/raid1/www/Hosts/bankrupt/TCR_Public/180526.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, May 26, 2018, Vol. 22, No. 145
Headlines
OAKRIDGE HOLDINGS: Posts $2,073 Net Loss for April
ORION HEALTHCORP: Incurs $1.6MM Net Loss in April
*********
OAKRIDGE HOLDINGS: Posts $2,073 Net Loss for April
--------------------------------------------------
BankruptcyData.com reported that Oakridge Holdings filed with the
U.S. Bankruptcy Court a monthly operating report for the period of
April 2018. For the period, the Debtors reported a $2,073 net loss
on zero total revenues and paid $2,073 in total operating
expenses.
About Stinar HG & Oakrdige
Stinar HG, Inc., doing business as The Stinar Corporation, is a
Minnesota-based company that manufactures ground support equipment
for the aviation industry. The late Frank Stinar founded Stinar
Corp. in 1946. Stinar's products are used to load, service, and
maintain all types of aircraft for both government and commercial
applications. The company's corporate headquarters and its
40,000-square foot manufacturing facility are in Eagan, Minnesota.
On June 29, 1998, Oakridge Holdings, Inc. (OTCMKTS:OKRGQ), a
publicly held Minnesota-based company, became the new owner of
Stinar. Currently, Stinar is the only asset of Oakridge Holdings.
The largest shareholder of Oakridge Holdings is Robert Harvey who
holds approximately 21% of the outstanding shares.
Oakridge Holdings and operating unit Stinar HG filed bankruptcy
Chapter 11 petitions (Bankr. D. Minn. Case Nos. 17-31669 and
17-31670, respectively) on May 22, 2017. Robert C. Harvey, CEO and
president, signed the petitions.
On May 26, 2017, the Court entered an Order allowing the joint
administration of these Chapter 11 cases under Bankr. D. Minn.
Case
No. 17-31670.
At the time of filing, debtor Oakridge Holdings disclosed total
assets of $990,237 and total liabilities of $2.17 million, while
debtor Stinar HG disclosed total assets of $8.22 million and total
liabilities of $2.91 million.
The cases are assigned to Judge Kathleen H Sanberg.
The Debtors are represented by Kenneth Edstrom, Esq., at Sapientia
Law Group.
An Official Committee of Unsecured Creditors has not yet been
appointed in Debtors' Chapter 11 case, and the U.S. Trustee has
filed notices indicating that they have been unable to form such a
committee as to both Debtors.
ORION HEALTHCORP: Incurs $1.6MM Net Loss in April
-------------------------------------------------
BankruptcyData reported that Orion Healthcorp filed with the U.S.
Bankruptcy Court a monthly operating report for March 16, 2018 to
April 30, 2018. For the period, the consolidated Debtors reported a
$1.6 million net loss on zero total revenue and $95,000 in
professional & consulting fees. Total Debtors' cash at the
beginning of the period was $439,000 and $3.3 million at the
period's end, with net cash flow of $2.9 million. Consolidated
Debtors also reported cash disbursements of $2.9 million on $4.9
million in cash receipts.
About Orion HealthCorp
Constellation Healthcare Technologies, Inc., is a healthcare
services organization providing outsourced revenue cycle
management, practice management, and group purchasing services to
U.S. physicians. Orion Healthcorp, et al. --
http://www.orionhealthcorp.com/-- are a consolidated enterprise of
several companies aggregated through a series of acquisitions,
which operate the following businesses: (a) outsourced revenue
cycle management for physician practices, (b) physician practice
management, (c) group purchasing services for physician practices,
and (d) an independent practice association business, which is
organized and directed by physicians in private practice to
negotiate contracts with insurance companies on their behalf while
those physicians remain independent and which also provides other
services to those physician practices. Orion has locations in
Houston, Texas; Jericho, New York; Lakewood, Colorado;
Lawrenceville, Georgia; Monroeville, Pennsylvania; and Simi
Valley,
California.
Constellation Healthcare Technologies, Inc., along with certain of
its subsidiaries, including Orion Healthcorp, Inc., on March 16,
2018, initiated voluntary proceedings under Chapter 11 of the U.S.
Bankruptcy Code to facilitate an orderly and efficient sale of its
businesses. The lead case is In re Orion Healthcorp, Inc.
(E.D.N.Y. Lead Case No. 18-71748).
The Debtors have liabilities of $245.9 million.
The Hon. Carla E. Craig is the case judge.
The Debtors tapped DLA Piper US LLP as counsel; Hahn & Hessen LLP,
as conflicts counsel; FTI Consulting, Inc., as restructuring
advisor; Houlihan Lokey Capital, Inc., as investment banker; and
Epiq Bankruptcy Solutions, LLC as claims and noticing agent.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on April 4, 2018. The committee tapped
Pachulski Stang Ziehl & Jones LLP as its legal counsel.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2018. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***