bankruptcy Rule 2019(d), Sarachek reserves
the right to amend, revise and/or supplement this Statement.
A copy of the statement is available at:
http://bankrupt.com/misc/deb17-12560-563.pdf
Sarachek can be reached at:
Joseph E. Sarachek, Esq.
The Sarachek Law Firm
101 Park Avenue, 27th Floor
New York, NY 10178
Tel: (203) 539-1099
Fax: (646) 861-4950
E-mail: sarachekesq@gmail.com
About Woodbridge Group
Headquartered in Sherman Oaks, California, The Woodbridge Group
Enterprise -- http://www.woodbridgecompanies.com/-- is a
comprehensive real estate finance and development company. Its
principal business is buying, improving, and selling high-end
luxury homes. The Woodbridge Group Enterprise also owns and
perates full-service real estate brokerages, a private investment
company, and real estate lending operations. The Woodbridge Group
Enterprise and its management team have been in the business of
providing a variety of financial products for more than 35 years,
and have been primarily focused on the luxury home business for the
past five years. Since its inception, the Woodbridge Group
Enterprise has completed more than $1 billion in financial
transactions. These transactions involve real estate, note buying
and selling, hard money lending, and alternative financial
transactions involving thousands of investors.
Woodbridge Group of Companies and certain of its affiliates filed
Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No.
17-12560) on Dec. 4, 2017. Woodbridge estimated assets and
liabilities at between $500 million and $1 billion. The Chapter 11
cases are being jointly administered
Judge Kevin J. Carey presides over the case.
Samuel A. Newman, Esq., Oscar Garza, Esq., Daniel B. Denny, Esq.,
Jennifer L. Conn, Esq., Eric J. Wise, Esq., Matthew K. Kelsey,
Esq., and Matthew P. Porcelli, Esq., at Gibson, Dunn & Crutcher,
LLP, and Sean M. Beach, Esq., Edmon L. Morton, Esq., Ian J.
Bambrick, Esq., and Allison S. Mielke, Esq., at Young Conaway
Stargatt & Taylor, LLP, serve as the Debtors' bankruptcy counsel.
Homer Bonner Jacobs, PA, as special counsel, Province, Inc., as
expert consultant, Moelis & Company LLC, as investment banker.
The Debtors' financial advisors are Larry Perkins, John Farrace,
Robert Shenfeld, Reece Fulgham, Miles Staglik, and Lissa Weissman
at SierraConstellation Partners, LLC. Beilinson Advisory Group is
serving as independent management to the Debtors. Garden City
Group, LLC, is the Debtors' claims and noticing agent.
Pachulski Stang Ziehl & Jones is counsel to the Official Committee
of Unsecured Creditors; and FTI Consulting, Inc., serves as its
financial advisor.
An official committee of unsecured creditors was appointed in the
Chapter 11 cases on Dec. 14, 2017. On Jan. 23, 2018, the Court
approved a settlement providing for the formation of an ad hoc
noteholder group and an ad hoc unitholder group.
YOSI SAMRA: Seeks April 6 Exclusive Plan Filing Period Extension
----------------------------------------------------------------
Yosi Samra, Inc., asks the U.S. Bankruptcy Court for the Southern
District of New York for a 45-day extension the Exclusive Periods
to file a chapter 11 plan of reorganization and to solicit
acceptances of a plan through and including April 6, 2018 and June
4, 2018, respectively.
The Debtor currently anticipates negotiating a plan of
reorganization with its creditors which could be filed in March
2018.
The Debtor claims that it has not yet had sufficient time to
negotiate a plan of reorganization because the Debtor has spent the
early part of the bankruptcy case stabilizing its business through
negotiations with its warehouse (Seko) and DIP lender (Sallyport).
More recently, the Debtor contends that it has spent several weeks
preparing its operating reports, and the Debtor has discovered that
its previous accountants kept poor records. As a result, the Debtor
spent significant time reconciling these records, as well as
reconciling invoices submitted to its factor.
The Debtor was therefore late with its operating reports, but
recently filed reports through November 2017 (including an amended
September report). This reconciliation process delayed negotiations
with the Committee regarding the framework of an exit strategy.
The Debtor tells the Court that it is now back on track with its
operating reports and it is in a better position to provide
relevant information to creditors and to negotiate a consensual
plan of reorganization. The Debtor is hopeful that the parties can
make substantial progress toward the filing of a consensual plan of
reorganization once the Debtor completes its discussions with the
Committee. In addition, the Debtor is open to any possible exit
strategy, and has been discussing possible transactions with
lenders and investors.
About Yosi Samra Inc.
Yosi Samra Inc. -- https://www.yosisamra.com/ -- sells designer
brand footwear for women and kids famous for its fold-up ballet
flats. Yosi Samra's runway-inspired styles have been featured in
Vogue, InStyle and Glamour Magazines and spotted on some of
fashion's most trend-setting celebrities, including Sarah Jessica
Parker, Anne Hathaway, and Halle Berry. The Yosi Samra brand is
available in more than 1,000 boutiques across the U.S. and in 85
other countries, including 15 brand shops in Asia and The Middle
East.
Yosi Samra Inc. sought Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 17-12493) on Sept. 5, 2017, disclosing $1.5 million in assets,
and $6.28 million in liabilities as of Sept. 5, 2017. Larry
Reines, its president, signed the petition.
Ballon Stoll Bader & Nadler P.C., in New York, serves as counsel to
the Debtor. Savvy Fare, LLC serves as the new accountant to the
Debtor, replacing Danziger & Company, the Debtor's previous
accountant.
On Sept. 27, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The Committee retained
Sullivan & Worcester LLP as its legal counsel.
*********
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 2018. 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 ***