/raid1/www/Hosts/bankrupt/TCR_Public/180410.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, April 10, 2018, Vol. 22, No. 99
Headlines
5 C HOLDINGS: Trustee Discloses Committee Members as of March 30
688 10th AVENUE: Taps Great American as Real Estate Broker
ANDERSON SHUMAKER: Has Authority to Use Cash Collateral Until May 8
AVENUE SHOPPES: Taps Ablum Brown as Loan Broker
AVMED INC: A.M. Best Removes 'B (Fair)' FSR from Review Negative
BENDCO INC: U.S. Trustee Unable to Appoint Committee
BIG HEARTED BOOKS: Hires Gray Gray as Accountant
BIKRAM'S YOGA: DOJ Watchdog Seeks Appointment of Trustee
BLACKRIDGE TECHNOLOGY: More Than Doubles Net Loss in 2017
BON-TON STORES: Auction of Assets Adjourned to April 16
BON-TON STORES: DW Partners et al. Offer Going Concern Bid
BON-TON STORES: Proposes to Pay Potential Buyer's Work Fee
BROWN & PIPKINS: Hires HLB Gross as Accountant
BROWN & PIPKINS: Hires Taylor English as Special Counsel
BUSINESS SOLUTIONS: Taps Bleau Fox as Legal Counsel
CARDIOVASCULAR MEDICAL: Voluntary Chapter 11 Case Summary
CARIBEL USA ALLOYS: Hires E.P. Bud Kirk as Attorney
CAROL ROSE: Solicitation Period Extended Until Oct. 29
CELADON GROUP: BofA, Wells Fargo Continue to Ease Loan Covenants
CHRIS CARLSON: Court Approves Disclosures, Confirms Plan
COOPERATIVA DE SEGUROS: AM Best's C+ Rating Under Review Negative
DIAMOND CONTRACT: May File Plan of Reorganization Until May 28
DILLE FAMILY: May 1 Plan Confirmation Hearing
DREAM MOUNTAIN: Trustee Hires Keller as Real Estate Broker
EPIC CHURCH: Must File Chapter 11 Plan by June 29
ETCHER FARMS: U.S. Trustee Forms 7-Member Committee
FAMILY RESTORATION: Case Summary & 4 Unsecured Creditors
FC GLOBAL: Incurs $18.8 Million Net Loss in 2017
FOSTER ENTERPRISES: Hires MGR Real as Real Estate Broker
FOSTER ENTERPRISES: Seeks Continued Access to Cash Until April 30
FREEDOM COMMUNICATIONS: Taps Shulman Hodges as Insolvency Counsel
GMD SERVICES: Seeks Court Approval to Hire JHC Accounting
GREEN DREAMS: Hires Dodson Shelton as Accountant
HAGGEN HOLDINGS: Committee, Coyle Sign Deal to Appoint Mediator
HARDES HOLDING: Seeks August 6 Exclusive Period Extension
HDJ & J HOLDINGS: Taps Jason A. Burgess as Legal Counsel
HERALD OF HARVEST: Taps Paul N. Contessa as Legal Counsel
HOG SNAPPERS: Taps Markarian & Hayes as Legal Counsel
HOVNANIAN ENTERPRISES: S&P Cuts Rating to 'CC' on Exchange Offer
HUMAN CONDITION: Wants to Maintain Plan Exclusivity Until Sept. 10
HUSA INC: Hires Guideboat Advisors as Financial Advisor
IBEX LLC: Hires BiggsKofford LLC as Accountant
INFINITE SERVICES: U.S. Trustee Unable to Appoint Committee
INNOVAK INTERNATIONAL: U.S. Trustee Unable to Appoint Committee
INTERNATIONAL SHOPPES: Taps Ablum Brown as Loan Broker
INTERNATIONAL SUNPRINTS: Taps Sacks Tierney as Legal Counsel
ITRANSPORT & LOGISTICS: Taps Todd Allison as Legal Counsel
JIT INDUSTRIES: Hires Wear Howell as Accountant
JML INVESTMENT: Case Summary & 4 Unsecured Creditors
JOSEPHINE C. BELLO: Taps Lieberman Gies as Legal Counsel
JOSEPHINE C. BELLO: Taps Pro Accounting & Tax as Accountant
KANZLER LANDSCAPE: May Use First Midwest Bank Cash Collateral
KAPPA DEVELOPMENT: Seeks 60 Days Exclusivity Period Extension
LACOS INC: Hires Macco & Stern as Attorney
LE-MAR HOLDINGS: Hires Ogletree Deakins as Special Counsel
LEGACY RESERVES: Gets Requisite Consents to Amend Notes Indentures
LIFESTAT AMBULANCE: Plan Exclusivity Period Extended to April 30
LOCKWOOD HOLDINGS: Committee Hires Stout Risius as Fin. Advisor
LONG BLOCKCHAIN: Delays Filing of Form 10-K
LONG BLOCKCHAIN: Stater Has 8.5% Stake as of March 19
MAMMOET-STARNETH: Seeks Aug. 1 Exclusive Filing Period Extension
MAURICE SPORTING: Given Until June 18 to File Chapter 11 Plan
MGTF RADIO: U.S. Trustee Unable to Appoint Committee
MINI MASTER: Files Amendment to Second Amended Plan
NET ELEMENT: Incurs $9.91 Million Net Loss in 2017
NEW BUFFALO: Taps Smith Bovill as Legal Counsel
NEXT STEP: Taps BransonLaw as Legal Counsel
NORTHERN POWER: Posts $59,000 Net Income in 2017
NUSTAR ENERGY: S&P Affirms BB Corp Credit Rating, Outlook Negative
OSAGE WATER: Trustee Taps Taylor Nold as Accountant
PANTECH WIRELESS: Court Confirms Ch. 11 Plan of Reorganization
PEACOCK DEVELOPMENT: U.S. Trustee Unable to Appoint Committee
PEN INC: Delays Form 10-K Filing With SEC
PENINSULA AIRWAYS: Plan Filing Period Extended Until April 30
PENTHOUSE GLOBAL: Trustee Taps Province Inc. as Financial Advisor
PIERSON LAKES: Hires Goetz Fitzpatrick as Counsel
PLASTIC2OIL INC: Incurs $1.47 Million Net Loss in 2017
PORTABELLA'S INC: Unsecureds to Get 20% in Quarterly Payments
QUALITY CONSTRUCTION: Hires Elmore as Financial Consultant
QUALITY CONSTRUCTION: Hires Mark Comeaux as Accountant
QUEST PATENT: Incurs $1.16 Million Net Loss in 2017
RARE ROSE ENTERPRISES: Hires Parrish Jr. as Counsel
REAL INDUSTRY: May 1 Plan Confirmation Hearing
REIGN CORPORATION: Incurs $4.25 Million Net Loss in 2017
REMARKABLE HEALTHCARE: Committee Taps Searcy as Legal Counsel
REMINGTON OUTDOOR: Hires Alvarez & Marsal as Financial Advisor
REMINGTON OUTDOOR: Hires Lowenstein Sandler as Special Counsel
REMINGTON OUTDOOR: Hires Pachulski Stang as Co-Counsel
REMINGTON OUTDOOR: Hires Prime Clerk as Administrative Advisor
REMINGTON OUTDOOR: Seeks Approval of DIP Facilities, Cash Use
REMINGTON OUTDOOR: Taps Milbank Tweed as Legal Counsel
RENNOVA HEALTH: Delays Form 10-K Filing
ROBERT T. WINZINGER: Plan Filing Period Extended Until June 3
SEQUOIA AHWATUKEE: U.S. Trustee Unable to Appoint Committee
SHIRAZ HOLDINGS: Wants to Move Solicitation Period to April 30
SNOWTRACKS COMMERCIAL: Taps KerberRose as Accountant
SOUTHEASTERN GROCERS: Seeks Authorization to Use Cash Collateral
SPINLABEL TECHNOLOGIES: Hires Genovese Joblove as Special Counsel
SPOKANE COIN: Hires Southwell & O'Rourke as Attorney
STARSHINE ACADEMY: Trustee Hires Gutilla Murphy as Attorney
STERLING ENTERTAINMENT: Hires Schwartz Flansburg as Counsel
TEXDOM INVESTMENTS: Seeks May 28 Exclusive Filing Period Extension
TINSELTOWN PARTNERS: May 16 Hearing on Disclosure Statement
TNT C&P INVESTMENTS: Hires Chad Van Horn as Counsel
VB TAXI: Seeks Court Approval of Disclosure Statement
WALDRON DEVELOPMENT: Seeks July 13 Exclusivity Period Extension
WALL STREET THEATER: Taps Wellspeak Dugas as Real Estate Appraiser
WESTBROOKE HOMES: Taps Ladd & Carter as Accountant
WESTMORELAND RESOURCE: Incurs $31.8 Million Net Loss in 2017
WILKINSON FLOOR: Hires Gutilla Murphy as Attorney
WOODBRIDGE GROUP: Lynn Myrick Joins Creditors' Committee
Z-1 MANAGEMENT: U.S. Trustee Unable to Appoint Committee
ZERO ENERGY: Court Approves Cash Collateral Use Until April 13
[^] Large Companies with Insolvent Balance Sheet
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5 C HOLDINGS: Trustee Discloses Committee Members as of March 30
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The U.S. Trustee for Region 17 on March 30 disclosed in a court
filing that these creditors are the remaining members of the
official committee of unsecured creditors in 5 C Holdings Inc.'s
Chapter 11 case:
(1) Independent Pipe & Steel
Representative: Bruce Haupt, president
5303 Rosedale Hwy
Bakersfield, CA 93308
Phone: (661) 325-0398
Fax: (661) 325-0269
Email: bruce@indps.com
(2) Jeffries Bros., Inc.
Representative: Jeremy Jeffries, CFO
177 Aviation St.
Shafter, CA 93263
Phone: (661) 615-4054
Fax: (661) 387-0596
Email: Jeremy@jeffriesbros.com
(3) Metro Ready Mix LP
Attn: Jamie Garcia, credit manager
P.O. Box 80487
Bakersfield, CA 93380
Phone: (661) 399-9144
Email: Jamie@mrmus.com
About 5 C Holdings
5 C Holdings, Inc., owns and operates a drilling and oilfield
service business. It was incorporated in March 2009 and operates
its business in the State of California. Cami Hogg is the sole
officer, director and shareholder of the Company. Ms. Hogg's
husband, Casey, is employed by the Company. The Hoggs have 40 years
of experience in the petroleum business.
5 C Holdings filed a Chapter 11 bankruptcy petition (Bankr. E.D.
Cal. Case No. 17-11591) on April 25, 2017. Cami Hogg, as
president, signed the petition. The Debtor estimated assets and
liabilities ranging from $500,000 to 1 million. The case is
assigned to Judge Fredrick E. Clement. The Debtor is represented
by Leonard K. Welsh, Esq., at the Law Offices of Leonard K. Welsh.
An official committee of unsecured creditors has been appointed in
the Chapter 11 case of 5 C Holdings. The Committee hired Walter
Wilhelm Law Group, as counsel.
688 10th AVENUE: Taps Great American as Real Estate Broker
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688 10th Avenue Restaurant Corp. received approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire Great
American Brokerage Inc. as its real estate broker.
The firm will provide advice and assistance to the Debtor in
connection with the sale of substantially all of its assets.
In the event of sale of the Debtor's business, the commission will
be 10% of the gross sale price, payable at the closing of the
transaction.
The cost of any advertising for the sale of the business will be
borne by the Debtor, subject to: (i) all advertising and costs will
be subject to the Debtor's prior approval, and (ii) the Debtor's
obligation will be limited to a maximum of $500 in costs per
month.
Paul G. W. Fetscher, president of Great American Brokerage,
disclosed in a court filing that his firm is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Paul G. W. Fetscher
Great American Brokerage, Inc.
100 W. Park Avenue
Long Beach, NY 11561
Tel: (516) 889-7200
E-mail: gtamerican@aol.com
About 688 10th Avenue Restaurant Corp.
688 10th Avenue Restaurant Corp. operates a Cuban style restaurant
located at 688 10th Avenue, New York.
688 10th Avenue Restaurant sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-46576) on Dec. 7,
2017. At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of less than $1 million. Judge
Elizabeth S. Stong presides over the case. Morrison Tenenbaum PLLC
is the Debtor's bankruptcy counsel.
ANDERSON SHUMAKER: Has Authority to Use Cash Collateral Until May 8
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Judge Donald R. Cassling of the U.S. Bankruptcy Court for the
Northern District of Illinois has entered a 12th interim order
authorizing Anderson Shumaker Company to use the cash collateral of
Associated Bank, N.A., on an interim basis solely for the period
from the Petition Date through May 8, 2018.
The final hearing to consider entry of a final order on Debtor's
Cash Collateral Motion will take place on May 8, 2018 at 10:00
a.m.
The authorized cash collateral will be maintained only in accounts
with Associated Bank. The Debtor is authorized to maintain no more
than $10,000 in its account with Forest Park National Bank & Trust
Co. and will immediately transfer any funds above that amount to
the Debtor's operating account maintained with Associated Bank.
The Debtor will continue to make monthly adequate protection
payments of $38,000 to the Lender in immediately available funds.
The next monthly adequate protection payment is due on April 24,
2018, and each successive monthly adequate protection payment is
due on the 24th day of each month thereafter unless or until the
monthly adequate payment is modified by court order or written
agreement of the Lender and the Debtor.
Associated Bank will receive (i) a replacement lien in the
prepetition collateral and in the post-petition property of the
Debtor of the same nature and to the same extent and in the same
priority it had in the prepetition collateral, and to the extent
the liens and security interests extend to property pursuant to
Section 552(b) of the U.S. Bankruptcy Code, and (ii) an additional
continuing valid, binding, enforceable, non-avoidable, and
automatically perfected post-petition security interest in and lien
on all cash or cash equivalents.
Associated Bank will be deemed to have an allowed superpriority
adequate protection claim to the extent the adequate protection
lien is not adequate to protect Associated Bank against the
diminution in value of the prepetition collateral.
A full-text copy of the Twelfth Interim Order is available at:
http://bankrupt.com/misc/ilnb17-05206-210.pdf
About Anderson Shumaker
Based in Chicago, Illinois, Anderson Shumaker Company provides open
die forgings and custom forgings in various shapes and finishes
using stainless steel, aluminum, carbon steel and various grades of
alloy steel.
Anderson Shumaker filed a Chapter 11 petition (Bankr. N.D. Ill.
Case No. 17-05206) on Feb. 23, 2017. In the petition signed by CEO
Richard J. Tribble, the Debtor estimated $1 million to $10 million
in assets and $10 million to $50 million in liabilities.
The case is assigned to Judge Donald R Cassling.
Scott R. Clar, Esq., and Brian P. Welch, Esq. at Crane, Heyman,
Simon, Welch & Clar serve as counsel to the Debtor. RSM US LLP and
CFO Advise LLC serve as the Debtor's accountant and financial
advisor, respectively. The Debtor hired Fort Dearborn Partners
Inc. as its financial advisor.
On March 9, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. Freeborn & Peters LLP
is the Committee's legal counsel.
AVENUE SHOPPES: Taps Ablum Brown as Loan Broker
-----------------------------------------------
Avenue Shoppes, LLC, seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to hire Ablum Brown & Company as
loan broker.
The firm will help the Debtor arrange a loan from sources that make
commercial real estate loans to refinance the existing loan with a
new one in the approximate amount of $5.35 million.
As compensation, Debtor will pay or cause payments to be made to
the broker a fee in cash with respect to any loan funded by a
lender. The fee means with respect to any debt financing or
additional debt financing 2%.
Ablum does not hold or represent any interests adverse to the
Debtor's estate, according to court filings.
The firm can be reached through:
Thomas Ablum
Ablum Brown & Company
300 North LaSalle Street, Suite 4925
Chicago, IL 60654
Phone: 877-372-8529
Email: abc@abclbo.com
About Avenue Shoppes
Avenue Shoppes, LLC, is a privately held company in Windermere,
Florida, engaged in the business of real estate leasing. The
company's principal assets are located at 8204 Crystal Clear Lane
Orlando, Florida.
Avenue Shoppes previously sought bankruptcy protection (Bankr. M.D.
Fla. Case No. 11-02836) on March 1, 2011. The company is an
affiliate of International Shoppes, LLC, which also filed for
Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No.
17-07549) on Dec. 4, 2017.
Avenue Shoppes again filed a Chapter 11 petition (Bankr. M.D. Fla.
Case No. 17-07663) on Dec. 8, 2017. In the petition signed by CRO
Abdul Mathin, the Debtor estimated $1 million to $10 million in
assets and $10 million to $50 million in liabilities.
The Debtor is represented by David R McFarlin, Esq., at Fisher
Rushmer, P.A. It hired Scott V. Goldstein, Esq., as its special
counsel; and Morrison Valuation & Forensic Services, LLC as its
forensic accountant.
An official committee of unsecured creditors has not been appointed
in the Chapter 11 case.
AVMED INC: A.M. Best Removes 'B (Fair)' FSR from Review Negative
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A.M. Best has removed from "under review with negative
implications" and downgraded the Financial Strength Rating to C+
(Marginal) from B (Fair) and the Long-Term Issuer Credit Rating
(Long-Term ICR) to "b-" from "bb" of AvMed, Inc. (AvMed) (Miami,
FL). The outlook assigned to these Credit Ratings (ratings) is
stable.
The ratings were placed under review with negative implications on
Oct. 13, 2017, following the release of the updated Best's Credit
Rating Methodology (BCRM). These rating actions follow the
completion of A.M. Best's analysis of AvMed under the updated BCRM.
In addition, AvMed's earnings and capitalization deteriorated
during the fourth quarter of 2017, leading to year-end results
below company's prior projections and A.M. Best expectations.
The ratings reflect AvMed's balance sheet strength, which A.M. Best
categorizes as very weak, as well as its marginal operating
performance, neutral business profile and marginal enterprise risk
management.
AvMed has experienced a continuous decline in its absolute and
risk-adjusted capitalization for the past four years, driven by
operating losses combined with premium growth. Furthermore, AvMed
lacks access to additional sources of capital, as its parent
organization, SantaFe HealthCare, Inc., has a very limited
financial flexibility due to a high financial leverage. AvMed
posted net losses for the past four years, including 2017,
primarily driven by margin compression resulted from challenges and
high utilization in its Individual & Family Plan (IFP) (an
off-exchange product) and Medicare Advantage segment, as well as
the impact of significant planned strategic investments to
strengthen its technology platform and data capabilities.
AvMed's management is implementing corrective actions to improve
the company's operating performance, including approved rate
increases primarily for IFP, changes in the metallic plan offering,
strategic market exits and investments in information technology.
Additionally, AvMed maintains a solid market niche in the
Miami-Dade and Broward counties in Florida.
BENDCO INC: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
The Office of the U.S. Trustee on April 3 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Bendco, Inc.
About Bendco Inc.
Bendco, Inc. -- http://www.bendco.com-- is a family-owned business
that provides heat induction bending, cold bending and coiling
services. For more than 30 years, the company has offered custom
bends and coils for a wide variety of industries including
stadiums, roller coasters, bridges, pipeline and subsea structures.
The company is headquartered in Pasadena, Texas.
Bendco sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Texas Case No. 18-30849) on Feb. 28, 2018. In the
petition signed by John Tharp, president, the Debtor estimated
assets of less than $50,000 and liabilities of $1 million to $10
million. Judge David R Jones presides over the case.
BIG HEARTED BOOKS: Hires Gray Gray as Accountant
------------------------------------------------
Big Hearted Books and Clothing, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Massachusetts to employ Gray
Gray & Gray LLP, as accountant to the Debtor.
Big Hearted Books requires Gray Gray to:
a. handle any pending audits by the Internal Revenue Service
and Massachusetts Department of Revenue;
b. prepare all appropriate federal and state income tax
returns, informational returns, and any other returns,
schedules, or documents which are necessary or appropriate
for the Debtor-in-Possession to file with the various
taxing authorities;
c. review the Debtor-in-Possession's records to the extent
necessary to prepare the various returns, schedules, and
other supporting documents;
d. advise the Debtor-in-Possession on issues of federal and
state tax compliance, assist in negotiations with federal
and state tax authorities and prepare any documents in
support of negotiations; and
e. assist the Debtor-in-Possession in the preparation of any
additional required reports.
Gray Gray will be paid at these hourly rates:
Owners/Directors $300 to $410
Staffs $125 to $250
Gray Gray will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brian P. Jacobson, a partner at Gray Gray & Gray LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Gray Gray can be reached at:
Brian P. Jacobson
GRAY GRAY & GRAY LLP
150 Royall Street, Suite 102
Canton, MA 02021
Tel: (781) 407-0300
Fax: (781) 407-0303
E-mail: bjacobson@gggcpas.com
About Big Hearted Books and Clothing
Big Hearted Books and Clothing, LLC, is a socially conscious,
for-profit, book and textile reuse company. The Company's mission
is to keep books, media, clothing, and other reusable items out of
landfills by getting them back into the hands of people who can use
them. The Company was established in 2009 to collect unwanted
media, including books, records, CDs, video games and DVDs. The
Company now has over 1,300 donation drop-off containers in
Massachusetts, New Hampshire, Connecticut, and Rhode Island.
Big Hearted Books and Clothing LLC filed a Chapter 11 Petition
(Bankr. D. Mass. Case No. 18-10950) on March 19, 2018. In the
petition signed by Kevin Howard, manager, the Debtor estimated $1
million to $10 million both in assets and liabilities. Judge Joan
N. Feeney is the case judge. James P. Ehrhard, Esq., at Ehrhard &
Associates, P.C., is the Debtor's counsel.
BIKRAM'S YOGA: DOJ Watchdog Seeks Appointment of Trustee
--------------------------------------------------------
The U.S. Trustee for Region 16 requests the U.S. Bankruptcy Court
for the Central District of California to direct the appointment of
a chapter 11 trustee in the chapter 11 case of Bikram's Yoga
College of India and affiliates.
The U.S. Trustee relates that Debtors' longstanding management
committed multiple acts of sexual misconduct and workplace
harassment, lacks both proper pre-petition and post-petition
corporate governance, and has otherwise failed to competently
manage their business operations.
Bikram Choudhury is the creator of a system of yoga called Bikram
Yoga. Mr. Choudhury is the current majority shareholder of three of
these entities, and his children are the majority shareholders of
the other two Debtors. The Debtors' bankruptcy cases were filed
after a number of adverse judgments and settlements related to
multiple acts of sexual misconduct, including sexual assault and
rape. Some of the lawsuits have resulted in judgments while others
were dismissed after the parties reached out of court settlements.
The U.S. Trustee contends that almost two months after filing for
bankruptcy, the Debtors changed the composition of their respective
boards of directors to retroactively remove Mr. Choudhury as a
member. Mr. Choudhury and his children hand-picked and installed
John A. Bryan Jr. as CEO/CRO. The new board members are Mr. Bryan,
two of Mr. Choudhury's children, the proposed Lender, and a yoga
specialist. However, Mr. Choudhury and his children remain the sole
owners of the Debtors. Mr. Choudhury's current whereabouts are not
known, although Mr. Bryan met with Mr. Choudhury in Acapulco,
Mexico on two occasions, once before and once after Mr. Bryan
caused the November 9, 2017 filing of these bankruptcy cases.
Mr. Choudhury is also reported to own valuable vehicles and
jewelry. Ms. Jafe-Bodden obtained an order requiring Mr. Choudhury
to turn over stock certificates, a Frank Muller watch, and 20
vehicles. Mr. Choudhury's failure to comply with the turnover order
resulted in the court issuing an arrest warrant. Mr. Bryan does not
know the location of the watch, stated to be worth $2 million, and
acknowledged that did not inquire about the watch when he met with
Mr. Choudhury in Mexico. The U.S. Trustee believes certain of the
vehicles were reportedly moved to Florida in violation of the
turnover order and Mr. Bryan does not know the status of the
remaining vehicles.
At the 341(a) meeting held on January 25, 2018, counsel for the
U.S. Trustee examined the corporate records for all five Debtors.
Simon Langer, attorney for Bikram Choudhury, stated that he
assisted Mr. Bryan in the preparation and assembling of the
corporate records. However, up until recently, the records had not
been assembled and maintained for each entity. Many, if not most,
of the documents had to be assembled from storage, and not all of
the originals could be located. It was clear that these entities
had not been functioning as legally required -- there was no
evidence of regular meetings, minutes and procedures that, at a
minimum, are legally required for corporations and partnerships.
Moreover, the U.S. Trustee tells the Court that since at least
2016, these Debtors have apparently failed to collect receivables
or revenue income from any source. The Debtors have even failed to
bill their franchisees for at least a year -- a failure that has
continued after this filing.
The proper remedy for an entity with a lack of corporate governance
and a fiduciary
unable to perform his fiduciary duties is the appointment of a
chapter 11 trustee.
The U.S. Trustee contends that these Debtors remain under the de
facto control of the persons whose conduct gave rise to judgments
that evidence gross mismanagement of these Debtors. While Mr.
Choudhury has been removed from his officer and director positions,
there is no evidence that he is no longer able to perform any
services for the estates -- the exact types of activity that
resulted in the settlements and judgments for sexual misconduct.
Thus, the U.S. Trustee asserts that the Debtors lack the true
corporate/partnership structure and governance required by law.
The U.S. Trustee asserts that these circumstances constitute cause
for the appointment of a chapter 11 trustee for all of these
Debtors. In addition, the appointment of a chapter 11 trustee is in
the best interest of creditors because an independent fiduciary is
needed to properly investigate any and all causes of action that
exist against insiders and to investigate the sources of cash that
has been received by the professionals in these cases.
Counsel for the U.S. Trustee:
Russell Clementson, Esq.
Brian D. Fittipaldi, Esq.
Trial Attorney
United States Department of Justice
Office of the United States Trustee
1415 State Street, Suite 148
Santa Barbara, California 93101
Telephone: (805) 957-4100
Facsimile: (805) 957-4103
E-mail: Brian.Fittipaldi@usdoj.gov
About Bikram's Yoga
Indian yoga guru Bikram Choudhury founded Bikram Choudhury Yoga,
the studio that popularized doing yoga in sauna heat. Choudhury
built a worldwide following with 26 yoga postures, known as Bikram
Yoga, in rooms heated to 105 degrees Fahrenheit.
Bikram's Yoga College of India, and related entities Bikram
Choudhury Yoga Inc., Bikram Inc., Yuz Inc., and Int'l Trading
Representative sought Chapter 11 protection (Bankr. C.D. Cal. Lead
Case No. 17-12045) on Nov. 9, 2017 after being dogged by $16.7
million in legal judgments.
Mr. Choudhury is facing allegations and lawsuits of sexual
misconduct by a number of his yoga practitioners, students,
instructors and teacher trainees. The yoga guru has denied
wrongdoing but has fled the U.S. after a warrant has been issued
for his arrest in May. A warrant for his arrest was issued for his
arrest after he failed to pay a judgment awarded to Minakshi
Jafa-Bodden, his former legal counsel.
Bikram's Yoga College of India estimated under $100,000 in assets.
Bikram Choudhury Yoga Inc. estimated under $50,000 in assets.
Bikram Inc. estimated under $1 million in assets. Yuz Inc.
estimated under $100,000 in assets. Int'l Trading Representative
listed under $500,000 in assets. The Debtors, other than Int'l
Trading, estimated under $50 million in estimated liabilities.
Int'l Trading said its liabilities are under $500,000.
The Chapter 11 petitions were signed by John A. Bryan, Jr., as CEO.
An Oct. 15, 2017 document attached to the petition showed that Mr.
Choudhury, general partner, appointed Mr. Bryan as CEO and Chief
Restructuring Officer. Mr. Bryan is the CEO of restructuring firm
The Watley Group, LLC.
The case judge is Hon. Deborah J. Saltzman.
Levene, Neale, Bender, Yoo & Brill LLP serves as counsel to the
Debtors. The Watley Group is the restructuring advisor.
BLACKRIDGE TECHNOLOGY: More Than Doubles Net Loss in 2017
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Blackridge Technology International, Inc., filed with the
Securities and Exchange Commission its Annual Report on Form 10-K
reporting a net loss of $15.34 million on $81,968 of revenues for
the year ended Dec. 31, 2017, compared to a net loss of $7.21
million on $84,023 of revenues for the year ended Dec. 31, 2016.
As of Dec. 31, 2017, BlackRidge Technology had $8.17 million in
total assets, $6.60 million in total liabilities and $1.56 million
in total stockholders' equity.
At December, 2017, the Company had total current assets of
$1,041,299, including cash of $421,869, and current liabilities of
$6,119,655, resulting in working capital deficit of $5,078,356.
Its current assets and working capital include receivables of
$217,380, inventory of $40,408 and prepaid expenses of $361,642.
As the Company has worked toward its new product launches, the
Company has primarily financed recent operations, the development
of technologies, and the payment of expenses through the issuance
of its debt, common stock, preferred stock and warrants.
For the year ended Dec. 31, 2017, net cash used in operating
activities was $7,748,606, as a result of the Company's net loss
from continued operations of $15,345,644 and increases in accounts
receivable of 205,380, inventory of $40,408, prepaid expenses of
$260,688, and decreases in deferred revenue of $11,228, accounts
payable and accrued expenses -- related party of $564,665,
partially offset by non-cash expenses totaling $2,248,894, and
increases in accounts payable and accrued expenses of $833,372,
accrued interest of $6,657, accrued interest - related party of
$601,145, wages payable of $447,647, loss from discontinued
operation of $493,664 and cash flows from discontinued operations
of $45,028.
Cash used in investing activities for the year ended Dec. 31, 2017
was $1,425,276 compared to $1,056,370 for the year ended Dec. 31,
2016. The increase of 368,906 in the current period is due
primarily to an increase in capitalized engineering costs related
to the Company's technology development.
For the year ended Dec. 31, 2017, net cash provided by financing
activities was $9,538,718, comprised of proceeds from the sale of
common stock of $8,482,450, preferred stock of $275,000 and
warrants exercised of $43,334, proceeds from short term convertible
notes of $1,250,000 and advances -- related party of $115,000,
partially offset by the repayment of short-term notes of $38,989,
repayments of short-term convertible notes of $100,000, repayments
of long-term notes of $433,342 and cash outflows from discontinued
operations of $54,735.
"Based on our current business plan, we anticipate that our
operating activities will use approximately $500,000 in cash per
month over the next twelve months, or $6 million. Currently we do
not have enough cash on hand to fully implement our business plan,
and will require additional funds within the next year. We believe
that our operations will not begin to generate significant cash
flows until the second quarter of 2018 when we expect to begin new
product contracts," the Company said in the SEC filing.
"In order to remedy this liquidity deficiency, we are actively
seeking to raise additional funds through the sale of equity and
debt securities, and ultimately plan to generate substantial
positive operating cash flows. Our internal sources of funds will
consist of cash flows from operations, but not until we begin to
realize substantial revenues from sales. In December 2017, we
entered into a term sheet for a private placement of up to $7
million to fund continuing operations. If we are unable to raise
additional funds in the near term, we may not be able to fully
implement our business plan, and it is unlikely that we will be
able to continue as a going concern."
Haynie & Company, in Salt Lake City, Utah, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2017, citing that the
Company has incurred losses since inception, has negative cash
flows from operations, and has negative working capital. These
factors 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/eeGzMy
About BlackRidge Technology
Headquartered in Reno, Nevada, BlackRidge Technology, formerly
known as Grote Molen, Inc. -- http://www.blackridge.us/--
develops and markets next generation cyber defense solutions that
enables its customers to deliver more secure and resilient business
services in today's rapidly evolving technology and cyber threat
environments. The Company's network, server, and cloud security
products are based on its patented Transport Access Control
technology and are designed to isolate, cloak and protect servers
and cloud services from cyber-attacks and block unauthenticated
access. BlackRidge products are used in enterprise and government
computing environments, the industrial Internet of Things (IoT),
commercial blockchains, and other cloud service provider and
network systems, military grade and patented network security
technology.
BON-TON STORES: Auction of Assets Adjourned to April 16
-------------------------------------------------------
The Bon-Ton Stores, Inc., and its debtor-affiliates advised the
Delaware Bankruptcy Court on Monday that, with the consent of the
DIP Administrative Agent and the Tranche A-1 Documentation Agent,
the auction for the Debtors' assets previously scheduled for April
9, 2018 at 10:00 a.m. (ET) -- and subsequently adjourned until
April 10 -- has been adjourned and will commence on April 16, 2018
at 10:00 a.m. (ET).
The auction will be held at the offices of counsel to the Debtors,
Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the
Americas, New York, New York 10019-6064.
The hearing scheduled for April 13, 2018 at 10:30 a.m. (ET), to
consider approval of a potential going-concern transaction, only,
has been adjourned and will commence on or before April 24, subject
to Court availability.
To the extent the Debtors pursue an enterprise-wide liquidation
following the conclusion of the Adjourned Auction, a sale hearing
with respect to a liquidation will commence on April 18 at 10:00
a.m. (ET).
The Debtors, with the consent of the DIP Administrative Agent and
the Tranche A-1 Documentation Agent, extended the initial deadline
to submit bids for the purchase of their assets until April 4, 2018
at 5:00 p.m. (ET).
The deadline for the Debtors to designate a baseline bid is moved
to April 13, from April 6.
The Debtors will file a notice identifying the successful bidder
within 24 hours upon conclusion of the auction. They will serve a
Notice of Successful Bidder and Successful Bidder's Adequate
Assurance Information by April 18.
All objections to the sale of the Debtors' Assets, including all
objections to the assumption and assignment of the Contracts (with
the exception of objections related to adequate assurance of future
performance by a Successful Bidder other than a Stalking Horse
Bidder) are now due April 16, from the original April 9 deadline.
Sale objections are due now due April 16. The Debtors' deadline to
reply to sale objections, in the event the Sale is for a going
concern, is one day prior to the going concern sale.
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: DW Partners et al. Offer Going Concern Bid
----------------------------------------------------------
An investor group comprised of DW Partners, LP, Namdar Realty Group
and Washington Prime Group, Inc., primarily as secured mortgage
lender; as well as AM Retail Group, Inc., submitted to The Bon-Ton
Stores, Inc.'s restructuring advisors a letter of intent dated
April 9, 2018.
DW et al. propose to acquire substantially all of the Debtors'
assets, and assume the Debtors' postpetition operating liabilities
arising in the normal course and capital lease obligations for
existing stores under section 363 of the Bankruptcy Code.
According to DW, their proposed Going Concern Transaction consists
of:
(i) an agreement by the Investor Group to purchase
substantially all of the Debtors' assets except for the
Industrial Warehouse Lease Agreement dated as of March
5, 2014, for the premises known as Park 70 at West
Jefferson, Enterprise Parkway, West Jefferson, Ohio, and
all of Debtors' tangible and intangible assets,
properties, rights and claims, to the extent owned,
leased, licensed, used or held for use in or relating to
the operation of the Premises; and
(ii) an agreement by AM Retail to purchase the assets related
to the West Jefferson, Ohio Premises through a separate
agreement.
The Investor Group and AM Retail will provide the Debtors, as
consideration for the Purchased Assets, no less than:
(i) an aggregate purchase consideration sufficient to have
a minimum excess availability of 22.5% at closing; and
(ii) a minimum aggregate cash payment of no less than
$128,000,000 -- as Baseline Bid -- a sufficient portion
of which shall be funded into an escrow account to pay
fees and expenses (including professional fees)
associated with the wind-down of the Debtors' estates
after the Closing.
Calling themselves "Going Concern Buyer", DW et al. expect to
provide job offers to many of the Debtors' employees and expects to
provide benefit plans substantially similar in the aggregate to
those provided by the Debtors.
DW et al. state that certain key employees will be offered
contracts of employment that will include customary non-compete and
nonsolicit restrictive covenants.
"The Going Concern Buyer reserves the right to determine in its
sole discretion which employees and officers will be provided
offers following the closing of the proposed transaction and will
not be required to hire a minimum number of employees. Any WARN Act
liabilities will be Retained Liabilities of the Debtors. The Going
Concern Buyer has no intent at this time to replace existing
members of the executive management team. AM Retail also expects to
provide job offers to many of the Debtors' employees currently
working at the Premises and expects to provide benefit plans
substantially similar in the aggregate to those provided to its
current employees," the LOI states.
The Investor Group and AM Retail require, upon mutual execution of
the LOI, that:
(i) they be jointly proposed by the Debtors, with the
consent and support of the debtor-in-possession
financing lenders and unsecured creditors committee, to
be designated as the Stalking Horse for the Purchased
Assets; and
(ii) the Debtors seek Bankruptcy Court approval to pay the
Investor Group a deposit of $500,000, which shall be
used only to pay actual, reasonable and documented
third-party counsel and consulting fees and expenses.
The deposit will be credited against any Expense Reimbursement
payable by the Debtors.
The Investor Group expects that a definitive purchase agreement
will be filed by April 15.
If the Debtors consummate a Section 363 Sale (other than a sale of
only Excluded Assets) with a Successful Bidder other than the
Investor Group, any member thereof or an affiliate of any such
member, the Investor Group requires the Debtors to (1) pay the
Going Concern Buyer a break-up fee in the amount of $3,840,000, or
3% of the Purchase Price, due to the Debtors upon the closing of
another offer for the Purchased Assets (or any combination
thereof), plus (2) reimburse the Going Concern Buyer for its actual
reasonable fees, costs and expenses (including reasonable
attorneys' fees, other professional fees and lender fees) in
connection with the transaction not to exceed $1,500,000.
Counsel to the Investor Group:
John Lyons, Esq.
DLA Piper LLP (US)
444 West Lake Street, Suite 900
Chicago, IL 60606
E-mail: john.lyons@dlapiper.com
About The Bon-Ton Stores
The Bon-Ton Stores, Inc. (OTCQX: BONT) -- http://www.bonton.com/--
with corporate headquarters in York, Pennsylvania and Milwaukee,
Wisconsin, operates 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: Proposes to Pay Potential Buyer's Work Fee
----------------------------------------------------------
The Bon-Ton Stores, Inc. and its debtor-affiliates have agreed to
pay a work fee to a consortium of investors led by Namdar Realty
Group, Washington Prime Group, and DW Partners LP in connection
with the Parties' ongoing negotiations regarding the Investor
Group's potential purchase of substantially all of the Debtors'
assets and assumption of the Debtors' post-petition operating
liabilities.
The Investor Group has conditioned its willingness to proceed
further with due diligence and negotiations on the Debtors'
agreement to seek Court authority to pay the Investor Group a
deposit of $500,000, which will be used only to pay actual,
reasonable and documented third-party counsel and consulting fees
and expenses.
"The Debtors are hopeful that payment of the Investor Group's fees
and expenses will prove to be the bridge between the Debtors'
marketing and sale efforts and the ultimate consummation of a
value-maximizing transaction," said Andrew L. Magaziner, Esq., at
Young Conaway Stargatt & Taylor, co-counsel to the Debtors.
The Debtors relate that, from the outset of these cases, they have
been working to preserve the business, either through a stand-alone
reorganization or a sale of the business as a going concern --
thereby saving more than 20,000 jobs and preserving a 120-year-old
business that is a significant customer for its vendors, an anchor
tenant for many of its landlords, and the leading hometown
department store for millions of consumers in local communities
throughout 23 states.
Over the past few weeks, the Parties have been diligently engaged
in extensive negotiations regarding the Investor Group's bid to
acquire the Company, and those discussions culminated in the
execution of the Letter of Intent on April 6, 2018. The
transaction contemplated by the Letter of Intent represents a
significant and potentially valuable opportunity for the Debtors to
consummate a sale transaction which will maximize value for the
Debtors and their estates and preserve the Debtors' business as a
going concern.
Accordingly, the Debtors and their advisors have devoted
significant time and resources towards negotiating the Letter of
Intent and positioning the Debtors to pursue a transaction that, in
their view, is in the best interest of their estates.
With those objectives in mind, the Debtors seek the Court's
permission to pay the Group's work fee. The Debtors also ask the
Court to consider the request at a hearing on April 11, which will
allow the Parties, in advance of the Auction now scheduled for
April 16, to continue working toward definitive documentation of a
transaction for the Purchased Assets.
An auction for the Debtors' assets was scheduled to commence on
April 9, 2018 at 10:00 a.m., and was subsequently adjourned until
April 10, 2018.
As of the Bid Deadline, the Debtors received several bids for
certain individual assets or groups of assets, and four bids for
substantially all of their assets. Aside from the Letter of Intent,
each of those bids contemplate the liquidation of the Debtors'
assets and a wind-down of their businesses. Over the past few
weeks, including through the Easter and Passover holidays, the
Debtors and their advisors have engaged in extensive discussions
with the Investor Group, the Committee, and their DIP Lenders
regarding a proposed acquisition of the Purchased Assets, which
acquisition would allow for, among things, the continued operation
of the Debtors' business, preservation of the Debtors'
relationships with the majority of their vendors and landlords, and
continued employment of most of the Debtors' employees.
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.
BROWN & PIPKINS: Hires HLB Gross as Accountant
----------------------------------------------
Brown & Pipkins, LLC, seeks authority from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ HLB Gross
Collins, as accountant to the Debtor.
Brown & Pipkins requires HLB Gross to:
a. prepare the Debtor's financial statements as of December
31, 2017, and the related statements of income and retained
earnings for the year ended.
b. prepare the federal and state income tax returns of the
Debtor for the year ended December 31, 2017;
c. prepare any additional state income tax returns as
authorized by the Debtor;
d. provide tax research and advisory;
e. assist with depreciation and fixed assets management as
requested by the Debtor;
f. provide research and compliance related to Tangible
Property Regulations;
g. assist with Affordable Care Act; and
h. prepare the monthly operating reports required in the
Chapter 11 bankruptcy proceedings.
HLB Gross will be paid at these hourly rates:
Shareholders $375
Staffs $110
Prepetition, the Debtor owed HLB Gross the amount of $6,850. The
Debtor requests authorization to pay the owed amount to HLB Gross.
HLB Gross will be paid a retainer in the amount of $4,000.
HLB Gross will also be reimbursed for reasonable out-of-pocket
expenses incurred.
J. Keith Moody, a partner at HLB Gross Collins, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
HLB Gross can be reached at:
J. Keith Moody
HLB Gross Collins
3330 Cumberland Blvd, Suite 900
Atlanta, GA 30339
Tel: (770) 433-1711
About Brown & Pipkins
Based in Atlanta, Georgia, Brown & Pipkins, LLC, provides
management consulting services. Acsential Services, a division of
Brown & Pipkins, offers a wide range of operational support
services to its clients that include building services, custodial
services, janitorial services, facility support services, food
service operations, housing management, operator and management
services, and administrative services. Brown & Pipkins is owned by
Deidre Brown (90%) and Annette Pipkins (10%).
Brown & Pipkins filed a Chapter 11 petition (Bankr. N.D. Ga. Case
No. 17-71772) on Dec. 19, 2017. In the petition signed by Deidre
F. Brown, CEO and co-manager, the Debtor estimated $500,000 to $1
million in assets and $1 million to $10 million in liabilities.
Paul Reece Marr, Esq., at Paul Reece Marr, P.C., is serving as
bankruptcy counsel, and Taylor English Duma LLP, is special
counsel.
BROWN & PIPKINS: Hires Taylor English as Special Counsel
--------------------------------------------------------
Brown & Pipkins, LLC, seeks authority from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Taylor English
Duma LLP, as special counsel to the Debtor.
Brown & Pipkins requires Taylor English to represent the Debtor in
the review, negotiation, and settlement of the payroll tax claims
of the Department of Treasury, Internal Revenue Service, including
the negotiation of installment repayment agreement.
Taylor English will be paid at these hourly rates:
Attorneys $250 to $450
Paraprofessionals $125
Taylor English will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Vivian D. Hoard, a partner at Taylor English Duma LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Taylor English can be reached at:
Vivian D. Hoard, Esq.
TAYLOR ENGLISH DUMA LLP
1600 Parkwood Circle, Suite 200
Atlanta, GA 30339
Tel: (770) 541-2223
About Brown & Pipkins
Based in Atlanta, Georgia, Brown & Pipkins, LLC, provides
management consulting services. Acsential Services, a division of
Brown & Pipkins, offers a wide range of operational support
services to its clients that include building services, custodial
services, janitorial services, facility support services, food
service operations, housing management, operator and management
services, and administrative services. Brown & Pipkins is owned by
Deidre Brown (90%) and Annette Pipkins (10%).
Brown & Pipkins filed a Chapter 11 petition (Bankr. N.D. Ga. Case
No. 17-71772) on Dec. 19, 2017. In the petition signed by Deidre
F. Brown, CEO and co-manager, the Debtor estimated $500,000 to $1
million in assets and $1 million to $10 million in liabilities.
Paul Reece Marr, Esq., at Paul Reece Marr, P.C., is serving as
bankruptcy counsel, and Taylor English Duma LLP, is special
counsel.
BUSINESS SOLUTIONS: Taps Bleau Fox as Legal Counsel
---------------------------------------------------
Business Solutions Transport, Inc., seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire
Bleau Fox, a P.L.C., as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; review claims of creditors; assist in the
preparation of a bankruptcy plan; and provide other legal services
related to its Chapter 11 case.
Bleau Fox charges an hourly fee of $450 for its attorneys and $175
for law clerks and paralegals. The firm received a retainer in the
sum of $25,000, plus $1,717 for the filing fee.
The firm is a "disinterested person" as defined in Section 101(14)
of the Bankruptcy Code, according to court filings.
Bleau Fox can be reached through:
Martin Fox, Esq.
Edward D. Baker, Esq.
Bleau Fox, a P.L.C.
2801 W. Empire Avenue
Burbank, CA 91504
Phone: (818) 748-3434
Fax: (818) 748-3436
E-mail: mfox@bleaufox.com
E-mail: ebaker@bleaufox.com
About Business Solutions Transport
Business Solutions Transport, Inc., sought protection under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-12637) on
March 9, 2018. At the time of the filing, the Debtor estimated
assets and liabilities of less than $1 million.
CARDIOVASCULAR MEDICAL: Voluntary Chapter 11 Case Summary
---------------------------------------------------------
Debtor: Cardiovascular Medical Associates, P.C.
818 Chestnut Street
Philadelphia, PA 19107
Business Description: Cardiovascular Medical Associates, P.C.
is a medical group practice located in
Philadelphia, Pennsylvania that specializes
in diseases of the heart and blood vessels
and management of complex cardiac conditions
such as heart attacks and life-threatening,
abnormal heartbeat rhythms.
Chapter 11 Petition Date: April 6, 2018
Case No.: 18-12314
Court: United States Bankruptcy Court
Eastern District of Pennsylvania (Philadelphia)
Judge: Hon. Magdeline D. Coleman
Debtor's Counsel: Thomas Daniel Bielli, Esq.
BIELLI & KLAUDER, LLC
1500 Walnut Street, Suite 900
Philadelphia, PA 19102
Tel: 215-642-8271
Fax: 215-754-4177
Email: tbielli@bk-legal.com
- and -
Cory P. Stephenson, Esq.
BIELLI & KLAUDER, LLC
1500 Walnut Street, Suite 900
Philadelphia, PA 19102
Tel: 215-642-8271
Fax: 215-754-4117
Email: cstephenson@bk-legal.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Philip Nimoityn, 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/paeb18-12314.pdf
CARIBEL USA ALLOYS: Hires E.P. Bud Kirk as Attorney
---------------------------------------------------
Caribel USA Alloys, LLC, seeks authority from the U.S. Bankruptcy
Court for the Western District of Texas to employ the Law Office of
E.P. Bud Kirk, as attorney to the Debtor.
Caribel USA Alloys requires E.P. Bud Kirk to:
a. give the Debtor legal advice with respect to its powers and
duties as Debtor-in-Possession and the continued operation
of its business and management of its properties;
b. represent the Debtor in collection of its accounts
receivable, if needed;
c. prepare on behalf of the Debtor necessary Schedules,
Statements, Applications, and Answers, Orders, Reports, and
other legal documents required for reorganization;
d. assist the Debtor in formulation and negotiation of a Plan
with its creditors in these proceedings;
e. review all presently pending litigation in which the Debtor
is a participant, to recommend settlement of such
litigation which the attorney deems to be in the best
interest of the estate, and to make an appearance as lead
trial counsel in all litigation which the attorney believes
should be continued, if needed.
f. review the transactions of the Debtor prior to the filing
of the Chapter 11 proceedings to determine what further
litigation, if any, pursuant to the Bankruptcy Code, or
otherwise, should be filed on behalf of the estate;
g. examine all tax claims filed against the Debtor, to contest
any excessive amounts claimed therein, and to structure a
payment of the allowed taxes which conforms to the
Bankruptcy Code and Rules; and
h. perform all other legal services of the Debtor, as Debtor-
in-Possession, which may be necessary herein.
E.P. Bud Kirk will be paid at these hourly rates:
Attorneys $300
Paralegals $90
A retainer of $10,000 was paid to E.P. Bud Kirk upon the filing of
the bankruptcy proceedings. Prior to filing, $1,789 was paid to
E.P. Bud Kirk by the Debtor, for pre-bankruptcy services actually
rendered.
E.P. Bud Kirk will also be reimbursed for reasonable out-of-pocket
expenses incurred.
E.P. Bud Kirk, partner of Law Office of E.P. Bud Kirk, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
E.P. Bud Kirk can be reached at:
E.P. Bud Kirk, Esq.
LAW OFFICE OF E.P. BUD KIRK
600 Sunland Park Drive, Suite 400
El Paso, TX 79912
Tel: (915) 584-3773
Fax: (915) 581-3452
E-mail: budkirk@aol.com
About Caribel USA Alloys
Caribel USA Alloys, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Tex. Case No. 18-30512) on March 27, 2018. The Debtor
hired E.P. Bud Kirk, Esq., at Law Office of E.P. Bud Kirk, as
counsel.
CAROL ROSE: Solicitation Period Extended Until Oct. 29
------------------------------------------------------
The Hon. Brenda T. Rhoades of the U.S. Bankruptcy Court for the
Eastern District of Texas, at the behest of Carol Rose, Inc., and
Carol Alison Ramsay Rose, has entered an order extending the
Solicitation Period until October 29, 2018.
Pursuant to the Order, the Disclosure Statement Hearing originally
set for March 27, 2018 is continued to Aug. 28, 2018 at 9:30 a.m.
and the objection deadline to Disclosure Statement has been set for
Aug. 21.
The Troubled Company Reporter has previously reported that the
Debtors asked the Court for an extension of the exclusivity period
to seek solicitation of their Plan and abatement of all related
deadlines, pending resolution of the Litigation.
On Jan. 16, 2018, the Debtors filed their Joint Chapter 11 Plan of
Reorganization and on Jan. 22, they filed their Joint Disclosure
Statement in Support of the Plan.
The Debtors jointly removed certain state court litigation, to
wit:
(a) Carol Rose and Carol Rose, Inc. v. Lori Aaron, Phillip
Aaron, Aaron Ranch and Jay McLaughlin, filed in the 235th Judicial
District in Cooke County, Texas docketed as Cause No. 13-00535;
and
(b) Equis Equine, LLC and Elizabeth Weston v. Carol Rose,
Carol Rose, Inc. d/b/a Carol Rose Quarter Horses d/b/a Carol Rose
Ranch d/b/a Carol Rose Dispersal Sale, Lewis T. Stevens, Don Green,
Harold Brown, Aaron Ranch, Aaron's Ranch, Inc., Lori Aaron and
Phillip Aaron, filed in the 235th Judicial District in Cooke
County, Texas docketed as Cause No. 15-00481.
In addition, Elizabeth Weston and Equis Equine, LLC filed a
complaint objecting to the dischargeability of the alleged
indebtedness owed by Rose, Adv. Proc. No. 17-04131. Likewise, the
Aaron Parties filed a complaint objecting to the dischargeability
of the alleged indebtedness of Rose to the Aaron Parties, Adv.
Proc. No. 18-04016.
As set forth in the Debtors' Disclosure Statement, the outcome of
the Litigation will fundamentally shape the Debtors' Plan. Class 3
of the Plan consists solely of the allowed Aaron Unsecured Claims,
if any and Class 4 of the Plan consists solely of the allowed
Weston Unsecured Claims, if any. The claims in both Class 3 and
Class 4 are heavily disputed by the Debtors and the Debtors seek
recovery of substantial claims against the Aarons, as well as full
disallowance of the Disputed Unsecured Claims.
Subsequently, in hearings on February 13 and March 1, the Court has
set a 2-week trial on the Aaron Action, the Weston Dischargeability
Action, and the Claims Objection, beginning on May 29, 2018 at 9:30
a.m. through June 1, 2018 and recommencing on June 11, 2018 at 9:30
a.m. through June 15.
The Debtors told the Court that in order for them to formulate a
realistic estimation of recovery for all creditors, the Aaron and
Weston claims must be adjudicated because the outcome of the Aaron
and Weston claim determination will not merely augment or deplete
the Debtors' estate, but rather, it will fundamentally shape the
Debtors' Plan.
About Carol Rose
Carol Rose, Inc. -- http://carolrose.com/-- owns a horse breeding
facility in Gainesville, Texas. It provides on-site breeding,
cooled semen, embryo transfer, mare care and maintenance and
foaling services. It is owned by Carol Rose, a National Reined Cow
Horse Association (NRCHA) and National Reining Horse Association
(NRHA) breeder. Ms. Rose is the sole director and shareholder of
the Debtor.
Carol Rose, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Tex. Case No. 17-42058) on Sept. 19,
2017. In the petition signed by owner Carol Rose, the Debtor
estimated assets of $10 million to $50 million and liabilities of
less than $500,000.
Judge Brenda T. Rhoades presides over the case.
Gardere Wynne Sewell LLP is the Debtor's bankruptcy counsel. The
Debtor tapped Kelly Hart & Hallman LLP/Kelly Hart & Pitre as its
special counsel.
CELADON GROUP: BofA, Wells Fargo Continue to Ease Loan Covenants
----------------------------------------------------------------
Indianapolis, Indiana-based Celadon Group, Inc. on March 30, 2018,
entered into an Eighth Amendment to Amended and Restated Credit
Agreement by and among the Company, certain subsidiaries of the
Company as guarantors, Bank of America, N.A., as lender and
Administrative Agent, Wells Fargo Bank, N.A., and Citizens Bank,
N.A., both as lenders.
The Eighth Amendment revises the Company's existing Amended and
Restated Credit Agreement dated December 12, 2014, among the same
parties, as amended.
Among other changes, the Eighth Amendment:
(i) amended the lease adjusted total debt to EBITDAR ratio
and fixed charge coverage ratio financial covenants so
that such covenants would not be tested for the 12-month
period ended March 31, 2018 (testing to resume for the
12-month period ending June 30, 2018). Borrowers also
agree to maintain Adjusted EBITDAR, on a trailing twelve
month basis, not less than:
$68,000,000 for the 12-month period ending December 31,
2017,
$69,000,000 for the 12-month period ending January 31,
2018;
$66,500,000 for the 12-month period ending February 28,
2018; and
$67,000,000 for the 12-month period ending March 31,
2018;
(ii) amended the asset coverage ratio financial covenant so
that a ratio of 1.05 to 1.00 is required for periods
prior to April 30, 2018, and 1.85 to 1.00 for each week
ending thereafter;
(iii) increased the value of real estate that can be included
for purposes of calculating the asset coverage ratio
from $78.2 million to $85.0 million. The asset coverage
ratio calculation still excludes certain assets not
consisting of U.S. real property, U.S. rolling stock,
and U.S. accounts receivable;
(iv) reset the other financial covenant levels for the months
of March and April 2018. The Borrowers agree not to
permit the aggregate amount of Disbursements of the Loan
Parties to exceed
$116,000,000 for the period beginning December 31, 2017
and ending February 3, 2018;
$85,000,000 for the period beginning February 4, 2018
and ending March 3, 2018;
$74,000,000 for the period beginning March 4, 2018 and
ending March 31, 2018 (excluding
Disbursements made to pay fees to the
Lenders); and
$83,500,000 for the period beginning April 1, 2018 and
ending April 28, 2018.
To the extent that (x) $108,000,000 exceeds the actual
Disbursements of the Loan Parties for the period
beginning November 26, 2017 and ending December 30, 2017
or (y) the amount of Disbursements permitted with
respect to any period set forth above exceeds the actual
Disbursements of the Loan Parties for such period, the
excess shall be added to the amount of Disbursements
permitted with respect to the immediately succeeding
period;
(v) provided additional exceptions to representation and
warranties regarding the Company's financial statements;
(vi) added a prohibition on any single disposition, or series
of related dispositions, of assets having a fair market
value in excess of $50,000, without obtaining the
consent of the required lenders;
(vii) added a requirement that the proceeds of any asset
disposition permanently pay down outstanding borrowings;
(viii) added a requirement for the Company to deliver to the
lenders an updated refinancing plan and financial
forecast on or before April 13, 2018;
(ix) required the payment of approximately $2.6 million of
previously accrued fees;
(x) deferred the payment date for $5.95 million of
previously accrued fees to April 30, 2018; and
(xi) imposed an amendment fee of $2.76 million, payable on
April 30, 2018.
The Amendment provides that, prior to April 30, 2018, the so-called
Loan Parties shall not make any Investment pursuant to Section
7.02(e) or (f) of the Credit Agreement, except for the following in
an aggregate amount not to exceed $4,000,000 at any one time
outstanding:
(i) payroll, settlement, and similar advances to employees,
drivers (including independent contractors); consultants
or other service providers to cover matters that are
expected at the time of such advances ultimately to be
treated as expenses for accounting purposes;
(ii) reasonable and customary advances of relocation expenses
to employees and repair expense to independent
contractors in the ordinary course of business; and
(iii) advances to the Borrower's Mexican subsidiaries in the
ordinary course of business based on accounts receivable
generated by such subsidiaries not to exceed $750,000 at
any one time outstanding.
The Borrowers are required to submit, prior to 4:00 pm Eastern time
on the third Business Day of each calendar week, a report
identifying (i) any individual Disbursements in excess of $100,000
projected to be made during the following three calendar weeks and
(ii) any individual Disbursements made during the preceding
calendar week that exceeded $100,000.
A copy of the Eighth Amendment is available at
https://is.gd/WGbg0S
Barnes & Thornberg represents BofA and Wells Fargo. Stephens Inc.
serves as Celadon's financial advisor and investment banker.
About Celadon Group
Indianapolis, Indiana-based Celadon Group, Inc. (NYSE: CGI) --
http://www.celadongroup.com/-- through its subsidiaries, provides
long haul, regional, local, dedicated, intermodal,
temperature-protect, and expedited freight service across the
United States, Canada, and Mexico. The Company also owns Celadon
Logistics Services, which provides freight brokerage services,
freight management, as well as supply chain management solutions,
including logistics, warehousing, and distribution.
Celadon is one of North America's 20 largest truckload carriers as
measured by revenue, generating approximately $1.1 billion in
operating revenue during fiscal year ended June 30, 2016. At Dec.
31, 2016, the Company said it has $981,722,000 in total assets
against total current liabilities of $212,501,000; Long-term debt,
net of current maturities of $114,507,000; Capital lease
obligations, net of current maturities, of $181,608,000; deferred
income taxes of $104,887,000; and total stockholders' equity of
$368,219,000.
On May 1, 2017, Celadon announced that the Company's financial
statements for fiscal year 2016 (ended June 30, 2016) and the
quarters ended September 30, 2016 and December 31, 2016 and related
reports of the Company's independent registered public accounting
firm, BKD, LLP should no longer be relied upon. Based on issues
identified in connection with an Audit Committee investigation and
management's review, the Company has said financial statements for
fiscal years ended June 30, 2014, 2015, 2016, and the quarters
ended September 30 and December 31, 2016, will be restated.
CHRIS CARLSON: Court Approves Disclosures, Confirms Plan
--------------------------------------------------------
Judge Robert E. Nugent of the U.S. Bankruptcy Court for the
District of Kansas issued an order dated March 29, 2018, approving
Chris Carlson Hot Rods, LLC's disclosure statement and confirming
the Debtor's plan of reorganization, dated January 28, 2018, as
modified.
The matter initially came before the Court on March 8, 2018, for
hearing on the Combined Plan and Disclosure Statement of Chris
Carlson Hot Rods, LLC. The Debtor appeared through counsel David
Prelle Eron of Eron Law, P.A. The U.S. Trustee appeared through
counsel Jordan M. Sickman. The Committee of Unsecured Creditors
appeared through counsel, David G. Arst. Creditor Alfred Suraci
appeared through counsel Kristen D. Wheeler. After hearing
arguments of counsel and considering the record of the case, the
Court approved the Debtor's disclosure statement and made certain
rulings regarding the balloting of the Debtor's chapter 11 plan and
some of the objections to the plan. The Court continued the matter
to an evidentiary hearing, which was held on March 14, to consider
the feasibility of the Debtor's chapter 11 plan and to rule upon
the balance of the matters raised in objections to the plan.
Three Objections to the Plan were filed, one by Suraci, one by the
Committee, and one by the UST.
The only objection directed to the adequacy of the information
provided in the Disclosure Statement was contained in the objection
filed by the UST. The UST asserted that the Debtor did not
disclose sufficient information related to its premises lease. The
Disclosure Statement disclosed that the Debtor would continue
operating in its existing facility at a lease rate of $4,000 per
month. Prior to the initial hearing on the Plan, the Debtor filed a
Motion to Approve Lease on March 7, 2018, which disclosed all of
the material terms of the proposed lease and attached a copy of the
signed lease agreement. The terms
contained in the lease mirrored those discussed in the Disclosure
Statement. The UST withdrew its objections to the adequacy of the
information in the Disclosure Statement on that basis.
On March 6, 2018, Debtor filed its Certificate of Voting on
Debtor's Plan. The Certificate reflected that five ballots were
timely cast in favor of the Plan by Dustin L. Baerg and Angela
Capps (Class 1), and Larry Penner, D & S Auto Supply, Inc., and
National Catastrophe Restoration, Inc. (Class 5). Two ballots were
received on March 6, 2018, one day late, by Carter's Tool Sales
(Class 2) and Drywall Systems, Inc. (Class 5), both accepting the
Plan. Three ballots were timely cast against the Plan by Everett
Stewart Jr., Suraci, and Drywall Systems, Inc., who cast a
replacement ballot to accept the Plan). The Court concludes that
the second ballot of Drywall Systems, Inc. should be its
controlling ballot. Class 1 unanimously accepted the Plan. Class 2
also unanimously accepted the Plan, albeit late. Classes 3, 4, 6,
and 7 did not cast any ballots, and are thus deemed to have
accepted the Plan. A total of four ballots were cast in favor of
the Plan in Class 5, with a total amount listed on the ballots of
$110,925.01.
The ballot cast by Suraci, also in Class 5, was listed as "in
excess of $100,000.00." However, the Debtor filed an objection to
Suraci's claim on February 6, 2018, seeking to disallow the claim
in its entirety. The parties were granted stay relief on March 7,
2018 to litigate the existence and amount of any such claim in
Kansas state court. Similarly, Stewart's claim was not listed in
the Debtor's schedules, and was not filed until January 26, 2018,
three months after the claims bar date of October 27, 2018 set by
the Court. For these reasons, the Debtor filed Adversary
Proceeding Number 18-05032 on March 6, 2018 seeking, inter alia, to
disallow Everett’s claim. Everett did not appear at the hearing.
No determination had been reached as to the existence or amount of
the Suraci or Stewart claims as of the date of trial. As such,
pursuant to 11 U.S.C. Section 502(a), neither claim is deemed to be
an "allowed" claim at this time, and therefore neither Suraci nor
Stewart are entitled to vote on the Plan. The Court does not render
any determination on the merits of the Suraci or the Stewart claims
at this time as they are the subject of pending proceedings.
However, their ballots will be disregarded for the purposes of
calculating the votes submitted in favor of or opposition to the
Plan. Based upon this determination, the Court finds that Class 5
has unanimously accepted the Plan.
The Court finds that the Plan, as modified, complies with all the
provisions of 11 U.S.C. Section 1129(a). In particular, the Court
notes that the Plan provides that the property of the estate will
revest in the Debtor at Plan confirmation. The UST, in its
objection, contends that the Court should require the Plan to
provide for the property of the estate, after having revested in
the reorganized Debtor, to "re-revest" in the bankruptcy estate in
the event that the case is converted to chapter 7 following Plan
confirmation. The Court notes that 11 U.S.C. Section 1141(b)
creates a presumption that all property will revest in the
reorganized debtor following plan confirmation, unless the plan or
confirmation order provides to the contrary. There is no
corresponding Code provision for such revested property to return
to the estate following conversion to chapter 7. The Court
declines to require plan provisions that Congress has not included
in the requirements of section 1129 or elsewhere in the Bankruptcy
Code, and incorporates its rationale set forth in the record at
both the initial hearing and the evidentiary hearing on Plan
confirmation.
As previously reported by The Troubled Company Reporter, Class 5
under the plan consists of all allowed unsecured claims. The Class
5 claims as scheduled or filed total allowable claims at
approximately $537,404.67. The Class 5 Claims will receive
distributions totaling $20,000 over a five-year period. Payments
will be made annually in the amount of $4,000 per year, commencing
not later than one year after the Effective Date. Funds will be
distributed on a pro-rata basis. This class is impaired.
Payments and distributions under the Plan will be funded through
Debtor's future earnings. The Debtor may, but is not required to,
liquidate assets in order to consummate this Plan.
A full-text copy of the Combined Plan and Disclosure Statement is
available for free at:
http://bankrupt.com/misc/ksb17-11660-115.pdf
A full-text copy of the Confirmation Order is available at:
http://bankrupt.com/misc/ksb17-11660-163.pdf
About Chris Carlson Hot Rods
Chris Carlson Hot Rods, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Kan. Case No. 17-11660) on Aug. 28,
2017. Christopher Carlson, its manager, signed the petition. At
the time of the filing, the Debtor estimated assets of less than
$500,000 and liabilities of less than $1 million.
The Debtor, Chris Carlson Hot Rods, LLC, f/d/b/a Chaotic Customs,
operates a vehicle restoration and auto body shop business in
Mulvane, Kansas.
Judge Robert E. Nugent presides over the case. The Debtor hired
Eron Law P.A. as its bankruptcy counsel and Larson & Company, P.A.
as its accountant. Arst & Arst, P.A. is counsel to the official
committee of unsecured creditors formed in the case.
COOPERATIVA DE SEGUROS: AM Best's C+ Rating Under Review Negative
-----------------------------------------------------------------
A.M. Best has placed under review with negative implications the
Financial Strength Rating of C+ (Marginal) and the Long-Term Issuer
Credit Rating of "b-" of Cooperativa de Seguros de Vida de Puerto
Rico (COSVI) (San Juan, Puerto Rico).
The under review status with negative implications reflects A.M.
Best continuing concerns about COSVI's exposure to Puerto Rico
bonds and the volatility this represents to COSVI's capital and
surplus. A.M. Best also is concerned about a potential decline in
either absolute or risk-adjusted capital at year-end 2017 once the
company's annual statement is filed. The ratings will remain under
review until A.M. Best has received COSVI's 2017 annual statement
and conducted conversations with the company's management team
regarding the results contained in the filing.
DIAMOND CONTRACT: May File Plan of Reorganization Until May 28
--------------------------------------------------------------
Judge Eric L. Frank of the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania has extended the period within which
Diamond Contract Flooring, LLC will have the exclusive right to
file its plan of reorganization to May 28, 2018.
The Troubled Company Reporter has previously reported that the
Debtor asked the Court that the Debtor be afforded a short period
of additional time within which to operate with increased income
building up funds to pay claims upon confirmation, and more
importantly to formulate a plan of reorganization with its
creditors which will be feasible and acceptable.
The Debtor had anticipated filing a plan and disclosure statement
within the exclusive period, but have been temporarily delayed by
the negotiations with Keystone to increase its weekly payment so
that the Debtor is able to propose a feasible Chapter 11 plan that
should result in an uncontested confirmation.
It is the Debtor's intention to pay close to 100% of its unsecured
claims, less any claims that the Debtor will move to expunge.
Additionally, the Debtor and Keystone have discussed increasing
Keystone's weekly payment to the Debtor in order for the Debtor to
propose the plan anticipated above.
About Diamond Contract Flooring
Diamond Contract Flooring, LLC, is a privately held company in
Bensalem, Pennsylvania, and has been in the business of
wholesale-floor coverings since 2000. The company sells and
installs carpeting, tile, hardwoods and other types of flooring for
residential and commercial establishments in both Pennsylvania and
New Jersey.
Diamond Contract Flooring filed a Chapter 11 petition (Bankr. E.D.
Pa. Case No. 17-16672) on Sept. 29, 2017. In the petition signed
by Christopher Diamond, president, the Debtor disclosed $142,481 in
assets and $1.32 million in liabilities.
The Hon. Eric L. Frank presides over the case.
McDowell Posternock Apell & Detrick, P.C., serves as bankruptcy
counsel to the Debtor, and later substituted by Boyle & Valenti
Law, P.C., as bankruptcy counsel.
DILLE FAMILY: May 1 Plan Confirmation Hearing
---------------------------------------------
The hearing to consider approval of the disclosure statement
explaining Dille Family Trust's Small Business Plan is set for May
1, 2018 at 10:00 AM. Deadline for objections to the disclosure
statement is April 24.
The Debtor is involved in the licensing of Intellectual Property
associated with the fictional character "Buck Rogers."
In order to defend its intellectual property rights the Debtor
became involved in two litigation matters.
One in the United States District Court for the Eastern District
of Pennsylvania styled The Dille Family Trust v The Newlan Family
Trust at case No. 2:15-cv-06231-WB, and one in the United States
District Court for the Western District of Pennsylvania styled Team
Angry Filmworks, Inc. v Louise A. Geer, Trustee of the Dille Family
Trust at case No. 2:15-cv-01381-JFC. The cost of prosecuting the
actions exceeded the funds generated by the Dille Family Trust for
licensing its intellectual property. Initially, the cost of the
litigation was funded through loans from Lorraine Dille Williams,
one of the Beneficiaries of the Dille Family Trust. Ultimately Ms.
Williams determined that she could no longer fund the litigation
costs. Expecting that litigation to conclusion would cost
approximately $500,000 to $750,000, and with no source of funds to
pay such litigation costs, the Trustee of the Dille Family Trust,
Louise A. Geer determined that the best way to preserve the value
of the Estate's assets for the benefit of all creditors was to file
a Chapter 11 Petition for the Debtor, and sell all of the assets.
All assets of the Debtor will be liquidated. The proceeds from the
sale of the assets, net costs of sale, will be distributed in
accordance with the priorities established by the Bankruptcy Code.
Class 1: Administrative creditors will be paid in full on the
Effective Date, or in the ordinary course of business, or as
otherwise agreed by the parties.
Class 2: After payment in full of Class 1, Class 2 General
Unsecured Creditors will be paid the net proceeds of the sale of
the Debtor's assets on a pro rata basis, until their claims are
paid in full. Class 2 Claims total $805,963.09.
Class 3: The Beneficiaries of the Dille Family Trust will be paid
the net proceeds from the sale of the Debtor's assets remaining
after payment in full of creditors in classes 1 and 2 in accordance
with the documents establishing the Dille Family Trust, as modified
and amended from time to time.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/pawb17-24771-114.pdf
Dille Family Trust filed a Chapter 11 Petition (Bankr. W.D. Pa.
Case No. 16-24771) on November 28, 2017, and is represented by:
Donald R. Calaiaro, Esq., Calairao Valencik.
DREAM MOUNTAIN: Trustee Hires Keller as Real Estate Broker
----------------------------------------------------------
Aaron C. Amore, the Chapter 11 trustee of Dream Mountain Ranch,
LLC, seeks authority from the U.S. Bankruptcy Court for the
Northern District of West Virginia to employ Keller Williams
Eastern Panhandle, as real estate broker to the Trustee.
The Trustee requires Keller to market the Debtor's real estate in
West Virginia and secure a buyer for said real estate.
Keller will be paid a commission of 6% of the purchase price.
Keller will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Natalie J. Hoffman, a partner at Keller Williams Eastern Panhandle,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Keller can be reached at:
Natalie J. Hoffman
KELLER WILLIAMS EASTERN PANHANDLE
937 Welltown School Road
Martinsburg, WV 25403
Tel: (304) 901-4886
Fax: (304) 901-4065
About Dream Mountain Ranch
Dream Mountain Ranch, LLC, is a privately-held company that owns a
deer and elk hunting game area in North Central West Virginia. It
offers 15 hunting stands and still hunts scattered across a
1,000-plus acres property. It offers lodge featuring four
bedrooms, three baths, a full-sized kitchen, wrap around porch, and
a hot tub. The area also features several activities guest can
enjoy including the Ohiopyle State Park, Falling Water, Blackwater
Falls, and Coopers Rock.
Dream Mountain Ranch sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. W.Va. Case No. 17-01051) on Oct. 27,
2017. In the petition signed by managing member Dietrich Steve
Fansler, the Debtor disclosed $5.02 million in assets and $2.53
million in liabilities.
Judge Patrick M. Flatley presides over the case.
The Debtor hired Gianola, Barnum, Bechtel & Jecklin, L.C. as its
legal counsel; Dietrich Fansler as its managing agent; and Tetrick
& Bartlett, PLLC as its accountant.
On Jan. 18, 2018, Aaron C. Amore was appointed as the Chapter 11
Trustee of Dream Mountain Ranch. The Trustee retained his own
firm, Amore Law, PLLC, as counsel.
EPIC CHURCH: Must File Chapter 11 Plan by June 29
-------------------------------------------------
Judge Caryl E. Delano of the U.S. Bankruptcy Court for the Middle
District of Florida issued an order dated March 29, 2018, for the
establishment of deadline for Epic Church of Lakeland, Inc., fka
TLC Family Church, Inc.'s filing of plan and disclosure statement.
The Debtor is ordered to file a plan and disclosure statement on or
before June 29, 2018.
The disclosure statement will, at the minimum, contain adequate
information pertaining to the Debtor in the following areas:
(a) Pre− and post−petition financial performance;
(b) Reasons for filing Chapter 11;
(c) Steps taken by the Debtor since filing of the petition to
facilitate its reorganization;
(d) Projections reflecting how the Plan will be feasibly
consummated;
(e) A liquidation analysis; and
(f) A discussion of the Federal tax consequences as described in
section 1125(a)(1) of the Bankruptcy Code.
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.
ETCHER FARMS: U.S. Trustee Forms 7-Member Committee
---------------------------------------------------
The Office of the U.S. Trustee for Region 12 on April 2 appointed
seven creditors to serve on the official committee of unsecured
creditors in the Chapter 11 cases of Etcher Farms, Inc. and its
affiliates.
The committee members are:
(1) Precision Pumping, Inc.
Attn: Randy Peter
3330 Cabot Rd.
Quincy, IL 62301
Phone: (217) 430-3488
Email: precisionpumping@gmail.com
(2) Cantril Feed & Grain, LLC
Attn: Janet Westoff
610 W. North Street
Cantril, IA 52542
Phone: (319) 397-2215
Fax: (319) 397-2352
Email: cantrilfeed@live.com
(3) Jeffrey L. Rohlwing
13000 E. County 14 Hwy
Lewiston, IL 61542
Phone: (309) 339-8721
Email: Jrohlwing72@gmail.com
(4) Smith Fertilizer & Grain
Attn: Philip Van Mersbergen
1650 Quebec
St. Knoxville, IA 50138
Phone: (641) 828-8500
Fax: (641) 828-8501
Email: philv@sfgiowa.com
(5) Foster Farms, Inc.
Attn: Timothy S. Foster
20909 W. Korth Rd.
Trivoli, IL 61569
Phone: (309) 253-7440
Email: Tfoster@elmnet.net
(6) Quail Lakes, Inc.
Attn: Doug Oberhelman
6000 N. Kickapoo, Edwards Rd.
Edwards, IL 61528
Phone: (309) 253-4020
Email: DROCAT53@gmail.com
(7) Bruce Duesterhaus
6630 N. 90th Street
Fowler, IL 62338
Phone: (217) 430-2272
Email: brandues@gmail.com
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
The companies are represented by:
Jeffrey D. Goetz, Esq.
Krystal R. Mikkilineni, Esq.
Bradshaw, Fowler, Proctor & Fairgrave PC
801 Grand Avenue, Suite 3700
Des Moines, IA 50309-8004
Tel: (515) 246-5817
Fax: (515) 246-5808
Email: goetz.jeffrey@bradshawlaw.com
Email: mikkilineni.krystal@bradshawlaw.com
About Etcher Farms Inc.
Etcher Farms, Inc. and its affiliates Etcher Family Farms, LLC and
Elmwood Farms, LLC are privately-held companies in Lovilia, Iowa,
in the dairy farms business. They own a cropland and dairy complex
located in Monroe County.
Etcher Farms, Etcher Family Farms and Elmwood Farms sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Iowa Case No. 18-00554 to 18-00556) on March 19, 2018. Scott
Etcher, vice-president and CEO, signed the petitions.
At the time of the filing, Etcher Farms disclosed $16.59 million in
assets and $10 million in liabilities. Etcher Family disclosed
$7.23 million in assets and $6.84 million in liabilities. Elmwood
Farms disclosed $3.87 million in assets and $4.67 million in
liabilities.
Bradshaw, Fowler, Proctor & Fairgrave PC is the Debtors' bankruptcy
counsel.
FAMILY RESTORATION: Case Summary & 4 Unsecured Creditors
--------------------------------------------------------
Debtor: Family Restoration Ministries, Inc.
70 Beach Street
Staten Island, NY 10304
Business Description: Family Restoration Ministries, Inc.
is a tax-exempt, religious organization in
New York City that restores, teaches, and
equips individuals and families through
Christ-centered programs.
Chapter 11 Petition Date: April 8, 2018
Case No.: 18-41942
Court: United States Bankruptcy Court
Eastern District of New York (Brooklyn)
Judge: Hon. Carla E. Craig
Debtor's Counsel: Rachel Blumenfeld, Esq.
LAW OFFICE OF RACHEL S. BLUMENFELD
26 Court Street, Suite 2220
Brooklyn, NY 11242
Tel: (718) 858-9600
Fax: (718) 858-9601
E-mail: rblmnf@aol.com
Total Assets: $1.61 million
Total Liabilities: $966,304
The petition was signed by Victoria Modupe Ojo, Reverend.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors, is available for
free at:
http://bankrupt.com/misc/nyeb18-41942.pdf
FC GLOBAL: Incurs $18.8 Million Net Loss in 2017
------------------------------------------------
FC Global Realty Incorporated filed with the Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss attributable to the Company of $18.80 million on $0 of
revenues for the year ended Dec. 31, 2017, compared to a net loss
attributable to the Company of $13.26 million on $0 of revenues for
the year ended Dec. 31, 2016.
As of Dec. 31, 2017, FC Global had $6.33 million in total assets,
$9.15 million in total liabilities, $87,000 in redeemable
convertible preferred stock, and a total stockholders' deficit of
$2.89 million.
Net cash and used in operating activities was approximately $9.3
million for the year ended Dec. 31, 2017 compared to approximately
$0.36 million net cash provided by operating activities for the
year ended Dec. 31, 2016. The primary reason for the change was
loss on asset sale to ICTV and the significant reductions in
accounts payable and accrued liabilities settled during the year
ended Dec. 31, 2017.
Net cash provided by investing activities was approximately $6.8
million for the year ended Dec. 31, 2017 compared to approximately
$2.15 million for the year ended Dec. 31, 2015. The primary reason
for the change was the cash received from the sale of the consumer
division to ICTV for the year ended Dec. 31, 2017.
Net cash provided by (used in) financing activities was
approximately $0.9 million for the year ended Dec. 31, 2017
compared to approximately $0.68 million net cash used in financing
activities for the year ended Dec. 31, 2016. The increase was due
to the funding received from OFI in December 2017.
The Company has historically financed its activities with cash from
operations, the private placement of equity and debt securities,
borrowings under lines of credit and, in the most recent periods
with sale of certain assets and business units.
The report from the Company's independent accounting firm Fahn
Kanne & Co. Grant Thornton Israel, in Tel Aviv, Israel, on the
consolidated financial statements for the year ended Dec. 31, 2017,
includes an explanatory paragraph stating that the Company has
incurred net losses for each of the years ended Dec. 31, 2017 and
2016 and has not yet generated any revenues from real estate
activities. As of Dec. 31, 2017, there is an accumulated deficit
of $134,445,000. These conditions, along with other matters, 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/gWOffi
About FC Global Realty
Formerly known as PhotoMedex, Inc., FC Global Realty Incorporated
(and its subsidiaries) re-incorporated in Nevada on Dec. 30, 2010,
originally formed in Delaware in 1980, is a real estate investment
company holding or in the process of acquiring investments in a
variety of current and future real estate projects, including
residential developments, hotels and resort communities and
commercial properties including gas station sites. The company is
headquartered in New York.
FOSTER ENTERPRISES: Hires MGR Real as Real Estate Broker
--------------------------------------------------------
Foster Enterprises and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the Central District of California to
employ MGR Real Estate, Inc., as real estate broker to the Debtor.
Foster Enterprises requires MGR Real to market and sell the
Debtors' real property located at and commonly described as 13610
South Archibald Avenue, Ontario, California 91761.
MGR Real will be paid a commission of 6% of the purchase price of
the property.
Michael G. Rademaker, chief executive officer of MGR Real Estate,
Inc., assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtor and its
estates.
MGR Real can be reached at:
Michael G. Rademaker
MGR REAL ESTATE, INC.
3800 E. Concours St., Suite 350
Ontario, CA 91764
Tel: (909) 981-4466
Fax: (909) 981-6267
About Foster Enterprises
Foster Enterprises is a trucking company in Ontario, California.
The principal business address of the Debtor is 13610 S. Archibald
Avenue, Ontario, San Bernardino County, California.
Foster Enterprises sought Chapter 11 protection (Bankr. C.D. Cal.
Case No. 17-15749) on July 10, 2017. In the petition signed by
Jeffery Foster, general partner, the Debtor estimated assets and
liabilities at $1 million to $10 million.
The case is jointly administered with the Chapter 11 case of Howard
Dean and Anna Mae Foster (Bankr. C.D. Cal. Case No. 17-15915) filed
on July 10, 2017. Ms. Foster is also a general partner in Debtor.
The cases are assigned to Judge Scott C. Clarkson.
The Fosters are represented by Dean G. Rallis, Jr., Esq., at Angin,
Flewelling, Rasmussen, Campbell & Trytten LLP.
FOSTER ENTERPRISES: Seeks Continued Access to Cash Until April 30
-----------------------------------------------------------------
Foster Enterprises and its affiliated debtors seek authorization
from the U.S. Bankruptcy Court for the Central District of
California to continue using cash collateral through April 30, 2018
pursuant to and in accordance with the proposed budgets attached to
the Stipulation.
The Debtors also seek approval of their Stipulation with the United
States of America, on behalf of its agency, the Internal Revenue
Service, and Allstar Financial Services, Inc., which contains the
following provisions:
(a) The Debtors are authorized to use the cash collateral of
the United States and Allstar Financial for ordinary and necessary
expenses in accordance with their proposed budgets, through and
including April 30, 2018.
(b) The Debtors are permitted to (1) carry over any amounts
not expended for a particular line item in any week to succeeding
weeks, (2) expend up to 15% more than the amounts set forth in a
particular line item for a specific week in such week, and (3)
expend over 15% more than the amounts set forth in a particular
line item for a specific week in such week so long as the aggregate
expenditures during the period covered by this Stipulation do not
exceed the total shown on the Budgets for such period by more than
15%.
(c) The Debtors' use of cash collateral may be renewed upon
subsequent stipulation with the United States and Allstar
Financial.
(d) The Debtors will make monthly adequate protection payments
to the United States of $9,000 total in each month for both
estates. Payments will be made on February 15, March 15, and April
15, 2018. The Debtors have elected to allocate the payment equally
between the estates.
(e) The Foster Individuals will make monthly adequate
protection payments to Allstar Financial in the amount of $20,000
by the fifteenth of each month.
(f) As further adequate protection, the United States and
Allstar Financial will each receive a valid, perfected and
enforceable replacement lien against the Debtors' assets,
retroactive to the petition date, with such replacement liens to
have the same extent, validity, scope, and priority as the
prepetition liens held by these secured parties.
(g) The Debtors must remain post-petition current on all tax
filing requirements and pay all post-petition taxes as they come
due, including timely making federal payroll tax deposits and
estimated income tax payments.
Moreover, the Consensual Lienholders, (a) Beverly Gross, and (b)
New Lakeview Farms, LLC, who purport to have a security interest or
lien in cash collateral, will be granted with replacement liens to
the same extent, validity, scope, and priority as their respective
prepetition liens, to the extent of any diminution in value of
their respective interests in cash collateral, and to the extent of
the Debtors' use of Cash Collateral, in the Debtors' assets and all
proceeds, rents, or profits thereof, including any after-acquired
property of any nature whatsoever, except for any avoidance actions
and proceeds or recovery thereof.
A full-text copy of the Debtors' Motion is available at:
http://bankrupt.com/misc/cacb17-15749-245.pdf
About Foster Enterprises
Foster Enterprises is a trucking company in Ontario, California.
The principal business address of the Debtor is 13610 S. Archibald
Avenue, Ontario, San Bernardino County, California.
Foster Enterprises sought Chapter 11 protection (Bankr. C.D. Cal.
Case No. 17-15749) on July 10, 2017. In the petition signed by
Jeffery Foster, general partner, the Debtor estimated assets and
liabilities at $1 million to $10 million.
The case is jointly administered with the Chapter 11 case of Howard
Dean and Anna Mae Foster (Bankr. C.D. Cal. Case No. 17-15915) filed
on July 10, 2017. Ms. Foster is also a general partner in Debtor.
The cases are assigned to Judge Scott C. Clarkson.
The Fosters are represented by Dean G. Rallis, Jr., Esq., at Angin,
Flewelling, Rasmussen, Campbell & Trytten LLP.
The Debtor employs MGR Real Estate, Inc., in connection with the
sale of its real property located at 775 S. Acacia Avenue, Rialto,
California.
FREEDOM COMMUNICATIONS: Taps Shulman Hodges as Insolvency Counsel
-----------------------------------------------------------------
Freedom Communications, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Central District
of California to employ Shulman Hodges & Bastian LLP, as general
insolvency counsel to the Debtors.
Freedom Communications requires Shulman Hodges to:
a. advise the Debtors regarding their powers and duties as
debtors;
b. advise the Debtors with respect to the requirements and
provisions of the Bankruptcy Code, Federal Rules of
Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee
Guidelines and other applicable requirements which may
affect the Debtors;
c. assist the Debtors in complying with and fulfill the U.S.
Trustee requirements, and prepare other documents as may be
required as a result of the filing of the bankruptcy case;
d. prepare all motions, applications, answers, orders,
reports, and papers on behalf of the Debtors that are
necessary to the administration of the Chapter 11 cases;
e. assist the Debtors in the preparation of a disclosure
statement and Chapter 11 plan; and
f. perform such other and further services as typically may be
rendered by counsel for the Debtors in a Chapter 11 case.
Shulman Hodges will be paid at these hourly rates:
Partners $425 to $645
Of Counsel $495 to $575
Associates $295 to $375
Paralegals $185 to $300
Shulman Hodges will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Alan J. Friedman, a partner at Shulman Hodges & Bastian, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Shulman Hodges can be reached at:
Alan J. Friedman, Esq.
SHULMAN HODGES & BASTIAN LLP
100 Spectrum Center Drive, Suite 600
Irvine, CA 92618
Tel: (949) 340-3400
Fax: (949) 340-3000
E-mail: AFriedman@shbllp.com
About Freedom Communications
Headquartered in Santa Ana, California, Freedom Communications,
Inc., owned two daily newspapers -- The Press-Enterprise in
Riverside, California and The Orange County Register in Santa Ana,
California.
Freedom Communications and 24 of its affiliates sought Chapter 11
bankruptcy protection in California with the intention of selling
their assets to a group of local investors led by Rich Mirman,
Freedom's chief executive officer and publisher.
Freedom Communications, Inc., et al., filed Chapter 11 bankruptcy
petitions (Bankr. C.D. Cal. Lead Case No. 15-15311) on Nov. 1,
2015. In the petition signed by Richard E. Mirman, the CEO,
Freedom Communications Holdings estimated assets and liabilities in
the range of $10 million to $50 million.
William N. Lobel, Esq., Alan J. Friedman, Esq., Beth E. Gaschen,
Esq., and Christopher J. Green, Esq., at Lobel Weiland Golden
Friedman LLP, serve as the Debtors' counsel. The Debtors employed
Shulman Hodges & Bastian LLP, as general insolvency counsel;
GlassRatner Advisory & Capital Group LLC as financial advisor and
consultant; and Donlin, Recano & Company, Inc., as the noticing,
claims and balloting/solicitation agent. FTI Consulting, Inc. was
tapped to review Pension Benefit Guaranty Corporation (PBGC)
Claims.
Robert J. Feinstein, Esq. and Jeffrey W. Dulberg, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as the Debtors' counsel.
* * *
In April 2016, Freedom Communications completed the sale of its
operating businesses and real estate assets to Digital First Media
Inc., following a bankruptcy auction. Digital First Media's $51.8
million bid was approved by the Bankruptcy Court in Santa Ana,
after the U.S. Department of Justice filed an antitrust lawsuit
against the highest bidder, Tribune Publishing. The final sale to
Digital First Media closed on March 31, 2016 for $49.8 million,
according to FTI Capital Advisors, which was retained to conduct a
formal sale process.
Tribune tendered a $56 million bid but the U.S. government argued a
sale to Tribune would give it a monopoly on major newspapers in
Southern California.
First Media publishes the Los Angeles Daily News, Long Beach
Press-Telegram and other Southern California papers. Digital First
Media, a business name of MediaNews Group, offers news reporting
and third party advertising and directory opportunities through its
more than 800 multi-platform products which include web, mobile,
tablet and print.
GMD SERVICES: Seeks Court Approval to Hire JHC Accounting
---------------------------------------------------------
GMD Services, LLC, seeks approval from the U.S. Bankruptcy Court
for the District of Kansas to hire JHC Accounting as its
accountant.
The firm will assist in the preparation of the Debtor's tax returns
and other financial statements. JHC will charge an hourly fee of
$150.
Jane Casey, an accountant employed with JHC, disclosed in a court
filing that she is "disinterested" as defined in section 101(14) of
the Bankruptcy Code.
JHC can be reached through:
Jane H. Casey
JHC Accounting
P.O. Box 242
Bonner Springs, KS 66012
About GMD Services
GMD Services, LLC, is a fiber and utility installer with a location
at 17140 US 169 Highway, Olathe, KS. GMD Services sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan.
Case No. 18-20374) on March 6, 2018. At the time of the filing,
the Debtor estimated assets of less than $1 million and liabilities
of $1,000,000 to $10 million. Judge Robert D. Berger presides over
the case. Colin N. Gotham of Evans & Mullinix, P.A., is the
Debtor's counsel.
GREEN DREAMS: Hires Dodson Shelton as Accountant
------------------------------------------------
Green Dreams Landscape Management, Inc., seeks authority from the
U.S. Bankruptcy Court for the Middle District of North Carolina to
employ Dodson Shelton & Nelson, P.A., as accountant to the Debtor.
Green Dreams requires Dodson Shelton to:
-- provide financial and accounting advice to the Debtor; and
-- prepare the necessary tax returns.
Dodson Shelton will be paid at these hourly rates:
Attorneys $275
Staffs $160
Dodson Shelton will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mark K. Nelson, a partner at Dodson Shelton & Nelson, P.A., assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
About Green Dreams Landscape
Green Dreams Landscape Management, Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No.
18-80230) on March 27, 2018. At the time of the filing, the Debtor
estimated assets of less than $500,000 and liabilities of less than
$1 million. Judge Benjamin A. Kahn presides over the case. Ivey
McClellan Gatton & Siegmund is the Debtor's counsel.
HAGGEN HOLDINGS: Committee, Coyle Sign Deal to Appoint Mediator
---------------------------------------------------------------
Haggen Holdings LLC's official committee of unsecured creditors and
Coyle Reproductions, Inc., signed a stipulation providing for the
appointment of Derek Abbott, Esq., of Morris, Nichols, Arsht &
Tunnell LLP as mediator in an adversary proceeding (Adv. Proc. No.
17-51065) filed by the committee against the company.
A copy of the stipulation is available for free at
http://bankrupt.com/misc/deb17-51065-17.pdf
Coyle is represented by:
Amy D. Brown, Esq.
Gellert Scali Busenkell & Brown, LLC
1201 N. Orange Street, Suite 300
Wilmington, DE 19801
Tel: (302) 425-5800
Fax: (302) 425-5814
Email: abrown@gsbblaw.com
About Haggen Holdings
Headquartered in Bellingham, Washington, Haggen was founded in 1933
as a single grocery store. From 1933 to 2014, Haggen grew into a
30 store family-run grocery chain, with stores located in the
northwestern United States. From 2011 to 2014, Haggen reduced its
store base to 18, including a stand-alone pharmacy location.
Haggen rapidly expanded in 2014 and 2015, and, as of the Petition
Date, Haggen owned and operated 164 stores through three operating
companies: Haggen, Inc., Haggen Opco North, LLC and Haggen Opco
South, LLC.
Haggen Holdings, LLC, and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 15-11874 to
15-11879) on Sept. 8, 2015, with the intention of reorganizing, or
selling as a going concern, their stores for the benefit of their
creditors. The petitions were signed by Blake Barnett, the chief
financial officer. The Debtors estimated assets of $50 million to
$100 million and estimated liabilities of $10 million to $50
million.
Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors'
local counsel. Stroock & Stroock & Lavan LLP serves as the
Debtors' general counsel. Alvarez & Marsal North America, LLC,
acts as the Debtors' financial advisor. Kurtzman Carson
Consultants LLC serves as the Debtors' claims and noticing agent.
T. Patrick Tinker, assistant U.S. Trustee for Region 3, appointed
an official committee of unsecured creditors. Pachulski Stang
Ziehl & Jones LLP serves as counsel to the Committee. Giuliano,
Miller & Company, LLC, serves as tax advisors to the Committee.
* * *
Following the sale of core assets, Haggen Holdings LLC changed its
name to HH Liquidation, LLC.
HARDES HOLDING: Seeks August 6 Exclusive Period Extension
---------------------------------------------------------
Hardes Holding, LLC, requests the U.S. Bankruptcy Court for the
District of South Dakota for an extension of the exclusive time
period Debtor has to file its Disclosure Statement to the date of
Aug. 6, 2018, and an extension until October 12, 2018 to file its
Plan of Reorganization and to gain acceptance of the filed plan.
The Debtor needs an extension of time to file a Plan and Disclosure
Statement, because:
(a) The members of this entity are also members of a
partnership who recently filed a chapter 11 bankruptcy and Debtor
and this entity are inter-mingled, so Debtor needs time to
determine the actual claims of this LLC.
(b) The Debtor contests the secured claims so needs time to go
through the claim objection process, which objections will be filed
as soon as possible.
The Debtor is requesting the extension for the purpose of obtaining
a successful reorganization
About Hardes Holding
Based in Miller, South Dakota, Hardes Holding, LLC, is in the
business of grain farming & real estate rental. Hardes Holding
filed a Chapter 11 petition (Bankr. D.S.D. Case No. 17-30039) on
Dec. 4, 2017. Wade Hardes, authorized representative, signed the
petition. The Hon. Charles L. Nail, Jr., presides over the case.
Clair R. Gerry, Esq., at Gerry& Kulm Ask, Prof. LLC, is the
Debtor's bankruptcy counsel. As of Dec. 4, 2017, the Debtor had
total assets of $21.42 million and liabilities amounting to $11.17
million.
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Hardes Holding, LLC, as of Jan.
16, according to a court docket.
HDJ & J HOLDINGS: Taps Jason A. Burgess as Legal Counsel
--------------------------------------------------------
HDJ & J Holdings, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to hire The Law Offices of Jason
A. Burgess, LLC, as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; negotiate with creditors in the preparation of a
plan of reorganization; and provide other legal services related to
its Chapter 11 case.
Jason Burgess, Esq., a member of the firm, charges $300 per hour
while paralegals charge $75 per hour. His firm received payment in
the amount of $11,717, including the filing fee of $1,717.
Mr. Burgess disclosed in a court filing that he does not represent
any interests adverse to the Debtor or its estate.
The firm can be reached through:
Jason A Burgess, Esq.
The Law Offices of Jason A. Burgess, LLC
1855 Mayport Road
Atlantic Beach, FL 32233
Tel: 904-372-4791
Fax: 904-372-4994
Email: jason@jasonaburgess.com
About HDJ & J Holdings
HDJ & J Holdings, LLC, is the fee simple owner of a real property
located at 7645 Merrill Road, Jacksonville, Florida, valued by the
company at $2.91 million and a parcel of land located at 7663
Merrill Road, Jacksonville, Florida, valued by the company at
$176,962. The company posted gross revenue of $424,990 in 2017 and
gross revenue of $601,783 in 2016.
HDJ & J Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-00997) on March 29,
2018. In the petition signed by Hayssam B. Yazji, member manager,
the Debtor disclosed $3.09 million in assets and $4.58 million in
liabilities.
HERALD OF HARVEST: Taps Paul N. Contessa as Legal Counsel
---------------------------------------------------------
Herald of Harvest Ministries Apostolic Faith, Inc., seeks approval
from the U.S. Bankruptcy Court for the Southern District of Florida
to hire Paul N. Contessa & Associates, LLC, as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; review claims of creditors; and provide other
legal services related to its Chapter 11 case.
Paul Contessa, Esq., at Contessa & Associates, disclosed in a court
filing that the firm and its members and associates are
"disinterested persons" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Paul N. Contessa, Esq.
Paul N. Contessa & Associates, LLC
15321 South Dixie Highway, Suite 207
Palmetto Bay, FL 33157
Phone: (305) 251-6221
Fax: (305) 251-9793
Email: contessalaw@Gmail.com
About Herald of Harvest Ministries
Apostolic Faith Inc.
Herald of Harvest Ministries Apostolic Faith, Inc., is a
not-for-profit corporation involved in religious ministry and
education.
Herald of Harvest Ministries sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-13628) on March
28, 2018. Judge Robert A. Mark presides over the case. At the
time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $500,000.
HOG SNAPPERS: Taps Markarian & Hayes as Legal Counsel
-----------------------------------------------------
Hog Snappers Holdings, LLC, seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to hire Markarian &
Hayes as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; negotiate with creditors in the preparation of a
bankruptcy plan; and provide other legal services related to its
Chapter 11 case.
Malinda Hayes, Esq., at Markarian & Hayes, disclosed in a court
filing that the firm does not represent any interests adverse to
the Debtor or its estate.
The firm can be reached through:
Malinda L. Hayes, Esq.
Markarian & Hayes
2925 PGA Blvd., Suite 204
Palm Beach Gardens, FL 33410
Tel: 561-626-4700
Fax: 561-627-9479
E-mail: malinda@businessmindedlawfirm.com
About Hog Snappers Holdings
Hog Snappers Holdings, LLC, is a privately-held company in the
restaurants industry. Its principal assets are located at 713 US
Highway 1 North Palm Beach, Florida.
Hog Snappers Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-13646) on March 28,
2018. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of $1 million to $10 million.
Judge Paul G. Hyman, Jr. presides over the case.
HOVNANIAN ENTERPRISES: S&P Cuts Rating to 'CC' on Exchange Offer
----------------------------------------------------------------
U.S.-based residential homebuilder Hovnanian Enterprises Inc. said
its wholly owned subsidiary, K. Hovnanian Enterprises Inc., has
begun a private offer to exchange any and all of its $440 million
10% senior secured notes and $400 million 10.5% senior secured
notes for newly issued 3% senior notes due 2047, a proposed
exchange offering that S&P views as a distressed exchange, if
completed.
S&P Global Ratings lowered its corporate credit rating on Hovnanian
Enterprises Inc. to 'CC' from 'CCC+'. The outlook is negative.
S&P said, "At the same time, we lowered our issue-level rating on
K. Hovnanian Enterprises Inc.'s $440 million 10% senior secured
notes due 2022 and $400 million 10.5% senior secured notes due 2024
to 'CC' from 'CCC+'. The recovery rating on the notes remains '4',
indicating our expectation for average (30%-50%; rounded estimate:
30%) recovery in the event of payment default. However, we will
review the recovery rating upon closing of the exchange."
The downgrade follows Hovnanian's announcement of a proposed
exchange offering for any and all of its $440 million 10% senior
secured notes and $400 million 10.5% senior secured notes for newly
issued 3% senior notes due 2047, a proposed exchange offering that
S&P views as a distressed exchange, if completed. The exchange
offer will be outstanding until May 3, 2018.
S&P said, "The negative rating outlook reflects our expectation
that we will lower our corporate credit rating on Hovnanian to 'SD'
(selective default) and our issue-level rating on both the $440
million and $400 million senior notes to 'D' once the transaction
closes. We will subsequently review the ratings based on the new
capital structure."
HUMAN CONDITION: Wants to Maintain Plan Exclusivity Until Sept. 10
------------------------------------------------------------------
Human Condition Safety, Inc., asks the U.S. Bankruptcy Court for
the Southern District of New York to further extend the exclusive
period for filing a chapter 11 plan from April 4, 2018 to Sept. 10,
2018, as well as the exclusive period for the solicitation of
acceptances from June 3, 2018 to November 10, 2018.
The Debtor is a privately held startup technology company founded
in 2014 to develop, market, sell and service innovative virtual
reality and internet based technology products designed to improve
workplace safety. But developing and bringing the Debtor's
groundbreaking new products to market proved to be much more time
consuming and costly than anticipated.
Indeed, researching and developing the Debtor's highly complex and
innovative technology products was plagued with unanticipated
delays, as well as unanticipated and unsustainable costs and debt
due, in part, to inefficiencies in the Debtor's operations. The
inefficiencies plaguing Debtor's operations ultimately led to the
departure of some of the Debtor's leadership and a restructuring of
the Debtor's operations to enable it to bring its products to
market and monetize them with greater speed and efficiency.
In order to preserve the Debtor's value and its employees' jobs, it
became clear that Debtor could not adequately address its liquidity
needs outside of bankruptcy and that its only viable option was to
proceed with the financing arrangements Debtor negotiated with AIG
PC Global Services, Inc., to fund operations during the weeks
leading up to this Chapter 11 filing and to provide
debtor-in-possession financing for Debtor's operations under
Chapter 11 protection.
At the time the Debtor filed its initial motion to extend the
Exclusive Periods on July 8, 2017, the Debtor announced its
intention to file a motion for sale of substantially all its assets
and to thereafter file a proposed viable Chapter 11 liquidation
plan. The Court approved the sale and on September 14, 2017 the
Debtor closed the sale of substantially all its assets to
successful bidder and DIP Financing lender, AIG.
Since then Debtor has continued to address post sale closing
issues, including assumption and assignment of additional contracts
in connection with the sale, and has continued to diligently
evaluate evaluating proposed terms for its Chapter 11 liquidating
plan.
On Feb. 23, 2018 the Debtor filed its Plan of Liquidation together
with its Disclosure Statement. Thereafter, on March 8, 2018, the
Debtor filed its Amended Motion for Entry of an Order (I)
Preliminarily Approving the Disclosure Statement; (II) Approving
Solicitation Procedures on a Final Basis; (III) Scheduling a
Combined Hearing to Consider (A) Final Approval of the Disclosure
Statement, and (B) Confirmation of the Plan of Liquidation; and
(IV) Establishing Notice and Objection Procedures to Disclosure
Statement Approval and Plan Confirmation, which was heard and
granted by the Court's Order entered on March 27, 2018.
In accordance with that Order, the Debtor caused all necessary
solicitation materials for its Plan to be served on or before March
29, 2018, the voting deadline is scheduled for April 23, 2018 and a
joint hearing is scheduled for May 3, 2018 to consider final
approval of Debtor's Disclosure Statement and confirmation of its
Plan.
Therefore, Debtor submits that it is justified in its request to
further extend the Exclusive Periods to allow the Debtor more time
to complete solicitation and confirmation of its Plan.
About Human Condition Safety
Headquartered in New York, New York, Human Condition Safety Inc. --
http://www.hcsafety.com/-- develops wearable devices, artificial
intelligence, building information modeling, and cloud computing
solutions that assists workers and their managers prevent injuries
before they happen at their workplace. Human Condition Safety was
incorporated in 2014.
Human Condition Safety filed for Chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 17-10585) on March 10, 2017. In the
petition signed by Greg Wolyniec, president, director and chief
executive officer, the Debtor estimated its assets at between
$500,000 and $1 million and its liabilities at between $1 million
and $10 million. Judge Sean H. Lane presides over the case.
John D. Giampolo, Esq., at Wollmuth Maher & Deutsch LLP, is serving
as the Debtor's bankruptcy counsel.
HUSA INC: Hires Guideboat Advisors as Financial Advisor
-------------------------------------------------------
HUSA, Inc., and its debtor-affiliates seek authority from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Guideboat Advisors, LLC, as Financial Investment Advisor/Asset Sale
Broker to the Debtor.
HUSA, Inc. requires Guideboat Advisors to:
a) assist in the preparation of a Confidential Information
Memorandum ("CIM"), setting forth information describing
the Liquidating Debtors as well as related presentation
materials for distribution to potential purchasers;
b) set up a Virtual Data Room to hold, distribute and monitor
due diligence information;
c) identify and contact potential purchasers for the
Transaction on a confidential basis;
d) attend appropriate meetings with potential buyers and
assist in the analysis of offers and with negotiation of
the terms and structure of the Transaction, including
providing valuation analyses as appropriate;
e) advise and attend meetings of the Debtors' Board of
Directors, creditor groups, official constituencies and
other interested parties, as the Debtors and Guideboat
Advisors determine to be necessary or desirable;
f) advertise, market and assist the Debtor in conducting,
pursuant to the procedures ultimately approved by the
Bankruptcy Court, auctions of the assets of the Liquidating
Debtors; and
g) render such other financial advisory services as may from
time to time be agreed upon by the Company and Guideboat
Advisors.
Guideboat Advisors will be paid as follows:
a) Advisory Fee. A non-refundable advisory fee of $20,000 (the
"Advisory Fee") upon the execution of the Agreement and
approval by the Bankruptcy Court. Guideboat Advisors will
credit the Advisory Fee paid to any Transaction Fee which
may become due.
b) Transaction Fee. Upon consummation of a Transaction, the
Debtors will pay to Guideboat Advisors a transaction fee
(the "Transaction Fee") in an amount equal to the following
5% of the Total Consideration, which shall mean the
purchase price paid for the equity, assets or secured debt
or any portion of either, plus the assumption or payoff of
indebtedness on or off the balance sheet, as well as the
value of any assets liquidated for cash.
John E. Ball, managing member of Guideboat Advisors, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Guideboat Advisors can be reached at:
John E. Ball
GUIDEBOAT ADVISORS, LLC
525 N. Tryon Street, Suite 1600
Charlotte, NC 28202
Tel: (704) 705-3654
E-mail: jeb@guideboatadvisors.com
About HUSA, Inc.
Based in Houston, Texas, HUSA Management is a privately held
corporation owned by Larry Martin and Edgar Carlson. The company
portfolio includes brands like Baker St. Pub & Grill, Sherlock's
Pub & Grill, Sherlock's Pub, Local Pour, Restless Palate, Big Texas
Ice House & Dance Hall and British Beverage Company. With the
purchase of Sherlock's Baker St. Pub 1995, HUSA Management Inc.
continues to grow. The company is founded in 1995.
HUSA Management filed a Chapter 11 petition (Bankr. S.D. Tex. Case
No. 17-36535) on Dec. 4, 2017. In the petition signed by Larry
Martin, president, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. Judge Marvin
Isgur presides over the case. Matthew Brian Probus, Esq., at
Wauson Probus, is the Debtor's counsel. The Debtor hires Guideboat
Advisors, LLC, as Financial Investment Advisor/Asset Sale Broker.
IBEX LLC: Hires BiggsKofford LLC as Accountant
----------------------------------------------
Ibex, LLC, seeks authority from the U.S. Bankruptcy Court for the
District of Colorado to employ BiggsKofford, LLC, as accountant to
the Debtor.
Ibex, LLC requires BiggsKofford, LLC to:
-- assist the Debtor in keeping and preparing its tax returns
and tax related documents and schedules;
-- provide income tax and business records consulting services
to the Debtor, if necessary; and
-- assist the Debtor with its financial reports to the Court
and U.S. Trustee.
BiggsKofford, LLC will be paid at these hourly rates:
Michael McDevitt, Tax Partner $335
Eric Morgan, Tax Manager $260
Nicholas Phillips, Tax Senior $195
Tax Associate $145
Administrative Staff $75
BiggsKofford, LLC, will also be reimbursed for reasonable
out-of-pocket expenses incurred.
To the best of the Debtor's knowledge the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.
BiggsKofford, LLC can be reached at:
BIGGSKOFFORD, LLC
630 Southpointe Ct, Suite 200
Colorado Springs, CO 80906
Tel: (719) 579-9090
About Ibex, LLC
Ibex, LLC -- http://www.rightathome.net/colorado-springs-- is a
locally owned and operated franchise office of Right at Home Inc.,
a senior home care and staffing company providing care since 1995.
The Company's mission is to improve the quality of life for those
it serves by providing high quality in-home caregivers. The Company
provides Alzheimer's care, companionship, physical assistance and
respite care services.
Ibex, LLC, based in Colorado Springs, CO, filed a Chapter 11
petition (Bankr. D. Colo. Case No. 17-16031) on June 29, 2017. In
the petition signed by Peter Vanderbrouk, managing member, the
Debtor disclosed $111,012 in assets and $3.44 million in
liabilities.
The Hon. Elizabeth E. Brown presides over the case.
David J. Warner, Esq., at Wadsworth Warner Conrardy, P.C., serves
as bankruptcy counsel to the Debtor. Jensen Dulaney LLC is the
Debtor's special counsel.
INFINITE SERVICES: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Infinite Services & Solutions, Inc. as of
April 2, according to a court docket.
About Infinite Services
Infinite Services & Solutions, Inc. -- http://www.infinitessol.com/
-- is an innovative logistics support, training, maintenance,
information technology, and systems engineering and integration
corporation. Founded in 2006, the company provides services and
solutions to governmental and commercial customers globally. The
company is headquartered in Atlanta, Georgia.
Infinite Services sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-52712) on Feb. 16,
2018. In the petition signed by CFO Khary Lewis, the Debtor
estimated assets of less than $100,000 and liabilities of $1
million to $10 million.
William Anderson Rountree, Esq., at Rountree & Leitman, LLC is the
Debtor's bankruptcy counsel.
INNOVAK INTERNATIONAL: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------------
The Office of the U.S. Trustee on April 3 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Innovak International, Inc.
About Innovak International
Innovak International sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. S.C. Case No. 18-00768) on Feb. 16,
2018. In the petition signed by Robert Remington, president, the
Debtor estimated assets of less than $50,000 and liabilities of
less than $100,000. Judge Helen E. Burris presides over the case.
POHL, PA, is the Debtor's counsel.
INTERNATIONAL SHOPPES: Taps Ablum Brown as Loan Broker
------------------------------------------------------
International Shoppes, LLC, seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to hire Ablum Brown &
Company as loan broker.
The firm will help the Debtor arrange a loan from sources that make
commercial real estate loans to refinance the existing loan with a
new one in the approximate amount of $15 million.
As compensation, Debtor will pay or cause payments to be made to
the broker a fee in cash with respect to any loan funded by a
lender. The fee means with respect to any debt financing or
additional debt financing 2%.
Ablum does not hold or represent any interests adverse to the
Debtor's estate, according to court filings.
The firm can be reached through:
Thomas Ablum
Ablum Brown & Company
300 North LaSalle Street, Suite 4925
Chicago, IL 60654
Phone: 877-372-8529
E-mail: abc@abclbo.com
About International Shoppes
Based in Windmere, Florida, International Shoppes, LLC, owns and
operates a shopping center located at 5600-5752 International
Drive, Orlando, Florida. The shopping center is across from the
Universal Studios theme park. The company was incorporated in
2006.
International Shoppes first sought bankruptcy protection on Oct.
21, 2010 (Bankr. M.D. Fla. Case No. 10-18809).
International Shoppes filed a Chapter 11 petition (Bankr. M.D. Fla.
Case No. 17-07549) on Dec. 4, 2017. In the petition signed by
Abdul Mathin, chief restructuring officer, the Debtor estimated $1
million to $10 million in assets and $10 million to $50 million in
liabilities.
The Debtor hired Fisher Rushmer, P.A., as its bankruptcy counsel;
Scott V. Goldstein as special counsel; and Morrison Valuation &
Forensic Services, LLC as forensic accountant.
INTERNATIONAL SUNPRINTS: Taps Sacks Tierney as Legal Counsel
------------------------------------------------------------
International Sunprints III, LLC, seeks approval from the U.S.
Bankruptcy Court for the District of Arizona to hire Sacks Tierney
P.A. as legal counsel.
The Debtor tapped the firm to provide legal services for the
remainder of its Chapter 11 proceedings. Sacks Tierney will charge
between $125 and $525 per hour, and will receive a $7,500
retainer.
Sacks Tierney does not hold or represent any interests adverse to
the Debtor's estate, according to court filings.
The firm can be reached through:
Randy Nussbaum, Esq.
Wesley D. Ray, Esq.
Sacks Tierney P.A.
4250 N. Drinkwater Blvd., 4th Floor
Scottsdale, AZ 85251-3693
Tel: 480 425-2600
Fax: 480 970-4610
E-mail: Randy.Nussbaum@SacksTierney.com
E-mail: Wesley.Ray@SacksTierney.com
About International Sunprints III
International Sunprints III, LLC, sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 14-04122) on
March 26, 2014. In the petition signed by Steve Basamajian,
designated representative, the Debtor disclosed that it had
estimated assets and liabilities of $1 million to $10 million.
Judge Madeleine C. Wanslee presides over the case.
ITRANSPORT & LOGISTICS: Taps Todd Allison as Legal Counsel
----------------------------------------------------------
iTransport & Logistics, Inc., seeks approval from the U.S.
Bankruptcy Court for the District of Kansas to hire the Law Office
of Todd Allison, PA as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; assist in the negotiation and documentation of
financing agreements; prepare a plan of reorganization; and provide
other legal services related to its Chapter 11 case.
Todd Allison, Esq., at Allison, charges an hourly fee of $200.
Paralegals charge $75 per hour.
Mr. Allison disclosed in a court filing that the firm's attorneys
do not hold or represent any interests adverse to the Debtor's
estate.
The firm can be reached through:
Todd Allison, Esq.
Law Office of Todd Allison, PA
200 W. Douglas, Suite 900
Wichita, KS 67202
Tel: 316-558-3750
Fax: 316-558-3753
Email: todd@toddallisonlaw.com
About iTransport & Logistics
iTransport & Logistics, Inc., is a privately-held trucking company
running freight hauling business from Haysville, Kansas. It is a
small business debtor as defined in 11 U.S.C. Section 101(51D).
iTransport & Logistics sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Kan. Case No. 18-10505) on March 29,
2018. In the petition signed by Michael Owen, president, the
Debtor estimated assets of less than $1 million and liabilities of
less than $10 million. Judge Robert E. Nugent presides over the
case.
JIT INDUSTRIES: Hires Wear Howell as Accountant
-----------------------------------------------
JIT Industries, Inc., seeks authority from the U.S. Bankruptcy
Court for the Northern District of Alabama to employ Wear Howell
Strickland Quinn & Law, CPAs, as accountant to the Debtor.
JIT Industries requires Wear Howell to do the following services
and will be paid as follows:
-- CPA tax work and business consulting,
prepare the Debtor's income tax returns $220 per hour
-- Staff preparation of reports and returns,
including withholding and unemployment $90 per hour
-- Per return fees incurred for out-of-state
income tax returns $100 per state
tax returns
-- Service as an expert witness as needed $220 per hour
in this case
Wear Howell will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Joseph Wynn, a partner at Wear Howell Strickland Quinn & Law,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Wear Howell can be reached at:
Joseph Wynn
WEAR HOWELL STRICKLAND
QUINN & LAW, CPAs
1323 Stratford Road SE
Decatur, AL 35601
Tel: (256) 353-8902
Fax: (256) 353-1351
About JIT Industries
JIT Industries, Inc., a company based in Hartselle, Alabama,
manufactures, repairs and services fluid power, process control,
mil-spec fasteners and aerospace hardware.
JIT Industries sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ala. Case No. 18-80892) on March 23, 2018. In
the petition signed by Ginger McComb, president, the Debtor
estimated assets of less than $500,000 and liabilities of $1
million to $10 million. Judge Clifton R. Jessup Jr. presides over
the case.
JML INVESTMENT: Case Summary & 4 Unsecured Creditors
----------------------------------------------------
Debtor: JML Investment, Inc.
Hermanas Davila
#142 Calle 3A
Bayamon, PR 00956
Business Description: JML Investment, Inc., is a privately held
company in Bayamon, Puerto Rico. The
Company is a small business Debtor as
defined in 11 U.S.C. Section 101(51D).
Chapter 11 Petition Date: April 8, 2018
Case No.: 18-01881
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Gilbert Lopez-Delgado, Esq.
LOPEZ DELGADO LAW OFFICE
Villa Nevarez Development, #301, 17 St.
San Juan, PR 00927
Tel: (787) 603-4910
E-mail: voxpopulix@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jose Sabater, authorized
representative.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/prb18-01881.pdf
JOSEPHINE C. BELLO: Taps Lieberman Gies as Legal Counsel
--------------------------------------------------------
Josephine C. Bello, M.D., PLC, received approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to hire
Lieberman, Gies & Cohen, PLLC, as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; communicate with its creditors; assist in the
preparation of a plan of reorganization; and provide other legal
services related to its Chapter 11 case.
Michael Lieberman, Esq., and Steven Cohen, Esq., the attorneys who
will be handling the case, will each charge an hourly fee of $290.
The Debtor has agreed to pay the firm a retainer in the sum of
$10,000, plus the filing fee of $1,717.
Mr. Lieberman disclosed in a court filing that he and other
employees of the firm are "disinterested persons" as defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael D. Lieberman, Esq.
Steven J. Cohen, Esq.
Lieberman, Gies & Cohen, PLLC
31313 Northwestern Hwy., Suite 200
Farmington Hills, MI 48380
Phone: (248) 539-5500
Fax: (248) 539-5581
E-mail: mike@lgcpllc.com
E-0mail: steve@lgcpllc.com
About Josephine C. Bello, M.D.
Josephine C. Bello, M.D., PLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 18-30456) on
Feb. 27, 2018. In the petition signed by Josephine C. Bello,
managing member, the Debtor estimated assets of less than $500,000
and liabilities of less than $1 million. Judge Daniel S.
Oppmanflint presides over the case.
JOSEPHINE C. BELLO: Taps Pro Accounting & Tax as Accountant
-----------------------------------------------------------
Josephine C. Bello, M.D., PLC, received approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to hire Pro
Accounting & Tax, PLC as its accountant.
The firm will assist the Debtor in complying with financial
reporting requirements of the court; complete its 2017 tax returns;
prepare U.S. trustee reports; assist in the preparation of a plan
of reorganization; and provide other legal services related to its
Chapter 11 case.
Pro Accounting charges an hourly fee of $150 for senior partners
and $100 for staff accountants. The firm has requested a retainer
in the sum of $500 per month.
Saleem Siddiqi, a certified public accountant employed with Pro
Accounting, disclosed in a court filing that the firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.
About Josephine C. Bello
Josephine C. Bello, M.D., PLC. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 18-30456) on
Feb. 27, 2018. In the petition signed by Josephine C. Bello,
managing member, the Debtor estimated assets of less than $500,000
and liabilities of less than $1 million. Daniel S. Oppmanflint
presides over the case. Michael D. Lieberman, Esq., at LIEBERMAN,
GIES & COHEN, PLLC, serves as counsel to the Debtor.
KANZLER LANDSCAPE: May Use First Midwest Bank Cash Collateral
-------------------------------------------------------------
Judge Lashonda A. Hunt the U.S. Bankruptcy Court for the Northern
District of Illinois has entered an Interim Agreed Order
authorizing Kanzler Landscape Contractor, Inc., to use the cash
collateral of First Midwest Bank pursuant to the terms of their
stipulation.
A status hearing on the Stipulation is scheduled for May 17, 20180
at 11:00 a.m.
As of the Petition Date, Debtor was indebted to First Midwest Bank
("FMB") in the aggregate amount of not less than $1,855,402 under
the Prepetition Loan Agreements, including but not limited to
liquidated interest, costs, expenses, attorneys' fees and other
charges thereon, in respect of loans, advances and other financial
accommodations made by FMB to Debtor in accordance with Prepetition
Loan Agreements.
FMB asserts a valid, enforceable, and perfected, first priority
security interests in the Prepetition Collateral pursuant to the
Prepetition Loan Agreements and the Prepetition Indebtedness
constitutes valid, binding and non-avoidable obligations and
agreements of Debtor.
As adequate protection for any post-petition diminution in the
value of FMB's interest in the Prepetition Collateral, including
without limitation, for any diminution in value cause by Debtor's
use of either the prepetition collateral or cash collateral, FMB is
granted a post-petition claim against Debtor's estates.
In order secure the Adequate Protection Claim, FMB is granted a
first priority security interest in and a lien upon (a) the
Prepetition Collateral and all post-petition proceeds thereof,
including account receivable arising from the sale after the
Petition Date of such Prepetition Collateral, and (b) all of
Debtor's presently owned or hereafter acquired property and assets,
subject only to any valid, perfected, enforceable and unavoidable
liens and security interests granted by Debtor to any person or
entity other than FMB, and which liens or security interests were
superior in priority to FMB's pre-petition security interests in
and liens upon such property of Debtor on the Petition Date.
The Adequate Protection Claim will have priority in right of
payment over any other obligations now in existence or hereafter
incurred by Debtor and over any and all administrative expenses or
priority claims of any kind, except Debtor's attorney fees,
including as specified in, or ordered pursuant
Notwithstanding the liens, mortgages, security interests granted in
the Interim Agreed Order to secure to the Adequate Protection
Claim, the collateral may be used by Debtor, if sufficient funds
are not otherwise available from Debtor's estate, to pay the
statutory fees of the Clerk of the Court and the United States
Trustee pursuant to 28 U.S.C. Section 1930(a).
The Debtor, at its expense, will (a) continue to keep the
Collateral fully insured against all loss, peril and hazard and
make Lender co-insured and toss payee as its interests appear under
such policies, and (b) pay any and all post-petition taxes,
assessments and governmental charges with respect to such
Collateral and provide Lender with proof thereof as requested by
FMB.
A full-text copy of the Interim Agreed Order is available at:
http://bankrupt.com/misc/ilnb17-37355-43.pdf
About Kanzler Landscape
Kanzler Landscape Contractor, Inc., is a small business debtor that
primarily operates in the landscape contractors industry. The
company's gross revenue amounted to $1.48 million in 2016 and $3
million in 2015. Kanzler Landscape is a private company located in
Round Lake, Illinois.
Kanzler Landscape Contractor filed a Chapter 11 petition (Bankr.
E.D. Ill. Case No. 17-37355) on Dec. 18, 2017. In the petition
signed by James Kanzler, its president and owner, the Debtor
disclosed $3.26 million in assets and $2.69 million in
liabilities.
The case is assigned to Judge LaShonda A. Hunt.
Lester A Ottenheimer, III, Esq. at Ottenheimer Law Group, LLC, is
the Debtor's bankruptcy attorney. DeWald Law Group, is the special
litigation counsel.
KAPPA DEVELOPMENT: Seeks 60 Days Exclusivity Period Extension
-------------------------------------------------------------
Kappa Development & General Contracting, Inc., asks the U.S.
Bankruptcy Court for the Southern District of Mississippi to extend
the period for the filing its Disclosure Statement and Plan for an
additional 60 days from April 2, 2018, and the Debtor's exclusivity
period be extended for an equal length of time.
The Debtor contends that it is current with its operating reports
and other administrative matters and has no adequate protection
agreements in place.
The Debtor desired to explore settlement and compromise certain
amounts disputed with respect to payments from the City of
Waveland. Subsequently, in March, 2018, the Debtor filed its
Motion to Approve Settlement and Compromise with the City of
Waveland. For that reason, the Debtor seeks an extension of 60
days to allow approval of the Motion to Approve Settlement and
Compromise and to allow the Debtor to maintain normal business
operations.
About Kappa Development
Kappa Development & General Contracting, Inc., based in Gulfport,
Miss., filed a Chapter 11 petition (Bankr. S.D. Miss. Case No.
17-51155) on June 12, 2017. The petition was signed by Randy
Blacklidge, president. In its petition, the Debtor estimated $1
million to $10 million in both assets and liabilities. The Hon.
Katharine M. Samson presides over the case. Nicholas Van Wiser,
Esq., at Byrd & Wiser, serves as bankruptcy counsel to the Debtor.
LACOS INC: Hires Macco & Stern as Attorney
------------------------------------------
Lacos, Inc., d/b/a Black & Blue, seeks authority from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
Macco & Stern, LLP, as attorney to the Debtor.
Lacos, Inc., requires Macco & Stern to:
a. give advice to the Debtor with respect to its powers and
duties as a debtor-in-possession in the continued
management and operation of its business and property;
b. negotiate with creditors of the Debtor in formulating a
plan of reorganization, take all necessary steps to confirm
such plan, including negotiations for financing of the plan
and continued operations of the Debtor;
c. prepare and file on behalf of the Debtor, as a debtor-in-
possession, all necessary applications, motions, orders,
reports, complaints, and other pleadings and documents;
d. appear before and protect and advance the interests of the
Debtor before the Court, all appellate courts, and the U.S.
Trustee; and
e. perform legal services for the Debtor, which may be
necessary and appropriate in the Chapter 11 case.
Macco & Stern will be paid based upon its normal and usual hourly
billing rates. Prior to the filing of the petition, the Firm have
received from the Debtor the amount of $15,000 as retainer, and
$1,717 filing fee.
Macco & Stern will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael J. Macco, a partner at Macco & Stern, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
About Lacos, Inc.
Lacos, Inc., d/b/a Black & Blue, filed a Chapter 11 bankruptcy
petition (Bankr. E.D.N.Y. Case No. 18-72000) on March 26, 2018.
The Debtor's counsel can be reached at:
Michael J. Macco, Esq.
MACCO & STERN, LLP
2950 Express Drive South, Suite 109
Islandia, NY 11749
Tel: (631) 479-2869
LE-MAR HOLDINGS: Hires Ogletree Deakins as Special Counsel
----------------------------------------------------------
Le-Mar Holdings, Inc., and its debtor-affiliates seeks authority
from the U.S. Bankruptcy Court for the Northern District of Texas
to employ Ogletree Deakins Nash Smoak & Steward, P.C., as special
counsel to the Debtors.
The Debtors as employers of hundreds of employees provide certain
benefits on behalf of their employees, including but not limited to
a health care plan. The Department of Labor has commenced a
compliance audit and requested certain information related to the
Debtors' health care plan (the "DOL Inquiry"). The Debtor requires
assistance in responding to the document and information request
and with participating in the compliance audit.
Le-Mar Holdings requires Ogletree Deakins to:
(1) assist with reviewing and compiling information responsive
to the DOL Inquiry;
(2) provide strategic legal advice for participation in the
compliance audit; and
(3) assist with legal compliance work in the audit process
through resolution.
Ogletree Deakins will be paid based upon its normal and usual
hourly billing rates. The firm will also be reimbursed for
reasonable out-of-pocket expenses incurred.
Timothy Verral, a partner at Ogletree Deakins Nash Smoak & Steward,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.
Ogletree Deakins can be reached at:
Timothy Verral, Esq.
OGLETREE DEAKINS NASH SMOAK & STEWARD, P.C.
500 Dallas Street, Suite 3000
Houston, TX 77002
Tel: (713) 655-5751
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. Ogletree Deakins Nash
Smoak & Steward, P.C., is special 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.
LEGACY RESERVES: Gets Requisite Consents to Amend Notes Indentures
------------------------------------------------------------------
Legacy Reserves LP announced the results of the consent
solicitations through which Legacy and Legacy Reserves Finance
Corporation solicited consents from holders of the Issuers' 8%
Senior Notes due 2020 and 6.625% Senior Notes Due 2021 to amend
certain terms of the indentures governing the Notes. Adoption of
the amendments with respect to each Indenture required the consent
of holders of a majority in principal amount of the Notes
outstanding subject to such Indenture. The Consent Solicitations
were commenced in connection with the announcement of Legacy's
intent to consummate a transaction that would result in Legacy and
its general partner, Legacy Reserves GP, LLC, becoming subsidiaries
of a newly formed Delaware corporation, Legacy Reserves Inc., and
Legacy's unitholders and preferred unitholders becoming common
stockholders of New Legacy.
The Consent Solicitations expired at 5:00 P.M., New York City time,
on March 30, 2018. As of the Expiration Time, the Issuers had
received Consents from holders of approximately 56.32% in aggregate
principal amount of the 2020 Notes and from holders of
approximately 69.78% in aggregate principal amount of the 2021
Notes. Having obtained the Requisite Consents, the amendments to
the Indentures were effected by way of supplemental indentures to
the relevant Indentures, with certain of the amendments not to
become effective until consummation of the Corporate
Reorganization. As a result, revocation rights with respect to
each series of Notes have been terminated. In the event that the
Corporate Reorganization is not consummated on or prior to Dec. 31,
2018 or the Company publicly announces that it is no longer
pursuing the Corporate Reorganization, the amendments to the
Indentures will cease to be of any force and effect.
The Issuers have retained Morrow Sodali LLC to act as solicitation,
information and tabulation agent for the Consent Solicitations.
Requests for documents and questions regarding the Consent
Solicitations may be directed to Morrow Sodali LLC at (800)
662-5200 or by email to LGCYinfo@morrowsodali.com.
About Legacy Reserves LP
Legacy Reserves LP -- http://www.LegacyLP.com/-- is a master
limited partnership headquartered in Midland, Texas, focused on the
development of oil and natural gas properties primarily located in
the Permian Basin, East Texas, Rocky Mountain and Mid-Continent
regions of the United States.
Legacy Reserves reported a net loss attributable to unitholders of
$72.89 million on $436.30 million of total revenues for the year
ended Dec. 31, 2017, compared to a net loss attributable to
unitholders of $74.82 million on $314.4 million of total revenues
for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Legacy
Reserves had $1.49 billion in total assets, $1.76 billion in total
liabilities and a total partners' deficit of $271.7 million.
LIFESTAT AMBULANCE: Plan Exclusivity Period Extended to April 30
----------------------------------------------------------------
Judge Jeffery A. Deller of the U.S. Bankruptcy Court for the
Western District of Pennsylvania has extended the deadline for
Lifestat Ambulance Service, Inc. and its exclusivity period to file
a Chapter 11 Plan and Disclosure Statement in this case to April
30, 2018.
The Troubled Company Reporter has previously reported that the
Debtor asked the Court to extend the deadline and the exclusivity
period to file a Chapter 11 Plan because the Debtor needed more
time to negotiate and prepare a feasible Chapter 11 Plan as it
desires to file a consensual plan with secured creditors.
The Debtor related that it has filed monthly financial reports for
each month of the Chapter 11 proceeding up through December 2017.
The Debtor is still preparing the report for January 2018 and that
report will be filed imminently.
The Debtor has paid all U.S. Trustee fees as they have come due
since the filing of the Chapter 11 case.
The Debtor continues to honor the cash collateral agreement with
First National Bank of PA and CAN Capital Asset Servicing, Inc.
Since reaching an agreement with respect to cash collateral with
First National Bank of PA and CAN Capital Asset Servicing, Inc., no
creditors or parties in interest have taken a position adverse to
allowing the Debtor to continue to operate while it continues to
reorganize and ultimately file a Chapter 11 Plan.
About Lifestat Ambulance Service
Headquartered in Saltsburg, Pennsylvania, Lifestat Ambulance
Service, Inc., filed for Chapter 11 bankruptcy protection (Bankr.
W.D. Pa. Case No. 17-70646) on Aug. 31, 2017, estimating its assets
and liabilities at between $100,001 and $500,000. Christopher M.
Frye, Esq., at Steidl & Steinberg, serves as the Debtor's
bankruptcy counsel.
LOCKWOOD HOLDINGS: Committee Hires Stout Risius as Fin. Advisor
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Lockwood Holdings,
Inc., and its debtor-affiliates, seeks authorization from the U.S.
Bankruptcy Court for the Southern District of Texas to retain Stout
Risius Ross, LLC, as financial advisor to the Committee.
The Committee requires Stout Risius to:
a. provide financial advisory services including the
preparation of a liquidation analysis, and a monthly
analysis of the Debtors' financial information, including
analysis of significant changes financially, operationally
or otherwise;
b. provide analysis of the Debtors' general financial and
business condition, including an analysis of current assets
and liabilities, PP&E and other "soft" assets.
c. review and analyze of the reporting regarding cash
collateral and any debtor-in-possession financing
arrangements and budgets;
d. review and critique of the Debtors' financial projections
and assumptions;
e. provide qualitative analysis of the Debtors' plants,
operations and facilities;
f. provide qualitative analysis of the Debtors' customers and
suppliers;
g. provide qualitative analysis of the Debtors' principal
products and markets;
h. attend Committee meetings to discuss Stout Risius's
analyses;
i. review of filings required by the Bankruptcy Court or the
Office of the U.S. Trustee, including, but not limited to,
schedules of assets and liabilities, statements of
financial affairs and monthly operating reports;
j. review of the Debtors' financial information, including,
but not limited to, analyses of cash receipts and
disbursements, financial statement items and proposed
transactions for which Bankruptcy Court approval is sought;
k. evaluate potential employee retention and severance plans;
l. assist with identifying and implementing potential cost
containment opportunities;
m. assist with identifying and implementing asset redeployment
opportunities;
n. analyze assumption and rejection issues regarding executor
contracts and leases;
o. review and analyze the Debtors' proposed business plan;
p. assist in evaluating reorganization strategies and
alternatives available to the creditors;
q. assist in preparing and reviewing documents necessary for
confirmation;
r. advise and assist the Committee in negotiations and
meetings with the Debtors, the bank lenders, and customers;
s. advise and assist the Committee regarding tax consequences
of proposed actions, including plans of reorganization;
t. assist with the claims resolution process, including, but
not limited to, analyses of creditors' claims by type and
entity;
u. determine the Debtors' enterprise value as of the petition
date and as of the effective date of a Chapter 11 plan of
reorganization (the "Valuation Dates");
v. determine asset and liquidation valuations;
w. expert witness report and testimony regarding the Debtors'
enterprise valuation, the valuation of any securities
proposed to be issued under any Chapter 11 plan of
reorganization for the Debtors, confirmation issues, or
other matters;
x. provide litigation consulting services and expert witness
testimony regarding confirmation issues, avoidance actions
or other matters; and
y. provide otther such functions as requested by the Committee
or its counsel to assist the Committee in these Chapter 11
cases.
Stout Risius will be paid at these hourly rates:
Managing Directors $370 to $750
Directors and Vice Presidents $200 to $660
Managers $155 to $400
Associates $150 to $400
Analysts $105 to $270
Stout Risius will also be reimbursed for reasonable out-of-pocket
expenses incurred.
John D. Baumgartner, managing director of Stout Risius Ross,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and (a)
is not creditors, equity security holders or insiders of the
Debtors; (b) has not been, within two years before the date of the
filing of the Debtors' chapter 11 petition, directors, officers or
employees of the Debtors; and (c) does not have an interest
materially adverse to the interest of the estate or of any class of
creditors or equity security holders, by reason of any direct or
indirect relationship to, connection with, or interest in, the
Debtors, or for any other reason.
Stout Risius can be reached at:
John D. Baumgartner
STOUT RISIUS ROSS, LLC
1000 Main Street, Suite 3200
Houston, TX 77002
Tel: (713) 225-9580
About Lockwood Holdings
Lockwood Holdings, Inc. -- https://www.lockwoodint.com/ -- is a
privately owned company headquartered in Houston, Texas, that
offers carbon steel pipe, carbon steel fittings & flanges,
stainless steel pipe, stainless steel fittings & flanges, valves,
valve automation, and engineered products. The company also
provides services from MRO (maintenance, repair and operations) to
large-scale projects, including design, engineering, automation,
production, QA/QC, documentation, inspection, expedition and field
service. Other in-house capabilities include light manufacturing
and machining, modification, repair and NDE testing.
Lockwood Holdings, Inc., sought Chapter 11 protection (Bankr. S.D.
Tex. Case No. 18-30197) on Jan. 18, 2018. The case is assigned to
David R Jones.
Its affiliates LH Aviation, LLC (Bankr. S.D. Tex. Case No.
18-30198) and Piping Components, Inc. (Bankr. S.D. Tex. Case No.
18-30199) filed voluntary petitions for relief under chapter 11 of
the Bankruptcy Code on Jan. 24, 2018. Judge Marvin Isgur is
assigned to their cases.
In the petitions signed by CEO Michael F. Lockwood, Lockwood
Holdings estimated assets in the range of $10 million to $50
million and $50 million to $100 million in debt. LH Aviation and
Piping Components estimated their assets in the range of $0 to
$50,000 and $50 million to $100 million in debt.
The Debtors tapped Jason S. Brookner, Esq., at Gray Reed & McGraw
LLP as counsel, and Spagnoletti & Co. as their special litigation
counsel. Imperial Capital, LLC, is the Debtors' investment
banker.
The United States Trustee appointed an official committee of
unsecured creditors.
LONG BLOCKCHAIN: Delays Filing of Form 10-K
-------------------------------------------
Long Blockchain Corp. said it was unable to complete its Annual
Report on Form 10-K for the year ended Dec. 31, 2017 because the
Company is still compiling information for the Form 10-K and the
auditors have not completed their review of the financial
statements. The Company expects to report a net loss of
approximately $14,911,359 for the year ended Dec0 31, 2017 compared
to a net loss of approximately $10,447,589 for the year ended Dec.
31, 2016.
About Long Blockchain Corp.
Headquartered in Hicksville, New York, Long Blockchain Corp.,
formerly Long Island Iced Tea Corp. -- www.longblockchain.com/ --
is focused on developing and investing in globally scalable
blockchain technology solutions. It is dedicated to becoming a
significant participant in the evolution of blockchain technology
that creates long term value for its shareholders and the global
community by investing in and developing businesses that are
"on-chain". Blockchain technology is fundamentally changing the
way people and businesses transact, and the Company will strive to
be at the forefront of this dynamic industry, actively pursuing
opportunities. Its wholly-owned subsidiary Long Island Brand
Beverages, LLC operates in the non-alcohol ready-to-drink segment
of the beverage industry under its flagship brand 'The Original
Long Island Brand Iced Tea'.
Long Island Iced Tea incurred a net loss of $10.44 million for the
year ended Dec. 31, 2016, following a net loss of $3.18 million for
the year ended Dec. 31, 2015. As of Sept. 30, 2017, the Company
had $4.83 million in total assets, $4.21 million in total
liabilities and $622,151 in total stockholders' equity.
"Historically, the Company has financed its operations through the
raising of equity capital and through trade credit with its
vendors. The Company's ability to continue its operations and to
pay its obligations when they become due is contingent upon the
Company obtaining additional financing. Management's plans include
raising additional funds through equity offerings, debt financings,
or other means.
"The Company believes that it will be able to raise sufficient
additional capital to finance the Company's planned operating
activities. There are no assurances that the Company will be able
to raise such capital on terms acceptable to the Company or at all.
If the Company is unable to obtain sufficient amounts of
additional capital, it may be required to reduce the scope of its
planned market development activities, and/or consider reductions
in personnel costs or other operating costs. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern," the Company stated in its quarterly report for
the period ended Sept. 30, 2017.
LONG BLOCKCHAIN: Stater Has 8.5% Stake as of March 19
-----------------------------------------------------
Stater Blockchain Limited reported in a Schedule 13G filed with the
Securities and Exchange Commission that as of March 19, 2018, it
directly owned 1,135,435 shares of common stock of Long Blockchain
Corp. (Nasdaq: LBCC), constituting 8.5 percent of the shares
outstanding. The aggregate percentage of Shares reported owned by
the reporting person is based upon 13,418,772 Shares outstanding as
of March 30, 2018.
Stater is serving as a technology company focused on developing and
deploying globally scalable blockchain technology solutions in the
financial markets. Messrs. Timothy Douglas Connell and Ramy Ahmed
Soliman serve as directors of Stater. As of March 30, 2018, Mr.
Connell may be deemed the beneficial owner of 1,135,435 Shares
owned beneficially by Stater.
Pursuant to the contribution and exchange agreement, between Long
Blockchain and Stater, dated March 19, 2018, Stater issued to the
Issuer such number of ordinary voting shares in Stater that,
immediately following completion of the transaction contemplated by
the Agreement, constituted 9.9% of the total Stater Shares then
issued and outstanding, in exchange for 1,135,435 shares of common
stock of Long Blockchain that, immediately following Completion,
constituted 9.9% of the total LBBC Shares then issued and
outstanding.
A full-text copy of the regulatory filing is available at:
https://is.gd/xRIjE6
About Long Blockchain Corp.
Headquartered in Hicksville, New York, Long Blockchain Corp.,
formerly Long Island Iced Tea Corp. --
http://www.longblockchain.com/-- is focused on developing and
investing in globally scalable blockchain technology solutions. It
is dedicated to becoming a significant participant in the evolution
of blockchain technology that creates long term value for its
shareholders and the global community by investing in and
developing businesses that are "on-chain". Blockchain technology
is fundamentally changing the way people and businesses transact,
and the Company will strive to be at the forefront of this dynamic
industry, actively pursuing opportunities. Its wholly-owned
subsidiary Long Island Brand Beverages, LLC operates in the
non-alcohol ready-to-drink segment of the beverage industry under
its flagship brand 'The Original Long Island Brand Iced Tea'.
Long Island Iced Tea incurred a net loss of $10.44 million for the
year ended Dec. 31, 2016, following a net loss of $3.18 million for
the year ended Dec. 31, 2015. As of Sept. 30, 2017, the Company
had $4.83 million in total assets, $4.21 million in total
liabilities and $622,151 in total stockholders' equity.
"Historically, the Company has financed its operations through the
raising of equity capital and through trade credit with its
vendors. The Company's ability to continue its operations and to
pay its obligations when they become due is contingent upon the
Company obtaining additional financing. Management's plans include
raising additional funds through equity offerings, debt financings,
or other means.
"The Company believes that it will be able to raise sufficient
additional capital to finance the Company's planned operating
activities. There are no assurances that the Company will be able
to raise such capital on terms acceptable to the Company or at all.
If the Company is unable to obtain sufficient amounts of
additional capital, it may be required to reduce the scope of its
planned market development activities, and/or consider reductions
in personnel costs or other operating costs. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern," the Company stated in its quarterly report for
the period ended Sept. 30, 2017.
MAMMOET-STARNETH: Seeks Aug. 1 Exclusive Filing Period Extension
----------------------------------------------------------------
Mammoet-Starneth LLC asks the U.S. Bankruptcy Court for the
District of Delaware to extend the exclusive filing period for
approximately 110 days from April 12 through and including Aug. 1,
2018 and the exclusive solicitation period for approximately 110
days from June 11 through and including September 30, 2018.
A hearing on the Debtor's Motion will be held on April 27, 2018 at
10:00 a.m. Objection deadline is on April 16.
The Debtor submits that in approximately four months since the
Petition Date, it has made significant progress in this chapter 11
case. Specifically, on the Petition Date, the Debtor filed, among
other things, a motion seeking approval of the Debtor's
post-petition financing ("DIP Financing Motion"); a motion seeking
authority and approval to reject certain executor contracts
("Rejection Motion"); and motion to establish deadline to file
proofs of claim ("Bar Date Motion"); and on December 15, 2017, the
Debtor filed a motion seeking approval of the bidding procedures
for the sale of certain property under Section 363 ("Bidding
Procedures Motion"); a Plan of Liquidation; a Disclosure Statement
with respect to the Plan; and a motion seeking approval of the
Disclosure Statement.
New York Wheel Owner LLC ("NYWO") filed an objection to the DIP
Financing Motion, as well as to the Rejection Motion.
A hearing was scheduled regarding the Bidding Procedures Motion,
the Rejection Motion and the Disclosure Statement Motion for Jan.
25, 2018. However, on Jan. 18, 2018, NYWO filed its Motion to
Dismissing the Debtor's Chapter 11 case, and the Court adjourned
the hearing on the Bidding Procedures Motion, the Rejection Motion
and the Disclosure Statement Motion until resolution of the Motion
to Dismiss.
The Court heard the Motion to Dismiss on March 5 and March 27,
2018. As a result of the adjournment of the Debtor's motions until
resolution of the Motion to Dismiss, the Debtor has been unable to
proceed with obtaining approval of the Disclosure Statement and
seeking confirmation of the Plan. NYWO's has thus delayed the
Debtor's ability to move forward expeditiously with the Plan,
despite the fact that the Debtor filed the Plan on Dec. 15, 2017 --
just 2 days after the Petition Date.
Considering that the parties participated in mediation and have
engaged in good faith negotiations in an attempt to reach a
settlement, the Debtor maintains that extending the exclusive
periods will therefore preserve the status quo which will allow the
Debtor to modify the currently filed Plan if it determines to do
so.
Further, the Debtor believes that the requested extensions will
give the Debtor full and fair opportunity to continue negotiating
with the relevant parties regarding the Plan, seek approval of the
Disclosure Statement, and eventually complete its solicitation and
confirmation process without the distraction, cost and delay of a
competing plan.
About Mammoet-Starneth
Mammoet-Starneth, LLC, a company based in Wilmington, Delaware,
designs and constructs giant observation wheels and structures.
Mammoet-Starneth sought Chapter 11 protection (Bankr. D. Del. Case
No. 17-12925) on Dec. 13, 2017. In the petition signed by manager
Christiaan Lavooij, the Debtor estimated assets and liabilities of
$100 million to $500 million.
Laurie Selber Silverstein is the case judge.
The Debtor tapped Sills Cummins & Gross P.C. as its lead counsel,
and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., as
its co-counsel. William Henrich, CRO, at Getzler Henrich &
Associates, LLC, serves as the Debtor's restructuring advisor.
Rust Consulting/Omni Bankruptcy as its balloting agent.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
On Dec. 15, 2017, the Debtor filed its proposed Chapter 11 plan of
liquidation.
MAURICE SPORTING: Given Until June 18 to File Chapter 11 Plan
-------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware, at the behest of Maurice Sporting Goods,
Inc., and its debtor-affiliates, has extended the Plan Period for
each Debtor through June 18, 2018, as well as the Solicitation
Period for each Debtor through August 16, 2018.
The Troubled Company Reporter has previously reported that the
Debtors asked for an extension of the exclusive periods during
which only the Debtors can file a Chapter 11 plan and solicit
acceptance of the plan.
The Debtors told the Court that they have been operating under the
protection of Chapter 11 for less than four months, during which
time they have worked extensively with the Official Committee of
Unsecured Creditors and other parties in interest to achieve
significant progress in these Chapter 11 cases most prominently the
Court approval, and closing, of the going-concern Sale of the
Debtors' business to the Purchaser for up to $39 million (with the
exact consideration dependent on certain postclosing inventory
sales), plus the assumption of certain liabilities. The Debtors
closed the Sale on Dec. 29, 2017.
Now, the Debtors said that they have been in the process of winding
down their estates, including through the reconciliation of claims
against the estates and preparation for the formulation of a
liquidating plan for the distribution of the proceeds generated by
the Sale.
About Maurice Sporting Goods
Maurice Sporting Goods, Inc., established in 1923, is a
family-owned distributor of outdoor sporting goods specializing in
fishing; marine; sports licensed products and souvenirs; outdoor
gifts and decor; hunting; and camping and outdoor recreation.
Collectively, Maurice Sporting Goods services more than 15,000
store fronts across the United States, Canada, South America, and
Europe.
Maurice Sporting Goods, Inc., and 4 affiliated companies sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 17-12481) on
Nov. 20, 2017. Maurice Sporting Goods estimated $10 million to $50
million in total assets and $100 million to $500 million in total
liabilities.
The Debtors' cases have been assigned to Judge Christopher S.
Sontchi.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as
counsel; Patrick J. O'Malley of Development Specialists, Inc., as
restructuring advisor; Silverman Consulting as financial advisor;
Livingstone Partners LLC as investment banker; and Epiq Bankruptcy
Solutions, LLC, as claims, solicitation and balloting agent.
MGTF RADIO: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 cases of MGTF Radio Company, LLC and WPNT, Inc. as
of April 2, according to a court docket.
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 disclosed that each had estimated assets and
liabilities of $50 million to $100 million.
MINI MASTER: Files Amendment to Second Amended Plan
---------------------------------------------------
Mini Master Concrete Services, Inc., filed with the U.S. Bankruptcy
Court for the District of Puerto Rico an amendment to its second
amended plan of reorganization dated March 20, 2018.
The treatment of Class 1 Economic Development Bank has been changed
as follows:
EDB's secured claims for $3,198,012.66 arose from two commercial
loans issued to the Debtor. EDB's secured claims will be totally
paid as by the transfer of the Debtor's properties in Vega Alta,
Puerto Rico with a combined value of $480,000; the transfer of the
Debtor's parcel of land in Isabela, Puerto Rico with an appraised
value of $670,000 and; a cash payment to be made on the Effective
Date for $250,000.
The transfers and payments totaling $1,400,000 will be in full
payment and release of all of EBD's claims.
A full-text copy of the Amendment to the Second Amended Plan is
available at:
http://bankrupt.com/misc/prb16-09956-11-217.pdf
About Mini Master Concrete Services
Mini Master Concrete Services, Inc. filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-09956) on December 22, 2016.
The Hon. Mildred Caban Flores over the case. Charles A. Cuprill,
PCS Law Offices represents the Debtor as counsel.
The Debtor disclosed total assets of $15.78 million and total
liabilities of $5.46 million. The petition was signed by Carmen M.
Betancourt, president.
NET ELEMENT: Incurs $9.91 Million Net Loss in 2017
--------------------------------------------------
Net Element, Inc. filed with the Securities and Exchange Commission
its Annual Report on Form 10-K reporting a net loss attributable to
the Company's stockholders of $9.91 million on $60.06 million of
total revenues for the year ended Dec. 31, 2017, compared to a net
loss attributable to the Company's stockholders of $13.48 million
on $54.28 million of total revenues for the year ended Dec. 31,
2016.
Net revenues consist primarily of service fees from transaction
processing. The increase in net revenues is primarily due to
continued organic growth of North American merchants with emphasis
on value-added offerings partially offset by a $3,229,460 decrease
in net revenues from the Company's International Transaction
Solutions segment as the Company experiences increased competition,
decreased margins and reorganizing assignments from its
International Transaction Solutions segment.
Cost of revenues represents direct costs of generating revenues,
including commissions, mobile operator fees, purchases of short
numbers, interchange expense and processing fees. Cost of revenues
for the year ended Dec. 31, 2017 were $51,237,212 as compared to
$45,708,241 for the year ended Dec. 31, 2016. The year over year
increase in cost of revenues of $5,528,971 was driven by a
$7,922,799 increase due to increased North American Transaction
Solutions sales for the year ended Dec. 31, 2017. This was
partially offset by a $2,393,828 decrease in the International
Transaction Solutions segment cost of revenues due to the decrease
in International Transaction Solutions revenues from Digital
Provider.
Gross Margin for the year ended Dec. 31, 2017 was $8,827,613, or
14.7% of net revenue, as compared to $8,578,618, or 15.8% of net
revenue, for the year ended Dec. 31, 2016. The primary reason
gross margin percentages decreased was due to increased (lower
margin) business mix from North American Transaction Solutions and
a decrease in Digital Provider business that had higher margins.
Total operating expenses were $17,425,030 for the year ended Dec.
31, 2017, as compared to total operating expenses of $17,416,066
for the year ended Dec. 31, 2016. Total operating expenses for the
year ended Dec. 31, 2017 consisted of general and administrative
expenses of $10,629,773, non-cash compensation of $2,940,424, a bad
debt provision of $1,320,848 and depreciation and amortization of
$2,533,985. For the year ended Dec. 31, 2016, operating expenses
consisted of general and administrative expenses of $8,797,883,
non-cash compensation of $3,463,435, a bad debt provision of
$1,688,237, and depreciation and amortization of $3,466,511.
Professional fees were $2,636,838 for the year ended Dec. 31, 2017
as compared to $2,714,839 for the year ended Dec. 31, 2016.
Professional fees decreased by $78,001 primarily due to a decrease
in general legal fees because of decreases in litigation and
consulting fees partially offset by an increase in SEC compliance
due to increased public market transactions.
Transaction gains and losses represent changes in exchange rates
between our functional currency and the foreign currency in which
the transaction is denominated. During the years ended Dec. 31,
2017 and 2016, respectively, the Company incurred $38,816 and
$740,543 of foreign currency transaction losses.
Other general and administrative expenses were $216,397 for the
year ended Dec. 31, 2017 as compared to $160,162 for the year ended
Dec. 31, 2016, representing an increase of $56,235. The increase
was caused primarily by a $43,272 increase in taxes due to a 2016
tax refund in the International Transaction Solutions segment that
was not present in 2017.
Non-cash compensation expense was $2,940,424 for the year ended
Dec. 31, 2017 as compared to $3,463,435 for the year ended
Dec. 31, 2016.
As of Dec. 31, 2017, Net Element had $32.33 million in total
assets, $19.18 million in total liabilities and $13.14 million in
total stockholders' equity.
"We are very pleased with our 2017 progress and the strong balance
sheet position as of December 31, 2017, which we believe positions
the company for future growth and opportunities," commented Oleg
Firer, CEO of Net Element.
The Company's consolidated financial statements have been prepared
on a going concern basis. Although, the Company had a net loss of
$10.0 million for the year ended Dec. 31, 2017, and an accumulated
deficit of $167.4 million at Dec. 31, 2017, the company had a cash
balance of $11.3 million and projects future cash needs of $4.8
million for the next 12 months to fund operations, indebtedness and
capital expenditures.
The Company said it is continuing with its plan to further grow and
expand its payment processing operations and develop block-chain
solutions for merchant services. Management believes that its
current cash position and operating strategy will provide the
opportunity for the Company to continue as a going concern;
however, there is no assurance this will occur.
Liquidity and Capital Resources
The Company's total assets at Dec. 31, 2017 were $32.3 million
compared to $23.3 million at Dec. 31, 2016. The year over year
change in total assets is primarily attributable to the $10.7
million increase in its cash balance as a result of equity sales at
the end of 2017.
At Dec. 31, 2017, the Company had total current assets of $19.0
million including $11.3 million of cash, $5.5 million of accounts
receivable, and $2.3 million of prepaid expenses and other assets.
At Dec. 31, 2016, the Company had total current assets of $9.2
million including $0.6 million of cash, $7.1 million of accounts
receivable, and $1.5 million of prepaid expenses and other assets.
As of April 2, 2018, management expects that the Company's cash
flows from operations will be sufficient to fund its current
operations for at least the next twelve months. The Company may
require additional capital in order to fund business expansion or
future acquisitions.
Since its inception, the Company has incurred significant operating
losses. The Company has working capital of approximately $4.3
million and an accumulated deficit of $167.3 million at Dec. 31,
2017. The Company estimates it will need $4.8 million to cover its
anticipated cash flow shortfall over the next 12 months and it has
adequate cash balances to support its cash flow requirements for
this period.
"We may raise additional funds through debt financing and/or the
issuance of equity securities, there being no assurance that any
type of financing on terms satisfactory to us will be available or
otherwise occur. We have approximately $2.5 million of notes
payable to be repaid during 2018. Debt financing or re-financing
is another possibility in the future and debt must be repaid
regardless of whether we generate revenues or cash flows from
operations and may be secured by substantially all of our assets.
Any equity financing or debt financing that requires the issuance
of equity securities or warrants to the lender would cause the
percentage ownership by our current stockholders to be diluted,
which dilution may be substantial. Also, any additional equity
securities issued may have rights, preferences or privileges senior
to those of existing stockholders," the Company said in the Annual
Report.
Operating activities used $5.0 million of cash for the twelve
months ended Dec. 31, 2017 as compared to using $3.3 million of
cash for the twelve months ended Dec. 31, 2016. Negative operating
cash flow for the twelve months ended Dec. 31, 2017 was primarily
due to paying off accounts payables and accrued liabilities as the
company had an increase in its cash balance as a result of equity
sales at the end of 2017.
Investing activities used $1.8 million of cash for the year ended
Dec. 31, 2017 as compared to using $1.5 million of cash for the
year ended Dec. 31, 2016. The increase in cash used by investing
activities for the year ended Dec. 31, 2017 was primarily
attributable to the $0.5 million increase in acquisition costs as
the Company gains additional market share for its North American
Transactions Solutions segment.
For the year ended Dec. 31, 2017, financing activities provided
cash of $17.6 million, primarily from $14.9 million from equity
financing and $3.7 million in proceeds from indebtedness.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/NWtOns
About Net Element
North Miami, Florida-based Net Element, Inc. (NASDAQ: NETE) --
http://www.NetElement.com/-- operates a payments-as-a-service
transactional and value-added services platform for small to medium
enterprise ("SME") in the U.S. and selected emerging markets. In
the U.S. it aims to grow transactional revenue by innovating SME
productivity services using blockchain technology solutions and
Aptito, our cloud based, restaurant and retail point-of-sale
solution. Internationally, Net Element's strategy is to leverage
its omni-channel platform to deliver flexible offerings to emerging
markets with diverse banking, regulatory and demographic
conditions.
NEW BUFFALO: Taps Smith Bovill as Legal Counsel
-----------------------------------------------
New Buffalo Ventures, LLC, seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Michigan to hire Smith Bovill,
P.C., as its legal counsel.
The firm will assist the Debtor in the preparation of a bankruptcy
plan and will provide other legal services related to its Chapter
11 case.
The firm's hourly rates are:
Members $310
Associates $185
Paralegals $95
Smith Bovill received a retainer in the sum of $10,000, of which
$1,717 was used to pay the filing fee.
David Fisher, Esq., at Smith Bovill, disclosed in a court filing
that his firm does not hold or represent any interests adverse to
the Debtor.
The firm can be reached through:
David J. Fisher, Esq.
Smith Bovill, P.C.
200 St. Andrews Road
Saginaw, MI 48638
Phone: (989) 792-9641
Fax: (989) 792-1116
E-mail: djfsecretary@smithbovill.com
About New Buffalo Ventures
New Buffalo Ventures, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Mich. Case No. 18-20524) on March
21, 2018. At the time of the filing, the Debtor estimated assets
and liabilities of less than $1 million. Judge Daniel S.
Oppermanbaycity presides over the case.
NEXT STEP: Taps BransonLaw as Legal Counsel
-------------------------------------------
The Next Step, LLC, seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to hire BransonLaw, PLLC as its
legal counsel.
The firm will assist the Debtor in the preparation of a plan of
reorganization and will provide other legal services related to its
Chapter 11 case.
The firm's hourly rates range from $400 to $100. Prior to the
petition date, the Debtor paid an advance fee of $6,763 for
post-petition services and expenses and the filing fee of $1,717.
Jeffrey Ainsworth, Esq., at BransonLaw, disclosed in a court filing
that the firm and its attorneys do not represent any interests
adverse or potentially adverse to the Debtor and its estate.
BransonLaw can be reached through:
Jeffrey S. Ainsworth, Esq.
BransonLaw PLLC
1501 E. Concord Street
Orlando, Florida 32803
Phone: (407) 894-6834
Fax: (407) 894-8559
Email: jeff@bransonlaw.com
About The Next Step LLC
The Next Step, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-01686) on March 27,
2018. At the time of filing, the Debtor estimated assets of less
than $1 million and liabilities of less than $500,000.
NORTHERN POWER: Posts $59,000 Net Income in 2017
------------------------------------------------
Northern Power Systems Corp. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting net income of
$59,000 on $38.56 million of total revenues for the year ended Dec.
31, 2017, compared to a net loss of $8.94 million on $35.90 million
of total revenues for the year ended Dec. 31, 2016.
As of Dec. 31, 2017, Northern Power had $14.64 million in total
assets, $16.93 million in total liabilities and a total
shareholders' deficiency of $2.29 million.
RSM US LLP, in Boston, Massachusetts, the Company's auditor since
2014, 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 suffered recurring cash losses from
operations and its total liabilities exceed its total assets. This
raises substantial doubt about the Company's ability to continue as
a going concern.
The Company has historically incurred operating losses since its
inception and had an accumulated deficit of $177.2 million and a
working capital deficit of $2.7 million at Dec. 31, 2017.
Management anticipates incurring additional losses until the
Company can produce sufficient revenue to cover its operating
costs, if ever. Since inception, the Company has funded its net
capital requirements with proceeds from private equity and public
and debt offerings.
Northern Power stated in a press release, "We are pleased to report
that in 2017 we had our first break-even year with approximately
$40M in revenue and non-GAAP adjusted EBITDA of $0.8 million,
including WEG related royalties. This included approximately $5.5
million in recurring revenues from our services business and the
remainder of revenues were from sales of our distributed wind
turbines. Wind turbine sales were driven primarily by strong sales
in the Italian market in advance of an expiring Italian
feed-in-tariff. As a result of regulatory and political inaction,
the Italian feed-in-tariff for distributed wind that drove sales in
2017 expired on June 30, 2017 without extension. Uncertainty
regarding the status of a new feed-in-tariff and prolonged delays
surrounding the drafting, approval, adoption and ultimately the
implementation of a new feed-in-tariff regime in Italy for
distributed wind, together with uncertainty surrounding the Italian
election and government, has brought sales of our distributed wind
products in Italy to a standstill. Accordingly, we will be
restructuring operations to maintain manufacturing activity
consistent with current market conditions. We plan to commence a
manufacturing run to satisfy current orders and a limited number of
anticipated orders. Following the completion of this batch
manufacturing run, we have determined that current circumstances
dictate that it would be prudent in the context of the company's
long-term financial position to temporarily suspend full-scale
distributed wind manufacturing activities until the third quarter
of 2018 which is in advance of the expected implementation of the
new Italian feed-in-tariff in the fourth quarter of 2018. With
this transition to batch manufacturing in mind, among other
measures, we have taken steps to reduce our workforce through a
temporary furlough process as well as reducing the number of hours
worked by certain employees. We anticipate that with the expected
implementation of the new feed-in-tariff in the fourth quarter of
2018, Italy, once again, will be a robust market for our
distributed wind turbines. During the manufacturing hiatus, we
will continue to market and sell our distributed wind products
across the globe and orders will be slotted for production
commencing in the third quarter of 2018.
"Despite the significant slowdown in our distributed wind business,
we continue to see increasing activity in our energy storage
business. During 2016 we commenced selling our power converters
into the developing battery energy storage market. In 2017, we
implemented a strategy to independently develop energy storage
projects in the U.S., allowing the company to sell and incorporate
our power converters and related technology into new projects that
we identify. Currently, we have two sites under control, one of
which is under active development, and a pipeline of potential
development and equipment sale opportunities."
Business Highlights:
* Global fleet of installed distributed wind turbines expanded
to 845-units, achieving over 20 million run-time hours while
delivering continued 98% grid-connected availability
* Recorded $11.1 million and $38.6 million in revenues for the
fourth quarter and fiscal year ended 2017, respectively
* Gross margin improved to 24.0 percent and 19.9 percent for
the three and twelve month periods ended December 31, 2017,
respectively, compared to 5.2 percent and 7.9 percent for the
three and twelve month periods ended December 31, 2016,
respectively
* Reported net income of $1.1 million and $0.1 million for the
fourth quarter and the fiscal year ended 2017, respectively,
compared to a net loss of $0.8 million and $8.9 million for
the same periods in the previous year
* Renewed Comerica line of credit in the amount of $2.5 million
through June 30, 2019
* Uncertainty in the Italian market due to the expiration of
the feed-in-tariff has created challenges with its core
distributed wind business
* Likely decrease in WEG related royalties in 2018 due to
contraction in the Brazilian market
* Continued commitment to advancing orders for its distributed
wind and developing energy storage projects
A full-text copy of the Form 10-K is available for free at:
https://is.gd/1YqErE
About Northern Power Systems
Northern Power Systems -- http://www.northernpower.com/-- designs,
manufactures, and sells distributed power generation and energy
storage solutions with its advanced wind turbines, inverters,
controls, and integration services. With approximately 20 million
run-time hours across its global fleet, Northern Power wind
turbines provide customers with clean, cost-effective, reliable
renewable energy. NPS turbines utilize patented permanent magnet
direct drive (PMDD) technology, which uses fewer moving parts,
delivers higher energy capture, and provides increased reliability
thanks to reduced maintenance and downtime. Northern Power also
develops Energy Storage Solutions (ESS) based on the FlexPhase
power converter platform, which features patented converter
architecture and controls technology for advanced grid support and
generation applications.
NUSTAR ENERGY: S&P Affirms BB Corp Credit Rating, Outlook Negative
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' corporate credit rating on
NuStar Energy L.P. The outlook is negative.
S&P said, "We also affirmed our 'BB' issue-level rating on NuStar's
senior unsecured debt based on the '3' recovery rating, which
indicates our view that lenders can expect meaningful (50%-70%;
rounded estimate: 55%) recovery if a payment default occurs.
"In addition, we affirmed our 'B+' rating on the company's
subordinated debt based on a '6' recovery, reflecting our
expectation of negligible (0%-10%; rounded estimate: 0%) recovery
if a payment default occurs.
"The negative outlook reflects our view that despite the
simplification and distribution reset, NuStar's leverage will
remain above 7.25x in 2018. In February 2018, NuStar announced its
merger with NuStar GP Holdings LLC (NSH). This merger eliminates
the incentive distribution rights and converts NSH's 2% general
partner interest into a non-economic interest. NuStar also
announced reduced distributions of about 60 cents per unit
quarterly from $1.095 per unit quarterly, representing a 45% cut.
At the same time, NuStar revised its EBITDA guidance lower,
reflecting reduced EBITDA contributions from the St. Eustatius
terminal due to decreased activity from PDVSA. The merger and
distribution cut will improve NuStar's distribution coverage and
free up cash for capital projects. Despite the credit positive
aspects of the merger and distribution cut, NuStar's leverage
remains elevated, which drives S&P's negative outlook.
S&P said, "The negative outlook on NuStar reflects our view that
leverage will remain above 7.25x and interest coverage greater than
2x on an S&P Global Ratings adjusted basis for the next 12 months,
and adjusted leverage greater than 6.25x in 2019. We expect the
partnership to maintain our view of adequate liquidity.
"We could consider lowering the ratings if NuStar's leverage
remained above 6.5x on an S&P Global Ratings' adjusted basis in
2019 or if liquidity deteriorated. This could occur due to a
continued inability to access the common equity markets or
slower-than-anticipated EBITDA growth. EBITDA growth may be lower
than anticipated due to continued under performance in the base
business or stalled growth from the Permian crude gathering system.
"We could revise the outlook to stable if NuStar were able to
maintain debt to EBITDA below 6x on an S&P Global Ratings' adjusted
basis while maintaining interest coverage above 1.8x. This could
occur due to better-than-forecast cash flows from St. Eustatius or
greater-than-projected volume growth on the Permian crude gathering
system."
OSAGE WATER: Trustee Taps Taylor Nold as Accountant
---------------------------------------------------
Jill Olsen, the Chapter 11 trustee for Osage Water Company, seeks
approval from the U.S. Bankruptcy Court for the Western District of
Missouri to hire Taylor, Nold & Associates, LLC, as her
accountant.
The firm will help the trustee review the Debtor's operating
reports and financial records, and file any necessary corporate or
estate tax returns.
Randy Taylor, a certified public accountant employed with Taylor,
charges an hourly fee of $190 while other accountants of the firm
charge $120 per hour. Clerical and bookkeeping staff charge $80
per hour.
The firm does not hold any interests or claims adverse to the
Debtor's estate, according to court filings.
Taylor can be reached through:
Randy Taylor CPA
Taylor, Nold & Associates, LLC
108 N. Main
Clinton, MO 64735
About Osage Water Company
Osage Water Company is a public utility that is in the business of
producing, purifying, treating and distributing water within Camden
County, Missouri. The company currently holds real estate, water
and wastewater systems located at Cedar Glen Condominiums, Chelsea
Rose Subdivision, Harbor Bay Condominiums and Eagle Woods
Subdivision. Osage Water's gross revenue amounted to $250,605 in
2016 and $255,285 in 2015.
Osage Water Company, through a receiver, filed a Chapter 11
petition (Bankr. W.D. Mo. Case No. 17-42759) on Oct. 11, 2017. In
its petition, signed by Gary V. Cover, receiver for the company,
the Debtor disclosed $75,585 in assets and $2.45 million in
liabilities.
The Hon. Cynthia A. Norton presides over the case.
John C. Reed, Esq., at Pletz and Reed, P.C., served as the Debtor's
bankruptcy counsel.
Jill Olsen was appointed Chapter 11 trustee for the Debtor. The
trustee hired The Olsen Law Firm, L.L.C. as her bankruptcy counsel;
Spencer Fane LLP as special counsel, and Lake of the Ozarks Water
and Sewer as operations manager.
PANTECH WIRELESS: Court Confirms Ch. 11 Plan of Reorganization
--------------------------------------------------------------
Judge James R. Sacca of the U.S. Bankruptcy Court for the Northern
District of Georgia issued an order dated March 28, 2018,
confirming Pantech Wireless, Inc.'s Chapter 11 plan of
reorganization.
The Plan will bind the Debtor and any entity issuing securities
under the Plan, all entities receiving property under the Plan, all
Creditors, all Interest Holders, and all officers of the Debtor,
whether or not the Claims or Interests of the Creditors, Interest
Holders or officers are impaired under the Plan, and whether or not
the Creditors, Interest Holders or officers have accepted the
Plan.
On November 17, 2017, the United States Trustee filed an objection
to Debtor’s Disclosure Statement and Plan. With respect to the
objection filed by the United States Trustee, the parties have
agreed to resolve the objection by amending the Plan to provide
that "Effective Date" will mean April 10, 2018 or the date this
Order becomes a final order, whichever is later.
As previously reported by The Troubled Company Reporter, each
Holder of an Allowed Unsecured Claim in Class 1 will receive cash
equal to the amount of such Allowed General Unsecured Claim; or
such other treatment that the Proponent or the and the Holder of
such Allowed General Unsecured Claim have agreed upon in writing.
This class is unimpaired.
The plan is made possible by the willingness of ParentCo to make
available a fund of $300,000 for payment of claims and costs of
administration. ParentCo proposes to make a cash infusion of
$300,000.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/ganb16-72088-46.pdf
A full-text copy of the Confirmation Order is available at:
http://bankrupt.com/misc/ganb16-72088-78.pdf
About Pantech Wireless
Pantech Wireless, Inc. designs and manufactures mobile phones,
tablets, and USB modems. The Atlanta, Georgia-based Company filed
a Chapter 11 petition (Bankr. N.D. Ga. Case No. 16-72088) on
December 9, 2016. Gregory M. Taube, Esq., at Nelson Mullins Riley
& Scarborough LLC, serves as bankruptcy counsel.
In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities. The petition was signed by Yong Jin
Kim, its chief executive officer.
PEACOCK DEVELOPMENT: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------------
The Office of the U.S. Trustee on April 3 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Peacock Development Co, LLC.
About Peacock Development
Peacock Development Co, LLC, is a privately-held company in
Bluffton, South Carolina, that is engaged in activities related to
real estate. The company is a small business Debtor as defined in
11 U.S.C. Section 101(51D).
Peacock Development Co sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. S.C. Case No. 18-00824) on Feb. 20,
2018.
In the petition signed by Dave Peacock, manager, the Debtor
estimated assets of less than $50,000 and liabilities of $1 million
to $10 million.
Judge John E. Waites presides over the case.
Robert A. Pohl, Esq., at POHL, PA, serves as the Debtor's
bankruptcy counsel.
PEN INC: Delays Form 10-K Filing With SEC
-----------------------------------------
PEN Inc. filed a Form 12b-25 with the Securities and Exchange
Commission notifying 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 could not complete the filing of its Report on Form 10-K
due to a delay in obtaining and compiling information required to
be included in its Form 10-K, which delay could not be eliminated
by Registrant without unreasonable effort and expense. In
accordance with Rule 12b-25 of the Securities Exchange Act of 1934,
the Company will file its Form 10-K no later than the fifteenth
calendar day following the prescribed due date.
About PEN Inc.
Headquartered in Miami, Florida, PEN develops, commercializes and
markets consumer and industrial products enabled by nanotechnology
that solve everyday problems for customers in the optical,
transportation, military, sports and safety industries. The
Company's primary business is the formulation, marketing and sale
of products enabled by nanotechnology including the ULTRA CLARITY
brand eyeglass cleaner, CLARITY DEFOGIT brand defogging products
and CLARITY ULTRASEAL nanocoating products for glass and ceramics.
The Company also sells an environmentally friendly surface
protector, fortifier, and cleaner. The Company's design center
conducts product development services for government and private
customers and develops and sells printable inks and pastes, thermal
management materials, and graphene foils and windows.
PEN was formed in 2014, and is the successor to Applied Nanotech
Holdings Inc. that had been formed in 1989. In the combination
that created PEN, Nanofilm, Ltd. acquired Applied Nanotech
Holdings, Inc. The Company's principal operating segments coincide
with its different business activities and types of products sold.
This is consistent with the Company's internal reporting
structure.
As of Sept. 30, 2017, Pen Inc. had $2.57 million in total assets,
$3.34 million in total liabilities and a total stockholders'
deficit of $770,444.
Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the financial statements for the year
ended Dec. 31, 2016, citing that the Company has a net loss in 2016
of $556,001, and has an accumulated deficit, stockholders' deficit
and working capital deficit of $5,900,167, $578,096 and $1,072,691,
respectively, at Dec. 31, 2016. These matters raise substantial
doubt about the Company's ability to continue as a going concern.
PENINSULA AIRWAYS: Plan Filing Period Extended Until April 30
-------------------------------------------------------------
Judge Gary Spraker of the U.S. Bankruptcy Court for the District of
Alaska, at the behest of Peninsula Airways, Inc., has extended the
period for the Debtor to file a plan and disclosure statement to
April 30, 2018 and period to obtain acceptances of the plan to Aug.
31, 2018.
The Troubled Company Reporter has previously reported that the
Debtor needed additional time to develop a plan, and negotiate with
creditors to develop a suitable plan and prepare adequate
information. The Debtor told the Court that extensions sought are
tied to the requirements, in the DIP loan agreement, for Debtor to
file a plan and for the plan to become effective. Wexford Capital,
LP, agreed to extend the deadlines to April 30 and Aug. 31,
respectively. Documents are now being drafted to reflect those
changes. As with the previous three extensions, Debtor seeks
extensions of the Section 1121 exclusivity periods, so that the
plan filing deadline in the Wexford DIP loan documents matches the
Section 1121 exclusivity period to file a plan.
The Debtor's case is a large complex case. At the time of the
Chapter 11 filing, the Debtor's annual revenue was approximately
$100 million, and the Debtor employed nearly 700 employees. Closing
down the two hubs, reducing its aircraft fleet, and obtaining the
DIP loan, and developing the terms of a plan of reorganization, has
required considerable effort and attention by the Debtor. By
right-sizing and down-sizing its operations, the Debtor has been
moving steadily towards reorganization.
The Debtor has been largely current with its post-petition
creditors, other than aircraft lessors, and has been in constant
communication with its aircraft lessors concerning bringing the
Debtor's aircraft lease assumption obligations current.
The Debtor has not started negotiations with the unsecured
creditors concerning plan terms, but that is because the Debtor and
Wexford are still formulating plan terms. The Debtor, however,
assured the Court that it has reasonable prospects for filing a
viable plan.
About Peninsula Airways
Founded in 1955 by Orin Seybert in Pilot Point, Alaska, Peninsula
Airways, Inc., doing business as PenAir, is one of the oldest
family owned airlines in the United States andis Alaska's second
largest commuter airline. Its main base is Ted Stevens Anchorage
International Airport, with other hubs located at Portland
International Airport in Oregon, Boston Logan International Airport
in Massachusetts and Denver International Airport in Colorado.
PenAir currently has a code sharing agreement in place with Alaska
Airlines with its flights operated in the state of Alaska as well
as all of its flights in the lower 48 states appearing in the
Alaska Airlines system timetable.
Peninsula Airways filed a Chapter 11 petition (Bankr. D. Alaska
Case No. 17-00282) on Aug. 6, 2017. In the petition signed by
Daniel P. Seybert, its president, the Debtor estimated assets and
liabilities ranging from $10 million to $50 million.
The case is assigned to Judge Gary Spraker.
Cabot C. Christianson, Esq., at the Law Offices of Cabot
Christianson, P.C., is serving as bankruptcy counsel to the Debtor.
Dawson Law Group, LLC, is the Debtor's special counsel.
The official committee of unsecured creditors formed in the case
retained Erik LeRoy, P.C., as counsel.
PENTHOUSE GLOBAL: Trustee Taps Province Inc. as Financial Advisor
-----------------------------------------------------------------
David Gottlieb, Chapter 11 trustee for Penthouse Global Media Inc.,
seeks approval from the U.S. Bankruptcy Court for the Central
District of California to hire Province, Inc., as his financial
advisor.
The firm will analyze the cash flow budgets and overall financial
condition of Penthouse and its affiliates to assess continued
operations and assist in the preparation of a bankruptcy plan or
implementation of a sale process; monitor the sale process if a
sale is pursued; prepare claim analyses and estimation; perform
forensic accounting; assist in negotiations; and provide other
financial advisory services.
The firm's standard hourly rates are:
Principal $690 - $745
Managing Director $580 - $630
Senior Director $540 - $570
Director $470 - $530
Senior Associate $400 - $460
Associate $340 - $390
Analyst $270 - $330
Paraprofessional $150
Province is a "disinterested person" as defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
David W. Roberts
Province, Inc.
811 West 7th Street, Suite 910
Los Angeles, CA 90017
Tel: 702.685.5555
Fax: 702.685.5556
E-mail: info@provincefirm.com
About Penthouse Global
Headquartered in Chatsworth, California, Penthouse Global Media,
Inc. -- http://www.penthouseglobalmedia.com/-- was launched in
February 2016 as an acquisition by veteran entertainment executive,
Kelly Holland. The Company continues the 50+ year Penthouse brand
legacy. The focal point of the business includes four main
branches: broadcast, publishing, licensing and digital. Various
Penthouse TV channels are available in over 100 countries.
Penthouse Magazine was founded in the U.K. in 1965 by Bob Guccione
and brought to the U.S. in 1969.
Penthouse Global Media, Inc. and its affiliates filed Chapter 11
petitions (Bankr. C.D. Cal. Lead Case No. 18-10098) on Jan. 11,
2018. In the petitions signed by Kelly Holland, CEO, Penthouse
Media estimated its assets at up to $50,000 and its liabilities at
between $10 million and $50 million. Penthouse Broadcasting
estimated its assets at between $1 million and $10 million and
liabilities at between $500,000 and $1 million. Penthouse
Licensing estimated its assets and liabilities at between $1
million and $10 million each.
Judge Martin R. Barash presides over the case.
Michael H. Weiss, Esq., and Laura J. Meltzer, Esq., at Weiss &
Spees, LLP, serve as the Debtors' bankruptcy counsel. The Debtors
hired Akerman LLP, the Law Offices of Allan B. Gelbard and the Law
Offices of Dermer Behrendt as litigation counsel.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Jan. 30, 2018. The Committee retained
Raines Feldman LLP as its legal counsel.
On March 6, 2018, the court approved the appointment of David K.
Gottlieb as Chapter 11 trustee. The Trustee tapped Pachulski Stang
Ziehl & Jones LLP as bankruptcy counsel and Province, Inc., as
financial advisor.
PIERSON LAKES: Hires Goetz Fitzpatrick as Counsel
-------------------------------------------------
Pierson Lakes Homeowners Association, Inc., seeks authority from
the U.S. Bankruptcy Court for the Southern District of New York to
employ Goetz Fitzpatrick LLP, as counsel to the Debtor.
Pierson Lakes requires Goetz Fitzpatrick to:
a. give the Debtor legal advice with respect to its powers and
duties as a debtor-in-possession;
b. prepare all necessary applications, answers, orders,
reports and other legal documents on behalf of the Debtor
in connection with the chapter 11 proceeding;
c. perform all other legal services for the Debtor that may be
necessary in this chapter 11 case; and
d. represent the Debtor in the prosecution and defense of
various claims, both by and against the Debtor.
Goetz Fitzpatrick will be paid at these hourly rates:
Attorneys $200 to $600
Paralegals $100 to $200
Goetz Fitzpatrick has received a retainer of $60,000 for the
chapter 11 case, along with a $1,717 check to cover the chapter 11
filing fee.
Prior to the Petition Date, Goetz Fitzpatrick received from the
Debtor the sum of $51,013, which sum was paid for general
litigation services not in contemplation of the filing of the
chapter 11 petition.
Goetz Fitzpatrick has provided the Debtor with $10,000 in legal
services related to chapter 11 counseling and preparation in the
weeks leading up to the Petition Date. Goetz Fitzpatrick will seek
authority to apply a portion of the $60,000 retainer to those
prepetition bankruptcy services in a fee application to the Court.
GFLLP is not owed a balance from the Debtor for any services
unrelated to the bankruptcy.
Goetz Fitzpatrick will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Gary M. Kushner, a partner at Goetz Fitzpatrick, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Goetz Fitzpatrick can be reached at:
Gary M. Kushner, Esq.
GOETZ FITZPATRICK LLP
One Penn Plaza, 31st Floor
New York, NY 10119
Tel: (212) 695-8100
Fax: (212) 629-4013
About Pierson Lakes
Homeowners Association
Pierson Lakes Homeowners Association, Inc., is a tax-exempt
homeowners association based in Sterlington, New York.
Pierson Lakes Homeowners Association, Inc., based in Sterlington,
NY, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 18-22463)
on March 27, 2018. In the petition signed by Sean Rice, president,
the Debtor disclosed $1.55 million in assets and $3.49 million in
liabilities. The Hon. Robert D. Drain presides over the case.
Gary M. Kushner, Esq., and Scott D. Simon, Esq., at Goetz
Fitzpatrick LLP, serve as bankruptcy counsel to the Debtor.
PLASTIC2OIL INC: Incurs $1.47 Million Net Loss in 2017
------------------------------------------------------
Platic2Oil, Inc., filed with the Securities and Exchange Commission
its Annual Report on Form 10-K reporting a net loss of $1.47
million on $0 of total sales for the year ended Dec. 31, 2017,
compared to a net loss of $5.70 million on $21,950 of total sales
for the year ended Dec. 31, 2016.
As of Dec. 31, 2017, Plastic2Oil had $1.82 million in total assets,
$13.96 million in total liabilities and a total stockholders'
deficit of $12.14 million.
In their report dated April 2, 2018 with respect to the Company's
consolidated financial statements for the years ended Dec. 31,
2017, D. Brooks and Associates CPA's, P.A., in Palm Beach Gardens,
Florida, its independent registered public accounting firm since
2014, expressed substantial doubt about the Company's ability to
continue as a going concern. The auditors stated that the Company
has incurred operating losses, has incurred negative cash flows
from operations and has a working capital deficit. These and other
factors raise substantial doubt about the Company's ability to
continue as a going concern.
"We do not have sufficient cash to operate our business which has
forced us to suspend our operations until such time as we receive a
capital infusion or cash advances on the sale of our processors. We
intend to source additional capital through the sale of our equity
and debt securities and other financing methods. We plan to use
the cash proceeds from any financing to complete the repairs on
Processors #3 to resume production of fuels for pilot runs and
customer demonstrations. At December 31, 2017, we had a cash
balance of $172,286. Our principal sources of liquidity in 2017
was from the sale of the property located at 1783 Allanport Road,
Thorold, Ontario, Canada and proceeds from the settlement of the
Glenny and Maskell (Canadian Insurance Broker) lawsuit. Our
principal sources of liquidity in 2016 were the proceeds from the
related party short-term loans from our chief executive officer,
and proceeds from the sale of related -- party and non-related
party secured long -- term debt.
"...[O]ur processors are currently idle and, thus, we are not
producing fuel or generating fuel sales. Furthermore, we have
shifted our business strategy to processor sales, rather than fuel
sales. Our current cash levels are not sufficient to enable us to
make the required repairs to our processors or to execute our
business strategy as described in this Report. As a result, we
intend to seek significant additional capital through the sale of
our equity and debt securities and other financing methods to
enable us to make the repairs, to meet ongoing operating costs and
reduce existing current liabilities. We also intend to seek to
cash advances or deposits under any new processor sale agreements
and/or related technology licenses. Management currently
anticipates that the processors will remain idle until at least
late 2018 and then pilot, or demo, runs for sale of processors. Due
to the many factors and uncertainties involved in capital markets
transactions, there can be no assurance that we will raise
sufficient capital to allow us to resume operations in 2018, or at
all. In the interim, we anticipate that our level of operations
will continue to be nominal, although we plan to continue to market
our P2O processors with the intention of making additional P2O
processor sales and technology licenses.
"Our limited capital resources and recurring losses from operations
raise substantial doubt about our ability to continue as a going
concern and may adversely affect our ability to raise additional
capital. The financial statements do not include any adjustments
that might be necessary if we are unable to continue as a going
concern," the Company stated in the Annual Report.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/a050jC
About Plastic2Oil
Plastic2Oil, Inc. was originally incorporated as 310 Holdings, Inc.
in the State of Nevada on April 20, 2006. 310 had no significant
activity from inception through 2009. In April 2009, John
Bordynuik purchased 63% of the issued and outstanding shares of
310. During 2009, the Company changed its name to JBI, Inc. and
began operations of its main business operation, transforming waste
plastics to oil and other fuel products. During 2014, the Company
changed its name to Plastic2Oil, Inc. P2O is a combination of
proprietary technologies and processes developed by P2O which
convert waste plastics into fuel. P2O currently, as of April 7,
2017, has two processors at its Niagara Falls, NY facility. Both
processors are currently idle since December 2013. The Company's
P2O business has begun the transition from research and development
to a commercial manufacturing and production business. The Company
is based in Niagara Falls, New York.
PORTABELLA'S INC: Unsecureds to Get 20% in Quarterly Payments
-------------------------------------------------------------
Portabella's, Inc., filed with the U.S. Bankruptcy Court for the
Middle District of Pennsylvania a plan of reorganization, which
propose the following classification and treatment of claims:
Class 1: The secured claim of Mid Penn Bank. The first secured
creditor is Mid Penn Bank with a guarantee by the Small Business
Administration. At the time of filing, Mid Penn Bank was owed
$24,832.22 on one loan and $31,776.53 on the second. It has a lien
on assets of the Debtor including the liquor license, machinery,
fixtures, equipment and supplies. The parties entered into a June
20, 2017 stipulation for use of cash collateral which was approved
by this court on July 26, 2017 (Interim Order) and September 5,
2017 (Final Order). Monthly payments are in the amount of $1,752.81
and are being made on a current basis by the Debtor. These payments
will continue to be made in the above amount until the claims are
paid in full. Mid Penn's liens on the above property will remain
until the loans are paid in full.
* Class 2: The secured claim of the United States of America,
Department of Treasury, Internal Revenue Service. The second
secured creditor is the United States Treasury Department, Internal
Revenue Service. It has a secured claim in the amount of
$158,002.00 on account of liens filed on March 27, 2012, May 30,
2012 and July 23, 2012. The parties entered into a December 27,
2017 Stipulation for Use of Cash Collateral which was approved by
the Court on December 28, 2017 (Interim Order) and January 18, 2018
(Final Order). Monthly payments are in the amount of $3,000.00 and
are being made on a current basis by the Debtor. These payments
will continue to be made in the above amount until the secured
claim is paid in full. The liens will remain on the Debtor’s
property until the secured claim is paid in full.
* Class 3: The priority claim of the United States of America,
Department of Treasury, Internal Revenue Service. The Internal
Revenue Service has filed a Proof of Claim in the amount of
$536,985.55 for unpaid trust fund taxes and unpaid FUTA taxes, of
which $158,002.02 is secured as stated above, $329,142.32 is
priority, and $49,841.23 as an unsecured general claim. The
priority portion will be paid in full with statutory interest as
allowed by law within forty-eight (48) months of the order
confirming plan in equal monthly payments beginning thirty (30)
days of the order confirming plan, but no longer than sixty (60)
months from June 6, 2017.
* Class 4: The priority claim of the Commonwealth of
Pennsylvania, Department of Revenue. The Pennsylvania Department of
Revenue has filed a Proof of Claim in the amount of $74,519.07 for
unpaid employee withholding taxes and unpaid sales taxes. The
secured portion is $187.87, the priority portion is $50,847.99, and
the unsecured non-priority portion is $23,483.21. As stated above,
the secured portion will be treated as priority, bringing the total
priority portion to $51,035.86. The priority portion will be paid
in full with statutory interest as allowed by law in forty-eight
(48) equal monthly payments beginning thirty (30) days subsequent
to the date of the order confirming plan, but no longer than sixty
(60) months from June 6, 2017.
* Class 5: The priority claim of the Commonwealth of
Pennsylvania, Department of Labor and Industry. The Pennsylvania
Department of Labor and Industry has filed a Proof of Claim in Case
1:17-bk-02370-HWV Doc 63 Filed 03/28/18 Entered 03/28/18 09:53:13
Desc Main Document Page 3 of 9 4 the amount of $75,557.59 for
unpaid unemployment compensation tax. The secured portion is
$58,934.36 and the priority portion is $16,623.23. As stated above,
the secured portion will be treated as priority, thus treating the
entire claim as priority. This will be paid in full with statutory
interest as allowed by law in forty-eight (48) equal monthly
payments beginning thirty (30) days subsequent to the date of the
order confirming plan but no longer than sixty (60) months from
June 6, 2017.
* Class 6: The priority claim of Keystone Collections Group. The
Keystone Collections Group is listed as a creditor on Schedule E in
the amount of $23,802.20 for unpaid LST/EIT local taxes. This
amount will be paid in full with statutory interest as allowed by
law in forty-eight (48) equal monthly payments beginning thirty
(30) days subsequent to the date of the order confirming plan, but
no longer than sixty (60) months from June 6, 2017.
* Class 7: The claims of pre-petition general unsecured
creditors. Unsecured creditors with the exception of Justin L.
Nicholson, and Thomas J. Dacheux and Justin L. Nicholson, A
Pennsylvania General Partnership (will receive 0) will receive 20%
of the amounts of their claims to be made in quarterly payments
beginning three (3) years subsequent from the date of the order
confirming plan and continuing an additional three (3) years.
* Class 8: The claim of Thomas H. Dacheux and Justin L.
Nicholson, a General Partnership. The Debtor listed as the only
unexpired lease the lease of non-residential real estate at 2495
East Harrisburg Pike, Middletown, PA 17057, with Thomas H. Dacheux
and Justin L. Nicholson, a Pennsylvania Partnership. This lease is
for the place of business of the Debtor and is being assumed as
part of the plan of reorganization, since it is necessary for
continued operations. The Debtor in Possession has been making
regular monthly payments and will continue to do so in the future.
* Class 9: The ownership interest of Justin Nicholson, 100%
stockholder. Justin Nicholson is 100% stockholder of the Debtor.
The plan proposes for him to keep his stock ownership interest in
exchange for forgiveness of unpaid salary in the amount of
$59,750.00. This forgiveness is tantamount to a capital
contribution and is necessary to insure a successful
reorganization.
* Class 10: Professional and administrative claims. All
professional and administrative claims as allowed by this court
will be paid in cash on or before the effective date of the plan,
or in this case at the time of the order confirming plan or
otherwise agreed in writing between the Claimants and the Debtor.
Funds otherwise owed to professionals which the court has not yet
approved and are required by the Bankruptcy Code to be approved by
this court will be paid after necessary approvals have been
obtained.
All the payments will be made through the income derived from the
business operations of the Debtor in Possession.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/pamb17-02370-63.pdf
About Portabella's, Inc
Portabella's, Inc. owns a restaurant located at 2495 E. Harrisburg
Pike Middletown, Pennsylvania. It is a small business debtor as
defined in 11 U.S.C. Section 101(51D).
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Pa. Case No. 17-02370) on June 6, 2017. The
petition was signed by Justin L. Nicholson, president. At the time
of the filing, the Debtor estimated its assets and liabilities at
$1 million to $10 million.
The case is assigned to Judge Henry W. Van Eck. Lawrence G. Frank,
Esq. at Law Office of Lawrence G. Frank represents the Debtor.
The Debtor previously sought bankruptcy protection on Feb. 10, 2014
(Bankr. M.D. Pa. Case No. 14-00542).
QUALITY CONSTRUCTION: Hires Elmore as Financial Consultant
----------------------------------------------------------
Quality Construction & Production, LLC, and its debtor-affiliates
seek authority from the U.S. Bankruptcy Court for the Western
District of Louisiana to employ Elmore Consulting, LLC, as
financial consultant to the Debtors.
Quality Construction requires Elmore to:
a. assist the Debtors in evaluating its strategic options with
respect to the restructuring, sale or recapitalization of
its business and related entities;
b. assist the Debtors in analyzing the Debtors' assets and
liabilities and prospects of a successful restructuring;
c. assist the Debtors with the identification of potential
capital providers to facilitate a broader restructuring
which may include the Debtors and related entities;
d. assist the Debtors with the negotiation of any transaction,
including participating in negotiations with lenders,
creditors and advisors involved in any transaction;
e. assist, as requested, with negotiations with parties in
interest as it relates to the Debtors' recapitalization
activities and any potential transactions;
f. assist in the negotiation, documentation and consummation
of any transaction;
g. if requested, assist with the identification of a real
estate broker to facilitate the sale of the Debtors' real
estate assets; and
h. provide the Debtors with any other financial consulting
services they require during the restructuring as the need
arises.
Elmore will be paid $15,000 monthly consulting fee. Elmore will
also be paid a success fee of $200,000.
Elmore received the amount of $25,000 for prepetition services.
Jeff W. Elmore, principal owner of Elmore Consulting, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Elmore can be reached at:
Jeff W. Elmore
ELMORE CONSULTING, LLC
3262 Westheimer Road, Suite 609
Houston, TX 77098
Tel: (310) 625-8711
Fax: (484) 694-2350
About Quality Construction &
Production, LLC
Quality Construction & Production, LLC, and its subsidiaries
operate a group of oilfield service companies in the areas of
onshore and offshore fabrication, installation, and production
operations in Youngsville, Louisiana, and together employ
approximately 850 people. The Company's onshore fabrication
services include spool piping, production modules, manifolds, deck
extensions, and riser guards and clamps. QCP's offshore services
include hook-ups, facilities maintenance/upgrades, compressor
installations and field welding. Quality Construction was founded
by Nathan Granger and Troy Collins in 2001.
Quality Construction & Production, LLC, and three affiliates sought
Chapter 11 protection (Bankr. W.D. La. Lead Case No. 18-50303) on
March 16, 2018.
In the petition signed by Nathan Granger, president, Quality
Construction estimated $10 million to $50 million in assets and
debt.
The Hon. Robert Summerhays is the case judge.
The Debtors tapped Weinstein & St. Germain, LLC as their bankruptcy
counsel, and Donlin, Recano & Company as claims and noticing agent.
QUALITY CONSTRUCTION: Hires Mark Comeaux as Accountant
------------------------------------------------------
Quality Construction & Production, LLC, and its debtor-affiliates
seek authority from the U.S. Bankruptcy Court for the Western
District of Louisiana to employ Mark Comeaux, as accountant to the
Debtors.
Quality Construction requires Mark Comeaux to:
a. assist in projecting gross and net income in determining
disposable income for purposes of the Chapter 11 Plan;
b. prepare monthly reports; and
c. perform accounting services to the Debtors as required in
the bankruptcy case.
Mark Comeaux will be paid at the hourly rate of $150. Mark Comeaux
will be paid a retainer in the amount of $5,000. It will also be
reimbursed for reasonable out-of-pocket expenses incurred.
Mark Comeaux, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.
About Quality Construction &
Production, LLC
Quality Construction & Production, LLC, and its subsidiaries
operate a group of oilfield service companies in the areas of
onshore and offshore fabrication, installation, and production
operations in Youngsville, Louisiana, and together employ
approximately 850 people. The Company's onshore fabrication
services include spool piping, production modules, manifolds, deck
extensions, and riser guards and clamps. QCP's offshore services
include hook-ups, facilities maintenance/upgrades, compressor
installations and field welding. Quality Construction was founded
by Nathan Granger and Troy Collins in 2001.
Quality Construction & Production, LLC, and three affiliates sought
Chapter 11 protection (Bankr. W.D. La. Lead Case No. 18-50303) on
March 16, 2018. In the petition signed by Nathan Granger,
president, Quality Construction estimated $10 million to $50
million in assets and debt.
The Hon. Robert Summerhays is the case judge.
The Debtors tapped Weinstein & St. Germain, LLC as their bankruptcy
counsel, and Donlin, Recano & Company as claims and noticing agent.
QUEST PATENT: Incurs $1.16 Million Net Loss in 2017
---------------------------------------------------
Quest Patent Research Corporation filed with the Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss of $1.16 million on $1.23 million of revenues for the year
ended Dec. 31, 2017, compared to a net loss of $956,092 on $1.26
million of revenues for the year ended Dec. 31, 2016.
As of Dec. 31, 2017, Quest Patent had $2.63 million in total
assets, $5.06 million in total liabilities and a total
stockholders' deficit of $2.42 million.
For 2017, the Company used cash of $167,778 in its operations,
reflecting its loss of $1,167,331, which was offset principally by
depreciation and amortization of its intellectual property rights
of $331,276, interest accrued and not paid of $282,695,
amortization of debt discount on the loan from United Wireless of
$206,801, a share-based compensation of $77,000, loss on
monetization agreement of $59,811, a decrease in accounts
receivable of $52,148 and an increase in account payable of
$39,854, and increased by the $50,000 gain on derivative
liability.
Cash flow from financing activities in both 2017 related to loans
from United Wireless of $125,000 in 2017 and $250,000 in 2016.
In 2017, non-cash investing and financing activities consisted of
an account payable of $772,478, representing a $1,000,000 payment
due to Intellectual Ventures, net of imputed interest of $202,522,
and $1,025,000 representing loans from United Wireless with respect
to which the payments were made directly to Intellectual Ventures
($1,000,000) and IV 34/37 ($25,000).
MaloneBailey, LLP, in Houston, Texas, 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
stating that the Company has suffered recurring losses from
operations and has a net capital deficiency that raises substantial
doubt about its ability to continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/hgQd7R
About Quest Patent
Quest Patent Research Corporation is an intellectual property asset
management company. The Company's principal operations include the
development, acquisition, licensing and enforcement of intellectual
property rights that are either owned or controlled by the Company
or one of its wholly owned subsidiaries. The Company currently
owns, control or manage eight intellectual property portfolios,
which principally consist of patent rights. The Company's eight
intellectual property portfolios include the three portfolios which
the Company acquired in October 2015 from Intellectual Ventures
Assets 16, LLC.
RARE ROSE ENTERPRISES: Hires Parrish Jr. as Counsel
---------------------------------------------------
Rare Rose Enterprises, LLC, seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to employ
the Law Office of Demetrius J. Parrish, Jr., as counsel to the
Debtor.
Rare Rose Enterprises requires Parrish Jr. to:
a. provide legal advice with respect to the Debtor's power and
duties as debtors in possession in the continued operation
of its business;
b. pursuit of confirmation of a plan of reorganization and
approval of the corresponding solicitation procedures and
disclosure statement;
c. prepare on behalf of the Debtors necessary applications,
motions, answers, orders, reports and other legal papers;
d. appear in Court and otherwise protecting the interests of
the Debtor before the Court; and
e. perform all legal services for the Debtor which may be
necessary and proper in these proceedings.
Parrish Jr. will be paid at the hourly rate of $275. Parrish Jr.
will also be reimbursed for reasonable out-of-pocket expenses
incurred.
Demetrius J. Parrish, Jr., a partner at Law Office of Demetrius J.
Parrish, Jr., assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.
Parrish Jr. can be reached at:
Demetrius J. Parrish, Jr., Esq.
7715 Crittenden Street
Philadelphia, PA 19118
Tel: (215) 735–3377
Fax: (215) 827-5420
Email: djpesq@gmail.com
About Rare Rose Enterprises
Rare Rose Enterprises, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Pa. Case No. 18-11509) on March 6, 2018, estimating
under $1 million in both assets and liabilities. The Law Office of
Demetrius J. Parrish, Jr., is the Debtor's counsel.
REAL INDUSTRY: May 1 Plan Confirmation Hearing
----------------------------------------------
The hearing to consider confirmation of the disclosure statement
explaining Real Industry, Inc., et al.'s reorganization plan is set
for May 1, 2018 at 1:00 PM. Deadline for objections to disclosure
statement is April 26, 2018 at 12:00 PM.
The deadline to vote on the Plan with respect to Classes 4, 5, and
6 is April 23, 2018 at 5:00 P.M. (Prevailing Eastern Time).
The original Plan filed on March 1 provided that holders of Class 3
- Allowed General Unsecured Claims are unimpaired and are entitled
to recover 100% of their total allowed claims. Holders of Class 4
- Allowed Series B Preferred Interests are impaired and are
entitled to recover 44-48% of their total allowed claims. Holders
of Class 5 - Allowed Common Interests will get $0.19-$0.24 per
share.
Prior to the disclosure statement hearing, the Debtors amended the
Plan to provide, among other things, removed Class 6 - Certain
Allowed Common Interests Convenience Class consisting of allowed
common interests to the extent held by a holder of 100 or fewer
allowed common interests. The Amended Plan provides that as of the
Effective Date, the total number of (x) authorized shares of New
Common Stock in the Reorganized Debtor will be 5,000,000, (y)
issued and outstanding shares of New Common Stock in the
Reorganized Debtor will be approximately 1,481,250 if Class 5 votes
to accept the Plan or approximately 1,851,563 if Class 5 votes to
reject the Plan, and (z) authorized shares of Series A Preferred
Stock will be 5,000.
Specifically, the Amended Plan proposes the following
classification and treatment of claims:
* Class 1: Allowed Secured Claims Classification. Each Holder of
an Allowed Secured Claim will receive in full satisfaction,
settlement, release, and discharge of and in exchange for the
Allowed Secured Claim, as soon as reasonably practicable after the
later of (a) the Effective Date, (b) the Allowance Date, (c) the
date the Allowed Secured Claim becomes due and owing in the
ordinary course of business, and (d) the date as is mutually agreed
upon by the Debtor or the Reorganized Debtor, as applicable, and
the Holder of the Allowed Secured Claim, either: (i) at the sole
discretion of the Debtor or the Reorganized Debtor, as applicable,
(x) Cash equal to the unpaid portion of the Allowed Secured Claim,
including any interest on the Allowed Secured Claim required to be
paid pursuant to Bankruptcy Code § 506(b), or (y) Reinstatement of
the Allowed Secured Claim; or (ii) the other treatment as may be
agreed to by the Debtor and the Holder of the Allowed Secured Claim
in writing.
* Class 2: Allowed Priority Non-Tax Claims. Each Holder of an
Allowed Priority Non-Tax Claim will receive in full satisfaction,
settlement, release, and discharge of and in exchange for the
Allowed Priority Non-Tax Claim, as soon as reasonably practicable
after the later of (a) the Effective Date, (b) the Allowance Date,
(c) the date the Allowed Priority Non-Tax Claim becomes due and
owing in the ordinary course of business, and (d) the date as is
mutually agreed upon by the Debtor or the Reorganized Debtor, as
applicable, and the Holder of the Allowed Priority Non-Tax Claim,
either: (i) at the sole discretion of the Debtor or the Reorganized
Debtor, as applicable, (x) Cash equal to the unpaid portion of the
Allowed Priority Non-Tax Claim, or (y) Reinstatement of the Allowed
Priority Non-Tax Claim; or (ii) the other treatment as may be
agreed to by the Debtor and the Holder of the Allowed Priority
Non-Tax Claim in writing.
* Class 3: Allowed General Unsecured Claims. Each Holder of an
Allowed General Unsecured Claim will receive in full satisfaction,
settlement, release, and discharge of and in exchange for the
Allowed General Unsecured Claim, as soon as reasonably practicable
after the later of (a) the Effective Date, (b) the Allowance Date,
(c) the date the Allowed General Unsecured Claim becomes due and
owing in the ordinary course of business, and (d) the date as is
mutually agreed upon by the Debtor or the Reorganized Debtor, as
applicable, and the Holder of the Allowed General Unsecured Claim,
either: (i) at the sole discretion of the Debtor or the Reorganized
Debtor, as applicable, (x) Cash equal to the unpaid portion of the
Allowed General Unsecured Claim, or (y) Reinstatement of the
Allowed General Unsecured Claim; or (ii) the other treatment as may
be agreed to by the Debtor and the Holder of the Allowed General
Unsecured Claim in writing.
* Class 4: Series B Preferred Interests. Each Holder of an
Allowed Series B Preferred Interest will receive, on the Effective
Date as more fully described in the Plan, in full satisfaction,
settlement, release, and discharge of and in exchange for the
Allowed Series B Preferred Interest, (a) its Pro Rata share of
$2,000,000 in Cash consideration, plus (b) its Pro Rata share of
35% of the total of the New Common Stock of the Reorganized Debtor
issued and outstanding as of the Effective Date (on a fully diluted
basis, provided that no fractional shares of New Common Stock will
be issued, and any fractional share will be rounded up or down to
the nearest whole share as set forth in the Plan), plus (c) its Pro
Rata share of the Debtor’s RAIH Recovery Class 4 Share.
Notwithstanding the foregoing, in the event that Class 5 votes in
favor of the Plan, sub-part (b) above will be modified the that
each Holder of Allowed Series B Preferred Interests will receive
its Pro Rata share of 31% of the total of the New Common Stock of
the Reorganized Debtor issued and outstanding as of the Effective
Date (on a fully diluted basis, provided that no fractional shares
of New Common Stock will be issued, and any fractional share will
be rounded up or down to the nearest whole share as set forth in
the Plan).
* Class 5: Allowed Common Interests. Each Holder of an Allowed
Common Interest will receive, on the Effective Date as more fully
described in the Plan, in full satisfaction, settlement, release,
and discharge of and in exchange for the Allowed Common Interest,
its Pro Rata share of 16% of the total of the New Common Stock of
the Reorganized Debtor issued and outstanding as of the Effective
Date (on a fully diluted basis, provided that no fractional shares
of New Common Stock will be issued, and any fractional share will
be rounded up or down to the nearest whole share as set forth in
the Plan), plus its Pro Rata share of Debtor’s RAIH Recovery
Class 5 Share. In the event that Class 5 votes in favor of the
Plan, each Holder of an Allowed Common Interest will be entitled to
receive, in addition to the treatment provided for above, its Pro
Rata share of an additional 4% of the total, for a total of 20% of
the New Common Stock of the Reorganized Debtor issued and
outstanding as of the Effective Date (on a fully diluted basis,
provided that no fractional shares of New Common Stock will be
issued, and any fractional share will be rounded up or down to the
nearest whole share as set forth in the Plan).
* Class 6: Allowed Warrant/Option Interests. All Warrant/Option
Contracts will be terminated on the Effective Date. Holders of
Allowed Warrant/Option Interests will not receive any recovery on
account of the Interests.
All Cash necessary for the Debtor to make Distributions under the
Plan will be obtained from the Debtor’s existing Cash balances,
the SPA Purchase Consideration, or the liquidation of property of
the Estate.
During the period from the Confirmation Date through and until the
Effective Date, the Debtor may continue to operate its business as
a debtor in possession, subject to all applicable orders of the
Bankruptcy Court and any limitations or agreements set forth in the
Commitment Letter, the DIP Credit Agreement, or the DIP Order.
A full-text copy of the solicitation version of the Disclosure
Statement is available at:
http://bankrupt.com/misc/deb17-12464-648.pdf
A full-text copy of the Disclosure Statement dated March 1 is
available at:
http://bankrupt.com/misc/deb17-12464-528.pdf
About Real Industry
Based in Beachwood, Ohio, Real Industry, Inc. (NASDAQ:RELY) is the
holding company for Real Alloy, the largest third-party aluminum
recycler in both North America and Europe. Real Alloy offers
products to wrought alloy processors, automotive original equipment
manufacturers, foundries, and casters. Real Alloy delivers
recycled metal in liquid or solid form according to customer
specifications and serves the automotive, consumer packaging,
aerospace, building and construction, steel, and durable goods
industries.
Real Industry has no funded debt. The funded debt obligations of
the Real Alloy debtors total $400 million, comprised of (i) $96
million outstanding under a $110 senior secured revolving
asset-based credit facility with Bank of America, and (ii) $305
million in principal outstanding under 10.00% senior secured notes
due 2019.
Real Industry, Inc., and Real Alloy Intermediate Holding, LLC, Real
Alloy Holding, Inc., and their U.S. subsidiaries filed voluntary
petitions (Bankr. D. Del. Lead Case No. 17-12464) seeking relief
under Chapter 11 of the Bankruptcy Code in Delaware on Nov. 17,
2017.
The Honorable Kevin J. Carey is the case judge. The Debtors tapped
Saul Ewing Arnstein & Lehr LLP as local bankruptcy counsel;
Jefferies LLC as the debtors' investment banker; Berkeley Research
Group, LLC as financial advisor; Ernst & Young LLP as auditor and
tax advisor; and Prime Clerk as the claims and noticing agent and
administrative advisor.
The Ad Hoc Noteholder Group tapped Latham & Watkins LLP as counsel;
Young Conway Stargatt & Taylor LLP as Delaware counsel; and Alvarez
& Marsal Securities, LLC, as financial advisor.
DDJ Capital Management, LLC, Osterweis Capital Management, HPS
Investment Partners, LLC, Hotchkis & Wiley Capital Management, and
Southpaw Credit Opportunity Master Fund L.P. comprise the Ad Hoc
Noteholder Group.
The Official Committee of Unsecured Creditors tapped Brown Rudnick
LLP as counsel; Duane Morris LLP as Delaware counsel; Miller
Buckfire & Co, LLC, as investment banker; and Goldin Associates,
LLC, as financial advisor.
The Ad Hoc Committee of Equity Holders of Real Industry tapped the
firms of Dentons US LLP and Bayard, P.A., as counsel.
* * *
When it filed for bankruptcy, Real Alloy entered into an agreement
with its existing asset-based facility lender and certain of its
bondholders for continued use of its $110 million asset-based
lending facility and up to $85 million of additional liquidity
through debtor-in-possession financing to fund ongoing business
operations.
As Real Industry has no access to the Real Alloy debtors'
postpetition financing, Real Industry accepted an unsolicited
proposal from 210 Capital, LLC and the Private Credit Group of
Goldman Sachs Asset Management L.P. for (i) up to $5.5 million in
postpetition financing, (ii) an equity commitment of $17 million
for up to 49% of the common stock, and (iii) a commitment to
provide a $500 million acquisition financing facility on terms to
be negotiated.
On March 1, 2018, Real Industry, Inc. filed a Plan of
Reorganization and the Disclosure Statement related thereto. The
Bankruptcy Court will hold a hearing to consider approval of the
Disclosure Statement on March 29, 2018 at 10:00 a.m. (Prevailing
Eastern Time).
REIGN CORPORATION: Incurs $4.25 Million Net Loss in 2017
--------------------------------------------------------
Reign Corporation filed with the Securities and Exchange Commission
its Annual Report on Form 10-K reporting a net loss of $4.25
million on $1.28 million of net revenues for the year ended Dec.
31, 2017.
For the month ended Dec. 31, 2016, the Company reported a net loss
of $199,142 on $250,601 of net revenues. For the 11 months ended
Nov. 30, 2016, the Company reported a net loss of $632,388 on $1.55
million of net revenues.
As of Dec. 31, 2017, Reign Corporation had $2.07 million in total
assets, $4.16 million in total liabilities and a total
shareholders' deficit of $2.09 million.
The report from the Company's independent accounting firm Hall &
Company, in Irvine, California, the Company's auditor since 2015,
on the consolidated financial statements for the year ended Dec.
31, 2017, includes an explanatory paragraph stating that the
Company has suffered losses from operations and cash outflows from
operating activities that 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/O0md7o
About Reign Corporation
Reign Corporation ("RGNP"), formerly known as Reign Sapphire
Corporation, RGNP is a Beverly Hills-based, direct-to-consumer,
branded and custom jewelry company with 4 niche brands: Reign
Sapphires: ethically produced, direct mine-to-consumer sapphire
jewelry targeting millennials, Coordinates Collection: custom
jewelry, inscribed with location coordinates commemorating life's
special moments, and Le Bloc: classic customized jewelry and
athleisure jewelry brand ION Collection by Jen Selter.
REMARKABLE HEALTHCARE: Committee Taps Searcy as Legal Counsel
-------------------------------------------------------------
The official committee of unsecured creditors of Remarkable
Healthcare of Carrollton, LP seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Texas to hire Searcy &
Searcy, P.C., as its legal counsel.
The firm will provide legal services to the committee in connection
with the Chapter 11 cases of Remarkable Healthcare and its
affiliates.
The firm's hourly rates are:
Jason Searcy $500
Joshua Searcy $325
Callan Searcy $275
Paraprofessionals $125
Jason Searcy, Esq., a senior attorney at Searcy, disclosed in a
court filing that he is a "disinterested person" as defined in
section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jason R. Searcy, Esq.
Joshua P. Searcy, Esq.
Callan C. Searcy, Esq.
P.O. Box 3929
Longview, TX 75606
Tel: 903 757-3399
Fax: 903 757-9559
E-mail: jsearcy@jrsearcylaw.com
E-mail: joshsearcy@jrsearcylaw.com
E-mail: ccsearcy@jrsearcylaw.com
About Remarkable Healthcare
Remarkable Healthcare operates skilled nursing facilities in
Dallas, Fort Worth, Prestonwood and Seguin, Texas. All Remarkable
facilities are designed to meet the needs of patients requiring
post-acute recovery and therapy or residents needing a longer-term
stay. Services are tailored to each individual with the goal of
facilitating increased strength and mobility while minimizing pain
and impairment. Remarkable's programs are designed to help
patients recover quickly from surgery, injury, or serious illness
and speed up the recovery process.
Remarkable Healthcare of Carrollton, LP and its affiliates filed
voluntary petitions (Bankr. E.D. Tex. Lead Case No. 18-40295) on
Feb. 12, 2018, seeking relief under Chapter 11 of the Bankruptcy
Code.
In the petitions signed by Laurie Beth McPike, president of LBJM,
LLC, its general partner, Remarkable Healthcare of Carrollton,
Remarkable Healthcare of Dallas, Remarkable Healthcare of Fort
Worth and Remarkable Healthcare of Seguin, each had estimated $1
million to $10 million in both assets liabilities; and Remarkable
Healthcare had $100,000 to $500,000 in estimated assets and $1
million to $10 million in estimated liabilities.
Mark A. Castillo, Esq., at Curtis Castillo PC, serves as the
Debtors' counsel.
On March 19, 2018, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.
REMINGTON OUTDOOR: Hires Alvarez & Marsal as Financial Advisor
--------------------------------------------------------------
Remington Outdoor Company, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Alvarez & Marsal North America, LLC, as
financial advisor to the Debtors.
Remington Outdoor requires Alvarez & Marsal to:
a. assist in the preparation of financial information for
distribution to creditors and others, including cash flow
projections and DIP budgets, analysis of cash receipts, and
disbursement including required variance reporting,
analysis of various asset accounts and borrowing base
availability and projected availability under the borrowing
base;
b. assist to the Debtors in the preparation of financial-
related disclosures required by the Court, including the
monthly operating reports;
c. assist in the preparation of analysis to support
management's efforts to optimize working capital and
profitability, including analysis of inventory levels; and
d. provide such other general business consulting or such
other assistance as the Debtors' management or counsel may
deem necessary consistent with the role of a financial
advisor to the extent that it would not be duplicative of
services provided by other professionals in the bankruptcy
proceeding.
Alvarez & Marsal will be paid at these hourly rates:
Managing Directors $850 to $1,050
Directors $650 to $800
Analysts/Associates $400 to $625
Alvarez & Marsal received from the Debtors a retainer the amount of
$250,000. In the 90 days prior to the Petition Date, Alvarez &
Marsal received retainers and payments totaling $1,686,146 for
services performed. The unapplied residual retainer of $457,198
will be held in Alvarez & Marsal's trust.
Alvarez & Marsal will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Joseph J. Sciametta, a managing director of Alvarez & Marsal North
America, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.
Alvarez & Marsal can be reached at:
Joseph J. Sciametta
ALVAREZ & MARSAL NORTH AMERICA, LLC
2100 Ross Avenue, 21st Floor
Dallas, TX 75201
Tel: (214) 438-1000
Fax: +1 214-438-1001
About Remington Outdoor Company
Based in Madison, North Carolina, Remington Outdoor Company, Inc.
-- https://www.remingtonoutdoorcompany.com/ -- manufactures and
markets firearms, ammunition, and related products for commercial,
military, and law enforcement customers worldwide. The company
operates through two segments, Firearms and Ammunition.
The company is controlled by Cerberus Capital Management.
Remington's affiliated companies are FGI Holding Company, LLC; and
FGI Operating Company, LLC; Remington Arms Company, LLC; Barnes
Bullets, LLC; TMRI, Inc.; RA Brands, L.L.C.; and Remington Arms
Distribution Company, LLC.
As of Oct. 1, 2017, Remington listed $954.3 million in total assets
against $1.306 billion in total liabilities and $351.9 million in
stockholders' deficit.
On March 25, 2018, Remington Outdoor Company, Inc. and 12
affiliated debtors sought Chapter 11 bankruptcy protection (Bankr.
D. Del. Lead Case No. 18-10684) to seek confirmation of a
prepackaged plan of reorganization.
The Debtors continue to operate their businesses as debtors and
debtors in possession pursuant to Sections 1107(a) and 1108 of the
Bankruptcy Code. No party has requested the appointment of a
trustee or examiner and no committee has been appointed or
designated in these Chapter 11 Cases. The Debtors' request for
joint administration of these Chapter 11 Cases for procedural
purposes only is currently pending.
Milbank, Tweed, Hadley & McCloy LLP and Pachulski Stang Ziehl &
Jones LLP are serving as bankruptcy counsel to the Debtors.
Lowenstein Sandler is serving as co-counsel; Genovese Joblove &
Battista, P.A., is special counsel; Alvarez & Marsal North America,
LLC, is financial advisor; and Prime Clerk LLC is the claims and
noticing agent and administrative advisor.
Counsel to the Ad Hoc Group of Term Loan Lenders are O'Melveny &
Myers, led by Andrew Parlen and Joseph Zujkowksi, and Richards,
Layton & Finger LLP. Counsel to the ABL Agent and ABL Lenders is
Skadden, Arps, Slate, Meagher & Flom LLP, led by Paul Leake, Shana
Elberg, and Jason Liberi. Counsel to the Third Lien Notes
Indenture Trustee, is Dorsey & Whitney LLP, led by Adam F.
Jachimowski. Counsel to the Ad Hoc Group of Third Lien Noteholders
are Willkie Farr & Gallagher LLP, led by Rachel C. Strickland and
Joseph G. Minias; and Young Conaway Stargatt & Taylor, LLP, led by
Edmon Morton. Counsel to Ankura Trust Company, as the successor
administrative agent under the Term Loan Agreement, are Davis Polk
& Wardell LLP, led by Damian S. Schaible; and Richards, Layton &
Finger LLP, led by Mark Collins.
REMINGTON OUTDOOR: Hires Lowenstein Sandler as Special Counsel
--------------------------------------------------------------
Remington Outdoor Company, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Lowenstein Sandler, as co-counsel to the
Debtors.
Remington Outdoor requires Lowenstein Sandler to:
a. advise the Debtor, and its board of directors, with respect
to its rights, powers and duties as debtors in possession
in the continued operation of their business during the
bankruptcy case;
b. advise and consult on the conduct of the Chapter 11 case,
including all of the legal and administrative requirements
of operating in Chapter 11;
c. attend meetings and negotiate with representatives of
creditors and other parties in interest;
d. appear before the Court and any appellate courts to
represent the interests of the Debtors' estate;
e. take any necessary action to pursue and obtain approval of
a disclosure statement and confirmation of a Chapter 1 plan
and all documents related thereto, including the
prepackaged Plan; and
f. perform all other necessary legal services for the Debtor
in connection with the prosecution of the Chapter 11 case.
Lowenstein Sandler will be paid at these hourly rates:
Partners $600-$1,285
Senior Counsel/Counsel $450-$760
Associates $350-$580
Paraprofessionals $135-$340
As of the present date, Lowenstein Sandler holds a retainer in the
approximate amount of $73,422.
Lowenstein Sandler will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Paul Kizel, a partner at Lowenstein Sandler, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Lowenstein Sandler can be reached at:
Paul Kizel, Esq.
Lowenstein Sandler
One Lowenstein Drive
Roseland, NJ 07068
Tel: (973) 597-2500
Fax: (973) 597-2400
About Remington Outdoor Company
Based in Madison, North Carolina, Remington Outdoor Company, Inc.
-- https://www.remingtonoutdoorcompany.com/ -- manufactures and
markets firearms, ammunition, and related products for commercial,
military, and law enforcement customers worldwide. The company
operates through two segments, Firearms and Ammunition.
The company is controlled by Cerberus Capital Management.
Remington's affiliated companies are FGI Holding Company, LLC; and
FGI Operating Company, LLC; Remington Arms Company, LLC; Barnes
Bullets, LLC; TMRI, Inc.; RA Brands, L.L.C.; and Remington Arms
Distribution Company, LLC.
As of Oct. 1, 2017, Remington listed $954.3 million in total assets
against $1.306 billion in total liabilities and $351.9 million in
stockholders' deficit.
On March 25, 2018, Remington Outdoor Company, Inc. and 12
affiliated debtors sought Chapter 11 bankruptcy protection (Bankr.
D. Del. Lead Case No. 18-10684) to seek confirmation of a
prepackaged plan of reorganization.
The Debtors continue to operate their businesses as debtors and
debtors in possession pursuant to Sections 1107(a) and 1108 of the
Bankruptcy Code. No party has requested the appointment of a
trustee or examiner and no committee has been appointed or
designated in these Chapter 11 Cases. The Debtors' request for
joint administration of these Chapter 11 Cases for procedural
purposes only is currently pending.
Milbank, Tweed, Hadley & McCloy LLP and Pachulski Stang Ziehl &
Jones LLP are serving as bankruptcy counsel to the Debtors.
Lowenstein Sandler is serving as co-counsel; Genovese Joblove &
Battista, P.A., is special counsel; Alvarez & Marsal North America,
LLC, is financial advisor; and Prime Clerk LLC is the claims and
noticing agent and administrative advisor.
Counsel to the Ad Hoc Group of Term Loan Lenders are O'Melveny &
Myers, led by Andrew Parlen and Joseph Zujkowksi, and Richards,
Layton & Finger LLP. Counsel to the ABL Agent and ABL Lenders is
Skadden, Arps, Slate, Meagher & Flom LLP, led by Paul Leake, Shana
Elberg, and Jason Liberi. Counsel to the Third Lien Notes
Indenture Trustee, is Dorsey & Whitney LLP, led by Adam F.
Jachimowski. Counsel to the Ad Hoc Group of Third Lien Noteholders
are Willkie Farr & Gallagher LLP, led by Rachel C. Strickland and
Joseph G. Minias; and Young Conaway Stargatt & Taylor, LLP, led by
Edmon Morton. Counsel to Ankura Trust Company, as the successor
administrative agent under the Term Loan Agreement, are Davis Polk
& Wardell LLP, led by Damian S. Schaible; and Richards, Layton &
Finger LLP, led by Mark Collins.
REMINGTON OUTDOOR: Hires Pachulski Stang as Co-Counsel
------------------------------------------------------
Remington Outdoor Company, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Pachulski Stang Ziehl & Jones LLP, as co-counsel
to the Debtors.
Remington Outdoor requires Pachulski Stang to:
a. provide legal advice regarding Delaware local rules,
practices, and procedures;
b. review and comment on drafts of documents to ensure
compliance with Delaware local rules, practices, and
procedures;
c. file documents as requested by Milbank and coordinate with
the Debtors' claims agent for service of documents;
d. prepare agenda letters, certificates of no objection,
certifications of counsel, and notices of fee applications
and hearings;
e. prepare hearing binders of documents and pleadings,
printing of documents and pleadings for hearings;
f. appear in Court and at any meeting of creditors on behalf
of the Debtors in its capacity as Delaware counsel with
Milbank Tweed Hadley & McCloy LLP;
g. monitor the docket for filings and coordinate with Milbank
on pending matters that need responses;
h. prepare and maintain critical dates memorandum to monitor
pending applications, motions, hearing dates and other
matters and the deadlines associated with same,
distributing critical dates memorandum with Milbank for
review and any necessary coordination for pending matters;
i. handle inquiries and calls from creditors and counsel to
interested parties regarding pending matters and the
general status of the case, and coordinate with Milbank on
any necessary responses; and
j. provide additional administrative support to Milbank, as
requested.
Pachulski Stang will be paid at these hourly rates:
Partners $650 to $1,295
Of Counsel $595 to $1025
Associates $495 to $595
Paraprofessionals $295 to $395
Pachulski Stang has received payments from the Debtors during the
year prior to the Petition Date in the amount of $215,453 in
connection with its prepetition representation of the Debtors.
Pachulski Stang will also be reimbursed for reasonable
out-of-pocket expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Pachulski Stang represented the client in the 12
month period prepetition. During such
representation, the billing rate for Pachulski
Stang remained the same as the billing rates
disclosed in the Application, subject to a periodic
adjustment on January 1, 2018. The material
financial terms for the prepetition engagement
remained the same as the engagement was hourly-
based.
The billing rates and material financial terms for
the postpetition period remain the same as the
prepetition period. The standard hourly rates of
Pachulski Stang are subject to periodic adjustment
in accordance with the Firm's practice.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Yes. The Debtor has approved budget and staffing
plan for the first 13 weeks of the case.
Laura Davis Jones, a partner at Pachulski Stang Ziehl & Jones,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.
Pachulski Stang can be reached at:
Laura Davis Jones, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
919 North Market Street, 17th Floor
Wilmington, DE 19899-8705
Tel: (302) 652-4100
Fax: (302) 652-4400
E-mail: ljones@pszjlaw.com
About Remington Outdoor Company
Based in Madison, North Carolina, Remington Outdoor Company, Inc.
-- https://www.remingtonoutdoorcompany.com/ -- manufactures and
markets firearms, ammunition, and related products for commercial,
military, and law enforcement customers worldwide. The company
operates through two segments, Firearms and Ammunition.
The company is controlled by Cerberus Capital Management.
Remington's affiliated companies are FGI Holding Company, LLC; and
FGI Operating Company, LLC; Remington Arms Company, LLC; Barnes
Bullets, LLC; TMRI, Inc.; RA Brands, L.L.C.; and Remington Arms
Distribution Company, LLC.
As of Oct. 1, 2017, Remington listed $954.3 million in total assets
against $1.306 billion in total liabilities and $351.9 million in
stockholders' deficit.
On March 25, 2018, Remington Outdoor Company, Inc. and 12
affiliated debtors sought Chapter 11 bankruptcy protection (Bankr.
D. Del. Lead Case No. 18-10684) to seek confirmation of a
prepackaged plan of reorganization.
The Debtors continue to operate their businesses as debtors and
debtors in possession pursuant to Sections 1107(a) and 1108 of the
Bankruptcy Code. No party has requested the appointment of a
trustee or examiner and no committee has been appointed or
designated in these Chapter 11 Cases. The Debtors' request for
joint administration of these Chapter 11 Cases for procedural
purposes only is currently pending.
Milbank, Tweed, Hadley & McCloy LLP and Pachulski Stang Ziehl &
Jones LLP are serving as bankruptcy counsel to the Debtors.
Lowenstein Sandler is serving as co-counsel; Genovese Joblove &
Battista, P.A., is special counsel; Alvarez & Marsal North America,
LLC, is financial advisor; and Prime Clerk LLC is the claims and
noticing agent and administrative advisor.
Counsel to the Ad Hoc Group of Term Loan Lenders are O'Melveny &
Myers, led by Andrew Parlen and Joseph Zujkowksi, and Richards,
Layton & Finger LLP. Counsel to the ABL Agent and ABL Lenders is
Skadden, Arps, Slate, Meagher & Flom LLP, led by Paul Leake, Shana
Elberg, and Jason Liberi. Counsel to the Third Lien Notes
Indenture Trustee, is Dorsey & Whitney LLP, led by Adam F.
Jachimowski. Counsel to the Ad Hoc Group of Third Lien Noteholders
are Willkie Farr & Gallagher LLP, led by Rachel C. Strickland and
Joseph G. Minias; and Young Conaway Stargatt & Taylor, LLP, led by
Edmon Morton. Counsel to Ankura Trust Company, as the successor
administrative agent under the Term Loan Agreement, are Davis Polk
& Wardell LLP, led by Damian S. Schaible; and Richards, Layton &
Finger LLP, led by Mark Collins.
REMINGTON OUTDOOR: Hires Prime Clerk as Administrative Advisor
--------------------------------------------------------------
Remington Outdoor Company, Inc., and its debtor-affiliates, seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Prime Clerk LLC, as administrative advisor to
the Debtors.
Remington Outdoor requires Prime Clerk to:
a. assist with, among other things, solicitation, balloting,
and tabulation of votes, and prepare any related reports,
as required in support of confirmation of a chapter 11
plan, and in connection with such services, process
requests for documents from parties in interest, including,
if applicable, brokerage firms, bank back-offices, and
institutional holders;
b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c. assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs
and gather data in conjunction therewith;
d. provide a confidential data room, if requested;
e. manage and coordinate any distributions pursuant to a
chapter 11 plan; and
f. provide such other processing, solicitation, balloting, and
other administrative services described in the Engagement
Agreement, but not covered by the Section 156(c) Order, as
may be requested from time to time by the Debtors, the
Court, or the Office of the Clerk of the Bankruptcy Court
(the "Clerk").
Prime Clerk will be paid at these hourly rates:
Director of Solicitation $200
Solicitation Consultant $180
COO and Executive VP No charge
Director $170-$190
Consultant/Senior Consultant $65-$160
Technology Consultant $35-$95
Analyst $30-$45
Prime Clerk will be paid a retainer in the amount of $50,000.
Prime Clerk will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Benjamine J. Steele, vice president of Prime Clerk, LLC, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Prime Clerk can be reached at:
Benjamine J. Steele
PRIME CLERK, LLC
830 3rd Avenue, 90th Floor
New York, NY 10022
Tel: (212) 257-5450
About Remington Outdoor Company
Based in Madison, North Carolina, Remington Outdoor Company, Inc.
-- https://www.remingtonoutdoorcompany.com/ -- manufactures and
markets firearms, ammunition, and related products for commercial,
military, and law enforcement customers worldwide. The company
operates through two segments, Firearms and Ammunition.
The company is controlled by Cerberus Capital Management.
Remington's affiliated companies are FGI Holding Company, LLC; and
FGI Operating Company, LLC; Remington Arms Company, LLC; Barnes
Bullets, LLC; TMRI, Inc.; RA Brands, L.L.C.; and Remington Arms
Distribution Company, LLC.
As of Oct. 1, 2017, Remington listed $954.3 million in total assets
against $1.306 billion in total liabilities and $351.9 million in
stockholders' deficit.
On March 25, 2018, Remington Outdoor Company, Inc. and 12
affiliated debtors sought Chapter 11 bankruptcy protection (Bankr.
D. Del. Lead Case No. 18-10684) to seek confirmation of a
prepackaged plan of reorganization.
The Debtors continue to operate their businesses as debtors and
debtors in possession pursuant to Sections 1107(a) and 1108 of the
Bankruptcy Code. No party has requested the appointment of a
trustee or examiner and no committee has been appointed or
designated in these Chapter 11 Cases. The Debtors' request for
joint administration of these Chapter 11 Cases for procedural
purposes only is currently pending.
Milbank, Tweed, Hadley & McCloy LLP and Pachulski Stang Ziehl &
Jones LLP are serving as bankruptcy counsel to the Debtors.
Lowenstein Sandler is serving as co-counsel; Genovese Joblove &
Battista, P.A., is special counsel; Alvarez & Marsal North America,
LLC, is financial advisor; and Prime Clerk LLC is the claims and
noticing agent and administrative advisor.
Counsel to the Ad Hoc Group of Term Loan Lenders are O'Melveny &
Myers, led by Andrew Parlen and Joseph Zujkowksi, and Richards,
Layton & Finger LLP. Counsel to the ABL Agent and ABL Lenders is
Skadden, Arps, Slate, Meagher & Flom LLP, led by Paul Leake, Shana
Elberg, and Jason Liberi. Counsel to the Third Lien Notes
Indenture Trustee, is Dorsey & Whitney LLP, led by Adam F.
Jachimowski. Counsel to the Ad Hoc Group of Third Lien Noteholders
are Willkie Farr & Gallagher LLP, led by Rachel C. Strickland and
Joseph G. Minias; and Young Conaway Stargatt & Taylor, LLP, led by
Edmon Morton. Counsel to Ankura Trust Company, as the successor
administrative agent under the Term Loan Agreement, are Davis Polk
& Wardell LLP, led by Damian S. Schaible; and Richards, Layton &
Finger LLP, led by Mark Collins.
REMINGTON OUTDOOR: Seeks Approval of DIP Facilities, Cash Use
-------------------------------------------------------------
Remington Outdoor Company, Inc. ("ROC") and its affiliated debtors
seek authorization from the U.S. Bankruptcy Court for the District
of Delaware to enter into a debtor-in-possession term loan facility
and a debtor-in-possession asset-based loan facility, as well as to
use cash collateral post-petition.
The combination of the DIP Term Facility and the DIP ABL Facility
will effectively replicate the Debtors' existing capital structure.
The DIP Term Facility will make cash available, in accordance with
the terms of the Approved Budget, to address the Debtors' immediate
cash needs. The DIP ABL Facility, in turn, will provide the Debtors
with the letters of credit necessary to support their ongoing
business operations, supplement their liquidity by allowing them to
engage in periodic collection pay downs and re-borrowings of funds,
and, in certain limited circumstances, make available incremental
advances secured by their accounts and inventory and, critically to
the success of the Prepackaged Plan, by rolling into an exit
facility to finance the Debtors' post-chapter 11 cash and
operational needs.
Together, the DIP Term Facility and the DIP ABL Facility (and the
liquidity they provide) will (i) support the Debtors' ability to
pay their trade creditors in the ordinary course during the
pendency of these Chapter 1 l Cases; (ii) fund the 100 cent
recovery to general unsecured creditors contemplated by the
Prepackaged Plan; and (iii) ultimately, finance their emergence
from chapter 11 as more a financially viable player in the firearms
industry.
Given the current political and credit climate as to firearms and
ammunition manufacturers, the DIP Facilities offer the best
post-petition financing package available to the Debtors and,
consequently, relief sought in the Motion with respect to the DIP
Facilities and related matters should be granted by the Court in
its entirety.
On February 11, 2018, the Debtors and a majority in principal
amount of each of the Term Loan Lenders and the Secured Noteholders
entered into a restructuring support agreement ("RSA") that set
forth the terms of a comprehensive balance sheet restructuring of
the Debtors to be implemented through a Joint Prepackaged Chapter
11 Plan of Reorganization.
The Prepackaged Plan provides for the elimination of hundreds of
millions of dollars of the Debtors' prepetition funded debt
obligations in exchange for the reorganized Debtors' new equity and
certain other consideration, while allowing all general unsecured
claims of the Debtors to remain unimpaired. The Prepackaged Plan,
if confirmed, will enable the Debtors to emerge with a
significantly deleveraged capital structure and to obtain the
liquidity necessary to operate the Debtors' businesses for the
long-term future.
Under the RSA and the Prepackaged Plan, the Term Lender Loans will
roll into an exit term loan facility (the "Term Exit Facility") on
the terms and conditions set forth in the Term Exit Facility Term
Sheet that is annexed to the Disclosure Statement. No commitment
fee or other pre-Confirmation Order relief is sought with respect
to Term Exit Facility, so, unlike the ABL Exit Facility, no court
approval of any aspect of the Term Exit Facility is requested at
this time by the Motion.
The Term Loan Lenders and Secured Noteholders authorized ROC -- the
Debtors' ultimate parent company -- to make available to FGI OpCo
and the Debtors' other operating subsidiaries a "bridge" or
"rescue" facility in the amount of $45 million as part of the
Financial Restructuring. ROC had cash in the amount of $72 million
at its disposal immediately prior to execution of the RSA.
Principal Terms of DIP Term Facility
A. Borrower: FGI Operating Company, LLC
B. DIP Administrative Agent: Ankura Trust Company, LLC, or
another financial institution satisfactory to the Required Term
Loan Group Lenders
C. DIP Lenders: A group comprised of (i) certain Term Loan
Lenders; (ii) the members of the Ad Hoc Secured Noteholder Group;
and (iii) ROC, in its capacity as Incremental Term Lender. ROC may
not assign, participate or otherwise transfer any interest in the
OpCo Bridge Roll-Up Loans, without the prior written consent of a
majority of the Secured Noteholders.
D. Borrowing Limits and Availability: A senior secured
superpriority non-amortizing U.S. dollar denominated term loan
facility in an aggregate principal amount of up to $145 million
consisting of two tranches:
First Tranche: (A) Initial Loans to be funded in cash on the
Closing Date in the aggregate principal amount of $50 million; and
(B) Delayed Draw Loans to be funded in cash after the Closing Date
in an aggregate principal amount equal to $50 million; and
Second Tranche is to be advanced by ROC, it its capacity as
Incremental Term Lender. ROC will be furnishing, by way of a
roll-up of loans outstanding under the OpCo Bridge Term Loan
Facility, an additional $45 million in post-petition liquidity. The
OpCo Bridge Roll-Up Loans will be deemed funded upon entry of the
Final Order. The Delayed Draw Loans may be drawn in multiple
installments, with (i) $25 million of the Delayed Draw Commitments
available to be funded commencing on April 15, 2018, without regard
to whether the Final Order has been entered as of that date; and
(ii) the remaining $25 million of the Delayed Draw Commitments
available to be funded commencing upon entry of the Final Order.
The OpCo Bridge Roll-Up Loans will be deemed made on upon entry of
the Final Order in an amount equal to the aggregate principal
amount of the OpCo Bridge Term Loans outstanding ($45 million) as
of the Closing Date.
E. Interest Rate: The DIP Term Loans will bear interest, at
the option of the Loan Parties, at one of the following rates:
(a) the Applicable Rate plus the Base Rate, payable
monthly in arrears ("Applicable Rate" means (i) 5.75% per annum, in
the case of Base Rate Loans and (ii) 6.75% per annum, in the case
of Eurodollar Rate Loans); or
(b) the Applicable Rate plus the Eurodollar Rate as
quoted by the DIP Agent, adjusted for reserve requirements, if any,
and subject to customary change of circumstance provisions, for
interest periods of one month, payable at the end of the relevant
interest period; provided that in no event will the Adjusted
Eurodollar Rate be less than 1.25% per annum.
F. Adequate Protection:
I. The Term Loan Secured Parties are entitled to and will
receive (in the case of the Incremental Term Lender, subject to and
until occurrence of the OpCo Bridge Discharge) adequate protection
in the form of (A) cash payment on the Closing Date in the amount
of the February Interest Payment; (B) current cash reimbursement of
reasonable, actual and documented fees and expenses and other
disbursements of the Term Loan Agent and the Backstop Parties
whether incurred before, on or alter the Petition Date; (C) the
Term Loan Adequate Protection Liens; (D) the Term Loan Adequate
Protection Claims; (E) continued maintenance and insurance of the
Prepetition Collateral and the DIP Collateral in amounts and for
the risks, and by the entities, as required under the Term Loan
Documents, the DIP Term Facility Agreement and this Interim Order;
and (F) reporting and information rights substantially similar to
those granted to the DIP Lenders pursuant to the DIP Facility
Documents.
II. The ABL Secured Parties are entitled to and will
receive, subject to and until occurrence of the ABL Discharge,
adequate protection in the form of (A) current cash reimbursement
of reasonable, actual and documented fees and expenses and other
disbursements of the ABL Secured Parties, including reasonable,
actual and documented fees, expenses and other disbursements of the
ABL Agent and the ABL Lenders whether incurred before, on or after
the Petition Date; (B) the ABL Adequate Protection Liens; (C) the
ABL Adequate Protection Claims; (D) continued maintenance and
insurance of the Prepetition Collateral and the DIP Collateral in
amounts and for the risks, and by the entities, as required under
the Prepetition Loan Documents, the DIP ABL Facility Agreement and
this Interim Order; and (E) reporting and information rights
equivalent to those granted to the DIP Lenders pursuant to the DIP
Facility Documents or pursuant to this Interim Order.
III. The Secured Notes Secured Parties are entitled to
and will receive adequate protection in the form of (A) to the
extent paid by the Loan Party Debtors, current cash payment of
reasonable, actual and documented Fees and expenses of the Secured
Notes Trustee; (B) to the extent paid by ROC from the ROC Cash
Collateral, current cash payment of reasonable, actual and
documented fees and expenses of the ad hoc group of Secured
Noteholders; (C) the Secured Notes Adequate Protection Liens; (D)
the Secured Notes Adequate Protection Claims; (E) continued
maintenance and insurance of the Pxepetition Collateral end the DIP
Collateral in amounts and for the risks, and by the entities, as
required under the Prepetition Loan Documents, the DIP Facility
Agreements and the Interim Order; and (F) reporting and information
rights substantially similar to those granted to the DIP Lenders
pursuant to the DIP Facility Documents.
The DIP ABL Facility provides the Debtors with continued access to
a letter of credit sub-facility, which is necessary to support the
Debtors' ongoing business operations, and also offered the Debtors
additional liquidity that, depending on "availability" and
"applicable borrowing base" calculations, could permit the Debtors
to borrow up to $193 million, thereby providing the Debtors with
the wherewithal to fill any funding "hole" that might not be
otherwise filled by the DIP Term Facility.
Principal Terms of DIP ABL Facility
A. DIP ABL Borrowers: (1) FGI Holding Company, LLC, (2)
Remington Arms Company, LLC, (3) Remington Arms Distribution
Company, LLC, and (4) Barnes Bullets, LLC, each as a debtor and
debtor-in-possession in Chapter 11 Cases.
B. DIP ABL Agent: Bank of America, N.A.
C. DIP ABL Facility: A superpriority senior secured priming
(other than with respect to DIP Term Collateral)
debtor-in-possession asset-based revolving loan facility in an
aggregate principal amount of up to $193 million (including a $15
million letter of credit sub-facility and a $25 million swingline
sub-facility) to be made available to the DIP ABL Borrowers, which
will be available both on the Closing Date.
D. Swingline Facility: Bank of America, N.A., as the Swingline
Lender, may make available to any DIP ABL Borrower the Swingline
Facility, which will be a senior secured superpriority priming
swingliile facility under which such DIP ABL Borrower may make
short-term borrowings upon same-day notice of up to $25 million.
Any such swingline borrowings will reduce Excess Availability under
the DIP ABL Facility on a dollar-for-dollar basis.
E. Letters of Credit: Up to $15 million of the DIP ABL
Facility will be available to the DIP ABL Borrowers. Letters of
credit under the DIP ABL Facility will be issued by Bank of
America, (with a sublimit of $11 million), Wells Fargo Bank, N.A.
(with a sublimit of $4 million) and/or other DIP ABL Lenders
reasonably acceptable to the DIP ABL Administrative Borrower and
the DIP ABL Agent who agree to issue letters of credit. Each letter
of credit will expire not later than one year after its date of
issuance (or such longer period as may be agreed by the issuing
lender and the applicable DIP ABL Borrower). The DIP ABL Borrowers
will be required to cash collateralize the outstanding letter of
credit exposure under the DIP ABL Facility beginning on the
thirtieth day prior to the final maturity of the DIP ABL Facility
in an amount equal to 105% of the face amount of such outstanding
letters of credit.
The Interim Order will provide adequate protection to the
Prepetition Secured Parties, on behalf of both the DIP Term Lenders
and the DIP ABL Lenders, subject in certain cases to the OpCo
Bridge Discharge and the ABL Debt Discharge, to protect against any
post-petition diminution in value of their interests in the
Prepetition Collateral arising from, inter alia, the imposition of
the automatic stay, the Carve-Out, the Debtors' sale, use, or lease
of the Prepetition Collateral (including the Cash Collateral) and
the priming of the liens of the Prepetition Secured Parties by both
the Term DIP Liens and the ABL DIP Liens, including, without
limitation, in the form of replacement liens, the payment of
current interest and expenses, section 507(b) claims, collateral
maintenance assurances, and information sharing rights all as set
forth in the Interim Order.
The Term Lender Loans will be secured by a customary package of
superpriority claims and liens, but, importantly, no priming liens
will be granted that are otherwise inconsistent with priorities
already in existence under the Existing Intercreditor Agreement.
The DIP Term Lenders will also be paid certain fees and have their
expenses reimbursed in connection with making the DIP Term Facility
available to the Debtors.
On the effective date of the Plan of Reorganization, (a) the Term
Lender Loans will be converted into or replaced with obligations
under the Term Exit Facility; and (b) the OpCo Bridge DIP Loans
will receive a distribution of 17.5% of the New Common Units of
Reorganized ROC, New Warrants for 15% of the reorganized equity
struck at a $700 million enterprise value, plus cash in an amount
equal to all accrued and unpaid post-petition interest on the OpCo
Bridge DIP Loans as of the emergence date.
Without the requested relief, the Debtors lack the wherewithal to
seek confirmation of, or to consummate, the Prepackaged Plan.
Indeed, by the time the RSA had been executed, the Debtors had
exhausted all existing sources of outside liquidity, and are now
only able to continue operating thanks to a "rescue" financing from
their corporate parent that has been exhausted. The DIP Facilities,
if approved will fully address this funding shortfall and permit
the RSA process to move forward
A full-text copy of the Debtors' Motion is available at:
http://bankrupt.com/misc/deb18-10684-15.pdf
About Remington Outdoor
Based in Madison, North Carolina, Remington Outdoor Company, Inc.
-- https://www.remingtonoutdoorcompany.com/ -- manufactures and
markets firearms, ammunition, and related products for commercial,
military, and law enforcement customers worldwide. The company
operates through two segments, Firearms and Ammunition.
The company is controlled by Cerberus Capital Management.
Remington's affiliated companies are FGI Holding Company, LLC; and
FGI Operating Company, LLC; Remington Arms Company, LLC; Barnes
Bullets, LLC; TMRI, Inc.; RA Brands, L.L.C.; and Remington Arms
Distribution Company, LLC.
As of Oct. 1, 2017, Remington listed $954.3 million in total assets
against $1.306 billion in total liabilities and $351.9 million in
stockholders' deficit.
On March 25, 2018, Remington Outdoor Company, Inc. and 12
affiliated debtors sought Chapter 11 bankruptcy protection (Bankr.
D. Del. Lead Case No. 18-10684) to seek confirmation of a
prepackaged plan of reorganization.
The Debtors continue to operate their businesses as debtors and
debtors in possession pursuant to sections 1107(a) and 1108 of the
Bankruptcy Code. No party has requested the appointment of a
trustee or examiner and no committee has been appointed or
designated in these Chapter 11 Cases. The Debtors' request for
joint administration of these Chapter 11 Cases for procedural
purposes only is currently pending.
Milbank, Tweed, Hadley & McCloy LLP and Pachulski Stang Ziehl &
Jones LLP are serving as bankruptcy counsel to the Debtors. Prime
Clerk LLC is the claims and noticing agent.
Counsel to the Ad Hoc Group of Term Loan Lenders are O'Melveny &
Myers, led by Andrew Parlen and Joseph Zujkowksi, and Richards,
Layton & Finger LLP. Counsel to the ABL Agent and ABL Lenders is
Skadden, Arps, Slate, Meagher & Flom LLP, led by Paul Leake, Shana
Elberg, and Jason Liberi. Counsel to the Third Lien Notes
Indenture Trustee, is Dorsey &Whitney LLP, led by Adam F.
Jachimowski. Counsel to the Ad Hoc Group of Third Lien Noteholders
are Willkie Farr & Gallagher LLP, led by Rachel C. Strickland and
Joseph G. Minias; and Young Conaway Stargatt & Taylor, LLP, led by
Edmon Morton. Counsel to Ankura Trust Company, as the successor
administrative agent under the Term Loan Agreement, are Davis Polk
& Wardell LLP, led by Damian S. Schaible; and Richards, Layton &
Finger LLP, led by Mark Collins.
REMINGTON OUTDOOR: Taps Milbank Tweed as Legal Counsel
------------------------------------------------------
Remington Outdoor Company, Inc., seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Milbank,
Tweed, Hadley & McCloy LLP as its legal counsel.
The firm will advise the company and its affiliates regarding their
duties under the Bankruptcy Code; assist them in any potential sale
of their assets; negotiate with creditors; assist in the
preparation of a bankruptcy plan; and provide other legal services
related to their Chapter 11 cases.
The firm's hourly rates are:
Partners $1,100 - $1,465
Of Counsel $1,065 - $1,250
Associates $450 - $995
Paraprofessionals $195 - $355
As of March 25, the Debtors made an advance payment of $600,000 to
Milbank.
Gregory Bray, Esq., a partner in the financial restructuring group
of Milbank, 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:
Gregory A. Bray, Esq.
Thomas R. Kreller, Esq.
Haig M. Maghakian, Esq.
Milbank, Tweed, Hadley & McCloy LLP
2029 Century Park East, 33rd Floor
Los Angeles, CA 90067-3019
Tel: 424.386.4000
Fax: 213.629.5063
E-mail: gbray@milbank.com
E-mail: tkreller@milbank.com
E-mail: hmaghakian@milbank.com
About Remington Outdoor
Based in Madison, North Carolina, Remington Outdoor Company, Inc.
-- https://www.remingtonoutdoorcompany.com/ -- manufactures and
markets firearms, ammunition, and related products for commercial,
military, and law enforcement customers worldwide. The company
operates through two segments, Firearms and Ammunition.
The company is controlled by Cerberus Capital Management.
Remington's affiliated companies are FGI Holding Company, LLC; and
FGI Operating Company, LLC; Remington Arms Company, LLC; Barnes
Bullets, LLC; TMRI, Inc.; RA Brands, L.L.C.; and Remington Arms
Distribution Company, LLC.
As of Oct. 1, 2017, Remington listed $954.3 million in total assets
against $1.306 billion in total liabilities and $351.9 million in
stockholders' deficit.
On March 25, 2018, Remington Outdoor Company, Inc. and 12
affiliated debtors sought Chapter 11 bankruptcy protection (Bankr.
D. Del. Lead Case No. 18-10684) to seek confirmation of a
prepackaged plan of reorganization.
The Debtors continue to operate their businesses as debtors and
debtors in possession pursuant to sections 1107(a) and 1108 of the
Bankruptcy Code. No party has requested the appointment of a
trustee or examiner and no committee has been appointed or
designated in these Chapter 11 Cases. The Debtors' request for
joint administration of these Chapter 11 Cases for procedural
purposes only is currently pending.
Milbank, Tweed, Hadley & McCloy LLP and Pachulski Stang Ziehl &
Jones LLP are serving as bankruptcy counsel to the Debtors. Prime
Clerk LLC is the claims and noticing agent.
Counsel to the Ad Hoc Group of Term Loan Lenders are O'Melveny &
Myers, led by Andrew Parlen and Joseph Zujkowksi, and Richards,
Layton & Finger LLP. Counsel to the ABL Agent and ABL Lenders is
Skadden, Arps, Slate, Meagher & Flom LLP, led by Paul Leake, Shana
Elberg, and Jason Liberi. Counsel to the Third Lien Notes
Indenture Trustee, is Dorsey &Whitney LLP, led by Adam F.
Jachimowski. Counsel to the Ad Hoc Group of Third Lien Noteholders
are Willkie Farr & Gallagher LLP, led by Rachel C. Strickland and
Joseph G. Minias; and Young Conaway Stargatt & Taylor, LLP, led by
Edmon Morton. Counsel to Ankura Trust Company, as the successor
administrative agent under the Term Loan Agreement, are Davis Polk
& Wardell LLP, led by Damian S. Schaible; and Richards, Layton &
Finger LLP, led by Mark Collins.
RENNOVA HEALTH: Delays Form 10-K Filing
---------------------------------------
Rennova Health, Inc. was unable to file its Annual Report on Form
10-K for the year ended Dec. 31, 2017 within the prescribed time.
The Company said it requires additional time to complete the audit
of its consolidated financial statements as of and for the year
ended Dec. 31, 2017. The Company expects to file its Form 10-K on
or prior to April 17, 2018.
About Rennova Health
Rennova Health, Inc. -- http://www.rennovahealth.com/-- provides
diagnostics and supportive software solutions to healthcare
providers. The Company's principal lines of business are
diagnostic laboratory services, supportive software solutions and
decision support and informatics services. The company is
headquartered in West Palm Beach, Florida.
Rennova Health reported a net loss attributable to common
stockholders of $32.61 million on $5.24 million of net revenues for
the year ended Dec. 31, 2016, compared with a net loss attributable
to common stockholders of $37.58 million on $18.39 million of net
revenues for the year ended Dec. 31, 2015.
As of Sept. 30, 2017, Rennova had $6.36 million in total assets,
$25.15 million in total liabilities and a total stockholders'
deficit of $18.78 million.
Green & Company, CPAs, in Temple Terrace, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2016, citing that the Company has
significant net losses and cash flow deficiencies. Those
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
ROBERT T. WINZINGER: Plan Filing Period Extended Until June 3
-------------------------------------------------------------
The Hon. Kathryn C. Ferguson of the U.S. Bankruptcy Court for the
District of New Jersey, at the behest of Robert T. Winzinger, Inc.,
has extended by 90 days the exclusive periods to file and solicit
acceptances of a plan to June 3, 2018 and August 2, 2018,
respectively.
The Troubled Company Reporter has previously reported that the
Debtor asked for an additional increase of the exclusivity periods
as this will give the Debtor significantly more ability to
structure a plan, which will result in the maximum monies that will
be available to the creditor body through a chapter 11 plan.
While the Debtor contemplates operating and liquidating of some of
its assets, the major asset that it owns is the recycling plant in
Franklinville, NJ. The Debtor has been accepting bids for this
specialized asset from people in the industry. The Debtor has
contemplated that this asset will produce significant value to be
paid to the creditors of this estate, including, but not limited
to, producing sufficient value to be able to pay the secured claim
of Investors Bank in full.
However, the Debtor told the Court that the bidding process is
ongoing and is not complete and if there is an acceptable bid, it
will be subject to significant contingencies because there are many
licenses and approvals that would have to be transferred for this
asset to be retained by a purchaser as a recycling facility.
Because all of this is unknown at this point in time, the Debtor
claimed that it is difficult to structure a plan at this particular
point in time.
About Robert T. Winzinger
Founded in 1960, Robert T. Winzinger, Inc. -- http://winzinger.com/
-- is a full-service contractor for roads, excavation, land
development and demolition, utility and marine construction, and
recycling technologies. Winzinger is certified as a W.B.E. with
the N.J. Dept. of Treasury - Division of Property Management &
Construction; Licensed Contractor with City of Philadelphia; Small
Business Enterprise with the City of Philadelphia; Small Business
Enterprise with the State of New Jersey; Public Works Contractor
with the State of New Jersey; Home Improvement Contractor with the
State of New Jersey Division of Consumer Affairs; and Maintains a
Certificate of Employee Report with the State of New Jersey.
Robert T. Winzinger, Inc., filed a Chapter 11 petition (Bankr.
D.N.J. Case No. 17-25972) on Aug. 7, 2017. The petition was signed
by Audrey Winzinger, vice president, secretary, and treasurer. At
the time of filing, the Debtor estimated $10 million to $50 million
in assets and $1 million to $10 million in liabilities.
The Hon. Kathryn C. Ferguson is the case judge.
The Debtor is represented by David A. Kasen, Esq., at Kasen &
Kasen.
SEQUOIA AHWATUKEE: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Sequoia Ahwatukee Investments LLC as of
April 2, according to a court docket.
About Sequoia Ahwatukee Investments
Sequoia Ahwatukee Investments, LLC, headquartered in Phoenix,
Arizona, listed its business as single asset real estate (as
defined in 11 U.S.C. Section 101(51B)). It is a small business
debtor as defined in 11 U.S.C. Section 101(51D).
Sequoia Ahwatukee Investments sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 18-01732) on Feb. 26,
2018. In its petition signed by Charles Chiu, member, the Debtor
estimated assets of less than $1 million and liabilities of $1
million to $10 million.
Judge Paul Sala presides over the case. James Portman Webster Law
Office, PLC is the Debtor's bankruptcy counsel.
SHIRAZ HOLDINGS: Wants to Move Solicitation Period to April 30
--------------------------------------------------------------
Shiraz Holdings, LLC, asks the U.S. Bankruptcy Court for the
Southern District of Florida to extend the exclusivity period to
solicit acceptances of its Chapter 11 Plan through and including at
least April 30, 2018.
On Dec. 23, 2017, the Debtor filed Chapter 11 Plan of
Reorganization and disclosure statement in connection with Chapter
11 Plan of Reorganization. Thereafter, on March 23, 2018, the
Debtor filed its Amended Chapter 11 Plan of Reorganization and
Amended Disclosure Statement.
Currently, the Debtor is in the process of negotiating with its
creditors, it has engaged brokers to help facilitate the sale of
leases of its properties, and has reached certain settlements that
should prove helpful in its reorganization efforts. The Debtor
believes that its properties are income producing in nature and
ought to generate sufficient cash flows to support its secured debt
and provide a meaningful distribution to unsecured creditors.
Thus, at this time, the Debtor anticipates filing second amendments
to the Plan and Disclosure Statement.
About Shiraz Holdings
Shiraz Holdings, LLC, based in Delray Beach, Fla., filed a Chapter
11 petition (Bankr. S.D. Fla. Case No. 17-17968) on June 26, 2017.
In the petition signed by Jordan A. Satary, managing member, the
Debtor estimated $10 million to $50 million in both assets and
liabilities. The Hon. Paul G. Hyman, Jr. presides over the case.
Thomas M. Messana, Esq., at Messana, P.A., serves as bankruptcy
counsel to the Debtor. Fadi Elkhatib and Ten-X, LLC, serve as the
Debtor's real estate broker. Ten-X, LLC, is the Debtor's
auctioneer.
SNOWTRACKS COMMERCIAL: Taps KerberRose as Accountant
----------------------------------------------------
SnowTracks Commercial Winter Management, LLC seeks approval from
the U.S. Bankruptcy Court for the Western District of Wisconsin to
hire KerberRose, S.C. as its accountant.
The firm will advise the Debtor regarding tax issues; provide
general bookkeeping services; and provide accounting, business and
financial advice.
The firm's hourly rates are:
Michael Matuszak $210
Senior Accountants $140
Junior Accountants $80
Non-Accountant Professionals $40 to $50
KerberRose is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Michael Matuszak
KerberRose, S.C.
1429 Merrill Avenue
Wausau, WI 54401
Phone: (715) 675-9000
Fax: (715) 298-3065
E-mail: michael.matuszak@kerberrose.com
About Snowtracks Commercial Winter Management
Snowtracks Commercial Winter Management, LLC, filed a Chapter 11
bankruptcy petition (Bankr. W.D. Wisc. Case No. 17-10755) on March
10, 2017. Michael P. Bronsteatter, manager, signed the petition.
The Debtor estimated $1 million to $10 million in both assets and
liabilities.
The Hon. William V. Altenberger is the case judge.
Sweet DeMarb LLC was originally the Debtor's counsel. Sweet DeMarb
LLC retired its operation as of Dec. 31, 2017, and DeMarb Brophy
LLC was tapped as the new counsel. Rebecca R. DeMarb, who was a
partner at Sweet DeMarb, is a partner at DeMarb Brophy.
SOUTHEASTERN GROCERS: Seeks Authorization to Use Cash Collateral
----------------------------------------------------------------
Southeastern Grocers, LLC, and its affiliated debtors seek
authorization from the U.S. Bankruptcy Court for the District of
Delaware to use cash collateral to fund the administration of the
Debtors' estates and continued operation of their businesses.
The Debtors propose to use cash collateral and all proceeds of the
Pre-petition Collateral and the Adequate Protection Collateral for:
(i) working capital; (ii) other general corporate purposes of the
Debtors; (iii) the satisfaction of the costs and expenses of
administering the Cases, including, without limitation, payment of
any prepetition obligations that are necessary to preserve the
value of the Debtors' estates to the extent approved by the Court;
and (iv) Adequate Protection Payments, and for no other purpose,
and will only be used and/or applied in accordance with the terms
and conditions of the Interim Order, including, without limitation,
the Budget.
As of the Petition Date, pursuant to that certain Amended and
Restated ABL Credit Agreement, by and between BI-LO, LLC, as
borrower, BI-LO Holding, LLC, the lenders from time to time party
thereto, Deutsche Bank AG New York Branch, as administrative agent
and as collateral agent, and the Issuing Lenders, BI-LO, LLC, BI-LO
Holding, LLC and each Subsidiary Guarantor were indebted and liable
to the ABL Secured Parties in the aggregate principal amount of
$385 million plus $87,001,133 on account of issued and outstanding
letters of credit, plus unpaid interest ("ABL Credit Agreement").
Winn-Dixie Stores, Inc. and Wells Fargo Bank National Association
(in such capacity, the "Treasury Bank") are party to that certain
Master Agreement for Treasury Management Services. Pursuant
thereto, the Treasury Bank agreed to provide certain treasury,
depository, and cash management services to Winn-Dixie, including
automated clearinghouse advances ("ACH") and ACH transfers of
funds. As of the Petition Date, the Prepetition ABL Credit Parties
were indebted and liable to the Treasury Bank under the Treasury
Services Documents for the amounts due and owing from time to time
under the Treasury Services Documents.
The Treasury Bank has agreed to continue to provide cash management
services, including ACH advances, during the course of these
chapter 11 cases, up to $50 million and, on and after the Effective
Date of the Prepackaged Plan, up to $120 million, in each case on a
discretionary basis.
Pursuant to that that certain Indenture, among BI-LO, LLC and BI-LO
Finance Corp., as issuers, Wilmington Savings Fund Society, FSB, as
successor trustee and collateral agent, and the Guarantors, BI-LO,
LLC and BI-LO Finance Corp issued 9.250% Senior Secured Notes due
2019 in an aggregate principal amount of $425 million, plus unpaid
interest, fees, expenses, and other amounts as of the Petition Date
("Secured Notes Indenture").
Pursuant to the ABL Credit Agreement, the Secured Notes Indenture,
and the Security Documents, the ABL Secured Parties, the Notes
Secured Parties, and the Treasury Bank have a lien on substantially
all of the Debtors' assets, including cash collateral.
Prior to execution of the Restructuring Support Agreement, the
Debtors, Deutsche Bank, Wilmington Savings Fund, the Treasury Bank,
and an ad hoc group of secured noteholders who collectively hold
more than 55% of the outstanding principal amount of the Secured
Notes (the "Ad Hoc Group") engaged in extensive arms'-length
negotiations regarding the terms and conditions of a proposed
consensual cash collateral order, culminating in the cash
collateral term sheet.
The Debtors and the Prepetition Secured Parties have agreed upon an
initial 13-week projection. The budget provides a detailed list of
the various expenditures that the Debtors anticipate incurring
during the specified period.
As of the Petition Date, the Debtors have approximately $45 million
of cash on hand. The Debtors' cash collateral, together with the
extension of credit to be provided under the C&S Supply Agreement
(as defined in the Prepackaged Plan), and the Treasury Bank's
postpetition ACH advances, will provide the Debtors with sufficient
liquidity to fund their chapter 11 cases. The Debtors' use of cash
collateral and the credit to be extended pursuant to the C&S Supply
Agreement will save the Debtors significant interest and potential
fees and costs that would be incurred if the Debtors had to secure
traditional debtor-in-possession financing.
As proposed, the adequate protection for the respective interests
of the ABL Secured Parties, the Notes Secured Parties, and the
Treasury Bank in the Prepetition Collateral, solely to the extent
of, and in an aggregate amount equal to, the Diminution in Value,
Deutsche Bank, for the benefit of the ABL Secured Parties,
Wilmington Savings Fund, for the benefit of the Notes Secured
Parties, and the Treasury Bank will each receive the following:
A. Replacement Liens on all of the Debtors' postpetition
property, subject and subordinate only to (i) the Carve-Out, (ii)
any Prepetition Permitted Liens that exist on and are legal, valid,
binding, enforceable, perfected, and non-avoidable as of the
Petition Date and are permitted to be senior to the Prepetition
Liens pursuant to applicable Existing Agreements, and (iii) any
Prepetition Permitted Liens in existence immediately prior to the
Petition Date that are legal, valid, enforceable, binding, and
non-avoidable and are perfected after the Petition Date as
permitted by Section 546(b) of the Bankruptcy Code, and which are
permitted to be senior to the Prepetition Liens pursuant to
applicable Existing Agreements;
B. Additional Liens on all tangible and intangible property of
the Debtors other than the property set forth above whether
existing on or as of the Petition Date or thereafter acquired;
C. Superpriority Claims, as provided for in section 507(b) of
the Bankruptcy Code, payable from and having recourse to all
prepetition and postpetition property of the Debtors and all
proceeds thereof, including proceeds of Avoidance Actions or
property recovered under such Avoidance Actions whether by
judgment, settlement, or otherwise in the following priorities:
first, the ABL Secured Parties, second the Treasury Bank, and third
the Notes Secured Parties; and
D. Adequate Protection Payments:
(a) Cash payment of all accrued and unpaid reasonable and
documented out-of-pocket fees and expenses (whether accrued prior
to or after the Petition Date) in respect of the following: (1)
Deutsche Bank (limited to White & Case LLP, one local Delaware
counsel, and, if reasonably necessary, one local counsel in each
relevant jurisdiction, and a financial or restructuring advisor),
(2) Wilmington Savings Fund (limited to Pryor Cashman LLP and one
local Delaware counsel), (3) the Treasury Bank (limited to Choate
Hall & Stewart LLP and one local Delaware counsel), and (4) the Ad
Hoc Group (limited to Morrison & Foerster LLP and one local
Delaware Counsel), in each case not subject to the Budget or to
approval by the Court;
(b) Cash payment of all interest, fees, and other amounts
(other than principal) (whether accrued prior to or after the
Petition Date) under the Existing Agreements which will accrue and
be payable at the rates and times provided for in each such
Existing Agreements. However, the interest and Letter of Credit
Fees on the Prepetition ABL Obligations will be paid at the default
rate provided for in Section 2.08(c) of the ABL Credit Agreement
during the Cases;
(c) Cash payments to Deutsche Bank for the benefit of the
ABL Secured Parties if the Borrowing Base with certain adjustments
is less than $75,000,000, in the amount of any such deficiency,
which payments will be deemed (i) permanent repayments of any Loans
(as defined in the ABL Credit Agreement) and (ii) to the extent all
such Loans have been paid in full in cash, cash collateralization
of any outstanding Letters of Credit;
(d) Treasury Exposure: Cash payments in an amount equal to
the Treasury Exposure as and when due under the Treasury Services
Documents.
A full-text copy of the Debtors' Motion is available at:
http://bankrupt.com/misc/deb18-10700-4.pdf
About Southeastern Grocers
Southeastern Grocers, LLC, (SEG), the parent company and home of
BI-LO, Fresco y Mas, Harveys Supermarket and Winn-Dixie grocery
stores, is one of the largest conventional supermarket companies in
the U.S. SEG grocery stores, liquor stores and in-store pharmacies
serve communities throughout the seven southeastern states of
Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina
and South Carolina. BI-LO, Fresco y Mas, Harveys Supermarket and
Winn-Dixie are well known and well-respected regional brands with
deep heritages, strong neighborhood ties, proud histories of giving
back, talented and caring associates and strong commitments to
providing the best possible quality and value to customers. Their
Web sites are http://www.bi-lo.com/, http://www.frescoymas.com/,
http://www.harveyssupermarkets.com/and http://www.winndixie.com/
BI-LO and its affiliates filed for Chapter 11 bankruptcy protection
on March 23, 2009 (Bankr. D. S.C. Case No. 09-02140). BI-LO
emerged from bankruptcy in May 2010 with Lone Star Funds remaining
as majority owner.
Winn-Dixie Stores, Inc., sought Chapter 11 protection (Bankr.
S.D.N.Y. Case No. 05-11063, transferred Apr. 14, 2005, to Bankr.
M.D. Fla. Case Nos. 05-03817 through 05-03840) on Feb. 21, 2005.
In December 2011, BI-LO Holdings signed a deal to acquire all of
the outstanding shares of Winn-Dixie Stores stock in a merger.
Holdings was later renamed Southeastern Grocers.
On March 27, 2018, Southeastern Grocers, LLC and 26 affiliated
debtors sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
18-10700). SEG commenced Chapter 11 cases to seek confirmation of
a prepackaged chapter 11 plan that will cancel their unsecured
notes in exchange for 100% of the equity of the reorganized
company.
The Debtors have requested joint administration of the cases.
The Honorable Mary F. Walrath oversees the cases.
Weil, Gotshal & Manges LLP is serving as legal counsel to the
Debtors, Evercore is serving as their investment banker, and FTI
Consulting Inc. as restructuring advisor. Prime Clerk LLC is the
claims and noticing agent.
Morrison & Foerster LLP is serving as legal counsel and Moelis &
Company LLC is serving as financial advisor to an ad hoc group of
holders of Unsecured Notes and 9.25% Senior Secured Notes due 2019.
SPINLABEL TECHNOLOGIES: Hires Genovese Joblove as Special Counsel
-----------------------------------------------------------------
SpinLabel Technologies, Inc., seeks authority from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Genovese Joblove & Battista, P.A., as special counsel to the
Debtor.
SpinLabel Technologies requires Genovese Joblove to assist the
Debtor in investigating, and if appropriate, the prosecution of
certain claims and causes of action against third parties for,
among other things, breaches of fiduciary duty, aiding and abetting
of breaches of fiduciary duty, fraudulent and preferential
transfers.
Genovese Joblove will be paid as follows:
i. 34% of (a) any monies recovered in respect of the
Litigation, whether through settlement, judgment or
otherwise, and (b) the value to the estate of the
reduction or elimination of any allowed claims otherwise
held by a defendant, which value is measured by the
distributions that would otherwise have been made by or
on behalf of the Debtor to the defendant in such
Litigation but for the claim objection asserted in the
Litigation (the "Contingency Fee");
ii. In the event of an appeal with respect to any Litigation,
the Contingency Fee shall increase to 39% for such
matter; and
iii. The Firm shall be entitled to reimbursement of out of
pocket costs incurred with respect to this engagement.
John H. Genovese, a shareholder of Genovese Joblove, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Genovese Joblove can be reached at:
John H. Genovese, Esq.
GENOVESE JOBLOVE & BATTISTA, P.A.
100 S.E. Second St., 44th Floor
Miami, FL 33131
Tel: (305) 349-2300
Fax: (305) 349-2310
About SpinLabel Technologies
SpinLabel Technologies, Inc. -- http://www.spinlabels.com/-- is a
Florida-based company dedicated to building and licensing its
unique labeling technology that builds brand value by engaging
current and prospective customers in the shopping corridor and at
home.
SpinLabel's proprietary, patented label Technology enables a
spinning label (an outer Label over an inner label) to almost
double the valuable messaging space on a container. SpinLabel is
aligned with top label manufacturers globally to facilitate easy
integration into most types of existing consumer product
packaging.
Based in Miami, Florida, SpinLabel -- which does business as
Spinformation, Inc., as Accudial Pharmaceutical, Inc., and as
Accudial, Inc. -- filed a Chapter 11 petition (Bankr. S.D. Fla.
Case No. 17-20123) on Aug. 9, 2017. In the petition signed by Alan
Shugarman, its director, the Debtor estimated $1 million to $10
million in both assets and liabilities. Bradley S. Shraiberg,
Esq., at Shraiberg Landaue & Page PA, serves as the Debtors'
bankruptcy counsel. Genovese Joblove & Battista, P.A., is the
special counsel.
SPOKANE COIN: Hires Southwell & O'Rourke as Attorney
----------------------------------------------------
Spokane Coin Exchange, Inc., seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Washington to employ
Southwell & O'Rourke, P.S., as attorney to the Debtor.
Spokane Coin requires Southwell & O'Rourke to represent and provide
legal services to the Debtor in connection with the Chapter 11
bankruptcy case.
Southwell & O'Rourke will be paid at the hourly rate of $350 to
$400.
The Debtor paid Southwell & O'Rourke a retainer in the amount of
$2,500 and the $1,717 filing fee.
Southwell & O'Rourke will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Dan O'Rourke, a partner at Southwell & O'Rourke, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Southwell & O'Rourke can be reached at:
Dan O'Rourke, Esq.
SOUTHWELL & O'ROURKE, P.S.
421 W. Riverside, Suite 960
Spokane, WA 99201
Tel: (509) 624-0159
About Spokane Coin Exchange
Spokane, Washington-based Spokane Coin Exchange, Inc. --
http://spokanecoinexchange.com/-- is a dealer of gold, silver,
platinum and palladium, both in coin or bullion form, including the
popular American Eagle and Canadian Maple Leaf series, Krugerrands
and Pandas, Johnson Matthey, Engelhard, Credit Suisse and Swiss
Credit Corp products. Spokane Coin Exchange has been serving
collectors and investors of rare coins, currency, philatelics,
precious gemstones, works of art, and bullion products since 1973.
Spokane Coin Exchange, Inc., based in Spokane, WA, filed a Chapter
11 petition (Bankr. E.D. Wash. Case No. 18-00826) on March 28,
2018. In the petition signed by Steven Baldwin, president, the
Debtor disclosed $309,000 in assets and $1.93 million in
liabilities. The Hon. Frederick P. Corbit presides over the case.
Dan O'Rourke, Esq., at Southwell & O'Rourke, P.S., serves as
bankruptcy counsel to the Debtor.
STARSHINE ACADEMY: Trustee Hires Gutilla Murphy as Attorney
-----------------------------------------------------------
Dina L. Anderson, the Chapter 11 trustee of Starshine Academy,
seeks authority from the U.S. Bankruptcy Court for the District of
Arizona to employ Gutilla Murphy Anderson, as attorney to the
Trustee.
The Trustee requires Gutilla Murphy to:
a. give the Trustee legal advice and representing her in
connection with her powers and duties as Trustee, including
but not limited to investigating and determining the
financial conditions of the Debtor and whether the Debtor
can reorganize properly, which may require the deposition
of the principals of the Debtor; determining the debts
against specific assets; and whether there are any
avoidable transfers for the benefit of estate;
b. represent the Trustee in connection with negotiations
involving secured and unsecured creditors and the Debtor;
c. prepare applications, motions, answers, orders, reports or
other legal papers necessary to locate and obtain assets of
the Debtor for the benefit of the estate's creditors;
d. appear, prosecute and represent the Trustee's interest in
actions arising in, or related to, this case; and
e. perform all other legal services for the Trustee as
required and as are necessary in the bankruptcy case.
Gutilla Murphy will be paid at these hourly rates:
Partners and Of Counsel $360
Senior Associates $310
Associates $285
Law Clerks $150
Paralegals/Legal Assistants $110 to $175
Gutilla Murphy will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ryan W. Anderson, partner of Gutilla Murphy Anderson, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Gutilla Murphy can be reached at:
Ryan W. Anderson, Esq.
GUTTILLA MURPHY ANDERSON
5415 E. High St., Suite 200
Phoenix, AZ 85054
Tel: (480) 304-8300
Fax: (480) 304-8301
E-mail: randerson@gamlaw.com
About Starshine Academy
Starshine Academy, d/b/a Starshine Academy Schools, filed a Chapter
11 bankruptcy petition (Bankr. D. Ariz. Case No. 16-01803) on Feb.
26, 2016. In the petition signed by Patricia A. McCarty, the
president, the Debtor estimated both assets and liabilities in the
range of $10 million to $50 million.
Judge Scott H. Gan is assigned to the case.
Carmichael & Powell, P.C., is the Debtor's counsel.
Dina L. Anderson has been appointed as the Chapter 11 trustee. The
Trustee tapped her own firm Gutilla Murphy Anderson as counsel.
The Trustee is an "Of Counsel" at the firm.
STERLING ENTERTAINMENT: Hires Schwartz Flansburg as Counsel
-----------------------------------------------------------
Sterling Entertainment Group LV, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Nevada to employ Schwartz
Flansburg PLLC, as counsel to the Debtor.
Sterling Entertainment requires Schwartz Flansburg to:
a. advise the Debtor with respect to its powers and duties as
the Debtor and debtor-in-possession in the continued
management and operation of its business and properties;
b. attend meetings and negotiate with representatives of
creditors and other parties in interest and advise and
consult on the conduct of the Chapter 11 case, including
all of the legal and administrative requirements of
operating in Chapter 11;
c. take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on
their behalf, the defense of any actions commenced against
the estate, negotiations concerning all litigation in which
the Debtor may be involved and objections to claims filed
against the estate;
d. prepare on behalf of the Debtor all motions, applications,
answers, orders, reports and papers necessary to the
administration of the estate;
e. negotiate and prepare on the Debtor's behalf plans of
reorganization, disclosure statements and all related
agreements and documents and take any necessary action on
behalf of the Debtor to obtain confirmation of such
plans;
f. advise the Debtor in connection with any sale of assets;
g. appear before the Bankruptcy Court, any appellate courts,
and the U.S. Trustee, and protect the interests of the
Debtor's estate before such courts and the U.S. Trustee;
and
h. perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection
with the Chapter 11 case.
Schwartz Flansburg will be paid at these hourly rates:
Attorneys $265 to $625
Paralegals $140 to $215
On Jan. 4, 2018, Schwartz Flansburg received a Retainer payment in
the amount of $25,000 in connection with the 2017 Case. The
Retainer, however, was not paid by the Debtor, but rather, was paid
by the Salahadin Family Trust.
Subsequent to the dismissal of the 2017 Case and prior to the
commencement of the instant Chapter 11 case, Schwartz Flansburg
received additional payments from the Salahadin Family Trust in the
amounts of $25,000 and $23,035.
As of March 20, 2018, after application of all prepetition fees,
charges and disbursements incurred and posted as of that date, the
remaining amount of the Retainer was $10,687.
To date, Schwartz Flansburg received $73,035 for its restructuring
services for the Debtor. These payments were not paid by the
Debtor, but rather, were paid by the Salahadin Family Trust.
Pursuant to the terms of the advanced payment retainer, such
payment is deemed to be the property of Schwartz Flansburg, but
shall remain in Schwartz Flansburg's trust account pending approval
of its fees by the Court. In addition to the foregoing, Schwartz
Flansburg is holding another $24,000 in its trust account, which
consists of funds received from the Debtor for rents paid by Boston
Pizza.
Schwartz Flansburg will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Samuel A. Schwartz, partner of Schwartz Flansburg PLLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Schwartz Flansburg can be reached at:
Samuel A. Schwartz, Esq.
Bryan A. Lindsey, Esq.
Connor H. Shea, Esq.
Schwartz Flansburg PLLC
6623 Las Vegas Blvd. South, Suite 300
Las Vegas, NV 89119
Tel: (702) 385-5544
Fax: (702) 385-2741
About Sterling Entertainment Group
Sterling Entertainment Group LV, LLC owns Olympic Garden
Gentlemen's Club located at 1531 Las Vegas Boulevard, Las Vegas,
Nevada 89104 as well as the real property associated with it. The
Club is currently not operational and does not generate any cash
flow for the Company. Sterling Entertainment also owns a
commercial space located at 1507 Las Vegas Boulevard South, Las
Vegas, Nevada 89104 and rents it to a commercial tenant. The
Company previously sought bankruptcy protection on July 6, 2017
(Bankr. D. Nev. Case No. 17-13662).
Sterling Entertainment Group LV, LLC, based in Los Angeles, CA,
filed a Chapter 11 petition (Bankr. D. Nev. Case No. 18-11484) on
March 20, 2018. In the petition signed by Amadouba Tall, trustee
of the Salahadin Family Trust, the Debtor estimated $10 million to
$50 million in assets and $1 million to $10 million in liabilities.
The Hon. Laurel E. Davis presides over the case. Samuel A.
Schwartz, Esq., at Schwartz Flansburg PLLC, serves as bankruptcy
counsel.
TEXDOM INVESTMENTS: Seeks May 28 Exclusive Filing Period Extension
------------------------------------------------------------------
Texdom Investments, LLC, asks the U.S. Bankruptcy Court for the
Southern District of Texas for an extension of the Exclusive Filing
Period to May 28, 2018, and an extension of the exclusive
Solicitation Period to July 27, 2018.
Absent the requested extension, the Exclusive Filing Period and
Solicitation Period of the Debtor would have expired on April 13,
2018 and June 12, 2018, respectively.
The Debtor relates that the Court has conducted a status conference
on January 19, 2018 in McAllen. At that time Debtor anticipated
staying within such time frames. Circumstances have changed in
that several creditors have contacted Debtor's counsel to discuss
possible resolutions of their issues by consensual plan.
The Debtor submits that ample cause exists to extend its Filing and
Solicitation Periods considering that other circumstances have also
changed. Specifically, a new CPA accountant has been employed by
Debtor. After the Debtor and Counsel meeting with the CPA and
analyzing past tax returns for the Debtor, it is likely that tax
examination will lead to the necessity of restatement of one or
more pre-petition tax returns, impacting the Disclosure Statement
and the Plan.
The Bankruptcy Code requires a meaningful explanation of tax issues
and material Federal tax consequences of the plan to the debtor,
any successor to the debtor, and a hypothetical investor typical of
the holders of claims or interests in the case. The Debtor cannot
provide that until the CPA conducts a sufficient examination to be
able to advise creditors of the tax aspects of the Plan and
Disclosure Statement.
Additionally, a creditor previously scheduled as unsecured is in
the process of providing documents and law citations to Debtor's
counsel demonstrating that the creditor is secured. During the
extension period, if granted by the Court, the Debtor intends to
review the creditor's documents and law and negotiate with this
creditor to amend its current draft plan to provide for treatment
in a separate class if required by the Code.
Moreover, an unexpected expense has been presented. Multiple
sprinkler heads likely will be replaced at significant cost. (The
initial bid was $25,000). The Debtor is negotiating another bid,
but in any case the expense will impact profitability and this
together with other creditor negotiations impact feasibility of the
Plan and the rate at which Debtor can repay its debt to its secured
lender.
Accordingly, the Debtor contends that the exclusivity and
solicitation period should be extended for 45 days to assist Debtor
and its creditors to provide a reasonable time-frame to work an
overall consensual plan.
About Texdom Investments
Founded in 2013, Texdom Investments, LLC, owns apartment properties
in McAllen, Texas, valued by the company at $4.6 million. Texdom
Investments filed a Chapter 11 petition (Bankr. S.D. Tex. Case No.
17-70485) on Dec. 14, 2017. In the petition signed by Ramon I.
Rodriguez, manager, the Debtor disclosed $4.62 million in total
assets and $4.42 million in total liabilities. The case is
assigned to Judge Eduardo V. Rodriguez. Kurt Stephen, Esq., at the
Law Office of Kurt Stephen, PLLC, serves as the Debtor's bankruptcy
counsel.
TINSELTOWN PARTNERS: May 16 Hearing on Disclosure Statement
-----------------------------------------------------------
Judge Paul M. Glenn of the U.S. Bankruptcy Court for the Middle
District of Florida will convene a hearing on May 16, 2018 at 1:30
p.m. to consider and rule on the filed by Tinseltown Partners,
LLC.
Any objection to the proposed disclosure statement must be filed
and served seven days before the disclosure statement hearing.
About Tinseltown Partners, LLC
Tinseltown Partners, LLC, based in Jacksonville, Florida, filed a
Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-04251) on
December 14, 201. The Hon. Paul M. Glenn presides over the case.
Eric N. McKay, Esq., at the Law Offices of Eric N. McKay, serves as
bankruptcy counsel.
In its petition, the Debtor estimated $10 million to $50 million in
both assets and liabilities. The petition was signed by Andre
El-Bahri, its partner.
TNT C&P INVESTMENTS: Hires Chad Van Horn as Counsel
---------------------------------------------------
TNT C&P Investments, LLC, seeks authority from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Chad Van Horn
Law Group, Inc., as counsel to the Debtor.
TNT C&P Investments requires Chad Van Horn to:
(a) give advice to the Debtor with respect to its powers and
duties as a debtor in possession and the continued
management of its business operations;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare motions, pleadings, orders, applications,
adversary proceedings, and other legal documents necessary
in the administration of the case;
(d) protect the interest of the Debtor in all matters pending
before the court; and
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan.
Chad Van Horn will be paid at these hourly rates:
Attorneys $300 to $400
Paralegals $175
Chad Van Horn will be paid a retainer in the amount of $3,500, and
$1,717 filing fee.
Chad Van Horn will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Chad T. Van Horn, a partner at Chad Van Horn Law Group, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Chad Van Horn can be reached at:
Chad T. Van Horn, Esq.
CHAD VAN HORN LAW GROUP, INC.
330 N. Andrews Avenue, Suite 450
Fort Lauderdale, FL 33301
Tel: (954) 765-3166
About TNT C&P Investments
TNT C&P Investments, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Fla. Case No. 18-13496) on March 26, 2018. The Debtor
hired Chad Van Horn, Esq., and the law firm of Van Horn Law Group,
Inc., as attorney.
VB TAXI: Seeks Court Approval of Disclosure Statement
-----------------------------------------------------
VB Taxi Corp. asks the U.S. Bankruptcy Court for the Eastern
District of New York to issue an order approving the disclosure
statement filed.
The Debtor filed a second amended disclosure statement to disclose
the means for implementation of its proposed plan, distribution
under the plan, and funding and feasibility of the plan.
The Second Amended Disclosure Statement provides that all payments
to be made on the effective date will be made from contributions
from the personal funds of each of the two loan guarantors.
Unsecured claims total approximately $365,365,04. The Debtors
intends to pay 17% dividend of allowed claim in 48 equal monthly
installments effective 30 days after the effective date of the
Plan.
A full-text copy of the Second Amended Disclosure Statement dated
March 29, 2018, is available at:
http://bankrupt.com/misc/nyeb17-41661-62.pdf
About VB Taxi Corp.
VB Taxi Corp., based in Brooklyn, New York, filed a Chapter 11
petition (Bankr. E.D.N.Y. Case No. 17-41661) on April 5, 2017. The
petition was signed by Marina Fridman, president.
In its petition, the Debtor disclosed $0 in assets and $1.3 million
in liabilities.
Judge Nancy Hershey Lord presides over the case. The Debtor hired
the Law Offices of Alla Kachan, P.C., as counsel and Wisdom
Professional Services Inc. as its accountant.
WALDRON DEVELOPMENT: Seeks July 13 Exclusivity Period Extension
---------------------------------------------------------------
Waldron Development Company requests the U.S. Bankruptcy Court for
the Northern District of Illinois to extend by 90 days the
exclusivity periods to file and solicit acceptances of a plan to
July 13, 2018.
A hearing will be held on April 11, 2018, at 9:30 a.m., during
which the Court will consider extension of the exclusivity
periods.
Waldron claims that a debtor's exclusive period to file and solicit
acceptances of a plan should be extended when the debtor is working
on a transaction that will determine the contours of its plan.
Waldron is working to sell at auction its principal asset -- a
three-flat apartment building located in the Wrigleyville area of
Chicago.
The Property is located at 3838 North Kenmore, Chicago, Illinois.
The Property is subject to a mortgage and assignment of rents
securing a debt of approximately $824,994 in favor of Wilmington
Trust, National Association, not in its individual capacity, but
solely as trustee for MFRA Trust 2015-1.
The Property is being marketed through the Ten-X market platform
pursuant to an Order the Court entered recently, and an auction for
the Property is scheduled to take place at the beginning of June
2018.
In the meantime, the Debtor's exclusivity period will expire on
April 14, 2018. Because the results of the auction and the closing
on the sale of the property are relevant to the terms of a plan,
the Debtor requests a 90-day extension of the exclusivity period so
that the Debtor can incorporate into its reorganization plan the
results of the sale.
The Debtor hopes chapter 11 and its protections will enable it to
address its obligations to creditors through a sale of the
Property. The Debtor believes the value of the Property is more
than the outstanding debt on it and the sale process will help to
maximize value and pay creditors in full.
About Waldron Development Company
Waldron Development Company owns a three-flat apartment building at
3838 North Kenmore, Chicago, Illinois.
Waldron Development sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 17-37011) on Dec. 14,
2017. The Debtor intends to use Chapter 11 to effectuate a sale of
the building under Section 363(b) of the Bankruptcy Code, or to
restructure the debt on the building.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $1 million.
Judge Jacqueline P. Cox presides over the case.
The Debtor tapped The Law Office of William J. Factor, Ltd. as its
legal counsel; Larry Goldsmith and the firm of CJBS, LLC, as its
accountants; and Ten-X LLC as its marketplace and transaction host
relating to the sale of the Real Property.
WALL STREET THEATER: Taps Wellspeak Dugas as Real Estate Appraiser
------------------------------------------------------------------
Wall Street Theater Company, Inc., seeks approval from the U.S.
Bankruptcy Court for the District of Connecticut to hire Wellspeak,
Dugas & Kane, LLC as real estate appraiser and consultant.
The firm will conduct an appraisal of the Debtor's theater facility
located at 71 Wall Street, Norwalk, Connecticut.
Wellspeak will be paid the sum of $12,000 for the preparation of an
initial appraisal report, and on an hourly basis at the rate of
$300 per hour.
The firm has no connection with the Debtor or its estate, according
to court filings.
Wellspeak can be reached through:
Jeffrey R. Dugas
Wellspeak, Dugas & Kane, LLC
55 Realty Drive Suite 305
Cheshire, CT 06410
Tel: (203) 699-8920
Fax: (203) 699-8938
E-mail: wdkgolf@yahoo.com
About The Wall Street Theater
The Wall Street Theater, listed in the National Register of
Historic Places, has re-emerged as a 501c3 non-profit organization,
whose mission is to provide diverse programming and promote arts
education, thereby enriching the cultural life of the greater
Norwalk community. The Wall Street Theater --
https://www.wallstreettheater.com/ -- adopts its moniker from its
location and its mission from its history, combining live shows,
interactive entertainment, cinema, digital production, art space
and a community arena in which to play.
Wall Street Theater Company, Inc., and affiliates Wall Street
Master Landlord, LLC and Wall Street Managing Member, LLC, filed
Chapter 11 petitions (Bankr. D. Conn. Lead Case No. 18-50132) on
Feb. 4, 2018.
In the petitions signed by Suzanne Cahill, president, the WS
Theater Company and WS Master Landlord had $1 million to $10
million in assets and $10 million to $50 million in liabilities
while WS Managing Member estimated less than $50,000 in assets and
$10 million to $50 million in liabilities.
Judge Julie A. Manning is the case judge.
The Debtor tapped Green & Sklarz, LLC, as its legal counsel, and
R.J. Reuter, LLC, as its financial advisor.
WESTBROOKE HOMES: Taps Ladd & Carter as Accountant
--------------------------------------------------
Westbrooke Homes Association, Inc., seeks approval from the U.S.
Bankruptcy Court for the Southern District of Ohio to hire Ladd &
Carter Tax Services as its accountant.
The firm will provide bookkeeping, tax and accounting services
needed through the course of the Debtor's Chapter 11 proceedings.
It will charge $80 per hour for its services.
Joel Veldt, the Ladd & Carter accountant who will be providing the
services, disclosed in a court filing that he is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.
Ladd & Carter can be reached through:
Joel Veldt
Ladd & Carter Tax Services
1226 Linden Avenue
Dayton, OH 45410
Phone: 937-258-1040
Fax: 937-258-1304
E-mail: contactus@laddcarter.com
About Westbrooke Homes Association
Westbrooke Homes Association Inc. is headquartered at 6155 Westford
Road, Dayton, Ohio. Its sole source of income are the dues of $200
per year from the 310 residents of the association.
Westbrooke Homes Association sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Ohio Case No. 18-30530) on Feb.
27, 2018. At the time of the filing, the Debtor estimated assets
of less than $1 million and liabilities of less than $100,000.
Judge Guy R. Humphrey presides over the case. Miller, Luring,
Venters & Wesner Co., LPA, is the Debtor's legal counsel.
WESTMORELAND RESOURCE: Incurs $31.8 Million Net Loss in 2017
------------------------------------------------------------
Westmoreland Resource Partners, LP filed with the Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss of $31.75 million on $315.6 million of revenues for the year
ended Dec. 31, 2017, compared to a net loss of $31.58 million on
$349.3 million of revenues for the year ended Dec. 31, 2016.
As of Dec. 31, 2017, Westmoreland Resource had $347.4 million in
total assets, $409.03 million in total liabilities and a total
company deficit of $61.63 million.
Cash provided by operating activities was consistent between the
years ended Dec. 31, 2017 and 2016.
Cash used in investing activities decreased $4.8 million to $9.9
million for the year ended Dec. 31, 2017 from $14.7 million for the
year ended Dec. 31, 2016. The Company spent $3.1 million less in
additions to property, plant and equipment in 2017 compared to
2016. In 2017 the Company also spent $2.1 million less purchasing
restricted investments, net of proceeds from the sale of those
restricted investments.
Cash used in financing activities decreased $6.8 million to $8.2
million for the year ended Dec. 31, 2017 compared to cash used in
financing activities of $15.0 million for the year ended Dec. 31,
2016. The decrease was primarily driven by a $9.3 million decrease
in cash distributions in 2017. This decrease was offset slightly
by a $1.5 million acquisition in 2017 compared to no cash used for
acquisitions in the prior year.
Ernst & Young LLP, in Denver, Colorado, the Partnership's auditor
since 2015, issued a "going concern" opinion its report on the
consolidated financial statements for the year ended Dec. 31, 2017,
stating that the Partnership does not currently have liquidity or
access to additional capital sufficient to pay off its term loan
debt by its maturity date, and has stated that substantial doubt
exists about the Partnership'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/tx3wKj
About Westmoreland Resource
Based in Englewood, Colorado, Westmoreland Resource Partners, LP
(NYSE: WMLP) -- http://www.westmorelandMLP.com/-- is a low-cost
producer of high-value thermal coal to large electric utilities
with coal-fired power plants under long-term coal sales contracts.
The Company also markets to industrial users, and is the largest
producer of surface mined coal in Ohio.
WILKINSON FLOOR: Hires Gutilla Murphy as Attorney
-------------------------------------------------
Peter S. Davis, the Chapter 11 examiner of Wilkinson Floor
Covering, Inc., seeks authority from the U.S. Bankruptcy Court for
the District of Arizona to employ Gutilla Murphy Anderson, as
attorney to the Examiner.
The Examiner requires Gutilla Murphy to:
a. provide the Examiner with legal advice with respect to the
Examiner's powers, duties, rights and remedies, advise
and consult with the Examiner concerning questions arising
in the administration of the estate, and representing the
Examiner in connection with matters involving creditors and
other parties in interest;
b. prepare applications, motions, answers, notices, orders,
reports or other pleadings or legal documents and perform
legal services required to assist the Examiner in locating
and collecting assets of the estate and the administration
of the bankruptcy case;
c. appear, prosecute and represent the Examiner's interest in
actions arising in, or related to, the bankruptcy case; and
d. perform all other legal services for the Examiner as
required and as are necessary in this case.
Gutilla Murphy will be paid at these hourly rates:
Partners and Of Counsel $325 to $375
Senior Associates $275
Associates $250
Law Clerks $125
Paralegals/Legal Assistants $85 to $150
Gutilla Murphy will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ryan W. Anderson, a partner at Gutilla Murphy Anderson, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Gutilla Murphy can be reached at:
Ryan W. Anderson, Esq.
GUTTILLA MURPHY ANDERSON
5415 E. High St., Suite 200
Phoenix, AZ 85054
Tel: (480) 304-8300
Fax: (480) 304-8301
E-mail: randerson@gamlaw.com
About Wilkinson Floor Covering
Wilkinson Floor Covering, Inc., sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Ariz. Case No. 17-01228) on Feb.
9, 2017. The petition was signed by Stephen E. Wilkinson,
president. At the time of the filing, the Debtor estimated assets
of less than $50,000 and liabilities of $1 million to $10 million.
The case is assigned to Judge Eddward P. Ballinger Jr.
The Debtor engaged Blake D. Gunn, Esq., at the Law Office of Blake
D. Gunn, as counsel.
WOODBRIDGE GROUP: Lynn Myrick Joins Creditors' Committee
--------------------------------------------------------
Lynn Myrick has taken the place of Ronald E. Myrick Sr. as member
of the official committee of unsecured creditors of Woodbridge
Group of Companies, LLC, and its debtor affiliates.
As reported by the Troubled Company Reporter on Dec. 22, 2017,
Andrew R. Vara, U.S. Trustee for Region 3, appointed three members
to the Committee.
The Committee member now include:
1. G3 Group LA, Inc.
2500 Townsgate Road, Suite F
Westlake Village, CA 91361
Tel: (805) 557-1075
Fax: (805) 557-1097
2. Lynn Myrick
9332 Avian Drive, Apartment 201
Fort Meyers, FL 33913
3. John J. O'Neill
4600 Hwy AIA # 2111
Vero Beach, FL 32693
About Woodbridge Group
Headquartered in Sherman Oaks, California, The Woodbridge Group
Enterprise -- http://www.woodbridgecompanies.com/-- is a
comprehensive real estate finance and development company. Its
principal business is buying, improving, and selling high-end
luxury homes. The Woodbridge Group Enterprise also owns and
operates full-service real estate brokerages, a private investment
company, and real estate lending operations. The Woodbridge Group
Enterprise and its management team have been in the business of
providing a variety of financial products for more than 35 years,
and have been primarily focused on the luxury home business for the
past five years. Since its inception, the Woodbridge Group
Enterprise has completed more than $1 billion in financial
transactions. These transactions involve real estate, note buying
and selling, hard money lending, and alternative financial
transactions involving thousands of investors.
Woodbridge Group of Companies and certain of its affiliates filed
Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No.
17-12560) on Dec. 4, 2017. Woodbridge estimated assets and
liabilities at between $500 million and $1 billion. The Chapter 11
cases are being jointly administered.
Judge Kevin J. Carey presides over the case.
Samuel A. Newman, Esq., Oscar Garza, Esq., Daniel B. Denny, Esq.,
Jennifer L. Conn, Esq., Eric J. Wise, Esq., Matthew K. Kelsey,
Esq., and Matthew P. Porcelli, Esq., at Gibson, Dunn & Crutcher,
LLP, and Sean M. Beach, Esq., Edmon L. Morton, Esq., Ian J.
Bambrick, Esq., and Allison S. Mielke, Esq., at Young Conaway
Stargatt & Taylor, LLP, serve as the Debtors' bankruptcy counsel.
Homer Bonner Jacobs, PA, as special counsel, Province, Inc., as
expert consultant, Moelis & Company LLC, as investment banker.
The Debtors' financial advisors are Larry Perkins, John Farrace,
Robert Shenfeld, Reece Fulgham, Miles Staglik, and Lissa Weissman
at SierraConstellation Partners, LLC. Beilinson Advisory Group is
serving as independent management to the Debtors. Garden City
Group, LLC, is the Debtors' claims and noticing agent.
Pachulski Stang Ziehl & Jones is counsel to the Official Committee
of Unsecured Creditors; and FTI Consulting, Inc., serves as its
financial advisor.
An official committee of unsecured creditors was appointed in the
Chapter 11 cases on Dec. 14, 2017. On Jan. 23, 2018, the Court
approved a settlement providing for the formation of an ad hoc
noteholder group and an ad hoc unitholder group.
Z-1 MANAGEMENT: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The Office of the U.S. Trustee on April 3 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Z-1 Management, LLC.
About Z-1 Management
Z-1 Management, LLC, is a privately held company whose principal
assets are located at 3035 Directors Row Memphis, Tennessee.
Z-1 Management filed a Chapter 11 petition (Bankr. W.D. Tenn. Case
No. 18-21898) on March 2, 2018. In the petition signed by Lawrence
Migliara, Jr., member, the Debtor estimated $1 million to $10
million in assets and liabilities. Russell W. Savory at Beard &
Savory, PLLC, is the Debtor's counsel. The Hon. Paulette J. Delk
is the case judge.
ZERO ENERGY: Court Approves Cash Collateral Use Until April 13
--------------------------------------------------------------
Judge Anita L. Shodeen of the U.S. Bankruptcy Court for the
Southern District of Iowa has approved Zero Energy Systems, LLC's
interim use of cash collateral pending a final hearing, which will
be scheduled for April 13, 2018.
The parties are directed to submit a proposed consent order on
interim use for the Court's review.
A full-text copy of the Order is available at:
http://bankrupt.com/misc/iasb18-00622-32.pdf
About Zero Energy Systems
Zero Energy Systems -- http://www.zeroenergy-systems.com/--
provides state-of-the-art, computer-automated production of
proprietary insulated concrete wall systems for residential and
commercial construction. The Company's wall panels are
specifically designed to store and release energy, creating a
net-zero effect within the wall, while also providing disaster
resistance, durability, and affordability. The Company has a heavy
manufacturing facility at 428 Westcor Drive, Coralville, Iowa.
Zero Energy Systems, LLC, filed a Chapter 11 petition (Bankr. S.D.
Iowa Case No. 18-00622), on March 25, 2018. In the petition signed
by Scott Long, managing member, the Debtor disclosed $14.03 million
in total assets and $28.69 million in total liabilities. The
Debtor is represented by Bradshaw, Fowler, Proctor & Fairgrave PC.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABSOLUTE SOFTWRE ALSWF US 92.3 (56.6) (34.0)
ABSOLUTE SOFTWRE OU1 GR 92.3 (56.6) (34.0)
ABSOLUTE SOFTWRE ABT CN 92.3 (56.6) (34.0)
ABSOLUTE SOFTWRE ABT2EUR EU 92.3 (56.6) (34.0)
AGENUS INC AJ81 GR 138.4 (75.8) 17.1
AGENUS INC AGEN US 138.4 (75.8) 17.1
AGENUS INC AJ81 TH 138.4 (75.8) 17.1
AGENUS INC AGENEUR EU 138.4 (75.8) 17.1
AGENUS INC AJ81 QT 138.4 (75.8) 17.1
AGENUS INC AGENUSD EU 138.4 (75.8) 17.1
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMPIO PHARMACEUT AMPE US 15.3 (34.2) 4.6
AMPIO PHARMACEUT APH GR 15.3 (34.2) 4.6
AMPIO PHARMACEUT AMPEEUR EU 15.3 (34.2) 4.6
AMYRIS INC AMRS US 151.6 (196.5) (3.3)
AMYRIS INC 3A01 TH 151.6 (196.5) (3.3)
AMYRIS INC 3A01 GR 151.6 (196.5) (3.3)
AMYRIS INC 3A01 QT 151.6 (196.5) (3.3)
AMYRIS INC AMRSEUR EU 151.6 (196.5) (3.3)
AMYRIS INC AMRSUSD EU 151.6 (196.5) (3.3)
ASPEN TECHNOLOGY AZPN US 195.8 (274.5) (341.7)
ASPEN TECHNOLOGY AST GR 195.8 (274.5) (341.7)
ASPEN TECHNOLOGY AZPNEUR EU 195.8 (274.5) (341.7)
ASPEN TECHNOLOGY AST QT 195.8 (274.5) (341.7)
ATLATSA RESOURCE ATL SJ 204.7 (158.2) 7.8
AUTODESK INC AUD GR 4,113.6 (256.0) (245.3)
AUTODESK INC AUD TH 4,113.6 (256.0) (245.3)
AUTODESK INC ADSK US 4,113.6 (256.0) (245.3)
AUTODESK INC AUD QT 4,113.6 (256.0) (245.3)
AUTODESK INC ADSK* MM 4,113.6 (256.0) (245.3)
AUTODESK INC AUD GZ 4,113.6 (256.0) (245.3)
AUTODESK INC ADSK AV 4,113.6 (256.0) (245.3)
AUTODESK INC ADSKEUR EU 4,113.6 (256.0) (245.3)
AUTODESK INC ADSKUSD EU 4,113.6 (256.0) (245.3)
AUTODESK INC ADSK LN 4,113.6 (256.0) (245.3)
AUTODESK INC ADSK TE 4,113.6 (256.0) (245.3)
AUTOZONE INC AZO US 9,403.7 (1,330.5) (120.9)
AUTOZONE INC AZ5 TH 9,403.7 (1,330.5) (120.9)
AUTOZONE INC AZ5 GR 9,403.7 (1,330.5) (120.9)
AUTOZONE INC AZOEUR EU 9,403.7 (1,330.5) (120.9)
AUTOZONE INC AZ5 QT 9,403.7 (1,330.5) (120.9)
AUTOZONE INC AZOUSD EU 9,403.7 (1,330.5) (120.9)
AUTOZONE INC 0HJL LN 9,403.7 (1,330.5) (120.9)
AVID TECHNOLOGY AVID US 234.7 (268.6) (61.8)
AXIM BIOTECHNOLO AXIM US 2.2 (6.3) (5.6)
BENEFITFOCUS INC BNFT US 165.1 (39.3) (4.1)
BENEFITFOCUS INC BTF GR 165.1 (39.3) (4.1)
BENEFITFOCUS INC BNFTEUR EU 165.1 (39.3) (4.1)
BIOXCEL THERAPEU BTAI US 1.4 (1.0) (1.4)
BLUE BIRD CORP BLBD US 248.8 (65.3) 11.2
BLUE RIDGE MOUNT BRMR US 1,060.2 (212.5) (62.4)
BOKU INC BOKU LN - - -
BOKU INC BOKUGBX EU - - -
BOMBARDIER INC-A BBD/A CN 25,006.0 (3,732.0) 1,837.0
BOMBARDIER INC-B BBD/B CN 25,006.0 (3,732.0) 1,837.0
BOMBARDIER INC-B BBDBN MM 25,006.0 (3,732.0) 1,837.0
BOMBARDIER INC-B 0QZP LN 25,006.0 (3,732.0) 1,837.0
BRINKER INTL EAT US 1,400.5 (552.9) (257.4)
BRINKER INTL BKJ GR 1,400.5 (552.9) (257.4)
BRINKER INTL BKJ QT 1,400.5 (552.9) (257.4)
BRINKER INTL EAT2EUR EU 1,400.5 (552.9) (257.4)
BROOKFIELD REAL BRE CN 93.5 (31.4) 3.9
BRP INC/CA-SUB V DOO CN 2,558.4 (57.4) 94.6
BRP INC/CA-SUB V B15A GR 2,558.4 (57.4) 94.6
BRP INC/CA-SUB V BRPIF US 2,558.4 (57.4) 94.6
BUFFALO COAL COR BUC SJ 49.8 (22.9) (20.1)
CACTUS INC- A WHD US 266.5 (36.2) 111.1
CACTUS INC- A 43C GR 266.5 (36.2) 111.1
CACTUS INC- A 43C QT 266.5 (36.2) 111.1
CACTUS INC- A WHDEUR EU 266.5 (36.2) 111.1
CACTUS INC- A 43C TH 266.5 (36.2) 111.1
CADIZ INC CDZI US 66.5 (78.7) 7.0
CADIZ INC 2ZC GR 66.5 (78.7) 7.0
CADIZ INC 0HS4 LN 66.5 (78.7) 7.0
CALIFORNIA RESOU CRC US 6,207.0 (720.0) (249.0)
CALIFORNIA RESOU 1CLB GR 6,207.0 (720.0) (249.0)
CALIFORNIA RESOU CRCEUR EU 6,207.0 (720.0) (249.0)
CALIFORNIA RESOU 1CL TH 6,207.0 (720.0) (249.0)
CALIFORNIA RESOU 1CLB QT 6,207.0 (720.0) (249.0)
CALIFORNIA RESOU CRCUSD EU 6,207.0 (720.0) (249.0)
CAMBIUM LEARNING ABCD US 158.6 (14.3) (71.4)
CARDLYTICS INC CDLX US 100.8 (12.2) 32.5
CARDLYTICS INC CYX TH 100.8 (12.2) 32.5
CARDLYTICS INC CDLXEUR EU 100.8 (12.2) 32.5
CARDLYTICS INC CYX QT 100.8 (12.2) 32.5
CARDLYTICS INC CDLXUSD EU 100.8 (12.2) 32.5
CARDLYTICS INC CYX GR 100.8 (12.2) 32.5
CARDLYTICS INC CYX GZ 100.8 (12.2) 32.5
CAREDX INC CDNA US 83.6 (6.0) (16.1)
CAREDX INC 1K9 GR 83.6 (6.0) (16.1)
CAREDX INC CDNAEUR EU 83.6 (6.0) (16.1)
CASELLA WASTE WA3 GR 614.9 (37.9) (4.2)
CASELLA WASTE CWST US 614.9 (37.9) (4.2)
CASELLA WASTE WA3 TH 614.9 (37.9) (4.2)
CASELLA WASTE CWSTEUR EU 614.9 (37.9) (4.2)
CASELLA WASTE CWSTUSD EU 614.9 (37.9) (4.2)
CDK GLOBAL INC CDK US 2,690.0 (188.0) 514.1
CDK GLOBAL INC C2G TH 2,690.0 (188.0) 514.1
CDK GLOBAL INC CDKEUR EU 2,690.0 (188.0) 514.1
CDK GLOBAL INC C2G GR 2,690.0 (188.0) 514.1
CDK GLOBAL INC CDKUSD EU 2,690.0 (188.0) 514.1
CDK GLOBAL INC C2G QT 2,690.0 (188.0) 514.1
CDK GLOBAL INC 0HQR LN 2,690.0 (188.0) 514.1
CHESAPEAKE ENERG CHK* MM 12,425.0 (372.0) (831.0)
CHESAPEAKE ENERG CHKUSD EU 12,425.0 (372.0) (831.0)
CHESAPEAKE ENERG 0HWL LN 12,425.0 (372.0) (831.0)
CHOICE HOTELS CZH GR 927.6 (212.1) 108.4
CHOICE HOTELS CHH US 927.6 (212.1) 108.4
CINCINNATI BELL CBB US 2,162.4 (143.1) 353.1
CINCINNATI BELL CIB1 GR 2,162.4 (143.1) 353.1
CINCINNATI BELL CBBEUR EU 2,162.4 (143.1) 353.1
CLEAR CHANNEL-A C7C GR 5,580.5 (1,284.2) 337.6
CLEAR CHANNEL-A CCO US 5,580.5 (1,284.2) 337.6
CLEVELAND-CLIFFS CVA GR 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CVA TH 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CLF US 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CLF* MM 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CVA QT 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CLF2EUR EU 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CVA GZ 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CLF2 EU 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS 0I0H LN 2,953.4 (444.1) 1,092.4
COCONNECT INC CCON US 0.0 (0.1) (0.1)
COGENT COMMUNICA CCOI US 710.6 (102.5) 231.6
COGENT COMMUNICA OGM1 GR 710.6 (102.5) 231.6
COMMUNITY HEALTH CYH US 17,450.0 (165.0) 1,712.0
COMMUNITY HEALTH CG5 GR 17,450.0 (165.0) 1,712.0
COMMUNITY HEALTH CG5 TH 17,450.0 (165.0) 1,712.0
COMMUNITY HEALTH CG5 QT 17,450.0 (165.0) 1,712.0
COMMUNITY HEALTH CYH1EUR EU 17,450.0 (165.0) 1,712.0
COMMUNITY HEALTH CYH1USD EU 17,450.0 (165.0) 1,712.0
CONSUMER CAPITAL CCGN US 5.2 (2.5) (2.6)
DELEK LOGISTICS DKL US 443.5 (29.2) 18.7
DELEK LOGISTICS D6L GR 443.5 (29.2) 18.7
DENNY'S CORP DE8 GR 323.8 (97.4) (53.6)
DENNY'S CORP DENN US 323.8 (97.4) (53.6)
DEX MEDIA INC DMDA US 1,419.0 (1,284.0) (1,999.0)
DINE BRANDS GLOB DIN US 1,750.2 (146.7) 99.9
DINE BRANDS GLOB IHP GR 1,750.2 (146.7) 99.9
DOLLARAMA INC DOL CN 1,934.3 (252.4) (151.0)
DOLLARAMA INC DLMAF US 1,934.3 (252.4) (151.0)
DOLLARAMA INC DR3 GR 1,934.3 (252.4) (151.0)
DOLLARAMA INC DR3 GZ 1,934.3 (252.4) (151.0)
DOLLARAMA INC DOLEUR EU 1,934.3 (252.4) (151.0)
DOLLARAMA INC DR3 TH 1,934.3 (252.4) (151.0)
DOLLARAMA INC DR3 QT 1,934.3 (252.4) (151.0)
DOMINO'S PIZZA EZV TH 836.8 (2,735.4) 181.5
DOMINO'S PIZZA EZV GR 836.8 (2,735.4) 181.5
DOMINO'S PIZZA DPZ US 836.8 (2,735.4) 181.5
DOMINO'S PIZZA EZV QT 836.8 (2,735.4) 181.5
DOMINO'S PIZZA DPZEUR EU 836.8 (2,735.4) 181.5
DOMINO'S PIZZA DPZUSD EU 836.8 (2,735.4) 181.5
DUN & BRADSTREET DB5 GR 2,480.9 (811.2) 41.3
DUN & BRADSTREET DB5 TH 2,480.9 (811.2) 41.3
DUN & BRADSTREET DNB US 2,480.9 (811.2) 41.3
DUN & BRADSTREET DB5 QT 2,480.9 (811.2) 41.3
DUN & BRADSTREET DNB1EUR EU 2,480.9 (811.2) 41.3
EGAIN CORP EGAN US 37.4 (9.8) (13.8)
EGAIN CORP EGCA GR 37.4 (9.8) (13.8)
EGAIN CORP EGANEUR EU 37.4 (9.8) (13.8)
EGAIN CORP 0IFM LN 37.4 (9.8) (13.8)
ENPHASE ENERGY E0P GR 169.1 (9.1) 38.7
ENPHASE ENERGY ENPH US 169.1 (9.1) 38.7
ENPHASE ENERGY E0P TH 169.1 (9.1) 38.7
ENPHASE ENERGY ENPHEUR EU 169.1 (9.1) 38.7
ENPHASE ENERGY E0P QT 169.1 (9.1) 38.7
ENPHASE ENERGY ENPHUSD EU 169.1 (9.1) 38.7
ENPHASE ENERGY 0QYE LN 169.1 (9.1) 38.7
EOS PETRO INC EOPT US 0.1 (23.5) (23.4)
ERIN ENERGY CORP ERN US 251.1 (362.8) (347.0)
ERIN ENERGY CORP ERN SJ 251.1 (362.8) (347.0)
EVERI HOLDINGS I EVRI US 1,537.1 (140.6) (12.0)
EVERI HOLDINGS I G2C TH 1,537.1 (140.6) (12.0)
EVERI HOLDINGS I G2C GR 1,537.1 (140.6) (12.0)
EVERI HOLDINGS I EVRIEUR EU 1,537.1 (140.6) (12.0)
EVERI HOLDINGS I EVRIUSD EU 1,537.1 (140.6) (12.0)
EVOLUS INC EOLS US 152.2 (75.5) (139.9)
EVOLUS INC EVL GR 152.2 (75.5) (139.9)
EVOLUS INC EOLSEUR EU 152.2 (75.5) (139.9)
EXELA TECHNOLOGI XELAU US 1,714.8 (10.0) (26.0)
EXELA TECHNOLOGI XELA US 1,714.8 (10.0) (26.0)
FERRELLGAS-LP FGP US 1,687.1 (809.8) (175.9)
FTS INTERNATIONA FTSI US 831.0 (468.5) 323.9
FTS INTERNATIONA FT5 QT 831.0 (468.5) 323.9
GAMCO INVESTO-A GBL US 128.3 (96.3) -
GNC HOLDINGS INC GNC US 1,516.6 (162.0) 478.1
GNC HOLDINGS INC GNC1USD EU 1,516.6 (162.0) 478.1
GNC HOLDINGS INC GNC* MM 1,516.6 (162.0) 478.1
GNC HOLDINGS INC 0IT2 LN 1,516.6 (162.0) 478.1
GOGO INC GOGO US 1,403.2 (191.6) 276.6
GOGO INC G0G GR 1,403.2 (191.6) 276.6
GOGO INC G0G QT 1,403.2 (191.6) 276.6
GOGO INC GOGOEUR EU 1,403.2 (191.6) 276.6
GOGO INC 0IYQ LN 1,403.2 (191.6) 276.6
GREEN PLAINS PAR GPP US 92.3 (62.8) 5.6
GREEN PLAINS PAR 8GP GR 92.3 (62.8) 5.6
H&R BLOCK INC HRB US 2,561.3 (698.1) 617.6
H&R BLOCK INC HRB GR 2,561.3 (698.1) 617.6
H&R BLOCK INC HRB TH 2,561.3 (698.1) 617.6
H&R BLOCK INC HRB QT 2,561.3 (698.1) 617.6
H&R BLOCK INC HRBEUR EU 2,561.3 (698.1) 617.6
H&R BLOCK INC 0HOB LN 2,561.3 (698.1) 617.6
HCA HEALTHCARE I 2BH GR 36,593.0 (4,995.0) 3,819.0
HCA HEALTHCARE I HCA US 36,593.0 (4,995.0) 3,819.0
HCA HEALTHCARE I 2BH TH 36,593.0 (4,995.0) 3,819.0
HCA HEALTHCARE I 2BH QT 36,593.0 (4,995.0) 3,819.0
HCA HEALTHCARE I HCAEUR EU 36,593.0 (4,995.0) 3,819.0
HCA HEALTHCARE I HCAUSD EU 36,593.0 (4,995.0) 3,819.0
HCA HEALTHCARE I 0J1R LN 36,593.0 (4,995.0) 3,819.0
HERBALIFE LTD HOO GR 2,895.1 (334.7) 953.5
HERBALIFE LTD HLF US 2,895.1 (334.7) 953.5
HERBALIFE LTD HLFEUR EU 2,895.1 (334.7) 953.5
HERBALIFE LTD HOO QT 2,895.1 (334.7) 953.5
HERBALIFE LTD HOO GZ 2,895.1 (334.7) 953.5
HERBALIFE LTD HLFUSD EU 2,895.1 (334.7) 953.5
HORTONWORKS INC HDP US 250.7 (65.0) (39.1)
HORTONWORKS INC 14K GR 250.7 (65.0) (39.1)
HORTONWORKS INC 14K QT 250.7 (65.0) (39.1)
HORTONWORKS INC HDPEUR EU 250.7 (65.0) (39.1)
HORTONWORKS INC 0J64 LN 250.7 (65.0) (39.1)
HP COMPANY-BDR HPQB34 BZ 35,245.0 (2,742.0) (2,132.0)
HP INC HPQ* MM 35,245.0 (2,742.0) (2,132.0)
HP INC HPQ US 35,245.0 (2,742.0) (2,132.0)
HP INC 7HP TH 35,245.0 (2,742.0) (2,132.0)
HP INC 7HP GR 35,245.0 (2,742.0) (2,132.0)
HP INC HPQ TE 35,245.0 (2,742.0) (2,132.0)
HP INC HPQ CI 35,245.0 (2,742.0) (2,132.0)
HP INC HPQ SW 35,245.0 (2,742.0) (2,132.0)
HP INC HWP QT 35,245.0 (2,742.0) (2,132.0)
HP INC HPQUSD EU 35,245.0 (2,742.0) (2,132.0)
HP INC HPQUSD SW 35,245.0 (2,742.0) (2,132.0)
HP INC HPQEUR EU 35,245.0 (2,742.0) (2,132.0)
HP INC 7HP GZ 35,245.0 (2,742.0) (2,132.0)
HP INC 0J2E LN 35,245.0 (2,742.0) (2,132.0)
IDEXX LABS IDXX US 1,713.4 (53.8) (32.6)
IDEXX LABS IX1 GR 1,713.4 (53.8) (32.6)
IDEXX LABS IX1 TH 1,713.4 (53.8) (32.6)
IDEXX LABS IX1 QT 1,713.4 (53.8) (32.6)
IDEXX LABS IDXX AV 1,713.4 (53.8) (32.6)
IDEXX LABS IX1 GZ 1,713.4 (53.8) (32.6)
IDEXX LABS 0J8P LN 1,713.4 (53.8) (32.6)
IDEXX LABS IDXX TE 1,713.4 (53.8) (32.6)
IMMUNOGEN INC IMU GR 294.7 (17.9) 220.6
IMMUNOGEN INC IMGN US 294.7 (17.9) 220.6
IMMUNOGEN INC IMU TH 294.7 (17.9) 220.6
IMMUNOGEN INC IMU QT 294.7 (17.9) 220.6
IMMUNOGEN INC IMU GZ 294.7 (17.9) 220.6
IMMUNOGEN INC IMGNEUR EU 294.7 (17.9) 220.6
IMMUNOGEN INC IMGNUSD EU 294.7 (17.9) 220.6
INNOVIVA INC INVA US 367.3 (242.7) 165.6
INNOVIVA INC HVE GR 367.3 (242.7) 165.6
INNOVIVA INC INVAEUR EU 367.3 (242.7) 165.6
INNOVIVA INC HVE GZ 367.3 (242.7) 165.6
INTERNAP CORP IP9N GR 586.5 (1.0) (23.5)
INTERNAP CORP INAP US 586.5 (1.0) (23.5)
INTERNAP CORP INAPEUR EU 586.5 (1.0) (23.5)
ISRAMCO INC IRM GR 108.8 (23.8) 13.0
ISRAMCO INC ISRL US 108.8 (23.8) 13.0
ISRAMCO INC ISRLEUR EU 108.8 (23.8) 13.0
IWEB INC IWBBD US 1.1 (0.3) (0.3)
JACK IN THE BOX JBX GR 1,157.6 (374.6) 138.0
JACK IN THE BOX JACK US 1,157.6 (374.6) 138.0
JACK IN THE BOX JACK1EUR EU 1,157.6 (374.6) 138.0
JACK IN THE BOX JBX GZ 1,157.6 (374.6) 138.0
JACK IN THE BOX JBX QT 1,157.6 (374.6) 138.0
JUST ENERGY GROU JE US 1,387.5 (75.7) (71.4)
JUST ENERGY GROU 1JE GR 1,387.5 (75.7) (71.4)
JUST ENERGY GROU JE CN 1,387.5 (75.7) (71.4)
KERYX BIOPHARM KYX GR 158.9 (14.1) 96.1
KERYX BIOPHARM KERX US 158.9 (14.1) 96.1
KERYX BIOPHARM KYX TH 158.9 (14.1) 96.1
KERYX BIOPHARM KYX QT 158.9 (14.1) 96.1
KERYX BIOPHARM KERXEUR EU 158.9 (14.1) 96.1
KERYX BIOPHARM KERXUSD EU 158.9 (14.1) 96.1
L BRANDS INC LTD GR 8,149.0 (751.0) 1,262.0
L BRANDS INC LTD TH 8,149.0 (751.0) 1,262.0
L BRANDS INC LB US 8,149.0 (751.0) 1,262.0
L BRANDS INC LBEUR EU 8,149.0 (751.0) 1,262.0
L BRANDS INC LB* MM 8,149.0 (751.0) 1,262.0
L BRANDS INC LTD QT 8,149.0 (751.0) 1,262.0
L BRANDS INC LBUSD EU 8,149.0 (751.0) 1,262.0
L BRANDS INC 0JSC LN 8,149.0 (751.0) 1,262.0
LAMB WESTON LW US 2,753.9 (337.6) 418.9
LAMB WESTON LW-WEUR EU 2,753.9 (337.6) 418.9
LAMB WESTON 0L5 GR 2,753.9 (337.6) 418.9
LAMB WESTON 0L5 TH 2,753.9 (337.6) 418.9
LAMB WESTON 0L5 QT 2,753.9 (337.6) 418.9
LAMB WESTON LW-WUSD EU 2,753.9 (337.6) 418.9
LEGACY RESERVES LRT GR 1,493.1 (271.7) (32.2)
LEGACY RESERVES LGCY US 1,493.1 (271.7) (32.2)
LEGACY RESERVES LRT QT 1,493.1 (271.7) (32.2)
LEGACY RESERVES LRT GZ 1,493.1 (271.7) (32.2)
LILIS ENERGY INC LLEX US 195.9 (30.9) 0.0
LILIS ENERGY INC 0KF1 GR 195.9 (30.9) 0.0
LILIS ENERGY INC LLEXEUR EU 195.9 (30.9) 0.0
LOCKHEED MARTIN LMT US 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LOM GR 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LOM TH 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LMT* MM 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LMT SW 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LMT1EUR EU 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LOM QT 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LMT1CHF EU 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LMT1USD EU 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LOM GZ 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN 0R3E LN 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LMT TE 46,521.0 (609.0) 4,824.0
LOCKHEED-BDR LMTB34 BZ 46,521.0 (609.0) 4,824.0
LOCKHEED-CEDEAR LMT AR 46,521.0 (609.0) 4,824.0
MARRONE BIO INNO MBII US 36.9 (50.7) (2.9)
MCDONALDS - BDR MCDC34 BZ 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MDO TH 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCD TE 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MDO GR 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCD* MM 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCD US 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCD SW 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCD CI 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MDO QT 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCDCHF EU 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCDUSD EU 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCDUSD SW 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCDEUR EU 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MDO GZ 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCD AV 33,803.7 (3,268.0) 2,436.6
MDC PARTNERS-A MDCA US 1,698.9 (92.6) (232.9)
MDC PARTNERS-A MD7A GR 1,698.9 (92.6) (232.9)
MDC PARTNERS-A MDCAEUR EU 1,698.9 (92.6) (232.9)
MEDLEY MANAGE-A MDLY US 127.9 (23.3) 29.1
MICHAELS COS INC MIK US 2,300.2 (1,509.5) 719.0
MICHAELS COS INC MIM GR 2,300.2 (1,509.5) 719.0
MONEYGRAM INTERN MGI US 4,772.5 (245.3) (65.5)
MONEYGRAM INTERN 9M1N GR 4,772.5 (245.3) (65.5)
MONEYGRAM INTERN 9M1N QT 4,772.5 (245.3) (65.5)
MONEYGRAM INTERN 9M1N TH 4,772.5 (245.3) (65.5)
MONEYGRAM INTERN MGIEUR EU 4,772.5 (245.3) (65.5)
MONEYGRAM INTERN MGIUSD EU 4,772.5 (245.3) (65.5)
MOODY'S CORP DUT GR 8,594.2 (114.9) 517.3
MOODY'S CORP MCO US 8,594.2 (114.9) 517.3
MOODY'S CORP DUT TH 8,594.2 (114.9) 517.3
MOODY'S CORP MCOEUR EU 8,594.2 (114.9) 517.3
MOODY'S CORP DUT QT 8,594.2 (114.9) 517.3
MOODY'S CORP MCO* MM 8,594.2 (114.9) 517.3
MOODY'S CORP DUT GZ 8,594.2 (114.9) 517.3
MOODY'S CORP MCOUSD EU 8,594.2 (114.9) 517.3
MOODY'S CORP 0K36 LN 8,594.2 (114.9) 517.3
MOSAIC A-CLASS A MOSC US 0.6 (0.0) (0.0)
MOSAIC ACQUISITI MOSC/U US 0.6 (0.0) (0.0)
MOTOROLA SOLUTIO MTLA GR 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MTLA TH 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MSI US 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MOT TE 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MTLA QT 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MSI1EUR EU 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MTLA GZ 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MSI1USD EU 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO 0K3H LN 8,208.0 (1,727.0) 1,019.0
MSG NETWORKS- A MSGN US 851.8 (743.2) 229.6
MSG NETWORKS- A 1M4 GR 851.8 (743.2) 229.6
MSG NETWORKS- A 1M4 TH 851.8 (743.2) 229.6
MSG NETWORKS- A 1M4 QT 851.8 (743.2) 229.6
MSG NETWORKS- A MSGNEUR EU 851.8 (743.2) 229.6
MSG NETWORKS- A MSGNUSD EU 851.8 (743.2) 229.6
NATERA INC NTRA US 178.8 (10.4) 39.3
NATERA INC 45E GR 178.8 (10.4) 39.3
NATHANS FAMOUS NATH US 92.9 (85.0) 51.8
NATHANS FAMOUS NFA GR 92.9 (85.0) 51.8
NATIONAL CINEMED XWM GR 1,148.1 (1.2) 102.9
NATIONAL CINEMED NCMI US 1,148.1 (1.2) 102.9
NATIONAL CINEMED NCMIEUR EU 1,148.1 (1.2) 102.9
NAVISTAR INTL IHR GR 5,969.0 (4,583.0) 705.0
NAVISTAR INTL NAV US 5,969.0 (4,583.0) 705.0
NAVISTAR INTL IHR TH 5,969.0 (4,583.0) 705.0
NAVISTAR INTL IHR QT 5,969.0 (4,583.0) 705.0
NAVISTAR INTL IHR GZ 5,969.0 (4,583.0) 705.0
NAVISTAR INTL NAVEUR EU 5,969.0 (4,583.0) 705.0
NAVISTAR INTL NAVUSD EU 5,969.0 (4,583.0) 705.0
NEBULA ACQUISITI NEBUU US 0.0 (0.0) (0.0)
NEBULA ACQUISITI NEBU US 0.0 (0.0) (0.0)
NEW ENG RLTY-LP NEN US 226.8 (35.3) -
NUTRIEN LTD NTR CN 0.2 (0.5) (0.6)
NUTRIEN LTD NTR US 0.2 (0.5) (0.6)
NUTRIEN LTD N7T TH 0.2 (0.5) (0.6)
NUTRIEN LTD N7T GR 0.2 (0.5) (0.6)
NUTRIEN LTD NTREUR EU 0.2 (0.5) (0.6)
NUTRIEN LTD NTRUSD EU 0.2 (0.5) (0.6)
NUTRIEN LTD NTRCAD EU 0.2 (0.5) (0.6)
NUTRIEN LTD NTRN MM 0.2 (0.5) (0.6)
NUTRIEN LTD N7T QT 0.2 (0.5) (0.6)
NYMOX PHARMACEUT NYMX US 1.0 (1.3) (1.3)
NYMOX PHARMACEUT NYM GR 1.0 (1.3) (1.3)
NYMOX PHARMACEUT NYM GZ 1.0 (1.3) (1.3)
NYMOX PHARMACEUT NYMXEUR EU 1.0 (1.3) (1.3)
NYMOX PHARMACEUT NYMXUSD EU 1.0 (1.3) (1.3)
OMEROS CORP 3O8 GR 116.3 (2.8) 82.1
OMEROS CORP OMER US 116.3 (2.8) 82.1
OMEROS CORP 3O8 TH 116.3 (2.8) 82.1
OMEROS CORP OMEREUR EU 116.3 (2.8) 82.1
OMEROS CORP OMERUSD EU 116.3 (2.8) 82.1
OMEROS CORP 0KBU LN 116.3 (2.8) 82.1
OPTIVA INC RE6 GR 210.2 (3.3) 42.4
OPTIVA INC RKNED US 210.2 (3.3) 42.4
OPTIVA INC OPT CN 210.2 (3.3) 42.4
OPTIVA INC 3230510Q EU 210.2 (3.3) 42.4
OPTIVA INC RKNEUR EU 210.2 (3.3) 42.4
PAPA JOHN'S INTL PZZA US 555.6 (99.2) 37.1
PAPA JOHN'S INTL PP1 GR 555.6 (99.2) 37.1
PAPA JOHN'S INTL PZZAEUR EU 555.6 (99.2) 37.1
PENN NATL GAMING PN1 GR 5,234.8 (73.1) (129.0)
PENN NATL GAMING PENN US 5,234.8 (73.1) (129.0)
PHILIP MORRIS IN PM1EUR EU 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PMI SW 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PM1 TE 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN 4I1 TH 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PM1CHF EU 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN 4I1 GR 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PM US 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PM1 EU 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PMI1 IX 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PMI EB 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN 4I1 QT 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN 4I1 GZ 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PM LN 42,968.0 (10,230.0) 5,632.0
PINNACLE ENTERTA PNK US 3,950.2 (321.0) (60.7)
PINNACLE ENTERTA 65P GR 3,950.2 (321.0) (60.7)
PLANET FITNESS-A PLNT US 1,092.5 (136.9) 65.0
PLANET FITNESS-A 3PL TH 1,092.5 (136.9) 65.0
PLANET FITNESS-A 3PL GR 1,092.5 (136.9) 65.0
PLANET FITNESS-A 3PL QT 1,092.5 (136.9) 65.0
PLANET FITNESS-A PLNT1EUR EU 1,092.5 (136.9) 65.0
PLANET FITNESS-A PLNT1USD EU 1,092.5 (136.9) 65.0
PLANET FITNESS-A 0KJD LN 1,092.5 (136.9) 65.0
PLAYAGS INC AGS US 697.2 (27.9) 39.0
PROCESSA PHARMAC PCSA US 0.1 (0.0) (0.0)
PROS HOLDINGS IN PH2 GR 288.7 (47.0) 100.0
PROS HOLDINGS IN PRO US 288.7 (47.0) 100.0
REATA PHARMACE-A RETA US 135.3 (147.0) 85.5
REATA PHARMACE-A 2R3 GR 135.3 (147.0) 85.5
REATA PHARMACE-A RETAEUR EU 135.3 (147.0) 85.5
REGAL ENTERTAI-A RGC US 2,842.9 (855.8) (98.1)
REGAL ENTERTAI-A RETA GR 2,842.9 (855.8) (98.1)
REMARK HOLD INC 3SWN GR 103.5 (79.6) (46.7)
REMARK HOLD INC MARK US 103.5 (79.6) (46.7)
REMARK HOLD INC MARKEUR EU 103.5 (79.6) (46.7)
RESOLUTE ENERGY R21 GR 641.9 (74.4) (82.9)
RESOLUTE ENERGY REN US 641.9 (74.4) (82.9)
RESOLUTE ENERGY RENEUR EU 641.9 (74.4) (82.9)
REVLON INC-A REV US 3,056.9 (770.4) 210.9
REVLON INC-A RVL1 GR 3,056.9 (770.4) 210.9
REVLON INC-A RVL1 TH 3,056.9 (770.4) 210.9
REVLON INC-A REVEUR EU 3,056.9 (770.4) 210.9
REVLON INC-A REVUSD EU 3,056.9 (770.4) 210.9
RH RH US 1,732.9 (7.3) 125.6
RH RS1 GR 1,732.9 (7.3) 125.6
RH RH* MM 1,732.9 (7.3) 125.6
RH RHEUR EU 1,732.9 (7.3) 125.6
RH 0KTF LN 1,732.9 (7.3) 125.6
RIMINI STREET IN RMNIU US 122.2 (210.3) (116.6)
RIMINI STREET IN RMNI US 122.2 (210.3) (116.6)
RR DONNELLEY & S DLLN GR 3,904.5 (202.9) 663.9
RR DONNELLEY & S RRD US 3,904.5 (202.9) 663.9
RR DONNELLEY & S DLLN TH 3,904.5 (202.9) 663.9
RR DONNELLEY & S RRDEUR EU 3,904.5 (202.9) 663.9
RR DONNELLEY & S RRDUSD EU 3,904.5 (202.9) 663.9
RYERSON HOLDING RYI US 1,711.9 (7.4) 701.2
RYERSON HOLDING 7RY GR 1,711.9 (7.4) 701.2
RYERSON HOLDING 7RY TH 1,711.9 (7.4) 701.2
SALLY BEAUTY HOL SBH US 2,113.3 (342.6) 573.7
SALLY BEAUTY HOL S7V GR 2,113.3 (342.6) 573.7
SANCHEZ ENERGY C SN US 2,470.6 (41.6) (111.7)
SANCHEZ ENERGY C SN* MM 2,470.6 (41.6) (111.7)
SANCHEZ ENERGY C SNUSD EU 2,470.6 (41.6) (111.7)
SBA COMM CORP 4SB GR 7,320.2 (2,599.1) (19.4)
SBA COMM CORP SBAC US 7,320.2 (2,599.1) (19.4)
SBA COMM CORP SBJ TH 7,320.2 (2,599.1) (19.4)
SBA COMM CORP SBACEUR EU 7,320.2 (2,599.1) (19.4)
SBA COMM CORP 4SB GZ 7,320.2 (2,599.1) (19.4)
SBA COMM CORP SBACUSD EU 7,320.2 (2,599.1) (19.4)
SBA COMM CORP 0KYZ LN 7,320.2 (2,599.1) (19.4)
SCIENTIFIC GAMES SGMS US 7,725.3 (2,027.0) 1,136.6
SCIENTIFIC GAMES TJW GR 7,725.3 (2,027.0) 1,136.6
SCPHARMACEUTICAL SCPH US 34.3 (67.0) 29.1
SCPHARMACEUTICAL SCPHEUR EU 34.3 (67.0) 29.1
SCPHARMACEUTICAL 2SX TH 34.3 (67.0) 29.1
SCPHARMACEUTICAL SCPHUSD EU 34.3 (67.0) 29.1
SHELL MIDSTREAM SHLX US 1,366.5 (565.9) 148.7
SHELL MIDSTREAM 49M GR 1,366.5 (565.9) 148.7
SHELL MIDSTREAM 49M TH 1,366.5 (565.9) 148.7
SHELL MIDSTREAM 49M QT 1,366.5 (565.9) 148.7
SIGA TECH INC SIGA US 144.7 (323.1) 30.6
SIRIUS XM HOLDIN SIRI US 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN RDO TH 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN RDO GR 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN RDO QT 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN SIRIEUR EU 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN RDO GZ 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN SIRI AV 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN SIRIUSD EU 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN 0L6Z LN 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN SIRI TE 8,329.4 (1,523.9) (2,350.6)
SIX FLAGS ENTERT SIX US 2,456.7 (10.7) (76.8)
SIX FLAGS ENTERT 6FE GR 2,456.7 (10.7) (76.8)
SIX FLAGS ENTERT SIXEUR EU 2,456.7 (10.7) (76.8)
SOLARWINDOW TECH WNDW US 3.0 (0.9) 2.6
SOLARWINDOW TECH 2N0N GR 3.0 (0.9) 2.6
SOLARWINDOW TECH WNDW LN 3.0 (0.9) 2.6
SONIC CORP SONC US 561.5 (252.7) 73.4
SONIC CORP SO4 GR 561.5 (252.7) 73.4
SONIC CORP SONCEUR EU 561.5 (252.7) 73.4
STRAIGHT PATH-B STRP US 10.1 (20.3) (13.5)
STRAIGHT PATH-B 5I0 GR 10.1 (20.3) (13.5)
SYNTEL INC SYNT US 483.7 (12.9) 157.2
SYNTEL INC SYE GR 483.7 (12.9) 157.2
SYNTEL INC SYE TH 483.7 (12.9) 157.2
SYNTEL INC SYNT1EUR EU 483.7 (12.9) 157.2
SYNTEL INC SYE QT 483.7 (12.9) 157.2
SYNTEL INC SYNT* MM 483.7 (12.9) 157.2
SYNTEL INC SYNT1USD EU 483.7 (12.9) 157.2
TALEND SA - ADR TLND US 172.8 (1.1) 1.0
TALEND SA - ADR 0T7 GR 172.8 (1.1) 1.0
TALEND SA - ADR 0T7 TH 172.8 (1.1) 1.0
TALEND SA - ADR TLNDUSD EU 172.8 (1.1) 1.0
TALEND SA - ADR 0LCZ LN 172.8 (1.1) 1.0
TANDEM DIABETES TNDM US 95.3 (29.1) 28.1
TANDEM DIABETES TD5A GR 95.3 (29.1) 28.1
TANDEM DIABETES TNDMEUR EU 95.3 (29.1) 28.1
TANDEM DIABETES TD5A TH 95.3 (29.1) 28.1
TANDEM DIABETES TD5A QT 95.3 (29.1) 28.1
TANDEM DIABETES TNDMUSD EU 95.3 (29.1) 28.1
TAUBMAN CENTERS TU8 GR 4,214.6 (142.5) -
TAUBMAN CENTERS TCO US 4,214.6 (142.5) -
TAUBMAN CENTERS 0LDD LN 4,214.6 (142.5) -
TOWN SPORTS INTE T3D GR 236.7 (78.0) 5.4
TOWN SPORTS INTE CLUB US 236.7 (78.0) 5.4
TRANSDIGM GROUP T7D GR 10,112.1 (2,599.7) 1,447.9
TRANSDIGM GROUP TDG US 10,112.1 (2,599.7) 1,447.9
TRANSDIGM GROUP T7D QT 10,112.1 (2,599.7) 1,447.9
TRANSDIGM GROUP TDGEUR EU 10,112.1 (2,599.7) 1,447.9
TRANSDIGM GROUP T7D TH 10,112.1 (2,599.7) 1,447.9
TRANSDIGM GROUP 0REK LN 10,112.1 (2,599.7) 1,447.9
TUPPERWARE BRAND TUP US 1,388.0 (119.4) (28.3)
TUPPERWARE BRAND TUP GR 1,388.0 (119.4) (28.3)
TUPPERWARE BRAND TUP QT 1,388.0 (119.4) (28.3)
TUPPERWARE BRAND TUP GZ 1,388.0 (119.4) (28.3)
TUPPERWARE BRAND TUP TH 1,388.0 (119.4) (28.3)
TUPPERWARE BRAND TUP1EUR EU 1,388.0 (119.4) (28.3)
TUPPERWARE BRAND TUP1USD EU 1,388.0 (119.4) (28.3)
ULTRA PETROLEUM UPL US 1,513.0 (1,154.6) (81.1)
ULTRA PETROLEUM UPL1EUR EU 1,513.0 (1,154.6) (81.1)
ULTRA PETROLEUM UPM1 TH 1,513.0 (1,154.6) (81.1)
ULTRA PETROLEUM UPM1 QT 1,513.0 (1,154.6) (81.1)
ULTRA PETROLEUM UPL1USD EU 1,513.0 (1,154.6) (81.1)
UNISYS CORP UIS EU 2,542.7 (1,325.7) 418.6
UNISYS CORP UISCHF EU 2,542.7 (1,325.7) 418.6
UNISYS CORP UISEUR EU 2,542.7 (1,325.7) 418.6
UNISYS CORP UIS US 2,542.7 (1,325.7) 418.6
UNISYS CORP UIS1 SW 2,542.7 (1,325.7) 418.6
UNISYS CORP USY1 TH 2,542.7 (1,325.7) 418.6
UNISYS CORP USY1 GR 2,542.7 (1,325.7) 418.6
UNISYS CORP USY1 GZ 2,542.7 (1,325.7) 418.6
UNISYS CORP USY1 QT 2,542.7 (1,325.7) 418.6
UNITI GROUP INC UNIT US 4,330.1 (1,123.6) -
UNITI GROUP INC 8XC GR 4,330.1 (1,123.6) -
UNITI GROUP INC CSALUSD EU 4,330.1 (1,123.6) -
UNITI GROUP INC 0LJB LN 4,330.1 (1,123.6) -
VALVOLINE INC VVV US 1,827.0 (194.0) 367.0
VALVOLINE INC 0V4 GR 1,827.0 (194.0) 367.0
VALVOLINE INC 0V4 TH 1,827.0 (194.0) 367.0
VALVOLINE INC VVVEUR EU 1,827.0 (194.0) 367.0
VALVOLINE INC 0V4 QT 1,827.0 (194.0) 367.0
VECTOR GROUP LTD VGR GR 1,328.3 (331.8) 409.1
VECTOR GROUP LTD VGR US 1,328.3 (331.8) 409.1
VECTOR GROUP LTD VGR QT 1,328.3 (331.8) 409.1
VECTOR GROUP LTD VGREUR EU 1,328.3 (331.8) 409.1
VERISIGN INC VRS TH 2,941.2 (1,260.3) 885.6
VERISIGN INC VRS GR 2,941.2 (1,260.3) 885.6
VERISIGN INC VRSN US 2,941.2 (1,260.3) 885.6
VERISIGN INC VRS QT 2,941.2 (1,260.3) 885.6
VERISIGN INC VRSNEUR EU 2,941.2 (1,260.3) 885.6
VERISIGN INC VRS GZ 2,941.2 (1,260.3) 885.6
VERISIGN INC VRSNUSD EU 2,941.2 (1,260.3) 885.6
W&T OFFSHORE INC WTI US 907.6 (573.5) 22.4
W&T OFFSHORE INC UWV GR 907.6 (573.5) 22.4
W&T OFFSHORE INC WTI1EUR EU 907.6 (573.5) 22.4
WAYFAIR INC- A W US 1,213.4 (48.3) 77.1
WAYFAIR INC- A 1WF GR 1,213.4 (48.3) 77.1
WAYFAIR INC- A 1WF TH 1,213.4 (48.3) 77.1
WAYFAIR INC- A WEUR EU 1,213.4 (48.3) 77.1
WAYFAIR INC- A 1WF QT 1,213.4 (48.3) 77.1
WAYFAIR INC- A WUSD EU 1,213.4 (48.3) 77.1
WEIGHT WATCHERS WTW US 1,246.0 (1,011.5) (134.0)
WEIGHT WATCHERS WW6 GR 1,246.0 (1,011.5) (134.0)
WEIGHT WATCHERS WW6 TH 1,246.0 (1,011.5) (134.0)
WEIGHT WATCHERS WTWEUR EU 1,246.0 (1,011.5) (134.0)
WEIGHT WATCHERS WW6 QT 1,246.0 (1,011.5) (134.0)
WEIGHT WATCHERS WW6 GZ 1,246.0 (1,011.5) (134.0)
WEIGHT WATCHERS WTWUSD EU 1,246.0 (1,011.5) (134.0)
WESTERN UNION WU US 9,231.4 (491.4) (1,132.3)
WESTERN UNION W3U GR 9,231.4 (491.4) (1,132.3)
WESTERN UNION WU* MM 9,231.4 (491.4) (1,132.3)
WESTERN UNION W3U TH 9,231.4 (491.4) (1,132.3)
WESTERN UNION W3U QT 9,231.4 (491.4) (1,132.3)
WESTERN UNION WUEUR EU 9,231.4 (491.4) (1,132.3)
WESTERN UNION W3U GZ 9,231.4 (491.4) (1,132.3)
WESTERN UNION 0LVJ LN 9,231.4 (491.4) (1,132.3)
WIDEOPENWEST INC WOW US 2,441.6 (204.4) (26.2)
WIDEOPENWEST INC WU5 GR 2,441.6 (204.4) (26.2)
WIDEOPENWEST INC WU5 TH 2,441.6 (204.4) (26.2)
WIDEOPENWEST INC WU5 QT 2,441.6 (204.4) (26.2)
WIDEOPENWEST INC WOW1EUR EU 2,441.6 (204.4) (26.2)
WIDEOPENWEST INC WOW1USD EU 2,441.6 (204.4) (26.2)
WINGSTOP INC WING US 119.8 (48.3) (3.0)
WINGSTOP INC EWG GR 119.8 (48.3) (3.0)
WINGSTOP INC WING1EUR EU 119.8 (48.3) (3.0)
WINMARK CORP WINA US 48.4 (30.7) 11.9
WINMARK CORP GBZ GR 48.4 (30.7) 11.9
WINMARK CORP WINAUSD EU 48.4 (30.7) 11.9
WORKIVA INC WK US 157.7 (16.9) (14.0)
WORKIVA INC 0WKA GR 157.7 (16.9) (14.0)
WORKIVA INC WKEUR EU 157.7 (16.9) (14.0)
YELLOW PAGES LTD Y CN 529.9 (218.8) 35.1
YRC WORLDWIDE IN YRCW US 1,585.5 (353.5) 155.9
YRC WORLDWIDE IN YEL1 GR 1,585.5 (353.5) 155.9
YRC WORLDWIDE IN YEL1 TH 1,585.5 (353.5) 155.9
YRC WORLDWIDE IN YEL1 QT 1,585.5 (353.5) 155.9
YRC WORLDWIDE IN YRCWEUR EU 1,585.5 (353.5) 155.9
YRC WORLDWIDE IN YRCWUSD EU 1,585.5 (353.5) 155.9
YUM! BRANDS INC YUM US 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC TGR GR 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC TGR TH 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC YUMEUR EU 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC TGR QT 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC YUM SW 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC YUMUSD SW 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC TGR GZ 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC 0QYD LN 5,311.0 (6,334.0) 995.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 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 ***