/raid1/www/Hosts/bankrupt/TCR_Public/180405.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, April 5, 2018, Vol. 22, No. 94
Headlines
215 HEMPSTEAD: Taps Walden Environmental as Consultant
21ST CENTURY CHARTER: S&P Affirms 'B+' on 2013A/B School Bonds
5 STAR INVESTMENT: Trustee Taps Hanna Campbell as Special Counsel
90 WEST STREET: Taps Goldberg Weprin as Legal Counsel
ALGODON WINES: Reports $8.25 Million Net Loss for 2017
ALPHA CARE AMBULANCE: Taps Ernest P. DeMarco as Accountant
ALPHA CARE AMBULANCE: Taps Hook & Fatovich as Legal Counsel
ASHBURN CITY, GA: Moody's Assigns Ba1 Issuer Rating; Outlook Stable
ATLANTIC POWER: S&P Affirms B+ Corp. Credit Rating, Outlook Stable
AUTO STRAP: Exclusive Plan Filing Period Extended Through June 30
B2B PROSPECTING: Case Summary & 2 Unsecured Creditors
BARTLETT MANAGEMENT: Exclusive Plan Filing Deadline Moved to Aug. 2
BEACH DANS: Seeks to Hire William Lee as Accountant
BIER INTERNATIONAL: Taps Morrison-Tenenbaum as Legal Counsel
BLACKSTONE DEVELOPERS: Voluntary Chapter 11 Case Summary
BLAIR OIL: Trustee Selling Oil & Gas Interests to Duke for $1.8K
BON-TON STORES: Bid Deadline for Bankruptcy Sale Extended
BON-TON STORES: Comenity Buying Recoverable Sales Taxes for $1.7M
BOSS LITHO: April 18 Continued Cash Collateral Hearing
BRAVO MULTINATIONAL: Needs More Time to File Form 10-K
BREAST CANCER INSTITUTE: Taps Dage Consulting as Accountant
CAPITAL TEAS: Exclusive Plan Filing Period Extended Until July 6
CAPITOL SUPPLY: Exclusive Filing Period Extended Through May 4
CENTURY COMMUNITIES: S&P Hikes CCR & Unsec. Notes Rating to 'B+'
CENVEO INC: Files Chapter 11 Plan of Reorganization
CHARLES FUQUA: Grandson Buying Charleston Property for $145K
CHARLES FUQUA: Swearingen Buying Charleston Property for $100K
CHARLES FUQUA: Swearingen Buying Charleston Property for $373K
CHESHIRE FOREIGN: Taps Douglas Thornton as Bankruptcy Attorney
CHOICE BRANDS: Taps Mark J. Conway as Legal Counsel
COATES INTERNATIONAL: Needs Additional Time to Complete Form 10-K
CTI FOODS: S&P Cuts CCR to 'CCC+' on Weak Cash Flow, Outlook Neg.
CUMULUS MEDIA: Posts Net Loss of $206.1 Mil. in 4th Quarter 2017
D&M INVESTMENTS: May Exclusively File Liquidating Plan Until May 2
DAVID GEERTS: Dombush Buying Fulton Farm for $515K
DIAMONDHEAD CASINO: Delays Filing of 2017 Form 10-K
DISCOVERY AIR: To Restructure Under CCAA Protection
ELDORADO GOLD: S&P Lowers CCR to 'B' on Increased Financial Risk
EPIC CHURCH: Seeks Interim Authority to Use Cash Collateral
ET SOLAR: Umbrella Solar Buying Inventory for $89K
FIRESTAR DIAMOND: Sets Bidding Procedures for All Assets
FIRST QUANTUM: Fitch Affirms 'B' IDR & Senior Unsecured Rating
FOX PROPERTY: Has Authority on Interim Cash Collateral Use
FRONTIER OILFIELD: Incurs $1.38 Million Net Loss in 2017
GEO. V. HAMILTON: Exits Chapter 11 Bankruptcy
GETCHELL AGENCY: Trustee's Sale of All Assets to Sweetser Approved
GFD CONSTRUCTION: Case Summary & 17 Unsecured Creditors
HJH CONSULTING: Case Summary & 20 Largest Unsecured Creditors
HOBBICO INC: Asset Sales to Horizon Hobby, Langford Group Okayed
ILD CORP: Wants to Maintain Plan Exclusivity Through May 28
INGERSOLL FINANCIAL: Taps Jeffrey D. Ostlie as Special Counsel
J.B. POINDEXTER: S&P Raises CCR & $225MM Unsec. Notes Rating to BB-
KELLEY BROS: Selling Personal Property for $18K
KIWA BIO-TECH: Posts $5.31 Million Net Income in 2017
LE-MAR HOLDINGS: Selling Taurean Grand Prairie Property for $4.2M
LOS POLLITOS: Voluntary Chapter 11 Case Summary
MAOZ 8TH AVENUE: Seeks June 25 Exclusive Plan Period Extension
MEHRI AKHLAGHPOUR: Trustee Selling Encino Property for $299K
MGTF RADIO: Taps Gordian Broadcast as Financial Advisor
MMM HOLDINGS: S&P Withdraws 'B' Issuer Credit & Sec. Debt Ratings
MOUNTAIN CRANE: Taps Richards Brandt as Litigation Counsel
NASRIN OIL: Seeks April 6 Plan Exclusivity Period Extension
NATIONAL ORTHOPEDICS: Has Final OK to Use M&T Bank Cash Collateral
NCSG CRANE: S&P Cuts CCR to 'SD' on Missed Interest Payments
NEPHROS INC: Obtains $1.19 Million Financing From Tech Capital
PIN OAK: Court Grants Trustee Additional 120 Days to File Plan
RAY ROGERS: Proposes a $325K Private Sale of Equipment to Click
RMG ENTERPRISES: Chesapeake Furniture Buying Two Trucks for $12K
ROBERSON LTD: Taps Brett Campbell as Accountant
RUBY RED: Stevens Group Buying All Assets for $1.6 Million
SAXON ENGINEERING: Wants to Move Plan Filing Deadline to April 23
SCOTTDALE DETOX: Has Until July 25 to File Plan of Reorganization
SCOUT INVESTMENTS: Case Summary & 5 Unsecured Creditors
STAR MOUNTAIN: Taps Legal & Compliance as Special Counsel
TEXAS E&P: Trustee Selling Property to Buffco for $15K
THINK TRADING: Seeks July 10 Exclusive Plan Filing Extension
US TAX RECOVERY: Case Summary & 20 Largest Unsecured Creditors
VAE LLC: Case Summary & 19 Unsecured Creditors
VERNON PARK: Christ Apostolic Buying Chicago Property for $25K
VRG LIQUIDATING: April 19 Auction of Visa/MC Claims
VYCOR MEDICAL: Posts $1.47 Million Net Loss in 2017
WEINSTEIN COMPANY: Lantern Buying All Assets for $310 Million
WESTSHORE LLC: Case Summary & 20 Largest Unsecured Creditors
WJA ASSET: Proposes Short Sale of Granada Hills Property for $1M
XPERTES LLC: Case Summary & 20 Largest Unsecured Creditors
YOSKAR LIQUORS: Court Denies Extension of Exclusivity Periods
[*] Clifford Chance's Manoukian Joins Schulte Roth
[*] Kristine Manoukian Joins Schulte Roth's N.Y. Office as Partner
*********
215 HEMPSTEAD: Taps Walden Environmental as Consultant
------------------------------------------------------
215 Hempstead Realty Corp. received approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire
Walden Environmental Engineering as its consultant.
The services to be provided by Walden, an environmental consulting
firm, include conducting a limited review of site conditions;
interviewing a contact who is familiar with the site history;
preparing Freedom of Information Act request of local, county and
state regulatory agencies; and preparing a Phase I Environmental
Site Assessment Report for the property.
Walden will be paid a flat fee of $2,500, which will be paid by
non-debtor entity, Mirabella, Inc.
Joseph Heaney, III, the environmental consultant employed with
Walden who will be providing the services, disclosed in a court
filing that he is "disinterested" as defined in section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Joseph M. Heaney, III
Walden Environmental Engineering
16 Spring Street
Oyster Bay, NY 11771
Phone: (516) 624-7200
Fax: (516) 624-3219
About 215 Hempstead Realty
215 Hempstead Realty Corp. is a corporation formed in 2013 and is
in the business of holding and managing real property. It operates
its business from a primary business location of 215 Hempstead
Avenue, West Hempstead, New York.
215 Hempstead Realty previously sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-70755) on Feb.
10, 2017.
215 Hempstead Realty Corp. filed a Chapter 11 petition (Bankr.
E.D.N.Y. Case No. 17-74474) on July 24, 2017. The petition was
signed by Nadide Cakici, its president. At the time of the filing,
the Debtor estimated assets of less than $1 million and liabilities
of less than $500,000.
The Debtor hired McBreen & Kopko as its bankruptcy counsel, and
George E. Milhim, CPA, as its accountant.
21ST CENTURY CHARTER: S&P Affirms 'B+' on 2013A/B School Bonds
--------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'B+' rating on the Indiana Finance Authority's series
2013A and taxable series 2013B educational facilities revenue
bonds, issued for 21st Century Charter School (21st Century).
"The stable outlook reflects our view of the school's improved
operations in fiscal 2017, which we expect will moderate but remain
supportive of at least 1.0x maximum annual debt service coverage in
fiscal 2018," said S&P Global Ratings credit analyst Kaiti Wang.
Proceeds from the 2013 bond issuance were used largely to finance
the construction of a facility on land donated by the city of Gary,
as well as to purchase the school's existing facility and to fully
fund a capitalized interest and debt service reserve fund.
21st Century is a kindergarten-through-12th grade (K-12) midsize
charter school in Gary.
5 STAR INVESTMENT: Trustee Taps Hanna Campbell as Special Counsel
-----------------------------------------------------------------
Douglas Adelsperger, the Chapter 11 trustee for 5 Star Investment
Group LLC, seeks approval from the U.S. Bankruptcy Court for the
Northern District of Indiana to hire Hanna, Campbell & Powell, LLP
as his special counsel.
The firm will represent the trustee in connection with the Debtor's
claims against 7 Heavens, LLC and Green Resource Homes Financial
Trust.
The firm's hourly rates are:
Partners $275
Associates $175
Paralegals $135
Emily Yoder, Esq., a partner at Hanna Campbell, disclosed in a
court filing that her firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
Hanna Campbell can be reached through:
Emily R. Yoder, Esq.
Hanna, Campbell & Powell, LLP
3737 Embassy Parkway, Suite 100
Akron, OH 44333
Phone: (330) 670-7612
Fax: (330) 670-7453
Email: eyoder@hcplaw.net
About 5 Star Investment Group
On Nov. 5, 2015, the U.S. Securities Exchange Commission filed a
complaint against Earl D. Miller, 5 Star Capital Fund, LLC and 5
Star Commercial, LLC, in the United States District Court for the
Northern District of Indiana, Hammond Division ("SEC Action").
In its complaint, the SEC alleged that Miller, 5 Star Capital Fund,
and 5 Star Commercial defrauded at least 70 investors from whom
they raised funds of at least $3,900,000. Additionally, on Nov. 5,
2015, the SEC obtained an ex parte temporary restraining order,
asset freeze and other emergency relief in the SEC Action.
5 Star Investment Group and its 10 affiliates owned by Eardl D.
Miller sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ind. Lead Case No. 16-30078) on Jan. 25, 2016. 5 Star
estimated assets of less than $50,000 and liabilities of $1 million
to $10 million. The Debtors' counsel was Katherine C. O'Malley,
Esq., at Cozen O'Connor, in Chicago, Illinois.
The cases are assigned to Judge Harry C. Dees, Jr.
On Feb. 29, 2016, Douglas R. Adelsperger was appointed as Chapter
11 trustee in each of the bankruptcy cases.
On March 23, 2016, the Court entered an order consolidating the
bankruptcy cases for purposes of administration only.
On June 24, 2016, the Court entered its agreed order granting the
Trustee's motion for substantive consolidation, substantively
consolidating the Debtors' bankruptcy cases for all post-petition
matters and purposes, effective as of the Petition Date, and
deeming that all assets and liabilities of the bankruptcy cases to
be consolidated into one bankruptcy estate, to be administered in
accordance with the Bankruptcy Code under the jurisdiction of the
Court ("Consolidated Bankruptcy Estate").
On July 21, 2016, the Court entered order granting application to
employ Tiffany Group Real Estate Advisors, LLC, as the bankruptcy
estates' broker.
Meredith R. Theisen, Esq., Deborah J. Caruso, Esq., John C. Hoard,
Esq., James E. Rossow, Jr., Esq., and Meredith R. Theisen, Esq., in
Rubin & Levin, P.C., in Indianapolis, Indiana, serve as counsel to
the Trustee.
90 WEST STREET: Taps Goldberg Weprin as Legal Counsel
-----------------------------------------------------
90 West Street LLC received approval from the U.S. Bankruptcy Court
for the Eastern District of New York to hire Goldberg Weprin Finkel
Goldstein LLP as its legal counsel.
The firm will represent the Debtor in negotiations with its secured
creditor Oxford Finance LLC related to restructuring; assist in the
preparation of a bankruptcy plan; and provide other legal services
in connection with its Chapter 11 case.
The firm charges $575 for the services of its partners. The hourly
rates for its associate range from $275 to $425.
Goldberg received a retainer in the sum of $35,000 from Zigmond
Brach, lead principal of Woodbriar Center I LLC, which is a member
of the Debtor.
Kevin Nash, Esq., a member of Goldberg, disclosed in a court filing
that he and other members of his firm do not hold any interests
that would disqualify the firm from representing the Debtor.
Goldberg can be reached through:
Kevin J. Nash, Esq.
Goldberg Weprin Finkel Goldstein LLP
1501 Broadway, 22nd Floor
New York, NY 10036
Tel: (212) 301-6944
Fax: (212) 422-6836
E-mail: KNash@gwfglaw.com
About 90 West Street
90 West Street LLC is a privately-held company in Brooklyn, New
York, engaged in activities related to real estate. It owns the
real property occupied by its affiliate Woodbriar Health Center
LLC, which operates a nursing home facility located at 90 West
Street, Wilmington, Massachusetts.
The company, together with WHC, was organized in March 2015 to
acquire the facility for $22 million. The acquisition included
both the real property on which the facility is located and the
nursing home itself. 90 West Street is related to Keen Equities,
which sought bankruptcy protection on Nov. 12, 2013 (Bankr.
E.D.N.Y. Case No. 13-46782).
90 West Street sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 18-40515) on Jan. 30, 2018. In the
petition signed by Y.C. Rubin, chief restructuring officer, the
Debtor estimated assets and liabilities of $1 million to $10
million. Judge Carla E. Craig presides over the case.
ALGODON WINES: Reports $8.25 Million Net Loss for 2017
------------------------------------------------------
Algodon Wines & Luxury Development Group, Inc., filed with the
Securities and Exchange Commission its Annual Report on Form 10-K
reporting a net loss attributable to common stockholders of $8.25
million on $1.81 million of sales for the year ended Dec. 31, 2017,
compared to a net loss attributable to common stockholders of
$10.04 million on $1.52 million of sales for the year ended Dec.
31, 2016.
As of Dec. 31, 2017, Algodon Wines had $8.34 million in total
assets, $4.33 million in total liabilities, $9.02 million in series
B convertible redeemable preferred stock, and a total stockholders'
deficiency of $5.02 million.
Marcum LLP, in New York, NY, the Company's auditor since 2013,
issued a "going concern" opinion in its report on the consolidated
financial statements for the year ended Dec. 31, 2017, citing that
the Company has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern
A full-text copy of the Form 10-K is available for free at:
https://is.gd/4mgEH7
About Algodon Wines
Through its wholly-owned subsidiaries, Algodon Wines & Luxury
Development Group, Inc. -- http://www.algodongroup.com/-- invests
in, develops and operates real estate projects in Argentina. Based
in New York, AWLD operates a hotel, golf and tennis resort,
vineyard and producing winery in addition to developing residential
lots located near the resort. The activities in Argentina are
conducted through its operating entities: InvestProperty Group,
LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L,
Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L. AWLD
distributes its wines in Europe through its United Kingdom entity,
Algodon Europe, LTD.
ALPHA CARE AMBULANCE: Taps Ernest P. DeMarco as Accountant
----------------------------------------------------------
Alpha Care Ambulance Corp. seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Ernest P. DeMarco &
Associates, LLC, as its accountant.
The firm will assist the Debtor in preparing its monthly operating
reports and tax returns; review and negotiate claims by taxing
authorities; and provide other accounting services in connection
with its Chapter 11 case.
The firm's hourly rates are:
Dennis Barker $300
Senior Accountant $240
Staff Accountant $180
Dennis Barker, a certified public accountant employed with DeMarco,
disclosed in a court filing that he and his firm are
"disinterested" as defined in section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Dennis G. Barker
Ernest P. DeMarco & Associates, LLC
533 Lafayette Avenue
Hawthorne, NJ 07506
Phone: (973) 423-3177
Fax: (973) 423-0975
Email: ernest.demarco@demarcocpa.com
About Alpha Care Ambulance Corp.
Alpha Care Ambulance Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. N.J. Case No. 18-15372) on March 19,
2018. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $1 million. Judge
Vincent F. Papalia presides over the case.
ALPHA CARE AMBULANCE: Taps Hook & Fatovich as Legal Counsel
-----------------------------------------------------------
Alpha Care Ambulance Corp. seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Hook & Fatovich, LLC,
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:
Ilisa Churgin Hook, Partner $350
Milica Fatovich, Partner $350
Law Clerk $150
Paralegal/Legal Assistant $130
Ilisa Churgin Hook, Esq., a partner at Hook & Fatovich, disclosed
in a court filing that the firm is "disinterested" as defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Ilisa Churgin Hook, Esq.
Milica A. Fatovich
Hook & Fatovich, LLC
1044 Route 23 North, Suite 204
Wayne, NJ 07470
Tel: 973-686-3800
Fax: 973-686-3801
E-mail: mfatovich@hookandfatovich.com
E-mail: ihook@hookandfatovich.com
E-mail: information@hookandfatovich.com
About Alpha Care Ambulance Corp.
Alpha Care Ambulance Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. N.J. Case No. 18-15372) on March 19,
2018. Judge Vincent F. Papalia presides over the case. At the
time of the filing, the Debtor estimated assets of less than
$500,000 and liabilities of less than $1 million.
ASHBURN CITY, GA: Moody's Assigns Ba1 Issuer Rating; Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service has assigned an initial Ba1 issuer rating
with a stable outlook to the City of Ashburn, GA.
RATINGS RATIONALE
The Ba1 rating reflects the city's very limited financial position,
resulting from several years of operating deficits, and fiscal
challenges facing the city, including a volatile revenue structure
and narrow budget, which limits operating flexibility.
Additionally, the tax base is very small and declining, a trend
that is likely to continue. Resident income and wealth levels are
weak, further reducing the city's practical ability to raise taxes
and fees, despite legal ability to do so. Lastly, the rating
incorporates the city's low fixed costs.
The city's issuer rating is equivalent to a rating that Moody's
would assign to a typical General Obligation Unlimited Tax (GOULT)
debt issue and is used as a reference for a rating assigned using
the US Municipal Utility Revenue Debt methodology. Under this
methodology, ratings are typically banded within two notches of its
GO rating, highlighting the linkage between a government's various
debt securities. In this case, city's issuer rating of Ba1 is one
notch from the city's combined utility enterprise rating of Baa3
with a negative outlook.
RATING OUTLOOK
The stable outlook reflects the likelihood that the city's
financial position will remain challenged, because of a
management's difficulty in balancing its operations and the city's
shrinking cash position. Still, the city's minimal amount of debt
and low fixed costs provide it with some degree of operating
flexibility to address these challenges.
FACTORS THAT COULD LEAD TO AN UPGRADE
- Strengthened financial position
- Diversification of revenue streams
- Tax base expansion coupled with improved demographics
FACTORS THAT COULD LEAD TO A DOWNGRADE
- Continued financial deterioration
- Declines in the tax base
- Significant increase in capital needs
LEGAL SECURITY
The issuer rating is based on the implied general obligation
unlimited tax pledge of the city.
PROFILE
Ashburn is located in Turner County and is approximately 80 miles
south of Macon. As of 2015, the city's population was 3,875, a 6.7%
decrease from 2010.
METHODOLOGY
The principal methodology used in this rating was US Local
Government General Obligation Debt published in December 2016.
ATLANTIC POWER: S&P Affirms B+ Corp. Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings said that it has affirmed its 'B+' long-term
corporate credit rating on Atlantic Power Corp. The outlook remains
stable.
S&P said, "At the same time, we affirmed our 'BB-' issue-level
rating on APLP Holdings L.P.'s (APLP Holdings) $700 million senior
secured term loan ($540 million outstanding) and $200 million
senior secured revolving credit facility and Atlantic Power L.P.'s
(the Partnership) C$210 million medium-term notes. Our '2' recovery
rating on all of the debt tranches remains unchanged, indicating
our expectation for substantial recovery (70%-90%; rounded
estimate: 75%) in the event of a default.
"Our 'B+' corporate credit rating on APC reflects the company's
consistent revenue as it has PPAs with mostly investment-grade
off-takers for most of the power-generating assets in its
portfolio. These PPAs insulate the company's revenue from market
risk, such as changes in power demand and price fluctuations.
However, this strength is somewhat offset by the recontracting risk
related to the expiration of APC's current PPAs. Off-takers may
either offer a short-term extension, possibly at lower rates, or
decide not to extend the PPA for various business reasons. With
1,440 megawatts (MW) of net capacity from 22 power-generating
assets located in the U.S. and Canada, we consider APC's portfolio
to be relatively small compared with those of its peers that we
rate, which is one of the few factors that prevents us from
assessing the company's business risk profile as stronger than
fair. However, we continue to apply a positive one-notch comparable
rating analysis modifier to our anchor on the company because we
believe that APC has a stronger contractual profile than its mostly
merchant peers and could potentially reduce its leverage at a
faster rate than we are currently forecasting due to the term
loan's cash sweep structure."
The stable outlook on APC reflects the relatively predictable
nature of the company's cash flows due to the contractual
arrangements between its power assets and their respective
off-takers. S&P said, "The stable outlook also reflects our
expectation that APC will use excess cash to further pay down its
term loan. We forecast that the company's S&P Global adjusted
consolidated debt-to-EBITDA will remain between 5.5x and 6.0x over
the next 12 months."
S&P said, "We could lower our ratings on APC if it appears that the
company's forecast adjusted debt-to-EBITDA will increase above
6.5x. This could occur if the company is unable to recontract its
expiring PPAs or obtain new ones or if it faces
higher-than-expected operating costs to maintain the power assets
in its portfolio, which would create uncertainty around the level
of cash flow available for debt service at the corporate level.
"We could raise our ratings on APC if the company reduces its
adjusted debt-to-EBITDA below 5.25x on a consistent basis. This
could occur if the company reduces its debt by sweeping excess cash
flows in line with our expectations or if it extends its expiring
contracts for a longer-term, providing increased certainty around
its future cash flows."
AUTO STRAP: Exclusive Plan Filing Period Extended Through June 30
-----------------------------------------------------------------
Judge Mark Houle of the U.S. Bankruptcy Court for the Central
District of California, at the behest of Auto Strap Transport, LLC,
has extended the exclusive period within which only the Debtor may
file a plan of reorganization through and including June 30, 2018.
About Auto Strap Transport
Auto Strap Transport L.L.C. -- http://autostraptransport.com/-- is
a privately owned auto transport carrier company with its corporate
office in Fontana, California, and additional terminals in
Milipitas, and Benecia, California, and La Vergne, Tennessee.
Auto Strap Transport filed a Chapter 11 petition (Bankr. C.D. Cal.
Case No. 17-19936) on Dec. 1, 2017. In the petition signed by
Richard Rudder, managing member, the Debtor estimated $1 million to
$10 million in total assets and $10 million to $50 million in
liabilities. The case is assigned to Judge Mark D. Houle. Todd L
Turoci, Esq., at the The Turoci Firm, is the Debtor's counsel.
B2B PROSPECTING: Case Summary & 2 Unsecured Creditors
-----------------------------------------------------
Debtor: B2B Prospecting, LLC
dba The B2B Prospecting Source
P.O. Box 291468
Kerrville, TX 78029-1468
Business Description: B2B Prospecting, LLC is a privately
held consulting firm in Kerrville,
Texas.
Chapter 11 Petition Date: April 2, 2018
Case No.: 18-50791
Court: United States Bankruptcy Court
Western District of Texas (San Antonio)
Judge: Hon. Craig A. Gargotta
Debtor's Counsel: James Samuel Wilkins, Esq.
WILLIS & WILKINS, LLP
711 Navarro St Suite 711
San Antonio, TX 78205
Tel: 210-271-9212
Fax: 210-271-9389
E-mail: jwilkins@stic.net
Estimated Assets: $0 to $50,000
Estimated Liabilities: $10 million to $50 million
The petition was signed by Harlan J. Hall, authorized
representative.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at:
http://bankrupt.com/misc/txwb18-50791.pdf
BARTLETT MANAGEMENT: Exclusive Plan Filing Deadline Moved to Aug. 2
-------------------------------------------------------------------
The Hon. Mary P. Gorman of the U.S. Bankruptcy Court for the
Central District of Illinois, at the behest of Bartlett Management
Services, Inc., and its debtor-affiliates, has extended the lease
assumption period to July 3, 2018, as well as the exclusive filing
deadline and exclusive acceptance deadline to, Aug. 2, 2018 and
October 1, 2018, respectively.
The Troubled Company Reporter has previously reported that the
Debtors asked for extension of the Lease Assumption Period, as well
as the Exclusivity Deadlines, contending that they (after an
extensive search) have been in the process of seeking to engage
Keen-Summit Capital Partners LLC to assist them in negotiating the
Remaining Leases, starting with the preparation of a market
analysis for each leased location, a process that the Debtors do
not expect to be completed until the end of March.
Since the filing of the Cases, and through the relief granted by
the Court, the Debtors have been able to reject or terminate 7 of
the original 35 leases. Thus, as of the date of this Motion, the
Debtors are currently operating 32 locations (28 of which are
leased), as follows:
(a) BM Services is operating 22 locations, including two
stores that it owns, and one location in which the Debtor owns the
building but leases the land; for a total of 20 BM Services
Leases;
(b) BM-Peoria is operating 7 locations, including two
locations that it owns, for a total of 5 BM-Peoria Leases; and
(c) BM-Indianapolis is leasing all of its three locations.
The Debtors believed that many of the Remaining Leases are above
market, and even for those that are not, the Debtors will require
concessions from their landlords in connection with curing the
existing defaults under the leases. Thus, the Debtors' ability to
assume the Remaining Leases, or at least a significant portion of
them, and then to propose and confirm a reorganization plan lies in
their ability to successfully renegotiate the terms of the
Remaining Leases.
However, the Debtors had estimated that they will need another
30-90 days after receiving the market analyses to complete the
negotiation process, either on their own (armed with the market
analyses) or, if necessary (and financially feasible) through
Keen's assumption of the negotiation process.
About Bartlett Management Services
Bartlett Management Services, Inc., Bartlett Management
Indianapolis, Inc., and Bartlett Management Peoria, Inc., owned 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. As of Feb. 28, 2018, Bartlett are operating 32
locations, 28 of which are leased.
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.
In the petitions signed by Robert E. Clawson, president, 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. Goldstein & McClintock LLLP is representing the
Committees.
BEACH DANS: Seeks to Hire William Lee as Accountant
---------------------------------------------------
Beach Dans, Inc., seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire an accountant.
The Debtor proposes to employ William Lee, a certified public
accountant, to prepare and provide financial reporting including
monthly operating reports, financial statements and tax returns.
The accountant charges an hourly fee of $250.
Mr. Lee disclosed in a court filing that he is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.
Mr. Lee maintains an office at:
William S. Lee
303 S. Union Ave, 1st Floor
Los Angeles, CA 9017
Phone: +1 (213) 260-3529
Email: william@williamleecpa.com
About Beach Dans
Beach Dans, Inc., sought Chapter 11 protection (Bankr. D.D. Cal.
Case No. 17-22786) on Oct. 18, 2017. In the petition signed by
Peter Yoon, president, the Debtor estimated less than $1 million in
assets and $1 million to $10 million in debt. The case is assigned
to Judge Julia W. Brand. The Debtor tapped Robert P. Goe, Esq.,
and Charity J Miller, Esq., at Goe & Forsythe, LLP, as counsel.
BIER INTERNATIONAL: Taps Morrison-Tenenbaum as Legal Counsel
------------------------------------------------------------
Bier International, LLC, received approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire
Morrison-Tenenbaum, PLLC as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; negotiate with creditors; assist in the
preparation of a plan of reorganization; and provide other legal
services related to its Chapter 11 case.
Lawrence Morrison, Esq., a partner at Morrison-Tenenbaum and the
attorney who will be handling the case, charges an hourly fee of
$525. Associates and paraprofessionals charge $380 per hour and
$175 per hour, respectively.
Morrison-Tenenbaum received $3,000 as an initial retainer fee from
a third-party owner of the Debtor.
Mr. Morrison 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:
Lawrence F. Morrison, Esq.
Morrison-Tenenbaum, PLLC
87 Walker Street, Floor 2
New York, NY 10013
Phone: 212-620-0938
Email: lmorrison@m-t-law.com
About Bier International
Bier International, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 18-10418) on Feb. 15,
2018. In the petition signed by Ousmane Keita, manager, the Debtor
estimated assets of less than $50,000 and liabilities of less than
$500,000. Judge Cecelia G. Morris presides over the case.
BLACKSTONE DEVELOPERS: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: Blackstone Developers, LLC
917 Red Oak Creek Drive
Ovilla, TX 75154
Business Description: Blackstone Developers, LLC is a real estate
lessor based in Ovilla, Texas.
Chapter 11 Petition Date: April 2, 2018
Case No.: 18-31183
Court: United States Bankruptcy Court
Northern District of Texas (Dallas)
Judge: Hon. Barbara J. Houser
Debtor's Counsel: John P. Lewis, Jr., Esq.
LAW OFFICE OF JOHN P. LEWIS, JR.
1412 Main St. Ste. 210
Dallas, TX 75202
Tel: (214) 742-5925
Fax: (214) 742-5928
E-mail: jplewisjr@mindspring.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dorothy L. Shelly, manager.
The Debtor failed to incorporate in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txnb18-31183.pdf
BLAIR OIL: Trustee Selling Oil & Gas Interests to Duke for $1.8K
----------------------------------------------------------------
Blair Oil Investments, LLC by Jeffrey A. Weinman, Chapter 7 Trustee
of the bankruptcy estate of Peter H. Blair, asks the U.S.
Bankruptcy Court for the District of Colorado to authorize the sale
of oil and gas leases with wells and production equipment, oil and
gas fixtures and personal property located in Yuma County,
Colorado, to Duke Gas Co., LLC for $1,800.
The Debtor has investigated the nature and extent of these Yuma
Interests. It owns approximately 117 other interests in other oil
and gas interests which the Debtor is not currently working.
Rather, other owners of interests are working these wells. The
Debtor receives regular dividends and incurs expenses for the other
interests.
As an interest in oil and gas rights, the Debtor believes that
these Yuma Interests carry the potential for a significant risk to
the bankruptcy estate, including potential liability under the
Comprehensive Environmental Response, Compensation, and Liability
Act of 1980. The Debtor desires to minimize the risks to the
bankruptcy estate and the potential for future liability. As a
result, it has determined that it is in the Estate's and the
creditors' best interest to sell the Yuma Interests.
To that end, the Debtor and Wellco have entered into a Contract of
Sale for the Yuma Interests. Under the terms of the Contract of
Sale, Duke Gas will purchase all of the Estates' right, title and
interest in the Yuma Interests (including all wells and production
equipment, oil and gas fixtures and personal property), for the
price of $1,860. The sale is without any representations of
warranty of title and is "as is, where is." Duke Gas is also
assuming all liabilities and operating costs associated with the
Yuma Interests from and after Jan. 1, 2018. The sale to Duke Gas
is conditioned on an order from the Court approving the sale.
A copy of the Contract attached to the Motion is available for free
at:
http://bankrupt.com/misc/Blair_Oil_270_Sales.pdf
To the best of the Debtor's knowledge, there are no persons or
parties who hold a prior properly perfected liens or encumbrances
in the Yuma Interests. It asks authority to sell the Yuma
Interests outside the ordinary course of business and free and
clear of any liens and other interests in such property of entities
other than the estate if any, to Duke Gas pursuant to the Contract
of Sale.
Based upon the Debtor's investigation, the Estate will incur
certain customary closing costs as part of the sale of the Yuma
Interests to Duke Gas. Specifically, its proportionate share of
operating expenses for the months prior to Jan. 1, 2018, property
taxes owing for 2017. The Debtor also believes that there will be
sales taxes of 5.9% on the personal property and equipment conveyed
with the sale, which will be approximately $106. As the Debtor
negotiated directly with Duke Gas for the purchase of the Yuma
Interests, the Debtor has not incurred any commissions or other
broker fees.
The Debtor asks authority to pay all related closing costs,
including taxes, from the purchase price as part of the sale of the
Yuma Interests to Duke Gas. Such costs would be an administrative
expense of the Estate subject to priority pursuant to 11 U.S.C.
Section 503(b).
The Debtor also asks that the Court lift the stay provided by Fed.
R. Bankr. P. 6004(h), which automatically stays for 14 days an
order authorizing the use, sale or lease of property other than
cash collateral.
About Blair Oil Investments
Blair Oil Investments, LLC, is the owner of an interest in certain
oil and gas leases with wells and production equipment, oil and gas
fixtures and personal property located in Yuma County, Colorado.
It also owns 117 other interests in other oil and gas interests.
Blair Oil Investments sought Chapter 11 protection (Bankr. D. Col.
Case No. 15-15009) May 7, 2015. The Debtor estimated assets and
liabilities in the range of $1 million to $10 million. The Debtor
tapped Harvey Sender, Esq., at Sender Wasserman Wadsworth, P.C., as
counsel.
Peter H. Blair filed his voluntary petition for relief under
Chapter 11 of the Bankruptcy Code also on May 7, 2015 (Case No.
15-15008). On Aug. 20, 2015, Mr. Blair's bankruptcy case was
converted to a case under Chapter 7. Jeffrey A. Weinman is the
Chapter 7 trustee for Mr. Blair's bankruptcy estate. Mr. Blair's
bankruptcy estate is the holder of 100% of the membership of BOI.
BON-TON STORES: Bid Deadline for Bankruptcy Sale Extended
---------------------------------------------------------
The Bon-Ton Stores, Inc., has said it is in active discussions with
interested parties in respect of a going-concern bid to acquire the
Company in a Bankruptcy Court-supervised sale process. As a result
of these discussions, Bon-Ton sought and received approval from its
lenders to extend the deadline for submitting qualified bids from
April 2, 2018, to April 4, 2018.
Bon-Ton will evaluate all qualified bids with the assistance of its
advisors to determine which bids maximize value for the Company and
all of its stakeholders.
There can be no assurances that discussions with these interested
parties will lead to a definitive agreement being reached on any
transaction, the Company said.
The Company expects to conduct an auction pursuant to section 363
of the U.S. Bankruptcy Code on April 9, after which a Court hearing
will take place to approve a sale on April 13.
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 251 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;
Joseph A. Malfitano, PLLC, as special counsel; PJT Partners LP as
investment banker; AlixPartners LLP as restructuring advisor and AP
Services, LLC as financial advisor; and A&G Realty Partners LLC, as
real estate advisor; and Prime Clerk LLC, as administrative
advisor.
Andrew R. Vara, Acting U.S. Trustee for Region 3, on Feb. 15, 2018,
appointed seven creditors to serve on the official committee of
unsecured creditors in the Chapter 11 case.
BON-TON STORES: Comenity Buying Recoverable Sales Taxes for $1.7M
-----------------------------------------------------------------
The Bon-Ton Stores, Inc., and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to authorize the
private sale of sales tax recoveries from the States of Illinois,
Michigan or Pennsylvania, which arise from credit card transactions
which were funded by and subsequently written off by Comenity for
U.S. federal income tax purposes for all periods beginning on or
after Jan. 1, 2014 and ending July 31, 2018, to Comenity Bank for
$1.7 million.
A hearing on the Motion is set for April 13, 2018 at 10:30 a.m.
(ET). The objection deadline is April 5, 2018 at 4:00 p.m. (ET).
On Dec. 16, 2011, Bon-Ton and Comenity (formerly known as World
Financial Network Bank) entered into that certain Private Label
Credit Card Program Agreement, as amended, pursuant to which
Comenity operates a private label credit card program with Bon-Ton
(including the nameplates Bon-Ton, Bergner's, Boston Store,
Carson's, Parisian, Elder-Beerman, Herberger's, and Younkers)
involving, among other things, the issuance of private label credit
cards to qualified customers of Bon-Ton.
Comenity extends credit to cardholders for purchases from Bon-Ton.
It makes payment to Bon-Ton for those cardholder purchases
(including sales taxes), net of various amounts owed to Comenity.
Comenity owns the cardholder accounts and the cardholder payments.
In April 2017, the Program Agreement was amended by Comenity and
Bon-Ton pursuant to which Comenity and Bon-Ton agreed to share
sales taxes recovered from various states that were charged to
Bon-Ton private label credit cards, funded by Comenity, paid to
states, and then written off by Comenity for U.S. federal income
tax purposes.
Following the Petition Date, Comenity approached Bon-Ton and
proposed to purchase all of Bon-Ton's right, title, and interests
in the Recoverable Sales Taxes. As a result of its relationship
with Bon-Ton described above, Comenity funded those sales tax
payments and is the only third party legally able to file claims
for Recoverable Sales Taxes on Bon-Ton's behalf. Accordingly,
Bon-Ton did not market the Recoverable Sales Taxes to any other
parties.
The principal terms of the Purchase Agreement are:
a. Seller: The Bon-Ton Stores, Inc.
b. Purchaser: Comenity Bank
c. Purchase Price: $1.7 million
d. Purchased Assets: (i) The Recoverable Sales Taxes; (ii) the
Seller's rights to make a claim for such Recoverable Sales Taxes in
the Applicable Jurisdictions, including the right to claim a
deduction for such Recoverable Sales Taxes, regardless of whether
an Applicable Jurisdiction permits either Purchaser or Seller, or
only Seller to make a claim for such Recoverable Sales Taxes; (iii)
if the Seller claims or has claimed a deduction for any Recoverable
Sales Taxes for any periods beginning on or after Jan. 1, 2014 and
ending July 31, 2018, the amounts, if any, received pursuant to
such claimed deduction and the right to recover the balance thereof
so claimed by Seller, but not yet received by the Seller; (iv) if
the Seller has filed a claim for a sales tax refund for any
Recoverable Sales Taxes for any periods beginning on or after Jan.
1, 2014 and ending July 31, 2018, the amounts, if any, received
pursuant to such claimed refund and the right to recover the
balance thereof so claimed by Seller, but not yet received by
Seller; and (v) copies of all material books and records owned by
Seller in its possession or under its control to the extent solely
related to the foregoing.
e. Assumed Liabilities: None
f. Private Sale/No Competitive Bidding: Because Comenity
originally funded the sales taxes and is the only party legally
able to file claims for Recoverable Sales Taxes on Bon-Ton's
behalf, Bon-Ton is asking approval of a private sale without an
auction process.
g. Closing and Other Deadlines: Comenity may terminate the
Purchase Agreement if the Sale Order is not entered by April 15,
2018. Subject to certain limitations, Comenity may terminate the
Purchase Agreement if the sale does not close by April 25, 2018.
h. Good Faith Deposit: Comenity submitted the entire purchase
price on March 3, 2018.
i. Sale Free and Clear of Unexpired Leases: N/A
j. Relief from Bankruptcy Rule 6004(h): Bon-Ton is asking
relief from the 14-day stay imposed by Bankruptcy Rule 6004(h) in
connection with the Motion.
A copy of the Purchase Agreement attached to the Motion is
available for free at:
http://bankrupt.com/misc/Bon-Ton_Stores_385_Sales.pdf
There is a sound business justification for Bon-Ton's preference to
proceed by private sale, rather than conducting a public auction
and sale of the Purchased Assets. As a practical matter, the sale
of the Purchased Assets represents an efficient means for its
disposition. Bon-Ton believes that it would be unlikely that an
auction for the Purchased Assets would produce a higher and better
offer for the Purchased Assets because Comenity is the only entity
legally able to file claims for the Recoverable Sales Taxes on
Bon-Ton's behalf. Accordingly, an auction would be costly,
impractical, and unlikely to produce an overall price greater than
the Purchase Price.
The sale does not amount to a sub rosa plan. Bon-Ton believes that
the sale (a) will satisfy the statutory prerequisites of section
363(f) of the Bankruptcy Code and (b) should be approved free and
clear of all liens, claims, interests, and encumbrances.
The Debtors ask the Court to waive the 14-day stay under Bankruptcy
Rule 6004(h) to minimize ongoing costs by closing the proposed sale
as soon as possible after the entry of the Sale Order.
Furthermore, Comenity has requested and the Purchase Agreement
provides that the stay be waived.
The Purchaser:
COMENITY BANK
One Righter Parkway
Suite 100
Wilmington, DE 19803
The Purchaser is represented by:
COMENITY, LLC
Attn: law Department
305 Loyalty Circle
Columbus, OH 43219
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;
Joseph A. Malfitano, PLLC, as special counsel; PJT Partners LP as
investment banker; AP Services, LLC as financial advisor; and A&G
Realty Partners LLC, as real estate advisor; and Prime Clerk LLC,
as administrative advisor.
Andrew R. Vara, Acting U.S. Trustee for Region 3, on Feb. 15, 2018,
appointed seven creditors to serve on the official committee of
unsecured creditors in the Chapter 11 case.
BOSS LITHO: April 18 Continued Cash Collateral Hearing
------------------------------------------------------
Judge Sandra R. Klein of the U.S. Bankruptcy Court for the Central
District of California authorized Boss Litho, Inc., to use cash
collateral on an interim basis to pay all of its ordinary expenses
with up to a 15% variance.
The Court sets the continued hearing on the Debtor's Cash
Collateral Motion on April 18, 2018 at 9:00 a.m.
Any party asserting an interest in the Debtor's cash collateral is
granted a replacement lien upon all of the Debtor's post-petition
accounts, equipment, inventory, and other personal property with
the same validity and priority as their liens upon the Debtor's
prepetition assets as of the petition date, with such replacement
lien being a perfected security interest in and to the Debtor's
postpetition collateral having the same extent, validity and
priority as the Secured Creditor had in the prepetition collateral
of the Debtor on the petition date.
The Debtor is authorized to make the adequate protection payments
to the Secured Creditors as set forth in the Budget attached to the
Motion. Additionally, the Debtor: (a) will permit the Secured
Creditors and its agents access to inspect the prepetition
collateral, on reasonable notice to Debtor; (b) will keep the
prepetition collateral insured as required by the Secured
Creditors' Loan Documents and U.S. Trustee Guidelines; and (c) will
provide the Secured Creditors with continuing reporting as required
under their loan documents.
Moreover, the Debtor is instructed to file a declaration with the
Court setting forth the amount of compensation Jean Paul Nataf has
received since the inception of its Case. The Debtor is also
instructed that no further compensation will be paid to Jean Paul
Nataf until either: (a) 14 days have elapsed since the filing of
the Notice and no party files an objection to the Notice; or (b)
the Court enters an order authorizing compensation to be to paid to
Jean Paul Nataf.
A full-text copy of the Interim Order is available at:
http://bankrupt.com/misc/cacb18-11454-142.pdf
About Boss Litho Inc.
Boss Litho, Inc. -- http://bosslitho.com/-- is a printing and
packing company located in the City of Industry, California. Boss
Litho sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. C.D. Cal. Case No. 18-11454) on Feb. 9, 2018. In the
petition signed by Jean Paul Nataf, president, the Debtor estimated
assets and liabilities of $1 million to $10 million. Judge Sandra
R. Klein presides over the case. Kogan Law Firm, APC, is the
Debtor's counsel.
BRAVO MULTINATIONAL: Needs More Time to File Form 10-K
------------------------------------------------------
Bravo Multinational Incorporated notified the Securities and
Exchange Commission via a Form 12b-25 that it will be delayed in
filing its Annual Report on Form 10-K for the year ended Dec. 31,
2017. The Company said it has encountered a delay in assembling
the information required to be included in its Annual Report. The
Company expects to file its Form 10-K Annual Report with the SEC 15
calendar days of the prescribed due date.
About Bravo Multinational
Based in Ontario, Canada, Bravo Multinational Incorporated --
http://www.bravomultinational.com/-- is engaged in the business of
leasing and selling gaming equipment. On Sept. 19, 2013, Universal
Equipment SAS, Inc., its wholly-owned subsidiary, entered into an
asset purchase agreement to acquire certain gaming equipment from
Universal Entertainment SAS, Ltd., a corporation formed under the
laws of the Country of Colombia, for 17,450,535 shares of its
common stock (post reverse-split on March 6, 2014). The closing
occurred on March 6, 2014. The gaming equipment includes
approximately 67 video poker and slot machines; eight blackjack and
miscellaneous game tables, and related furniture and equipment;
roulette table and related furniture and equipment; bingo equipment
and furniture; casino chips, bill acceptors, coin counter and
related equipment, and miscellaneous office equipment, like chairs
and tables.
The company's independent accounting firm B F Borgers CPA PC
Lakewood, Colorado, issued a "going concern" qualification in its
report on the consolidated financial statements for the year ended
Dec. 31, 2016. The independent auditors noted that the Company has
suffered recurring losses from operations and has a significant
accumulated deficit. In addition, the Company's cash position may
not be significant enough to support the Company's daily
operations. These factors raise substantial doubt about the
Company's ability to continue as a going concern.
Bravo Multinational reported a net loss of $2.18 million in 2016
following a net loss of $2.51 million in 2015. As of Sept. 30,
2017, the Company had $4.02 million in total assets, $3.51 million
in total liabilities and $508,987 in total stockholders' equity.
BREAST CANCER INSTITUTE: Taps Dage Consulting as Accountant
-----------------------------------------------------------
Breast Cancer Institute P.S.C. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Dage
Consulting CPA's, PSC.
The firm will provide accounting services to the Debtor in
connection with its Chapter 11 case.
Jose Diaz Crespo, the accountant employed with Dage Consulting who
will be providing the services, charges an hourly fee of $135. His
firm has required a retainer in the sum of $2,000.
Mr. Crespo and his firm are "disinterested persons" as defined in
section 101(14) of the Bankruptcy Code, according to court
filings.
Dage Consulting can be reached through:
Jose A. Diaz Crespo
Dage Consulting CPA's, PSC
340 Urb. Industrial Victor Fernandez, Suite 201B
San Juan, PR 00926
Phone: 787-594-1882
About Breast Cancer Institute
Breast Cancer Institute, PSC, which conducts business under the
name Advance Breast Center, is a healthcare company that provides
breast imaging, mammography, diagnostic imaging, stereotactic
biopsy, radiology services. It is based in Cavey, Puerto Rico.
Breast Cancer Institute sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-01524) on March 22,
2018. In the petition signed by Vidal Rosario Leon, president, the
Debtor disclosed $4.06 million in assets and $14.67 million in
liabilities. Judge Brian K. Tester presides over the case. C.
Conde & Assoc. is the Debtor's bankruptcy counsel.
CAPITAL TEAS: Exclusive Plan Filing Period Extended Until July 6
----------------------------------------------------------------
The Hon. Robert A. Gordon of the U.S. Bankruptcy Court for the
District of Maryland has entered a second order extending the
exclusive periods within which Capital Teas, Inc., may file its
plan of reorganization by July 6, 2018, and obtain acceptances
thereto by September 4, 2018.
The Troubled Company Reporter has previously reported that the
Debtor sought for exclusivity extension claiming that it needed
additional time to assess the current changes that have already
been implemented in its operations will perform in order to support
a feasible plan of reorganization.
Since the filing of the Petition, the Debtor has remained focused
on its bankruptcy case and has utilized the time wisely to
stabilize its operations. The Debtor has significantly reorganized,
resized and re-prioritized its operations and revenue streams since
the Petition Date. The Debtor is leaner and more profitable than
before after closing eleven retail stores and rejected three other
leases for stores not yet opened as part of its restructuring.
The Debtor successfully negotiated lease assumptions for ten of its
profitable retail stores and is in the process of negotiating lease
assumptions on the two remaining stores. During this same period,
the Debtor has increased its efforts to grow its online and
wholesale operations.
However, due to the timing of the payments required under the lease
assumptions, as well as the Debtor's purchase of an urgently needed
updated point-of-sale system that depleted its funds reserved for
operations, the Debtor required additional financing to pay for
cure amounts to its landlords pursuant to various orders granting
the Debtor's motions to assume its retail leases.
On Feb. 21 2018, the Debtor obtained the Court's approval of
additional debtor-in-possession financing, and the Debtor received
the essential first tranche of the additional post-petition
financing in mid-February.
The Debtor has also obtained Court approval to extend the time to
assume or reject its unexpired lease with Annapolis Mall Owner and
at Mosaic District in Merrifield, Virginia. The Debtor told the
Court that negotiations on assumption of these leases are in
progress, and the Debtor will be filing motions to assume for these
stores.
While it is starting to see the results of these efforts, the
Debtor also told the Court that it needs to assess the changes that
have already been implemented is a complexity that warrants
extending exclusivity so that the Debtor and parties in interest
can fully consider all facets of a viable plan of reorganization.
The Debtor believed that the requested extension of time will allow
the process to play out while the Debtor's operations increase at
its profitable stores.
About Capital Teas
Capital Teas, Inc. -- http://www.capitalteas.com/-- is a retailer
offering green, white, black, oolong, rooibos, mate, fruit tisane,
and herbal tea products. It first opened its doors in 2007. Peter
Martino is chief executive officer of the Company.
Capital Teas sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Md. Case No. 17-19426) on July 11, 2017. In the
petition signed by CEO Peter Martino, the Debtor estimated assets
and liabilities of $1 million to $10 million.
Judge Robert A. Gordon presides over the case.
Lawrence J. Yumkas, Esq., and Lisa Yonka Stevens, Esq., at Yumkas,
Vidmar, Sweeney & Mulrenin, LLC, serve as the Debtor's legal
counsel.
The U.S. Trustee for Region 4 on July 24, 2017, appointed three
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case. The committee members are: (1) Julie
Minnick Bowden of GGP Limited Partnership; (2) Holger Lohs of
Haelssen and Lyon NA Corp.; and (3) Silvia Rettore of Dethlefsen &
Balk, Inc. The Creditors Committee tapped Michael Best & Friedrich
LLP as counsel, and National CRS, LLC as financial advisor.
CAPITOL SUPPLY: Exclusive Filing Period Extended Through May 4
--------------------------------------------------------------
Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern
District of Florida, at the behest of Capitol Supply, Inc., has
extended: (a) the Debtor's exclusive period to file a plan of
reorganization through May 4, 2018; (b) the exclusive period to
solicit acceptances for a plan of reorganization is extended to
through July 3, 2018.
As reported by the Troubled Company Reporter on March 12, 2018, the
Debtor requested an extension of the Procedures Deadline Order,
Exclusive Filing Period and Exclusive Solicitation Period for a
period of 60 days in order to have additional time to formulate its
plan of reorganization and pursue settlement negotiations with the
United States and Bank of America.
The Debtor told the Court that since the Petition Date, the Debtor
has devoted a significant amount of time:
(a) complying with the requirements of operating as a
debtor-in-possession during a Chapter 11 case,
(b) defending the appeal of the Court's order granting in part
the Debtor's motion to enforce the automatic stay against an action
by the United States and Louis Scutellaro pending before the
District Court for the District of Columbia, including recently
seeking and obtaining permission to file a surreply,
(c) negotiating the sale of the Debtor's interest in certain
agreements and related business divisions with proposed sellers and
the Debtor's secured lender,
(d) obtaining court approval of such sales and related contract
assignments, and
(e) preparing cash budgets for continued use of cash collateral
and projections for a plan of reorganization.
Additionally, the Debtor has ongoing settlement discussions with
one of its largest unsecured creditors, the United States, with
respect to the claims asserted in the DC Case, and with its secured
lender, Bank of America, with respect to potential consensual plan
terms. As a result, the Debtor required additional time to pursue
such settlement discussions with the United States and Bank of
America, and to formulate its plan of reorganization.
About Capitol Supply
Since 1983, Capitol Supply, Inc., has provided the United States
Government, the U.S. Military, State and local government agencies
and consumer and commercial customers worldwide various products
needed to operate their businesses. Capitol Supply offers office
supply, office furniture, hardware, tools, auto parts, cleaning
supplies, dorms and quarters, package room, and GSA schedule
needs.
Capitol Supply was formerly known as Capitol Furniture Distributing
Company and changed its name to Capitol Supply, Inc., in March
2005.
Capitol Supply, based in Boca Raton, Florida, filed a Chapter 11
petition (Bankr. S.D. Fla. Case No. 17-21544) on Sept. 20, 2017.
In the petition signed by CEO Robert J. Steinman, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
The Hon. Erik P. Kimball presides over the case. Bradley S.
Shraiberg, Esq., at Shraiberg Landaue & Page, P.A., serves as
bankruptcy counsel to the Debtor.
CENTURY COMMUNITIES: S&P Hikes CCR & Unsec. Notes Rating to 'B+'
----------------------------------------------------------------
S&P Global Ratings raised its corporate credit rating on
Denver-based Century Communities Inc. to 'B+' from 'B' The outlook
is stable.
S&P said, "At the same time, we raised our issue-level rating on
the company's senior unsecured notes to 'B+' from 'B'. The '3'
recovery rating remains unchanged, indicating our expectation for
meaningful (50%-70%; rounded estimate: 60%) recovery in the event
of a default.
"The upgrade reflects Century Communities' completed integration of
west coast homebuilder UCP Inc. and its expanded size and
geographic diversity following the acquisition. In addition, we
believe that the company's entry into the California and Pacific
Northwest markets has enhanced the attractiveness of its overall
market mix and provided it with positions in some otherwise
land-constrained areas. The company has also maintained
profitability on par with that of its similarly-sized peers while
executing its acquisitive growth strategy. Furthermore, we forecast
that Century will operate with debt-to-EBITDA of 4x-5x on a
run-rate basis and interest coverage of at least 2x.
"The stable outlook on Century reflects our expectation that
favorable housing demand and the company's expanded community
platform will allow it to increase home closings at a faster rate
than the broader U.S. market over the next 12 months. In addition,
we anticipate that it will maintain EBITDA margins of 9%-10% over
this period. We forecast that the company's increased EBITDA and
cash flow generation will cause its credit measures to improve
gradually, leading its debt-to-EBITDA to decline toward 4x as of
year-end 2018.
"Although we view a downgrade as unlikely in the next 12 months
given our expectation for a continued recovery in the U.S. housing
market, we could lower our corporate credit rating on Century to
'B' if the company sustained leverage of more than 5x or interest
coverage of less than 2x. This could occur if the company took on
debt to fund $100 million of additional land spending beyond the
assumptions in our forecast or if it undertakes a major acquisition
without reducing its debt-to-EBITDA below 5x in the following 12
months.
"We could consider upgrading Century in the next 12 months if the
company sustains debt-to-EBITDA of less than 4x, which it would
likely achieve by increasing its number of closings and raising its
prices at a faster rate than in our forecast. Under this scenario,
we anticipate that the company's homebuilding revenue would
increase to $2.1 billion. However, these positive factors may be
tempered by Century's acquisitive growth strategy, as the company
may choose to use more debt financing for future transactions."
CENVEO INC: Files Chapter 11 Plan of Reorganization
---------------------------------------------------
Cenveo, Inc. (otcpk:CVOVQ), a diversified manufacturer of
print-related products including envelopes, custom labels,
commercial print, and publisher solutions, on April 3, 2018,
disclosed that it has filed a Chapter 11 plan of reorganization and
related disclosure statement with the United States Bankruptcy
Court for the Southern District of New York, White Plains. The
Plan outlines a proposed path to strengthen the Company's balance
sheet, increase its financial flexibility, and position it for
long-term success.
"We are continuing to make significant progress as we enter the
next phase of our restructuring," said Robert G. Burton, Sr.,
Cenveo's Chairman and Chief Executive Officer. "The Company's Plan
represents a clear and viable path forward for Cenveo to establish
a sustainable capital structure that supports future growth and
investment in the business. We will continue to work closely with
all of our stakeholders to refine the Plan, as this is a critical
step to achieving our timeline of emerging from this restructuring
process in the summer of 2018."
A hearing has been scheduled with the Court on May 16, 2018 to
consider approval of the Disclosure Statement related to the Plan.
Following Court approval of the Disclosure Statement, Cenveo will
distribute the Plan and Disclosure Statement to voting creditors
for their consideration.
About Cenveo
Headquartered in Stamford, Connecticut, Cenveo (NASDAQ:CVO) --
http://www.cenveo.com/-- is a global provider of print and related
resources, offering world-class solutions in the areas of custom
labels, envelopes, commercial print, content management and
publisher solutions. The Company provides a one-stop offering
through services ranging from design and content management to
fulfillment and distribution. With a worldwide distribution
platform, the Company says it delivers quality solutions and
services every day to its more than 100,000 customers.
After reaching an agreement with holders of a majority of its first
lien debt to support a Chapter 11 plan of reorganization, Cenveo
Inc. and its domestic subsidiaries filed voluntary petitions for
reorganization under Chapter 11 of the U.S. Bankruptcy Code in
White Plains, New York (Bankr. S.D.N.Y. Lead Case No. 18-22178) on
Feb. 2, 2018. The Chapter 11 filing does not include foreign
entities, such as those located in India.
As of Dec. 31, 2017, Cenveo disclosed total assets of $789,547,000
and total debt of $1,426,133,000.
The Debtors tapped Kirkland & Ellis LLP as counsel; Rothschild Inc.
as investment banker; Zolfo Cooper LLC as restructuring advisor;
and Prime Clerk LLC as notice, claims & balloting agent, and
administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Debtors' cases. The committee hired
Lowenstein Sandler LLP as its bankruptcy counsel; and FTI
Consulting, Inc. as its financial advisor.
CHARLES FUQUA: Grandson Buying Charleston Property for $145K
------------------------------------------------------------
Charles W. Fuqua, II and Ruth A. Fuqua ask the U.S. Bankruptcy
Court for the Central District of Illinois to authorize the private
sale of 38 acre parcel of real property located at 4700 W. State
Street, Charleston, Illinois to Alexander W. Fuqua for $145,000.
The Debtors own the property. They lease it to an entity that
operates a drag strip. In 2013, the property was appraised for
$188,200.
The real estate is encumbered by a mortgage granted to First
Federal Savings & Loan Association of Central Illinois, S.B. The
loan balance is approximately $95,375.
On Feb. 19, 2018, the Debtors and the Buyer entered into an
agreement for the sale of the real estate for $145,000 with $1,000
earnest money deposit. The Buyer is the grandson of the Debtors.
The Debtors have attempted to sell the property for the past few
years, and this is the only serious offer they have received. The
Debtors wish to sell the real estate by private sale free and clear
of all liens.
A copy of the Contract attached to the Motion is available for free
at:
http://bankrupt.com/misc/Charles_Fuqua_89_Sales.pdf
The lien of First Federal will attach to the proceeds of the sale.
The net proceeds from the sale will be sequestered in a separate
DIP account for the benefit of the general, unsecured creditors.
The Purchaser:
Alexander W. Fuqua
4610, W. State St.
Charleston, IL 61920
Counsel for Debtors:
Roy Jackson Dent
DENT LAW OFFICE, LTD.
P.O. Box 1633
Effingham, IL 62401
Telephone: (217) 330-5500
Facsimile: (866) 870-6855
E-mail: roygackson.dent@dentlawoffices.com
Charles W. Fuqua, II and Ruth A. Fuqua sought Chapter 11 protection
(Bankr. C.D. Ill. Case No. 17-91140) on Oct. 20, 2017. The Debtors
tapped Roy Jackson Dent, Esq., at Dent Law Office, Ltd. as counsel.
CHARLES FUQUA: Swearingen Buying Charleston Property for $100K
--------------------------------------------------------------
Charles W. Fuqua, II and Ruth A. Fuqua ask the U.S. Bankruptcy
Court for the Central District of Illinois to authorize the private
sale of the commercial building located at 651 18th Street,
Charleston, Illinois to Swearingen Enterprises, LLC for $99,500.
The Debtors own the property. They have scheduled the value of the
property at $120,000.
The real estate is encumbered by a mortgage granted to Prairie
State Bank & Trust. The loan balance is approximately $309,890.
On March 21, 2018, the Debtors and the Buyer entered into an
agreement for the sale of the real estate for $99,500, with $500 as
earnest money deposit. The Debtors are not affiliated with the
Buyer. The Debtors wish to sell the real estate by private sale
free and clear of all liens pursuant to Section 363(f).
A copy of the Contract attached to the Motion is available for free
at:
http://bankrupt.com/misc/Charles_Fuqua_93_Sales.pdf
The lien of Prairie State will attach to the proceeds of the sale.
The net proceeds from the sale will be sequestered in a separate
DIP account for the benefit of the general, unsecured creditors.
The Creditor:
PRAIRIE STATE BANK
AND TRUST
621 W Lincoln Avenue
Charleston, IL 61920-2445
Charles W. Fuqua, II and Ruth A. Fuqua sought Chapter 11 protection
(Bankr. C.D. Ill. Case No. 17-91140) on Oct. 20, 2017. The Debtors
tapped Roy Jackson Dent, Esq., at Dent Law Office, Ltd. as counsel.
CHARLES FUQUA: Swearingen Buying Charleston Property for $373K
--------------------------------------------------------------
Charles W. Fuqua, II and Ruth A. Fuqua ask the U.S. Bankruptcy
Court for the Central District of Illinois to authorize the private
sale of the commercial building located at 654 W. State Street,
Charleston, Illinois to Swearingen Enterprises, LLC for $372,500.
The Debtors own the property. They have scheduled the value of the
property at $375,000.
The real estate is encumbered by a mortgage granted to Prairie
State Bank & Trust. The loan balance is approximately $309,890.
On March 21, 2018, the Debtors and the Buyer entered into an
agreement for the sale of the real estate for $372,500, with $500
as earnest money deposit. The Debtors are not affiliated with the
Buyer. The Debtors wish to sell the real estate by private sale
free and clear of all liens pursuant to Section 363(f).
A copy of the Contract attached to the Motion is available for free
at:
http://bankrupt.com/misc/Charles_Fuqua_91_Sales.pdf
The lien of Prairie State will attach to the proceeds of the sale.
The net proceeds from the sale will be sequestered in a separate
DIP account for the benefit of the general, unsecured creditors.
The Creditor:
PRAIRIE STATE BANK
AND TRUST
621 W Lincoln Avenue
Charleston, IL 61920-2445
Charles W. Fuqua, II and Ruth A. Fuqua sought Chapter 11 protection
(Bankr. C.D. Ill. Case No. 17-91140) on Oct. 20, 2017. The Debtors
tapped Roy Jackson Dent, Esq., at Dent Law Office, Ltd., as
counsel.
CHESHIRE FOREIGN: Taps Douglas Thornton as Bankruptcy Attorney
--------------------------------------------------------------
Cheshire Foreign Auto Service, Inc., seeks approval from the U.S.
Bankruptcy Court for the District of New Hampshire to hire Douglas
Thornton, Esq., as its legal counsel.
Mr. Thornton will assist the Debtor in the preparation of a
bankruptcy plan; review claims of creditors; and provide other
legal services related to its Chapter 11 case.
In a court filing, Mr. Thornton disclosed that he has no
connections with any creditor of the Debtor or any "party in
interest."
Mr. Thornton maintains an office at:
Douglas Thornton, Esq.
64 Gilsum Road
Surry, NH 03431
Phone: (603) 4565-8557
Email: doug@dougthorntonlaw.com
About Cheshire Foreign Auto Service
Cheshire Foreign Auto Service, Inc., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.H. Case No. 18-10375)
on March 23, 2018. Judge Bruce A. Harwood presides over the case.
CHOICE BRANDS: Taps Mark J. Conway as Legal Counsel
---------------------------------------------------
Choice Brands Group, Inc., seeks approval from the U.S. Bankruptcy
Court for the Middle District of Pennsylvania to hire the Law
Offices of Mark J. Conway, 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.
Mark Conway, Esq., principal of the firm, charges an hourly fee of
$300 while paralegals charge $95 per hour. His firm received a
retainer in the sum of $23,000.
Mr. Conway disclosed in a court filing that he does not represent
any interests adverse to the Debtor and its estate.
The firm can be reached through:
Mark J. Conway, Esq.
Law Offices of Mark J. Conway, P.C.
502 S. Blakely, Street
Dunmore, PA 18512
Phone: (570) 343-5350
Fax: (570) 343-5377
E-mail: info@mjconwaylaw.com
About Choice Brands Group
Choice Brands Group, Inc., formerly known as Choice Brands
Equestrian, Inc., is a wholesale importer and distributor of
equestrian products. The company, which also operates under the
name Horseloverz.com, is located in Hazleton, Pennsylvania. It
offers discounted horse supplies, horse tack, saddles, clothing,
boots and breyer.
Choice Brands Group sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Pa. Case No. 18-01175) on March 23,
2018. In the petition signed by John V. Moncada, president, the
Debtor disclosed $1.11 million in assets and $3.63 million in
liabilities. Judge Robert N. Opel II presides over the case.
COATES INTERNATIONAL: Needs Additional Time to Complete Form 10-K
-----------------------------------------------------------------
Coates International, Ltd., was unable, without unreasonable effort
or expense, to file its Annual Report on Form 10-K for the year
ended Dec. 31, 2017 by the April 2, 2018 filing date applicable to
smaller reporting companies due to a delay experienced by the
Company in completing its financial statements and other
disclosures in the Annual Report. As a result, the Company is
still in the process of compiling required information to complete
the Annual Report and its independent registered public accounting
firm requires additional time to complete its audit of the
financial statements for the year ended Dec. 31, 2017 to be
incorporated in the Annual Report. The Company anticipates that it
will file the Annual Report no later than the fifteenth calendar
day following the prescribed filing date.
About Coates
Based in Wall Township, N.J., Coates International, Ltd. (OTC BB:
COTE) -- http://www.coatesengine.com/-- has been developing over a
period of more than 20 years the patented Coates Spherical Rotary
Valve system technology which is adaptable for use in piston-driven
internal combustion engines of many types. Independent testing of
various engines in which the Company incorporated its CSRV system
technology confirmed meaningful fuel savings when compared with
internal combustion engines based on the conventional "poppet
valve" assembly prevalent in most internal combustion engines
throughout the world. In addition, the Company's CSRV Engines
produced only ultra-low levels of harmful emissions while in
operation. Engines operating on the CSRV system technology can be
powered by a wide selection of fuels. The Company was incorporated
on Aug. 31, 1988.
MSPC, in Cranford, New Jersey, Coates' independent registered
public accountants, have stated in their Auditor's Report dated
April 14, 2017, with respect to the Company's financial statements
as of and for the year ended Dec. 31, 2016, that the Company
continues to have negative cash flows from operations, recurring
losses from operations, and a stockholders' deficiency. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
Coates reported a net loss of $8.35 million on $29,200 of total
revenues for the year ended Dec. 31, 2016, compared to a net loss
of $10.20 million on $94,200 of total revenues for the year ended
Dec. 31, 2015. As of Sept. 30, 2017, Coates had $2.27 million in
total assets, $8.18 million in total liabilities and a total
stockholders' deficiency of $5.90 million.
CTI FOODS: S&P Cuts CCR to 'CCC+' on Weak Cash Flow, Outlook Neg.
-----------------------------------------------------------------
Operating performance at Idaho-based, CTI Foods Holding Co. LLC
weakened in 2017 due to lower margins and soft volumes that were
significantly below S&P's expectations, causing adjusted EBITDA
interest coverage, including interest on preferred shares, to fall
below 1x and significantly pressure cash flows.
S&P Global Ratings lowered its corporate credit rating on
Idaho-based CTI Foods Holding Co. LLC (CTI) to 'CCC+' from 'B-'.
The outlook is negative.
S&P said, "We also lowered the issue-level ratings on the company's
first-lien term loan due 2020 to 'CCC+' from 'B-' and its
second-lien term loan due 2021 to 'CCC-' from 'CCC'. We are
maintaining the '3' and '6' recovery ratings on the first-lien and
second-lien term loans respectively."
The downgrade reflects continued underperformance in 2017, with the
expectation that the company's cash flows will remain negligible
while S&P Global Ratings adjusted financial leverage will remain
well above 10x in 2018. That could complicate the refinancing of
CTI's capital structure as it begins to come current in April 2019.
The negative outlook reflects the risk that the company is unable
to improve operating performance, resulting in continued pressure
on FOCF and its ability to successfully secure a refinancing of its
ABL and first-lien term loan, which begin to come current in April
2019 and June 2019 respectively.
S&P said, "We could lower the rating if it becomes apparent the
company will face a default, most likely the result of an inability
to refinance its ABL and first-lien term loan prior to coming
current in 2019, which would result in a near term liquidity
crisis.
"We could take a positive rating action if the company were to
increase and sustain EBITDA interest coverage to above 1.5x while
generating at least $10 million of sustainable FOCF. This could
occur if it successfully expanded gross margins by roughly 200 bps
while growing revenues 1.5% in 2018."
CUMULUS MEDIA: Posts Net Loss of $206.1 Mil. in 4th Quarter 2017
----------------------------------------------------------------
Cumulus Media Inc. on March 28, 2018, announced operating results
for the three months and year ended Dec. 31, 2017.
For the three months ended Dec. 31, 2017, the Company reported net
revenue of $293.9 million, down 1.9% from the three months ended
December 31, 2016, net loss of $206.1 million and Adjusted EBITDA
of $49.9 million, down 12.3% from the quarter ended Dec. 31, 2016.
For the year ended December 31, 2017, the Company reported net
revenue of $1,135.7 million, a decrease of 0.5% from the year ended
December 31, 2016, net loss of $206.6 million and Adjusted EBITDA
of $217.8 million, up 5.8% from the year ended December 31, 2016.
During the fourth quarter of 2017, the Company recorded a noncash
impairment charge against FCC licenses of $335.9 million. During
the fourth quarter of 2016, the Company recorded noncash impairment
charges against FCC licenses and goodwill of $603.1 million.
On Nov. 29, 2017, the Company and certain of its direct and
indirect subsidiaries filed voluntary petitions for relief under
chapter 11 of title 11 of the United States Code in the United
States Bankruptcy Court for the Southern District of New York (the
"Chapter 11 Filings"). The Chapter 11 Filings are being jointly
administered under the caption In re Cumulus Media Inc., et al,
Case No. 17-13381.
Mary Berner, President and Chief Executive Officer of Cumulus Media
Inc. said, "Our 2017 financial performance is a true testament to
our employees' hard work and commitment to our turnaround plan.
Having also made the decision to definitively address our
overleveraged balance sheet, we look forward to completing our
financial restructuring and continuing our progress in the months
ahead."
About Cumulus Media
Cumulus Media Inc. (OTCQX: CMLS) (PINK:CMLSQ) --
http://www.cumulus.com/-- is a radio broadcasting company. The
Company is also a provider of country music and lifestyle content
through its NASH brand, which serves through radio programming,
NASH Country Weekly magazine and live events. Its product lines
include broadcast advertising, digital advertising, political
advertising and non-advertising based license fees. Its broadcast
advertising includes the sale of commercial advertising time to
local, national and network clients. Its digital advertising
includes the sale of advertising and promotional opportunities
across its Websites and mobile applications. Its across-the-nation
platform generates content distributable through both broadcast and
digital platforms.
Based in Atlanta, Georgia, Cumulus Media Inc. and 36 of its
affiliates, including NY Radio Assets, LLC, and Westwood One, Inc.,
sought voluntary protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D.N.Y. Lead Case No. 17-13381) on Nov. 29, 2017.
In the petition signed by Richard Denning, senior vice president
and general counsel, the Debtors estimated assets of $1 billion to
$10 billion and estimated liabilities of $1 billion to $10
billion.
The case is assigned to Hon. Shelley C. Chapman.
Paul M. Basta, Esq., Lewis R. Clayton, Esq., Jacob A. Adlerstein,
Esq., and Claudia R. Tobler, Esq., at Paul, Weiss, Rifkind, Wharton
& Garrison LLP, in New York, serve as the Debtors' bankruptcy
counsel. PJT Partners LP is the Debtors' investment banker.
Alvarez & Marsal North America, LLC, serves as the Debtors'
restructuring advisor. EPIQ Bankruptcy Solutions, LLC, is the
Debtors' claims, notice and balloting agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on Dec. 11, 2017. The Committee tapped Akin
Gump Strauss Hauer & Feld LLP as its legal counsel, and Moelis &
Company LLC as its financial advisor.
D&M INVESTMENTS: May Exclusively File Liquidating Plan Until May 2
------------------------------------------------------------------
The Hon. Partrick M. Flatley of the U.S. Bankruptcy Court for the
Northern District of West Virginia, at the behest of D&M
Investments, Inc., and MNM Holdings, LLC, has entered an order
extending the exclusive period to file a plan of reorganization
until May 2, 2018, including the exclusive period to solicit
acceptances or rejections to that plan to July 1, 2018.
As reported by the Troubled Company Reporter on March 12, 2018, the
Debtors asked the Court to extend their exclusive periods in order
to complete the sale process of "The Ramada Inn." The Debtors told
the Court that they intend to fund a plan based on the proceeds
received through a Section 363 sale of the Hotel and surrounding
properties.
D&M owned and operated a hotel doing business as "The Ramada Inn",
at 20 Scott Avenue, in Morgantown, WV. The Hotel was part of a
Ramada Inn franchise. The Hotel stopped operating on or about June
30, 2017. The Debtors have hired Equity Partners HG, LLC, on Dec.
12, 2018, as brokers to market and to sell the Hotel and
surrounding properties (exclusively for a 120-day period) and will
be filing a motion to approve the bidding procedures for the same
in the near future.
About MNM Holdings and D&M Investments
Based in Morgantown, West Virginia, MNM Holdings LLC, is a small
business debtor as defined in 11 U.S.C. Section 101(51D). The
company is in the real estate leasing business. D&M Investments,
Inc., operates public hotels and motels.
MNM Holdings LLC and D&M Investments, Inc., sought Chapter 11
protection (Bankr. N.D. W.Va. Case No. 17-01104 and 17-01105) on
Nov. 3, 2017. In the petitions signed by Alan B. Mollohan, its
managing member, MNM Holdings and D&M Investments each estimated $1
million to $10 million in both assets and liabilities.
The case is assigned to Hon. Patrick M. Flatley.
Salene Rae Mazur Kraemer, Esq., at Mazurkraemer Business Law, in
Canonsburg, Pennsylvania, serves as the Debtors' counsel.
DAVID GEERTS: Dombush Buying Fulton Farm for $515K
--------------------------------------------------
David L. Geerts and Julie A. Norman-Geerts ask the U.S. Bankruptcy
Court for the Northern District of Illinois to authorize the sale
of their farm real estate, including the farm real estate commonly
described as Parcel 6 of the Home Farm (PIN Nos. 0136400002,
0136400003, 0136300007, 0136300013) located at Frog Pond Road,
Fulton, State of Illinois containing approximately 139.371 acres,
to Randy Dombush for $515,000.
A hearing on the Motion is set for April 4, 2018 at 10:30 a.m.
The Auction Order provided that Debtors would file a Sale Approval
Motion for each property sold pursuant to the Auction Sale, which
Sale Approval Motion would set forth the identity of the prevailing
successful bidder, the gross sales price, costs and expenses of
sale including the commission payable to the Auctioneer, net sales
proceeds and the identity of the parties to whom the proceeds will
be distributed. The Auction Order further provided that the Sale
Approval Motion be scheduled for a hearing before the Court within
14 days of filing.
On Dec. 13, 2017, the Auctioneer conducted the Auction Sale.
Thereafter, Auctioneer continued to receive offers to purchase the
farm real estate which resulted in the Debtors and the Buyer
entering into a Cash Sale Real Estate Contract - At Public Auction
under which the Buyer agreed to purchase Parcel 6 of the Home Farm
for $515,000.
In the Motion, the Debtors seek approval of the Contract and
authority to complete the sale of Parcel 6 of the Home Farm in
accordance with the Contract. The Contract provides, in pertinent
part, for the payment of an earnest money deposit in the amount of
$5,000 by the Buyer with the balance of the purchase price to be
paid by the Buyer to the Debtors at the closing. There will be a
payment of an additional $1,944, to be held in escrow until
closing, to Doug Holesinger for fall tillage he performed on Parcel
6 of the Home Farm in the fall of 2017. The sale of Parcel 6 of
the Home Farm is on an "as is and where is" condition.
On Feb. 13, 2018, the Debtors filed their Fourth Amended Plan of
Reorganization with the Bankruptcy Court. The Plan, if confirmed,
will affirm the sale of Parcel 6 of the Home Farm in accordance
with the procedures set forth in the Auction Order.
The Plan contains provisions for the distribution of any government
program payments (including CRP payments) relating to Parcel 6 of
the Home Farm which vest in the Debtors in 2017 and to be paid in
2018, and any government program payments (including CRP payments)
which vested in 2018 (for the period of time that the Debtors owned
Parcel 6 of the Home Farm in 2018 up to and including the closing
of the sale of Parcel 6 of the Home Farm) and to be paid in 2019,
which will govern the allocation and distribution of such
government program payments.
Community State Bank of Rock Falls holds a first mortgage against
Parcel 6 of the Home Farm to secure indebtedness that exceeds $4.5
million. No other party appears to hold a lien or claim against
Parcel 6 of the Home Farm.
In accordance with the Auction Order, the Auctioneer will receive a
commission from the proceeds of sale of 1.75% of the purchase
price. The Auction Order also provides that the Auctioneer will be
reimbursed from sales proceeds, for costs and expenses he incurred
in the conduct of the Auction Sale, up to $2,500.
The gross sales proceeds from the sale of Parcel 6 of the Home Farm
will be paid in the following order: (a) to pay and satisfy any and
all real estate taxes or other governmental charges, taxes or
assessments against or arising from the sale or disposition of
Parcel 6 of the Home Farm, as well as any and all costs and
expenses of sale (including the commission and reimbursable
expenses of the Auctioneer as described); and (b) Subject to the
Carveout provisions of the Plan, the balance to the Bank on account
of its first mortgage in Parcel 6 of the Home Farm.
In accordance with the Auction Order, the Contract, the Plan and 11
U.S.C. 363, the sale of Parcel 6 of the Home Farm will be free and
clear of all liens, claims, and interests, with such liens, claims
and interests to attach to the proceeds of sale to be distributed
as set forth.
The sale of Parcel 6 of the Home Farm is an integral part of the
Plan, which provides for unsecured creditors to receive a
distribution on their claims that would likely not be possible in
the absence of the Plan. It is therefore in the best interest of
the Debtors and their creditors that Parcel 6 of the Home Farm be
sold pursuant to the Contract.
A copy of the Contract attached to the Motion is available for free
at:
http://bankrupt.com/misc/David_Geerts_219_Sales.pdf
The Purchaser:
Randy Dombush
1115 Albany Road
Albany, IL
The Creditor:
COMMUNITY STATE BANK
1325 17th Street
Fulton, IL 61252
About David and Julie Norman-Geerts
David L. Geerts and Julie A. Norman-Geerts sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
17-80321) on Feb. 17, 2017. The case is assigned to Judge Thomas
J. Lynch. The Debtors are represented by Jocelyn L. Koch, Esq., at
Holmstrom & Kennedy PC. A Creditors Committee has been appointed
in the Debtors' bankruptcy proceeding. On Feb. 13, 2018, the
Debtors filed their Fourth Amended Plan of Reorganization with the
Bankruptcy Court.
DIAMONDHEAD CASINO: Delays Filing of 2017 Form 10-K
---------------------------------------------------
Diamondhead Casino Corporation has been unable, without
unreasonable effort or expense, to timely compile all information
for the financial statements and related disclosures required to be
incorporated into its Annual Report on Form 10-K for the year ended
Dec. 31, 2017. The Company expects to file the Annual Report on or
before the extended due date of April 17, 2018.
About Diamondhead Casino
Largo, Fla.-based Diamondhead Casino Corporation owns a total of
approximately 404.5 acres of unimproved land in Diamondhead,
Mississippi on which it plans, in conjunction with one or more
partners, to construct a casino resort and hotel and associated
amenities. The Company was originally formed to principally own,
operate and promote gaming vessels offering day and evening cruises
in international waters. The Company has had no income or revenue
from any operations since 2000. The Company currently has only one
employee who serves in an executive officer capacity.
Diamondhead reported a net loss applicable to common stockholders
of $1.28 million for the year ended Dec. 31, 2016, compared to net
income applicable to common stockholders of $53,242 for the year
ended Dec. 31, 2015. As of Sept. 30, 2017, Diamondhead had $5.56
million in total assets, $9.29 million in total liabilities and a
total stockholders' deficiency of $3.73 million.
Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended Dec.
31, 2016, citing that the Company has incurred significant
recurring net losses over the past several years. In addition, the
Company has no operations, except for its efforts to develop the
Diamondhead, Mississippi property. Those efforts may not
contribute to the Company's cash flows for the foreseeable future.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern. The Company's continued
existence is dependent upon its ability to raise the necessary
capital with which to satisfy liabilities, fund future costs and
expenses and develop the Diamondhead, Mississippi property.
DISCOVERY AIR: To Restructure Under CCAA Protection
---------------------------------------------------
The Ontario Superior Court for Justice (Commercial List) made an
order granting Discovery Air Inc. ("Company") protection pursuant
to the Companies' Creditors Arrangement Act. Pursuant to the
initial order, KSV Kofman Inc. was appointed as monitor.
The Company's wholly-owned subsidiaries, Great Slave Helicopters
Ltd., Air Tindi Ltd. and Discovery Mining Services Ltd.
("Subsidiaries") have not filed for CCAA protection, although they
each have the benefit of a stay of proceedings to prevent creditor
actions against the Subsidiaries as a result of the Company's
filing for CCAA protection. During these proceedings, the
Subsidiaries will continue to operate and obligations to employees
and suppliers of goods and services will continue to be met in the
ordinary course.
A copy of the initial order and copies of materials filed in the
restructuring proceedings are available on the Monitor's website at
http://www.ksvadvisory.com/insolvency-cases/discovery-air. Should
you wish to receive a copy of the initial order by mail, please
contact:
Raj Kashyap
KSV Kofman Inc.
In its capacity as court-appointed CCAA monitor of
the Company and not in its personal capacity.
150 King Street West
Suite 2308
Toronto, Ontario, M5H 1J9
Tel: +1 416 932 6262
Fax: +1 416 932 6266
Discovery Air Inc. -- http://discoveryair.fuegodigitalmedia.com/--
specializes in aviation services. The Company delivers air combat
training, medevac equipped aircraft services, airborne fire
services, air charter services, helicopter operations, and
transport.
ELDORADO GOLD: S&P Lowers CCR to 'B' on Increased Financial Risk
----------------------------------------------------------------
S&P Global Ratings said it lowered its long-term corporate credit
rating on Vancouver-based gold producer Eldorado Gold Corp., to 'B'
from 'B+'. The outlook is stable.
At the same time, S&P Global Ratings lowered its issue-level rating
on Eldorado's senior unsecured notes to 'B' From 'B+'. The '3'
recovery rating on the notes is unchanged, representing meaningful
(50%-70%; rounded estimate 55%) recovery in the event of a
default.
S&P said, "The downgrade primarily reflects our expectations of
weaker earnings and cash flow for Eldorado following the release of
the company's year-end 2017 financial results and outlook for 2018.
"We attribute much of the decline to significantly lower gold
output and higher cash costs at Eldorado's Kisladag mine. We
estimate the company will generate an adjusted debt-to-EBITDA ratio
of about 4x over this period--a level we consider high for the
previous rating, particularly given significant growth-related
capital expenditure over the next several years (US$1 billion
through 2020). In our view, the corresponding weakening in the
company's prospective liquidity position and potential for future
operating issues have increased Eldorado's financial risk.
"The stable outlook primarily reflects our view that Eldorado will
generate adjusted debt-to-EBITDA of about 4x for the next two
years. We also expect the company to incur significant capital
expenditures over this period mainly related to its development
projects. However, we believe the Eldorado will have sufficient
cash on hand to fund the related estimated free cash flow deficits
in 2018 and 2019.
"We could downgrade the company if, over the next 12 months, we
expect Eldorado to generate an adjusted debt-to-EBITDA ratio of
about 5x, or higher-than-expected free cash flow deficits in 2018
and 2019. We believe this scenario could result from
lower-than-expected gold output or margins, or higher capital
expenditures that weaken our view of the company's ability to
manage its future debt maturities and funding requirements.
"Although we think it unlikely over the next 12 months, we could
consider an upgrade if Eldorado generates an adjusted
debt-to-EBITDA ratio in the 2x-3x range, with increased liquidity
available to fund its growth projects. We would also expect the
company to ramp up its development projects generally in line with
or ahead of our expectations, to refinance its long-term debt and
secure necessary financing for Kisladag related spending beyond
2019."
EPIC CHURCH: Seeks Interim Authority to Use Cash Collateral
-----------------------------------------------------------
Epic Church of Lakeland, Inc., seeks authority the U.S. Bankruptcy
Court for the Middle District of Florida for interim use of cash
collateral in order to continue to operate its business and
successfully reorganize.
The proposed cash collateral budget shows total monthly expenses of
approximately $41,037.
At the time of the filing of the Petition, the Debtor was indebted
to certain creditors who may claim a lien on the Debtor's cash
collateral, namely: (a) TD Bank, N.A., which is owed approximately
$680,178; and (b) LSC 164A, LLC, which is owed approximately
$550,000. The nature, validity, and extent of any purported lien on
the Debtor's cash collateral has not as yet been determined by the
Court.
The Debtor proposes as adequate protection for the secured portion
of each creditor's claim as follows: (a) TD Bank, N.A. will be paid
$4,678.86, and (b) LSC 164A, LLC will be paid $1,939.12.
A full-text copy of the Debtor's Motion is available at:
http://bankrupt.com/misc/flmb18-01629-16.pdf
About Epic Church of Lakeland
f/k/a TLC Family Church
Epic Church of Lakeland, Inc., is a religious organization in
Lakeland, Florida. It is the fee simple owner of real properties
located at 1115 E Memorial Blvd. Lakeland, FL 33801 and 2720/2728
S Crystal Lake Drive Lakeland, FL 33801 having an aggregate current
value of $1.97 million. The Company posted gross revenue of
$515,885 in 2017 and gross revenue of $576,108 in 2016. Epic
Church of Lakeland is affiliated with Treehouse Preschool Academy,
Inc., which sought bankruptcy protection on March 2, 2018 (Bankr.
M.D. Fla.).
Epic Church of Lakeland, Inc., f/k/a TLC Family Church, Inc., filed
a Chapter 11 petition (Bankr. M.D. Fla. Case No. 18-01629) on March
5, 2018. In the petition signed by Kimberley Bedient,
secretary/treasurer, the Debtor disclosed $2.30 million in assets
and $1.34 million in liabilities. Pierce J Guard, Jr., Esq. at the
Guard Law Group, PLLC, is the Debtor's counsel.
ET SOLAR: Umbrella Solar Buying Inventory for $89K
--------------------------------------------------
ET Solar, Inc., asks the U.S. Bankruptcy Court for the Northern
District of California to authorize the sale of inventory presently
stored in the Warehouse Lessors bonded warehouses located at (i)
48900 Milmont Dr., Fremont California (Fulsource); and (ii) 2851
East Las Hermanas St., Rancho Dominguez, California (Boviet); and
(iii) 2345 Vauxhall Road, Union, New Jersey (ACE), to Umbrella
Solar $89,159 or the highest cash bidder at the hearing.
A hearing on the Motion is set for April 19, 2018 at 10:00 a.m.
The Debtor has entered into a contract to supply solar modules to
related entities and continues to provide quotes to third parties
for projects. No third-party contracts to supply solar panels and
modules have yet been signed. The Debtor now wishes to liquidate
the Inventory to eliminate the expenses of its continued storage
and improve liquidity concurrently with presentation of its
reorganization plan to creditors.
The Debtor in its schedules listed a prepetition debt of $5,895 to
Fulsource Logistics, Inc., $2,440 to Boviet Solar USA, and $0
American Cargo Express USA & Canada ("ACE") ("Warehouse Lessors")
since ACE debt is included in the Fulsource amount. Fulsource acts
as a broker to ACE and collects on behalf of ACE. Post-petition
rent to the Warehouse Lessors is current.
Boviet's contract contains a warehouseman's lien, if the debt owing
includes other services that might not be entitled to secured
status.
The Debtor's total inventory at the time of filing was listed as
having a market value of $160,024. Since the filing of the case,
the Debtor has sold approximately $40,000 of that inventory to
customers. The Inventory located only at the Fremont, Rancho
Dominguez and New Jersey locations consists of older solar modules
that would not ordinarily be utilized in a newly-quoted project.
Given the continued expense of storage and likely unsuitability of
Inventory for use in filling new orders, the Debtor had been
prepared to employ an auctioneer to assist it. That auctioneer,
Heritage Global Partners Inc., was willing to conduct the sale
within a period of 3-5 weeks from approval of its employment. The
Debtor negotiated as compensation for Heritage a 10% commission on
proceeds plus an auction allowance (or cost retainer) of $10,000.
Heritage was however unable to offer a guaranteed minimum recovery
from its auction.
The Debtor, in asking alternatives to an auction, contacted its
customers in the hope of generating an offer for the Inventory.
Its highest offer was from Solar Umbrella, a customer. Solar
Umbrella proposed to $95,139 in cash, free and clear, and pick up
in March, 2018, from the warehouse locations at its own expense.
That offer was however withdrawn when delivery could not be made in
March and has now been replaced by an offer for fewer items for
$89,159.
The Debtor has reviewed the Inventory. The Debtor believes that
the Inventory's present value, given that the more desirable items
may already have been sold, approximates the amount that Solar
Umbrella is willing to pay for it. An auction will likely generate
no more than a net $98,800 and perhaps less. The sale was
negotiated at arm's-length, is for fair market value, and all
consideration to be paid to the Debtor has been disclosed in the
March 21, 2018 offer. Based on the foregoing, the Debtor submits
that the proposed sale to Solar Umbrella is a sound exercise of its
business judgment and merits a finding by the Court of good faith.
The Debtor is continuing in its efforts to generate the highest
possible value for the Inventory and will present any superior cash
offers if received. For this reason, the Debtor has asked that the
Court accept overbids, if any, at the hearing on the Motion.
About ET Solar
Based in Pleasanton, California, ET Solar, Inc., is a solar energy
equipment supplier. ET Solar sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Cal. Case No. 17-43031) on Dec. 4,
2017. In the petition signed by Steppe Hao, its president, the
Debtor estimated assets of less than $50,000 and liabilities of $10
million to $50 million. Judge Charles Novack presides over the
case. Binder & Malter, LLP, is the Debtor's legal counsel; and
Sensiba San Filippo LLP is the accountant.
FIRESTAR DIAMOND: Sets Bidding Procedures for All Assets
--------------------------------------------------------
Firestar Diamond, Inc., Fantasy, Inc., and A. Jaffe, Inc., ask the
U.S. Bankruptcy Court for the Southern District of New York to
authorize bidding procedures in connection with the sale of
substantially all their assets free and clear of all liens, claims,
encumbrances and interests at auction.
Firestar and Fantasy are parties to a co-lending facility among
Israel Discount Bank of New York ("IDB") and HSBC Bank USA, N.A. as
co-lenders, and Firestar and Fantasy as co-borrowers, in the
aggregate amount of $28 million, comprised of the IDB Revolving
Credit Facility in the principal amount of $12 million and the HSBC
Bank Loan Agreement in the principal amount of $16 million.
The Borrowers are party to Line Letter, dated as of Oct. 8, 2013
and effective as of Sept. 30, 2013, among IDB, as lender, and
Firestar and Fantasy, as co-borrowers, in the maximum principal
amount of $12 million, as amended from time to time. The
Borrowers' obligations under the IDB Revolving Credit Facility are
secured by first priority security interest in all assets of the
Borrowers.
Firestar is party to Amended and Restated Loan Agreement, dated as
of Sept. 4, 2008, between HSBC Bank, as lender, and Firestar, as
borrower, in the maximum principal amount of $16 million, as
amended from time to time. Fantasy was added as co-borrower to the
HSBC Bank Loan Agreement pursuant to a Fourth Amendment to the HSBC
Bank Loan Agreement, dated as of Dec. 6, 2012, among HSBC Bank and
Borrowers. The Borrowers' obligations under the HSBC Bank Loan
Agreement are secured by first priority security interest in all
assets of the Borrowers.
As of the Petition Date, Firestar and Fantasy owe approximately
$8.6 million under the IDB Revolving Credit Facility and $11.4
million under the HSBC Bank Loan Agreement in principal, plus
interest, fees and costs payable under the IDB Revolving Credit
Facility and HSBC Bank Loan Agreement. For the avoidance of doubt,
A. Jaffe is not a borrower or guarantor of the obligations under
the IDB Revolving Credit Facility or the HSBC Bank Loan Agreement.
Following the Petition Date, the Debtors and their professional
advisors began extensively soliciting offers for the purchase of
their businesses. The need for a prompt sale process is evident
from the circumstances that caused the filing of the Chapter 11
Cases. In addition, the Pre-Petition Lenders have required, as a
condition to use of cash collateral, that the Debtors file the
Motion not later than March 23, 2018 and obtain approval of the
Bidding Procedures by not later than March 28, 2018.
Absent the Proposed Sale contemplated by the Sale Motion, the
Debtors believe they may not be able to realize the maximum value
of their assets for the benefit of all stakeholders. Thus, a
prompt sale is necessary to ensure that such assets are sold at
their going concern values.
In addition, it is important that the Proposed Sale be consummated
by the first week of May 2018. The most important jewelry industry
trade show, known as JCK, is being held in Las Vegas, Nevada from
June 1-4, 2018. If the Proposed Sale is consummated in the first
week of May, a Purchaser will have sufficient time to prepare the
product lines currently owned by the Debtors for the JCK show. The
ability to do so may, therefore, result in more spirited bidding at
the Auctions than if the Proposed Sale could not be consummated
before the JCK show.
In connection with the Proposed Sale, the Debtors ask approval of
the Bidding Procedures, which the Debtors submit are designed to
maximize the value of the Purchased Assets. Initially, they intend
to ask offers for (a) substantially all of the Debtors' assets, and
separately, (b) (i) the assets of Debtors Firestar and Fantasy or
(ii) the assets of A. Jaffe. They also intend to solicit offers
for the Debtors' assets through a sealed bid process. They believe
that by doing so, potential bidders will be encouraged in the first
instance to put forth their highest and best bid for their assets
on which they are making an offer in the event one of the Auctions
does not occur.
The Debtors propose that potential bidders for the Assets, the
Firestar/Fantasy Assets or the A. Jaffe Assets submit a Sealed Bid
be governed by their proposed Bidding Procedures.
The salient terms of the Bidding Procedures are:
a. Sealed Bid Deadline: April 19, 20185 at 5:00 p.m. (ET)
b. Bidding Protections: The Bidding Procedures Order permits
the Debtors to present to the Court, on not less than seven days'
notice, a revised APA and related proposed bidding protections that
the Debtors believe are necessary to induce a Stalking Horse to
pursue the Proposed Sale.
c. Good Faith Deposit: 10% of Offer
d. Selecting Qualified Bidders: April 20, 2018 at 5:00 p.m.
(ET)
e. Qualified Bid: 20% of the highest bid received for the
Assets
f. Credit Bidding: Any secured creditor holding an allowed
secured claim against the Debtors will have the right, subject to
the provisions of the Bankruptcy Code, applicable law, and any
agreement of such secured creditor, to credit bid such claims to
the extent of such secured party's interest in or lien on the
Assets being bid upon.
g. The Business Line Auction(s): If more than one Qualified
Bid is received for (i) the Firestar/Fantasy Assets or (ii) the A.
Jaffe Assets, the Debtors may hold one or more auctions in advance
of the All-Asset Auction.
h. The Business Line Auctions, if required, will be held at
the offices of Klestadt Winters Jureller Southard & Stevens, LLP,
200 West 41st Street, 17th Floor, New York, New York, or at such
alternative location as the Debtors may determine, after
consultation with the Consultation Parties. The Business Line
Auctions will commence on April 24, 2018 at 10:00 a.m. (ET).
i. Any bid to top the Business Line Baseline Bid will be not
less than $200,000, and each successive bid will be not less than
$200,000.
j. The All-Asset Auction: If the Debtors receive at least two
Qualified Bids for the Assets (including, for the avoidance of
doubt, a potential combination of the highest offers for the
Firestar/Fantasy Assets and the A. Jaffe Assets as described in
subparagraph (e), the Debtors will conduct the All-Asset Auction.
k. The All-Asset Auction, if required, will be held at the
offices of Klestadt Winters Jureller Southard & Stevens, LLP, 200
West 41st Street, 17th Floor, New York, New York, or at such
alternative location as the Debtors may determine, after
consultation with the Consultation Parties, and after providing
notice to the Notice Parties. The All-Asset Auction will commence
on April 24, 2018 at 11:30 a.m. (ET) or as soon after the Business
Line Auctions as is practicable. The All-Asset Auction will be
conducted openly and will be transcribed by a court reporter.
l. Qualified Bidders other than the Qualified Bidder that
submitted the All-Asset Baseline Bid will be invited to top the
All-Asset Baseline Bid. Any bid to top the All-Asset Baseline Bid
will be not less than $200,000.
m. Within one business day after conclusion of the Auction,
the Winning Bidder will be required to supplement its Good Faith
Deposit by the difference between its Qualified Bid and the Winning
Bid times 10%.
n. Within one business day after conclusion of the All-Asset
Auction, the Backup Bidder will be required to supplement its Good
Faith Deposit by the difference between its Qualified Bid and the
Backup Bid multiplied by 10%.
o. Sale Objection Deadline: April 30, 2018, at 4:00 p.m. (ET).
Any reply by the Objection Recipients will be filed and served by
no later than May 2, 2018 at 12:00 p.m. (ET).
Other key dates and deadlines for the Proposed Sale are:
a. March 28, 2018 at 10:00 a.m.: Hearing on Bidding
Procedures
b. March 30, 2018: Deadline to mail and publish Bidding
Procedures Notice and Sale Motion
c. April 20, 2018 at 5:00 p.m.: Deadline for the Debtors to
notify Potential Bidders of their status as Qualified Bidders and
whether Auctions will occur.
d. Sale Hearing: May 3, 2018 at 10:00 a.m.
A copy of the Bidding Procedures attached to the Motion is
available for free at:
http://bankrupt.com/misc/Firestar_Diamond_60_Sales.pdf
On the assumption that the Winning Bid for the Assets allocates
sufficient value to the Firestar/Fantasy Assets to satisfy the
claims of IDB and HSBC Bank, the Debtors propose to use the
proceeds allocated to the Firestar/Fantasy assets to pay IDB and
HSBC Bank at closing of the Proposed Sale the approximate sum of
$11.4 million and $8.6 million, respectively, which amounts are due
by Firestar and Fantasy to IDB and HSBC Bank, respectively, under
the IDC Revolving Credit Facility and the HSBC Bank Loan Agreement,
respectively, plus interest, fees and costs thereunder. The
payment of the sums due IDB and HSBC will result in reduction of
administrative costs associated with those claims and it is
submitted that such savings are beneficial to the Debtors and their
estates.
The Debtors propose that, within three business days of entry of
the Bidding Procedures Order, they will serve a copy of the Sale
Notice upon all Sale Notice Parties. In addition, within three
business days of entry of the Bidding Procedures Order, they'll
cause the Bidding Procedures Notice to be published one time in
either The Wall Street Journal, Eastern Edition or The New York
Times.
In connection with the Proposed Sale, the Debtors ask authority to
(i) assume and assign contracts of the Debtors; and (ii) execute
and deliver to the Winning Bidder, as the case may be such
documents or other instruments as may be necessary to assign and
transfer the applicable Potentially Assigned Contracts.
The Proposed Sale provides the Debtors with an opportunity to
maximize the value of the Assets. They believe that the Auctions
will establish the highest and best offers for the Assets,
particularly in light of the limited market for the specialized
assets and the marketing efforts by the Debtors. Accordingly, they
ask the Court to approve the relief sought.
To preserve the value of the assets and limit the costs of
administering and preserving the assets, it is very important that
the Debtors close on the Proposed Sale as soon as possible after
all closing conditions have been met or waived. Accordingly, the
Debtors ask that the Court waives the stay periods under Bankruptcy
Rules 6004(g) and 6006(d).
Proposed Conflicts Counsel to the Debtors:
Ian R. Winters, Esq.
Sean C. Southard, Esq.
Joseph C. Corneau, Esq.
KLESTADT WINTERS JURELLER
SOUTHARD & STEVENS, LLP
200 West 41st Street, 17th Floor
New York, New York 10036
Telephone: (212) 972-3000
Facsimile: (212) 972-2245
- and -
Gerard R. Luckman, Esq.
FORCHELLI DEEGAN TERRANA LLP
333 Earle Ovington Blvd, Suite 1010,
Uniondale, New York 11553
Telephone: (516) 248-1700
Facsimile: (516) 248-1700
About Firestar Diamond
Firestar Diamond Inc. procures, designs, manufactures, and
distributes diamond-studded jewelry. Firestar Diamond's operations
span the USA, Europe, the Middle East, the Far East and India. The
Company employs over 1200 people. Firestar Diamond has offices in
Mumbai, Surat, New York, Chicago, Johannesburg, Antwerp, Yerevan,
Dubai, and Hong Kong. A. Jaffe, Inc., a subsidiary of Firestar
Diamond, designs and manufacturers wedding rings and wedding
bands.
Firestar Diamond, Inc., A. Jaffe, Inc., and Fantasy, Inc., sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-10509) on
Feb. 26, 2018.
Firestar Diamond estimated assets and debt of $50 million to $100
million.
The Hon. Sean H. Lane is the case judge.
The Debtors tapped Ian R. Winters, Esq., at Klestadt Winters
Jureller Southard & Stevens, LLP as their bankruptcy counsel;
Forchelli Deegan Terrana LLP as conflicts counsel; Lackenbach
Siegel, LLP as special counsel; Getzler Henrich & Associates LLC
and its managing director Mark Samson as chief restructuring
officer; and Rust Consulting/Omni Bankruptcy as claims and noticing
agent. Marks Paneth LLP is hired as financial advisor.
FIRST QUANTUM: Fitch Affirms 'B' IDR & Senior Unsecured Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Canada-based First Quantum Minerals
Ltd.'s (FQM) Long-Term Issuer Default Rating (IDR) and senior
unsecured rating at 'B'. The Outlook on the Long-Term IDR remains
Stable. The Recovery Rating for its senior unsecured issues is
'RR4'.
FQM received on March 19, 2018 a letter from the Zambian Revenue
Authority (ZRA) with an assessment for import duties, penalties and
interest on consumables and spare parts of USD7.9 billion.
Management outlined in an investor call that the claim relates to
equipment worth USD540 million. The ZRA claims that import duties
at USD140 million should have been paid. Penalties and interest
assessed by the Zambian tax authorities total USD7.7 billion.
Based on the information available to Fitch, Fitch think the tax
dispute with the Zambian authorities is likely to be settled at a
considerably lower level than the initial assessment from the ZRA.
This is because part of the import duties have been paid, some
errors in the declared duty rates could be identified as part of
the process (in some cases too low a rate and in others too high a
rate) and the ZRA will apply some penalties and interest, but Fitch
think at a more proportionate level than initially assessed. The
decision to affirm the Long-Term IDR at 'B' with a Stable Outlook
takes account of the headroom the company has available within the
existing ratio guidelines for the rating and an expectation that
the final settlement should not exceed the incremental debt
capacity associated with the headroom.
FQM is contesting the assessment. Its finance department and
advisers are reviewing all customs declarations for the equipment,
checking the duty rate applied to the individual categories of
equipment and sending the evidence in batches to the ZRA. The
process will take some time, given that there is a high volume of
paperwork to go through. Fitch note that import of the equipment
was declared to customs and duties were paid in accordance with the
declarations made. Therefore, the disputed claim should ultimately
be reduced and only reflect items for which the wrong duty rate was
applied.
Fitch takes the view that a lot of mining industry stakeholders
will monitor the proceedings and that it is in the best interest of
the Zambian government to ensure that existing tax legislation and
interpretation is followed in the tax assessment for FQM to
reassure foreign investors that the country has a functional tax
administration.
Fitch will continue to monitor all events related to this tax issue
closely and update the ratings as and when required.
KEY RATING DRIVERS
Improving Credit Metrics: Fitch expects FQM's gross leverage (total
debt/funds from operations (FFO)) to decline to about 6.5x in 2018
(against 7.6x in 2017) and to fall below 5x by 2019, before
materially declining to about 3x in 2020 when Fitch expect Cobre
Panama to be making significant contributions to the group's
EBITDA. Fitch do not expect any improvement in leverage until 2019
due to the significant funding requirements for the development of
Cobre Panama in 2018.
Enhanced Maturity Profile: FQM has managed its maturity profile
until 2021 to match its Cobre Panama capex phasing and production
ramp-up, and the Sentinel and Kansanshi production ramp-up
schedule. The proceeds from the USD1.85 billion notes issued in
February 2018 repaid the term loan and the outstanding drawn amount
under the RCF in full. The amount available under the undrawn RCF
facility has increased to USD1.5 billion maturing in 2020.
Under the RCF, the net debt/EBITDA covenant ratio of 5x will be
maintained until June 2018, then fall to 4.75x by June 2019 and
then gradually decrease further to 3.5x.
Negative FCF, Sufficient Funding: Fitch project that FQM will have
sufficient funds to finance the negative FCF in 2018 of about
USD1.4 billion offset by expected cash inflows of about USD0.4
billion to be received from Franco-Nevada and KORES and USD1.5
billion available under the undrawn RCF facility. This position
reflects the ongoing development of the Cobre Panama mine
(scheduled to begin production by end-2018).
As a result, Fitch project Fitch-adjusted gross debt will increase
in 2018, before decreasing from 2020, in line with the steep bullet
maturity payment expected in 2020 and 2021. Fitch believes that the
company's FCF generation and liquidity levels will be sufficient
for those maturities. Fitch treat the Franco-Nevada contribution to
Cobre-Panama capex as debt and the KORES contributions as equity
inflows.
Large Project Pipeline: In recent years, FQM has worked through a
large project pipeline, including the construction of the Kansanshi
smelter and Sentinel mine, as well as Cobre Panama. Sentinel
started commercial production in 2016, significantly contributing
to the company's results in 2017 (37% of copper sales in 2017) and
with the full benefit of the mine to be seen in 2018. Fitch still
expect gross capex, before third-party contributions, to remain
high in 2018 at USD2.1 billion as FQM completes Cobre Panama. At
end-2017 the overall progress was 70%.
Large Zambian Operational Exposure: Assets in Zambia contributed
almost 80% of group EBITDA in 2017 as the Sentinel mine approached
full output. The business environment for miners operating in
Zambia remains unstable. The reasons for this include dealings with
the government (enactment of new legislation for the mining sector)
as well as some operational considerations, such as power
shortages. Recently, however, FQM has indicated that the
environment for miners has improved and the power supply from Zesco
has stabilised.
Zambian Economic Background: In November 2017, Fitch affirmed
Zambia's Long-Term Foreign- and Local-Currency IDRs at 'B' with a
Negative Outlook. Zambia's rating reflects the sovereign's weak
fiscal management, high commodity dependence, and low income and
human development indicators, balanced against strengthening
economic growth, and the potential for the government's reform
agenda to ameliorate structural constraints in the economy while
continuing with fiscal consolidation. The Negative Outlook reflects
the continuing risks from persistent fiscal deficits and increased
external debt servicing costs.
DERIVATION SUMMARY
FQM has a weaker competitive position in terms of scale,
diversification (72% of revenue in 2017 from Zambia, although this
will decrease when Cobre Panama starts production) and a smaller
size of mining operations than its major global peers such as Anglo
American plc (BBB-/Stable) and Freeport-McMoRan Inc.
(BB+/Negative). However, FQM has been working through a large
project pipeline in recent years, including the Sentinel mine and
Cobre Panama, which will lead to an improvement in its business
profile over the period to 2020.
FQM's financial profile is also weaker than that of its peers and
is the main constraint on its rating level. Unlike its peers the
company did not have the flexibility to cut back substantially on
capex during 2016, which has led to an increasing debt burden. In
addition, FQM did not receive the full benefit of the improvement
in copper prices in 2017 as it has hedged about 90% of its 2017
copper sales.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- Fitch's copper price assumptions of USD6,000/tonne in 2018,
USD6,200/tonne in 2019 and USD6,500/tonne thereafter
- Volumes as per management guidance
- Total capex (excluding third-party contribution to Cobre
Panama) of about USD2.1 billion in 2018, decreasing to USD680
million in 2019 and USD480 million in 2020;
- Additional cash inflows from the Franco-Nevada streaming
facility (USD266 million in 2018) and the KORES contribution
(USD119 million);
- Acquisition of a 50% interest in KPMC from LS-Nikko Copper for
USD664 million, of which USD179 million has been paid in 2017,
USD185 million to be paid in 2018 and USD100 million to be paid
annually in 2019-2021;
- USD113 million cash outflows (USD38 million annually until
2020) for the framework agreement with Northern Dynasty
Minerals regarding the Pebble Project in Alaska.
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- FFO gross leverage below 4.0x
- Return to positive FCF generation
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- FFO gross leverage failing to fall towards 5.0x by 2019
- Significant problems or delays at key development projects,
delaying the expected improvement in EBITDA generation and
credit metrics
- Measures taken by the Zambian government materially adversely
affecting cash-flow generation or the operating environment
LIQUIDITY
Adequate Liquidity: At end-2017, FQM's unrestricted cash balances
were USD702 million and the group now has available an undrawn
revolving credit facility of USD1.5 billion (with a maturity in
December 2020). Following the bond issuance in February, previous
drawings under the revolving credit facility had been repaid with
the proceeds of the notes.
Fitch's rating forecast assumes negative FCF in 2018 of about
USD1.4 billion offset by expected cash inflows of about USD0.4
billion to be received from Franco-Nevada and KORES. The difference
will need to be funded from the liquidity position or other
external sources.
FOX PROPERTY: Has Authority on Interim Cash Collateral Use
----------------------------------------------------------
The Hon. Robert Kwan of the United States Bankruptcy Court for the
Central District of California authorized Fox Property Holdings,
LLC, on interim basis, to use cash collateral, as well as the
proceeds of the Financing but only up to the amounts reflected in
the Revised Budget.
The Debtor may use cash collateral to pay (a) all of the expenses
set forth in the Revised Budget and (b) all quarterly fees owing to
the Office of the U.S. Trustee and all expenses owing to the Clerk
of the Bankruptcy Court.
Dayco Funding Corporation and Luxor Properties, Inc., are granted a
valid, enforceable, non-avoidable and fully perfected replacement
lien on, and security interest in, the Debtor's cash and rent
revenue generated by the Property, which Replacement Lien has first
priority except with respect to any existing, properly perfected
and enforceable liens on, and security interests in, the Debtor's
cash and rent revenue (including, but not limited to, any security
deposits held by third parties).
A full-text copy of the Order is available at:
http://bankrupt.com/misc/cacb18-10524-57.pdf
About Fox Property Holdings
Fox Property Holdings, LLC, owns a commercial real property in San
Bernardino, California. The property consists of various buildings
utilized as a school and dormitory campus and is located on
approximately 4.66 acres of land. The company's headquarter is
located at 12803 Schabarum Avenue, Irwindale, California. Dr. Ji
Li is the managing member and 100% equity holder of the company.
Fox Property Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-10524) on Jan. 17,
2018. In the petition signed by Ji Li, managing member, the Debtor
estimated assets of $10 million to $50 million and liabilities of
$1 million to $10 million. Judge Robert N. Kwan presides over the
case.
The Debtor tapped Levene, Neale, Bender, Yoo & Brill LLP as its
legal counsel; and Park & Lim as special litigation counsel
FRONTIER OILFIELD: Incurs $1.38 Million Net Loss in 2017
--------------------------------------------------------
Frontier Oilfield Services Inc. filed with the Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss of $1.38 million on $1.13 million of revenue for the year
ended Dec. 31, 2017, compared to a net loss of $1.78 million on
$1.27 million of revenue for the year ended Dec. 31, 2016.
The Company's balance sheet as of Dec. 31, 2017, showed $3.76
million in total assets, $10.75 million in total liabilities and a
total stockholders' deficit of $6.99 million.
As of Dec. 31, 2017, the Company had total current assets of
approximately $117,000. Its total current liabilities as of Dec.
31, 2017 were approximately $10.8 million, including approximately
$8.0 million of debt classified as current liabilities. The
Company had a working capital deficit of approximately $10.6
million as of Dec. 31, 2017 compared to a working capital deficit
of approximately $12.1 million as of Dec. 31, 2016.
"Management is working closely with our current lenders to fund
operations through current cash flows, and pay interest costs when
excess cash becomes available. Management also plans to work with
our current lenders and debt holders to lower our cost of borrowing
by renegotiating the terms of our existing debt and potentially
offering debt holders an opportunity to exchange their debt for
equity in the Company. There can be no assurance that
management’s plan will succeed.
"Our ability to obtain access to additional capital through third
parties or other debt or equity financing arrangements is
contingent upon our ability to locate adequate financing or equity
investments on commercially reasonable terms. There can be no
assurance that we will be able to obtain such financing on
acceptable terms," the Company stated in the SEC filing.
Turner, Stone & Company, LLP, in Dallas, Texas, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2017, noting that the
Company has suffered recurring losses from consolidated operations
since inception and has a working capital deficiency both of which
raise substantial doubt about its ability to continue as a going
concern.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/rOei8q
About Frontier Oilfield Services
Based in Shreveport, Louisiana, Frontier Oilfield Services, Inc.
operates in the oilfield service industry and is currently involved
in the disposal of saltwater and other oilfield fluids in Texas.
Frontier owns eight disposal wells in Texas. Six of these disposal
wells are located in the Barnett Shale region in north central
Texas and two of these wells are located in east Texas near the
Louisiana border.
GEO. V. HAMILTON: Exits Chapter 11 Bankruptcy
---------------------------------------------
Geo. V. Hamilton, Inc., the region's premier commercial and
industrial insulation and distribution contractor, on April 2,
2018, disclosed that it has exited from Chapter 11 under a
confirmed Plan of Reorganization. Hamilton entered Chapter 11 in
October 2015, for the sole purpose of dealing with asbestos claims
that were a hangover from operations conducted decades ago. Under
the Plan of Reorganization, all of Hamilton's existing asbestos
claims as well as future asbestos claims have been channeled to a
Trust that will be responsible for resolving such claims. As such,
Hamilton will no longer have any responsibility for asbestos
claims.
Mike Wallace, the President and Chief Executive Officer of
Hamilton, commented that the Company, now that it is free of its
asbestos claims, can devote all of its resources to serving its
many customers in the region. Mr. Wallace specifically thanked
Hamilton's many loyal customers, trade unions, and suppliers who
supported the Company during the Chapter 11 process. He also
stressed that this favorable result could not have been achieved
without the hard work of Hamilton's dedicated 150 employees, many
of whom are members of various local unions.
About Geo V. Hamilton, Inc.
Formed in 1947, Geo. V. Hamilton, Inc. is based in McKees Rocks,
Pennsylvania, its home of nearly seventy years. Hamilton is a
distributor of insulation products and an insulation contractor
serving a wide variety of industrial, energy and commercial
facilities in the Pittsburgh area and elsewhere.
Hamilton filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa.
Case No. 15-23704) on Oct. 8, 2015, for the purpose of resolving
all existing and future personal injury and wrongful death claims
arising from alleged exposure to asbestos-containing product
distributed or installed by Hamilton more than 40 years ago.
Judge Gregory L. Taddonio is assigned to the case.
The petition was signed by Joseph Linehan, the Company's general
counsel.
The Debtor has engaged Reed Smith LLP as counsel and Logan &
Company, Inc., as claims and noticing agent. Schneider Downs &
Co., Inc., as accounting consultant.
On Oct. 23, 2015, the U.S. Trustee appointed the Official Committee
of Asbestos Personal Injury Claimants to represent the shared
interests of holders of current asbestos-related claims for
personal injury or wrongful death against the Debtor. The
Committee is represented by Douglas A. Campbell, Esq., at Campbell
& Levine, LLC, and Ann C. McMillan, Esq., Jeffrey A. Liesemer,
Esq., and Kevin M. Davis, Esq., at Caplin & Drysdale, Chartered.
On Dec. 8, 2015, the U.S. Trustee filed its statement that an
unsecured creditors committee has not been appointed to represent
the interests of unsecured creditors of the Debtor.
On Dec. 23, 2015, the Court entered its order appointing Gary
Philip Nelson as the Legal Representative of Holders of Future
Asbestos Demands. The FCR is represented by Beverly A. Block,
Esq., at Sherrard German & Kelly, PC.
GETCHELL AGENCY: Trustee's Sale of All Assets to Sweetser Approved
------------------------------------------------------------------
Judge Peter G. Cary of the U.S. Bankruptcy Court for the District
of Maine authorized Nathaniel Hull, the Chapter 11 trustee for The
Getchell Agency, to sell substantially all assets of the Debtor to
Sweetser.
The sale is free and clear of all Encumbrances, or interests, which
liens, claims, encumbrances and/or interests, if any, will attach
to the proceeds of the sale.
Pursuant to 11 U.S.C. Sections 05(a), 363(b), 363(f) and 365, the
Assigned Contracts, if any, will be assumed, assigned and
transferred by the Trustee to the Buyer.
The automatic stay provisions of section 362 of the Bankruptcy Code
are lifted and modified to the extent necessary to the implement
the terms and conditions of the Agreement and the provisions of the
Order.
The provisions of Rules 6004(h) and 6006(d) staying the
effectiveness of the Order for 14 days are waived, and the Sale
Order will be effective and the parties may consummate the
transactions contemplated by the Agreement immediately upon entry.
About The Getchell Agency
Headquartered in Bangor, Maine, The Getchell Agency is a
Residential Section 21 Funded Care Agency, licensed by the State of
Maine to house and provide support services for approximately 65
adults living with physical, emotional and cognitive disabilities
in residential care facilities of mobile or modular homes located
in Bangor, Maine.
Getchell Agency filed for Chapter 11 bankruptcy protection (Bankr.
D. Maine Case No. 16-10172) on March 25, 2016, estimating under
$50,000 in assets and between $1 million and $10 million in
liabilities. The petition was signed by Rena J. Getchell, its
president.
The Debtor hired Strout & Payson as bankruptcy counsel; Curtis
Thaxter, LLC and Rudman Winchell as special counsel; and Purdy
Powers & Co. as financial consultant.
On Nov. 29, 2017, Nathaniel R. Hull was appointed the Debtor's
Chapter 11 trustee. The trustee hired Verrill Dana LLP as his
legal counsel.
GFD CONSTRUCTION: Case Summary & 17 Unsecured Creditors
-------------------------------------------------------
Debtor: GFD Construction, Inc.
470 E Ensley St
Pensacola, FL 32514
Business Description: GFD Construction, Inc. is a privately held
demolition contractor based in Pensacola,
Florida. GFD owns three parcels of
contiguous real property in Escambia County
also known as the Blossom Trail Facility.
The Company has engaged in commercial and
industrial activities at the Blossom Trail
Facility and has in the past used portions
of the facility for disposing or storing
different types of waste material,
including construction and demolition debris
and land clearing debris. The Company
previously sought bankruptcy protection on
Feb. 1, 2016 (Bankr. N.D. Fla. Case No. 16-
30087) and Feb. 1, 2017 (Bankr. N.D. Fla.
Case No. 17-30084).
Chapter 11 Petition Date: April 2, 2018
Case No.: 18-30317
Court: United States Bankruptcy Court
Northern District of Florida (Pensacola)
Debtor's Counsel: Jason Michael Osborn, Esq.
OSBORN GROUP, LLC
308 Magnolia Avenue, Suite 102
Fairhope, AL 36532
Tel: 251-929-5050
E-mail: josborn@osborngroupllc.com
Estimated Assets: $50,000 to $100,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Anthony J. Green, Sr., president.
A copy of the Debtor's list of 17 unsecured creditors is available
for free at: http://bankrupt.com/misc/flnb18-30317_creditors.pdf
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/flnb18-30317.pdf
HJH CONSULTING: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: The HJH Consulting Group, Inc.
dba The SALT Group
P.O. Box 291468
Kerrville, TX 78029-1468
Business Description: The HJH Consulting Group, Inc. dba
The SALT Group is a consulting firm
specializing in operating cost & expense
reduction reviews. Areas of opportunity
the Company will review include waste-
related savings, telecom-related savings,
energy-related savings, utility-related
recovery & savings, and propane-related
savings. The Company is headquartered
in Kerrville, Texas with sales offices in
San Antonio, Texas, Chicago, Illinois and
Atlanta, Georgia.
http://www.thesaltgroup.com/
Chapter 11 Petition Date: April 2, 2018
Case No.: 18-50788
Court: United States Bankruptcy Court
Western District of Texas (San Antonio)
Judge: Hon. Ronald B. King
Debtor's Counsel: James Samuel Wilkins, Esq.
WILLIS & WILKINS, LLP
711 Navarro St Suite 711
San Antonio, TX 78205
Tel: 210-271-9212
Fax: 210-271-9389
E-mail: jwilkins@stic.net
Estimated Assets: $0 to $50,000
Estimated Liabilities: $10 million to $50 million
The petition was signed by Harlan J. Hall, CEO.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at: http://bankrupt.com/misc/txwb18-50788.pdf
HOBBICO INC: Asset Sales to Horizon Hobby, Langford Group Okayed
----------------------------------------------------------------
Ben Zigterman, writing for The News-Gazette, reports that a
bankruptcy court judge has approved:
-- Horizon Hobby's $18.8 million purchase of Hobbico's
remote-control business. Horizon is buying Hobbico's Great Planes
and Tower Hobbies divisions, along with its Axial and Arrma brands.
The purchase is scheduled to be completed Friday. According to
the report, Horizon was the lone bidder in last week's bankruptcy
auction for Hobbico.
-- a $7 million sale of Hobbico's Colorado-based model-rocket
subsidiary, Estes, to an organization called The Langford Group.
The News-Gazette adds that an auction for Hobbico's remaining
assets -- including United Model, Revell US and Revell Germany --
was temporarily suspended last week.
About Hobbico, Inc.
Hobbico, Inc. -- https://www.hobbico.com/ -- is engaged in the
design, manufacturing, marketing and distribution of thousands of
hobby products including radio-control and general hobby products.
The company's merchandise includes a wide variety of radio-control
models from cars and boats to airplanes and helicopters.
Hobbico began in 1971 with just two people and now employs over 650
individuals in facilities that include its West Coast distribution
center in Reno, Nevada, facilities in Penrose, Colorado and Elk
Grove Village, Illinois and its corporate headquarters in
Champaign, Illinois.
Hobbico, Inc., along with its U.S. affiliates, sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 18-10055) on Jan. 10,
2018. In the petition signed by Tom S. O'Donoghue, Jr., chief
restructuring officer, Hobbico estimated assets of $10 million to
$50 million and debt of $100 million to $500 million.
The Hon. Kevin Gross is the case judge.
The Debtors tapped Neal, Gerber & Eisenberg LLP as general
bankruptcy counsel; Morris, Nichols, Arsht & Tunnell LLP as local
bankruptcy counsel; Lincoln International LLC as investment banker;
and Keystone Consulting Group, LLC, and CR3 Partners, LLC, as
restructuring advisors. JND Corporate Restructuring is the notice
and claims agent.
On Jan. 22, 2018, the Office of the U.S. Trustee for Region 3
appointed the Official Committee of Unsecured Creditors. The
Committee retained Cullen and Dykman LLP, as lead counsel;
Whiteford Taylor & Preston LLC, as Delaware counsel; and Emerald
Capital Advisors, as financial advisors.
As reported by the Troubled Company Reporter, Andrew R. Vara,
Acting United States Trustee for Region 3, appointed Lucy L.
Thomson at Livingston PLLC as the Consumer Privacy Ombudsman.
ILD CORP: Wants to Maintain Plan Exclusivity Through May 28
-----------------------------------------------------------
ILD Corp. and its affiliates request the U.S. Bankruptcy Court for
the Middle District of Florida to extend for a period of 60 days
the Debtors' exclusivity period for filing a plan of reorganization
and obtaining acceptance of an amended plan of reorganization
through May 28, 2018.
On January 29, 2018, the Debtors filed their Disclosure Statement
and Plan of Reorganization. Following the filing of the Initial
Disclosure Statement and Initial Plan, the Debtors and its primary
secured creditor Bank of America, N.A. and its primary unsecured
creditor Global Tel Link reached an agreement that forms the basis
of an amended disclosure statement and amended plan of
reorganization.
The Debtors anticipate filing the Amended Disclosure Statement and
Amended Plan in the very near future along with a motion requesting
the Court to approve the Amended Disclosure Statement on a
preliminary basis and schedule a combined hearing on final approval
of the Disclosure Statement and confirmation of the Amended Plan.
The Debtors anticipate having a combined hearing sometime in the
next thirty to sixty days.
About ILD Corp.
Founded in 1996, ILD Corp., formerly ILD Telecommunications, Inc.
-- http://www.ildteleservices.com-- is a payment processor for
online transactions between merchants and consumers of digital
goods and communications services. Through contractual
relationships with telecommunications companies, including AT&T and
Verizon, ILD enables approved merchants the ability to offer their
customers the option of billing products and services directly to a
home or business phone bill, providing a safer payment method for
consumers and expanding the potential customer base for
businesses.
Headquartered in Ponte Vedra, Florida, ILD has agreements with
virtually all local phone companies in North America, reaching in
excess of 150 million consumers and businesses across the
continent. ILD's customers include more than 200 service providers
including EarthLink, LiveDeal, Eversites, Juno, NetZero, People PC
and Privacy Guard.
ILD Corp. and its affiliates (Bankr. M.D. Fla. Lead Case No.
17-03506) filed for Chapter 11 bankruptcy protection on Sept. 29,
2017. The petitions were signed by Edward H. Brooks, executive
vice-president, chief financial officer. ILD Corp. estimated its
assets at between $1 million and $10 million and its liabilities at
between $10 million and $50 million.
Judge Paul M. Glenn presides over the case.
Jimmy D. Parrish, Esq., at Baker & Hostetler LLP, serves as the
Debtors' bankruptcy counsel.
INGERSOLL FINANCIAL: Taps Jeffrey D. Ostlie as Special Counsel
--------------------------------------------------------------
Ingersoll Financial, LLC, received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire The Law
Office of Jeffrey D. Ostlie, P.A. as special counsel.
The firm will represent the Debtor in connection with the drafting
corrective deeds, ordering title work, and dealing with the real
property law issues in liquidating the properties it acquired from
BJ Home Services, Inc.
Edward Fore, Esq., the Ostlie attorney who will be providing the
services, charges an hourly fee of $250. Paralegals charge $125
per hour. A $10,000 retainer has been placed in Mr. Fore's escrow
account by KI Consulting Group, LLC in connection with his
employment.
Mr. Fore disclosed in a court filing that he and his firm do not
hold any interests adverse to the Debtor and its estate.
Ostlie can be reached through:
Edward J. Fore, Esq.
The Law Office of Jeffrey D. Ostlie, P.A.
19 E. Central Blvd., Third Floor
Orlando, FL 32801
Phone: (407) 330-5255
Fax: (888) 961-8383
Email: ed@ostlielaw.com
About Ingersoll Financial
Headquartered in Orlando, Florida, The Ingersoll Group --
http://www.theingersollgroup.com-- is a national private
investment organization founded by Keith Ingersoll 12 years ago.
The Group's investments are concentrated in a few primary sectors,
including: real estate, sports management, business networking,
digital enterprise, finance, hospitality and land development.
The Ingersoll Group filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
17-07077) on Nov. 7, 2017. In the petition signed by Keith R.
Ingersoll, president and CEO, the Debtor estimated $1 million to
$10 million in both assets and liabilities.
Frank M. Wolff, Esq., at Frank Martin Wolff, P.A., is the Debtor's
bankruptcy counsel.
J.B. POINDEXTER: S&P Raises CCR & $225MM Unsec. Notes Rating to BB-
-------------------------------------------------------------------
S&P Global Ratings raised its corporate credit rating on
Texas-based J.B. Poindexter & Co. Inc. to 'BB-' from 'B+'. The
outlook is stable.
S&P said, "At the same time, we raised our issue-level rating on
the company's $225 million senior unsecured notes to 'BB-' from
'B+'. Our '3' recovery rating on these notes remains unchanged,
reflecting our expectation of meaningful (50%-70%; rounded
estimate: 65%) recovery in the event of a payment default.
"The upgrade reflects the continued improvement in Poindexter's
earnings, which--in combination with its strong cash flow
generation--contributed to stronger credit ratios than we had
previously expected, including an S&P Global adjusted FFO-to-debt
metric of 26% as of Sept. 30, 2017 (up sharply from our previous
expectation of 18%-20%).
"S&P Global Ratings' stable rating outlook on J.B. Poindexter & Co.
Inc. reflects our expectation that the company will maintain an
adjusted FFO-to-debt ratio of 20%-30% over the next 12 months. This
is supported by successful integrations of recent acquisitions and
by stable conditions in its transportation businesses, which will
be partially offset by soft conditions in Poindexter's
energy-related and funeral coaches businesses and its use of some
excess cash flow to fund external growth.
"We could lower our ratings on Poindexter if the company's
operating performance fell short of our expectations, either
because of a cyclical downturn or operational inefficiencies. We
could downgrade the company if, for instance, we forecast that its
EBITDA would weaken significantly because of its inability to
maintain the improved margins in its truck body and step van
segments amid lower demand conditions, causing its adjusted
FFO-to-debt ratio to fall below 20% for a sustained period with no
clear prospects for recovery.
"Although unlikely during the next 12 months, we could upgrade
Poindexter if it were able to establish a track record of strong
and consistent margin performance across its key segments,
successfully implement its external growth strategies, and
commitment to financial policies that would cause its adjusted
FFO-to-debt ratio to remain above 30% for a sustained period, all
of which would be consistent with higher-rated credits. We would
also need to believe that future financial policies will continue
to support this level."
KELLEY BROS: Selling Personal Property for $18K
-----------------------------------------------
Kelley Bros., Inc., asks the U.S. Bankruptcy Court for the District
of Oregon to authorize to authorize (a) the sale of (i) #3 2001
Caterpillar Model 322BL Delimber for $9,500; (ii) #4 2004 Hyundai
Robex 290LC-2 Delimber for $1,800; (iii) #5 1974 Terex 82-30FA
Tractor for $1,400; and (iv) #6 1984 Caterpillar 518G Skidder for
$5,000; and (b) the employment of Iron Planet, Inc. to conduct the
auction.
The DIP gives notice that the Personal Property was already sold at
the March 1, 2018 online auction, post-petition, without first
obtaining Court approval. The items were sold due to a
miscommunication between the DIP and Iron Planet regarding the
bankruptcy filing which resulted in the auction not being
cancelled.
The proceeds are currently being held by Iron Planet and will be
turned over (less its 10% commission) to Kenco Equipment Lease Co.
in partial satisfaction of its debt upon approval of the Motion.
The DIP asks retroactive approval of the sale of these items on the
terms contained in the Motion.
The DIP intends to sell the remaining property (Items #1 and #2
shown on Exhibit A, as modified by the revised equipment list
provided by Iron Planet, Inc. attached in the Motion as Exhibit B)
at one of the weekly online auctions held by Iron Planet upon
approval of the Motion. The items for sale will be available for
inspection at the DIP's site. The Auctioneer's commission will be
10%. All bids must be submitted through the auction site.
The items are subject to the lien of Kenco Equipment Lease Co.,
whose service address is 7750 SW Mohawk St., Tualatin, OR 97062, in
the amount of approximately $278,501. Kenco Equipment has
consented to the auction of all of these items provided the net
proceeds are paid to it in partial satisfaction of its debt.
All liens on the property total $278,501. The total sales costs
will be 10% of net sales. All tax consequences have been
considered and it presently appears the sale will result in net
proceeds to the estate after payment of valid liens, fees, costs
and taxes of approximately $0.
The sale is not of substantially all of the DIP's assets. The
reason for proposing the sale in advance of approval of a plan of
reorganization is because the equipment is surplus and/or
non-functioning. The DIP desires to avoid the continued cost of
storage, insurance, and maintenance for equipment it is not using
and reduce the accruing interest to Kenco Equipment.
The Debtor asks authority to sell personal property at public
auction free and clear of all liens, claims, encumbrances and other
interests, for partial retroactive approval of those personal
equipment already sold, and for approval to compensate auctioneer
and pay net proceeds to secured creditor, Kenco Equipment, and
applies to employ the auctioneer as described.
A copy of the Exhibit B is available for free at:
http://bankrupt.com/misc/Kelley_Bros_27_Sales.pdf
The Auctioneer:
IRON PLANET, INC.
214 Ritchie Lane
Chehalis, WA 98532
About Kelley Bros. Inc.
Kelley Bros., Inc. is a privately-held company in the moving
service industry located in Veneta, Oregon. It has been providing
lumber trucking services since 1981.
Kelley Bros. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ore. Case No. 18-60423) on Feb. 16, 2018. In its
petition signed by Myrna D. Kelley, president, the Debtor disclosed
$1.81 million in assets and $2.41 million in liabilities as of Dec.
31, 2016. Judge Thomas M. Renn presides over the case.
KIWA BIO-TECH: Posts $5.31 Million Net Income in 2017
-----------------------------------------------------
Kiwa Bio-Tech Products Group Corporation filed with the Securities
and Exchange Commission its Annual Report on Form 10-K reporting
net income of $5.31 million on $17.27 million of revenue for the
year ended Dec. 31, 2017, compared to net income of $891,030 on
$9.62 million of revenue for the year ended Dec. 31, 2016.
As of Dec. 31, 2017, Kiwa Bio-Tech had $20 million in total assets,
$9.33 million in total liabilities and $10.67 million in total
stockholders' equity.
Net cash used operating activities was approximately $5.6 million
for the year ended Dec. 31, 2017, compared to cash used in
operating activities of approximately $0.9 million for the same
period in 2016.
Net cash used in investing activities was approximately $0.8
million in the year ended Dec. 31, 2017, and net cash used in
investing activities was approximately $80,000 for the year ended
Dec. 31, 2016. The net cash used in investing activities was
mainly attributable to deposit of investment. The Company entered
an equity purchase agreement with the shareholders of Yantai Peng
Hao New Materials Technology Co. Ltd. to acquire 100% interest in
Peng Hao on June 8, 2017. As of Dec. 31, 2017, the Company has
made deposit payment of RMB 5,000,000 (approximately $768,000).
Net cash provided by financing activities was approximately $7.5
million for the year ended Dec. 31, 2017 and net cash provided by
financing activities was approximately $1.0 million for the year
ended Dec. 31, 2016. The cash inflow for the year ended Dec. 31,
2017 was mainly resulted from sale of common stocks of
approximately $6.3 million, from issuing of its convertible note of
approximately $1.0 million and approximately $0.2 million which the
Company borrowed from its related parties for working capital
purpose.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/GcetxO
About Kiwa Bio-Tech
Headquartered in Ontario, California, Kiwa Bio-Tech Products Group
Corporation -- www.kiwabiotech.com -- develops, manufactures,
distributes, and markets innovative, cost-effective and
environmentally safe bio-technological products for agricultural
and environmental conservation. The Company's products are
designed to enhance the quality of human life by increasing the
value, quality and productivity of crops and decreasing the
negative environmental impact of chemicals and other wastes.
* * *
This concludes the Troubled Company Reporter's coverage of Kiwa
Bio-Tech until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
LE-MAR HOLDINGS: Selling Taurean Grand Prairie Property for $4.2M
-----------------------------------------------------------------
Le-Mar Holdings, Inc., and affiliates ask the U.S. Bankruptcy Court
for the Northern District of Texas to authorize the bidding
procedures in connection with the sale of Taurean East, LLC's real
property located at 3485 Roy Orr Blvd., Grand Prairie, Texas to
Ryder Truck Rental, Inc., for (i) $4,150,000 and (ii) a commercial
lease back of a section of the Real Property to the Debtors,
subject to overbid.
The Real Property is currently being leased by the Debtors to
various entities that use the property for parking, office space,
and maintenance. While the sale of the Real Property will have no
impact on the Debtors' business and operation, it will raise funds
needed to repay certain secured creditors and contribute to their
ability to emerge from bankruptcy.
The Real Property is encumbered by a tax lien securing the payment
of unpaid real property taxes. The amount of unpaid real property
taxes that are due and owing, and secured by this tax lien is
approximately $223,421.
Pursuant to a Commercial Deed of Trust, Security Agreement
Financing Statement and Assignment of Rents, dated June 29, 2015,
and recorded on June 30, 2015, under Document No. 2015-00171042 in
the Official Public Records of Dallas County, Texas, First United
Bank and Trust Co. holds a first lien against the Real Property to
secure payment of that certain Promissory Note, dated June 29,
2015, between Le-Mar (as borrower) and First United (as lender) in
the original principal amount of $2,835,000. The total amount
outstanding under the First United Note as of Feb. 28, 2018, was
approximately $2,614,879.
Pursuant to a Deed of Trust, Security Agreement, Fixture Filing and
Assignment of Rents, dated Feb. 24, 2017, and recorded on Feb. 27,
2017, under Document No. 2017-00056380 in the Official Public
Records of Dallas County, Texas, LiftForward, Inc. holds a
second-position lien against the Real Property to secure payment of
that certain Promissory Note, dated Feb. 21, 2017, between Le-Mar
(as borrower) and First United (as lender) in the original
principal amount of $515,000. The total amount outstanding under
the LiftForward Note as of Feb. 28, 2018, was approximately
$315,489.
Pursuant to the Deed of Trust, Security Agreement and Financing
Statement, dated Jan. 27, 2017, and recorded on March 10, 2017,
under Document No. 2017-00069535 in the Official Public Records of
Dallas County, Texas, Michael L. Davis holds a third-position lien
against the Real Property to secure payment of that certain
Promissory Note, dated Jan. 27, 2017, between the Debtors (as
borrower) and Davis (as lender) in the original principal amount of
$845,000. Pursuant to the Modification Agreement, dated April 18,
2017, and recorded on April 27, 2017, under Document No.
2017-00116953 in the Official Public Records of Dallas County,
Texas, the Debtors and Davis agreed that an advance of $175,000 by
Davis to the Debtors would be secured by the Davis Deed of Trust.
The 2017 Davis Note and the 2017 Davis Advance are also secured by
several other real properties owned by the Debtors. The total
amount outstanding under the 2017 Davis Note and the 2017 Davis
Advance as of March 10, 2018, was approximately $503,852.
First Financial Bank, N.A., loaned the Debtors $200,000 pursuant to
a promissory note dated July 10, 2015, which was secured by a Deed
of Trust dated Feb. 24, 2017, and recorded on Feb. 27, 2017, under
Document No. 2017-00056380 in the Official Public Records of Dallas
County, Texas. The First Financial Note has been satisfied in full
and, therefore, the First Financial Deed of Trust should be
released. The First Financial Note will receive no payment from
the sale of the Real Property.
Pursuant to the Deed of Trust, dated Aug. 1, 2017, and recorded on
Aug. 31, 2017, under Document No. 2017-00247825 in the Official
Public Records of Dallas County, Texas, Mobilization Funding, LLC
holds a fourth-position lien against the Real Property to secure
payment of certain sums borrowed by the Debtors from Mobilization.
Pursuant to a Settlement Agreement and Mutual Release of Claims
entered into by and between the Debtors and Mobilization, and
approved by Cour, Mobilization and the Debtors have agreed to an
agreed claim amount for Mobilization.
Beginning in January 2018, Colliers International North Texas, LLC
marketed the property by preparing a marketing proposal and
materials. The Debtors received serious interest in purchasing the
Real Property from eight prospective purchasers and received four
letters of intent from parties interested in purchasing the Real
Property. The Debtors entered into negotiations with all
interested parties and were ultimately successful in coming to
terms with Ryder.
The Debtors and Stalking Horse Bidder are in the process of
finalizing the Sale Agreement through which the Stalking Horse
Bidder will purchase the Real Property. The Sale Agreement
contemplates that the Stalking Horse Bidder's offer will be
exposed, through an auction process, to potentially higher and
better bids. The Stalking Horse Bidder proposes to acquire the
Real Property for (i) $4,150,000, free and clear of all Claims and
Interests; and (ii) a commercial lease back of a section of the
Real Property to the Debtors on the terms set forth in the LOI.
The Sale Agreement will provide that, if Stalking Horse Bidder is
the Successful Bidder at the conclusion of the auction process
described herein, then the Debtors will seek entry of the Sale
Order at the Sale Hearing to approve the sale of the Real Property
to Ryder. It will include certain protections for the Stalking
Horse Bidder in exchange for serving as the stalking horse. In
particular, subject to Court approval, if the Stalking Horse Bidder
is not selected as the Successful Bidder, the Debtors will be
required to pay to the Stalking Horse Bidder a fee in the amount of
4% of the Purchase Price contained in the Sale Agreement.
The Debtors propose to conduct the Sale of the Real Property
through the sale and bidding process to ensure that their estates
realize the maximum value for the Real Property.
To optimally and expeditiously solicit, receive, and evaluate bids
in a fair and accessible manner, the Debtors have developed and
proposed the Bidding Procedures to govern the sale process. The
Bidding Procedures are designed to encourage all entities to put
their highest and best bids forward and to maximize the value that
can be realized for the Real Property.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: April 20, 2018 at 12:00 noon (CT)
b. Qualified Bid: $25,000 more than the sum of $4.15 million
plus the Break-Up Fee
c. Deposit: $415,000
d. Auction: The Auction, if necessary, will be on April 25,
2018 at 10:00 a.m. (CT) at the offices of Underwood Perkins
P.C. 5420 LBJ Freeway, Two Lincoln Centre, Suite 1900, Dallas,
Texas.
e. Bid Increments: $25,000
f. Sale Hearing: May 2, 2018 at 2:00 p.m. (CT)
g. Sale Objection Deadline: April 30, 2018 at 5:00 p.m. (CT)
A copy of the Bidding Procedures attached to the Motion is
available for free at:
http://bankrupt.com/misc/Le-Mar_Holdings_486_Sales.pdf
All objections to the bidding procedures must be filed no later
than 5:00 p.m. (CT) on March 30, 2018.
In the exercise of their reasonable business judgment, the Debtors
have concluded that: (a) a prompt sale of the Real Property is the
best way to maximize value for their estates, and (b) the proposed
Bidding Procedures described are the most effective method of
obtaining the highest and best offer for the Real Property.
The Debtors ask the Court to waive the 14-day stay period
prescribed by Bankruptcy Rules 6004(h) and 6006(d) to allow their
sale or other transaction to close immediately where there has been
no objection to the procedure.
About Le-Mar Holdings
Le-Mar Holdings, Inc., is a mid-sized company in the general
freight trucking business with operations in Grand Prairie,
Amarillo, Midland, Abilene, San Angelo, Austin, San Antonio, Lufkin
and Lubbock.
Chuck and Tracey Edwards own approximately 63.9% of the equity
interests in Le-Mar while the Lawrence and Margie Edwards'
Grand-Children's Trust owns approximately 36.1% of the equity
interests. Le-Mar Holdings owns 100% of the equity interests of
Edwards Mail Service, Inc., and 50% of the membership interests of
Taurean East, LLC. Chuck and Tracey Edwards own 50% of the
membership interests of Taurean East.
Le-Mar Holdings, Edwards Mail and Taurean East sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case Nos.
17-50234 to 17-50236) on Sept. 17, 2017. In the petitions signed
by Chuck Edwards, its president, Le-Mar Holdings estimated assets
and liabilities of $1 million to $10 million.
Le-Mar Holdings engaged Moses & Singer LLP as legal counsel, and
Underwood Perkins, P.C., as local counsel.
The Official Committee of Unsecured Creditors formed in the case
retained Tarbox Law P.C., and Kelley Drye & Warren LLP as counsel.
Colliers International North Texas, LLC, was appointed by the Court
as a real estate broker on Jan. 10, 2018.
LOS POLLITOS: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Los Pollitos, Inc.
338 44th St.
Corpus Christi, TX 78405
Business Description: Founded in 1998, Los Pollitos, Inc. is
a small business Debtor as defined in 11
U.S.C. Section 101(51D).
Chapter 11 Petition Date: April 2, 2018
Case No.: 18-20131
Court: United States Bankruptcy Court
Southern District of Texas (Corpus Christi)
Judge: Hon. David R Jones
Debtor's Counsel: William Arthur Whittle, Esq.
THE WHITTLE LAW FIRM, PLLC
308 Atrium Plaza 1
5151 Flynn Parkway
Corpus Christi, TX 78411
Tel: 361-887-6993
Fax: 361-887-6999
Email: ecf@whittlelawfirm.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Randy Maldonado, president.
The Debtor failed to incorporate in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txsb18-20131.pdf
MAOZ 8TH AVENUE: Seeks June 25 Exclusive Plan Period Extension
--------------------------------------------------------------
Maoz 8th Avenue LLC requests the U.S. Bankruptcy Court for the
Southern District of New York to extend exclusive periods to file a
chapter 11 plan of reorganization and to solicit acceptances of
such plan, each for an additional 90 days or through and including
June 25, 2018, and August 24, 2018, respectively.
A hearing will be held on April 10, 2018 at 10:00 a.m. during which
time the Court will consider extending the Debtor's exclusive
periods.
The Debtor operates a restaurant business which has exposure to
possible wage claims by current and/or former employees. The bar
date has been set for April 30, 2018 and only one wage claim has
been filed, but the universe of claims will not be certain until
the bar date passes.
The Debtor tells the Court that it will better understand if it
will reorganize or take other action after the bar date in this
case passes. Until then, the Debtor says that it may be premature
to draft a plan of reorganization.
Unless extended, the Debtor's Exclusive Filing Period will expire
on March 27, 2018, and its Exclusive Solicitation Period will
expire on May 26, 2018.
Accordingly, an extension of the Debtor's exclusive periods to file
and solicit acceptances to a chapter 11 plan is requested to
prevent the Debtor from incurring the cost of drafting a plan which
may subsequently be in need of amendment or withdrawal.
About Maoz 8th Avenue
Maoz 8th Avenue LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-13327) on Nov. 27,
2017. In the petition signed by Jimmy Shabtay, general manager,
the Debtor estimated assets and liabilities of less than $500,000.
Judge Sean H. Lane presides over the case. Sichenzia Ross Ference
Kesner LLP serves as counsel to the Debtor.
MEHRI AKHLAGHPOUR: Trustee Selling Encino Property for $299K
------------------------------------------------------------
Nancy J. Zamora, the Chapter 11 Trustee for the bankruptcy estate
of Mehri Akhlaghpour, asks the U.S. Bankruptcy Court for the
Central District of California to authorize the bidding procedures
in connection with the sale of the real property located at 5454
Zelzah Avenue, #302, Encino, California to Mehdi A. Moghadam for
$299,000, subject to overbid.
A hearing on the Motion is set for April 12, 2018 at 2:00 p.m.
Broker Rodeo Realty, Inc. has marketed the Property for sale and
obtained the purchase offer being submitted. Subject to Court
approval, the Trustee proposes to sell the Property, pursuant to
the terms of the Purchase And Sale Agreement And Escrow Instruction
(Residential Property) and addendums thereto.
The essential terms of the proposed sale are:
a. Purchaser: Mehdi A. Moghadam
b. Purchase Price: $299,000, free and clear of liens or
interests
c. Condition of Property: The Property is being purchased "as
is, where is" without any representations or warranties of any
kind.
d. Broker's Commissions: 6%, to be shared equally between the
Trustee's Broker and the Purchaser's broker
Further, the Property is currently leased to Noora Arasteh,
pursuant to the Residential Lease Or Month-To-Month Rental
Agreement entered into between the Debtor and the Tenant on March
17, 2017, which has a termination date of March 26, 2018 and,
subject to the Tenant's March 2018 rent payment, will continue on a
month-to-month tenancy as of the termination date in accordance
with lease terms. Through the Motion, the Trustee also asks Court
authority to assume the Lease and assign it to the Purchaser or
successful bidder as part of the sale transaction.
While the Trustee is prepared to consummate the sale with the
Purchaser, she is also interested in obtaining the maximum price
for the Property. Therefore, she asks approval of the following
overbid procedures: (1) any person interested in submitting an
overbid on the Property must attend the hearing on the Motion or be
represented by an individual with authority to participate in the
overbid process; (2) an overbid will be defined as an initial
overbid of $5,000 above the Purchase Price, with each additional
bid in $1,000
increments; (3) overbidders (except for the Purchaser) must deliver
a deposit to the Trustee's counsel by way of cashier's check made
payable to "Encore Escrow," in the amount of $34,900 at least seven
calendar days prior to the hearing on the Motion; (4) overbidders
must purchase the Property on the same terms and conditions as the
Purchaser; (5) the Deposit of the successful overbidder will be
forfeited if such party is thereafter unable to complete the
purchase of the Property within 15 calendar days of entry of an
order confirming the sale; and (6) in the event the successful
overbidder cannot timely complete the purchase of the Property, the
Trustee will be authorized to proceed with the sale to the next
highest overbidder.
The Trustee believes that the proposed overbid procedure, notice of
which has been given to all creditors and interested parties, will
maximize the price ultimately obtained for the Property as well as
protect the estate from parties who may wish to participate in the
overbid procedure, but who are ultimately unable to consummate the
sale transaction. Accordingly, the Trustee asks that the Court
authorizes the overbid procedure discussed.
A preliminary title report on the Property has been obtained from
First American Title Company.
The Title Report indicates that thee liens have been recorded
against the Property:
a. County Assessor's Office Real property taxes, 2017-2018 -
The Trustee is informed that real property taxes totaling
approximately $1,700 are owed, and the amount owed will be paid
from escrow.
b. Nationstar Mortgage, LLC: Deed of Trust recorded by
Recontrust Co., N.A. on June 8, 2011 for Bank of America, N.A.,
which was assigned to Nationstar via an assignment recorded on
08/27/15. The Trustee is informed that the Deed of Trust secure[s]
an original indebtedness of $165,500, and the outstanding amount
owed will be paid from escrow.
c. Emymac: The disputed Deed of Trust recorded in favor of
Emymac on 10/10/17. The Title Report provides that the Deed of
Trust was alleged to secure an original indebtedness of $110,000.
The Trustee estimates that the proposed sale will generate
approximately $120,028 in net proceeds as follows: (i) Prooperty
Taxes - $1,700; (ii) Nationstar Lien - $144,436; (iii) Emymac Lien
- $0; (iv) Estimated Tax Liability from Sale - $7,366; (v) Tenant
Security Deposit to Purchaser - $1,550; and (vi) Closing Costs
(estimated at 8% including 6% broker commission) - $23,920.
The Trustee asks the Court to waive the 14-day stay prescribed by
Rule 6004(h) of the Federal Rules of Bankruptcy Procedure.
A copy of the Agreements attached to the Motion is available for
free at:
http://bankrupt.com/misc/Mehri_Akhlaghpour_155_Sales.pdf
About Mehri Akhlaghpour
Mehri Akhlaghpour filed a Chapter 11 Petition (Bankr. C.D. Cal.
Case No. 17-12739) on Oct. 11, 2017, and was represented by
Giovanni Orantes, Esq.
The Debtor asserts an interest in six real properties:
* A single family residence located at 4450 Winnetka Ave.,
Woodland Hills, CA 91364;
* A condominium located at 26943 Hillsborough Parkway, #27,
Valencia, CA 91354;
* A condominium located at 5454 Zelzah Avenue, #302, Encino, CA
91316;
* A single family residence located at 16320 Gledhill Street,
North Hills, CA 91343;
* A single family residence located at 17315 Cagney Street,
Granada Hills, CA
91344; and
* A condominium located at 8338 Woodley Pl. #28, North Hills, CA
91343.
On Dec. 29, 2017, the Office of the United States Trustee filed a
motion to appoint a Chapter 11 Trustee. The Motion was granted.
On Jan. 25, 2018, Nancy J. Zamora was appointed as the Debtor's
Chapter 11 Trustee. The Trustee tapped Levene, Neale, Bender, Yoo
& Brill L.L.P. as counsel; and Rodeo Realty, Inc., as real estate
broker.
The Court approved Rodeo Realty, Inc.'s employment as broker on
March 15, 2018.
MGTF RADIO: Taps Gordian Broadcast as Financial Advisor
-------------------------------------------------------
MGTF Radio Company, LLC and WPNT, Inc., received interim approval
from the U.S. Bankruptcy Court for the Eastern District of Missouri
to hire Gordian Broadcast Technologies, LLC as their financial
advisor.
The firm will advise the Debtors regarding any potential
restructuring or modification of their debt; assist in raising new
or replacement debt or equity capital; give advice regarding any
potential merger or sale of assets; evaluate various options for
effecting a financial transaction; and provide other services
related to the Debtors' Chapter 11 cases.
Gordian will be paid a monthly fee of $50,000. In connection with
the consummation of each financial transaction, fees to be paid to
the firm will consist of 2.75% of the aggregate consideration.
These fees, however, are capped at $2.25 million.
The firm is a "disinterested person" as defined in section 101(14)
of the Bankruptcy Code, according to court filings.
Gordian can be reached through:
Peter S. Kaufman
Gordian Broadcast Technologies, LLC
950 Third Avenue, 17th floor
New York, NY 10022
Phone: 212.486.3600
Fax: 212.486.3616
Email: psk@gordiangroup.com
Email: info@gordiangroup.com
About MGTF Radio Company
and WPNT Inc.
MGTF Radio Company, LLC, which conducts business under the name
Steel City Media, is a multimedia company offering print, radio,
and digital advertising solutions. Its stations include Country
KBEQ (Q104), Country KFKF, Top 40 KMXV (MIX 93.3), and AC KCKC (KC
102.1). The company was founded in 1984 and is based in
Pittsburgh, Pennsylvania, with a location in Kansas City, Missouri.
MGTF Radio Company sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mo. Case Nos. 18-41671 and 18-41672)
on March 20, 2018.
In the petitions signed by Michael J. Frischling, vice-president,
MGTF Radio and WPNT estimated assets and liabilities of $50 million
to $100 million.
MMM HOLDINGS: S&P Withdraws 'B' Issuer Credit & Sec. Debt Ratings
-----------------------------------------------------------------
S&P Global Ratings said it withdrew its 'B' long-term issuer credit
and senior secured debt ratings on MMM Holdings Inc. at the
issuer's request. The company repaid its debt and entered into a
new credit agreement. At the time of withdrawal, the outlook was
stable.
MOUNTAIN CRANE: Taps Richards Brandt as Litigation Counsel
----------------------------------------------------------
Mountain Crane Service, LLC, seeks approval from the U.S.
Bankruptcy Court for the District of Utah to hire Richards Brandt
Miller Nelson, PC, as its special litigation counsel.
The firm will represent the Debtor in a case styled as Mountain
Crane Service, LLC v. Hedquist Construction, et al. (Case No.
103523) filed in the Seventh Judicial District Court for Natrona
County, Wyoming; and in a case styled Robles v. Mountain Crane
Service, LLC (Case No. 160902303) pending in the Third Judicial
District Court, Salt Lake County, Utah.
Richards Brandt will also provide legal services in connection with
certain litigation pending before the Utah Labor Commission's
Occupational Safety and Health Division.
With respect to the Hedquist litigation, Richards Brandt will be
paid in accordance with its contingency fee agreement with the
Debtor.
Under the agreement, the Debtor will pay the firm from the proceeds
of the litigation if a settlement is reached or a judgment is
collected. If either occurs prior to March 31, the firm will be
paid a contingency fee equal to its fees on an hourly basis
multiplied by 1.1. If either occurs after March 31, Richards
Brandt will be paid a contingency fee equal to its fees on an
hourly basis multiplied by 1.25.
With respect to the UOSH litigation, Brian Bolinder, Esq., and
Tyler Dever, Esq., the firm's attorneys who will be representing
the Debtor, will charge $225 per hour and $185 per hour,
respectively.
Meanwhile, the Debtor's insurance carrier is obligated to pay the
firm for its services provided in connection with the Robles
litigation.
Richards Brandt has no relationship to, connection with or interest
in the Debtor or any of its creditors, according to court filings.
The firm can be reached through:
Matthew Barneck, Esq.
Richards Brandt Miller Nelson, PC
299 S Main St., 15th Floor
Salt Lake City, UT 84111
Phone: 801-531-2000
Email: matthew-barneck@rbmn.com
About Mountain Crane Service
Mountain Crane Service, LLC -- https://www.mountaincrane.com/ --
specializes in refinery turnarounds and has a fleet comprised of
over 100 cranes, and hundreds of other pieces of equipment
dedicated to refineries in Utah, Montana, and Wyoming. It is
located in Salt Lake City, Utah, with satellite offices and wind
maintenance service locations in Montana, Nevada, Washington,
Idaho, Wyoming, Iowa, Texas and Michigan.
Mountain Crane Service sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Utah Case No. 18-20225) on Jan. 12,
2018. In the petition signed by Paul Belcher, managing member, the
Debtor estimated assets and liabilities of $50 million to $100
million. Judge Joel T. Marker presides over the case.
The Debtor hired Cohne Kinghorn, P.C., as its bankruptcy counsel;
and Rocky Mountain Advisory, LLC, as its accountant and financial
advisor.
The U.S. Trustee for Region 19 appointed an official committee of
unsecured creditors on Jan. 25, 2017. The Committee retained
Archer & Greiner, P.C., as its legal counsel.
NASRIN OIL: Seeks April 6 Plan Exclusivity Period Extension
-----------------------------------------------------------
Nasrin Oil Corp. requests the U.S. Bankruptcy Court for the
Southern District of Florida for a 7-day extension of the
exclusivity period to file a Plan of Reorganization and file a
Disclosure Statement and related deadlines, through and including
April 6, 2018.
Initially, the Debtor has the exclusive right to file a plan of
reorganization which was set as Jan. 31, 2018 pursuant to the
Court's Order Shortening Time for Filing Proofs of Claim,
Establishing Plan and Disclosure Filing Deadlines and Addressing
Related Matters. Pursuant to the Court's Order, the exclusive
period to file a plan of reorganization was extended to March 30,
2018.
However, on this day of the deadline, March 30, 2018, the Debtor's
counsel has two depositions in the Debtor's affiliated litigation
case, Power Petroleum, Inc. vs. Maha & Haifa, Inc., with a third
deposition scheduled for the following business day and therefore,
requests additional time to prepare the Plan and Disclosure
Statement.
The Debtor submits that it has been making good faith progress
towards reorganization; are managing its assets and preserving the
Estate's value. The Debtor represents that it has no intent to seek
an extension of exclusivity to pressure any creditor into accepting
a plan, but rather are seeking the extension in order to allow
Debtor time to prepare the Debtor's Plan and Disclosure Statement,
as its counsel is in depositions on said exclusivity deadline.
Accordingly, the Debtor requests that it be afforded a full and
fair opportunity to negotiate, propose and seek acceptance of a
plan. The Debtor believes that the requested extension is warranted
and appropriate under the circumstances. The Debtor submits that an
extension is realistic and necessary, will not prejudice the
legitimate interest of creditors and other parties in interest, and
will afford a meaningful opportunity for the Debtor to file a Plan
of Reorganization and Disclosure Statement.
About Nasrin Oil Corp.
Nasrin Oil Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 17-22086) on Oct. 3,
2017. In the petition signed by Mohammad K. Miah, its president,
the Debtor estimated assets of less than $50,000 and liabilities of
less than $500,000. Judge Erik P. Kimball presides over the case.
Merrill P.A. is the Debtor's bankruptcy counsel. An official
committee of unsecured creditors has not yet been appointed in the
Chapter 11 case.
NATIONAL ORTHOPEDICS: Has Final OK to Use M&T Bank Cash Collateral
------------------------------------------------------------------
Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern
District of Florida has entered Final Agreed Order authorizing
National Orthopedics and Neurosurgery, P.A. to use the cash
collateral of M&T Bank through and including September 15, 2018.
The Debtor may use Cash Collateral in accordance with the Budget,
solely to meet payroll obligations (if any) and to pay expenses
critical to the preservation of the Debtor and its estate, and to
pay the reasonable and necessary expenses in accordance with the
terms of the Budget incurred prior to the Remedies Notice Period.
The approved Budget shows total monthly operating expenses of
approximately $17,664.
The Debtor is indebted to M&T Bank in the amount of not less than
$874,457 as the Petition Date, which indebtedness is secured by
valid, enforceable, properly perfected first priority liens in
favor of M&T Bank on all of the Debtor's assets.
During the Cash Collateral Period, the Debtor will provide a
monthly report to M&T Bank disclosing a monthly budget-to- actual
report of all Budget line items reported for each month during the
Cash Collateral Period. The Debtor will provide M&T Bank reasonable
access to its financial and accounting personnel for the purpose of
verifying budgets, actual results and other financial information
provided to M&T Bank. The Debtor will also provide M&T Bank with
reasonable access to the collateral for the purpose of inspecting
and valuing the collateral, copies of insurance certificates and
policies for such collateral, and other financial reports
reasonably requested by M&T Bank.
M&T Bank is granted continuing liens, as of the Petition Date, on
and security interests in all property of the Debtor, with such
continuing liens to have the same extent, validity and priority as
the liens held by M&T Bank in such property as of the Petition
Date. In addition, the Debtor will make monthly payments to M&T
Bank in an amount equal to: (i) $12,992.90; and (ii) all interest
accruing on Account No. 9966333592, with the first payment to be
paid by the Debtor to M&T Bank no later than March 31, 2018 and
subsequent monthly payments -- reflecting a monthly interest only
payment to the contract rate.
M&T Bank will also be granted valid, binding, enforceable, fully
perfected, replacement liens and first priority security interests
in the Debtor’s presently owned or hereafter acquired property
and assets, whether such property and assets were acquired before
or after the Petition Date, of any kind or nature, whether real or
personal, tangible or intangible, wherever located (including,
without limitation, first priority liens on any cash held in the
Debtor's bank accounts), and the proceeds and products thereof.
Further, to the extent the Adequate Protection Payments, Continuing
Liens, and Replacement Liens do not adequately protect against the
diminution in M&T Bank's interest in the value of the prepetition
collateral from and after the Petition Date, M&T Bank will have a
post-petition superpriority administrative expense claim against
the Debtor, with recourse to all prepetition and post-petition
property of the Debtor and all proceeds thereof
A full-text copy of the Final Agreed Order is available at:
http://bankrupt.com/misc/flsb18-11757-38.pdf
About National Orthopedics
National Orthopedics and Neurosurgery, P.A., f/k/a Jeffrey L.
Kugler, M.D. P.A. -- http://nationalorthoandneuro.com/-- offers
treatment options for orthopedic injuries. With locations in Lake
Worth and Royal Palm Beach, Florida, the Company is helping
patients from all over the Southeast.
National Orthopedics and Neurosurgery filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 18-11757) on Feb. 15, 2018, disclosing
$1.02 million assets and $1.86 million debt. The petition was
signed by Jeffrey L. Kugler, director. The case is assigned to
Judge Erik P. Kimball. The Debtor is represented by Robert C.
Furr, Esq., at Furr & Cohen.
NCSG CRANE: S&P Cuts CCR to 'SD' on Missed Interest Payments
------------------------------------------------------------
S&P Global Ratings said it lowered its long-term corporate credit
rating on Edmonton, Alta.-based NCSG Crane & Heavy Haul Corp. to
'SD' from 'CCC+'.
At the same time, S&P Global Ratings lowered its issue-level rating
on NCSG's second-lien secured debt to 'D' from 'CCC'. The '5'
recovery rating on the debt is unchanged and indicates S&P's
expectation that the secured second-lien lenders could expect a
modest (10%-30%; rounded estimate 15%) recovery in a default
scenario.
The downgrade reflects the fact that the company missed the
interest payment due Feb. 15, 2018, on its second-lien secure notes
due August 2019. The missed payment constitute a default under our
criteria. The 'SD' rating reflect NCSG continuing to pay the
interest expenses on its other existing debt securities.
NCSG announced March 29, 2018, that it has entered an agreement
with its principal lenders that will result in US$20 million
capital injection, the second-lien secured note due 2019 amount
being reduced by more than US$200 million, and existing bond
lenders becoming majority shareholders. The company has not
announced when it expects to conclude the restructuring process.
S&P said, "We expect to review the ratings following the
restructuring process' completion. Our analysis will incorporate
the company's new pro forma capital structure and liquidity
position, and our updated forecast for NCSG's operating and
financial expectations."
NEPHROS INC: Obtains $1.19 Million Financing From Tech Capital
--------------------------------------------------------------
Nephros, Inc. entered into a secured promissory note in the
original principal amount of $1,187,000 with Tech Capital, LLC on
March 27, 2018, as disclosed in a Form 8-K filed with the
Securities and Exchange Commission.
Upon signing, the Company paid the Lender a loan fee of $5,935, or
0.50% of the principal balance. The Company intends to use the
proceeds from the Note to refinance all of the existing
indebtedness outstanding under the Company's 11% unsecured
promissory notes issued pursuant to that certain Note and Warrant
Agreement dated June 3, 2016 with various purchasers, in the
original aggregate principal amount of approximately $1,187,000.
The maturity date of the Note is April 1, 2023. The unpaid
principal balance accrues interest at a rate of 8.00% per annum.
Principal and interest payments, accrued in arrears, are due on the
first day of each month commencing on May 1, 2018. If any
installment is more than 10 days past due, the Lender may collect a
charge equal to the greater of $15.00 or 5.00% of the late payment
for each month in which it is due. Upon any event of default under
the Note, the interest rate may be increased by Lender by an
additional 3.00%. The Company may prepay all obligations under the
Note at any time.
The Note is subject to the terms and conditions of and is secured
by security interests granted by Company in favor of the Lender
under the Loan and Security Agreement between the Company and
Lender, dated Aug. 16, 2017 and all of the riders and amendments
thereto. An event of default under the Loan Agreement will be an
event of default under the Note, and vice versa. In the event the
principal balance under the Loan Agreement is due, all amounts due
under the Note will also be due.
About Nephros, Inc.
River Edge, N.J.-based Nephros, Inc., is a commercial stage medical
device company that develops and sells high performance liquid
purification filters. Its filters, which it calls ultrafilters,
are primarily used in dialysis centers and healthcare facilities
for the production of ultrapure water and bicarbonate.
Nephros incurred a net loss of $809,000 in 2017 following a net
loss of $3.03 million in 2016. As of Dec. 31, 2017, Nephros had
$4.98 million in total assets, $3.03 million in total liabilities
and $1.95 million in total stockholders' equity.
Moody, Famiglietti & Andronico, LLP, in Tewksbury, Massachusetts,
issued a "going concern" qualification in its report on the
consolidated financial statements for the year ended Dec. 31, 2017,
citing that the Company's recurring losses and difficulty in
generating sufficient cash flow to meet its obligations and sustain
its operations raise substantial doubt about its ability to
continue as a going concern.
PIN OAK: Court Grants Trustee Additional 120 Days to File Plan
--------------------------------------------------------------
Judge Patrick M. Flatley of the U.S. Bankruptcy Court for the
Northern District of West Virginia, at the behest of Robert L.
Johns, the Chapter 11 Trustee in the case of Pin Oak Properties,
LLC, has extended the exclusive period to file a Plan of
Reorganization for additional 120 days from March 28, 2018.
The Troubled Company Reporter has previously reported that the
Trustee sought for additional 120 days to file a proposed plan of
reorganization because he is still evaluating potential
restructuring of the Debtor's debts, as well as a possible sale
under Section 363 in lieu of reorganization. The Trustee was just
recently been appointed in this case and has been diligently
working to determine how best to administer this case for the
benefit of the estate and creditors of the estate. The Trustee told
the Court that he had already met with interested parties,
including the principal of the Debtor, representatives of the
primary secured creditor and the assistant U.S. Trustee.
About Pin Oak Properties
Pin Oak Properties, LLC, operates the Middletown Mall located at
9429 W Mill Street, White Hall, Marion County, West Virginia.
Pin Oak Properties filed a Chapter 11 petition (Bankr. N.D. W.Va.
Case No. 17-00608) on June 7, 2017. Dietrich Steve Fansler, its
managing member and 100% owner, signed the petition.
The Hon. Patrick M. Flatley is the case judge.
The Debtor has hired Gianola, Barnum, Bechtel & Jecklin, LC, in
Morgantown, West Virginia, as counsel; and Steven G. Williams,
CPA/ABV, as accountant.
An official committee of unsecured creditors has not been appointed
in the Chapter 11 case.
The Court has approved the appointment of Robert L. Johns as the
Chapter 11 Trustee in this case. The Trustee tapped his firm,
Turner & Johns, PLLC, to represent him in the Chapter 11 case.
RAY ROGERS: Proposes a $325K Private Sale of Equipment to Click
---------------------------------------------------------------
Ray Rogers Timber Co., Inc., asks the U.S. Bankruptcy Court for the
District of Arkansas to authorize the private sale of his legal and
equitable interests in the following equipment: (i) a used 2012
Prentice 2670C Fellerbuncher, S/N B3E00160, with a CAT SC57
Sawhead, S/N PAW00185; (ii) a used 2006 Hydroax 670 Cutter, S/N
HA19124, with a A22HICAP Sawhead, S/N SA15066; (iii) a used 2013
John Deere 648H Skidder, S/N 1DW648HSPDD650739; and (iv) a 2015
Prentice 2384C Loader, S/N KB600365 with 2015 Autobee 4048hd
Grapple, S/N 113373-1-1, with 2016 CSI PTD-264 Ultra Delimber, S/N
26415073937 with 2016 PTTS KB50-DHL Offroad Carrier, S/N
5JYKB5022GP161782, to Jason Click for the cash sale price of
$325,000.
Objections, if any, must be filed within 10 days after the service
of notice.
The Debtor proposes to close on the Equipment sale with a proposed
date of March 30, 2018. At closing the Debtor proposes (a) cause
the Buyer to pay $210,000 of the proceeds from the sale directly to
Southern Bancorp Bank ("SBB") to be applied toward the allowed
secured claims of SBB, which holds a security interest in the 2012
Prentice Fellerbuncher and Sawhead, 2006 Hydroax Cutter and
Sawhead, and 2013 JD Skidder as collateral for such secured claims,
and (b) cause the Buyer to pay $115,000 of the proceeds from the
sale directly to Bank of Delight to be applied toward the allowed
secured claims of Bank of Delight, which holds a security interest
in the 2015 Prentice Loader as collateral for such secured claims.
The secured claims of both SBB and Bank of Delight exceed the sales
proceeds from the proposed sale of the Equipment. No other
creditor has a security interest in the Equipment.
The sale is on a strictly "as is, where is" basis with no
warranties being extended except as to title.
The Debtor is making a diligent attempt to pay off or lower its
debt by selling said Equipment. The sale of the Equipment will
enable the Debtor to obtain proceeds that will subsequently be
distributed to secured creditors. It believes that the sale of the
Equipment will generate proceeds to assist in lowering its debt
with current creditors and will benefit the estate.
About Ray Rogers Timber Company
Ray Rogers Timber Company, Inc., based in Nashville, Arizona, is
engaged in the business of cutting and selling timber, in the
ordinary course of its business.
Ray Rogers Timber Company, Inc., filed a Chapter 11 petition
(Bankr. W.D. Ark. Case No. 17-71461) on June 7, 2017. In the
petition signed by E. Ray Rogers, president, the Debtor estimated
$1 million to $10 million in both assets and liabilities. The Hon.
Richard D. Taylor presides over the case. Rufus E. Wolff, Esq., at
Wolff & Ward, PLLC, serves as bankruptcy counsel to the Debtor.
RMG ENTERPRISES: Chesapeake Furniture Buying Two Trucks for $12K
----------------------------------------------------------------
RMG Enterprises, LTD., asks the U.S. Bankruptcy Court for the
Eastern District of Virginia to authorize the private sale of (i) a
2006 HINO SVNJ8JV962S50071 for $12,000 and (ii) a 2003 400 Series
International (no motor) 1HTMMAAM63HS77718 for $3,000 to Chesapeake
Furniture Contractors.
A hearing on the Motion is set for April 11, 2018 at 10:30 a.m.
Objections, if any, must be filed within 21 days from the date of
service of the Notice.
The estate includes the Trucks that are no longer operable and
would take substantial funds to repair.
The Debtor is indebted to Union Bank & Trust pursuant to: (i) a
Promissory Note dated May 23, 2016 in the original principal amount
of $60,000; and (ii) a Promissory Note dated Aug. 31, 2016 in the
original principal amount of $456,532. The $60,000 Note is subject
to the Business Loan Agreement dated May 23, 2016 and the $456,532
Note is subject to that certain Business Loan Agreement dated Aug.
31, 2016. The obligations due and owing under the Notes are
secured by Certificates of Title to each of the Trucks, inter
alia.
The Debtor has obtained an offer from the Buyer for the sums of
$12,000 for the 2006 HINO Truck and $3,000 for the 2003 400 Series
International (no motor). The Debtor proposes that it sell the
Property to the Buyer free and clear of any and all known and
unknown liens, claims, rights and interests on or in the Property,
and that the Liens attach to the proceeds of the sale.
The Debtor understand and agrees that all proceeds of the sale,
after payment of any fees or expenses directly related to the sale
including, but not limited to, any taxes and transfer fees, will be
paid to Union on its lien.
The Purchase Price of the Trucks is reasonable in that the Trucks
are currently not in operable condition (one is missing a motor)
and substantial repairs would be required to make either of them
operable. The Purchase Price for the Equipment is also reasonable
based on valuation information obtained by the Debtor.
Absent any objection to the proposed sale, the Debtor proposes and
asserts that it is appropriate for the Court to make its order
granting the Motion to become effective immediately upon entry, as
provided by Rule 6004(h).
The Creditor:
UNION BANK & TRUST
c/o David K. Bohmke
Senior Vice President
4805 Lassen Lane
Fredericksburg, VA 22408-4270
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.
ROBERSON LTD: Taps Brett Campbell as Accountant
-----------------------------------------------
Roberson Ltd. seeks approval from the U.S. Bankruptcy Court for the
District of Nevada to hire an accountant in connection with its
Chapter 11 case.
The Debtor proposes to employ Brett Campbell to assist in preparing
its monthly operating reports and provide other accounting
services. He will be paid an hourly fee of $115.
Mr. Campbell disclosed in a court filing that he does not represent
any interests adverse to the Debtor and its estate.
Mr. Campbell maintains an office at:
Brett Campbell
6077 S. Fort Apache Road, Suite 100
Las Vegas, NV 89148
Phone: 702-256-5050
About Roberson Ltd.
Roberson Ltd., which conducts business under the name Park Hill
Family Practice, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 18-10903) on Feb. 22,
2018. In its petition signed by Charlezetta Roberson, president,
the Debtor estimated assets of less than $50,000 and liabilities of
less than $500,000. Judge August B. Landis presides over the case.
Thomas E. Crowe Professional Law Corporation is the Debtor's
bankruptcy counsel.
RUBY RED: Stevens Group Buying All Assets for $1.6 Million
----------------------------------------------------------
Ruby Red Dentata, LLC, asks the U.S. Bankruptcy Court for the
District of Minnesota to authorize the sale of substantially all
assets to Stevens Group, LLC, for $1,562,500.
A hearing on the Motion is set for April 17, 2018 at 1:30 p.m. The
objection deadline is April 12, 2018.
As of Jan. 31, 2018, the Debtor's primary assets consist of cash in
the amount of $3,773 and the Buildings. The Assets sold and
transferred are the Debtor's primary assets, the two buildings
located at 20 and 28 N. 4th Street, Minneapolis, Minnesota and
legally described as Lots 10, 11, and 12, Auditors Subd. No. 152.
One of the Buildings is a two-story building with approximately
6,000 square feet above ground and the other is a three-story
building with approximately 6,000 feet above ground.
The principal creditor is Harvest Bank. Harvest Bank holds the
first mortgage on the Buildings. It commenced a foreclosure action
and the Debtor filed for Chapter 11 protection to stop the
foreclosure process. The total principle balance of the secured
claim held by Harvest Bank is approximately $553,794. The secured
claim of Hennepin County for owed and unpaid real estate taxes is
approximately $78,100.
A hearing is presently set to be held on March 28, 2018 to consider
confirmation of the Debtor's Amended Plan of Reorganization.
Pursuant to its Amended Plan of Reorganization, the Debtor intends
to sell the Buildings.
The Agreement proposes to sell and transfer all of the Debtor's
right, title and interest in and to the Debtor's Buildings, as
defined in the Purchase Agreement, free and clear of all liens,
claims, encumbrances and interests. All liens, claims, encumbrance
and any interests in the Buildings will attach to the proceeds from
the sale.
A copy of the Agreement attached to the Motion is available for
free at:
http://bankrupt.com/misc/RUBY_RED_91_Sales.pdf
After payment to Harvest Bank, Hennepin County, and closing costs
including fees to Edina Realty, the Debtor estimates it will have
approximately $750,000 to pay its administrative expenses and to
fund payments under its Amended Plan of Reorganization.
In its business judgment, the Debtor believes that the sale and
transfer of the Buildings to the Buyer is the best way to maximize
the value and benefit to creditors and all parties in interest.
The Debtor believes that the proposed transfer as outlined in the
Motion
produces a result that is superior to any other options that are
currently available.
The Purchaser:
STEVENS GROUP, LLC
100 W. Franklin Ave.
Minneapolis, MN
About Ruby Red Dentata
Headquartered in Minneapolis, Minnesota, Ruby Red Dentata, LLC, is
in the business of owning, developing, and leasing commercial real
estate.
The Debtor has been operated by Ms. Toby Brill since August 2007
filed for Chapter 11 bankruptcy protection (Bankr. D. Minn. Case
No. 17-41184) on April 24, 2017, estimating its assets at between
$1 million and $10 million and its liabilities at between $500,001
and $1 million.
The Debtor filed its Plan of Reorganization and Disclosure
Statement on Feb. 19, 2018. It filed its Amended Plan of
Reorganization and Amended Disclosure Statement on Feb. 26, 2018.
SAXON ENGINEERING: Wants to Move Plan Filing Deadline to April 23
-----------------------------------------------------------------
Saxon Engineering, Inc., requests the U.S. Bankruptcy Court for the
Southern District of Texas for an additional 21-day extension to
the exclusivity period, which would extend the period to file a
plan of reorganization from April 2, 2018, to April 23, 2018, and
would extend the deadline to obtain acceptance of a plan June 1,
2018 to June 22, 2018.
The Debtor had previously asked the Court for exclusivity extension
after engaging a new bankruptcy counsel as it needed additional
time to formulate a practical strategy for reorganizing.
Consequently, the Court had given the Debtor until April 2, 2018 to
file a plan of reorganization and until June 1, 2018 to obtain
acceptances of a plan.
This is the Debtor's second request for an extension of
exclusivity. Since the filing of the last exclusivity motion, the
Debtor has taken significant strides toward finalizing its plan of
reorganization.
Specifically, a contingency that significantly impacts the Debtor's
strategy for reorganizing has just been resolved -- namely, the
sale of Smith’s property located at 6946 Signat Drive, Houston,
Texas 77041 (the "Property"). Debtor is the tenant at such
Property. As the sale of the Property occurred just last week, and
such sale bears heavily on the Debtor's reorganization strategy,
the Debtor can demonstrate its good faith progress toward
reorganization.
In addition, on February 28, 2018, the Court entered an order
authorizing the Debtor to begin to factor its invoices -- which had
a substantial positive impact on the Debtor's operations and
exponentially increased the Debtor’s ability to ramp up its
business. The Debtor's income projections have been significantly
and positively impacted by this development. On March 20, 2018, the
Court entered its order authorizing the Debtor to enter into a new
lease agreement with the proposed purchaser of the Debtor's
premises (previously owned by the Debtor's principal but foreclosed
on by his lender, Ready Cap).
While this development paves the way for the Debtor's
reorganization plan, however, it will significantly alter the
projections that are needed for the Debtor's disclosure statement.
The Debtor tells the Court that with the sale of the Property
completed, the Debtor can now focus its efforts on resolving the
few remaining issues needed to effectively reorganize. As a result,
the Debtor needs additional time to finalize the plan, which the
Debtor believes will be accomplished with a 21-day extension of the
current deadlines.
About Saxon Engineering
Saxon Engineering, Inc., a computer numerical control (CNC)
machining company in Houston, Texas, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
17-35676) on Oct. 3, 2017. In the petition signed by Steven Smith,
its president, the Debtor estimated assets and liabilities of $1
million to $10 million. Judge Jeff Bohm presides over the case. The
Debtor hired Okin Adams LLP, as counsel; and Warren J. Fields, as
special counsel.
SCOTTDALE DETOX: Has Until July 25 to File Plan of Reorganization
-----------------------------------------------------------------
Judge Eddward P. Ballinger Jr. of the U.S. Bankruptcy Court for the
District of Arizona has extended the time within which Scottsdale
Detox Center of Arizona, LLC, may file a Plan of Reorganization to
July 25, 2018.
The Troubled Company Reporter has previously reported that the
asked the Court to extend the time frames set forth in Section
1121(e) because it is still currently working with the potential
buyer in an effort to move forward with a Plan of Reorganization.
The Debtor told the Court that it has received a Letter of Intent
to acquire the assets of this estate, which the Debtor believes
will result in the payment in full to unsecured creditors. The Plan
will encompass the proposed sale transaction, and the sale
transaction will be subject to Bankruptcy Court approval.
About Scottsdale Detox Center
Scottsdale Detox Center Of Arizona LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
17-11494) on Sept. 28, 2017. Judge Eddward P. Ballinger, Jr.,
presides over the case. Michael W. Carmel, Esq., at Michael W.
Carmel, Ltd., serves as the Debtor's bankruptcy counsel. An
official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case.
SCOUT INVESTMENTS: Case Summary & 5 Unsecured Creditors
-------------------------------------------------------
Debtor: Scout Investments, L.L.P.
520 E. Theissen
Boerne, TX 78006
Type of Business: Scout Investments, L.L.P. is a privately held
company in Boerne, Texas in the oil and gas
extraction business.
Chapter 11 Petition Date: April 2, 2018
Case No.: 18-50811
Court: United States Bankruptcy Court
Western District of Texas (San Antonio)
Judge: Hon. Ronald B. King
Debtor's Counsel: Ronald J. Smeberg, Esq.
THE SMEBERG LAW FIRM, PLLC
2010 W Kings Hwy
San Antonio, TX 78201-4926
Tel: (210) 695-6684
Fax: (210) 598-7357
E-mail: ron@smeberg.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Craig A. Edwards, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's five unsecured creditors is available for free
at:
http://bankrupt.com/misc/txwb18-50811.pdf
STAR MOUNTAIN: Taps Legal & Compliance as Special Counsel
---------------------------------------------------------
Star Mountain Resources, Inc., received approval from the U.S.
Bankruptcy Court for the District of Arizona to hire Legal &
Compliance, LLC as special counsel.
The firm will advise the Debtor on its continued obligations to
file reports with the OTC Markets and the Financial Industry
Regulatory Authority. It will also provide legal advice on issues
related to the Debtor's acquisition of the Balmat mine from Hudbay
Minerals and Aviano Financial Group, LLC, and the lawsuits that
arose from those transactions.
Lazarus Rothstein, Esq., the primary attorney expected to provide
the services, charges $350 per hour. His firm received a retainer
of $20,222.50 from the Debtor.
Legal & Compliance does not represent or hold any interests adverse
to the Debtor and its estate, according to court filings.
The firm can be reached through:
Lazarus Rothstein, Esq.
Legal & Compliance, LLC
330 Clematis Street, Ste. 217
West Palm Beach, FL 33401
Toll Free: (800) 341-2684
Local: (561) 514-0936
E-mail: LRothstein@LegalAndCompliance.com
About Star Mountain Resources
Star Mountain Resources Inc. --
http://www.starmountainresources.com/-- is a small cap mining
company focused on the acquisition of mineral properties and their
development into producing mines. It is headquartered in Tempe,
Arizona.
Star Mountain Resources sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 18-01594) on Feb. 21,
2018. In the petition signed by Mark Osterberg, president and
chief operating officer, the Debtor estimated assets and
liabilities of $1 million to $10 million. Judge Daniel P. Collins
presides over the case. Fennemore Craig, P.C., is the Debtor's
bankruptcy counsel.
TEXAS E&P: Trustee Selling Property to Buffco for $15K
------------------------------------------------------
Jason R. Searcy, the Chapter 11 trustee for Texas E&P Operating
Inc., asks the U.S. Bankruptcy Court for the Northern District of
Texas to authorize the sale of the Debtor's leasehold interest in
the Charlie Thompson No. 1 Gas Unit, the Charlie Thompson No. 1 Gas
Well and all fixtures and equipment associated therewith, including
but not limited to three liquid storage tanks, one heater treater,
one 3-phase separator, one 2-phase separator, and wellhead and
metering equipment, to Buffco Production, Inc. for $15,000.
The objection deadline is April 13, 2018.
The Trustee has been tendered an offer of sale of the property by
virtue of an Offer to Purchase in the amount of $15,000 from
Buffco, 5006 State Highway 31 N, Longview, Texas. The Trustee
desires to accept the Purchase Offer and sell the property. The
sale is proposed to be free and clear of all liens, claims and
encumbrances with any valid liens, claims or encumbrances attaching
to the sale proceeds. The Trustee believes this offer to be
reasonable.
A copy of the Purchase Offer attached to the Motion is available
for free at:
http://bankrupt.com/misc/Texas_E&P_140_Sales.pdf
The Purchaser is represented by:
Bob Anderson, Esq.
SMEAD, ANDERSON & DUNN
2110 Horseshoe Lane
Longview, TX 75606-5628
Telephone: (903) 232-1880
Direct Dial: (903) 232-1885
E-mail: banderson@smeadlaw.com
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. In the
petition signed by Mark A. Plummber, president, the Debtor
estimated its assets and liabilities at between $10 million and $50
million.
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. The Committee retained
Okin Adams LLP as its legal counsel.
On Jan. 19, 2018, Jason Searcy was appointed as the Debtor's
Chapter 11 trustee. The trustee hired Searcy & Searcy, P.C., as
bankruptcy and special counsel.
THINK TRADING: Seeks July 10 Exclusive Plan Filing Extension
------------------------------------------------------------
Think Trading, Inc. ("TTI") and affiliates Funkytownmall.com
("FTM") and Salon Supply Store, LLC ("SSS") ask the U.S. Bankruptcy
Court for the Southern District of Florida to extend by 90 days up
through and including July 10, 2018: (a) the deadline for Debtors
to file a Plan and Disclosure Statement, and (b) the exclusivity
period for them to file and solicit acceptances of same.
The Debtors require a 90-day extension of the current Filing
Deadline and Exclusivity Period, both of which expire on April 11,
2018.
The Debtors have already made significant progress in their
reorganization efforts, including implementing cost-reduction
measures and stabilizing their businesses, marshaling assets,
reaffirming relationships with key suppliers and service providers,
and generally administering these Chapter 11 cases efficiently and
economically.
As part of those efforts, on March 8, 2018, SSS liquidated its
inventory at auction pursuant to Section 363. As noted in the
recently-filed Auction Report, the net proceeds from said auction
total $17,372, and in order to minimize any further administrative
expenses, SSS will seek authorization to disburse the Auction
Proceeds consistent with ordinary priority rules under the
Bankruptcy Code in conjunction with the dismissal of the SSS
bankruptcy case. However, it is anticipated that additional time
will be needed to determine the amounts, and to whom, the auction
proceeds will be distributed prior to dismissal.
Moreover, it is anticipated that additional time will be required
to determine the best course of action to facilitate maximum
distributions to creditors of TTI and FTM. Specifically, Mr. and
Mrs. Mitchell have already invested approximately $45,000 in
postpetition funding, and they anticipate investing another
$100,000 - $200,000 to cover residual operational shortfalls,
purchase new inventory, and fund a Plan.
The Debtors are also investigating the possibility of obtaining
additional funding (in the form of post-petition financing and/or
investment), and they have already met with potential investors
and/or lenders regarding same.
Thus, the Debtors anticipate that additional time will be needed to
continue and, if successful, finalize the aforementioned
negotiations. As the exact amounts of any such investments/loans
would determine -- and could significantly increase -- the ultimate
distribution to creditors under a Plan, the Debtors believe that
requested exclusivity extension is reasonable and appropriate to
ensure an equitable distribution to creditors.
About Think Trading
Think Trading Inc. -- https://thinktradinginc.com/ -- is a
distribution e-commerce company with multiple online storefronts,
marketplace operations and over 14,000 products. It provides
wholesale and retail sales of products in various industries. Based
in Palm Beach Gardens, Florida, Think Trading is housed in a
60,000-foot warehouse where all inventory, packaging, and shipping
is housed and handled. It was founded in 2001 and has more than 50
employees.
Think Trading's affiliate Funkytownmall.com, Inc., offers a
selection of body jewelry online while Salon Supply Store LLC, a
company based in Palm Beach Gardens, Florida, provides its
customers with a variety of salon equipment and beauty supplies
ranging from popular nail polish brands to spray tanning machines
and salon furniture.
Think Trading, Funkytownmall.com and Salon Supply Store sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Case Nos. 17-24767 to 17-24769) on Dec. 12, 2017. The cases
are jointly administered under Case No. 17-24767.
In the petitions signed by Gustavo Mitchell, president of Think
Trading and FunkytownMall.com, Think Trading and FunkytownMall.com
estimated assets of less than $50,000 and liabilities of less than
$1 million, and Salon Supply estimated assets of less than $50,000
and liabilities of $1 million to $10 million.
Judge Erik P. Kimball presides over the cases.
The Debtors hired Lubliner Kish PLLC as Chapter 11 counsel. The
Debtors also hired Jeffrey Pasternack, and the firm of Pasternack
Associates LLC, to provide accounting and bookkeeping services to
their bankruptcy estates.
US TAX RECOVERY: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: US Tax Recovery Partners, LLC
dba USTRP
dba US Cost Management Partners
P.O. Box 291468
Kerrville, TX 78029-1468
Business Description: US Cost Management Partners --
http://www.uscostmp.com/-- is focused
exclusively on providing its clients with
operating costs & expense reduction reviews.
The Company is headquartered in Kerrville,
Texas with sales offices in San Antonio,
Texas, Chicago, Illinois and Atlanta,
Georgia.
Chapter 11 Petition Date: April 2, 2018
Case No.: 18-50789
Court: United States Bankruptcy Court
Western District of Texas (San Antonio)
Judge: Hon. Craig A. Gargotta
Debtor's Counsel: James Samuel Wilkins, Esq.
WILLIS & WILKINS, LLP
711 Navarro St Suite 711
San Antonio, TX 78205
Tel: 210-271-9212
Fax: 210-271-9389
E-mail: jwilkins@stic.net
Estimated Assets: $0 to $50,000
Estimated Liabilities: $10 million to $50 million
The petition was signed by Harlan J. Hall, authorized
representative.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at: http://bankrupt.com/misc/txwb18-50789.pdf
VAE LLC: Case Summary & 19 Unsecured Creditors
----------------------------------------------
Debtor: VAE, LLC
aka Alpine Village
3201 S. Euclid
Bay City, MI 48706
Business Description: VAE, LLC listed its business as a
Single Asset Real Estate (as defined
in 11 U.S.C. Section 101(51B)), whose
principal place of business is located
at 2959 Alpine Boulevard, Bay City, MI
48706.
Chapter 11 Petition Date: April 2, 2018
Case No.: 18-20634
Court: United States Bankruptcy Court
Eastern District of Michigan (Bay City)
Judge: Hon. Daniel S. Opperman
Debtor's Counsel: Keith A. Schofner, Esq.
LAMBERT LESER
755 W. Big Beaver Rd., Suite 410
Troy, MI 48084
Tel: (989) 893-3518
Fax: (989) 894-2232
Email: kschofner@lambertleser.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Lane S. Sabourin, sole member.
A copy of the Debtor's list of 19 unsecured creditors is available
for free at: http://bankrupt.com/misc/mieb18-20634_creditors.pdf
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/mieb18-20634.pdf
VERNON PARK: Christ Apostolic Buying Chicago Property for $25K
--------------------------------------------------------------
Vernon Park Church of God asks the U.S. Bankruptcy Court for the
Northern District of Illinois to authorize the private sale of the
real property located at 9027 South Stony Island, Chicago, Illinois
to Christ Apostolic Church of America for $25,000.
A hearing on the Motion is set for April 10, 2018 at 9:30 a.m. The
objection deadline is April 3, 2018.
The Property consists of a vacant lot that is used for parking.
The Debtor previously owned the church building located at 9011
South Stony Island, Chicago, Illinois. It used the Property for
parking. Christ Apostolic acquired the church building located at
9011 South Stony Island. Christ Apostolic intends to use the
Property for parking. The Debtor proposes to sell the Property to
Christ Apostolic for a total of $25,000 with $2,500 as earnest
money deposit.
A copy of the Purchase and Sale Agreement attached to the Motion is
available for free at:
http://bankrupt.com/misc/Vernon_Park_57_Sales.pdf
The estimated value of the Property is $25,000 as set forth on the
Debtor's Schedule A/B. The Debtor no longer owns the church
building at 971 1 South Stony Island. It Debtor no longer has a
business use for the Property.
The Property is encumbered by the mortgage lien held by Happy State
Bank. There is no equity in the Property for the chapter ll
estate. The net proceeds of the sale in the amount of $20,866 will
be distributed to Happy State Bank. Therefore, the Property is of
inconsequential value to the chapter 11 estate. The Debtor is
informed that Happy State Bank will consent to the sale.
The sale of the Property to Christ Apostolic for $25,000 should be
authorized by the Court as the sound exercise of the Debtor's
business judgment.
The Debtor asks that the Court shortens the time for notice of the
sale to less than 21 days. The sale was to take place in November
of 2017. It needs to complete the sale. It would be burdensome to
obtain another buyer for the Property.
The Purchaser:
CHRIST APOSTOLIC CHURCH OF AMERICA
9011 S. Stony Island
Chicago, IL 60617
Telephone: (773) 477-9269
Cellphone: (312) 479-3329
E-mail: glowlifeimpact@yahoo.com
The Purchaser is represented by:
Titilayo Oshinubi, Esq.
PREMA LAW OFFICE
Bolingbrook, IL
Cellphone: (73) 552-9691
E-mail: premalawoffices@gmail.com
About Vernon Park Church of God
Based in Lynwood, Illinois, Vernon Park Church of God --
http://www.vpcog.org/-- is a religious organization. The Church's
Sunday service is at 10:00 a.m., and Children's Church is held
during Sunday service.
Vernon Park Church of God filed a Chapter 11 petition (Bankr. N.D.
Ill. Case No. 17-35316) on Nov. 28, 2017. In the petition signed
by Jerald January Sr., pastor, the Debtor estimated both assets and
liabilities between $1 million to $10 million. The case is
assigned to Judge Donald R Cassling. The Debtor is represented by
Karen J Porter, Esq., at Porter Law Network.
VRG LIQUIDATING: April 19 Auction of Visa/MC Claims
---------------------------------------------------
VRG Liquidating, LLC, and affiliates filed with the U.S. Bankruptcy
Court for the District of Delaware a notice of their sale of any
and all Visa/MC Claims it may hold in connection with the putative
consolidated class action styled In re Payment Card Interchange Fee
and Merchant Discount Antitrust Litigation, Case No.
1:05-md-01720-JG-JO, and the injuries alleged therein, including
the right to a monetary recovery, to VonWin Capital Management,
L.P. for $525,000, pursuant to their Asset Purchase and Sale
Agreement, dated as of Feb. 28, 2018, subject to overbid.
The Sale Hearing is set for April 23, 2018 at 11:00 a.m. (ET). The
objection deadline is April 16, 2018 at 4:00 p.m. (ET)
The Debtors are soliciting offers for the purchase of the Visa/MC
Claims consistent with the Biddiigg Procedures approved by the
Court by on March 23, 2018. The deadline for any party to submit a
bid to purchase the Visa/MC Claims is April 16, 2018 at 5:00 p.m.
(ET).
If they receive a qualified competing bid by the Bid Deadline, the
Debtors will conduct the Auction of the Visa/MC Claims on April 19,
2018 at 1:00 p.m. (ET) by telephone pursuant to the procedures set
forth in the Bidding Procedures. Any creditor may telephonically
attend the Auction, and any creditor who wishes to do so must
inform the Debtors' counsel by email to David M. Guess, Esq. at
dguess@ktbslaw.com, with a copy to counsel to the Committee, Cooley
LLP, Attn: Jay R. Indyke, Esq. at jindyke@cooley.com, at least 48
hours prior to the Auction.
The copies of the Sale Motion (and all exhibits thereto), the
Bidding Procedures Order, the Bidding Procedures, and proposed Sale
Order (and all exhibits thereto) are available for review free of
charge at www.kccllc.net/VestisRetailGrogp. In addition, copies of
such documents are available upon written request via first class
mail to Kurtzrnan Carson Consultants LLC, re: VRG Liquidating, LLC,
et al., 2335 Alaska Ave., El Segundo, California.
About VRG Liquidating
Headquartered in Meriden, Connecticut, Vestis Retail Group, LLC, et
al., operate 144 retail stores, which are located in 15 states.
Bob's Stores operates 36 stores throughout New England, New York,
and New Jersey. Eastern Mountain Sports operates 61 stores,
located primarily in the Northeastern states. Sport Chalet
operates 47 stores throughout California, Arizona, and Nevada.
Bob's Stores and EMS primarily operate stores located in the
Northeastern states, while Sport Chalet's stores, which are
currently being liquidated, are located in the Western states.
Vestis and its affiliates operated e-commerce sites at
http://www.bobstores.com/, http://www.sportchalet.com/, and
http://www.ems.com/
Vestis Retail Group LLC and eight of its affiliates filed Chapter
11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 16-10971) on
April 18, 2016. The Debtors estimated assets of up to $50,000 and
debt of $100 million to $500 million. The petitions were signed by
Thomas A. Kennedy, their secretary.
Judge Laurie Selber Silverstein is assigned to the cases.
The Debtors have hired Young, Conaway, Stargatt & Taylor, LLP, as
their counsel, FTI Consulting, Inc. and Lincoln Partners Advisors
LLC as their financial advisor and Kurtzman Carson Consultants,
LLC, as their claims and noticing agent, KPMG LLP as tax compliance
and consulting service provider.
An official committee of unsecured creditors has been appointed in
the cases. The Committee has tapped Cooley LLP as its lead counsel
and Polsinelli as conflicts counsel. Zolfo Cooper, LLC, serves as
its bankruptcy consultant and financial advisor.
* * *
In April 2016, Vestis Retail Group LLC successfully restructured
and recapitalized Eastern Mountain Sports and Bob's Stores through
a Section 363 sale to an affiliate of Versa Capital Management LLC,
the Debtors' lender, in exchange for the satisfaction of some debt,
a $3 million cash contribution to the estate and the assumption of
some liabilities. The Company's remaining retailer, Sport Chalet,
was concurrently divested through an organized wind down.
VYCOR MEDICAL: Posts $1.47 Million Net Loss in 2017
---------------------------------------------------
Vycor Medical, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$1.47 million on $1.38 million of revenue for the year ended Dec.
31, 2017, compared to a net loss of $1.65 million on $1.45 million
of revenue for the year ended Dec. 31, 2016.
"The Vycor division revenues during 2017 were disappointing,
however this was largely due to unavoidable delays created in the
manufacturing of our enhanced VBAS product. Based on surgeon
feedback we have decided, since the year end, to ship only the
enhanced VBAS model. We are optimistic the changes we have
implemented will be well received by the neurosurgical community,"
said Peter Zachariou, CEO of Vycor Medical. "NovaVision's patient
volumes have now outstripped the impact of our lowered pricing to
patients, so we are continuing to see growth in revenues; we have
an excellent portfolio of products for stroke and brain injury
patients, however the Company's challenge is to reach and build
awareness in this very large and diverse market and this will be a
key area of focus of ours in the coming year. We continue to
decrease our Cash Operating Loss despite our investment in
manufacturing and new products, which reduced to $463,000 for the
year compared to $594,000 for 2016; adjusting for the special
$40,000 provision for obsolete inventory on the roll-out of the
enhanced VBAS, Cash Operating Loss2 was $423,000."
As of Dec. 31, 2017, Vycor Medical had $1.45 million in total
assets, $1.36 million in total liabilities, all current, and
$81,442 in total stockholders' equity.
Paritz & Co., P.C., in Hackensack, New Jersey, the Company's
auditor since 2007, issued a "going concern" opinion in its report
on the consolidated financial statements for the year ended Dec.
31, 2017, stating that the Company has incurred a net loss since
inception, including a net loss of $1,477,045 and $1,652,280 for
the year ended Dec. 31, 2017 and 2016, respectively, and has not
generated cash flows from operations. As of Dec. 31, 2017, the
Company had working capital deficiency of $197,297, excluding
related party liabilities of $562,210. These factors, among
others, raise substantial doubt regarding the Company's ability to
continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/YTmst3
About Vycor Medical
Boca Raton, Fla.-based Vycor Medical, Inc. (OTC BB: VYCO) --
http://www.VycorMedical.com/-- is dedicated to providing the
medical community with surgical and therapeutic solutions. The
Company has a portfolio of FDA cleared or registered medical
solutions that are changing and improving lives every day. The
company operates two business units: Vycor Medical and NovaVision,
both of which adopt a minimally or non-invasive approach.
WEINSTEIN COMPANY: Lantern Buying All Assets for $310 Million
-------------------------------------------------------------
The Weinstein Co. Holdings, LLC ("TWCH") and its affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to authorize the
bidding procedures in connection with the sale of substantially all
their assets as a whole or, alternatively, of segments of their
assets consistent of (i) the film library, (ii) the television
business and (z) the unreleased films portfolio, to Lantern
Entertainment, LLC for $310 million in cash, subject to
adjustments, plus payment of the cure amounts, and the assumption
of certain liabilities.
The Debtors' primary assets are divided into three segments: the
Film Library, the Television Business and the Unreleased Films
Portfolio.
The Company also owns a film library of 277 feature films that have
generated over $2 billion in aggregate box office receipts
worldwide. The revenue streams associated with the Film Library
derive primarily from domestic and international box office
receipts, upfront payments related to the sale of distribution
rights in foreign markets, direct output deals in selected markets,
a multi-year output deal with Netflix that covers virtually all
theatrical releases, and ongoing cash flows related to broadcast
and cable networks, subject to higher or otherwise better offers.
The Company is a leading creator, producer and distributor of
high-quality TV content across the U.S. and international markets.
The Television Business is one of the fastest growing and most
successful TV production companies in the industry and creates
numerous scripted and unscripted TV series, including the Project
Runway franchise, Scream, Six, War and Peace, Peaky Blinders, and
Crouching Tiger, Hidden Dragon.
The Company's unreleased film portfolio consists of five
distribution-ready film titles and additional projects in
production or pre-production stages of development (including
undeveloped scripts).
As part of their restructuring efforts, the Debtors attempted to
market and sell certain Assets well before the commencement of
these Chapter 11 Cases. Starting around February 2016, it retained
Moelis & Co. to broker a sale of the Television Business. At that
time, Moelis received only a small number of offers for the
Television Business, and negotiations advanced no further than the
exchange of preliminary term sheets.
On Oct. 26, 2017, the Debtors amended their engagement letter with
Moelis in contemplation of an overall financial restructuring. As
part of this effort, Moelis began facilitating a marketing process
for the potential purchase of all, or certain of, the Debtors'
Assets and identifying potential acquirers to garner interest in
pursuing such transaction.
By November 2017, the Company began intensive negotiations with
Mediaco Acquisition, LLC regarding a potential sale of
substantially all of the Company's assets. On Jan. 22, 2018, the
Company, in consultation with its advisors, determined that Mediaco
appeared the best prospect for a sale. At that time, TWCH entered
into a 20-day exclusivity and expense reimbursement agreement with
Mediaco. Under this agreement, TWCH agreed not to market the
Company's assets to other potential purchasers during the 20-day
exclusivity period, and to reimburse Mediaco's costs up to $1.5
million.
On Feb. 11, 2018, the last day of the Exclusivity Period, the
Company was working towards finalizing the terms of a purchase
agreement with Mediaco although material differences remained. On
the same day, a complaint was filed in the Supreme Court of the
State of New York, in the County of New York by the Attorney
General of New York. The Complaint sought damages against the
Company and raised the possibility of an injunction against any
Mediaco sale transaction.
After the filing of the Complaint and the termination of the
Exclusivity Period, the Company determined that filing for chapter
11 would maximize its ability to continue as a going concern and
maximize value for its stakeholders. It immediately began
preparing for chapter 11, including commencing discussions with
Union Bank, N.A., the agent under that certain Second Amended and
Restated Credit and Security Agreement, dated as of Sept. 30, 2013,
and other interested lenders regarding the terms of a potential DIP
financing arrangement.
In a widely publicized turn of events, the Company and Mediaco
signed an asset purchase agreement on March 1, 2018. However, the
Company was unable secure additional financing to continue
operations until the projected escrow closing date and, as a
result, Mediaco terminated the asset purchase agreement on March 6,
2018.
The bidders received two ids by the March 8, 2018 bid deadline.
The highest and best 'final bid' was submitted by the Stalking
Horse Bidder, an affiliate of Lantern Capital, which sought to
acquire substantially all of the Assets for a purchase price of
$310 million in cash (subject to certain adjustments), payment of
the Cure Amounts required to be paid at closing of the Sale, and
the assumption of certain liabilities.
Thereafter, the Debtors, in consultation with their advisors,
determined to pursue the Lantern Bid as the Stalking Horse Bid for
the Assets, subject to definitive documentation. To this end, on
March 19, 2018, the Debtors and the Stalking Horse Bidder entered
into the Stalking Horse Agreement pursuant to which the Stalking
Horse Bidder will acquire the Purchased Assets, subject to higher
or otherwise better offers.
Upon entry of the Bidding Procedures Order, and in compliance with
Section 5.10 of the Stalking Horse Agreement, the Debtors will
continue to market and solicit offers for all or a portion of the
Assets to a wide range of potential purchasers and will work
diligently with all parties that have expressed an interest in the
Debtors' Assets to date. In this way, the Debtors intend to
maximize (i) the number of participants in the sale process and
(ii) the value of the Assets.
Concurrently with the Motion, the Debtors are filing a motion to
shorten the notice and objection periods with respect to the
Motion, so as to schedule the Bid Procedures Hearing 15 days from
the Petition Date, or April 3, 2018. An expedited hearing on the
Motion is necessary so that the Debtors can initiate the bidding
process as soon as possible and maximize value for their
stakeholders and continue to operate as a going concern.
By the Motion, the Debtors ask authority to, among other things,
provide the Stalking Horse Bidder with standard stalking horse
protections, in particular (a) the payment of a break-up fee in an
amount equal to 3% of the Cash Purchase Price and (b) reimbursement
in an amount up to 2% of the Cash Purchase Price.
The significant terms of the Stalking Horse Agreement are:
a. Purchase Price: (i) $310 million in cash (subject to
certain adjustments), (ii) the Cure Amounts required to be paid at
the Closing pursuant to Section 2.8(b) (subject to certain
adjustments) and (iii) the assumption of the Assumed Liabilities.
b. Assets: Substantially all assets of the Debtors
c. The Motion and the Stalking Horse Agreement contemplate an
auction. The Stalking Horse Agreement contemplates certain
limitations on the Debtors' ability to shop the Assets until the
earlier of (x) the date that is 15 days after the Execution Date
and (y) the entry of the Bidding Procedures Order by the Court.
d. Good Faith Deposit: The Stalking Horse Bidder, TWCH and
Wilmington Trust, N.A., as escrow agent, have entered into an
escrow agreement, dated as of the Execution Date, pursuant to
which, concurrently with the execution of the Stalking Horse
Agreement, the Stalking Horse Bidder has deposited $15,500,000 in
cash with the Escrow Agent to be held in accordance with the terms
of the Escrow Agreement.
e. Sale Free and Clear of Unexpired Leases: None
f. Relief from Bankruptcy Rule 6004(h): It is anticipated that
the proposed Sale Order will ask relief from the 14-day stay
imposed by Bankruptcy Rule 6004(h).
g. Deadline to object to the Stalking Horse Bidder and the
Sale to the Stalking Horse Bidder: April 30, at 4:00 p.m. (EDT)
In soliciting bids for the Assets, and conducting the Auction, the
Debtors will entertain bids for individual assets, any combination
of assets and any or all or substantially all of their assets.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: April 30, 2018 at 5:00 p.m. (EDT)
b. Credit Bidding: Notwithstanding anything to the contrary
contained in the Bidding Procedures Order or otherwise: (i) the
rights of the DIP Agent and the Pre-Petition Agent to consent to
the sale of any portion of their respective collateral, including,
without limitation, any Assets, on terms and conditions acceptable
to the DIP Agent or the Pre-Petition Agent, as applicable, or to
withhold such consent, are expressly reserved and not modified,
waived or impaired in any way by the Bidding Procedures Order and
(ii) nothing in the Bidding Procedures or Bidding Procedures Order
will amend, modify, or impair any provisions of the DIP Order and
the DIP Facility approved thereby, or the rights of the Debtors,
the DIP Agent, or the Pre-Petition Agent thereunder.
c. Relief from Bankruptcy Rule 6004(h): The Motion asks, and
the proposed Bidding Procedures Order approves, relief from the
14-day stay imposed by Bankruptcy Rule 6004(h).
d. Minimum Initial Overbid Amount: $1 million over and above
the aggregate of the Stalking Horse Purchase Price and the Stalking
Horse Protections
e. Auction: May 2, at 10:00 a.m. (EDT) at the offices of
Richard, Layton & Finger, P.A. (if necessary)
f. Bid Increments: $ 1 million
g. Deadline to object to conduct of the Auction and the Sale
to the Successful Bidder (other than the Stalking Horse Bidder):
May 3, at 4:00 p.m. (EDT)
h. Target date for the Debtors to file with the Court the
Notice of Auction Results: May 2, 2018
i. Target date to file proposed Sale Order: May 3, 2018
j. Proposed date of the Sale Hearing to consider approval of
Sale and entry of Sale Order: May 4, 2018
A copy of the Stalking Horse APA and the Bidding Procedures
attached to the Motion is available for free at:
http://bankrupt.com/misc/Weinstein_Co_8_Sales.pdf
The Debtors submit, and to the extent necessary will demonstrate at
the Sale Hearing, that the sale of the Assets free and clear of all
liens, claims, interests and encumbrances will satisfy one or more
of the requirements under section 363(f) of the Bankruptcy Code.
They ask that the DIP Agent and the Pre-Petition Agent should be
deemed to be Qualified Bidders, permitted to submit a Qualified
Bid(s) and participate in the Auction.
In connection with the Sale, the Debtors anticipate that they will
assume and assign to the Successful Bidder (or its designated
assignee(s)) the Assumed Contracts Schedule, as they may be
modified or supplemented. Accordingly, they ask approval of their
proposed Assumption and Assignment of said Contracts. Objections,
if any, to the Assumption and Assignment of Contracts must be filed
no later than April 30, 2018, at 4:00 p.m. (EDT).
As set forth, a strong business justification exists for the sale
of all or a portion of the Assets as described. An orderly and
expeditious sale of the Assets is critical to maximizing the value
of the Debtors' estates and recoveries for their economic
stakeholders. Accordingly, they ask the Court to approve the
relief sought.
The Debtors believe that any Sale should be consummated as soon as
practicable to preserve and maximize value. Accordingly, they ask
that any Sale Order approving the sale of the Assets and the
assumption and assignment of the Assumed Contracts and Assumed
Leases be effective immediately upon entry of such order and that
the 14-day stay under Bankruptcy Rules 6004(h) and 6006(d) be
waived.
The Purchaser:
LANTERN ENTERTAINMENT, LLC
300 Crescent Court
Suite 1100
Dallas, TX 75201
Attn: Chris Halpin
E-mail: chris.halpin@lanternam.com
The Purchaser is represented by:
Stephen B. Kuhn, Esq.
Meredith A. Lahaie, Esq.
AKIN GUMP STRAUSS
HAUER & FELD LLP
1 Bryant Park
New York, NY 10036
E-mail: skuhn@akingump.com
mlahaie@akingump.com
About The Weinstein Company
The Weinstein Company (TWC) -- http://www.WeinsteinCo.com/-- is a
multimedia production and distribution company launched in 2005 in
New York by Bob and Harvey Weinstein, the brothers who founded
Miramax Films in 1979. TWC also encompasses Dimension Films, the
genre label founded in 1993 by Bob Weinstein. During Harvey and
Bob's tenure at Miramax and TWC, they have received 341 Oscar
nominations and won 81 Academy Awards.
TWC dismissed Harvey Weinstein in October 2017, after dozens of
women came forward to accuse him of sexual harassment, assault or
rape.
The Weinstein Company Holdings LLC and 54 affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 18-10601) on March 19,
2018 after reaching a deal to sell all assets to Lantern Asset
Management for $310 million.
The Weinstein Company Holdings estimated $500 million to $1 billion
in assets and $500 million to $1 billion in liabilities.
The Hon. Mary F. Walrath is the case judge.
CRAVATH, SWAINE & MOORE LLP is the Debtors' bankruptcy counsel,
with the engagement led by Paul H. Zumbro, George E. Zobitz, and
Karin A. DeMasi, in New York.
RICHARDS, LAYTON & FINGER, P.A., is the local counsel, with the
engagement headed by Mark D. Collins, Paul N. Heath, Zachary I.
Shapiro, Brett M. Haywood, and David T. Queroli, in Wilmington,
Delaware.
FTI CONSULTING, INC., is the restructuring advisor. MOELIS &
COMPANY LLC is the investment banker. EPIQ BANKRUPTCY SOLUTIONS,
LLC, is the claims and noticing agent.
WESTSHORE LLC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Westshore, LLC
aka Westshore Estates
3201 S. Euclid
Bay City, MI 48706
Business Description: Westshore, LLC filed as a Single Asset
Real Estate (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: April 2, 2018
Case No.: 18-20635
Court: United States Bankruptcy Court
Eastern District of Michigan (Bay City)
Judge: Hon. Daniel S. Opperman
Debtor's Counsel: Keith A. Schofner, Esq.
LAMBERT LESER
755 W. Big Beaver Rd., Suite 410
Troy, MI 48084
Tel: (989) 893-3518
Fax: (989) 894-2232
Email: kschofner@lambertleser.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Lane Sabourin, sole member.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/mieb18-20635_creditors.pdf
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/mieb18-20635.pdf
WJA ASSET: Proposes Short Sale of Granada Hills Property for $1M
----------------------------------------------------------------
WJA Asset Management, LLC, and affiliates ask the U.S. Bankruptcy
Court for the Central District of California to authorize the short
sale of a raw land located at 17900 Bull Canyon Road, Granada
Hills, California for $1 million.
A hearing on the Motion is set for April 12, 2018 at 11:00 a.m.
TD Opportunity Fund, LLC is the holder of a first priority lien
against the Property. In July 2014, the Debtor loaned Granda
Vista, LLC, the prior owner of the Property, $750,000, secured by
the Property. The deed of trust initially identified Millennium
Trust Co., LLC as the beneficiary, but this was later changed to
Kingdom Trust Co. Subsequently, the Debtor apparently sold
$500,000 of the Granda Vista Lien to an investor, which was
reflected by a deed of trust in favor of Southern California
Seconds, Inc. It is unclear why the transaction was structured in
the manner that it was. Granda Vista then obtained a loan in the
amount of $350,000 from SL Williams Holdings, LLC, secured by a
third priority deed of trust.
SL Williams Holdings, LLC, is owned and managed by Steven Williams,
a creditor in certain of the Debtors' cases and the chair of the
Official Committee of Unsecured Creditors appointed in four of the
cases, including the Debtor's case. In March 2017, TD REO Fund,
LLC, one of the Debtors, paid off the lien in favor of Southern
California Seconds, Inc., wiring it approximately $611,000 in
exchange for a reconveyance of its lien. The amount that the
Debtor's books and records reflected owing as of May 2017 on the
portion of the loan retained by the Debtor was $500,280. If the
$611,000 is added to that balance, the balance due the Debtor as of
May 2017 was approximately $1,111,280. The balance due has
continued to increase because of interest and late fees.
The Property is raw land, and prior to the foreclosure proceeding,
Granda Vista and its owners and/or its affiliates began the process
of developing the Property. In particular, they retained Sikand
Engineering Associates to prepare drawings, plans and reports in
connection with the processing of entitlements, the completion and
issuance of conditional use permits, and tract maps. These
documents were submitted to the City and/or the County of Los
Angeles by Sikand Engineering in August 2014, and a tentative map
was approved that, after several extensions, expires in Spring
2019.
The Property is subject to a couple of clouds on title that were
placed on the Property in connection with transactions undertaken
by a prior owner. The first of these is an Improvement Agreement
and Grading Easement that was recorded in January 2009 with a
neighboring landowner regarding an easement for grading needed by
the then owner of the Property and some improvements that the
neighboring landowner negotiated in exchange. The second cloud is
a Declaration of Covenant that was recorded in May 2010 and that
entitles its beneficiaries, which include an earlier owner of the
Property, to receive a conveyance fee equal to 1% of the gross
sales price upon certain transfers of the Property. It does not
expire until 2110.
After Granda Vista defaulted on its note in favor of SL Williams,
SL Williams instituted nonjudicial foreclosure proceedings and
ultimately credit bid approximately $450,000 at the foreclosure
sale to acquire the Property, taking it subject to the Granada
Hills Lien and the second priority lien, which no longer remains of
record since it was paid in full. The amount due the Debtor on the
note that is secured by the Granada Hills Lien was $1,111,280 as of
May 2017, and has continued to increase since then.
The Debtor is in the process of obtaining a formal appraisal of the
Property. However, based on the informal opinion of the appraiser,
the proposed sale is well within the range of value for the
Property.
Since foreclosing against the Property, SL Williams has actively
sought a purchaser for the Property. In April 2017 and in
connection with a sale that ultimately fell through but that
required access to these documents, SL Williams entered into an
Agreement of Understanding with the Granda Vista Parties regarding
the engineering documents, which it referred to as the "Sikand
Plans." Under this agreement, Sikand Engineering was authorized,
among other things, to provide access to the Sikand Plans during
escrow and after close of escrow, to contract directly with SL
Williams or any successor in interest. In exchange, SL Williams
agreed to pay the Granda Vista Parties $100,000 from the escrow for
the sale of the Property.
After several deals fell through, SL Williams has accepted an offer
from a third party to purchase the Property for $1 million, and the
Purchaser's due diligence process is substantially complete.
However, before the Purchaser will certify that the Feasibility
Period is complete, it requires Court approval of the Debtor's
agreement to take less than what it is owed. The escrow is
anticipated to close in December 2018.
In order to get this deal done, the Debtor must take less than what
it is owed under the note that is secured by the Granada Hills
Lien. Specifically, from the gross sale proceeds, there will be
costs of sale, including real estate commissions, and property
taxes in the amount of at least $13,000 (this includes defaulted
amounts). In addition, because the sale requires access to the
Sikand Plans, SL Williams must pay $100,000 out of escrow to the
Granda Vista Parties as required by the agreement.
In addition, in order to incentivize SL Williams to work with the
Buyer and the engineers to ensure a successful close and as partial
compensation for the efforts undertaken in connection with the due
diligence process, SL Williams and the Debtor have negotiated that
SL Williams will receive $100,000 out of escrow if the Property
sells for $950,000 or higher, and $90,000 if it sells in the range
of $850,000 to $949,999. The Debtor will receive the balance of
the sale proceeds, estimated to be approximately $700,000.
The Debtor believes that this is preferable to the alternative,
which would be for it to conduct its own nonjudicial foreclosure
proceeding.
Early on in the case, a number of the Debtors filed a motion with
the Court with respect to their portfolio of deeds of trust and
properties owned after foreclosures sales that set forth a
procedure pursuant to which the Debtors would give notice of
proposed
foreclosure sales or short sales being handled by its loan
servicer, BSI, Inc. The Debtor was one of the moving parties. It
has filed a separate motion with respect to this transaction since
it is not one of the loans being handled by BSI that was covered by
the earlier motion.
A copy of the Agreements attached to the Motion is available for
free at:
http://bankrupt.com/misc/WJA_Asset_427_Sales.pdf
The Creditors:
Granda Vista Parties:
Vujadin Jovic
1860 Howe Avenue
Sacramento, CA 95825
E-mail: sacramentovuja@yahoo.com
Steven L. Williams:
Steven L. Williams
20 Hillgate Place
Aliso Viejo, CA, CA 92656
E-mail: slwilliamsholdings@gmail.com
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, 2017, 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.
The Debtors tapped Ann Moore of Norton Moore Adams as special
counsel.
XPERTES LLC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Xpertes, LLC
dba Xpert Exposition Services
3455 West Sunset Rd., Suite L
Las Vegas, NV 89180
Business Description: Las Vegas-based Xpert Exposition Services
is a privately owned and operated exposition
company specializing in trade shows,
corporate events, and exhibit installation
and dismantling. The Company was founded in
2009. Visit http://www.xpertexpo.comfor
more information.
Chapter 11 Petition Date: April 2, 2018
Case No.: 18-11824
Court: United States Bankruptcy Court
District of Nevada (Las Vegas)
Judge: Hon. Laurel E. Davis
Debtor's Counsel: Matthew C. Zirzow, Esq.
LARSON ZIRZOW & KAPLAN, LLC
850 E. Bonneville Ave.
Las Vegas, NV 89101
Tel: 702-382-1170
Fax: 702-382-1169
Email: mzirzow@lzklegal.com
Estimated Assets: $50,000 to $100,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Ralph T. Neely, chief operating
officer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at: http://bankrupt.com/misc/nvb18-11824.pdf
YOSKAR LIQUORS: Court Denies Extension of Exclusivity Periods
-------------------------------------------------------------
The Hon. Stacey L. Meisel of the U.S. Bankruptcy Court for the
District of New Jersey has signed an order denying Yoskar Liquors,
Inc.'s motion to extend exclusivity period for filing a Chapter 11
Plan and Disclosure Statement for failure to comply with 11 U.S.C.
Section 1121(e)(3).
As reported by the Troubled Company Reporter on March 6, 2018, the
Debtor asked the Court to extend until May 29, 2018, the exclusive
period during which only the Debtor can file a plan of
reorganization. The Court has previously entered an order on Nov.
29, 2017, extending the Debtor's exclusivity period through Feb.
28, 2018. The Debtor has now retained new attorneys who need
additional time to prepare and file a Plan of Reorganization.
About Yoskar Liquors
Yoskar Liquors, Inc., sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 17-12196) on Feb. 3,
2017. In the petition signed by Luisa Rodriguez, president, the
Debtor estimated assets of less than $50,000 and liabilities of
less than $500,000. Leonard S. Singer, Esq., at Zazella & Singer,
Esqs., serves as the Debtor's bankruptcy counsel.
[*] Clifford Chance's Manoukian Joins Schulte Roth
--------------------------------------------------
Schulte Roth & Zabel (SRZ) reported the addition of Kristine
Manoukian as a partner in the Business Reorganization Group,
resident in the firm's New York office. Ms. Manoukian joins the
firm from Clifford Chance, where she was a partner in the financial
restructuring group.
Specializing in corporate restructuring and bankruptcy, Ms.
Manoukian represents informal and official committees of creditors,
as well as debtors, secured and unsecured creditors, lenders,
agents, acquirers, insolvency officeholders and other entities on a
range of domestic and cross-border restructuring and other matters.
Her notable recent representations include a syndicate of major
international bank lenders in the Chapter 11 cases of a deepwater
drilling company and its affiliates, and an ad hoc group of
bondholders and new money lenders in connection with the
multibillion-dollar global restructuring of a multinational
corporation.
"We are delighted to have Kristine join our team. She brings
significant experience from her work on financial restructurings
covering an array of industries that have been impacted by
insolvencies in recent years," commented Adam C. Harris, chair of
SRZ's Business Reorganization Group. "Kristine's capabilities
enhance our already strong restructuring practice. We are pleased
to welcome her to the firm," said Alan S. Waldenberg, chair of the
firm's Executive Committee.
SRZ's Business Reorganization Group has a leading practice
representing key players in some of the most significant bankruptcy
and restructuring deals in the industry. Lawyers in the group
provide critical counsel to domestic, foreign and international
secured creditors, unsecured creditors, ad hoc groups,
debtor-in-possession lenders, acquirers, equity holders, plan
sponsors and others in Chapter 11 reorganizations and out-of-court
workouts, and they regularly advise on acquisitions and
divestitures of troubled companies and their assets. The firm also
counsels clients on litigation finance opportunities and how the
bankruptcy overlay impacts this particularized form of litigation
finance.
"Schulte's extensive restructuring capabilities are well-known and
highly regarded in the industry, as are the lawyers in the firm's
Business Reorganization Group. I am thrilled to be joining this
premier law firm and preeminent restructuring practice. I could not
ask for a stronger platform to grow my practice," said Ms.
Manoukian, who was selected as a "Rising Star" by New York Metro
Super Lawyers.
Ms. Manoukian holds a J.D. from the University of Maryland School
of Law, an M.A. from the Columbia University School of
International and Public Affairs and a B.A. from Brigham Young
University.
Schulte Roth & Zabel LLP – http://www.srz.com/-- is a
full-service law firm with offices in New York, Washington, D.C.
and London.
Contact:
Schulte Roth & Zabel LLP
Sun Min, +1 212-610-7539
E-mail: sun.min@srz.com
- or –
Group Gordon, Inc.
Andrew Jarrell, +1 212-784-5721
E-mail: ajarrell@groupgordon.com
[*] Kristine Manoukian Joins Schulte Roth's N.Y. Office as Partner
------------------------------------------------------------------
Schulte Roth & Zabel (SRZ) on April 2, 2018, announced the addition
of Kristine Manoukian as a partner in the Business Reorganization
Group, resident in the firm's New York office. Ms. Manoukian joins
the firm from Clifford Chance, where she was a partner in the
financial restructuring group.
Specializing in corporate restructuring and bankruptcy, Ms.
Manoukian represents informal and official committees of creditors,
as well as debtors, secured and unsecured creditors, lenders,
agents, acquirers, insolvency officeholders and other entities on a
range of domestic and cross-border restructuring and other matters.
Her notable recent representations include a syndicate of major
international bank lenders in the Chapter 11 cases of a deepwater
drilling company and its affiliates, and an ad hoc group of
bondholders and new money lenders in connection with the
multibillion-dollar global restructuring of a multinational
corporation.
"We are delighted to have Kristine join our team. She brings
significant experience from her work on financial restructurings
covering an array of industries that have been impacted by
insolvencies in recent years," commented Adam C. Harris, chair of
SRZ's Business Reorganization Group. "Kristine's capabilities
enhance our already strong restructuring practice. We are pleased
to welcome her to the firm," said Alan S. Waldenberg, chair of the
firm's Executive Committee.
SRZ's Business Reorganization Group has a leading practice
representing key players in some of the most significant bankruptcy
and restructuring deals in the industry. Lawyers in the group
provide critical counsel to domestic, foreign and international
secured creditors, unsecured creditors, ad hoc groups,
debtor-in-possession lenders, acquirers, equity holders, plan
sponsors and others in Chapter 11 reorganizations and out-of-court
workouts, and they regularly advise on acquisitions and
divestitures of troubled companies and their assets. The firm also
counsels clients on litigation finance opportunities and how the
bankruptcy overlay impacts this particularized form of litigation
finance.
"Schulte's extensive restructuring capabilities are well-known and
highly regarded in the industry, as are the lawyers in the firm's
Business Reorganization Group. I am thrilled to be joining this
premier law firm and preeminent restructuring practice. I could
not ask for a stronger platform to grow my practice," said Ms.
Manoukian, who was selected as a "Rising Star" by New York Metro
Super Lawyers.
Ms. Manoukian holds a J.D. from the University of Maryland School
of Law, an M.A. from the Columbia University School of
International and Public Affairs and a B.A. from Brigham Young
University.
About Schulte Roth & Zabel
Schulte Roth & Zabel LLP -- http://www.srz.com/-- is a
full-service law firm with offices in New York, Washington, D.C.
and London. As one of the leading law firms serving the financial
services industry, the firm regularly advises clients on corporate
and transactional matters and provides counsel on regulatory,
compliance, enforcement and investigative issues. The firm's
practices include: bank regulatory; bankruptcy & creditors' rights
litigation; blockchain technology & digital assets; broker-dealer
regulatory & enforcement; business reorganization; complex
commercial litigation; cybersecurity; distressed debt & claims
trading; distressed investing; education law; employment & employee
benefits; energy; environmental; finance; financial institutions;
hedge funds; individual client services; insurance; intellectual
property, sourcing & technology; investment management; litigation;
litigation finance; mergers & acquisitions; PIPEs; private equity;
real estate; real estate capital markets & REITs; real estate
litigation; regulated funds; regulatory & compliance; securities &
capital markets; securities enforcement; securities litigation;
securitization; shareholder activism; structured finance &
derivatives; tax; and white collar defense & government
investigations.
*********
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.
*** End of Transmission ***