/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/180503.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, May 3, 2018, Vol. 22, No. 122 Headlines AMERICAN BUILDERS: S&P Affirms 'BB' Issuer Credit Rating AMERICAN CENTER: Meeting Set for May 8 to Form Creditors' Panel ANDERSON FARMS: Case Summary & 20 Largest Unsecured Creditors ANTHONY LAWRENCE: Unsecureds to be Paid 29% Under Exit Plan ARA MACAO: Creditors Seek Appointment of Chapter 11 Trustee ARCON PROPERTIES: Unsecureds to be Paid 10% Under Exit Plans ARMADA LEASING: May 31 Plan Confirmation Hearing BADLANDS ENERGY: Files Chapter 11 Joint Plan of Liquidation BENDCO INC: DOJ Watchdog Seeks Appointment of Chapter 11 Trustee BOWLING GREEN: Taps Seiller Waterman as Legal Counsel BRIAR BUILDING: Case Summary & 3 Unsecured Creditors BRIGHT MOUNTAIN: CEO Comments on 2017 Results CBL & ASSOCIATES: S&P Alters Outlook to Negative & Affirms BB+ CCR CERIDIAN HCM: S&P Raises Credit Rating to 'B' on Refinancing, IPO CHARLES CONNELLY: Iron Horse Continues to Accept Bids Until May 7 COCRYSTAL PHARMA: Prices $8 Million Common Stock Offering COLIMA BBQ: Trustee Taps Braun Inc. as Appraiser COMSTOCK RESOURCES: Closes Sale of Eagle Ford Properties for $125M COMSTOCK RESOURCES: Pursuing Alternate Transaction with Arkoma CORRECT CARE: S&P Affirms 'B-' Corp Credit Rating, Outlook Stable CROWN HOLDINGS: Egan-Jones Lowers FC Sr. Unsecured Ratings to BB- CUMULUS MEDIA: Bankruptcy Court Confirms Reorganization Plan DECATUR ATHLETIC: Latest Plan to Pay United Leasing $489 Per Month EAGLECLAW MIDSTREAM: S&P Lowers Rating to 'B', Outlook Negative EAVES INC: Owner Incarcerated, Watchdog Appoints Case Trustee ERICSON & ASSOCIATES: Seeks to Hire Bankruptcy Attorneys ESSENCE BUSINESS: Taps Ure Law Firm as Legal Counsel FASHION OUTLETS OF LAS VEGAS: Loan Collateral Facing Foreclosure FC GLOBAL: Buys 7,738 Sq Ft Medical Office Building in Ohio FITE LLC: Taps Troy Nixon as New Legal Counsel FRANKLIN ACQUISITIONS: Appointment of R. Ingalls as Trustee Okayed FULLBEAUTY BRANDS: S&P Cuts Credit Rating to 'CCC-' FUSION TELECOM: S&P Assigns 'B' Rating to $40-Mil. Term Loan GARDEN OAKS MAINTENANCE: Taps Walker & Patterson as Legal Counsel GIBSON BRANDS: Business as Usual for Instruments & Prof Audio Units GIBSON BRANDS: Case Summary & 30 Largest Unsecured Creditors GIBSON BRANDS: Moody's Cuts CF Rating to Ca Amid Bankruptcy Filing GIBSON BRANDS: S&P Lowers Rating to 'D' on Bankruptcy Filing GREIF INC: Egan-Jones Hikes LC Senior Unsecured Ratings to BB+ GUY AMERICA: Funds from New Value Contribution to Finance Plan HALYARD HEALTH: S&P Affirms 'BB-' Rating on Owens & Minor Deal HMH MEDIA: Unsecureds to Recoup 11.2% Under Liquidation Plan HOVNANIAN ENTERPRISES: Extends Early Tender Deadline Until May 11 INPIXON: Has 15.2M Common Shares Outstanding as of April 30 JBC AGRICULTURAL: U.S. Trustee Unable to Appoint Committee JN MEDICAL: Auro Vaccines Plan Proposes to Sell Assets at Auction KII LIQUIDATING: Ct. to OK Plan Following Resolution of Objections LADDER CAPITAL: S&P Affirms 'BB' ICR, Outlook Remains Stable LAURITSEN FIREWOOD: Plan Confirmation Hearing Set for May 30 LEE ROY: Auction of Galleria Store Assets Begins May 14 LEE ROY: Auction of Plaza Midwood Store Assets Begins May 14 LEGACY RESERVES: Baines et al Amend Schedule 13G Disclosure LONGHORN ESTATE: U.S. Trustee Unable to Appoint Committee LOU FASCIO: Taps Harris Law Practice as Legal Counsel MADISON TIMBER: SEC Shuts Down $85 Million Ponzi Scheme MIKES PIZZA: Taps Scott H. Marcus as Legal Counsel MILLERBERND SYSTEMS: Seeks to Hire Bankruptcy Attorneys MONUMENT SECURITY: To Pay Toyota Secured Claims Monthly in New Plan NEOVASC INC: Files Form 20-F Reporting $22.9-Mil. 2017 Net Loss NEOVASC INC: Will Report First Quarter Results on May 10 NORTH CAROLINA TOBACCO: Equipment Auction to Begin June 7 ONEBADA BBQ INC: Trustee Taps Braun Inc. as Appraiser OWENS & MINOR: S&P Cuts Credit Rating to 'BB' on Halyard Deal PARKPROVO LLC: Taps Holland & Hart as Legal Counsel PINNACLE SERVICES: U.S. Trustee Unable to Appoint Committee PINNACLE VILLAGE: June 4 Auction Set for Non-Performing Loan PLASTIC2OIL INC: Amends Terms of Veridisyn Master Agreement PMG III: Taps Barrick Switzer as Legal Counsel RENNOVA HEALTH: Postpones Special Meeting to May 9 RH BBQ INC: Trustee Taps Braun Inc. as Appraiser RICHARD D. VAN LUNEN: Florida Litigation to Determine MTTI Claim SANDOVAL FAMILY: Case Summary & 3 Unsecured Creditors SCANDIA PACKAGING: Case Summary & 20 Largest Unsecured Creditors SEMLER SCIENTIFIC: Posts First Quarter Net Profit of $706,000 SIGEL'S BEVERAGES: Hearing on Disclosure Statement Set for May 4 SIMMONS FOODS: S&P Keeps 'B' Rating & Revises Outlook to Negative SPANISH BROADCASTING: Has Until May 17 to Cure Listing Deficiency SPANISH BROADCASTING: Nullifies Stock Purchases of 4 Investors SPANISH BROADCASTING: Signs COO Rodriguez to a 5-Year Contract STEFANOVOUNO LLC: Restaurant Equipment Up for Auction on May 8 T.C. RENFROW: Hearing on Disclosure Statement Set for May 4 THEBESTEOFFER LLC: Taps Paul Chiaravalloti as Bankruptcy Attorney TOWNEPLACE SUITES ODESSA: Loan Servicer Mulls Sale of Property TOYS R US: Alliance Expects to Incur Losses on Unpaid Invoices TRANSDIGM INC: S&P Assigns 'B+' Rating on $5.8-Bil. Term Loans UNITED CHARTER: East West Bank's Bid for Relief from Stay Tossed URBANISTICA LLC: Woodhaven Property Up for June 1 Auction USI SERVICES: Exclusive Plan Filing Period Extended to August 1 VAZQUEZ ROSARIO: Taps Arvelo & Vazquez as Legal Counsel VICTORY OUTREACH: Taps Totaro & Shanahan as Legal Counsel VINCENT DICANIO: Hearing on Disclosure Statement Set for June 6 WEINSTEIN CO: Sexual Assault Case Plaintiffs to Oppose Sale WILLIAM ABRAHAM: Court Okays Appointment of R. Ingalls as Trustee YINGLI GREEN: Files Form 20-F Reporting RMB3.3-Bil. 2017 Loss YINGLI GREEN: Supplier Files $897.5M Arbitration Request [*] $594,000 of Defaulted Timeshare Loans for Sale on May 7 [*] Ashley McDow Joins Foley & Lardner's Bankruptcy Practice [*] Chris Dupre Joins Renovo Capital as Partner [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* AMERICAN BUILDERS: S&P Affirms 'BB' Issuer Credit Rating -------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating on Beloit, Wis.-based American Builders & Contractors Supply Co. Inc. (ABC Supply). S&P said, "At the same time, we assigned our 'B+' issue-level and '6' recovery ratings to the company's proposed $800 million senior unsecured notes due in 2026. The '6' recovery rating indicates our expectation that lenders will receive negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. The ratings are subject to final documentation and issuance. "In addition, we affirmed our 'BB+' senior secured issue-level rating on the $1.875 million term loan and 'B+' senior unsecured issue-level rating on the $350 million senior unsecured notes, both due in 2023. Our '2' recovery rating on the term loan and '6' recovery rating on the senior unsecured notes are unchanged. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of a payment default. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. "Our affirmation of ABC Supply's 'BB' corporate credit rating reflects S&P Global Ratings' expectation that the company will maintain its prudent financial policies and leverage of 3.25x-3.75x over the next year, even while pursuing moderate debt-financed bolt-on acquisitions. "The stable outlook on ABC Supply reflects our expectation that over the next 12 months the company will continue to generate positive free cash flow and maintain strong liquidity. At the same time, we expect the company to maintain total leverage (including lease obligations) of 3.25x-3.75x. We expect ABC to reduce leverage over the next 12 months either through debt reduction or earnings accretion from acquisitions. "We could downgrade ABC within the next 12 months if the company's leverage trended toward 4.5x. This could occur if the U.S. housing recovery and consumer spending stalled in a recessionary environment (on which our economists only place a 10%-15% probability). As such, downward pressure could result from the company's EBITDA falling 20% below our 2018 forecast, causing leverage to increase above 4.5x. This, in our view, would mean at least a 100-basis-points (bps) decline in its EBITDA margin, which we consider unlikely in the current operating environment. "In our opinion, an upgrade is also unlikely over the next 12 months. However, we could upgrade ABC if it permanently increased earnings margins as a result of a more attractive product mix and/or stronger economies of scale from its expanded operating breadth, while keeping leverage below 3.5x as the company grows by acquisitions. An upgrade would also require our expectation that leverage could remain at or below this level even in a cyclical housing downturn." AMERICAN CENTER: Meeting Set for May 8 to Form Creditors' Panel --------------------------------------------------------------- Andy Vara, Acting United States Trustee for Region 3, will hold an organizational meeting on May 8, 2018, at 10:00 a.m. in the bankruptcy case of American Center for Civil Justice, Inc. The meeting will be held at: United States Bankruptcy Court 402 East State Street, Room 129 Trenton, New Jersey 08608 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. About American Center for Civil Justice American Center for Civil Justice, Inc. is a tax-exempt organization that provides legal services. The organization defends human and civil rights by advocating and aiding lawsuits by victims of oppression, acts of violence and other injustices. American Center for Civil Justice, Inc. filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. N.J. Lead Case No. 18-15691) on March 23, 2018. The Honorable Christine M. Gravelle presides over the case. The petition was signed by Elie Perr, president. Timothy P. Neumann, Esq. , of Broege, Neumann, Fischer & Shaver LLC is the Debtors' counsel. The company estimated $10 million to $50 million in both assets and liabilities. ANDERSON FARMS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Anderson Farms, Inc. aka Anderson Trucking aka Anderson Transportation PO Box 398 Burley, ID 83318 Business Description: Anderson Farms, Inc. operates a specialized freight trucking business providing a wide range of services to the agricultural industry that suit the needs and requirement of transporting feed to dairies and feedlots. Anderson Farms is headquartered in Burley, Idaho. https://www.andersonfarms.org/ Chapter 11 Petition Date: April 30, 2018 Case No.: 18-40360 Court: United States Bankruptcy Court District of Idaho (Twin Falls) Judge: Hon. Joseph M Meier Debtor's Counsel: Steven L. Taggart, Esq. MAYNES TAGGART PLLC POB 3005 Idaho Falls, ID 83403-3005 Tel: (208) 552-6442 Fax: (208) 524-6095 Email: staggart101@gmail.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Cameron Smith, director. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/idb18-40360.pdf ANTHONY LAWRENCE: Unsecureds to be Paid 29% Under Exit Plan ----------------------------------------------------------- Unsecured creditors of Anthony Lawrence of New York, Inc., will be paid 29% of their claims under the company's proposed plan to exit Chapter 11 protection. According to the plan of reorganization, the company will pay general unsecured creditors $450,000 or 29% of their claims. They will receive quarterly payments over the life of the plan, with the first quarterly payment to be made on the 15th day of the month immediately following the month in which the court confirms the plan. Payments under the plan will come from the company's future revenues and current cash on hand, and from proceeds generated from the settlement of its malpractice action against its former counsel, James Pagano. If necessary, the company's cash on hand will be augmented by a one-time contribution of $25,000 by its owner, according to its disclosure statement filed with the U.S. Bankruptcy Court for the Eastern District of New York. A copy of the disclosure statement is available for free at: http://bankrupt.com/misc/nyeb15-44702-162.pdf About Anthony Lawrence of New York Inc. Headquartered in Long Island City, New Yok, Anthony Lawrence of New York, Inc., filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-44702) on Oct. 15, 2015, estimating its assets at up to $50,000 and its liabilities at between $1 million and $10 million. The petition was signed by Joseph J. Calagna, president. Judge Elizabeth S. Stong presides over the case. The Debtor is engaged in the business of custom manufacturing of furniture and window treatments for the wholesale market only. James P Pagano, Esq., was formerly tapped to serve as the Debtor's bankruptcy counsel. The Law Office of Rachel S. Blumenfeld PLLC now represents the Debtor. No trustee, examiner or committee of unsecured creditors has been appointed. ARA MACAO: Creditors Seek Appointment of Chapter 11 Trustee ----------------------------------------------------------- Petitioning Creditors KB Partners, Inc., Christopher de Sibert, Gary Nitsche, Daniel Dorgan, Richard Umbach and Edgewater Resources, LLC ask the U.S. Bankruptcy Court for the District of Arizona to appoint a permanent chapter 11 trustee for the bankruptcy estate of Ara Macao Holdings, L.P. The Petitioning Creditors assert that Ara Macao has defrauded scores of individuals, many of limited means, out of more than $15 million. They accuse Paul Goguen, the managing member of Ara Macao's general partner, Ara Macao Management Company LLC, as largely responsible for perpetrating this fraud. Goguen operates Ara Macao from his residence at 191 Lynx Drive, Sedona, Arizona 86336. Without a trustee, the Petitioning Creditors are concerned that Goguen may attempt to transfer the land rights or hinder the Ara Macao estate from regaining control over the Property. The Petitioning Creditors believe that a new management is also needed to implement a development plan that will repay creditors and return investments to limited partners. Ara Macao was formed to acquire, develop, and sell a residential and commercial planned resort on approximately 600 acres of land on the Placencia Peninsula in Belize, Central America. Ara Macao raised almost $8 million from individuals who purchased or made deposits on condominium units and residential lots in connection with the Project. Ara Macao sold limited partnership interests to consumers and raised an additional, approximately $8 million. However, the Petitioning Creditors relate that since the Project's inception in 2004, Ara Macao has not built a single condominium or home on the Property and, on information and belief, Ara Macao has not transferred any lots to Purchasers or refunded Purchasers' funds. Ara Macao has admitted that it owes at least 72 Purchasers at least $11.4 million for undelivered condominiums and residential lots. In addition, Ara Macao owes more than $1 million to trade creditors, note holders, and professionals. While delaying creditors, Ara Macao's management fraudulently transferred millions of dollars in unauthorized fees to and for the benefit of insiders, including Goguen. As a result of Goguen's mismanagement or intentional misconduct, the Petitioning Creditors believe that Ara Macao does not hold direct title to the Property. Rather, title to the Property technically remains with the original seller, even though the purchase price of approximately $6 million was fully paid by Ara Macao in 2007. The Petitioning Creditors also assert that Ara Macao refused to pay a 5% stamp tax necessary to effectuate the title transfer, despite having sufficient funds. In 2008, Goguen caused Ara Macao and ioVest Development, LLC, the original general partner of Ara Macao, to transfer whatever rights they had in the Property into an offshore asset protection trust known as the Ara Macao Trust -- which is ultimately controlled by Goguen. The Petitioning Creditors believe that the Trust Protector for the Ara Macao Trust has applied for, and is holding transfer of, title documents for the Property that can be properly registered upon the payment of the outstanding stamp taxes and related costs. The Petitioning Creditors tell the Court that Ara Macao's relationship with its creditors and limited partners has deteriorated -- distrust and acrimony make a working relationship impossible. Multiple lawsuits, and at least one arbitration, have been filed against Ara Macao, ioVest and others, and there are several unsatisfied judgments. As the result of consumer complaints, Ara Macao, Goguen, and related persons and companies are now under investigation by federal authorities. The Department of Justice has been informally gathering information, and a grand jury has issued at least one subpoena. Goguen ceased Ara Macao's activities in the U.S. and is now marketing the Project and selling residential lots through Belizean companies. Thus, the Petitioning Creditors assert that in order to preserve the Ara Macao estate for the benefit of creditors and for a plan of reorganization to be confirmed, the Court should immediately appoint a chapter 11 trustee. Attorneys for Petitioning Creditors: Scott B. Cohen, Esq. Patrick A. Clisham, Esq. Engelman Berger, P.C. 3636 North Central Avenue, Suite 700 Phoenix, AZ 85012 Phone: (602) 271-9090 Fax: (602) 222-4999 Email: sbc@eblawyers.com pac@eblawyers.com - and - William J. Factor, Esq. Sara E. Lorber, Esq. Law Office of William J. Factor, Ltd. 105 W. Madison St., Suite 1500 Chicago, IL 60602 Phone: (312) 878-6976 Fax: (847) 574-8233 Email: wfactor@wfactorlaw.com slorber@wfactorlaw.com About Ara Macao Holdings Ara Macao Holdings, L.P. provides real estate development services. On April 6, 2018, an involuntary Chapter 11 petition was filed against Ara Macao Holdings, L.P. (Bankr. D. Ariz. Case No. 18-03615). The case is assigned to Judge Paul Sala. The Petitioning Creditors are KB Partners, Inc., Christopher de Sibert, Gary Nitsche, Daniel Dorgan, Richard Umbach and Edgewater Resources, LLC. They are represented by Patrick A Clisham, Esq., at Engelman Berger, P.C. ARCON PROPERTIES: Unsecureds to be Paid 10% Under Exit Plans ------------------------------------------------------------ Unsecured creditors of Arcon Properties, LLC, and Arcon Homes, LLC, will be paid 10% of their claims under the companies' proposed Chapter 11 plans of reorganization. According to the proposed plans, general unsecured creditors will be paid 10% of their allowed Class 6 claims on or before two years after the effective date of the plans. However, in the event of a sale of the companies' assets, unsecured creditors will only be paid after payment in full of the allowed secured claim of CBC Partners I LLC, Colonial Funding Network Inc., priority tax claims and administrative claims. The companies are seeking a cash infusion, hoping that an amount can be obtained which will allow for full funding of their plans. In the event that they do not obtain a cash infusion, the companies will seek a refinance of all of their debts. In the event that the companies do not obtain the cash infusion or new financing, within 30 days after confirmation of the plan, Arcon Properties will list for sale its real property located at 195 Airport Road, Selinsgrove, Pennsylvania. Meanwhile, Arcon Homes will list its personal properties for sale. The sale proceeds will be used to fund the plans, according to the companies' joint disclosure statement filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania. In a separate filing, the companies asked the bankruptcy court to approve the disclosure statement, set a hearing on confirmation of the plans and set a deadline for filing ballots of acceptance or rejection of the plan. A copy of the disclosure statement is available for free at: http://bankrupt.com/misc/pamb18-00212-76.pdf Copies of the Chapter 11 plans are available for free at: http://bankrupt.com/misc/pamb18-00212-75.pdf http://bankrupt.com/misc/pamb18-00213-41.pdf About Arcon Properties and Arcon Homes Arcon Properties, LLC is a Pennsylvania company which commenced business in April, 2013. It was formed for the purpose of owning a real property located at 195 Airport Road, Selinsgrove, Snyder County, Pennsylvania. The real estate was initially to be utilized as a manufactured building plant and associated offices. Arcon Homes, LLC was formed for the purpose of owning equipment and various vehicles and carriers to be utilized in the manufactured building business. It is a Pennsylvania company, which commenced business in 2007. Arcon Properties and Arcon Homes sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case Nos. 18-00212 and 18-00213) on January 22, 2018. The petitions were signed by Merrill D. Miller, Jr., member. At the time of the filing, Arcon Properties disclosed that it had estimated assets and liabilities of $1 million to $10 million. Arcon Homes disclosed that it had estimated assets of less than $500,000 and liabilities of $1 million to $10 million. Judge Robert N. Opel II presides over the cases. The Debtors are represented by Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky P.C. ARMADA LEASING: May 31 Plan Confirmation Hearing ------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas has approved the disclosure statement explaining the first amended joint Chapter 11 plan of reorganization filed by Armada Leasing, LLC, and High Country Transportation, Inc., dated April 5, 2018. A hearing to consider Confirmation of the Plan will be held before the Honorable Stacey G. C. Jernigan, United States Bankruptcy Judge, in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, 1100 Commerce Street, 14th Floor, Courtroom No. 1, Dallas, Texas 75242 on May 31, 2018 at 9:30 a.m. (CT). The Confirmation Hearing may be adjourned from time to time by the Court without further notice other than an announcement made at the Confirmation Hearing or at any adjourned hearing thereon. May 21, 2018, is fixed as the last day for filing with the Court written objections to the confirmation of the Plan. The Plan provides for distributions to Holders of Allowed Claims and Interests from (i) unencumbered Cash from operations, (ii) any Sale Proceeds that the Debtors hold from the sale of certain assets during the Bankruptcy Cases, and (iii) the R.W. Timms Proceeds and any other proceeds or net recoveries under any Causes of Action. The Plan will be implemented on the Effective Date. At the present time, the Debtors believe that there will be sufficient funds, as of the Effective Date, to pay in full the expected payments required under the Plan to (i) Holders of Allowed Administrative Expense Claims, (ii) Holders of Allowed Priority Non-Tax Claims in Class 1, (iii) the Marquette Allowed Secured Claim in Class 2, (iv) Holders of Allowed Convenience Class Claims in Class 6, and (v) Holders of Allowed Settlement Class Claims in Class 7. After the Effective Date, with respect to Retained Collateral or retained Other Collateral, payments to be made under the Plan to the Holders of Allowed Claims and Interests in Classes 3, 4, and 5 will be paid by the Debtors in accordance with the Prepetition Agreements. With respect to any Tractors, Trailers, or Other Collateral sold during the Bankruptcy Cases, Holders of Allowed Claims and Interests in Classes 3, 4, and 5 will receive a Secured Claim in the amount of the Sale Proceeds and a Class 8 General Unsecured Claim in the amount of the deficiency, unless the creditor elects to accept a Class 7 Settlement Class Claim. With respect to any Tractors, Trailers, or Other Collateral surrendered during the Bankruptcy Cases, Holders of Allowed Claims and Interests in Classes 3, 4, and 5 will receive the collateral and a Class 8 General Unsecured Claim in the amount of the deficiency, unless the creditor elects to accept a Class 7 Settlement Class Claim. After the Allowed Class 7 Settlement Class Claims have been paid in full, Holders of Allowed General Unsecured Claims in Class 8 will receive their pro rata share of the Guaranteed Quarterly Distribution until paid in full. The Holders of the Class 9 Equity Interests will not receive any distribution but will retain such Equity Interests under the Plan in exchange for agreeing to work for the Debtors during and after the Bankruptcy Cases. A full-text copy of the First Amended Disclosure Statement is available for free at: http://bankrupt.com/misc/txnb17-32498-11-246.pdf About Armada Leasing Headquartered in Dallas, Texas, Armada Leasing, LLC -- http://www.highcountrytrans.com/-- specializes in leasing trucks to owner-operators. High Country Transportation, Inc., an affiliate of Armada which is also based in Dallas, is in the trucking industry. HCT operates in three divisions, namely: the over-the-road hopperbottom division which focuses on serving shippers in the Midwest, Texas and Western 11 states; the dedicated dry bulk division which operates in Colorado and New Mexico and actively seeks new opportunities in the West, Midwest and Texas; and the Freedom over-the-road dry van division which focuses on helping contractors who also have the entrepreneurial drive to create their own trucking business. Armada and HCT filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 17-32498) on June 29, 2017. The petitions were signed by Kirk Crowley, managing member of Armada and vice-president of HCT. At the time of the filing, Armada estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million. HCT estimated assets and liabilities of $10 million and $50 million. BADLANDS ENERGY: Files Chapter 11 Joint Plan of Liquidation ----------------------------------------------------------- Badlands Energy, Inc., Badlands Production Company, Badlands Energy-Utah, LLC and Myton Oilfield Rentals, LLC filed with the U.S. Bankruptcy Court for the District of Colorado a disclosure statement to accompany their joint plan of liquidation dated April 6, 2018. Holders of Allowed General Unsecured Claims in Class 3 will receive their Pro-Rata Share of Unencumbered Trust Cash from time to time, at the discretion of the Trustee, after satisfaction of all Allowed Administrative Claims, Allowed Priority Tax Claims, and Allowed Priority Non-Tax Claims. Notwithstanding any other provision of the Plan, holders of Allowed General Unsecured Claims will not be entitled to receive any payment of Cash on account of Allowed General Unsecured Claims until the holders of Allowed Administrative Claims, Allowed Priority Tax Claims, and Allowed Priority Non-Tax Claims have received payment on account of such Allowed Claims or such Allowed Claims have been fully reserved for in accordance with the Plan, and any Disputed General Unsecured Claims have been reserved for in accordance with the Plan. This class will recover 2% under the plan. On and subject to the occurrence of the Effective Date, the Plan will substantively consolidate the Debtors' Estates. Resultantly, solely for purposes of administering the Consolidated Estates and making distributions under the Plan and the Badlands Liquidating Trust Agreement, (a) all assets and liabilities of the Debtors will be pooled, and (b) any and all Intercompany Claims will be disregarded. Accordingly, duplicative Claims Filed against the Debtors, including guaranty claims, claims sounding in tort that purport to recover the same, or substantially the same, damages as other Claims, and Claims that purport to establish joint and several liability, will be expunged and disallowed upon the Effective Date, and the Holder of any Claims will receive a single recovery on account of any such joint or duplicative obligations. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/cob17-17465-433.pdf About Badlands Energy Denver, Colorado-based Badlands Energy, Inc. -- http://badlandsenergy.framezart.com/-- is an E&P company that has been involved in the Uinta Basin for over a decade. The Company also operates in California and has been involved in exploration projects in Wyoming and Nevada. Initially operating as a public company known as Gasco Energy, Inc., the Company underwent a restructuring that was completed in October 2013. This resulted in a recapitalization followed by taking the company private. The final step in this was a name change to Badlands Energy, Inc. Badlands Energy, Inc., Badlands Production Co., Badlands Energy-Utah, LLC, and Myton Oilfield Rentals, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case Nos. 17-17465, 17-17467, 17-17469 and 17-17471) on Aug. 11, 2017. The petitions were signed by Richard Langdon, president and CEO. Badlands Energy estimated assets at $10 million to $50 million and liabilities at $50 million to $100 million; Badlands Production's assets at $1 million and $10 million and liabilities at $10 million to $50 million; Badlands Energy-Utah's assets at $1 million to $50 million; and Myton Oilfield Rentals' assets at $100,000 to $500,000 and liabilities at $10 million to $50 million. The cases are assigned to Judge Kimberley H. Tyson. The Debtors tapped Lindquist & Vennum LLP as their counsel and Parkman Whaling LLC as their financial advisor. R2 Advisors, LLC is the Debtors' consultant. BENDCO INC: DOJ Watchdog Seeks Appointment of Chapter 11 Trustee ---------------------------------------------------------------- Henry G. Hobbs, the duly appointed Acting United States Trustee for Region 7, requests the U.S. Bankruptcy Court for the Southern District of Texas to direct the appointment of a chapter 11 trustee to administer the estate of Bendco, Inc., to ensure fulfillment of fiduciary duties, and prevent prejudice to creditors. If the Court finds that appointment of a chapter 11 trustee is not in the best interests of creditors and the estate, then the Acting U.S. Trustee, in the alternative, requests for the dismissal of this chapter 11 case and fix the sum due for fees due and payable to the U.S. Trustee under 28 U.S.C. section 1930(a)(6) as an administrative expense of this estate. The Acting U.S. Trustee represents that: (a) The Debtor has failed to maintain appropriate insurance that poses a risk to the estate or to the public. According to the testimony at the meeting of creditors, the Debtor has failed to maintain insurance, or has not provided evidence of insurance, including commercial general liability insurance, commercial property damage insurance, workers' compensation insurance, and auto liability insurance; (b) The Internal Revenue Service has filed a proof of claim asserting a priority claim of $857,602 and a general unsecured claim of $48,987 for unfiled corporate income taxes and federal payroll taxes; (c) The Debtor has failed to file its 2016 federal income tax return; and (d) The Debtor will incur quarterly fees for the first quarter of 2018. The U.S. Trustee is unable to determine the amount due at this time in the absence of statements of disbursements. The U.S. Trustee requests that the Court fix the sum due as an administrative expense of this estate under 11 U.S.C. section 503(b) for fees due and payable to the U.S. Trustee. Moreover, the Acting U.S. Trustee requests the Court to convert this case to a case under chapter 7 if the Court finds that neither appointment of a chapter 11 trustee nor dismissal is in the best interests of creditors and the estate. 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. Tex. Case No. 18-30849) on Feb. 28, 2018. In the petition signed by its president John Tharp, 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. 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. BOWLING GREEN: Taps Seiller Waterman as Legal Counsel ----------------------------------------------------- Bowling Green Recycling of Warren County, Inc. and Bowling Green Recycling II, Inc. seek approval from the U.S. Bankruptcy Court for the Western District of Kentucky to hire Seiller Waterman LLC as their legal counsel. The firm will advise the Debtors regarding their duties under the Bankruptcy Code; assist in the preparation and implementation of a bankruptcy plan; and provide other legal services related to their Chapter 11 cases. Seiller Waterman received from Bowling Green Recycling II a retainer in the sum of $8,000, which included the filing fee of $1,717. Meanwhile, the firm received a $22,000 retainer, which also included the filing fee of $1,717. David Cantor, Esq., at Seiller Waterman, 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: David M. Cantor, Esq. Seiller Waterman LLC Meidinger Tower, 22nd Floor 462 S. Fourth Street Louisville, KY 40202 Telephone: (502) 584-7400 Facsimile: (502) 583-2100 Email: cantor@derbycitylaw.com About Bowling Green Recycling Bowling Green Recycling of Warren County, Inc., and Bowling Green Recycling II, Inc., specialize in industrial recycling of metals and cardboard. Recycling and Recycling II sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case Nos. 18-10366 and 18-10367) on April 23, 2018. In the petitions signed by James T. Lofton, general manager, Recycling estimated assets of less than $1 million and liabilities of $1 million to $10 million. Recycling II estimated assets of less than $500,000 and liabilities of $1 million to $10 million. Judge Joan A. Lloyd presides over the cases. BRIAR BUILDING: Case Summary & 3 Unsecured Creditors ---------------------------------------------------- Debtor: Briar Building Houston LLC 5353 W. Alabama, Ste. 610 Houston, TX 77056 Type of Business: Briar Building Houston LLC is a real estate company whose principal assets are located at 50 Briar Hollow Lane Houston, TX 77027. Chapter 11 Petition Date: April 30, 2018 Court: United States Bankruptcy Court Southern District of Texas (Houston) Case No.: 18-32218 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: William Steven Bryant, Esq. LOCKE LORD LLP 600 Congress Avenue, Ste. 2200 Austin, TX 78701 Tel: 512-305-4726 Fax: 512-305-4800 Email: sbryant@lockelord.com - and - Elizabeth M. Guffy, Esq. LOCKE LORD LLP 600 Travis, Suite 2800 Houston, TX 77002 Tel: 713-226-1328 Email: eguffy@lockelord.com - and - Stephen Jacob Humeniuk, Esq. LOCKE LORD LLP 600 Congress Ave, Ste 2200 Austin, TX 78701 Tel: 512-305-4838 Email: Stephen.humeniuk@lockelord.com Debtor's Property Manager: SATYA CONSULTING, LTD. Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by George Lee, managing member. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/txsb18-32218.pdf List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Jetall Companies, Inc. Property Management $0 2500 West Loop South Fees Suite 255 Houston, TX 77027 Ali Choudhri Tel: 713-789-7654 Email: info@jetallcompanies.com Tax Ease Funding LLC $1,736,219 118 Vintage Park Blvd. No. W Houston, TX 77070 Tel: 281-712-4819 Various Trade Creditors $0 BRIGHT MOUNTAIN: CEO Comments on 2017 Results --------------------------------------------- Bright Mountain Media, Inc., disclosed that its total revenue for the year ended Dec. 31, 2017 was approximately $3.68 million, a year over year increase in excess of 90% from its total revenue of approximately $1.9 million reported for the year ended Dec. 31, 2016. While product sales increased by more than 70% year over year, revenues from advertising increased by more than 150% year over year. This increase is principally attributable to Daily Engage Media sales of $716,082 for the period of Sept. 19, 2017 (the date of its acquisition) through Dec. 31, 2017. The Company's cash used in operating activities declined approximately 7% in 2017 from 2016. In commenting on the year end results, Mr. W. Kip Speyer, Bright Mountain Media's Chairman, President and CEO, stated that "The increase in total revenues in 2017 was attributable in large part to the acquisition of Daily Engage Media and reflected our operational focus on the advertising segment of our company." Mr. Speyer stated further "With the continuing integration of the Daily Exchange Media business and operations, relationships with publishers should increase and we expect that the revenue contributions from Daily Exchange Media should continue to fuel the growth of the company." About Bright Mountain Based in Boca Raton, Fla., Bright Mountain Media, Inc., a media holding company, -- http://www.brightmountainmedia.com/-- owns and manages 24 websites which are customized to provide its niche users, including active, reserve and retired military, law enforcement, first responders and other public safety employees with products, information and news that the Company believes may be of interest to them. Bright Mountain also owns an ad network, Daily Engage Media, which was acquired in September 2017. The Company has placed a particular emphasis on providing quality content on its websites to drive traffic increases. The Company's websites feature timely, proprietary and aggregated content covering current events and a variety of additional subjects targeted to the specific demographics of the individual website. Bright Mountain reported a net loss attributable to common shareholders of $3.01 million on $3.68 million of total revenue for the year ended Dec. 31, 2017, compared to a net loss attributable to common shareholders of $2.94 million on $1.93 million of total revenue for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Bright Mountain had $3.71 million in total assets, $3.37 million in total liabilities and $343,000 in total shareholders' equity. The report from the Company's independent accounting firm Liggett & Webb, P.A., in Boynton Beach, Florida, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company sustained a net loss of $2,994,096 and used cash in operating activities of $1,732,618 for the year ended Dec. 31, 2017. The Company had an accumulated deficit of $11,818,902 at Dec. 31, 2017. These factors raise substantial doubt about the Company's ability to continue as a going concern. CBL & ASSOCIATES: S&P Alters Outlook to Negative & Affirms BB+ CCR ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' corporate credit rating on Chattanooga, Tenn.–based CBL & Associates Properties Inc. The outlook is negative. S&P said, "We also placed our 'BBB-' issue-level rating on subsidiary CBL & Associates LP's senior unsecured notes on CreditWatch with negative implications. The recovery rating on the unsecured notes is '2', indicating our expectations for substantial (70-90%; rounded estimate: 80%) recovery in the event of a payment default and we will be further assessing our recovery analysis to determine whether recovery prospects should be revised downwards given the re-tiering of the properties toward lower-level tiers. "At the same time, we affirmed our 'B+' issue-level rating on the company's preferred stock. "The negative outlook reflects our expectation that operating performance is trending worse than expected, putting pressure on our forecast should there be additional tenant bankruptcies or store closures that are not currently projected in CBL's guidance for the remainder of 2018. While we previously considered Bon-Ton's liquidation a likely outcome, this definitive turn of events creates further uncertainty around the company's ability to deploy capital into recaptured space, especially in the event that another anchor tenant goes dark. We are also placing the rating on CBL's unsecured debt on CreditWatch negative, as it is also further downside pressure as the ongoing re-tiering of assets to lower levels puts pressure on our recovery assumptions. "The negative outlook reflects our expectation that operating performance will continue to be pressured over the next 12 to 18 months. We anticipate CBL will continue to face significant headwinds that will challenge its ability to re-tenant its vacant space from existing and future store closures hurting its operating performance and free cash flow generation. Based on re-tiering of its mall assets, there is also pressure on the recovery prospects of the unsecured debt, which could change if our assessment of recovery levels decline below 70%, which is at the bottom range for a '2' recovery rating. We expect to resolve our CreditWatch negative placement on the company's unsecured debt ratings over the next 90 days as we review the company's recovery prospects. "We could lower our corporate credit rating if the company's competitive position and profitability weaken further with a continued negative trajectory of deteriorating operating performance with no signs of abatement. We could also lower our debt ratings if there continues to be properties that migrate down the tier structure, placing pressure on our cap rate assumptions and recovery prospects. In such a scenario, we could revise our '2' recovery rating to '3', which would equalize the issue-level rating on the debt securities to the same level as the corporate credit rating. "Although not likely in the next 12 months given our performance expectations, we could revise our outlook to stable if the company is able to demonstrate stabilization in operating performance, including flat same-store NOI growth and occupancy. At this point, we would also expect the company's portfolio of properties to remain relatively static or improve such that its recovery prospects increase from current levels." CERIDIAN HCM: S&P Raises Credit Rating to 'B' on Refinancing, IPO ----------------------------------------------------------------- S&P Global Ratings said it raised its long-term corporate credit and senior secured debt ratings on Ceridian HCM Holding Inc. to 'B' from 'B-'. At the same time, S&P Global Ratings removed the ratings from CreditWatch, where they were placed with positive implications March 26. The outlook is stable. These ratings actions follow Ceridian's completion of the company's IPO on April 30, and the subsequent refinancing of Ceridian's debt obligations. S&P expects to withdraw the ratings on the existing revolving credit facility, term loan, and senior unsecured notes once the transaction closes. The upgrade follows the company's IPO, which resulted in gross proceeds of about US$631 million. S&P believes Ceridian will use the proceeds to repay the US$475 million senior unsecured notes. Subsequent to the redemption, the company refinanced its senior secured first-lien term loan B with US$680 million first-lien term loan B issuance. The company also upsized its revolving credit facility to US$300 million from its current US$130 million. As a result, S&P expect credit metrics and liquidity to improve meaningfully, with adjusted debt-to-EBITDA improving to about 6x through 2018 from about 10x before the IPO. On a pro forma basis, Thomas H Lee Partners (THL) and Cannae Holdings Inc. will retain a majority portion (about 80%) of Ceridian. S&P said, "Given that we consider THL and Cannae financial sponsors, we continue to assess the company as a financial sponsor-owned company given their significant influence on Ceridian's strategy and financial policies. Due to the financial sponsor ownership and leverage of about 6x over the next 12 months, we continue to assess financial risk profile assessment as highly leveraged." S&P said, "The stable outlook on Ceridian reflects S&P Global Ratings' expectation that the company will maintain adjusted debt-to-EBITDA of about 6x over the next 12 months following the repayment of the senior unsecured notes from the net IPO proceeds. We also expect the company's cloud-based HCM products to fuel revenue growth and offset declines in Ceridian's legacy HCM products, along with maturity of the company's customer base to drive EBITDA margin improvement and modest free cash flow generation. "Although, unlikely in the next 12 months, we could raise the rating if the company's leverage improves and is sustained below 5x, along with a financial policy commitment from its financial sponsor to maintain leverage below 5x. "We could lower the rating in the next 12 months if Ceridian's adjusted debt-to-EBITDA increases above 7x and adjusted EBITDA interest cover approaches 2x. In our opinion, this scenario could occur if the company adopts an aggressive growth strategy for its cloud-based HCM offerings, which pressures near-term profitability while its legacy offerings suffer from a higher pace of erosion." CHARLES CONNELLY: Iron Horse Continues to Accept Bids Until May 7 ----------------------------------------------------------------- Iron Horse Auction Company has put in place a 10-day upset period in relation to the foreclosure auction of a commercial building and lot in Sanford, North Carolina. Iron Horse held a live auction on April 19, 2018, to sell the property. The auctioneer says the current bid for the property is $78,718.50 and the upset period ends May 7 at 5 p.m. The next bid would be $82,654.42 with a $4,132.72 deposit. As reported by the Troubled Company Reporter, the property is being for the benefit of Creditors and Clerk of Court for Lee County, File # 17-SP-219. The owner of the property is Charles Robert Connelly. The property address is: 303 S. Horner Blvd Sanford, NC The project manager is: Will Lilly Tel: 704.985.9300 Lot 1 to be auctioned consists of: Commercial building and located at 303 S. Horner Boulevard in Sanford, NC Lee County Deed Book 1148, Page 768 Parcel 9642-68-9933-00 Tax Value: $169,600.00 Lot 2 consists of: 1.2+/- Acres on Steele and Pearl Streets in Sanford, NC Lee County Portion of Parcel 9642-78-1823-00 Tax Value: $212,900.00 TERMS OF SALE Payment & Closing: A deposit of 5% of the final contract purchase price or $10,000.00 will be required from the buyer on the sale day and this deposit shall be made payable to Sarah C. Blount, as Trustee to be held by the Trustee until closing. In the event that a deposit is forfeited, the deposit shall be administered pursuant to the statutes or as directed by the Lee County Clerk of Court. 10-Day Upset Period In Effect After The Auction Property is to be closed within 30-days after the end of the upset bid period or upon delivery of the deed, whichever is sooner. Property Condition: The property in this auction is selling "AS-IS, WHERE IS" with all faults, if any. Iron Horse Auction Company, Inc. and First Tennessee Bank National Association, As Successor By Merger To Capital Bank Corporation ("Bank") make no representations or warranties, expressed or implied, concerning the property. Descriptions of the property are believed to be correct, but are not guaranteed. It is the Buyer's responsibility to conduct any inspection prior to the auction. All due diligence periods end the date the auction is schedule to end, and prior to the end of the auction. It is possible that the property being sold is subject to restrictive covenants and homeowner's association rules, regulations and dues. Iron Horse Auction Company, Inc. has attempted to find or locate all information deemed material facts. Ultimately, it is the Buyer's responsibility to inspect all aspects of the property before placing a bid. No sale shall be invalidated by the Buyer as a result of he/she not conducting their own inspection prior to placing a bid or doing due diligence. It is automatically acknowledged by placing a bid that you have personally inspected the property, hired an agent to inspect the property or waived your right to inspect the property. Additional information is available at https://is.gd/1dYVEL COCRYSTAL PHARMA: Prices $8 Million Common Stock Offering --------------------------------------------------------- Cocrystal Pharma, Inc., announced the pricing of an underwritten public offering of 4,210,527 shares of its common stock at a price to the public of $1.90 per share. The gross proceeds to Cocrystal from this offering are expected to be approximately $8,000,000 before deducting underwriting discounts and commissions and other estimated offering expenses. Cocrystal has granted the underwriters a 45-day option to purchase up to an additional 631,578 shares of common stock to cover over-allotments, if any. The offering is expected to close on May 3, 2018 subject to customary closing conditions. A.G.P./Alliance Global Partners, offering securities through Euro Pacific Capital, Inc., is acting as sole book-running manager for the offering. A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission and became effective on Oct. 10, 2017. This offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-220632) previously filed with the SEC. A preliminary prospectus supplement and accompanying prospectus describing the terms of the proposed offering have been filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the preliminary prospectus supplement may be obtained from A.G.P./Alliance Global Partners, offering securities through Euro Pacific Capital, Inc., 590 Madison Avenue, 36th Floor, New York, NY 10022 or via telephone at 212-624-2060 or email: prospectus@allianceg.com. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that Cocrystal has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about Cocrystal and such offering. About Cocrystal Cocrystal Pharma, Inc., formerly known as Biozone Pharmaceuticals, Inc., is a clinical stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication machinery of hepatitis viruses, influenza viruses, and noroviruses. The Company is headquartered in Tucker Georgia. Cocrystal Pharma reported a net loss of $613,000 on $0 of grant revenues for the year ended Dec. 31, 2017, compared to a net loss of $74.87 million on $0 of grant revenues for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Cocrystal Pharma had $121.42 million in total assets, $16.02 million in total liabilities and $105.40 million in total stockholders' equity. BDO USA, LLP, in Seattle, Washington, the Company's auditor since 2013, issued a going concern opinion in its report on the Company's consolidated financial statements for the year ended Dec. 31, 2017 noting that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. COLIMA BBQ: Trustee Taps Braun Inc. as Appraiser ------------------------------------------------ Timothy Yoo, the Chapter 11 trustee for Colima BBQ, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire an appraiser. The Trustee proposes to employ Braun, Inc., to help determine the value of the business and personal property of the Debtor, which operates a Korean barbeque restaurant located at 18751 E. Colima Road, Rowland Heights, California. The Trustee has agreed to pay the firm a fixed fee in the amount of $2,000. Todd Wohl, a partner at Braun, is the primary person at the firm who will be providing the services. Mr. Wohl disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Braun can be reached through: Todd Wohl Braun, Inc. 1230 Rosecrans Avenue, Suite 160 Manhattan Beach, CA 90266 Phone: 866-568-6638 Email: todd@braunco.com Email: info@braunco.com About Colima BBQ Colima BBQ, Inc., operates a Korean barbeque restaurant doing business as "Red Castle 1" located at 18751 E. Colima Road, Rowland Heights, California. Colima BBQ filed a voluntary petition under Chapter 7 of the Bankruptcy Code on Jan. 26, 2018. Following a hearing on April 6, 2018, the case was converted to one under Chapter 11 (Bankr. C.D. Cal. Case No. 18-10888). Timothy J. Yoo was appointed Chapter 11 trustee for the Debtor. The Trustee hired Levene, Neale, Bender, Yoo & Brill LLP as his legal counsel. COMSTOCK RESOURCES: Closes Sale of Eagle Ford Properties for $125M ------------------------------------------------------------------ Comstock Resources, Inc., has closed the previously announced sale of its producing Eagle Ford shale oil and gas properties in McMullen, LaSalle, Frio, Atascosa, Wilson, and Karnes counties, Texas for $125 million, to a subsidiary of USG Energy Gas Producer Holdings, LLC on April 27, 2018. The properties sold include 191 producing oil wells and approximately 9,900 net acres associated with the producing wells. The properties are producing approximately 1,927 barrels of oil per day and 3 million cubic feet per day of natural gas. The sale was effective Nov. 1, 2017 and the estimated net cash flow from the properties for November 2017 to April 2018 of approximately $16 million was paid to USG at closing. The proceeds of the sale will be used by Comstock to retire debt and to fund its drilling program. BMO Capital Markets Corp. acted as exclusive advisor on the sale. After the sale, Comstock has approximately 8,700 net undeveloped acres that are prospective for Eagle Ford shale development. Comstock has identified 218 drilling locations on the acreage. Comstock and USG have entered into a joint development venture on this acreage and the acreage acquired by USG. The new Eagle Ford shale joint development venture will initiate a drilling program in the third quarter of this year to develop these opportunities. About Comstock Comstock Resources, Inc. is an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana. The Company's stock is traded on the New York Stock Exchange under the symbol CRK. Comstock incurred a net loss of $111.4 million for the year ended Dec. 31, 2017, compared to a net loss of $135.1 million for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Comstock Resources had $930.4 million in total assets, $1.29 billion in total liabilities and a total stockholders' deficit of $369.3 million. COMSTOCK RESOURCES: Pursuing Alternate Transaction with Arkoma -------------------------------------------------------------- Comstock Resources, Inc., entered into a letter of intent with Arkoma Drilling, L.P., a Texas limited partnership, on April 25, 2018, for an alternative transaction whereby Comstock will acquire oil and gas properties from Arkoma in exchange for approximately 88.6 million shares of Comstock common stock. As previously disclosed by the Company, on March 29, 2018, the Company entered into a securities purchase agreement with Arkoma pursuant to which the Company would issue and sell to Arkoma 10 million shares of the Company's common stock at a price of $7.50 per share. The investment in Comstock's common stock was being made by Arkoma to support the comprehensive refinancing plan announced on April 2, 2018. As Comstock and Arkoma are now pursuing the Alternative Transaction, the parties mutually agreed to terminate the Securities Purchase Agreement. About Comstock Comstock Resources, Inc. -- http://www.comstockresources.com/-- is an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana. The Company's stock is traded on the New York Stock Exchange under the symbol CRK. Comstock incurred a net loss of $111.4 million for the year ended Dec. 31, 2017, compared to a net loss of $135.1 million for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Comstock Resources had $930.4 million in total assets, $1.29 billion in total liabilities and a total stockholders' deficit of $369.3 million. CORRECT CARE: S&P Affirms 'B-' Corp Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' corporate credit rating on Correct Care Solutions Group Holdings LLC (CCS). The outlook remains stable. S&P said, "At the same time, we affirmed our 'B-' issue-level rating on the company's first-lien debt. The recovery rating remains '3', reflecting our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of default. "We also affirmed our 'CCC' issue-level rating on the company's second-lien term loan. The recovery rating on this debt remains '6', reflecting our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. "The affirmation reflects CCS' recent operating performance improvement and our expectation that the company will continue steadily growing its revenue and EBITDA in 2018, through continuous investments in its Correct Care Recovery Solutions segment as well as through acquisitions, such as its September 2017 purchase of third-party claims administration services provider Health Cost Solutions. We expect CCS to continue to generate modest reported operating cash flow in 2018 and expand EBITDA, resulting in leverage of around 10x." The stable outlook on CCS reflects S&P Global Ratings' expectation that leverage will remain high and covenant headroom will remain narrow, but the company will still generate modestly positive free cash flows from revenue growth and margin expansion, principally due to growth in the higher-margin Correct Care Recovery Solutions business, despite continued pressures from contract renewals and increasing health care costs. CROWN HOLDINGS: Egan-Jones Lowers FC Sr. Unsecured Ratings to BB- ----------------------------------------------------------------- Egan-Jones Ratings Company downgraded the foreign currency senior unsecured rating on debt issued by Crown Holdings Incorporated to BB- from BB. Crown Holdings Incorporated, formerly Crown Cork & Seal Company, is an American company that makes metal beverage and food cans, metal aerosol containers, metal closures and specialty packing. CUMULUS MEDIA: Bankruptcy Court Confirms Reorganization Plan ------------------------------------------------------------ Cumulus Media Inc. on May 1, 2018, disclosed that the U.S. Bankruptcy Court for the Southern District of New York ("the Court") has confirmed the Company's Plan of Reorganization (the "Plan"). The Company expects to emerge from Chapter 11 before the end of the quarter, after the conditions to the Plan are satisfied. Mary Berner, President and Chief Executive Officer of Cumulus Media Inc., said, "The Court's approval of our Plan allows us to complete the balance sheet restructuring that is critical to the success of our turnaround strategy. With a firmer financial foundation in place, we look forward to continuing to implement the business initiatives that have already taken this Company so far." Ms. Berner continued, "The financial and operational progress we have already experienced are a testament to the tenacity and commitment of the entire Cumulus team. We also greatly appreciate the ongoing support of our advertisers, vendors and affiliates as we continue to provide high-quality programming to our millions of listeners across the country." Upon completion of the restructuring process, the Company's debt will have been reduced by more than $1 billion, and Cumulus will have greater financial flexibility with which to support its ongoing business transformation. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel; PJT Partners, Inc. is acting as financial advisor; and Alvarez & Marsal is serving as restructuring advisor to Cumulus. About Cumulus Media Cumulus Media Inc. (OTCQX: CMLS) -- http://www.cumulus.com/-- is a radio broadcasting company. The Company is also a provider of country music and lifestyle content through its NASH brand, which serves through radio programming, NASH Country Weekly magazine and live events. Its product lines include broadcast advertising, digital advertising, political advertising and non-advertising based license fees. Its broadcast advertising includes the sale of commercial advertising time to local, national and network clients. Its digital advertising includes the sale of advertising and promotional opportunities across its Websites and mobile applications. Its across-the-nation platform generates content distributable through both broadcast and digital platforms. Based in Atlanta, Georgia, Cumulus Media Inc. and 36 of its affiliates, including NY Radio Assets, LLC, and Westwood One, Inc., sought voluntary protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-13381) on Nov. 29, 2017. In the petition signed by Richard Denning, senior vice president and general counsel, the Debtors estimated assets of $1 billion to $10 billion and estimated liabilities of $1 billion to $10 billion. The case is assigned to Hon. Shelley C. Chapman. The Debtors are represented by Paul M. Basta, Esq., Lewis R. Clayton, Esq., Jacob A. Adlerstein, Esq., and Claudia R. Tobler, Esq., at Paul, Weiss, Rifkind, Wharton & Garrison LLP, in New York. PJT Partners LP serves as the Debtors' investment banker. Alvarez & Marsal North America, LLC, serves as the Debtors' restructuring advisor. EPIQ Bankruptcy Solutions, LLC, serves as the Debtors' claims, notice and balloting agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors on Dec. 11, 2017. The Committee tapped Akin Gump Strauss Hauer & Feld LLP as its legal counsel, and Moelis & Company LLC as its financial advisor. DECATUR ATHLETIC: Latest Plan to Pay United Leasing $489 Per Month ------------------------------------------------------------------ Decatur Athletic Club, LLC filed its latest Chapter 11 plan of reorganization, which proposes an increase in the monthly payment of United Leasing, Inc.'s secured claim. The latest plan proposes to increase the monthly payment of United Leasing's Class 1(a) secured claim to $489.84 from $284.76. The claim will be paid in 60 equal monthly installments commencing 60 days after the effective date of the plan. The claim in the amount of $25,800 will accrue interest at 5.25%, according to the company's latest disclosure statement filed with the U.S. Bankruptcy Court for the Northern District of Alabama. The hearing to consider approval of the disclosure statement is scheduled for May 24. A copy of the third amended disclosure statement is available for free at: http://bankrupt.com/misc/alnb17-81439-295.pdf A copy of the fourth amended Chapter 11 plan of reorganization is available for free at: http://bankrupt.com/misc/alnb17-81439-296.pdf About Decatur Athletic Club Decatur Athletic Club, LLC owns the Pulse Fitness Center, a health center located at 1801 Beltline Road SW, Suite 420, Decatur, Alabama. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 17-81439) on May 10, 2017. Jeremy Goforth, owner, signed the petition. At the time of the filing, the Debtor estimated assets of $1 million to $10 million and liabilities of less than $500,000. Judge Clifton R. Jessup Jr. presides over the case. Stuart M. Maples, Esq., at Maples Law Firm, PC, serves as the Debtor's bankruptcy counsel. EAGLECLAW MIDSTREAM: S&P Lowers Rating to 'B', Outlook Negative --------------------------------------------------------------- S&P Global Ratings downgraded its long-term corporate credit rating on Midland, Tex.-based midstream company EagleClaw Midstream Ventures, LLC to 'B' from 'B+'. The outlook is negative. At the same time, S&P Global Ratings lowered its issue-level rating to 'B' from 'B+' on the $1.25 billion senior secured term loan due 2024. S&P Global Ratings also revised its recovery rating on the debt to '4' from '3'. The '4' recovery rating indicates lenders can expect average (30%-50%; rounded estimate 30%) recovery in a default scenario. The downgrade follows the company's revised volume growth expectations, with slower volume growth than previously forecast. Actual 2017 results were weaker than previously forecast due to lower activity ramp-up from some producers decreasing drilling and completion activity in second-half 2017, completion delays from a shift to multi-well pad development, and a shortage of completion crews. EagleClaw lowered its 2018-2021 projections by almost 50% to reflect these developments, and is now expecting to be free cash flow positive by the end of 2019 instead of mid-2019, as originally expected. With the anticipated delayed ramp-up, we are now projecting leverage of about 13x and 7x in 2018 and 2019, compared with about 6x and 4x, respectively, before. S&P said, "The negative outlook reflects our view of the inherent execution and volumetric risk from the anticipated volume growth in the company's operations. We expect system volume throughput to expand, albeit more slowly than previously forecast, as the projects in construction enter service and volumes remain supported by long-term, fixed-fee contracts. Under our base-case scenario, we expect debt-to-EBITDA of about 13x in 2018 and 7x in 2019. "We could consider lowering the rating if we forecast debt-to-EBITDA to remain above 7x by 2019, which would likely be due to lower-than-expected volume growth, operational issues at the facilities enter service, or increased debt to finance capital spending. In addition, if we believe delays or cost overruns at the projects under construction delay EagleClaw from becoming cash flow positive, we might lower the rating. "We could revise the outlook to stable over our 12-month outlook if EagleClaw's performance is in line with our forecasts, and debt-to-EBITDA is falling and expected to be around 7x in 2019. We could also revise the outlook to stable if the scale and scope of the operations increase, diversity by commodity type and geography improves, and the company adds investment-grade counterparties." EAVES INC: Owner Incarcerated, Watchdog Appoints Case Trustee ------------------------------------------------------------- Samuel K. Crocker, the U.S. Trustee for Region 8, filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee a notice of his appointment of Jerrold Farinash to serve as the Chapter 11 trustee of the bankruptcy estate of Eaves, Inc. On April 9, 2018, the Court entered an Order directing the U.S. Trustee to appoint a Chapter 11 trustee in this case. The U.S. Trustee sought the immediate appointment of a Chapter 11 Trustee after he learned on April 4 that the Debtor's sole owner, Mr. Bill Forte was in state prison facing charges of criminal homicide -- he is accused of shooting and killing his son at the Creekside Road property on April 2. Based on Forte's current incarceration, the U.S. Trustee believed that cause exists for the immediate appointment of a Chapter 11 Trustee and that the appointment would be in the best interests of the creditors, estate, and other interested parties. About Eaves Inc. Based in Chattanooga, Tennessee, Eaves, Inc. filed a Chapter 11 petition (Bankr. E.D. Tenn. Case No. 17-15132) on Nov. 8, 2017, disclosing less than $1 million both in assets and liabilities. Judge Nicholas W. Whittenburg presides over the case. W. Thomas Bible, Jr., Esq., and Timothy Millirons, Esq., at the Law Office of W. Thomas Bible, Jr., serve as the Debtor's counsel. Jerrold D. Farinash was appointed Chapter 11 trustee for the Debtor. ERICSON & ASSOCIATES: Seeks to Hire Bankruptcy Attorneys -------------------------------------------------------- Ericson & Associates, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire attorneys in connection with its Chapter 11 case. The Debtor proposes to employ Ted Jones, Esq., and Bruce Ralston, Esq., to give legal advice regarding its duties under the Bankruptcy Code; assist in the preparation of a plan of reorganization; provide representation concerning any investigation of its financial condition; and provide other legal services related to its Chapter 11 case. The attorneys will each charge an hourly fee of $275. They received a retainer in the sum of $3,000. Messrs. Jones and Ralston disclosed in a court filing that they do not hold or represent any interests adverse to the Debtor and its creditors. The attorneys maintain an office at: Ted I. Jones, Esq. Bruce A. Ralston, Esq. Suite 1200 2670 Union Avenue Extended Memphis, TN 38112 Telephone: (901) 526-4249 Facsimile: (901) 525-4312 E-mail: Dtedijones@aol.com E-mail: attorney@bkmemphis.com About Ericson & Associates Ericson & Associates, LLC, owns and maintains an office building in Memphis, Shelby County, Tennessee. The company listed its business as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). Ericson & Associates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 18-23122) on April 11, 2018. In the petition signed by Greg Ericson, member, the Debtor estimated assets of less than $50,000 and liabilities of $1 million to $10 million. Judge Jennie D. Latta presides over the case. ESSENCE BUSINESS: Taps Ure Law Firm as Legal Counsel ---------------------------------------------------- Essence Business Group, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Ure Law Firm as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; assist in the administration of the estate's assets and liabilities; prepare a plan of reorganization; and provide other legal services related to its Chapter 11 case. Thomas Ure, Esq., the attorney who will be handling the case, charges an hourly fee of $395. Law clerks and paralegals charge $95 per hour. Mr. Ure disclosed in a court filing that he and his firm are "disinterested persons" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas B. Ure, Esq. Ure Law Firm 800 West 6th Street, Suite 940 Los Angeles, CA 90017 Tel: 213-202-6070 Fax: 213-202-6075 E-mail: tom@urelawfirm.com About Essence Business Group Essence Business Group, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-11801) on Feb. 19, 2018. In the petition signed by Yanli Zhu, president, the Debtor estimated assets of less than $50,000 and liabilities of less than $50,000. Judge Sheri Bluebond presides over the case. FASHION OUTLETS OF LAS VEGAS: Loan Collateral Facing Foreclosure ---------------------------------------------------------------- S&P Global Ratings lowered its ratings on six classes of commercial mortgage pass-through certificates from COMM 2012-CCRE4 Mortgage Trust, a U.S. commercial mortgage-backed securities (CMBS) transaction. At the same time, S&P affirmed its ratings on five other classes from the same transaction. S&P said, "For the downgrades and affirmations, our expectation of credit enhancement was in line with the lowered or affirmed rating levels. "The downgrades on classes B, C, D, E, and F primarily reflect credit support erosion that we anticipate will occur upon the eventual resolution of the two assets ($77.0 million, 8.0%) with the special servicer, as well as reduced liquidity support available to these classes due to ongoing interest shortfalls. "We affirmed our rating on the class X-A and lowered our rating on the class X-B interest-only (IO) certificates based on our criteria for rating IO securities." TRANSACTION SUMMARY As of the April 17, 2018, trustee remittance report, the collateral pool balance was $963.7 million, which is 86.7% of the pool balance at issuance. The pool currently includes 38 loans and one real estate-owned (REO) asset, down from 48 loans at issuance. Two of these assets ($77.0 million, 8.0%) are with the special servicer, three ($35.1 million, 3.6%) are defeased, and six ($117.7 million, 12.2%) are on the master servicer's watchlist. S&P calculated a 1.80x S&P Global Ratings weighted average debt service coverage (DSC) and 74.7% S&P Global Ratings weighted average loan-to-value (LTV) ratio using a 7.78% S&P Global Ratings weighted average capitalization rate. The DSC, LTV, and capitalization rate calculations exclude the two specially serviced assets and three defeased loans. The top 10 nondefeased loans have an aggregate outstanding pool trust balance of $598.3 million (62.1%). Adjusting the servicer-reported numbers, S&P calculated an S&P Global Ratings' weighted average DSC and LTV of 1.70x and 78.5%, respectively, for nine of the top 10 nondefeased loans. The remaining loan is specially serviced. To date, the transaction has experienced minimal losses totaling $0.1 million in principal losses. S&P expects losses to reach approximately 4.5% of the original pool trust balance in the near term, based on losses incurred to date and additional losses it expects upon the eventual resolution of the two specially serviced assets. CREDIT CONSIDERATIONS As of the April 17, 2018, trustee remittance report, two assets in the pool were with the special servicer, Rialto Capital Advisors LLC. Details of the two specially serviced assets, one of which is a top 10 nondefeased loan, are as follows: -- The Fashion Outlets of Las Vegas loan ($66.3 million, 6.9%) is the third-largest nondefeased loan in the pool and has a total reported exposure of $68.8 million. The loan is secured by an anchored retail outlet center totaling 375,722 sq. ft. in Primm, Nev. The loan was transferred to the special servicer on Aug. 18, 2017, due to imminent default. The special servicer stated that the collateral will be foreclosed upon in the next 6-12 months and that a property receiver and management team are attempting to stabilize the property. The reported DSC and occupancy as of year-end 2017 were 0.84x and 75.0%, respectively. A $16.5 million appraisal reduction amount is in effect against this loan. Based on currently-available information, S&P expects a significant loss upon this loan's eventual resolution. -- The TownePlace Suites Odessa REO asset ($10.7 million, 1.1%) has a total reported exposure of $12.6 million. The asset is a 108-key limited service hotel in Odessa, Texas. The loan was transferred to the special servicer on April 7, 2016, because of payment default, and the asset became REO on Dec. 6, 2016. The special servicer indicated that they will continue to stabilize operations and list the property for sale at the end of 2019. As of year-end 2016, reported occupancy was 35.0%, and the property's effective gross income was not sufficient to cover operating expenses. A $4.4 million appraisal reduction amount is in effect against this asset. S&P expects a moderate loss upon this asset's eventual resolution. S&P estimated losses for the two specially serviced assets, arriving at a weighted-average loss severity of 65.5%. With respect to the specially serviced assets noted above, a minimal loss is less than 25%, a moderate loss is 26%-59%, and a significant loss is 60% or greater. RATINGS LIST COMM 2012-CCRE4 Mortgage Trust Commercial mortgage pass-through certificates series 2012-CCRE4 Rating Class Identifier To From A-2 12624QAP8 AAA (sf) AAA (sf) A-SB 12624QAQ6 AAA (sf) AAA (sf) A-3 12624QAR4 AAA (sf) AAA (sf) X-A 12624QAS2 AAA (sf) AAA (sf) A-M 12624QAT0 AAA (sf) AAA (sf) X-B 12624QAA1 BBB (sf) A (sf) B 12624QBA0 A (sf) AA (sf) C 12624QAC7 BBB (sf) A (sf) D 12624QAE3 B+ (sf) BBB (sf) E 12624QAG8 CCC- (sf) BB+ (sf) F 12624QAJ2 CCC- (sf) BB- (sf) FC GLOBAL: Buys 7,738 Sq Ft Medical Office Building in Ohio ----------------------------------------------------------- FC Global Realty Incorporated, through its subsidiary, RETPROP I, LLC, has closed on its acquisition of an office building totaling 7,738 square feet in Dayton, Ohio. The acquisition was completed on April 26, 2018. The former owner, a well-known family medical practice, sold the asset to the Company via a sale leaseback transaction and concurrently entered into a triple net (NNN) lease with the Company which runs through April 2022. The tenant will have the option to renew the NNN lease for two additional five-year terms. "FCRE is always hunting for investment opportunities in existing income-producing properties in well located submarkets with the potential for future economic development. Our objective in purchasing income producing assets is to acquire real estate with strong submarket fundamentals at attractive cash spreads. This particular property provides immediate value to the Company through a new triple net lease with the former owner-operator, thus providing a strong underlying credit profile," stated Vineet P. Bedi, the Company's chief executive officer. Matthew Stolzar, chief financial officer and chief investment officer added, "This acquisition adds a solid income-producing asset with a strong tenant already in place to the Company's portfolio of real estate properties, representing an early step in the strategy to grow into a leading real estate development and asset management corporation." About FC Global Realty Incorporated FC Global Realty Incorporated (and its subsidiaries), re-incorporated in Nevada on Dec. 30, 2010, originally formed in Delaware in 1980, is a company focused on opportunistic real estate acquisition, development and management, concentrating primarily on investments in high quality income producing assets, hotel and resort developments, residential developments and other opportunistic commercial properties. The company is headquartered in New York. FC Global Realty reported a net loss attributable to the Company of $18.80 million for the year ended Dec. 31, 2017, compared to a net loss attributable to the Company of $13.26 million 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. 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 $134.4 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. FITE LLC: Taps Troy Nixon as New Legal Counsel ---------------------------------------------- Fite, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire the Law Office of Troy Nixon, LLC as its new legal counsel. Troy Nixon will replace the Law Office of Camacho & Knutson, the firm initially hired by the Debtor to represent it in connection with its Chapter 11 case. The services to be provided by the firm include advising the Debtor regarding its duties under the Bankruptcy Code; negotiating with creditors; and the preparation of a plan of reorganization. The firm will charge an hourly fee of $335 for the services of its attorneys. Any non-attorney work will be billed at the rate of $35 per hour. Troy Nixon, Esq., at Nixon, disclosed in a court filing that his firm does not hold any interests adverse to the Debtor's estate, creditors or equity security holders. The firm can be reached through: Troy D. Nixon, Esq. Law Office of Troy Nixon, LLC 610 SW Main St., Suite 616 Portland, OR 97205 Phone: (503) 866-3925 Fax: (503) 296-2733 Email: troydnixon@gmail.com About Fite LLC Fite, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 18-30038) on Jan. 5, 2018. In the petition signed by Tracey Baron, manager, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of less than $500,000. Judge Trish M. Brown presides over the case. FRANKLIN ACQUISITIONS: Appointment of R. Ingalls as Trustee Okayed ------------------------------------------------------------------ The Hon. H. Christopher Mott of the U.S. Bankruptcy Court for the Western District of Texas, at the behest of the United States Trustee, has approved the appointment of Ronald Ingalls as trustee in the bankruptcy case of Franklin Acquisitions LLC. About Franklin Acquisitions Franklin Acquisitions LLC is a privately-held company whose principal assets are located at 932 Cherry Hill, El Paso, Texas. Franklin Acquisitions sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 18-30185) on Feb. 6, 2018. In the petition signed by William D. Abraham, member, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge H. Christopher Mott presides over the case. Mr. Abraham also filed a separate chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 18-30184) on Feb. 6. FULLBEAUTY BRANDS: S&P Cuts Credit Rating to 'CCC-' --------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on New York-based specialty apparel retailer FULLBEAUTY Brands Holdings Corp. (FBB) to 'CCC-' from 'CCC+'. The outlook is negative. S&P said, "At the same time, we lowered the issue-level ratings on the company's $820 million first-lien term loan to 'CCC-' from 'CCC+' and revised the recovery rating to '4' from '3'. The '4' recovery rating indicates our expectation for average (30% to 50%; rounded estimate: 35%) recovery in the event of a payment default. Additionally, we lowered the issue-level rating on the company's $345 million second-lien term loan to 'C' from 'CCC-'. The '6' recovery rating is unchanged, indicating out expectation for negligible (0% to 10%; rounded estimate: 0%) recovery in the event of a payment default." "We do not rate the $175 million asset-based lending (ABL) revolving credit facility. "The downgrade reflects our view that the company could pursue a financial restructuring, including at least a portion of the company's debt obligations, at less than par within the next few quarters given significantly discounted trading prices on the company's term loans. We believe FBB's capital structure is unsustainable as competition in the plus-size segment intensifies and continues to pressure sales and margins, resulting in deteriorating credit metrics. We think cash flow generation will be insufficient to support the current capital structure for the remainder of this year, and forecast meaningfully negative operating cash flow and reliance on the ABL revolver for debt service payments and working capital investments. "The negative outlook reflects our view that the company, or its financial sponsor, is likely to consider a distressed exchange, including open market purchases of its loans below par, over the coming six months given current depressed trading prices. In addition, we don't see a catalyst for a material improvement in operating performance in the near term, and expect credit metrics to remain pressured. "We could lower our ratings on FBB if it announces a distressed debt exchange or restructuring or if it is unable to meet its principal and/or interest payments. "A higher rating would be contingent on our belief that a distressed exchange is unlikely in the near term. This would likely require material improvement in operating prospects and indications from the owner that the company would not execute distressed repurchases of debt." FUSION TELECOM: S&P Assigns 'B' Rating to $40-Mil. Term Loan ------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Fusion Telecommunications International Inc.'s (d/b/a Fusion Connect) $40 million first-lien term loan A due 2022. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 65%) recovery of principal and interest in the event of a payment default. All of S&P's other ratings on the company remain unchanged. Fusion is adding the new term loan A to a revised financing package for its purchase of the cloud and business services operations of Birch Communications. The financing package will now comprise a $40 million revolving credit facility due 2022 (reduced from $50 million), a $40 million first-lien term loan A due 2022, a $530 million first-lien term loan B due 2023 (upsized from $500 million), and a $70 million second-lien term loan due 2023. The company will also use the incremental proceeds from the increased debt financing to fund its proposed acquisition of a privately-held Cloud Services provider, which Fusion is in final negotiations to acquire for approximately $70 million in cash and stock. Despite the increase in Fusion's debt, our ratings on the company's existing first-lien debt remain unchanged because the EBITDA contribution (reflecting cost synergies) from the proposed acquisition will modestly increase its valuation in a hypothetical default scenario. S&P said, "Based on the new funding structure, including the EBITDA contribution from the proposed acquisition, we expect Fusion's pro forma adjusted debt-to-EBITDA to be about 4.0x in 2018, which is modestly higher than our previous expectation of 3.7x. Despite the initial increase, we continue to expect that the company's adjusted leverage will decline to the mid-3x area in 2019 given the steep amortization requirements on the first-lien debt and our expectation that it will fully realize the synergies from its recent acquisitions. Still, the initial increase in Fusion's leverage reduces the amount of cushion the company has for operational underperformance at the current rating level. If Fusion were to sustain leverage of more than 4x for an extended period, we could lower the corporate credit rating by one notch." RATINGS LIST Fusion Telecommunications International Inc. Corporate Credit Rating B/Negative/-- New Rating Fusion Telecommunications International Inc. $40 million sr secured term loan A due 2022 B Recovery Rating 3(65%) GARDEN OAKS MAINTENANCE: Taps Walker & Patterson as Legal Counsel ----------------------------------------------------------------- Garden Oaks Maintenance Organization, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Walker & Patterson, P.C. as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; assist in the sale of its property; prepare a plan of reorganization; and provide other services related to its Chapter 11 case. The firm's hourly rates are: Partners $350 to $400 Associates $325 Staff Attorneys $325 Legal Assistants $100 Law Clerks $100 Johnie Patterson, Esq., and Miriam Goott, Esq., the attorneys who will be handing the case, will charge $400 per hour and $325 per hour, respectively. Mr. Patterson, a partner at Walker & Patterson, 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: Johnie J. Patterson, Esq. Walker & Patterson, P.C. P.O. Box 61301 Houston, TX 77208-1301 Phone: (713) 956-5577 Fax: (713) 956-5570 Email: jjp@walkerandpatterson.com About Garden Oaks Maintenance Organization Inc. Garden Oaks Maintenance Organization, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 18-60018) on April 11, 2018. In the petition signed by Mark Saranie, president, the Debtor estimated assets of less than $1 million and liabilities of less than $1 million. Judge David R. Jones presides over the case. GIBSON BRANDS: Business as Usual for Instruments & Prof Audio Units ------------------------------------------------------------------- Gibson Brands Inc., on May 1, 2018, disclosed that it will be re-focusing the Company on the manufacturing of world-class, musical instruments and professional audio products and the continued development of the Company's portfolio of iconic, globally-recognized brands including Gibson and Epiphone, by reorganizing around its core businesses. The Company has reached a "Restructuring Support Agreement" with holders of more than 69.0% in principal amount of its 8.875% Senior Secured Notes due 2018, and its principal shareholders, that clears the pathway for the continued financing and operations of the musical instruments business as well as a change of control in favor of those noteholders. To implement the agreement, the Company and its U.S. subsidiaries on May 1, 2018, filed pre-negotiated reorganization cases under Chapter 11 of the U.S. Bankruptcy Code. The filings will allow the Company's Musical Instruments and Professional Audio businesses to continue to design, build, sell, and manufacture legendary Gibson and Epiphone guitars, as well as KRK and Cerwin Vega studio monitors and loud speakers, without interruption. The Restructuring Support Agreement provides funding for the musical instrument and professional audio businesses, supports the Company's key vendors, shippers and suppliers, and provides for the restructuring of the Company's balance sheet. Gibson will emerge from Chapter 11 with working capital financing, materially less debt, and a leaner and stronger musical instruments-focused platform that will allow the Company and all of its employees, vendors, customers and other critical stakeholders to succeed. Henry Juszkiewicz, Chairman and Chief Executive Officer of Gibson Brands, and David Berryman, Gibson's President, will each continue with the Company upon emergence from Chapter 11 to facilitate a smooth transition during this change of control transaction and to support the Company in realizing future value from its core business. The Company's Gibson Innovations business, which is largely outside of the U.S. and independent of the Musical Instruments business, will be wound down. The wind-down of the Company's GI Business is not expected to impact the Company's reorganization around its core Musical Instruments/Pro Audio business. "Over the past 12 months, we have made substantial strides through an operational restructuring," said Mr. Juszkiewicz. "We have sold non-core brands, increased earnings, and reduced working capital demands. The decision to re-focus on our core business, Musical Instruments, combined with the significant support from our noteholders, we believe will assure the company's long-term stability and financial health. "Importantly, this process will be virtually invisible to customers, all of whom can continue to rely on Gibson to provide unparalleled products and customer service." In conjunction with the restructuring, the Company received commitments for $135 million of debtor-in-possession financing from its existing noteholders. This financing, combined with cash generated from its operations, will provide the Company with the liquidity necessary to maintain its operations in the ordinary course during its reorganization proceedings. The Company filed a series of motions that, pending Court approval, will allow the Company to operate its business throughout the process in the ordinary course, and to provide support to critical business-partners including vendors, shippers, and suppliers. The first day motions will allow the Company to continue to buy goods, manufacture and distribute its products to its customer base and continue to honor its warranty policies in the ordinary course. "We are grateful for the continued support from our employees, customers, dealers, partners and suppliers as we move through the restructuring process," said Mr. Juszkiewicz. "The Gibson name is synonymous with quality and today's actions will allow future generations to experience the unrivaled sound, design and craftsmanship that our employees put into each Gibson product." About Gibson Gibson Brands, one the fastest-growing companies in the music and sound industries, was founded in 1894 and is headquartered in Nashville, TN. Gibson Brands is a global leader in musical instruments, and consumer and professional audio, and is dedicated to bringing the finest experiences by offering exceptional products with world-recognized brands. Gibson has a portfolio of over 100 well-recognized brand names starting with the number one guitar brand, Gibson. Other brands include: Epiphone, Dobro, Valley Arts, Kramer, Steinberger, Tobias, Slingerland, Maestro, Baldwin, Hamilton, Chickering and Wurlitzer. Audio brands include: KRK Systems, TASCAM, Cakewalk, Cerwin-Vega!, Stanton, Onkyo, Integra, TEAC, TASCAM Professional Software, and Esoteric. All Gibson Brands are dedicated to innovation, prestige and improving the quality of life of our customers. Alvarez and Marsal is serving as Gibson's Chief Restructuring Officer; Jefferies LLC is its financial advisor and Goodwin is providing legal counsel. Paul, Weiss, Rifkind, Wharton & Garrison LLP is providing legal counsel, and PJT Partners is the financial advisor, to the ad hoc group of unaffiliated noteholders that is supporting the Company's restructuring. GIBSON BRANDS: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Affiliates that concurrently filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Gibson Brands, Inc. (Lead Case) 18-11025 309 Plus Park Blvd. Nashville, TN 37217 Baldwin Piano, Inc. 18-11026 Gibson Holdings, Inc. 18-11027 Cakewalk, Inc. 18-11028 Gibson Cafe & Gallery, LLC 18-11029 Consolidated Musical Instruments, LLC 18-11030 Gibson International Sales LLC 18-11031 Gibson Innovations USA, Inc. 18-11032 Gibson Pro Audio Corp. 18-11033 Neat Audio Acquisition Corp. 18-11034 Wurlitzer Corp. 18-11035 Gibson Europe B.V. 18-11036 Business Description: Founded in 1894 and headquartered in Nashville, Tennessee, Gibson Brands, Inc. and its subsidiaries design and manufacture guitars and other fretted instruments. Gibson's brands include the Les Paul, SG, Flying V, Explorer, J-45, Hummingbird, and ES-335, among others. Over the years, the Debtors' businesses have expanded beyond guitars to include the design, manufacture and international distribution of various musical instruments and professional and consumer audio products. Visit http://www.gibson.comfor more information. Chapter 11 Petition Date: May 1, 2018 Court: United States Bankruptcy Court District of Delaware Judge: Hon. Christopher S. Sontchi, Debtors' Chapter 11 Counsel: Michael H. Goldstein, Esq. Gregory W. Fox, Esq. Barry Z. Bazian, Esq. GOODWIN PROCTER LLP The New York Times Building 620 Eighth Avenue New York, NY 10018-1405 Tel: 212.833.8800 Email: mgoldstein@goodwinlaw.com gfox@goodwinlaw.com bbazian@goodwinlaw.com Debtors' Delaware & Conflicts Counsel: David M. Fournier, Esq. Michael J. Custer, Esq. Marcy J. McLaughlin, Esq. PEPPER HAMILTON LLP Hercules Plaza, Suite 5100 1313 Market Street P.O. Box 1709 Wilmington, DE 19899-1709 Tel: 302.777.6500 Email: fournierd@pepperlaw.com custern@pepperlaw.com mclaughlinm@pepperlaw.com Debtors' Restructuring Advisors: Brian Fox ALVAREZ & MARSAL NORTH AMERICA, LLC 600 Madison Avenue, 8th Floor New York, NY 10022 Tel: 212.328.8610 Email: bfox@alvarezandmarsal.com - and - Steven R. Kotarba ALVAREZ & MARSAL NORTH AMERICA, LLC 540 West Madison Street, Suite 1800 Chicago, IL 60661 Tel: 312.601.9066 Fax: 312.479.5324 Email: skotarba@alvarezandmarsal.com Debtors' Investment Banker: JEFFERIES LLC Debtors' Claims & Noticing Agent: PRIME CLERK LLC Website: https://cases.primeclerk.com/gibson/ Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petition was signed by Henry E. Juszkiewicz, chief executive officer. A full-text copy of Gibson Brands' petition is available for free at http://bankrupt.com/misc/deb18-11025.pdf List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ EverVictory Electronic B.V.I. Trade Payable $2,851,790 12F No. 82 Min-Chuan Road Yung Ho Taipei Hesien Taiwan Attn: Vivian Wang Tel: 86-769-85150816 Fax: 86-769-88626888-853 Email: vivian@evervictory.com Pacific Western Timbers, Inc. Trade Payable $971,758 5555 Cruiser Loop SW Bremerton, WA 98312 United States Attn: John Wagner, Owner Tel: 360-674-2700 Fax: 360-379-3846 TKL Products Corp. Trade Payable $842,986 2545 Turkey Creek Rd Oilville, VA 23129 United States Attn: Tommy Dougherty President Tel: 804-749-8300 Fax: 804-749-3442 Email: info@tkl.com North American World Trade Trade Payable $468,767 Group, Inc. North American Wood Products, LLC 7007 SW Cardinal Lane Ste #135 Portland, OR 97224 United States Attn: Cliff Chulos, President Tel: 503-620-6655 Fax: 503-598-7959 Email: cliffc@nawpi.com PTSAMICK Trade Payable $453,665 JL Perkebunan Ds. Kidul Kecamatan Cileungsi Kabupaten Bogor Indonesia Tel: 62-21-8230538 Fax: 62-21-8230162 Email: exim@samick.co.id Modular Technical Service, Inc. Trade Payable $449,405 MTS Products Plant #1, 28672 Holiday Place Elkhart, IN 46517 Attn: David E. Mount, President Tel: 574-295-3142 Fax: 574-295-1269 Email: scott@mtsproducts.com Welljen Limited Trade Payable $400,000 c/o UB Management 17 Roosevelt Ave Kingston 6 Kingston, Jamaica Attn: Nugen Walker KPMG LLP Trade Payable $400,000 2323 Ross Avenue Suite 1400 Dallas, TX 75312-0561 United States Attn: Lynn Doughtie Chairman and CEO Tel: 214-665-6000 Fax: 214-840-2297/212-758-9819 Hanpin Electronic Co. Inc. Trade Payable $396,509 No. 256 SEC 3 Chung Cheng Rd Jen Teh Hsiang Tainan Hsien Taiwan Attn: Shen Keng Liu, Chairman Tel: 886-6-279-1717 Fax: 886-6-270-6442 Email: sales2@hanpin.com.tw Grover Music Products Inc. Trade Payable $367,639 9287 Midwest Avenue Cleveland, OH 44125 United States Attn: Richard I. Berger Tel: 216-510-4636 Fax: 216-391-8999 Email: music@grotro.com NPD Intelect LLC Trade Payable $333,606 900 W. Shore Road Pt. Washington, NY Attn: Tod Johnson Executive Chairman Tel: 516-625-0700 Fax: 516-625-2233 Cobalt Electronics (HK) Co. Ltd. Trade Payable $305,865 Flatm 7/F Yue Cheung CTR 1-3 Wong Chuk Yeung FO Tan Sha Hong Kong Attn: KC Cheung General Manager Tel: (852) 3769 9833 Fax: 852-2601-5865 Email: mileung@cobalt.com.hk CEVA Logistics U.S. Trade Payable $301,171 10751 Deerwood Park Boulevard Suite 200 Jacksonville, FL 32256 United States Attn: Mark Morrison Senior Vice President of Business Development Tel: 904-928-1400 Fax: 904-928-1410 Qingdao Xinjitong Packing Co. Ltd. Trade Payable $297,432 No. 718 Huang Jiashan Industrial PK, East of Qingwei Road Jimo City, Qingdo, China Tel: 86-532-8777-9302 Fax: 86-532-8755-9252 Email: kathy@qdjitong.com.cn Guoguang Electric Company Ltd. Trade Payable $289,350 No. 8 Jingh Rd Xinhua Town Huadu Region Guangzhou 510800 China Attn: Mark Zhao Tel: 86-20-2860-9166 Fax: 86-20-2860-9828 Email: mark_zhao@ggec.com.cn Star Sun $249,881 Email: promotions@starsunmusic.com EZ Com Electronics SDN, BHD Trade Payable $221,327 Email: takaolow@ezcom-proaudio.my EDC, Inc. Trade Payable $181,173 Email: sales@edcinc.com Store Capital/Midland Loan Landlord $170,633 Email: cphillips@storecapital.com GWW Group Inc. Trade Payable $165,450 Email: info@gwwcases.com MMCC Solutions Canada Trade Payable $152,843 White & Case LLP Trade Payable $139,144 Email: tlauria@whitecase.com GHS Corporation Trade Payable $133,772 AG 8801 Sunset Loan Acquisition LP Landlord $133,094 L.R. Baggs Corporation Trade Payable $118,195 Brunk Industries, Inc. Trade Payable $110,161 Email: dbanchelier@brunk.com Somera Road Trade Payable $99,605 Email: ian@someraroadinc.com Advanced Plating, Inc. Trade Payable $99,531 Email: gochrome@advancedplating.com Stonetown Logistics, Inc. Trade Payable $94,755 Koninklijke Philips N.V. Guaranty Claim Undetermined GIBSON BRANDS: Moody's Cuts CF Rating to Ca Amid Bankruptcy Filing ------------------------------------------------------------------ Moody's Investors Service downgraded Gibson Brands, Inc.'s ("Gibson") Probability of Default Rating (PDR) to D-PD from Caa3-PD following the company's Chapter 11 filing on May 1, 2018. Gibson's Corporate Family Rating (CFR) was downgraded to Ca from Caa3. The rating outlook remains negative. Shortly following this rating action, Moody's will withdraw all ratings and the rating outlook of Gibson consistent with Moody's practice for companies operating under the purview of the bankruptcy courts wherein information flow typically becomes much more limited. Ratings downgraded: Probability of Default Rating, Downgraded to D-PD from Caa3-PD; Corporate Family Rating to Ca from Caa3; Senior Secured 2nd Lien Notes, to C (LGD5) from Ca (LGD4) RATINGS RATIONALE The downgrade of the CFR to Ca and the PDR to D-PD reflects Gibson's filing under Chapter 11 in the U.S. Bankruptcy Court on May 1, 2018. The downgrade of the second lien secured notes to C from Ca reflects Moody's expectation of very low recovery rates. On May 1, 2018, the Company reached a Restructuring Support Agreement (RSA) with holders of more than 69.0% in principal amount of its 8.875% Senior Secured Notes, and its principal shareholders, for the continued financing and operations of Gibson's musical instruments and pro audio businesses as well as a change of control in favor of those note holders. The Company's Gibson Innovations business, which is largely outside of the U.S. and independent of the musical instruments business, will be wound down. In conjunction with the restructuring, the Company received commitments for $135 million of debtor-in-possession financing from its existing note holders. The principal methodology used in these ratings was Consumer Durables Industry published in April 2017. Headquartered in Nashville, Tennessee, Gibson Brands Inc. designs, manufactures, markets, and globally distributes premium musical instruments. The company's product offerings are marketed under a portfolio of brands including Gibson, Epiphone, Kramer, Onkyo, KRK, and Stanton. Revenues approximate $900 million. GIBSON BRANDS: S&P Lowers Rating to 'D' on Bankruptcy Filing ------------------------------------------------------------ S&P Global Ratings lowered its corporate credit rating on Nashville-based Gibson Brands Inc. to 'D' from 'CCC-'. S&P said, "At the same time, we lowered our issue level rating on the company's $375 million senior secured notes due August 2018 to 'D' from 'CCC-'. The recovery rating remains unchanged at '4', indicating our expectation for an average (30%-50%; rounded estimate 30%) recovery in the event of payment default." The downgrade follows Gibson Brands' announcement on May 1, 2018, that it has filed for Chapter 11 bankruptcy protection. GREIF INC: Egan-Jones Hikes LC Senior Unsecured Ratings to BB+ -------------------------------------------------------------- Egan-Jones Ratings Company upgraded the local currency senior unsecured rating on debt issued by Greif, Inc. to BB+ from BB. Greif Bros. Corporation changed its name to Greif, Inc. in 2001. Greif, Inc. was founded in 1877 and is headquartered in Delaware, Ohio. The Company was originally a manufacturer of barrels. It is now focused on producing industrial packaging and containers. GUY AMERICA: Funds from New Value Contribution to Finance Plan -------------------------------------------------------------- Guy America Development Enterprises Corp. filed with the U.S. Bankruptcy Court for the Eastern District of New York an amended disclosure statement for its chapter 11 plan of reorganization. Guy America is a real estate development company, created in New York State in October 2001. Since its existence, Guy America has constructed and sold approximately 25 residential buildings. When the real estate market took a downturn, the company shifted approach and began to retain the buildings it constructed for commercial and residential rental. Debtor currently maintains three buildings in its portfolio. The properties are located in Brooklyn, at 2274 Pitkin Avenue, 2481 Pitkin Avenue a/k/a 417 Shepherd Avenue, and 2540-2542 Pitkin Avenue. On Jan. 26, 2018, the Secured Lender, MLF3 Pitkin, LLC., filed its own Chapter 11 plan, which calls for the auction and sale of the Debtor's real property to the highest/best bidder. A sale of the Debtor's assets is not in the best interest of the estate because the real value of the Debtor's business is not in the immediate value of the property, but rather, in the anticipated appreciation of its real estate, which is expected to increase precipitously due to advantageous zoning changes in the East New York section of Brooklyn. Under the Debtor’s Plan, the Debtor's principal and 100% equity holder Vishnu Bandhu will invest in the Reorganized Debtor (i) "New Value Contribution" to pay Class 1 Priority Creditors in Cash, in full, and (ii) additional cash funds sufficient to pay allowed administrative expense claims in full. The Reorganized Debtor will continue the Debtor's business operations. Creditors of the Debtor will receive the following treatment under the Plan: * The holders of allowed Priority Claims will be paid in full or be provided other treatment as may be agreed to by the holders. * The holders of allowed Secured Claims will be paid in full or be provided other treatment as may be agreed to by the holders. * Unsecured creditors with allowed claims will receive a pro rata of not less than 50% of Allowed Claims. * Interest holders will retain their interest. The Debtor intends to implement the Plan with funds generated from the New Value Contribution and by operation of its business. On the Effective Date, the Reorganized Debtor will continue to exist as a separate legal entity and will be a corporation under the laws of the State of New York. A full-text copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/nyeb1-17-43984-75.pdf About Guy America Development Based in Brooklyn, New York, Guy America Development Enterprises Corp. filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 17-43984) on July 31, 2017, with estimated assets at $1 million to $10 million and estimated liabilities at $1 million to $10 million. The petition was signed by Vishnu Bandhu, president. The Debtor is represented by Nnenna Okike Onua, Esq. of McKinley Onua & Associates, PPLC. HALYARD HEALTH: S&P Affirms 'BB-' Rating on Owens & Minor Deal -------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' corporate credit rating on Halyard Health Inc. and revised the rating outlook to stable from negative. Owens & Minor (NYSE: OMI) announced May 1 that it completed the acquisition of the surgical and infection prevention business of Halyard Health, Inc., on April 30, 2018, for approximately $710 million in cash, subject to certain adjustments as provided in the Amended and Restated Purchase Agreement. With the acquisition of the Halyard S&IP business, a recognized leader in its segment, Owens & Minor said it takes a significant step in transforming its business into a global healthcare solutions provider. This transaction expands Owens & Minor's reach into new markets around the world, develops its presence in the medical products segment, and opens new channels for growth. The acquisition will also add greater scale to Owens & Minor's existing own-brand product portfolio and help to expand the company's addressable markets. With the S&IP transaction, Owens & Minor expects to acquire approximately $1 billion in revenues. Owens & Minor expects that annual pre-tax synergies will reach approximately $13.5 million in the next 12 months and approximately $40 million over the next three years. Owens & Minor is financing the transaction with a combination of cash and debt. Owens & Minor expects the transaction to be accretive to non-GAAP diluted earnings per share in 2018, and increasingly accretive thereafter. As part of the transaction, Halyard Health plans to repay its first-lien term loan in full. S&P said, "As a result, we raised the rating on the first-lien secured revolver to 'BB+' from 'BB-'. We revised the recovery rating on this debt to '1' from '3', reflecting our expectations for very high (90%-100%, rounded: 95%) recovery in the event of payment default. At the same time, we raised the rating on the unsecured notes to 'B+' from 'B'. We revised the recovery rating on this debt to '5' from '6', reflecting our expectations for modest (10%-30%; rounded estimate: 15%) recovery in the event of payment default." The recovery rating on the secured term loan remains the same given S&P's expectation that it will be repaid in full. S&P said, "The affirmation of our 'BB-' corporate credit rating and the outlook revision to stable following the divestiture of the S&IP business reflects our view that the divestiture of this low-margin, commodity-like business is relatively neutral to the company's business strength. We view the better margin profile and higher revenue growth prospects of the remaining business as offsetting weaker diversification and significant reduction of scale, as the divested business contributed approximately 60% of the revenues prior to the divestiture. At the same time, the outlook revision takes into account the recent reduction by the California court of the damages awarded in the company's MicroCool gowns litigation to about $26 million versus $454 million in the jury verdict. Beside the immediate benefit from a lower liability in this action, we believe the judgement significantly reduces the risk of additional cases and substantial legal expenditures. "The stable outlook reflects our view that the company's remaining product portfolio is well positioned for growth, while its large cash balance and the proceeds from the divestiture combined with the announced reduction in debt should provide it with cushion for the transition period following the S&IP segment sale. We expect the company to sustain leverage, adjusted for the costs related to the divestiture that we view as one-time transformational event, below 4x." HMH MEDIA: Unsecureds to Recoup 11.2% Under Liquidation Plan ------------------------------------------------------------ HMH Media, Inc., and its debtor-affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a disclosure statement for their proposed plan of liquidation dated April 6, 2018. On Dec. 8, 2017, the Debtors and Gatehouse entered into the Gatehouse Asset Purchase Agreement. On the Petition Date, the Debtors filed a motion seeking entry of two orders related to the Sale. The first, the bidding procedures order, sought approval of bidding procedures relating to the Sale including, among other things, designating Gatehouse as the stalking horse purchaser, approval of the Break-Up Fee, approval of auction procedures, and scheduling the hearing to approve the Sale. The second, the Sale Order, sought approval of the Sale to Gatehouse or the highest or otherwise best bidder. On or about Feb. 8, 2018, the Debtors received a bid from MNG-BH Acquisition LLC (the "Buyer"). Subsequently, following consultation with the Consultation Parties as required under the Sale Procedures Order, the Debtors determined that the Buyer's bid was a Qualified Bid. On Feb. 13, 2018, the Debtors conducted an Auction in accordance with the Sale Procedures Order. At the conclusion of the Auction, the Debtors selected the Buyer's final bid as the Successful Bid and Gatehouse's final bid as the Backup Bid. The Successful Bid consisted of $9.6 million in unrestricted cash, a PTO Cash Payment of $1.0 million, and noncash consideration valued at approximately $1.0 million. The Backup Bid consisted of $7.7 million in unrestricted cash and non-cash consideration of approximately $3.1 million. The Plan provides for the Debtors, and the Reorganized Debtors after the Effective Date, to liquidate the remaining Assets of the Debtors and their Estates, including investigation and, if appropriate after investigation, prosecution of Retained Causes of Action. The Plan defines "Reorganized Debtor Assets" as all assets and properties of every kind, nature, character, and description (whether real, personal, or mixed, whether tangible and intangible, including contract rights, wherever situated and by whoever possessed), operated, owned or leased by the Debtors as of the Effective Date and that constitute property of the Estates within the purview of Bankruptcy Code Section 541 including, without limitation, (a) all Cash on hand; (b) all proceeds of the Sale; (c) all rights under (i) the Asset Purchase Agreement and payments owing to the Debtors thereunder, (ii) the Sale Order, and (iii) any other order of the Bankruptcy Court; (d) all Retained Causes of Action; (e) all tax refunds; (f) all assets not sold pursuant to the Asset Purchase Agreement; (g) all Debtor Privileges; and (h) all of the Debtors' books and records. The Reorganized Debtors will be responsible for liquidating the Reorganized Debtor Assets and making Distributions to holders of Allowed Claims, the dissolution of the Debtors and closing of the Chapter 11 Cases. The plan also proposes the following: -- Holders of Allowed Administrative Claims, Professional Compensation Claims and Priority Tax Claims will be paid in full, as required by the Bankruptcy Code unless otherwise agreed by the holders of such Claims. -- After payment in full of, or adequate reserve for, Claims entitled to payment in full, Allowed General Unsecured Claims in Class 6 will receive Distributions of Cash in an amount equal to their respective Pro Rata shares of the Reorganized Debtor Fund. Holders of Allowed General Unsecured Claims will be entitled to vote to accept or reject the Plan. General unsecured claimants are estimated to recover 11.2%. -- No distributions in any amount will be made to the holders of ownership interests in the Debtors. From and after the Effective Date, the Reorganized Debtors will continue in existence for purposes of (a) winding down the Debtors' businesses and affairs as expeditiously and efficaciously as possible, (b) resolving all Claims, (c) making distributions on all Allowed Claims in accordance with the Plan, (d) administering the Reorganized Debtor Assets, (e) filing appropriate tax returns for the Debtors and Reorganized Debtors, as necessary, (f) succeeding to the Debtors' rights, responsibilities, and obligations with respect to employment agreements and employee-related benefits plans, to the extent not terminated by the Debtors or assumed by the Purchaser prior to the Effective Date, and including the Debtors' and the Reorganized Debtors' rights to amend, modify, or terminate agreements and benefits at any time under all applicable law, (g) dissolving the Debtors and the Reorganized Debtors in accordance with the Plan, and (h) administering the Plan in an efficacious manner, with no objective to continue or engage in the conduct of a trade or business. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/deb17-12881-320-3.pdf Co-Counsel to the Debtors and Debtors-in-Possession: William R. Baldiga, Esq. Sunni P. Beville, Esq. Tristan G. Axelrod, Esq. BROWN RUDNICK LLP One Financial Center Boston, MA 02111 Telephone: (617) 856-8200 -and- Curtis S. Miller, Esq. Jose F. Bibiloni, Esq. MORRIS NICHOLS ARSHT & TUNNELL LLP 1201 N. Market St. #1800 Wilmington, DE 19801 Telephone: (302) 658-9200 About HMH Media Headquartered in Boston, Massachusetts, Boston Herald, Inc., Herald Interactive Inc., Herald Media, Inc. and Herald Media Holdings, Inc., collectively operate privately owned information and entertainment businesses consisting of the flagship newspaper, The Boston Herald, as well as a related website, internet radio station, and mobile applications. Herald Media Holdings, Inc., and three affiliates filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 17-12881) on Dec. 8, 2017. Herald Media reported total assets of $6.02 million and total liabilities of $31 million as of the bankruptcy filing. The Hon. Laurie Selber Silverstein is the case judge. Morris, Nichols, Arsht & Tunnell LLP, and Brown Rudnick LLP serve as the Debtors' counsel. Epiq Bankruptcy Solutions, LLC, is the claims and noticing agent. HOVNANIAN ENTERPRISES: Extends Early Tender Deadline Until May 11 ----------------------------------------------------------------- Hovnanian Enterprises, Inc., announced that its wholly-owned subsidiary, K. Hovnanian Enterprises, Inc., has amended certain terms of its private offer to exchange any and all of the Issuer's $440.0 million outstanding 10.000% Senior Secured Notes due 2022 and $400.0 million outstanding 10.500% Senior Secured Notes due 2024 for the Issuer's newly issued 3.0% Senior Notes due 2047 and concurrent solicitation of consents with respect to the Existing 2022 Notes. The amendments extend each of (i) the deadline for tendering Existing Notes (and, if applicable, delivering consents) in order to receive the exchange consideration of $1,400 principal amount of New Notes for each $1,000 principal amount of Existing Notes validly tendered and accepted in the Exchange Offer on the Early Settlement Date and (ii) the deadline for withdrawing tendered Existing Notes and (if applicable, revoking consents) to 5:00 p.m., New York City time, on May 11, 2018, unless extended. Existing Notes tendered may be withdrawn at any time prior to the Withdrawal Deadline, but not thereafter, unless required by applicable law. Assuming that the conditions to the Exchange Offer are satisfied or waived, the Issuer intends for the "Early Settlement Date" to occur promptly after the Early Tender Deadline. It is anticipated that the Early Settlement Date will be the second business day after the Early Tender Deadline, unless otherwise designated by the Issuer. The Issuer also announced that it has extended the expiration time for the Exchange Offer and Existing 2022 Notes Consent Solicitation to 8:00 a.m., New York City time, on June 15, 2018, unless extended by the Issuer. Assuming that the conditions to the Exchange Offer are satisfied or waived (including the minimum exchange condition requiring that at least $50.0 million in aggregate principal amount of the Existing Notes will have been validly tendered (and not validly withdrawn prior to the Withdrawal Deadline) prior to the Early Tender Deadline), the Issuer expects that the "Final Settlement Date" for any Existing Notes validly tendered after the Early Tender Deadline and at or prior to the Expiration Time and accepted for exchange will be June 15, 2018, unless otherwise designated by the Issuer. As of 5:00 p.m., New York City time, on April 27, 2018, $6,000,000 aggregate principal amount of Existing Notes, or 0.71% of the total outstanding aggregate principal amount thereof, had been validly tendered and not validly withdrawn in the Exchange Offer. In addition to the conditions described in the Confidential Offering Memorandum, dated April 6, 2018, and in the related Letter of Transmittal and Consent, the Issuer announced that it will not accept for exchange and will not exchange any Existing Notes validly tendered (and not validly withdrawn prior to the Withdrawal Deadline) after the Early Tender Deadline and at or prior to the Expiration Time if the New Notes that would be issuable on the Final Settlement Date would not be fungible for U.S. federal income tax purposes with the New Notes issued on the Early Settlement Date. The Exchange Offer and Existing 2022 Notes Consent Solicitation remain conditioned upon the other conditions set forth in the Exchange Offer Documents, and, other than the amendments described above (including the addition of the Tax Fungibility Condition), the other terms and conditions of the Exchange Offer and Existing 2022 Notes Consent Solicitation as set forth in the Exchange Offer Documents remain unchanged. Global Bondholder Services Corporation is serving as the exchange agent, tabulation agent and information agent for the Exchange Offer and Existing 2022 Notes Consent Solicitation. Any question regarding procedures for tendering Existing Notes and delivering consents in the Existing 2022 Notes Consent Solicitation and requests for copies of the Exchange Offer Documents may be directed to Global Bondholder Services Corporation by phone at 866-470-4300 (toll free) or 212-430-3774. The Exchange Offer is being made within the United States only to persons reasonably believed to be "qualified institutional buyers" pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States to non-U.S. investors. The New Notes have not been and will not be registered under the Securities Act, or any state securities laws. The New Notes may not be offered or sold within the United States or to U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. About Hovnanian Enterprises Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey. The Company is a homebuilder with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian Homes, Brighton Homes and Parkwood Builders. As the developer of K. Hovnanian's Four Seasons communities, the Company is also one of the nation's largest builders of active lifestyle communities. Hovnanian Enterprises reported a net loss of $332.2 million for the year ended Oct. 31, 2017, a net loss of $2.81 million for the year ended Oct. 31, 2016, and a net loss of $16.10 million for the year ended Oct. 31, 2015. As of Jan. 31, 2018, Hovnanian had $1.64 billion in total assets, $2.13 billion in total liabilities and a total stockholders' deficit of $491.18 million. * * * In February 2018, Moody's Investors Service upgraded Hovnanian Enterprises, Inc. Corporate Family Rating to "Caa1" from "Caa2" as the company has made strides in reducing its near-to-midterm refinancing risk and Moody's believes that Hovnanian generates sufficient unleveraged free cash flow to cover its interest burden in the next 12 to 18 months. In April 2018, S&P Global Ratings lowered its corporate credit rating on Hovnanian Enterprises to 'CC' from 'CCC+'. 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. Also in April 2018, Fitch downgraded Hovnanian Enterprises' Issuer Default Rating (IDR) to 'C' from 'CCC' following the company's announcement that it has offered to exchange any and all of its existing 10% senior secured notes due 2022 and 10.5% senior secured notes due 2024 for new 3% senior secured notes due 2047. INPIXON: Has 15.2M Common Shares Outstanding as of April 30 ----------------------------------------------------------- Inpixon filed a Current Report on Form 8-K with the Securities and Exchange Commission to provide an update on the capitalization of the Company. As of April 30, 2018, the Company has 15,207,789 shares of common stock, par value $0.001 per share, outstanding and 7,496 shares of Series 4 convertible preferred stock outstanding which are convertible into an aggregate of approximately 16,296,304 shares of Common Stock. The increase in the total number of shares of Common Stock outstanding results from the conversion of 2,619 shares of Preferred Stock into 5,693,498 shares of Common Stock. The shares of Preferred Stock were originally issued on April 24, 2018 in connection with the closing of the previously announced offering of securities of the Company described in the current report on Form 8-K filed with the SEC on April 24, 2018. Following the conversion of all of the shares of Preferred Stock outstanding and without taking into account any shares of Common Stock that may be issued after April 30, 2018, the Company will have an aggregate of approximately 31,504,093 shares of Common Stock outstanding. About Inpixon Headquartered in Palo Alto, California, Inpixon is a technology company that helps to secure, digitize and optimize any premises with Indoor Positioning Analytics (IPA) for businesses and governments in the connected world. Inpixon Indoor Positioning Analytics is based on radically new sensor technology that finds all accessible cellular, Wi-Fi, Bluetooth and RFID signals anonymously. Paired with a high-performance, data analytics platform, this technology delivers visibility, security and business intelligence on any commercial or government premises world-wide. Inpixon's products, infrastructure solutions and professional services group help customers take advantage of mobile, big data, analytics and the Internet of Things (IoT). Inpixon reported a net loss of $35.03 million on $45.13 million of total revenues for the year ended Dec. 31, 2017, compared to a net loss of $27.50 million on $53.16 million of total revenues for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Inpixon had $27.69 million in total assets, $46.54 million in total liabilities and a total stockholders' deficit of $18.85 million. Marcum LLP, in New York, 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 a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. JBC AGRICULTURAL: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of JBC Agricultural Management, LLC as of April 30, according to a court docket. About JBC Agricultural Management JBC Agricultural Management, LLC, is a privately-held company in Colorado engaged in acquiring, raising and selling cattle. JBC Agricultural Management sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 18-12089) on March 20, 2018. In the petition signed by Tai Jacober, manager, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Thomas B. McNamara presides over the case. The Debtor hired Kutner Brinen, P.C., as its legal counsel. JN MEDICAL: Auro Vaccines Plan Proposes to Sell Assets at Auction ----------------------------------------------------------------- Auro Vaccines, LLC, a secured creditor of JN Medical Corporation, filed with the U.S. Bankruptcy Court for the District of Nebraska a Chapter 11 plan of liquidation that proposes to sell assets of the company at public auction. According to the plan, the liquidating trustee will hold an auction of JN Medical's assets where Auro Vaccines will serve as the stalking horse bidder. Auro Vaccines intends to credit bid up to the full amount of its allowed secured claim. The claim is estimated at $4,412,394.99 as of February 28. In case another bidder is selected as the winning bidder, Auro Vaccines' allowed secured claim will be paid in full in cash on the effective date of the plan. If Auro Vaccines emerges as the winning bidder, then it will obtain the collateral securing its claim in exchange for the amount of the claim that is used as part of its credit bid as well as its cash contribution. Auro Vaccines is submitting a stalking-horse bid for substantially all of JN Medical's assets in accordance with an asset purchase agreement that will be filed within 15 days before the hearing to approve the disclosure statement. Auro Vaccines estimates that the amount of its stalking horse bid will be sufficient to pay allowed unsecured claims estimated at $209,446.73. However, given that the amount of allowed administrative expense claims is still unknown, unsecured claims will be treated as impaired and will be paid pro rata in cash by the liquidating trustee from any remaining funds that are available after payment of the sale costs, administrative expense claims, secured claims and priority wage claim, according to Auro Vaccines disclosure statement. A copy of the disclosure statement is available for free at: http://bankrupt.com/misc/neb17-80174-348.pdf Auro Vaccines is represented by: Michael T. Eversden, Esq. McGrath North Mullin & Kratz PC LLO First National Tower, Suite 3700 1601 Dodge St. Omaha, NE 68102 Email: meversden@mcgrathnorth.com -- and -- Robert A. Klyman, Esq. Gibson, Dunn & Crutcher LLP 333 South Grand Avenue Los Angeles, CA 90071 Telephone: (213) 229-7000 Facsimile: (213) 229-7520 Email: rklyman@gibsondunn.com About JN Medical Corporation JN Medical Corporation, a company based in Omaha, Nebraska, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No. 17-80174) on Feb. 15, 2017. The petition was signed by Kevin Aramalla, president. The case is assigned to Judge Thomas L. Saladino. Stinson Leonard Street LLP is the Debtor's legal counsel. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. KII LIQUIDATING: Ct. to OK Plan Following Resolution of Objections ------------------------------------------------------------------ An order approving the disclosure statement and confirming the second amended Chapter 11 plan of liquidation of KII Liquidating and its affiliates and the Official Committee of Unsecured Creditors was submitted under Certification of Counsel and the U.S. Bankruptcy Court for the District of Delaware has indicated that it will be entered on May 2, 2018, therefore, no hearing is necessary. The Debtors, in the Sale Motion, proposed to sell substantially all of their assets to Jansan Acquisition, LLC as the Stalking Horse Purchaser, subject to a higher or better offer. The Asset Purchase Agreement provided for the sale of substantially all of the Debtors' assets in exchange for assumption of the outstanding obligations under the First Lien Credit Facility, credit bid of the obligations under the DIP Facility, credit bid of the outstanding debt under Second Lien Credit Facility, assumption of ordinary course post-petition pre-Closing liabilities to the extent not paid through the post-petition financing, assumption of certain "Assumed Liabilities," including claims up to $200,000, and funding of a "Wind-Down Reserve" of $765,000. Alternatively, the Debtors’ bid procedures provided that if another qualified bid was received by the July 12, 2017, bid deadline, then an auction for the Debtors' assets would be conducted. On July 12, 2017, the Debtors filed the Notice of Successful Bidder and Cancellation of Auction, which stated that no other qualified bids had been received by the bid deadline, no auction, would occur, and the Debtors, deemed Jansan to be the successful bidder. The Sale closed on July 21, 2017. Classes 4A-N consist of the general unsecured claims. Except to the extent that a holder of an allowed general unsecured claim has agreed to a different treatment of such claim, and only to the extent that any such allowed general unsecured claim has not been paid by any applicable Debtor prior to the Effective Date or assumed by the purchaser under the Asset Purchase Agreement and/or the Sale Order, each holder of an allowed general unsecured claim will receive its pro rata share of the net distributable assets. Estimated recovery for general unsecured claimants is 11.044%. The plan proponents believe the plan satisfies the feasibility test because it provides for the satisfaction of all administrative and priority claims on the Effective Date, and for the retention by the Plan administrator of sufficient cash to wind down the chapter 11 cases. As a result, no additional liquidation or financial reorganization of the Debtors will be necessary. On April 23, 2018, the Committee filed a Second Amended Plan and a proposed form of Plan Confirmation Order, which resolved some, but not all, objections and informal responses to the Plan. As of the commencement of the Hearing, the formal objections of David Feldman and the Internal Revenue Service to confirmation of the Plan had not been resolved, and U.S. Trustee's comments to the form of Plan Confirmation Order had not yet been implemented. At the request of the Debtors and the Committee, the Court adjourned the Hearing to May 2, 2018, to provide the parties more time to reach a consensual resolution of issues relating to confirmation of the Plan. Following the adjournment, counsel for the Debtors, the Committee, and Mr. Feldman negotiated language for the Plan Confirmation Order that resolved Mr. Feldman's objection to confirmation. Counsel for the Debtors, the Committee, and the IRS also negotiated an addition to the Plan Confirmation Order to resolve the IRS's objection to confirmation. A full-text copy of the First Amended Disclosure Statement is available at: http://bankrupt.com/misc/deb17-11101-611-1.pdf A redlined version of the Second Amended Disclosure Statement is available at: http://bankrupt.com/misc/deb17-11101-630.pdf About Katy Industries Katy Industries, Inc. -- http://www.katyindustries.com/-- a publicly traded Delaware corporation, and its wholly-owned direct and indirect subsidiaries were organized as a Delaware corporation in 1967. The Company is a well-known manufacturer, importer, and distributor of commercial cleaning and consumer storage products as well as a contract manufacturer of structural foam products. It distributes its products across the United States and Canada. It is best known for such brands as Continental, Huskee, Color Guard, Wilen, Muscle Mop, Contico, Tuffbin, and SilverWolf, among many others. The Company operates three manufacturing facilities located in Jefferson City, Missouri, Tiffin, Ohio, and Fort Wayne, Indiana, with its corporate headquarters located in St. Louis, Missouri. Katy Industries, Inc., and its affiliates filed a voluntary petition for relief under the Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-11101) on May 14, 2017. In the petition signed by CRO Lawrence Perkins, Katy Industries disclosed $821,321 in assets and $58,421,346 in liabilities. Stuart M. Brown, Esq., at DLA Piper LLP (US), is the Debtors' bankruptcy counsel. JND Corporate Restructuring is the claims and noticing agent. M.J. Renick & Associates LLC has been appointed by the Court as fee examiner. On July 31, 2017, the Office of the U.S. Trustee formed a committee of retirees. The Retirees’ Committee hired Womble Carlyle Sandridge & Rice, LLP as legal counsel. LADDER CAPITAL: S&P Affirms 'BB' ICR, Outlook Remains Stable ------------------------------------------------------------ S&P Global Ratings affirmed its long-term issuer credit rating on Ladder Capital Finance Holdings LLLP at 'BB'. The outlook remains stable. S&P said, "At the same time, we affirmed our issue rating on the company's senior unsecured notes at 'BB-'. "Our rating is based on the company's good operating track record and increased unsecured funding, as well as its increased diversity of funding. Unsecured debt now composes 26.3% of debt funding, from 14.2% a year ago, and the use of repurchase facilities as a percentage of total debt funding has decreased to 10.8% from 28.1% over the same period. The use of collateralized loan obligation (CLO) funding has also increased its use of nonrecourse debt to 31.5% of debt funding from 15% a year ago. "The stable outlook reflects our expectation that the company will maintain conservative leverage consistent with a debt to ATE ratio of 2.5x to 3.5x, adequate liquidity, and good stable asset performance across its investment portfolios, but with some volatility in its conduit business. "We could lower our rating on the company over the next 12 months if we expect it to consistently report leverage excluding CMBS and related debt of 3.0x. We could also lower the rating if asset performance deteriorates or if the company materially increases its use of repurchase agreements to above 25% of outstanding debt. "We could raise our rating on Ladder over the next 12 months if the company significantly reduced leverage to below 2.75x debt to ATE while maintaining investment-grade securities of at least 20% of earning assets and strong asset performance." LAURITSEN FIREWOOD: Plan Confirmation Hearing Set for May 30 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Wisconsin is set to hold a hearing on May 30 to consider approval of the Chapter 11 plan of reorganization for Lauritsen Firewood & Rental, Inc. The hearing will be held at 1:30 p.m., at Room 112. Prior to the Disclosure Statement hearing AgStar Financial Services, n/k/a Compeer Financial, Hiawatha National Bank, Bank First National f/k/a First National Bank, and the U.S. Trustee. Compeer, which has seven leases and six secured loans with the Debtor and is owed $534,081.68 as of July 31, 2017, complained that the Disclosure Statement lacks "adequate information" pursuant to Section 1125 of the Bankruptcy Code and the necessary projected income and expenses to help creditors understand whether the Plan is feasible. Hiawatha, which holds a secured claim totaling at least $2,205,743.28 as of the Petition Date, complained that the Disclosure Statement does not provide sufficient detail regarding the Debtor's operations and financial performance in the several years prepetition, which information is necessary to provide a basis to enable creditors to evaluate the purported changes in operations that Debtors proposes; and does not provide a summary of Debtor's operations and financial performance during the pendency of this case, which information is necessary to enable creditors to evaluate the incremental efforts toward reorganization that Debtor has been able to accomplish in the ten months that this case has been pending. Bank First National f/k/a First National Bank, owed $67,448.75 secured by certain vehicles, trailers and equipment as collateral, complained that the Disclosure Statement failed to adequately detail the impact of the "mild summers and winters" on the Debtor's operations, and specifically how and to what extent the "[h]arvest and a colder winter have resulted in greater cash flow." Patrick S. Layng, U.S. Trustee, complained that the designation and proposed treatment of the general unsecured claims should be made clearer and consistent in the Disclosure Statement and Plan. Specifically, the U.S. Trustee points out that the Disclosure Statement states that the "The Plan provides for these claims to be paid over a five year period" but does not state when the payments will be made and provides that the unsecured claims "shall be amortized over five years" but does not provide the basis for the amortization. Under the latest plan, creditors holding Classes 8 and 10 claims will be paid in full in 60 equal monthly payments starting on the distribution date. These claims are estimated to total $223,726.33, according to the company's latest disclosure statement filed on April 19. A copy of the disclosure statement is available for free at: http://bankrupt.com/misc/wiwb17-11785-188.pdf Compeer is represented by: Christopher M. Seelen, Esq. RUDER WARE, L.L.S.C. 402 Graham Ave. P.O. Box 187 Eau Claire, WI 54702-0187 Tel: (715) 834-3425 Hiawatha is represented by: Amanda K. Schlitz, Esq. Eric J. Sherburne, Esq. ECKBERG LAMMERS, P.C. 430 Second Street Hudson, WI 54016 Tel: (715) 808-8833 Bank First is represented by: Trisha M. Schense, Esq. HINKFUSS, SICKEL, PETITJEAN & WIETING 125 South Jefferson Street, Suite 101 Green Bay, WI 54301 Tel: (920) 432-7716 Fax: (920) 432-4446 About Lauritsen Firewood & Rental Lauritsen Firewood & Rental Inc. is a firewood delivery company. Based in Cushing, Wisconsin, it provides wood heating, firewood chopping, and flat roofing. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 17-11785) on May 17, 2017. Derek Lauritsen, president, signed the petition. At the time of the filing, the Debtor disclosed $6.67 million in assets and $3.47 million in liabilities. Judge Catherine J. Furay presides over the case. Joshua D. Christianson, Esq., Christianson & Freund, LLC, in Eau Claire, WI, serves as counsel to the Debtor. No official committee of unsecured creditors has been appointed. LEE ROY: Auction of Galleria Store Assets Begins May 14 ------------------------------------------------------- Personal property at Lee Roy Enterprises, Inc.'s Healthy Home Market - Galleria store will be sold at an online auction. Iron Horse Auction Company will conduct the sale. The auction will commence May 14 at 8 a.m. and end May 22 at 12 p.m. The property is located at 1816 Galleria Blvd., Charlotte, NC 28270. The personal property up for sale include: (A) Store Fixtures 304' of Lozier Shelving (2) Checkout Counters Metro Racking Employee Lockers Stock Carts 48' Bulk Bin Shelving w/ 51 Bins (B) Refrigeration & Refrigerated Units Odwalla Single Glass Door Cooler Mira Cool SS Glass Door Cooler (3) True Single Door Coolers (self contained) 14 - Door Walkin Freezer / Cooler Combo (10'X22' Freezer w/ Floor & 10'X10' Cooler) 3 - Door Masterbilt Glass Door Freezer (self contained) 8' Hussmann C5X Multideck Cooler 8' Hussmann Five Deck Produce Cooler (C) Other Equipment Reverse Osmosis Water Machine Coffee Grinders Fiberglass Ext. Ladder Two Compartment Sink Digi 15# Portion Scale Peanut Butter Grinders (12) Hand Basket Carts (20) Shopping Carts (12) Hand Baskets The auction manager is: Will Lilly Tel: 704-985-9300 All items in this auction are selling "AS-IS, WHERE IS" with all faults, if any. Iron Horse makes no representations or warranties, expressed or implied, concerning the items being sold. Iron Horse has been engaged by A. Cotton Wright, the Chapter 7 Trustee appointed in the liquidation case of Lee Roy Enterprises, Inc., d/b/a Healthy Home Market, which filed for Chapter 7 bankruptcy (Bankr. W.D.N.C. Case No. 18-50123) on Feb. 22, 2018. Judge J. Craig Whitley oversees the case. LEE ROY: Auction of Plaza Midwood Store Assets Begins May 14 ------------------------------------------------------------ Personal property at Lee Roy Enterprises, Inc.'s Healthy Home Market store at Plaza Midwood will be sold at an online auction. Iron Horse Auction Company will conduct the sale. The auction will commence May 14 at 8 a.m. and end May 21 at 12 p.m. The property is located at 1330 Central Avenue, Charlotte, NC. The personal property up for sale include: (A) Store Fixtures Checkout Counters (6) 3'X6' Wooden Produce Displays 24' Bulk Bin Display with 150 Bins 20' Bulk Bin Display with 90 Bins Employee Lockers 208' of Lozier Store Shelving 50 +/- Shopping Carts Shopping Hand Baskets (B) Refrigeration Units Masterbilt Condensing Rack Bally 12'X8' Freezer w/ Floor & 14'X8' Cooler Combo Unit Bally 5'X8' Freezer w/ Floor & 5'X8' Cooler Combo Unit Beverage Air Rounded End Cap Cooler Single Door Beverage Air Horizon Series Glass Door Cooler 4' Beverage Air 2-Door SS Counter / Cooler Saturn SS Self Contained Single Door Cooler Beverage Air 3-Door SS Cooler / Counter 6' Arneg Grab & Go Case 4' Arneg Grab & Go Case Arneg 90 Degree Corner Curved Glass Deli Case 24' Arneg Curved Glass Deli Case 8' Arneg Single Deck Cheese Case Arneg 3-Door Freezer Turbo Air Single Door Cooler (self contained) Masterbilt 3-Door Glass Door Cooler (self contained) (2) 8' Arneg Five Deck Coolers True Single Glass Door Cooler (self contained) Masterbilt 2 - Glass Door Cooler (self contained) Arneg 15 - Glass Door Freezer Arneg 7 - Glass Door Freezer 8' Arneg Five Deck Produce Case 4' Arneg Juice Cooler (self contained) 24' Arneg Produce Case (2) Slide Top Ice Cream Freezers (2) Turbo Air Three Glass Door Coolers (C) Commercial Kitchen & Deli Equipment Commerical Grade Pots, Pans, Bowls & Trays Commercial Grade Utensils & Colanders Commercial Juicers (2) Digi Scale / Printers Lockwood Heated Cabinet 6' SS Table Countertop Hot Wrapper Three Compartment Sink Single Hand Sink Manitowoc 200# Ice Maker (2) Coffee Pump Dispensers Sharp Commercial Microwave Grass Juicer Fetco Coffee Grinder Fetco Coffee Makers Vitamix Blenders SS Two Compartment Sink w/ Drainboard and Prerinse Single Compartment Sink w/ Right Hand Drainboard Metro Racking 12' Captive Air Exhaust Hood w/ Touchscreen Controls Hobart Convection Oven 6' SS Table 20" SS Table 6 Eye Superior Stove / Oven 4' Poly Top Table 4' SS Table 8' Poly Top Table 30" SS Table 6' Norlake Sandwich Prep Table 4' SS Table Hand Sinks Hobart Meat Slicer Bizerba Meat Slicer Soup Kettles 11' Steam Table 4' BKI Rolling Hot Table Reverse Osmosis Water Dispenser Scales (3) Peanut Butter Grinders Produce Scale The auction manager is: Will Lilly Tel: 704-985-9300 All items in this auction are selling "AS-IS, WHERE IS" with all faults, if any. Iron Horse makes no representations or warranties, expressed or implied, concerning the items being sold. Iron Horse has been engaged by A. Cotton Wright, the Chapter 7 Trustee appointed in the liquidation case of Lee Roy Enterprises, Inc. d.b.a. Healthy Home Market, which filed for Chapter 7 bankruptcy (Bankr. W.D. N.C. Case No. 18-50123) on February 22, 2018. Judge J. Craig Whitley oversees the case. LEGACY RESERVES: Baines et al Amend Schedule 13G Disclosure ----------------------------------------------------------- In a Schedule 13G/A filed with the Securities and Exchange Commission, Baines Creek Partners, LP, Kevin Tracy, Brian Williams, and Baines Creek Capital, LLC disclosed that as of April 10, 2018, they no longer beneficially own Series B Preferred Equity Units of Legacy Reserves, LP. The address of the business office of each of the Reporting Persons is 11940 Jollyville Road Suite 210-S Austin, Texas 78759 According to the Reporting Persons, the Original 13G filing for LGCYO Preferred non-voting unit was filed in error as non-voting units/shares/securities are not subject to 13G reporting or filing requirements. A full-text copy of the regulatory filing is available at: https://is.gd/rOGi4a 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 in 2017, a net loss attributable to unitholders of $74.82 million in 2016, and a net loss attributable to unitholders of $720.5 million in 2015. 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. LONGHORN ESTATE: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Longhorn Estate, LLC as of April 30, according to a court docket. About Longhorn Estate Longhorn Estate, LLC, is a privately-held company engaged in activities related to real estate. Its principal place of business is located at 8300 Ohio River Road, Lesage, West Virginia. Longhorn Estate sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 18-30103) on March 20, 2018. In the petition signed by Renee Davis, authorized representative, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Frank W. Volk presides over the case. LOU FASCIO: Taps Harris Law Practice as Legal Counsel ----------------------------------------------------- Lou Fascio, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Harris Law Practice, LLC, as its legal counsel. The firm will assist the Debtor in the preparation of a plan of reorganization; examine and prosecute claims of estate; and provide other legal services related to its Chapter 11 case. Stephen Harris, Esq., the attorney who will be handling the case, charges $400 per hour. The hourly rates for paraprofessionals range from $150 to $250. The Debtor paid the firm an advance retainer in the sum of $5,500. Harris Law does not represent any interests adverse to the Debtor's estate, according to court filings. The firm can be reached through: Stephen R. Harris, Esq. Harris Law Practice, LLC 6151 Lakeside Drive, Suite 2100 Reno, NV 89511 Phone: 775-786-7600 E-mail: steve@harrislawreno.com About Lou Fascio Inc. Lou Fascio, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 18-50379) on April 10, 2018. In the petition signed by Lou Fascio III, president, the Debtor estimated assets of less than $500,000 and liabilities of less than $500,000. Judge Bruce T. Beesley presides over the case. MADISON TIMBER: SEC Shuts Down $85 Million Ponzi Scheme ------------------------------------------------------- The Securities and Exchange Commission on May 1 announced the unsealing of fraud charges against a Mississippi company and its principal who allegedly bilked at least 150 investors in an $85 million Ponzi scheme. The defendants agreed to permanent injunctions, an asset freeze, and expedited discovery. The SEC's complaint alleges that Arthur Lamar Adams lied to investors by telling them that their money would be used by his company, Madison Timber Properties, LLC, to secure and harvest timber from various land owners located in Alabama, Florida, and Mississippi, and promised annual returns of 12% to 15%. But Madison Timber never obtained any harvesting rights. Instead, Adams allegedly forged deeds and cutting agreements as well as documents purportedly reflecting the value of the timber on the land. Adams also allegedly paid early investors with later investors' funds and convinced investors to roll over their investments. According to the complaint, Adams used investors' money for personal expenses and to develop an unrelated real estate project. "Investors should be wary anytime they are promised high or consistently positive returns," said Richard Best, Director of the SEC's Atlanta Regional office. "We acted quickly in this case to protect the victims of the alleged Ponzi scheme by obtaining immediate injunctive relief and an asset freeze." In a parallel action, the U.S. Attorney's Office for the Southern District of Mississippi on May 1 announced criminal charges against Adams. The SEC's complaint, filed under seal in federal court in Jackson, Mississippi on April 20, 2018 and unsealed today, charges Adams and Madison Timber Properties with violating the antifraud provisions of the federal securities laws. The court granted the SEC's request for an asset freeze and permanently enjoined Madison Timber and Adams from violating the antifraud provisions of the federal securities laws and ordered Adams to surrender his passport. Adams and Madison Timber consented to the entry of the court order. The SEC's continuing investigation is being conducted by Krysta Cannon and Justin Delfino in the agency's Atlanta office and is being supervised by Peter Diskin. The SEC's litigation will be led by Shawn Murnahan and supervised by Graham Loomis. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of Mississippi and the Federal Bureau of Investigation. MIKES PIZZA: Taps Scott H. Marcus as Legal Counsel -------------------------------------------------- Mikes Pizza & Sub Shop, LLC, seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire the Law Offices of Scott H. Marcus & Associates P.C. as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; assist in its consultations with creditors concerning the administration of its Chapter 11 case; prepare a bankruptcy plan; and provide other legal services related to the case. The hourly rates for Scott Marcus, Esq., the attorney who will be handling the case, range from $375 to $450. Law clerks and paralegals charge $175 per hour while legal secretaries charge $95 per hour. The Debtor has agreed to pay the firm an initial retainer in the sum of $7,500. Mr. Marcus disclosed in a court filing that he and his firm are "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Scott H. Marcus, Esq. Law Offices of Scott H. Marcus & Associates P.C. 121 Johnson Road Turnersville, NJ 08012 Phone: 856-227-0800 Email: smarcus@marcuslaw.net About Mikes Pizza & Sub Shop Mikes Pizza & Sub Shop, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 18-14773) on March 12, 2018. In the petition signed by Michael S. Kelly, shareholder, the Debtor estimated assets of less than $500,000 and liabilities of less than $500,000. Judge Andrew B. Altenburg Jr. presides over the case. MILLERBERND SYSTEMS: Seeks to Hire Bankruptcy Attorneys ------------------------------------------------------- Millerbernd Systems, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to hire attorneys in connection with its Chapter 11 case. The Debtor proposes to employ Steven Nosek, Esq., and Yvonne Doose, Esq., to assist in the preparation of a plan of reorganization and provide other legal services related to its bankruptcy case. Mr. Nosek and Ms. Doose will charge $300 per hour and $200 per hour, respectively. Both attorneys disclosed in court filings that they do not hold any interests adverse to the Debtor or its estate. The attorneys maintain an office at: Steven B. Nosek, Esq. Yvonne R. Doose, Esq. 2855 Anthony Lane South, Suite 201 St. Anthony, MN 55418 Email: snosek@noseklawfirm.com About Millerbernd Systems Millerbernd Systems, Inc. is a manufacturer of sanitary stainless steel equipment serving the food & beverage, pharmaceutical, agri-food, industrial, utilites, wind energy and construction industries. It operates out of a 105,000-square-foot manufacturing facility in Winsted, Minnesota. Millerbernd Systems sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Case No. 18-41286) on April 23, 2018. In the petition signed by CEO Ralph Millerbernd, the Debtor estimated assets of $1 million to $10 million and liabilities of $1 million to $10 million. Judge Michael E. Ridgway presides over the case. MONUMENT SECURITY: To Pay Toyota Secured Claims Monthly in New Plan ------------------------------------------------------------------- Monument Security, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of California a first amended disclosure statement describing its plan of reorganization dated April 5, 2018. The latest plan provides for the treatment of Toyota Financial Services' various secured claims, which was not provided in the previous plan. The amount of the asserted claims were $170,349.52. The claimant will retain its existing liens. Each claim will be paid in accordance with the terms of the agreements without modification. Debtor will make payments of $416.42 per month through September 2020 on Claim No. 4. Debtor will make payments of $344.73 per month through approximately October 2021 on Claim No. 5. Debtor will make payments of $416.94 per month through September 2020 on Claim No. 6. Debtor will make payments of $344.73 per month through October 2021 on Claim No. 15. Debtor will make payments of $356.17 per month through January 2020 on Claim No. 19. Debtor will make payments of $345.49 per month through October 2019 on Claim No. 20. Debtor will make payments of $344.73 per month through October 202 1 on Claim No. 23. Debtor will make payments of $276.76 per month through the life of this plan on Claim No. 24. Debtor will make payments of $560.40 per month through January 2019 on Claim No. 26. Debtor will make payments $560.40 per month through March 2019 on Claim No. 43. The aggregate of these payments through January 2019 is $3,902.74. Thereafter the aggregate monthly payment on these claims will be $3,342 through March 2019. Thereafter the aggregate monthly payment will reduce to $2,781.94 through October 2019. Thereafter the aggregate monthly payment will reduce to $2,436.45. A full-text copy of the First Amended Disclosure Statement is available at: http://bankrupt.com/misc/caeb17-20689-267.pdf About Monument Security Monument Security, Inc., was formed in 1995, and operates a security services business in California, Nevada, Arizona, Colorado, Georgia, Florida, Indiana, Louisiana, Maryland, Missouri, New Jersey, New York, Ohio, Oregon, Texas, Utah, Washington, and Wyoming. It also subcontracts work to other security providers in Alaska, Arizona, New Mexico and North Carolina. The business had been successfully run by Scott McDonald for many years and regularly employs more than 1000 employees. Monument Security filed a Chapter 11 petition (Bankr. E.D. Cal. No. 17-20689) on Feb. 1, 2017. Michael Bivians, CEO, signed the petition. At the time of filing, the Debtor disclosed total assets of $2.82 million and total liabilities of $3.11 million. The case is assigned to Judge Robert S. Bardwil. The Debtor is represented by Matthew R. Eason, Esq., and Kyle K. Tambornini, Esq., at Eason & Tambornini. NEOVASC INC: Files Form 20-F Reporting $22.9-Mil. 2017 Net Loss --------------------------------------------------------------- Neovasc Inc. filed with the Securities and Exchange Commission its Annual Report on Form 20-F reporting a net loss of US$22.90 million on US$5.38 million of revenue for the year ended Dec. 31, 2017, compared to a net loss of US$86.49 million on US$9.51 million of revenue for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Neovasc had US$22.20 million in total assets, US$58.66 million in total liabilities and a total deficit of US$36.47 million. The report from the Company's independent accounting firm Grant Thornton LLP, in Vancouver, Canada, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company incurred a consolidated net loss of US$24,859,117 during the year ended Dec. 31, 2017 and, as of that date, the Company's consolidated current liabilities exceeded its current assets by US$6,060,895. These conditions, along with other matters, indicate the existence of a material uncertainty that casts substantial doubt about the Company's ability to continue as a going concern. "We may incur losses in the future and our losses may increase. We have incurred net losses in each fiscal year since inception. In the year ended December 31, 2017, we had a net loss of $24,859,117 and at December 31, 2017, we had an accumulated deficit of $224,692,327. We have increased our research and development expenses in recent periods and we plan further increases in the future as cash flows allow. The planned increases in research and development expenses may result in larger losses in future periods. As a result, we will need to generate significantly greater revenues than we have to date to achieve and maintain profitability. There can be no assurance that revenues will increase. Our business strategies may not be successful and we may not be profitable in any future period. Our operating results have varied in the past and they may continue to fluctuate in the future. In addition, our operating results may not follow any past trends," the Company stated in the SEC filing. A full-text copy of the Form 20-F is available for free at: https://is.gd/bNsVEh About Neovasc Inc. Based in Richmond, British Columbia, Neovasc Inc. -- http://www.neovasc.com/-- is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Neovasc Reducer, for the treatment of refractory angina, which is not currently available in the United States and has been available in Europe since 2015, and the Tiara, for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada and Europe. NEOVASC INC: Will Report First Quarter Results on May 10 -------------------------------------------------------- Neovasc Inc. provided a general corporate update, concurrent with filing its Annual Report on Form 20-F, to highlight the Company's progress over the last month and to confirm the date of the earnings call where these matters will be discussed further. Operational Highlights * Implanted an additional six Tiaras since March 28, 2018 to bring the total to 56 * Continuing progress on the Tiara transfemoral, trans-septal program * Additional publications and presentations supporting Neovasc Reducer ("Reducer") efficacy Corporate Highlights * Received additional US$4.7 million in proceeds from investor- initiated exercises of Series C warrants issued pursuant to the November 2017 underwritten public offering * Reports 1,681,060,920 common shares of the Company issued and outstanding as at April 30, 2018 * Continuing efforts to right-size the Company's capital structure * Continuing efforts to resolve legal matters and strengthen intellectual property portfolio The Company has filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission. Please visit www.sec.gov to review the filing and for further details on these highlights. The Company has completed six Tiara implants since March 28, 2018, the date of its last update; four for the Tiara-II study in Europe and two for the Tiara-I study in Canada. The apical in/out procedure time for these most recent four TIARA-II implants were 9 minutes, 9 minutes, 10 minutes and 12 minutes, respectively. For the two recent TIARA-I implants, they were 11 minutes and 45 minutes (mainly due to challenging echo imaging quality). To date, a total of 56 patients have been implanted with the Tiara. The 30-day survival rate remains at 90% overall and is at 92% for the TIARA-II study. Furthermore, the Company remains on schedule for the first, small animal feasibility study for the transfemoral, trans-septal Tiara version in the first half of May 2018. The Company reports that the Reducer was presented in several new publications: * EMH Media (Schweizerischer Arzteverlag), Cardiovascular Medicine, 2018/04, Coronary Sinus Reducer Case Report, Dr. Kahr, at all, University Hospital of Zurich. * Journal of the American College of Cardiology ("JACC") publication, Vol. 11, No. 8, 2018: "Coronary Sinus Reducer Implantation for the Treatment of Chronic Refractory Angina", a single center experience, Dr. F. Giannini, et al. * Editorial in the same JACC edition by Dr. Wijns and Dr. Behan: "New Treatment Options for the "No Option" Patient with Refractory Angina". * An associated TCTMD publication from April 16, 2018 by Todd Neal, with comments from Dr. Suzanne Arnold. * EuroIntervention Online publication from April 24, 2018: "Coronary Sinus Reducer implantation improves symptoms, ischemia and physical capacity in patients with refractory angina unsuitable for myocardial revascularization", a single center experience, Dr. M. Konigstein, et al. The Company has received an additional US$4,666,099 in proceeds from investor-initiated exercises of an additional 3,195,958 of the Series C Warrants. 10,273,972 Series C Warrants were originally issued in the 2017 Public Transaction, and 2,192,748 remained issued and outstanding at the close of business on April 24, 2018. Each Series C Warrant may be exercised at an exercise price equal to US$1.46 (subject to adjustment) at any time prior to 11:59 p.m. (New York time) on Nov. 18, 2019 for a Series C unit (a "Series C Unit"), with each Series C Unit being comprised of one Common Share, one Series A warrant and one Series B warrant. At the close of business on April 24, 2018, there were 1,251,641 Series B Warrants outstanding and 2,192,748 Series B Warrants issuable upon exercise of the remaining Series C Warrants outstanding, if those Series C Warrants are exercised, 33,757,592 Series A Warrants outstanding and 2,192,748 Series A Warrants issuable upon exercise of the remaining Series C Warrants outstanding, if those Series C Warrants are exercised, 22,431,507 Series E warrants outstanding and US$29,525,000 aggregate amount of senior secured convertible notes outstanding. There were no Series D or F warrants outstanding or issuable at the same date. There were 1,681,060,920 Common Shares issued and outstanding at the close of business on April 24, 2018. The decline in the Company's share price since the Company's last earnings call has led to the future-priced warrants and Notes outstanding as at that date being more dilutive than estimated at the time of the earnings call. The Company is continuing its efforts to reduce the warrant overhang of the last financing. The Company will also be seeking shareholder approval at the next Annual and Special General Meeting, scheduled for June 4, 2018, to carry out a share consolidation at an appropriate time. Further information will be contained in the Management Information Circular for the Annual and Special General Meeting. Management believes that this is the only path forward to re-establish compliance with the US$1.00 minimum bid price requirement for listing on the Nasdaq Capital Market. The Company announced that it will report financial results for the quarter ended March 31, 2018 and host a conference call and webcast at 4:30 p.m. Eastern Time on Thursday, May 10, 2018. Management will provide a full update, including further discussion on these matters, during the call and in its filings. Conference Call & Webcast Thursday, May 10th @ 4:30pm Eastern Time Domestic: 800-239-9838 International: 323-794-2551 Passcode: 9386338 Webcast: http://public.viavid.com/index.php?id=129196 Replays available through May 24th: Domestic: 844-512-2921 International: 412-317-6671 Conference ID: 9386338 About the Securities Issued in the November 2017 Financings For details concerning the terms of the securities issued pursuant to the 2017 Public Transaction and concurrent private placement, including the Series A Warrants, Series B Warrants, Series C Warrants, Series E Warrants and the Notes, see the prospectus supplement dated Nov. 10, 2017 and the forms of those securities filed on SEDAR at www.sedar.com and with the SEC at www.sec.gov. For a description of the risks associated with these securities, including dilution to shareholders due to exercises or conversions of the Company's outstanding warrants and Notes, and the Company's need for significant additional funding, among other things, see the Company's Annual Report on Form 20-F, which is available on SEDAR at www.sedar.com and as filed with the SEC at www.sec.gov. About Neovasc Inc. Based in Richmond, British Columbia, Neovasc Inc. -- http://www.neovasc.com/-- is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Neovasc Reducer, for the treatment of refractory angina, which is not currently available in the United States and has been available in Europe since 2015, and the Tiara, for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada and Europe. Neovasc reported a net loss of US$22.91 million on US$5.38 million of revenue for the year ended Dec. 31, 2017, compared to a net loss of US$86.49 million on US$9.51 million of revenue for the year ended Dec. 31, 2016. As of Dec. 31, 2017, the Company had US$22.20 million in total assets, US$58.66 million in total liabilities and a total deficit of US$36.47 million. Grant Thornton issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2017, stating that the Company incurred a consolidated net loss of US$24,859,117 during the year ended December 31, 2017, and, as ofthat date, the Company's consolidated current liabilities exceeded its current assets by US$6,060,895. The auditors said these conditions, along with other matters, indicate the existence of a material uncertainty that casts substantial doubt about the Company's ability to continue as a going concern. NORTH CAROLINA TOBACCO: Equipment Auction to Begin June 7 --------------------------------------------------------- Iron Horse Auction Company will sell late model and rebuild cigarette manufacturing equipment own by North Carolina Tobacco International, LLC. The auction will feature Decoulfle Rod Makers, Decoulfle Tipping Units, Hauni Tray Fillers and more supporting equipment. A schedule of the properties for sale is available at https://is.gd/N0V7Az The auction will be held online beginning June 7 at 8 a.m. and end June 14 at 12 p.m. The property is located at 340 East NC 67 Hwy Bypass, East Bend, NC 27018. About North Carolina Tobacco North Carolina Tobacco International, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 17-51077) on Oct. 10, 2017. William A. Barbee, a court-appointed receiver for the Debtor's assets, signed the petition. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $1 million. Judge Benjamin A. Kahn presides over the case. Richard Steele Wright, Esq., at Moon Wright & Houston, PLLC, serves as counsel to the Debtor. On Oct. 20, 2017, the Court appointed John A. Northen as Chapter 11 trustee for the Debtor. Northen Blue LLP serves as counsel to the Trustee. The Trustee hired GreerWalker LLP as financial consultant. An official committee of unsecured creditors has not been appointed in the case. ONEBADA BBQ INC: Trustee Taps Braun Inc. as Appraiser ----------------------------------------------------- Timothy Yoo, the Chapter 11 trustee for Onebada BBQ Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire an appraiser. The trustee proposes to employ Braun, Inc. to help determine the value of the business and personal property of the Debtor, which operates a Korean barbeque restaurant located at 6901 Walker Street, La Palma, California. The trustee has agreed to pay the firm a fixed fee in the amount of $3,000. Todd Wohl, a partner at Braun, is the primary person at the firm who will be providing the services. Mr. Wohl disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Braun can be reached through: Todd Wohl Braun, Inc. 1230 Rosecrans Avenue, Suite 160 Manhattan Beach, CA 90266 Phone: 866-568-6638 Email: todd@braunco.com Email: info@braunco.com About Onebada BBQ Onebada BBQ Inc. operates a Korean barbeque restaurant doing business as "Bulgogi House" located at 6901 Walker Street, La Palma, California. Onebada sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-11855) on Feb. 9, 2018. The Debtor hired the Law Office of Jaenam Coe PC as its bankruptcy counsel. Timothy J. Yoo was appointed Chapter 11 trustee for the Debtor. The Trustee hired Levene, Neale, Bender, Yoo & Brill LLP as his legal counsel. OWENS & MINOR: S&P Cuts Credit Rating to 'BB' on Halyard Deal ------------------------------------------------------------- S&P Global Ratings lowered its ratings on Owens & Minor Inc., including the corporate credit and issue-level ratings to 'BB' from 'BBB-'. At the same time, S&P removed the ratings from CreditWatch, where it placed them with negative implications on Nov. 1, 2017. The outlook is negative. Owens & Minor (NYSE: OMI) announced May 1 that it completed the acquisition of the surgical and infection prevention business of Halyard Health, Inc., on April 30, 2018, for approximately $710 million in cash, subject to certain adjustments as provided in the Amended and Restated Purchase Agreement. With the acquisition of the Halyard S&IP business, a recognized leader in its segment, Owens & Minor said it takes a significant step in transforming its business into a global healthcare solutions provider. This transaction expands Owens & Minor's reach into new markets around the world, develops its presence in the medical products segment, and opens new channels for growth. The acquisition will also add greater scale to Owens & Minor's existing own-brand product portfolio and help to expand the company's addressable markets. With the S&IP transaction, Owens & Minor expects to acquire approximately $1 billion in revenues. Owens & Minor expects that annual pre-tax synergies will reach approximately $13.5 million in the next 12 months and approximately $40 million over the next three years. Owens & Minor is financing the transaction with a combination of cash and debt. Owens & Minor expects the transaction to be accretive to non-GAAP diluted earnings per share in 2018, and increasingly accretive thereafter. As part of the transaction, the company's entire capital structure will be secured. S&P said, "Our rating on the existing senior secured debt is now 'BB'. We assigned our '3' recovery rating to the debt, indicating our expectations for meaningful (50%-70%; rounded estimate: 50%) recovery in a default scenario." "Additionally, we assigned a 'BB' rating to the company's proposed senior secured $196 million term loan A-2 and $500 million new term loan B, the same as the existing debt. We assigned a '3' recovery rating to this debt, indicating our expectations for meaningful (50%-70%; rounded estimate: 50%) recovery in a default scenario. "The two-notch downgrade to 'BB' reflects our view that although the acquisition of one of Halyard's businesses increases Owens & Minor's scale, EBITDA margins, growth profile, and business diversification -- providing an entrance into the medical product manufacturing space and expanding its product portfolio -- we view the target as more vulnerable to deterioration. It also reflects a substantial increase in debt leverage as a result of the transaction. "The negative outlook reflects heightened downside risk to our base-case scenario that adjusted debt leverage will decline to the high-3x range by the end of 2019 and will generally remain under 4x. This deterioration could stem from continued pricing pressure in the company's core distribution business as a result of intensified competition, operational problems, or challenges with the integration of recent acquisitions." BofA Merrill Lynch and Lazard acted as lead financial advisors to Owens & Minor. Citigroup also provided advice to Owens & Minor. Simpson Thacher & Bartlett, LLP acted as lead legal counsel to Owens & Minor; while Eversheds Sutherland provided legal counsel on international legal matters, and Hyman, Phelps & McNamara, P.C.provided legal counsel on regulatory matters. PARKPROVO LLC: Taps Holland & Hart as Legal Counsel --------------------------------------------------- Parkprovo, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire Holland & Hart LLP as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; negotiate with creditors; review claims to be pursued by its estate and those asserted by creditors; assist in the preparation and implementation of a bankruptcy plan; and provide other legal services related to its Chapter 11 case. The hourly rates for the firm's attorneys range from $260 to $510. Paraprofessionals charge between $135 and $250 per hour. Holland & Hart is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Mona L. Burton, Esq. Doyle S. Byers, Esq. Ellen E. Ostrow, Esq. Holland & Hart LLP 222 South Main Street, Suite 2200 Salt Lake City, UT 84101 Telephone: (801) 799-5800 Fax: (801) 799-5700 E-mail: mburton@hollandhart.com E-mail: dsbyers@hollandhart.com E-mail: eeostrow@hollandhart.com About Parkprovo LLC Parkprovo, LLC, is a privately-held company in Provo, Utah, that owns a water park. Parkprovo sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 18-22860) on April 23, 2018. In the petition signed by Robert Conte, managing member, the Debtor estimated assets of $10 million to $50 million and liabilities of $1 million to $10 million. Judge Kimball R. Mosier presides over the case. PINNACLE SERVICES: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Pinnacle Services, LLC as of April 30, according to a court docket. About Pinnacle Services Pinnacle Services, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 18-01852) on April 2, 2018. The Debtor hired Michael A. Nardella, Esq., at Nardella & Nardella, PLLC, as counsel. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $500,000 and liabilities of less than $1 million. PINNACLE VILLAGE: June 4 Auction Set for Non-Performing Loan ------------------------------------------------------------ Mission Capital Advisors, LLC, in conjunction with Ten-X, is pleased to present the opportunity to acquire a $19,896,089 non-performing commercial loan secured by a first-lien mortgage on a 126,909 square foot retail shopping center located in the Overland Park (Kansas City), KS. On behalf of the Seller, Mission is soliciting non-contingent final bids, via the Ten-X bid platform, from prospective bidders for the purchase of the property pursuant to the asset sale timeline. Asset Sale Timeline 5/1/2018 Sale Announcement 6/4/2018 Auction Start 6/6/2018 Auction End Sale Summary The loan sale offers prospective bidders an opportunity to acquire a non-performing note secured by a first-lien mortgage on a retail shopping center located in Overland Park (Kansas City), Kansas. * The Property is currently 73.87% occupied as of April 2018. The existing vacancy makes Pinnacle Village a "value-add" opportunity with 33,164-sf of vacant space spread across six separate buildings. The configuration of the vacancies would allow a buyer to carve out a specific building, once stabilized, and sell the stabilized buildings separately at a lower cap rate to maximize value and reposition the vacant building for a sale after stabilization. * The Property is shadow-anchored by a Super Target store which acts as a large traffic and demand driver. * The Property has long term stabilized anchor tenants in DSW, Inc. and Michaels. Both tenants have been at the Property since 2002. * The MSA and surrounding demographics are strong in the Overland Park, KS market. An overview of the surrounding area can be found in the sale announcement. More information on the sale is available at https://is.gd/57DDGj PLASTIC2OIL INC: Amends Terms of Veridisyn Master Agreement ----------------------------------------------------------- As previously reported, on Dec. 21, 2017, Plastic2Oil, Inc., executed a Master Agreement with Veridisyn Technologies, LLC, a company engaged in processing waste plastics, pursuant to which the Customer agreed to purchase all of its requirements for the catalyst and processors for its plastic-to-oil (P2O) operations from the Company and to license from the Company certain related P2O technology. On April 26, 2018, the Company and the Customer executed an Amendment to the Master Agreement, effective as of April 20, 2018 which amends the Master Agreement by extending the date by which the Customer must submit purchase orders for the first two processors from within 120 days of executing the Master Agreement to within 240 days of that execution. In addition, certain related time periods in the Master Agreement were extended accordingly. A full-text copy of the Amended Master Agreement is available for free at https://is.gd/K2hx0M About Plastic2Oil Plastic2Oil, Inc. is an innovative North American fuel company that transforms unsorted, unwashed waste plastic into ultra-clean, ultra-low sulphur fuel without the need for refinement. The Company's patent-pending Plastic2Oil (P2O) is a proprietary, commercially viable, and scalable process designed to provide immediate economic benefit for industry, communities, and government organizations faced with waste plastic recycling challenges. Platic2Oil incurred a net loss of $1.47 million in 2017 and a net loss of $5.70 million in 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, the Company's 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. PMG III: Taps Barrick Switzer as Legal Counsel ---------------------------------------------- PMG III, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Barrick, Switzer, Long, Balsley & Van Evera, LLP 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 associates and partners will charge $250 per hour and $350 per hour, respectively. Barrick received $2,500 from the Debtor as retainer. James Stevens, Esq., at Barrick, disclosed in a court filing that all members and employees of his firm are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: James E. Stevens, Esq. Barrick, Switzer, Long, Balsley & Van Evera, LLP 6833 Stalter Drive Rockford, IL 61108 Phone: 815-962-6611 Email: jstevens@bslbv.com About PMG III LLC PMG III, LLC is a company based in Loves Park, Illinois, that sells flooring materials. PMG III sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 18-80823) on April 13, 2018. In the petition signed by Florian Guski, manager, the Debtor estimated assets of less than $50,000 and liabilities of less than $500,000. Judge Thomas M. Lynch presides over the case. RENNOVA HEALTH: Postpones Special Meeting to May 9 -------------------------------------------------- Rennova Health, Inc., has postponed its special meeting of stockholders to May 9, 2018 at 11:00 a.m. Eastern time at the offices of Shutts & Bowen LLP, 525 Okeechobee Boulevard, Suite 1100, West Palm Beach, FL 33401. The record date of March 12, 2018 remains unchanged. This Special Meeting was originally scheduled for April 18, 2018, and was subsequently postponed to May 2, 2018. "Stockholder approval of the proposed increase in authorized common shares plus the ability to enact a reverse stock split is critical for the company going forward," stated Seamus Lagan, president and chief executive officer of Rennova adding "Should any of the company's convertible debt or preferred stock holders elect to exercise or convert their debt or preferred shares, the company currently does not have sufficient shares to meet those obligations. If the obligations cannot be met the holders of the convertible debt and preferred shares could benefit from ownership of the assets of the Company at the expense of stockholders." "Our Board of Directors has recommended that our shareholders support the approvals requested and believe that to do so is in the best interest of all shareholders," noted Mr. Lagan. If you have already voted and wish to change your vote or if you are ready to vote your shares now, please call the Company's proxy solicitor, Advantage Proxy toll free at 1-877-870-8565 for assistance. The Special Meeting is for the following purposes: 1. To approve an amendment to the Company's certificate of incorporation, as amended, to effect a reverse stock split of all of the outstanding shares of its common stock, par value $0.01 per share, at a specific ratio within a range of 1-for-50 to 1-for-300, and to grant authorization to its Board of Directors to determine, in its discretion, the specific ratio and timing of the reverse stock split any time before March 1, 2019, subject to the Board of Directors' discretion to abandon such amendment; 2. To approve an amendment to the Company's certificate of incorporation, as amended, to increase the number of authorized shares of its common stock from 500,000,000 to 3,000,000,000 shares; 3. To approve the Company's new 2018 Incentive Award Plan; 4. To authorize an adjournment of the Special Meeting, if necessary, if a quorum is present, to solicit additional proxies if there are not sufficient votes in favor of Proposals 1, 2 and 3; and 5. To transact such other business as may properly come before the Special Meeting or any adjournment or postponement thereof. 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 shareholders of $108.53 million for the year ended Dec. 31, 2017, compared to a net loss attributable to common shareholders of $32.61 million for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Rennova Health had $6.29 million in total assets, $41.06 million in total liabilities, $5.83 million in redeemable preferred stock, and a total stockholders' deficit of $40.61 million. The report from the Company's independent accounting firm Green & Company, CPAs, in Tampa, Florida, 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 significant net losses, cash flow deficiencies, negative working capital and accumulated deficit. Those conditions raise substantial doubt about the Company's ability to continue as a going concern. RH BBQ INC: Trustee Taps Braun Inc. as Appraiser ------------------------------------------------ Timothy Yoo, the Chapter 11 trustee for RH BBQ Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire an appraiser. The trustee proposes to employ Braun, Inc., to help determine the value of the business and personal property of the Debtor, which operates a Korean barbeque restaurant located at 18311 E. Colima Road, Rowland Heights, California. The trustee has agreed to pay the firm a fixed fee in the amount of $2,000. Todd Wohl, a partner at Braun, is the primary person at the firm who will be providing the services. Mr. Wohl disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. Braun can be reached through: Todd Wohl Braun, Inc. 1230 Rosecrans Avenue, Suite 160 Manhattan Beach, CA 90266 Phone: 866-568-6638 E-mail: todd@braunco.com E-mail: info@braunco.com About RH BBQ Inc. RH BBQ, Inc., doing business as Red Castle 3, is a privately-held company in Rowland Heights, California, that operates a Korean barbecue restaurant. RH BBQ, Inc., based in Rowland Heights, CA, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 18-11469) on Feb. 9, 2018. In the petition signed by Young Keun Park, president, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Sandra R. Klein presides over the case. Jaenam Coe, Esq., at the Law Office of Jaenam Coe PC, serves as bankruptcy counsel. Timothy J. Yoo was appointed Chapter 11 trustee for the Debtor. The Trustee hired Levene, Neale, Bender, Yoo & Brill LLP as his legal counsel. RICHARD D. VAN LUNEN: Florida Litigation to Determine MTTI Claim ---------------------------------------------------------------- Richard D. Van Lunen Charitable Foundation filed with the U.S. Bankruptcy Court for the District of Colorado an amended plan of reorganization dated April 6, 2018. Class 2 under the amended plan is the unsecured claim of creditor Monty Titling Trust I. Class 2 is impaired under the Plan. The Plan Trustee will pursue the Florida Litigation to determine the validity of the Class 2 creditor's claim. The litigation was commenced by Monty Titling relating to the guaranty executed by Debtor for loans made to third parties. If the claim of the Class 2 creditor is disallowed, the Class 2 creditor will receive no payment on account of its claim. The claim of the Class 2 creditor, to the extent it is determined to be an Allowed Unsecured Claim, will be paid a Pro Rata share of the Debtor's Net Cash. The Debtor will escrow an amount equal to the Class 2 creditor's Pro Rata share of the Debtor's Net Cash pending a determination by the Court in the Florida Litigation of the amount of the Class 2 creditor's claim. Class 4 consists of the holders of allowed general unsecured claims other than the claims of the Class 1 and Class 3 creditors. Class 4 creditors will be paid a Pro Rata Distribution of Net Cash on the Effective Date of the Plan. As previously reported by the Troubled Company Reporter, Class 2 under the initial plan consists of the holders of allowed general unsecured claims in the approximate total amount of $3,171,030. Class 2 unsecured creditors will be paid a Pro Rata share of the Debtor's Net Cash on the Effective Date of the Plan. The Debtor estimates its Net Cash will be approximately $2,688,501 on the Effective Date and each member of Class 2 will receive approximately 28% of their allowed unsecured claim. A full-text copy of the Amended Plan is available at: http://bankrupt.com/misc/cob17-14499-146.pdf About Richard D. Van Lunen Charitable Foundation Based in Palos Park, Illinois, Richard D. Van Lunen Charitable Foundation is a foundation that funds primarily for Christian churches and education. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 17-14499) on May 16, 2017. The petition was signed by James Achterhof, managing trustee and director. Jeffrey Weinman, Esq., at Weinman & Associates, P.C., is the Debtor's its lead counsel, and Patrick D. Vellone, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. as co-counsel. The Debtor employs UHY Advisors Mid-Atlantic MD, Inc. as accountant. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Richard D. Van Lunen Charitable Foundation as of June 27, 2017, according to a court docket. SANDOVAL FAMILY: Case Summary & 3 Unsecured Creditors ----------------------------------------------------- Debtor: The Sandoval Family Limited Partnership 303 Park Ridge Joseph Sandoval Boerne, TX 78006 Business Description: The Sandoval Family Limited Partnership is a lessor of real estate based in Boerne, Texas. It is a small business debtor as defined in 11 U.S.C. Section 101(51D). Chapter 11 Petition Date: April 30, 2018 Case No.: 18-51022 Court: United States Bankruptcy Court Western District of Texas (San Antonio) Judge: Hon. Craig A. Gargotta Debtor's Counsel: Ronald J. Smeberg, Esq. THE SMEBERG LAW FIRM, PLLC 2010 W Kings Hwy San Antonio, TX 78201-4926 Tel: (210) 695-6684 Fax: (210) 598-7357 Email: ron@smeberg.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Joseph Sandoval, trustee, The Sandoval Family Trust, general partner. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at: http://bankrupt.com/misc/txwb18-51022.pdf SCANDIA PACKAGING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Scandia Packaging Machinery Company 15 Industrial Road Fairfield, NJ 07004 Business Description: Scandia Packaging Machinery Company -- http://www.scandiapack.com-- is a developer and manufacturer of high-speed overwrapping systems that automatically pack products into distribution and retail packages. In 1993, Scandia merged Container Equipment Company, also know as CECO, into their operation, thereby adding 40 years of cartoning machinery design and manufacture to the company. Scandia is headquartered in Fairfield, New Jersey. Chapter 11 Petition Date: April 30, 2018 Case No.: 18-18639 Court: United States Bankruptcy Court District of New Jersey (Newark) Judge: Hon. Stacey L. Meisel Debtor's Counsel: Stephen B. Ravin, Esq. SAUL EWING ARNSTEIN & LEHR LLP 1037 Raymond Boulevard, Suite 1520 Newark, NJ 07102 Tel: 973-286-6714 Fax: 973-286-6800 Email: sravin@saul.com stephen.ravin@saul.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Wilhelm B. Bronander III, president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/njb18-18639.pdf SEMLER SCIENTIFIC: Posts First Quarter Net Profit of $706,000 ------------------------------------------------------------- Semler Scientific, Inc., reported financial results for the three months ended March 31, 2018. For the three months ended March 31, 2018, the Company reported net income of $706,000 on $4.46 million of revenues compared to a net loss of $871,000 on $2.05 million of revenues for the three months ended March 31, 2017. At March 31, 2018, Semler Scientific had $4.25 million in total assets, $5.78 million in total current and non-current liabilities and a $1.52 million stockholders' deficit. "Once again, we generated a quarterly profit from our recurring revenue business model," said Doug Murphy-Chutorian, M.D., chief executive officer of Semler. "This is the second consecutive profitable quarter in the company's history." During the first quarter of 2018, total liabilities were reduced by $1,040,000 as compared to the year ended Dec. 31, 2017 including repayment of notes and associated interest amounting to approximately $880,000. The major accomplishments of the first quarter of 2018 were to: 1. Grow revenue by 117% compared to the corresponding quarter of 2017. 2. Reduce total liabilities by more than $1,000,000 as compared to the year ended Dec. 31, 2017. 3. Increase profitability. For the remainder of 2018, the Company expects to see continued profitability and cash generated from operating activities. The Company believes expenses will continue to increase as the business expands. It is the Company's intent to grow revenues at a faster rate than expenses and to remain profitable. "Identifying patients with peripheral artery disease who might benefit from early preventive care should reduce the risk of heart attack, stroke and amputation," said Dr. Murphy-Chutorian. "For this reason, we believe our products may help reduce avoidable healthcare costs and improve health outcomes of patients." A full-text copy of the press release is available at: https://is.gd/2g4LCc About Semler Scientific Semler Scientific, Inc. -- http://www.semlercientific.com/-- provides diagnostic and testing services to healthcare insurers and physician groups. The Portland, Oregon-based Company develops, manufactures and markets proprietary products and services that assist healthcare providers in evaluating and treating chronic diseases. Semler Scientific incurred a net loss of $1.51 million in 2017 and a net loss of $2.55 million in 2016. At Dec. 31, 2017, Semler Scientific had $4.23 million in total assets, $6.82 million in total liabilities and a total stockholders' deficit of $2.58 million. The Company's independent registered public accountants' report for the year ended Dec. 31, 2017 includes an explanatory paragraph that expresses substantial doubt about its ability to continue as a "going concern." BDO USA, LLP, in New York, NY, stated that the Company has negative working capital, a stockholders' deficit, and recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. SIGEL'S BEVERAGES: Hearing on Disclosure Statement Set for May 4 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas approved the disclosure statement, which explains the proposed Chapter 11 plan of liquidation for Sigel's Beverages, L.P. Under the latest plan, creditors holding Class 4 general unsecured claims will be paid 10% of their claims. Each unsecured creditor will receive its pro rata share of the amount in the unsecured distribution reserve. The total amount of general unsecured claims is estimated at $3.7 million, according to the first amended disclosure statement. A copy of the disclosure statement is available for free at: http://bankrupt.com/misc/txnb16-34118-394.pdf About Sigel's Beverage Sigel's Beverage, L.P., is a 111-year-old distributor and wholesaler of fine wines and spirits. It is one of the largest local distributors of alcohol in the Dallas Fort Worth Metroplex. In addition to its wholesale division, it also operates 10 retail store locations in the Metroplex. Sigel's Beverage, L.P., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 16-34118) on Oct. 20, 2016. Anthony J. Bandiera, chief executive officer of Milan General Investments, Inc., general partner of the Debtor, signed the petition. Judge Barbara J. Houser presides over the Debtor's case. The Debtor estimated $10 million to $50 million in assets and liabilities as of the bankruptcy filing. Pronske, Goolsby & Kathman, P.C., serves as counsel to the Debtor, with the engagement, led Gerrit M. Pronske, Esq., and Jason P. Kathman, Esq. Bridgepoint Consulting, LLC, is the Debtor's financial and restructuring advisor. Candy & Schonwald, PLLC, serves as tax service provider. On Dec. 31, 2016, the Debtor filed a disclosure statement, which explains its proposed Chapter 11 plan of reorganization. SIMMONS FOODS: S&P Keeps 'B' Rating & Revises Outlook to Negative ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B' corporate credit rating on Siloam Springs, Ark.-based Simmons Foods Inc. and revised the outlook to negative from stable. S&P said, "We also affirmed our 'B' issue-level ratings on the company's senior secured second-lien notes due 2024. The '4' recovery rating is unchanged, indicating our expectation for average recovery (30%-50%, rounded estimate: 35%) in the event of a payment default. "We estimate current reported debt pro forma for the Pet Poultry Products acquisition to be approximately $700 million." The outlook revision reflects the company's rising debt leverage and weakened liquidity position because of its acquisition of Pet Poultry Products, in addition to its aggressive capital spending plan that will lead to negative free operating cash flow over the next two years at least. Prior to the Pet Poultry Products acquisition, the company was already planning to spend over $300 million in growth capital in the next two years on several capital investments across its business lines. S&P said, "We believe the acquisition has significantly increased the execution risk associated with the capital plan as the company used a substantial portion of the ABL to fund the purchase price, leaving limited availability to fund its capital plan. While we believe the company will eventually obtain permanent financing to pay down its ABL borrowings, the company has not yet done so, leading us to a less favorable view of the company's liquidity and risk management." The negative outlook reflects the company's rising debt leverage, with debt to EBITDA above 5x, and its weakened liquidity position because of its acquisition of Pet Poultry Products while simultaneously embarking on an aggressive capital spending plan. S&P believes that until the company can obtain an additional source of permanent financing to enhance its liquidity position and begin approaching positive free cash flow generation, possibly by the second half of 2019, that execution risk will remain significantly elevated. S&P said, "We could lower the ratings if debt to EBITDA approaches 6.5x. We believe this could occur if the company's profitability declines from an unexpected increase in costs or revenue declines from a significant operating setback, such as a large product recall or manufacturing disruption related to the company's' expansion projects. Leverage could also could approach 6.5x if the poultry segment faces another severe weak operating cycle (similar to 2012), during which feed costs significantly increased or chicken prices decline from overproduction, leading to a more than a 200 basis point (bp) drop in our base-case assumption for gross margins in the poultry business. "We could revise the outlook to stable if the company improves its liquidity by obtaining permanent financing for its outstanding borrowings under its ABL related to the Pet Poultry Products acquisition and improves debt to EBITDA closer to 5x. Although free cash flows will likely remain negative well beyond our one-year outlook horizon (precluding material debt reduction), we believe leverage can improve closer to 5x if the company can generates mid- to high-single-digit EBITDA growth rates from its recent growth investments over the next year." SPANISH BROADCASTING: Has Until May 17 to Cure Listing Deficiency ----------------------------------------------------------------- Spanish Broadcasting System, Inc., received on April 3, 2018, a written notice from OTC Markets Group Inc. advising it that the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2017 and the OTCQB Certification for the year ended Dec. 31, 2017 were due on April 2, 2018 but had not yet been provided to the OTC. On April 27, 2018, the Company received a second OTC Notice reiterating the same. Under Section 2.2 of the OTCQB Standards, the Company has received a 45 day cure period, or until May 17, 2018, to file the Annual Report on EDGAR and post the OTCQB Certification through the OTC website. If the Company does not take those steps by the Cure Date the Company's Class A Common Stock that is currently listed on the OTCQB Venture Market will be downgraded to the OTC Pink market. The Company currently intends to file its Annual Report and post the OTCQB Certification as soon as reasonably practicable and, in any case, prior to the Cure Date, to maintain its listing on the OTCQB Venture Market. About Spanish Broadcasting Based in Miami, Florida, Spanish Broadcasting System, Inc. (OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- is a Spanish-language media and entertainment company with radio and/or television stations in the top U.S. Hispanic markets, including Puerto Rico. The Company's owned and operated radio stations serve markets representing approximately 35% of the U.S. Hispanic population, and its television operations serve markets representing over 3.5 million Hispanic households. The Company produces and distributes Spanish-language content, including radio programs, television shows, music and live entertainment through its radio stations and its television group, MegaTV, which produces over 70 hours of original programming per week. MegaTV broadcasts via its owned and operated stations in South Florida, Houston, and Puerto Rico and through programming and/or distribution agreements with other stations, as well as various cable and satellite providers. Crowe Horwath LLP, in Fort Lauderdale, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the 12.5% Senior Secured Notes had a maturity date of April 15, 2017. Cash from operations or the sale of assets was not sufficient to repay the notes and other short term obligations when they became due, which resulted in significant liquidity requirements on the Company that raise substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2017, Spanish Broadcasting had $434.5 million in total assets, $563.7 million in total liabilities and a total stockholders' deficit of $129.2 million. Spanish Broadcasting reported a net loss of $16.34 million for the year ended Dec. 31, 2016, compared with a net loss of $26.95 million in 2015. * * * In May 2017, S&P Global Ratings withdrew its 'D' corporate credit rating and issue-level ratings on Spanish Broadcasting System. "We withdrew the ratings because we were unlikely to raise them from 'D', based on SBS' ongoing plans to restructure its debt," said S&P Global Ratings' credit analyst Scott Zari. S&P had downgraded SBS to 'D' on April 21, 2017, following the company's announcement that it didn't repay its $275 million 12.5% senior secured notes that were due April 15, 2017, as reported by the TCR on May 25, 2017. In April 2017, Moody's Investors Service downgraded SBS's corporate family rating to 'Ca' from 'Caa2'. SBS's 'Ca' corporate family rating reflects an elevated expected loss rate following the recently announced default under the company's 12.5% senior secured notes due April 2017. SPANISH BROADCASTING: Nullifies Stock Purchases of 4 Investors -------------------------------------------------------------- After the close of business on April 27, 2018, Spanish Broadcasting System, Inc. issued Notices of Ineffective Purported Purchase of Series B Preferred Stock to each of West Face Long Term Opportunities Global Master L.P., Stornaway Recovery Fund LP, Stonehill Master Fund Ltd. and Ravensource Fund, at their respective addresses in Canada, notifying these investors that their claimed ownership of the Company's outstanding 10 3/4% Series B Cumulative Exchangeable Redeemable Preferred Stock will, after the date of these notices, be treated as void and non-existent since these investors attempted to acquire these shares in transactions that, if given effect, would violate the Company's Third Amended and Restated Certificate of Incorporation, or that were otherwise ineffective, pursuant to the terms of Article X of the Charter, unless and until these investors can demonstrate facts to the contrary supported by relevant documentation. The Notices stated that requests for information have previously been sent to these investors and their counsel and the Company has not received information from them that is fully responsive to these requests. The Notices stated that, instead, it has come to the Company's attention that there is evidence that their attempted purchase of shares of the Series B Preferred Stock were ineffective and, therefore, void as mentioned above. The Notices also stated that the Charter has been publicly available, and notice of this issue has been publicly disclosed many times. The Notices concluded by stating that, absent hearing from these investors, or their counsel, demonstrating to the Company facts to support a contrary position, these investors will not be recognized as valid holders of the Series B Preferred Stock and it urged these investors to refrain from representing otherwise or attempting to trade these shares. The Company plans to distribute these Notices to Broadridge Financial Solutions, Inc., its transfer agent, for distribution to brokers to send it to their customers who are beneficial owners of the Series B Preferred Stock and to The Depository Trust Company for distribution to its participants to send it to beneficial owners of the Series B Preferred Stock. About Spanish Broadcasting Based in Miami, Florida, Spanish Broadcasting System, Inc. (OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- is a Spanish-language media and entertainment company with radio and/or television stations in the top U.S. Hispanic markets, including Puerto Rico. The Company's owned and operated radio stations serve markets representing approximately 35% of the U.S. Hispanic population, and its television operations serve markets representing over 3.5 million Hispanic households. The Company produces and distributes Spanish-language content, including radio programs, television shows, music and live entertainment through its radio stations and its television group, MegaTV, which produces over 70 hours of original programming per week. MegaTV broadcasts via its owned and operated stations in South Florida, Houston, and Puerto Rico and through programming and/or distribution agreements with other stations, as well as various cable and satellite providers. Crowe Horwath LLP, in Fort Lauderdale, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the 12.5% Senior Secured Notes had a maturity date of April 15, 2017. Cash from operations or the sale of assets was not sufficient to repay the notes and other short term obligations when they became due, which resulted in significant liquidity requirements on the Company that raise substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2017, Spanish Broadcasting had $434.5 million in total assets, $563.7 million in total liabilities and a total stockholders' deficit of $129.2 million. Spanish Broadcasting reported a net loss of $16.34 million for the year ended Dec. 31, 2016, compared with a net loss of $26.95 million in 2015. * * * In May 2017, S&P Global Ratings withdrew its 'D' corporate credit rating and issue-level ratings on Spanish Broadcasting System. "We withdrew the ratings because we were unlikely to raise them from 'D', based on SBS' ongoing plans to restructure its debt," said S&P Global Ratings' credit analyst Scott Zari. S&P had downgraded SBS to 'D' on April 21, 2017, following the company's announcement that it didn't repay its $275 million 12.5% senior secured notes that were due April 15, 2017, as reported by the TCR on May 25, 2017. In April 2017, Moody's Investors Service downgraded SBS's corporate family rating to 'Ca' from 'Caa2'. SBS's 'Ca' corporate family rating reflects an elevated expected loss rate following the recently announced default under the company's 12.5% senior secured notes due April 2017. SPANISH BROADCASTING: Signs COO Rodriguez to a 5-Year Contract -------------------------------------------------------------- Spanish Broadcasting System, Inc., entered into an employment agreement with Albert Rodriguez, its chief operating officer, on April 10, 2018. Under the Employment Agreement, Mr. Rodriguez will continue to serve as chief operating officer. The Employment Agreement is deemed to be effective as of Feb. 21, 2018 and continues through February 20, 2023. Under the Employment Agreement, Mr. Rodriguez is entitled to receive an annual base salary of $425,000. Mr. Rodriguez can also earn an annual performance bonus of up to $350,000 based on the Company's achieving a certain level of EBITDA (as defined in the Employment Agreement). The Employment Agreement also provides for a signing bonus equal to $25,000 payable upon execution of the Employment Agreement, which occurred approximately on April 10, 2018. Mr. Rodriguez is entitled to participate in all employee benefit plans and policies of the Company, including if eligible, health care coverage, vacation, sick leave and other benefits extended to executives of the Company. Mr. Rodriguez is entitled to an automobile allowance of $1,300 per month. Mr. Rodriguez is entitled to a Company issued cellphone to be utilized for business purposes or reimbursement from the Company for monthly usage charges of the cellphone utilized for business purposes. Mr. Rodriguez's employment under the Employment Agreement will terminate: (a) for Cause (as defined in the Employment Agreement), (b) by reason of Mr. Rodriguez's death, (c) for failure to render service and (d) without Cause. If Mr. Rodriguez's employment is terminated by the Company without Cause or terminates following a Change of Control (as defined in the Employment Agreement), the Company will pay a severance allowance equal to one year of his base salary and all other benefits accrued through the date of termination. If Mr. Rodriguez's employment is terminated by the Company other than without Cause, the Company will pay his accrued base salary and all other benefits accrued through the date of termination. Under the terms of the Employment Agreement, Mr. Rodriguez has agreed not to disclose any confidential information concerning the Company's business. In addition, Mr. Rodriguez has agreed not to solicit or to interfere with the Company's relationship with any of the Company's employees or independent contractors or to interfere with the Company's relationship with any person or entity with which the Company had any contractual or business relationship until one year following termination of his employment. About Spanish Broadcasting Based in Miami, Florida, Spanish Broadcasting System, Inc. (OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- is a Spanish-language media and entertainment company with radio and/or television stations in the top U.S. Hispanic markets, including Puerto Rico. The Company's owned and operated radio stations serve markets representing approximately 35% of the U.S. Hispanic population, and its television operations serve markets representing over 3.5 million Hispanic households. The Company produces and distributes Spanish-language content, including radio programs, television shows, music and live entertainment through its radio stations and its television group, MegaTV, which produces over 70 hours of original programming per week. MegaTV broadcasts via its owned and operated stations in South Florida, Houston, and Puerto Rico and through programming and/or distribution agreements with other stations, as well as various cable and satellite providers. Crowe Horwath LLP, in Fort Lauderdale, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the 12.5% Senior Secured Notes had a maturity date of April 15, 2017. Cash from operations or the sale of assets was not sufficient to repay the notes and other short term obligations when they became due, which resulted in significant liquidity requirements on the Company that raise substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2017, Spanish Broadcasting had $434.5 million in total assets, $563.7 million in total liabilities and a total stockholders' deficit of $129.2 million. Spanish Broadcasting reported a net loss of $16.34 million for the year ended Dec. 31, 2016, compared with a net loss of $26.95 million in 2015. * * * In May 2017, S&P Global Ratings withdrew its 'D' corporate credit rating and issue-level ratings on Spanish Broadcasting System. "We withdrew the ratings because we were unlikely to raise them from 'D', based on SBS' ongoing plans to restructure its debt," said S&P Global Ratings' credit analyst Scott Zari. S&P had downgraded SBS to 'D' on April 21, 2017, following the company's announcement that it didn't repay its $275 million 12.5% senior secured notes that were due April 15, 2017, as reported by the TCR on May 25, 2017. In April 2017, Moody's Investors Service downgraded SBS's corporate family rating to 'Ca' from 'Caa2'. SBS's 'Ca' corporate family rating reflects an elevated expected loss rate following the recently announced default under the company's 12.5% senior secured notes due April 2017. STEFANOVOUNO LLC: Restaurant Equipment Up for Auction on May 8 -------------------------------------------------------------- Charbel Realty, L.L.C., as secured party to the debtor, Stefanovouno, LLC, will sell these properties at public auction: Bar Stools (66); Chairs (12); Tables (4); High top tables (14); Bev-Air Bottle Cooler (1); Bev-Air Mug Chiller (1); Cocktail Unit (1); Bar Sink (1); Turbo Air Beer Tap (1); Imperial Fryer (1); Bev-Air Chef's Base (1); Rankin Delux Char Broiler (1); Star Grill (1); Star Hot Plate (1); Lincoln Ovens (set) (1); S/S Tables (1 lot); Bev-Air Reach-In (1); Bev-Air Sandwich Unit (1); Pizza Prep Unit (1); Manitowoc Ice Machine (1); Hobart Mixer (1); Somerset Dough Roller (1); 12" Slicer - Auto (1); Televisions (8); and Point of Sale (POS) System (1). The auction will be conducted by Gary Michael, an auctioneer based in New Hampshire, at 10:00 a.m. on Tuesday, May 8, 2018. The auction will be held at 2323 Brown Avenue, Manchester, New Hampshire 03109. The properties serve as collateral of Charbel Realty. The collateral will be sold separately and in total to the highest bidder(s) as follows: -- First, bids will be taken for the purchase of the secured collateral in its entirety (all items); -- Second, bids will be taken for each item (or groups of related or similar items) of the collateral. The higher of the bids for (1) the entirety of the collateral; or (2) the total bids for each item (or groups of related or similar items) of the collateral will determine the successful bidder(s). Payment must be in cash, certified funds, or other method acceptable to counsel for Charbel Realty, L.L.C. due at time of sale. About Stefanovouno Stefanovouno, LLC, operates a pizza restaurant known as Tommy K's in the building at 2323 Brown Avenue, Manchester, New Hampshire. The restaurant is open seven days a week. It also owns the Manchester real property. Stefanovouno is owned, managed, and operated by Thomas Katsiantonis. Mr. Katsiantonis has owned, managed, and operated Stefanovouno since November 2014. Stefanovouno filed for Chapter 11 bankruptcy protection (Bankr. D.N.H. Case No. 17-11142) on Aug. 16, 2017, estimating its assets at between $100,000 and $500,000 and liabilities at between $1 million and $10 million. The petition was signed by Mr. Katsiantonis. Eleanor Wm Dahar, Esq., at Victor W. Dahar Professional Association, serves as the Debtor's bankruptcy counsel. Brandee Wilson is the Debtor's bookkeeper. Charbel Realty is represented by: Roy Tilsley, Esq. Gregory Michael, Esq. Brett Allard, Esq. BERNSTEIN, SHUR, SAWYER & NELSON, P.A. 670 N. Commercial Street, Suite 108 PO Box 1120 Manchester, NH 03105-1120 Tel: (603) 623-8700 T.C. RENFROW: Hearing on Disclosure Statement Set for May 4 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas is set to hold a hearing on May 4 to consider approval of the disclosure statement, which explains the proposed Chapter 11 plan of reorganization for T.C. Renfrow Land L.P. The hearing will be held at 9:30 a.m., at Courtroom 404. Under the proposed plan, almost all creditors of T.C. Renfrow will be paid 100% of the amount they are owed on the effective date. The remaining creditor will receive full payment under the plan. T.C. Renfrow owns Miller Road, which Valbridge Property Advisors appraised at $5.275 million. Additionally, it has about $5,000 cash on hand and expects to receive between $140,000 and $160,000 from its pending sale of real property in West Texas. Therefore, if liquidated, T.C. Renfrow believes that its creditors would receive 100%, according to the disclosure statement. A copy of the disclosure statement is available for free at: http://bankrupt.com/misc/txsb17-33540-68.pdf About T.C. Renfrow L.P. T.C. Renfrow Land L.P. holds the deed of trust on a land with house located at 7633 Miller Road, #2, Houston, Texas, valued at $7.5 million. It separately holds the deed of trust on a land with house located at 4035 SCR Road Rocksprings, Texas, with a current value of $595,000. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 17-33540) on June 5, 2017. Timothy C. Renfrow, manager of ACR GP, LLC, signed the petition. At the time of the filing, the Debtor disclosed $8.13 million in assets and $3.9 million in liabilities. The case is assigned to Judge Marvin Isgur. The Debtor hired The Gerger Law Firm PLLC as its legal counsel; Valbridge Property Advisors as its valuation expert; and Richard A. Roome, P.C. as its accountant. THEBESTEOFFER LLC: Taps Paul Chiaravalloti as Bankruptcy Attorney ----------------------------------------------------------------- THEBESTEOFFER, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire an attorney in connection with its Chapter 11 case. The Debtor proposes to employ Paul Chiaravalloti, Esq., to prepare a plan of reorganization; review its financial affairs to determine potential claims; and provide other legal services in connection with its reorganization. The attorney will charge an hourly fee of $300. He received a retainer in the sum of $15,000 prior to the petition date. Mr. Chiaravalloti does not hold or represent any interests adverse to the Debtor's estate, according to court filings. Mr. Chiaravalloti maintains an office at: Paul A. Chiaravalloti, Esq. 300 International Drive, Suite 100 Williamsville, NY 14221 Phone: (716) 626-3608 Email: pachiaravalloti@yahoo.com About THEBESTEOFFER LLC THEBESTEOFFER, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 18-10734) on April 17, 2018. In the petition signed by Viktar Karatkevich, member, the Debtor estimated assets of less than $100,000 and liabilities of less than $1 million. Judge Carl L. Bucki presides over the case. TOWNEPLACE SUITES ODESSA: Loan Servicer Mulls Sale of Property -------------------------------------------------------------- S&P Global Ratings lowered its ratings on six classes of commercial mortgage pass-through certificates from COMM 2012-CCRE4 Mortgage Trust, a U.S. commercial mortgage-backed securities (CMBS) transaction. At the same time, S&P affirmed its ratings on five other classes from the same transaction. S&P said, "For the downgrades and affirmations, our expectation of credit enhancement was in line with the lowered or affirmed rating levels. "The downgrades on classes B, C, D, E, and F primarily reflect credit support erosion that we anticipate will occur upon the eventual resolution of the two assets ($77.0 million, 8.0%) with the special servicer, as well as reduced liquidity support available to these classes due to ongoing interest shortfalls. "We affirmed our rating on the class X-A and lowered our rating on the class X-B interest-only (IO) certificates based on our criteria for rating IO securities." TRANSACTION SUMMARY As of the April 17, 2018, trustee remittance report, the collateral pool balance was $963.7 million, which is 86.7% of the pool balance at issuance. The pool currently includes 38 loans and one real estate-owned (REO) asset, down from 48 loans at issuance. Two of these assets ($77.0 million, 8.0%) are with the special servicer, three ($35.1 million, 3.6%) are defeased, and six ($117.7 million, 12.2%) are on the master servicer's watchlist. S&P calculated a 1.80x S&P Global Ratings weighted average debt service coverage (DSC) and 74.7% S&P Global Ratings weighted average loan-to-value (LTV) ratio using a 7.78% S&P Global Ratings weighted average capitalization rate. The DSC, LTV, and capitalization rate calculations exclude the two specially serviced assets and three defeased loans. The top 10 nondefeased loans have an aggregate outstanding pool trust balance of $598.3 million (62.1%). Adjusting the servicer-reported numbers, S&P calculated an S&P Global Ratings' weighted average DSC and LTV of 1.70x and 78.5%, respectively, for nine of the top 10 nondefeased loans. The remaining loan is specially serviced. To date, the transaction has experienced minimal losses totaling $0.1 million in principal losses. S&P expects losses to reach approximately 4.5% of the original pool trust balance in the near term, based on losses incurred to date and additional losses it expects upon the eventual resolution of the two specially serviced assets. CREDIT CONSIDERATIONS As of the April 17, 2018, trustee remittance report, two assets in the pool were with the special servicer, Rialto Capital Advisors LLC. Details of the two specially serviced assets, one of which is a top 10 nondefeased loan, are as follows: -- The Fashion Outlets of Las Vegas loan ($66.3 million, 6.9%) is the third-largest nondefeased loan in the pool and has a total reported exposure of $68.8 million. The loan is secured by an anchored retail outlet center totaling 375,722 sq. ft. in Primm, Nev. The loan was transferred to the special servicer on Aug. 18, 2017, due to imminent default. The special servicer stated that the collateral will be foreclosed upon in the next 6-12 months and that a property receiver and management team are attempting to stabilize the property. The reported DSC and occupancy as of year-end 2017 were 0.84x and 75.0%, respectively. A $16.5 million appraisal reduction amount is in effect against this loan. Based on currently-available information, S&P expects a significant loss upon this loan's eventual resolution. -- The TownePlace Suites Odessa REO asset ($10.7 million, 1.1%) has a total reported exposure of $12.6 million. The asset is a 108-key limited service hotel in Odessa, Texas. The loan was transferred to the special servicer on April 7, 2016, because of payment default, and the asset became REO on Dec. 6, 2016. The special servicer indicated that they will continue to stabilize operations and list the property for sale at the end of 2019. As of year-end 2016, reported occupancy was 35.0%, and the property's effective gross income was not sufficient to cover operating expenses. A $4.4 million appraisal reduction amount is in effect against this asset. S&P expects a moderate loss upon this asset's eventual resolution. S&P estimated losses for the two specially serviced assets, arriving at a weighted-average loss severity of 65.5%. With respect to the specially serviced assets noted above, a minimal loss is less than 25%, a moderate loss is 26%-59%, and a significant loss is 60% or greater. RATINGS LIST COMM 2012-CCRE4 Mortgage Trust Commercial mortgage pass-through certificates series 2012-CCRE4 Rating Class Identifier To From A-2 12624QAP8 AAA (sf) AAA (sf) A-SB 12624QAQ6 AAA (sf) AAA (sf) A-3 12624QAR4 AAA (sf) AAA (sf) X-A 12624QAS2 AAA (sf) AAA (sf) A-M 12624QAT0 AAA (sf) AAA (sf) X-B 12624QAA1 BBB (sf) A (sf) B 12624QBA0 A (sf) AA (sf) C 12624QAC7 BBB (sf) A (sf) D 12624QAE3 B+ (sf) BBB (sf) E 12624QAG8 CCC- (sf) BB+ (sf) F 12624QAJ2 CCC- (sf) BB- (sf) TOYS R US: Alliance Expects to Incur Losses on Unpaid Invoices -------------------------------------------------------------- Alliance Media Holdings Inc., a distributor, developer and publisher of interactive video games and gaming products, on May 1 disclosed that it expects to incur losses in the range of approximately $1.1 million to $1.5 million on unpaid invoices for product shipped to Toys R Us. About Alliance Alliance Media Holdings Inc. (otc-pink:ADTR) -- http://www.alliancemediaholdings.com--is a vertically integrated video game company. Its Alliance Distributors operating division is a full-service wholesale distributor of video games, hardware and accessories, with a special concentration in value video games. Alliance is a licensed publisher for Sony Computer Entertainment of America, Microsoft and Nintendo, and as Alliance Digital Media(R) publishes both originally created and third party licensed games in console, mobile, and PC/Mac formats. Alliance develops both original and third-party video games as Zachtronics. About Toys R Us, Inc. Toys "R" Us, Inc., is an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise is sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise is also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is a privately owned entity but still files with the Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, are not part of the Chapter 11 filing and CCAA proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. Consensus Advisory Services LLC and Consensus Securities LLC, as sale process investment banker. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. The Committee retained Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott Rivers, P.C. as local counsel; FTI Consulting, Inc. as financial advisor; and Moelis & Company LLC as investment banker. Toys "R" Us UK Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and 3,000 employees, was sent into administration in the United Kingdom in February 2018. Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88 Wood Street, London, EC2V 7QF were appointed Joint Administrators on Feb. 28, 2018. The Administrators now manage the affairs, business and property of the Company. The Administrators act as agents only and without personal liability. The Administrators said they will make every effort to secure a buyer for all or part of the business. Liquidation of U.S. Stores Toys "R" Us, Inc., on March 15, 2018, filed with the U.S. Bankruptcy Court a motion seeking Bankruptcy Court approval to start the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of the Company's U.S. stores, including stores in Puerto Rico. TRANSDIGM INC: S&P Assigns 'B+' Rating on $5.8-Bil. Term Loans -------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level and '3' recovery ratings to TransDigm Inc.'s proposed $2.196 billion first-lien term loan E due in 2025 and $3.637 billion first-lien term loan F due in 2023. S&P said, "The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in a default scenario. We also assigned our 'B-' issue-level and '6' recovery ratings to TransDigm's proposed $500 million senior subordinated notes due 2026 that will be issued by TransDigm UK Holdings PLC, a newly formed subsidiary in the U.K. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in a default scenario. All of our issue level ratings are affirmed. Our corporate credit rating is unchanged." TransDigm expects to use the proceeds from the new debt to refinance its $1.496 billion outstanding term loan E due in 2022 and its $3.637 billion outstanding term loan F due in 2023, and to add cash to the balance sheet after $525 million was used for the acquisition of Extant Components Group Holdings Inc. The company is issuing some debt out of a non-U.S. subsidiary because the deductibility of the interest on its U.S.-based debt would likely be limited under the tax reform law passed in late 2017. While this transaction will increase TransDigm's leverage somewhat, S&P does not believe that it will significantly alter the company's credit metrics. At the same time, TransDigm is extending the maturity of its revolving credit facility to 2022. S&P said, "Our ratings on TransDigm reflect its leading position in the niche markets for engineered aircraft components, good customer and platform diversity, above-average profitability, weak credit metrics, and high leverage. We expect that the company's credit metrics will be mostly unchanged over the next two years as it uses cash flow to fund acquisitions and large periodic dividends." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors S&P said, "We completed our recovery analysis on TransDigm's proposed transaction and assigned a '3' recovery rating (50%-70%; rounded estimate: 60%) to the company's new $2.196 billion term loan E due in 2025 and $3.637 billion term loan F due in 2023. "We assigned a '6' recovery rating (0%-10%; rounded estimate: 0%) to the $500 million senior subordinated notes to be issued by TransDigm UK Holdings." This recovery rating reflects the fact that TransDigm UK Holdings will guarantee all debt at TransDigm Inc., and therefore these notes rank pari passu with the senior subordinated debt issued by U.S. parent TransDigm Inc. Pro forma for the transaction, the company's capital structure will comprise a $600 million cash flow revolver, a $300 million accounts receivable (A/R) securitization facility, approximately $7.6 billion of first-lien term loans, and $5.1 billion of senior subordinated notes. Other default assumptions include LIBOR rising to 250 basis points (bps) and the revolver is 85% drawn at default. Simulated default assumptions -- Year of default: 2022 -- EBITDA at emergence: $928 million -- EBITDA multiple: 6x Simplified waterfall -- Net recovery value for waterfall after administrative expenses (5%): $5.29 billion -- Obligor/nonobligor valuation split: 100%/0% -- Value available for first-lien claim: $4.98 billion -- Estimated priority claims (asset-based lending [ABL] or other): $305 million -- Estimated first-lien claim: $8.07 billion --Recovery range: 50%-70% (rounded estimate: 60%) -- Value available for unsecured claims: $0 -- Estimated unsecured claims: $5.26 billion --Recovery range: 0%-10% (rounded estimate: 0%) RATINGS LIST TransDigm Inc. Corporate Credit Rating B+/Stable/-- Ratings Affirmed TransDigm Inc. Senior Secured B+ Recovery Rating 3(60%) Senior Subordinated B- Recovery Rating 6(0%) New Ratings TransDigm Inc. Senior Secured $2.196 bil 1st-lien term loan E due 2025 B+ Recovery Rating 3(60%) $3.637 bil 1st-lien term loan F due 2023 B+ Recovery Rating 3(60%) TransDigm UK Holdings PLC Senior Subordinated $500 mil notes due 2026 B- Recovery Rating 6(0%) UNITED CHARTER: East West Bank's Bid for Relief from Stay Tossed ---------------------------------------------------------------- The Hon. Ronald H. Sargis of the U.S. Bankruptcy Court for the Eastern District of California dismissed the Motion for Relief from Automatic Stay filed by creditor East West Bank in the bankruptcy case of United Charter LLC. Creditor East West Bank has filed these Motions: (a) Motion for Relief from Automatic Stay filed by Creditor East West Bank (b) Motion/Application for Turnover of Cash Collateral filed by Creditor East West Bank (c) Motion/Application to Appoint Trustee filed by Creditor East West Bank (d) Motion/Application to Convert Case from Chapter 11 to Chapter 7 filed by Creditor East West Bank (d) Motion/Application to Dismiss Case filed by Creditor East West Bank About United Charter United Charter LLC, owner of certain properties in Stockton, California, filed a Chapter 11 petition (Bankr. E.D. Cal. Case No. 17-22347) on April 7, 2017. In the petition signed by Raymond Zhang, its managing member, the Debtor estimated assets and liabilities ranging from $1 million to $10 million. The case is assigned to Judge Ronald H. Sargis. The Debtor is represented by Jeffrey J. Goodrich, Esq., at Goodrich & Associates. URBANISTICA LLC: Woodhaven Property Up for June 1 Auction --------------------------------------------------------- Bradley M. McGlynn, Esq., as Referee, will sell at public auction at the Queens County Supreme Courthouse, 88-11 Sutphin Blvd., in Courtroom # 25, Jamaica, N.Y. on June 1, 2018, at 10:00 a.m., the premises known as 86-07 89th Avenue, Woodhaven, NY (Block 8921 Lot 32). The sale is being conducted pursuant to a Judgment of Foreclosure and Sale dated April 5, 2018 and entered on April 10, 2018, in the case captioned, NYCTL 2016-A TRUST, AND THE BANK OF NEW YORK MELLON, AS COLLATERAL AGENT AND CUSTODIAN FOR THE NYCTL 2016-A TRUST, Plaintiffs -against- URBANISTICA LIMITED LIABILITY COMPANY, et al. Defendant(s), pending before the Queens County Supreme Court. The approximate amount of lien is $5,935.60 plus interest and costs. The Premises will be sold subject to provisions of filed Judgment and Terms of Sale. Attorney(s) for Plaintiffs: Seyfarth Shaw LLP 620 Eighth Avenue New York, NY 10018 USI SERVICES: Exclusive Plan Filing Period Extended to August 1 --------------------------------------------------------------- The Hon. John K. Sherwood of the U.S. Bankruptcy Court for the District of New Jersey, at the behest of USI Services Group, Inc., and its affiliates, has extended the Debtors' time to be the exclusive plan proponent to and including Aug. 1, 2018. As reported by the Troubled Company Reporter on April 11, 2018, the Debtors asked the Court for an additional 90 days of exclusivity. The Debtors' plan is to sell their businesses as a going concern. The Debtors received four bids. It is in the process of evaluating the bids and will be submitting an application to approve the bidding procedures and a sale within the next week. The Debtors expected the sale will be approved in May and the transaction closed in June 2018. The Debtors said they will not be in a position to file a plan until the sale is completed. About USI Services USI Services Group, Inc., provides facility management services and solutions to pharmaceutical campuses, commercial office buildings, shopping mall or national retailers, industrial complex or major entertainment venues. USI offers complete janitorial service programs, hard surface floor care, carpet care programs, window cleaning, post construction cleaning, landscaping & design, snow management, parking lot lighting, parking lot maintenance, parking lot striping, facility management, 3rd party contract management, HVAC services, security services, electronic security solutions and energy management. The company is headquartered in Union, New Jersey. USI Services Group and its affiliates filed Chapter 11 petitions (Lead Bankr. D.N.J. Case No. 18-10153) on Jan. 3, 2018. In the petitions signed by Frederick G. Goldring, president, USI estimated at least $50,000 in assets and $1 million to $10 million in liabilities. The cases are assigned to Judge John K. Sherwood. Mandelbaum Salsburg P.C. serves as counsel to the Debtor. VAZQUEZ ROSARIO: Taps Arvelo & Vazquez as Legal Counsel ------------------------------------------------------- Vazquez Rosario Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Arvelo & Vazquez, P.S.C., as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and will provide other legal services related to its Chapter 11 case. Pedro Vazquez Melendez, Esq., the attorney who will be handling the case, will charge an hourly fee of $150. Other partners or associates of the firm will charge $125 per hour while paralegals will charge $80 per hour. Arvelo & Vazquez received a retainer in the sum of $5,000 from the Debtor. Mr. Melendez 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: Pedro E. Vazquez Melendez, Arvelo & Vazquez, P.S.C., 301 Recinto Sur Gallardo Building, Suite 701 San Juan, PR 00901 Tel: (787) 721-7255 Fax: (787) 722-7255 Email: quiebras@gmail.com About Vazquez Rosario Inc. Vazquez Rosario, Inc., is a privately-held company in San Juan, Puerto Rico, that owns a jewelry store business. Vazquez Rosario sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-02181) on April 23, 2018. The Debtor first sought bankruptcy protection (Bankr. D.P.R. Case No. 10-03770) on May 5, 2010. In the petition signed by Jose Rosario Cristobal, president, the Debtor estimated assets of less than $500,000 and liabilities of $1 million to $10 million. Judge Brian K. Tester presides over the case. VICTORY OUTREACH: Taps Totaro & Shanahan as Legal Counsel --------------------------------------------------------- Victory Outreach Visalia, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Totaro & Shanahan as its legal counsel. The firm will advise the Debtor regarding the requirements of the Bankruptcy Code; negotiate with creditors; prepare a plan of reorganization; and provide other legal services related to its Chapter 11 case. The firm will charge $550 per hour for the services of its attorneys and $150 per hour for paralegal services. Totaro received a flat fee of $7,000 from the Debtor for its pre-bankruptcy services, 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. Totaro can be reached through: Michael R. Totaro, Esq. Totaro & Shanahan P.O. Box 789 Pacific Palisades, CA 90272 Phone: (310) 573-0276 Fax: (310) 496-1260 Email: ocbkatty@aol.com About Victory Outreach Visalia Victory Outreach Visalia, Inc., is a non-profit organization that owns in fee simple a church building located at 421 N. Johnson Street, Visalia, California, valued by the company at $1.04 million. Victory Outreach Visalia sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 18-11017) on March 23, 2018. In the petition signed by Juan Rodriquez, president, the Debtor disclosed $1.04 million in assets and $734,000 in liabilities. Judge Fredrick E. Clement presides over the case. VINCENT DICANIO: Hearing on Disclosure Statement Set for June 6 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York is set to hold a hearing on June 6 to consider approval of the disclosure statement, which explains the proposed Chapter 11 plan of liquidation for Vincent DiCanio Qualified Personal Residence Trust. The hearing will be held at 1:30 p.m., at Courtroom 860. The plan will be funded with the net proceeds from the sale of a property located at 1 Pine Point, Nissequogue, New York. The proceeds will be distributed to Pennymac Corp., the holder of the first mortgage. The relocation assistance of $100,000 will be paid to Vincent DiCanio as consideration for peaceful surrender of the property. Meanwhile, the brokerage commission of 6% will be paid to the listing broker Classic Realty Development Corp. Classic Realty may pay up to one-half of the commission to the selling broker, according to Vincent DiCanio's latest disclosure statement. A copy of the first amended disclosure statement is available for free at: http://bankrupt.com/misc/nyeb17-77690-27.pdf A copy of the first amended Chapter 11 plan of liquidation is available for free at: http://bankrupt.com/misc/nyeb17-77690-26.pdf About Vincent DiCanio Qualified Personal Residence Trust Vincent DiCanio Qualified Personal Residence Trust sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-77690) on December 12, 2017. In the petition signed by Vincent F. DiCanio, trustee, the Debtor disclosed that it had estimated assets of $1,000,001 to $10 million. Judge Robert E. Grossman presides over the case. The Debtor is represented by Robert L. Rattet, Esq., at Rattet, PLLC. On March 22, 2018, the Debtor filed a disclosure statement, which explains its proposed Chapter 11 plan of liquidation. WEINSTEIN CO: Sexual Assault Case Plaintiffs to Oppose Sale ----------------------------------------------------------- Five of the named plaintiffs in the racketeering and sexual assault class action filed against Harvey Weinstein and The Weinstein Company, among others, announced on May 1 they will oppose a sale of the company through the bankruptcy proceedings that proposes to wipe out their claims against the company without compensation, according to attorneys at Hagens Berman and The Armenta Law Firm. The five plaintiffs -- Katherine Kendall, Zoe Brock, Sarah Ann Masse, Melissa Sagemiller and Nannette Klatt -- instead strongly support the bid of Inclusion Media, a New York-based company to be formed by Tony award-winning producer Howard Kagan. Mr. Kagan proposes to form a progressive media company that will ensure the inclusion, advancement and promotion of diversity, including women, people of color, people with disabilities and LGBT persons. "Mr. Kagan has a long history of supporting and promoting women and diversity, and has stated that he intends to ensure that the content of the new company is likewise forward-thinking and will serve as a model for the industry," said Cris Armenta, founding partner of The Armenta Law Firm. "We believe this is the best possible course of action for the class of women who suffered unspeakable harassment at the hands of Harvey Weinstein." Mr. Kagan also proposes, as part of his bid, to create a settlement fund of $25 million, plus 4% of the equity of Inclusion Media, for the victims who are class members in the class-action lawsuit filed against Weinstein in December 2017, Geiss v. The Weinstein Company et al., to be overseen by the Honorable Alvin K. Hellerstein, the federal district court judge in Geiss. Judge Hellerstein also oversaw the wrongful death, property damage and personal injury lawsuits that arose from the 9/11 terror attacks. The class-action lawsuit filed Dec. 6, 2017, in the U.S. District Court for the Southern District of New York against Weinstein, Miramax, The Weinstein Company Holdings and the members of its Board of Directors states that these entities colluded to perpetuate and conceal Weinstein's widespread sexual harassment and assaults. Plaintiffs bringing the case were lured by Miramax or TWC employees and isolated with Weinstein at industry events, hotel rooms, Weinstein's home, office meetings and/or auditions or to discuss involvement in a project. The sixth named plaintiff, Louisette Geiss, serves as the Chair to the Unsecured Creditors' Committee, and will be in New York at the auction to fulfill her role as a committee member. In addition, Mr. Kagan proposes, as part of his bid, to make a payment of cash equal to $5 million and 1% of the equity in Inclusion Media to be distributed to current and former employees of the company who were victims of sexual harassment. Lantern Asset Capital: A Raw Deal for Victims Media reports surfaced on April 30 that no other bidders have submitted full asset bids to compete with Lantern Asset Capital, the potential default purchaser. Lantern, a private equity fund based in Dallas, Texas, negotiated a Stalking Horse Bid with The Weinstein Company, which provided for competing bids to be delivered by Apr. 30, 2018, and an auction to occur on Friday, May 4, 2018. The plaintiffs in the class-action lawsuit against Weinstein are strongly opposed to a purchase of The Weinstein Company by Lantern, a company that never reached out to the plaintiffs and does not propose any fund or compensation for assault victims. "Lantern's bid in no way addresses the victims of Harvey Weinstein's sexual assault enterprise, and would sweep the 100+ instances of sexual assault, rape and more under the rug. We're here to show them the assault survivors will not go away quietly," said Elizabeth Fegan, a Hagens Berman partner and attorney representing those against Weinstein. "Victims have already shown they will no longer be silenced, and we intend to protect them from being further harmed," she added. Lantern Asset Capital proposes purchasing all the assets of The Weinstein Company for $310 million. The proposed Lantern deal contains no fund for assault survivors, no equitable considerations for company employees, and no assurance protections to ensure that women are not required to submit to the "casting couch" in exchange for a career in Hollywood. Recent news headlines have brought these heinous acts to the forefront, and many victims have bravely stepped forward to tell their stories. About Hagens Berman Hagens Berman Sobol Shapiro LLP -- https://www.hbsslaw.com -- is a consumer-rights class-action law firm with 11 offices across the country. The firm has been named to the National Law Journal's Plaintiffs' Hot List eight times. About The Armenta Law Firm Cris Armenta -- http://www.crisarmenta.com-- is the founder of The Armenta Law Firm APC, located in Southern California. Ms. Armenta began her career by clerking for the late Honorable J. Kelleher in the United States District Court for the Central District of California. Cris is an alumni and former Senior Litigation Associate of Skadden Arps Slate Meagher and Flom. Cris's clients include CEOs, clients with civil and criminal matters needing coordination, and celebrities with crisis management needs. Cris is a past board member of the American Civil Liberties Union in Los Angeles, and a graduate of U.C. Berkeley and Loyola Law School. Cris's pro bono work is dedicated to finding missing and abducted children. About The Weinstein Company The Weinstein Company (TWC) -- http://www.WeinsteinCo.com/-- is a multimedia production and distribution company launched in 2005 in New York by Bob and Harvey Weinstein, the brothers who founded Miramax Films in 1979. TWC also encompasses Dimension Films, the genre label founded in 1993 by Bob Weinstein. During Harvey and Bob's tenure at Miramax and TWC, they have received 341 Oscar nominations and won 81 Academy Awards. TWC dismissed Harvey Weinstein in October 2017, after dozens of women came forward to accuse him of sexual harassment, assault or rape. The Weinstein Company Holdings LLC and 54 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 18-10601) on March 19, 2018 after reaching a deal to sell all assets to Lantern Asset Management for $310 million. The Weinstein Company Holdings estimated $500 million to $1 billion in assets and $500 million to $1 billion in liabilities. The Hon. Mary F. Walrath is the case judge. CRAVATH, SWAINE & MOORE LLP is the Debtors' bankruptcy counsel, with the engagement led by Paul H. Zumbro, George E. Zobitz, and Karin A. DeMasi, in New York. RICHARDS, LAYTON & FINGER, P.A., is the local counsel, with the engagement headed by Mark D. Collins, Paul N. Heath, Zachary I. Shapiro, Brett M. Haywood, and David T. Queroli, in Wilmington, Delaware. FTI CONSULTING, INC., is the restructuring advisor. MOELIS & COMPANY LLC is the investment banker. EPIQ BANKRUPTCY SOLUTIONS, LLC, is the claims and noticing agent. WILLIAM ABRAHAM: Court Okays Appointment of R. Ingalls as Trustee ----------------------------------------------------------------- The Hon. H. Christopher Mott of the U.S. Bankruptcy Court for the Western District of Texas, at the behest of the United States Trustee, has approved the appointment of Ronald Ingalls as trustee of the estate of William David Abraham. William David Abraham filed for chapter 11 bankruptcy protection (Bankr. W.D. Tex. Case No. 18-30184) on Feb. 6, 2018, and is represented by Omar Maynez, Esq. of Maynez Law. Franklin Acquisitions, one of Mr. Abraham's companies, also filed for Chapter 11 bankruptcy reorganization Feb. 6. Mr. Abraham is a well-known businessman in El Paso, Texas. He has a portfolio of at least 15 downtown buildings, including several prominent, historical ones. YINGLI GREEN: Files Form 20-F Reporting RMB3.3-Bil. 2017 Loss ------------------------------------------------------------- Yingli Green Energy Holding Company Limited filed with the Securities and Exchange Commission its Annual Report on Form 20-F reporting a net loss attributable to the Company of RMB3.31 billion on RMB8.36 billion of total net revenues for the year ended Dec. 31, 2017, compared to a net loss attributable to the Company of RMB2.09 billion on RMB8.37 billion of total net revenues for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Yingli Green had RMB10.34 billion in total assets, RMB20.83 billion in total liabilities and a total shareholders' deficit of RMB10.49 billion. The report from the Company's independent accounting firm PricewaterhouseCoopers Zhong Tian LLP on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that facts and circumstances including accumulated and recurring losses from operations, negative working capital, cash outflows from operating activities, and uncertainties regarding the repayment of financing obligations raise substantial doubt about the Company's ability to continue as a going concern. Debt Restructuring In order to properly consider the Company's options with respect to and ultimately resolve the debt repayment issues, and to improve the Company's liquidity and debt structure, the board of directors of the Company formed a special committee comprised solely of independent directors in March 2017 to assess its operating and financial situation and evaluate, develop and recommend one or more strategic alternatives and financing plans potentially workable to the Company and its creditors. The Special Committee subsequently engaged an outside financial advisor and legal advisors to assist it in carrying out its work. The Company has been in active discussion with its creditors about potential debt restructuring plans. As part of the debt restructuring, the Company is also in active discussion with a potential investor who may provide fresh funds in the form of equity investments in the Company's principal operating subsidiaries in China. The Company endeavors to work out a debt restructuring plan that will significantly reduce the amount of outstanding debts of its principal subsidiaries and provide it with funding necessary to maintain and improve its normal operations. As of April 30, 2018, while alternative debt restructuring plans have been prepared and discussed among the Company, its major creditors and the potential new investor, the Company has not received any binding proposal from any party with respect to the debt restructuring and neither the Company nor the Special Committee have made any decision to engage in any particular transaction with respect to the debt restructuring. While the Company was aware that its major creditors are working on a formal proposal to the Company, the Company can give no assurance as to the timing or content of such proposal. The Company can give no assurance that any proposed debt restructuring plan, if received, will be agreed to by all of its creditors or be acceptable to the Company as determined by its board of directors and the Special Committee. In addition, the Company's board of directors and the Special Committee may conclude that it will no longer be possible to work out a debt restructuring plan that preserves some value for their shareholders without compromising the interests of our creditors, in which case it may approve a debt restructuring plan that disposes all of the Company's business and assets to its creditors without leaving any value for its shareholders. Voluntary Forbearance by Creditors The Company has successfully persuaded many of its creditors to refrain from enforcing the Company's debt payment obligations or initiate any bankruptcy, liquidation or similar proceeding against the Company (including any of its major subsidiaries) in any jurisdiction before a viable debt restructuring plan is adopted and approved by all relevant parties. As a debt restructuring plan may maximize value for all creditors, the Company will endeavor to persuade its creditors to continue such voluntary forbearance. The Company cannot assure, however, that it will always be successful in persuading all of its creditors to observe such voluntary forbearance. One of the holders of the MTNs filed a lawsuit against Tianwei Yingli in a PRC court to recover the amount due under such MTNs. The claimed principal amount of the MTNs held by the Note Holder is RMB65.7 million, representing approximately 3.7% of the total amount of the MTNs that are still outstanding. The Note Holder claimed that Tianwei Yingli should repay principal, interest and overdue penalty on the MTNs for an aggregate amount of RMB74.4 million and bear costs relating to the lawsuit. In addition, in March 2018, one of financial creditors of Yingli China, filed a lawsuit against Yingli China, demanding immediate repayment of outstanding loans from this creditor with a total amount of RMB106.4 million (including RMB98 million of principal and RMB8.4 million of unpaid interests). Tianwei Yingli and Yingli China have been vigorously defending its rights in court while continuing to seek a mutually beneficial solution out of court. Considering the amount claimed by the Note Holder, the Company does not expect this lawsuit to have any direct material impact on the Companys overall operation or liquidity position. The Company notified all holders of the MTNs of the lawsuit filed by the Note Holder and the Company is not aware of any other legal proceedings initiated by holders of the MTNs against the Company or any of its subsidiaries. The Company is also still in discussion with all of its other financial creditors and is not aware of any other legal proceedings initiated by any of its other financial creditors. However, the Company's negotiation efforts may not be successful and the Company cannot assure that its creditors will continue to observe any voluntary forbearance in the future. Based on the management's assessment, there can be no assurance, however, that above measures will be successfully completed on terms acceptable to the Company, or effectively implemented within one year after the date that the consolidated financial statements are issued, or when implemented, it will mitigate the relevant conditions or events that raise substantial doubt about the Company's ability to continue as a going concern. The Company's plans for maintaining its continuing operations, even if successful, may not result in sufficient cash flow to finance and maintain its business. A full-text copy of the Form 20-F is available for free at: https://is.gd/Pq8soE About Yingli Green Energy Yingli Green Energy Holding Company Limited (NYSE: YGE), known as "Yingli Solar", -- http://www.yinglisolar.com/-- is a photovoltaic (PV) module manufacturer. Yingli Green Energy's manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and PV module assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 20 regional subsidiaries and branch offices and has distributed more than 20 GW solar panels to customers worldwide. YINGLI GREEN: Supplier Files $897.5M Arbitration Request -------------------------------------------------------- Yingli Green Energy Holding Company Limited said in a press release that one of its long-term polysilicon suppliers filed a request for arbitration of its claim against the Company with the London Court of International Arbitration (LCIA) on April 26, 2018. The Company has not fully performed some of its long-term polysilicon supply contracts on their original terms, and suppliers have sent the Company invoices or demand letters for failing to perform certain obligations under these contracts. On Dec. 15, 2017, one of the Company's subsidiaries received a notice of termination from the unnamed Supplier notifying the Company of its decision to terminate its long-term polysilicon supply contract with the Company with immediate effect and claiming no less than US$897.5 million of payments due and payable by the Company under the contract. After receiving the notice of termination, the Company has been actively communicating with the Supplier to find an amicable solution but no mutual agreement has been reached yet. The Company plans to vigorously defend its rights in the arbitration proceeding while continuing to seek a mutually beneficial solution with the Supplier. About Yingli Green Energy Yingli Green Energy Holding Company Limited (NYSE: YGE), known as "Yingli Solar" -- http://www.yinglisolar.com/-- is a photovoltaic (PV) module manufacturer. Yingli Green Energy's manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and PV module assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 20 regional subsidiaries and branch offices and has distributed more than 20 GW solar panels to customers worldwide. Yingli Green reported a net loss attributable to the Company of RMB3.31 billion on RMB8.36 billion of total net revenues for the year ended Dec. 31, 2017, compared to a net loss attributable to the Company of RMB2.09 billion on RMB8.37 billion of total net revenues for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Yingli Green had RMB10.34 billion in total assets, RMB20.83 billion in total liabilities and a total shareholders' deficit of RMB10.49 billion. The report from the Company's independent accounting firm PricewaterhouseCoopers Zhong Tian LLP on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that facts and circumstances including accumulated and recurring losses from operations, negative working capital, cash outflows from operating activities, and uncertainties regarding the repayment of financing obligations raise substantial doubt about the Company's ability to continue as a going concern. [*] $594,000 of Defaulted Timeshare Loans for Sale on May 7 ----------------------------------------------------------- Orange Lake Country Club, Inc., as sub-servicer of certain defaulted timeshare loans, will sell the loans in bulk at public auction on May 7, 2018, commencing at 10:00 am at the lobby of 1201 Elm Street, Suite 4600, Dallas, Texas 75270. The outstanding principal balance of the loans comprising the Property is $594,076.72. A minimum bid amount will be required and the amount will be announced to interested parties 30 minutes prior to the Auction. It is anticipated that the minimum bid amount will exceed $510,841.38. The Property will be conveyed via allonge(s) and one or more unrecorded collateral assignment of mortgages/deeds of trust without warranties of any kind and without title insurance. To qualify to bid, an interested party must 30 minutes prior to the Auction provide evidence satisfactory to the Sub-servicer of its ability to within one hour of the Auction produce cash or a cashier's check in an amount exceeding the Estimated Minimum Purchase Price. Information regarding the Property will be made available to qualified bidders prior to the commencement of the Auction, and the information will relate to the performance of the entirety of the loan portfolio comprising the Property rather than information regarding individual loans. The Sub-Servicer may withdraw one or more, or all, of the loans comprising the Property at any time through and including the time of the Auction. The right is reserved to adjourn the day, time and place of the Auction without further publication. [*] Ashley McDow Joins Foley & Lardner's Bankruptcy Practice ------------------------------------------------------------ Foley & Lardner LLP on April 30, 2018, disclosed that Ashley McDow has joined the firm's Bankruptcy & Business Reorganizations practice as partner in the Los Angeles office. Prior to joining Foley, she was a partner at BakerHostetler. Ms. McDow's practice focuses primarily on bankruptcy and commercial law both nationally and in California. She represents businesses on all sides of the bankruptcy process, notably debtors in possession and creditor committees in Chapter 11 reorganizations, Chapters 7 and 11 trustees, as well as parties to various adversary proceedings. Ms. McDow advises clients across industries, including advertising, aviation, commercial real estate, entertainment, finance, franchising, health care, manufacturing, retail and technology. "Ashley has a proven track record generating outstanding results for her clients," said Jill Nicholson, chair of Foley's Bankruptcy & Business Reorganizations practice. "Ashley's experience will be a tremendous asset to our team, both on a national level and as we further expand our practice in California." A snapshot of Ms. McDow's representative experience includes negotiating with secured creditors on behalf of debtors, representing unsecured creditors and liquidating trusts, handling settlement agreements and counseling on individual bankruptcy cases. Her work with Chapters 7 and 11 trustees, Chapter 11 reorganizations and a Chapter 9 bankruptcy case spans an array of businesses and notably includes assisting with the recovery and administration of patented and unpatented mining claims worth nearly $1 billion, as well as assisting with the defusing of a contentious dispute and negotiation of a settlement agreement in tandem with the claims. In California, Ms. McDow has a strong local presence and is a leader in the legal community. She is chair of the Los Angeles County Bar Association's Executive Committee of the Commercial Law Section and of the Executive Committee of the Commercial Law and Bankruptcy Section. She is also an active member of the Los Angeles County Bar Advisory Board. In addition, Ms. McDow is on the editorial board of the California Bankruptcy Journal, where she regularly authors publications on key issues in bankruptcy and commercial law. "Ashley's considerable experience across a range of bankruptcy and commercial law matters spanning many industries perfectly complements the firm's growing practice in California," said Jeff Atkin, managing partner of Foley's Los Angeles office. "She is well respected by her peers both nationally and regionally, and we are thrilled to have her join our team." [*] Chris Dupre Joins Renovo Capital as Partner ----------------------------------------------- Chris Dupre has joined Renovo Capital as a Partner. Mr. Dupre brings 20 years of experience across principal investing, strategy consulting, and mergers and acquisitions advisory. Prior to Renovo, he was a partner with Wingate Partners, an operationally-oriented private equity firm where he was responsible for sourcing investment candidates, executing transactions, and partnering with management teams to execute transformational strategies. Prior to Wingate, Mr. Dupre was a Manager with Bain & Company. As a Partner at Renovo, he will be responsible for sourcing investment opportunities, leading transactions, and working with Renovo's portfolio companies to help identify and drive value-creation opportunities. He will also join the firm's Investment Committee. About Renovo Capital Renovo Capital, LLC is a Dallas-based private equity with 9 investment professionals and 5 operating partners, having completed 20 transitions over the past decade. Renovo Capital makes controlling investments in manufacturing and business services companies with strategic, operational and/or transactional complexities, targeting equity investments between $10 - 40 million in companies with revenues between $20 - 200 million. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Asher Wagh Bankr. C.D. Cal. Case No. 18-14499 Chapter 11 Petition filed April 19, 2018 represented by: Michael Jay Berger, Esq. E-mail: michael.berger@bankruptcypower.com In re Frederick Jerome McCoy, JR Bankr. D. Colo. Case No. 18-13289 Chapter 11 Petition filed April 19, 2018 represented by: Aaron A. Garber, Esq. E-mail: Aaron@bandglawoffice.com In re Hillary J. White Soho Salon Spa, Inc. Bankr. D. Del. Case No. 18-10934 Chapter 11 Petition filed April 19, 2018 See http://bankrupt.com/misc/deb18-10934.pdf Filed Pro Se In re Legacy Championship Sports Center Inc. Bankr. M.D. Fla. Case No. 18-02231 Chapter 11 Petition filed April 19, 2018 See http://bankrupt.com/misc/flmb18-02231.pdf Filed Pro Se In re Darrell Paul Calhoun, Sr. and Sylvia H. Calhoun Bankr. N.D. Fla. Case No. 18-50126 Chapter 11 Petition filed April 19, 2018 represented by: Charles M. Wynn, Esq. CHARLES M. WYNN LAW OFFICES, P.A. E-mail: candy@wynnlaw-fl.com In re Ricky Wayne Tucker Bankr. M.D Ga. Case No. 18-70448 Chapter 11 Petition filed April 19, 2018 represented by: Christopher W. Terry, Esq. STONE AND BAXTER, LLP E-mail: cterry@stoneandbaxter.com In re Ricky Clay Tucker Bankr. M.D. Ga. Case No. 18-70449 Chapter 11 Petition filed April 19, 2018 represented by: Christopher W. Terry, Esq. STONE AND BAXTER, LLP E-mail: cterry@stoneandbaxter.com In re Rodney W. Brookins, Sr. Bankr. M.D. Ga. Case No. 18-10478 Chapter 11 Petition filed April 19, 2018 represented by: Kenneth W. Revell, Esq. ZALKIN REVELL, PLLC E-mail: krevell@zalkinrevell.com In re Dust Catchers, Inc. Bankr. N.D. Ill. Case No. 18-11388 Chapter 11 Petition filed April 19, 2018 See http://bankrupt.com/misc/ilnb18-11388.pdf represented by: Ankur Shah, Esq. SHAH LEGAL REPRESENTATION E-mail: ashah@shahlegalrep.com In re Mass Private Transportation, Inc. Bankr. D. Mass. Case No. 18-11407 Chapter 11 Petition filed April 19, 2018 See http://bankrupt.com/misc/mab18-11407.pdf represented by: Jordan L. Shapiro, Esq. SHAPIRO & HENDER E-mail: JSLAWMA@aol.com In re Virgil Leo Dykes, Sr. and Constance Elizabeth Dykes Bankr. D. Minn. Case No. 18-31206 Chapter 11 Petition filed April 19, 2018 represented by: James P. Ryan, Jr., Esq. RYAN & GRINDE LTD. E-mail: jpr@ryanandgrinde.com In re KPK & Associates, LLC Bankr. W.D.N.C. Case No. 18-30607 Chapter 11 Petition filed April 19, 2018 See http://bankrupt.com/misc/ncwb18-30607.pdf represented by: John C. Woodman, Esq. SODOMA LAW E-mail: jwoodman@sodomalaw.com In re Shouket Fareed Bankr. E.D.N.Y. Case No. 18-42175 Chapter 11 Petition filed April 19, 2018 See http://bankrupt.com/misc/nyeb18-42175.pdf represented by: Jonathan S. Pasternak, Esq. DELBELLO DONNELLAN WEINGARTEN E-mail: jpasternak@ddw-law.com In re Front Street Ventures, LLC Bankr. E.D. Pa. Case No. 18-12622 Chapter 11 Petition filed April 19, 2018 See http://bankrupt.com/misc/paeb18-12622.pdf Filed Pro Se In re M & M CAPITAL INVESTMENTS, LLC Bankr. E.D. Pa. Case No. 18-12641 Chapter 11 Petition filed April 19, 2018 See http://bankrupt.com/misc/paeb18-12641.pdf represented by: Timothy Zearfoss, Esq. LAW OFFICE OF TIMOTHY ZEARFOSS E-mail: tzearfoss@aol.com In re Valley Ridge Investments, LLC Bankr. W.D. Pa. Case No. 18-10366 Chapter 11 Petition filed April 19, 2018 See http://bankrupt.com/misc/pawb18-10366.pdf represented by: Stephen H. Hutzelman, Esq. SHAPIRA HUTZELMAN BERLIN ELY SMITH ET AL E-mail: shutzelman@shapiralaw.com In re Alliance Contractors, LLC Bankr. D. Utah Case No. 18-22760 Chapter 11 Petition filed April 19, 2018 See http://bankrupt.com/misc/utb18-22760.pdf represented by: Theodore Floyd Stokes, Esq. STOKES LAW PLLC E-mail: ted@stokeslawpllc.com In re K. Ruane & Sons Excavating Inc. Bankr. D. Vt. Case No. 18-10163 Chapter 11 Petition filed April 19, 2018 See http://bankrupt.com/misc/vtb18-10163.pdf represented by: Rebecca A. Rice, Esq. COHEN & RICE E-mail: Steeplbush@aol.com In re Glendon Lambert Bankr. E.D. Ark. Case No. 18-12227 Chapter 11 Petition filed April 20, 2018 represented by: Lyndsey D. Dilks, Esq. DILKS LAW FIRM E-mail: ldilks@dilkslawfirm.com In re Knowles Systems, Inc. Bankr. M.D. Fla. Case No. 18-01307 Chapter 11 Petition filed April 20, 2018 See http://bankrupt.com/misc/flmb18-01307.pdf represented by: R. Scott Shuker, Esq. LATHAM SHUKER EDEN & BEAUDINE LLP E-mail: bknotice@lseblaw.com In re Castaldo Fitness, LLC Bankr. D.N.J. Case No. 18-17879 Chapter 11 Petition filed April 20, 2018 See http://bankrupt.com/misc/njb18-17879.pdf represented by: Leonard S Singer, Esq. ZAZELLA & SINGER, ESQS. E-mail: zsbankruptcy@gmail.com In re Jose Dimas Valadao and Mary Jane Valadao Bankr. E.D. Cal. Case No. 18-11166 Chapter 11 Petition filed March 29, 2018 represented by: Riley C. Walter, Esq. In re Childrens Network University Inc. Bankr. M.D.N.C. Case No. 18-80250 Chapter 11 Petition filed April 5, 2018 See http://bankrupt.com/misc/ncmb18-80250.pdf represented by: Florence A. Bowens, Esq. E-mail: FBOWENSlaw@aol.com In re Stamatike Glarentzos Bankr. S.D. Fla. Case No. 18-14679 Chapter 11 Petition filed April 20, 2018 See http://bankrupt.com/misc/flsb18-14679.pdf represented by: Tarek K. Kiem, Esq. KIEM LAW, PLLC E-mail: tarek@kiemlaw.com In re Tony Iyke Akhigbe Bankr. D. Md. Case No. 18-15283 Chapter 11 Petition filed April 20, 2018 Filed Pro Se In re James Lee Jelinek and Laurie Ann Jelinek Bankr. D. Neb. Case No. 18-40698 Chapter 11 Petition filed April 20, 2018 represented by: John C. Hahn, Esq. WOLFE, SNOWDEN, HURD, LUERS & AHL, LLP E-mail: bankruptcy@wolfesnowden.com In re Lascell A. Spence Bankr. S.D.N.Y. Case No. 18-11096 Chapter 11 Petition filed April 20, 2018 represented by: Narissa A. Joseph, Esq. LAW OFFICES OF NARISSA A. JOSEPH E-mail: njosephlaw@aol.com In re Delmarie Fe Rivera Fernandez Bankr. D.P.R. Case No. 18-02153 Chapter 11 Petition filed April 20, 2018 represented by: Gilbert Joseph Lopez Delgado, Esq. E-mail: voxpopulix@gmail.com In re Fatemah Dowlatinow Bankr. C.D. Cal. Case No. 18-11003 Chapter 11 Petition filed April 23, 2018 represented by: Dana M. Douglas, Esq. E-mail: dmddouglas@hotmail.com In re Zenaida R. Vasquez and Israel S. Vasquez Bankr. M.D. Fla. Case No. 18-01315 Chapter 11 Petition filed April 23, 2018 represented by: Sean A. Espenship, Esq. ESPENSHIP SCHLAX & ALBEE LLC E-mail: sean@esalawgroup.com In re Alfonso Soteno Bankr. N.D. Ill. Case No. 18-11766 Chapter 11 Petition filed April 23, 2018 represented by: Ben L. Schneider, Esq. SCHNEIDER & STONE E-mail: ben@windycitylawgroup.com In re Birdhouse, LLC Bankr. D. Md. Case No. 18-15434 Chapter 11 Petition filed April 23, 2018 See http://bankrupt.com/misc/mdb18-15434.pdf represented by: Edward M. Miller, Esq. MILLER AND MILLER, LLP E-mail: mmllplawyers@verizon.net In re Rainbow Grocery Cooperative Inc. Bankr. S.D. Miss. Case No. 18-01604 Chapter 11 Petition filed April 23, 2018 See http://bankrupt.com/misc/mssb18-01604.pdf represented by: J. Walter Newman, IV, Esq. NEWMAN & NEWMAN E-mail: wnewman95@msn.com In re David Jeffrey Collins and Teresa Tremain Collins Bankr. E.D.N.C. Case No. 18-02021 Chapter 11 Petition filed April 23, 2018 represented by: George M. Oliver, Esq. THE LAW OFFICES OF OLIVER & CHEEK, PLLC E-mail: efile@ofc-law.com In re Vinus and Mars Inc Bankr. S.D.N.Y. Case No. 18-11129 Chapter 11 Petition filed April 23, 2018 See http://bankrupt.com/misc/nysb18-11129.pdf represented by: Christine T. Rubinstein, Esq. CASTIGLIA RUBINSTEIN AND ASSOCIATES E-mail: paralegal1@bestnyattorney.com In re John Noe Bankr. W.D.N.Y. Case No. 18-10788 Chapter 11 Petition filed April 23, 2018 represented by: James M. Joyce, Esq. E-mail: jmjoyce@lawyer.com In re CSC Developers, LLC Bankr. D.S.C. Case No. 18-02053 Chapter 11 Petition filed April 23, 2018 See http://bankrupt.com/misc/scb18-02053.pdf represented by: Robert H. Cooper, Esq. THE COOPER LAW FIRM E-mail: thecooperlawfirm@thecooperlawfirm.com In re Chandelle Runway, LLC Bankr. D.S.C. Case No. 18-02054 Chapter 11 Petition filed April 23, 2018 See http://bankrupt.com/misc/scb18-02054.pdf represented by: Robert H. Cooper, Esq. THE COOPER LAW FIRM E-mail: thecooperlawfirm@thecooperlawfirm.com In re ANK Properties, Inc. Bankr. W.D. Tenn. Case No. 18-23460 Chapter 11 Petition filed April 23, 2018 See http://bankrupt.com/misc/tnwb18-23460.pdf represented by: Ted I. Jones, Esq. JONES & GARRETT LAW FIRM E-mail: dtedijones@aol.com In re Alstraw Enterprises, Inc. Bankr. E.D. Va. Case No. 18-11430 Chapter 11 Petition filed April 23, 2018 See http://bankrupt.com/misc/vaeb18-11430.pdf represented by: Richard G. Hall, Esq. E-mail: richard.hall33@verizon.net In re Clemente Aday Bankr. M.D. Fla. Case No. 18-02310 Chapter 11 Petition filed April 23, 2018 Filed Pro Se In re Mary Caroline Orwig Bankr. D. Ariz. Case No. 18-04415 Chapter 11 Petition filed April 24, 2018 represented by: Kelly G. Black, Esq. KELLY G. BLACK, PLC E-mail: kgb@kellygblacklaw.com In re Hugo Hernandez Bankr. C.D. Cal. Case No. 18-14665 Chapter 11 Petition filed April 24, 2018 represented by: Lionel E Giron, Esq. LAW OFFICES OF LIONEL E GIRON E-mail: notices@lglawoffice.com In re Gregory Lamont Belcher Bankr. N.D. Cal. Case No. 18-50909 Chapter 11 Petition filed April 24, 2018 represented by: Noel Knight, Esq. LAW OFFICES OF NOEL KNIGHT E-mail: noelknight@yahoo.com In re Brian Jay Cohen Bankr. D. Colo. Case No. 18-13452 Chapter 11 Petition filed April 24, 2018 represented by: Nathaniel Thompson, Esq. E-mail: njtlawdenver@gmail.com In re Jet Set 3, LLC Bankr. S.D. Fla. Case No. 18-14754 Chapter 11 Petition filed April 24, 2018 See http://bankrupt.com/misc/flsb18-14754.pdf represented by: Chad T. Van Horn, Esq. VAN HORN LAW GROUP, P.A. E-mail: Chad@cvhlawgroup.com In re Meeker North Dawson Nursing, LLC Bankr. N.D. Ga. Case No. 18-56883 Chapter 11 Petition filed April 24, 2018 See http://bankrupt.com/misc/ganb18-56883.pdf represented by: Theodore N. Stapleton, Esq. THEODORE N. STAPLETON, P.C. E-mail: tstaple@tstaple.com In re John Rogers Meagley, Jr. Bankr. D. Md. Case No. 18-15478 Chapter 11 Petition filed April 24, 2018 represented by: Steven H. Greenfeld, Esq. COHEN, BALDINGER & GREENFELD, LLC E-mail: steveng@cohenbaldinger.com In re L'Isola Restaurant, Inc. Bankr. E.D.N.Y. Case No. 18-42288 Chapter 11 Petition filed April 24, 2018 See http://bankrupt.com/misc/nyeb18-42288.pdf represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM, PLLC E-mail: lmorrison@m-t-law.com In re Vehicle Alignment, Brake & Tires, Inc. Bankr. N.D. Ill. Case No. 18-12071 Chapter 11 Petition filed April 25, 2018 See http://bankrupt.com/misc/ilnb18-12071.pdf represented by: William J. Factor, Esq. THE LAW OFFICE OF WILLIAM J. FACTOR, LTD E-mail: wfactor@wfactorlaw.com In re Eric Rue Kallevig and Kara Lynn Kallevig Bankr. D. Kan. Case No. 18-20852 Chapter 11 Petition filed April 25, 2018 represented by: Larry A Pittman, II, Esq. PATTON KNIPP DEAN LLC E-mail: lpittman@pattonknipp.com In re La Casa Di Arturo Inc. dba Arturo's Bankr. E.D.N.Y. Case No. 18-42340 Chapter 11 Petition filed April 25, 2018 See http://bankrupt.com/misc/nyeb18-42340.pdf represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM, PLLC E-mail: lmorrison@m-t-law.com In re Marco Neira Bankr. S.D.N.Y. Case No. 18-22608 Chapter 11 Petition filed April 25, 2018 Filed Pro Se In re Ivan Rodriguez Velazquez and Sandra Ivette Miranda Montanez Bankr. D.P.R. Case No. 18-02209 Chapter 11 Petition filed April 25, 2018 represented by: Charles Alfred Cuprill, Esq. CHARLES A CURPILL, PSC LAW OFFICE E-mail: cacuprill@cuprill.com In re Betancourt Dairy Farm, Inc. Bankr. D.P.R. Case No. 18-02218 Chapter 11 Petition filed April 25, 2018 See http://bankrupt.com/misc/prb18-02218.pdf represented by: Gloria Justiniano Irizarry, Esq. JUSTINIANO'S LAW OFFICE E-mail: justinianolaw@gmail.com In re Miriam A. Alicea-Aponte and M. Edwin Cintron-Robles Bankr. D.P.R. Case No. 18-02223 Chapter 11 Petition filed April 25, 2018 represented by: Carmen D. Conde Torres, Esq. C. CONDE & ASSOC. E-mail: notices@condelaw.com In re Barranquitas Ultra Sound And Mammography Center, Inc. Bankr. D.P.R. Case No. 18-02225 Chapter 11 Petition filed April 25, 2018 See http://bankrupt.com/misc/prb18-02225.pdf represented by: Carmen D. Conde Torres, Esq. C. CONDE & ASSOC. E-mail: notices@condelaw.com In re Gregory John te Velde Bankr. E.D. Cal. Case No. 18-11651 Chapter 11 Petition filed April 26, 2018 represented by: Riley C. Walter, Esq. In re Leland Consulting Group Inc. Bankr. D. Colo. Case No. 18-13522 Chapter 11 Petition filed April 26, 2018 See http://bankrupt.com/misc/cob18-13522.pdf represented by: Stuart J. Carr, Esq. STUART J. CARR, P.C. E-mail: stuartjcarr@hotmail.com In re John Herschel Smith Bankr. M.D. Fla. Case No. 18-03441 Chapter 11 Petition filed April 26, 2018 represented by: Petia B Tenev, Esq. E-mail: tenevlaw@gmail.com In re Kevin W Struss Bankr. D. Kan. Case No. 18-10773 Chapter 11 Petition filed April 26, 2018 represented by: Dan W. Forker, Jr., Esq. E-mail: cmcmillan@forkersuter.com In re Balgrant Inc. Bankr. E.D.N.Y. Case No. 18-42393 Chapter 11 Petition filed April 26, 2018 represented by: David A. Bowen, Esq. E-mail: mail@attorneydab.com In re 172 Bleecker Street Restaurant Inc. Bankr. S.D.N.Y. Case No. 18-11174 Chapter 11 Petition filed April 26, 2018 represented by: Rachel S. Blumenfeld, Esq. E-mail: rblmnf@aol.com In re Jeremy Earl Bazar and Laurie Ann Bazar Bankr. S.D. Tex. Case No. 18-32135 Chapter 11 Petition filed April 26, 2018 represented by: Anabel King, Esq. WAUSON PROBUS E-mail: aking@w-plaw.com In re Roger Turner Bankr. W.D. Tex. Case No. 18-70049 Chapter 11 Petition filed April 26, 2018 represented by: Eric A. Liepins, Esq. E-mail: eric@ealpc.com In re Robert Turner Bankr. W.D. Tex. Case No. 18-70050 Chapter 11 Petition filed April 26, 2018 represented by: Eric A. Liepins, Esq. E-mail: eric@ealpc.com ********* 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 ***