/raid1/www/Hosts/bankrupt/TCR_Public/190404.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, April 4, 2019, Vol. 23, No. 93
Headlines
4J CUSTOM DESIGN: May 8 Plan and Disclosure Statement Hearing Set
ALPHATEC HOLDINGS: Incurs $42.5 Million Net Loss in 2018
ARCIMOTO INC: Incurs $11.05 Million Net Loss in 2018
ARMAOS PROPERTY: Access Point Seeks Ch. 11 Trustee Appointment
B SQUARE BURGER: Robert Fur Named Ch. 11 Trustee
BAVARIA YACHTS: Court Conditionally Approves Disclosure Statement
BG BIG BOAT: Court Grants U.S. Trustee's Bid to Dismiss Ch. 11 Case
BIOSTAGE INC: Reports $7.5 Million Net Loss for 2018
BRINGING GOD'S WORD: To Pay Unsecureds in Full Under Latest Plan
CCS ONCOLOGY: May Continue Interim Cash Collateral Use
COCRYSTAL PHARMA: Widens Net Loss to $49 Million in 2018
COOPER-STANDARD AUTOMOTIVE: Moody's Alters Outlook to Negative
COVERT CANYON: Case Summary & 2 Unsecured Creditors
CYTORI THERAPEUTICS: Incurs $12.6 Million Net Loss in 2018
DESERT LAND: DOJ Watchdog Appoints Brian Shapiro as Ch. 11 Trustee
DITECH HOLDING: April 11 Hearing on Disclosure Statement
DPW HOLDINGS: Signs Underwriting Agreement with A.G.P./Alliance
DREW MARINE: Moody's Affirms B2 Corp. Family Rating, Outlook Stable
EKKA INTERNATIONAL: Case Summary & 2 Unsecured Creditors
EMI GROUP: Moody's Withdraws 'B3' on $350MM Senior Global Notes
EXTREME REACH: Moody's Withdraws B2 CFR Following Recapitalization
FIRSTENERGY SOLUTIONS: Rexel Wants Plan, Disclosures Rejected
FLEETSTAR LLC: Case Summary & 20 Largest Unsecured Creditors
FNJCC CORPORATION: U.S. Trustee Objects to Confirmation of Plan
GALAFORO CONSTRUCTION: Voluntary Chapter 11 Case Summary
GALINDO CUSTOM: Voluntary Chapter 11 Case Summary
GATEWAY TO LANCASTER: Case Summary & 3 Unsecured Creditors
GMI GROUP: Files Amendment to Postpetition Financing Proposal
GOLDEN ENTERTAINMENT: Moody's Rates $375MM Sr. Unsec. Notes 'Caa1'
GULF COAST: Court Conditionally Approves Disclosure Statement
H K FINE: Voluntary Chapter 11 Case Summary
IDEANOMICS INC: Widens Net Loss to $28.4 Million in 2018
IMMUNE PHARMACEUTICALS: Seeks to Hire Mr. Rabin as CRO
INTEGRATED STRUCTURES: Settles Iron Workers, Pavers Claims
J.T. SHANNON: Case Summary & 20 Largest Unsecured Creditors
JLT HOLDINGS: First Agreed Interim Cash Collateral Order Entered
JORGE A ALVAREZ: May 9 Plan Confirmation Hearing
KW1 LLC: Union Bank Files Chapter 11 Plan of Liquidation
LA TRINIDAD ELDERLY: Case Summary & 8 Unsecured Creditors
LACONIA LLC: Case Summary & 8 Unsecured Creditors
LEMKCO FLORIDA: Seeks to Hire DHW LAW as Special Counsel
LONGJAGO LLC: Seeks to Hire Century 21 as Real Estate Broker
LORRAINE HOTEL: Seeks Authorization to Use Cash Collateral
MAIREC PRECIOUS: Seeks to Hire Potter & Company as Accountant
MANSFIELD BOAT: DOJ Watchdog Seeks Ch. 11 Trustee Appointment
MISSION COAL: Murray Energy Named Successful Bidder to Buy Assets
MOMENTIVE PERFORMANCE: Moody's Affirms B2 CFR, Outlook Stable
MONTESQUIEU INC: Hires Stretto as Claims and Noticing Agent
N&A PRODUCE: Seeks Authorization to Use Cash Collateral
NEW LOOK SECURED: Chapter 15 Case Summary
NIAGARA FRONTIER: April 17 Continued Cash Collateral Hearing
NORTHEAST BROOKLYN: Hires Archer & Greiner as Counsel
OXFORD ASSOCIATES: Plan Discloses Settlement Stipulation with HVOC
PARADIGM GATEWAY: Hires Rappaport Osborne as Attorney
PARTES MUNDO: Seeks to Hire Rappaport Osborne as Attorney
PERNIX SLEEP: Hires Ernst & Young as Tax Service Provider
PINNACLE GROUP: Seeks to Hire Rappaport Osborne as Attorney
R & R TRUCKING: Seeks to Hire Hames Anderson as Attorney
RED FORK (USA): Court OK's Plan Outline; May 13 Plan Hearing Set
ROCKIN ARTWORK: Seeks to Hire Hahn Fife as Accountant
SHARING ECONOMY: Delays Filing of 2018 Annual Report
SILVERLAKE INC: Trustee Hires EA Realty as Real Estate Broker
SKIN PC: Hires Mueller-Pye & Associates as Accountant
SORENSON MEDIA: Hires Wallace Tax as Tax Accountant
SUNGARD AVAILABILITY: Moody's Cuts CFR to 'C', Outlook Negative
TADA VENTURES: Voluntary Chapter 11 Case Summary
TEBERIO PROPERTIES: May 14 Hearing on Confirmation of Plan
TELATNYK RE: Hires Keller Williams as Real Estate Broker
TONY3CARS LLC: CRF Objects to Adequacy of Proposed Disclosures
TOTAL FINANCE: Hires Kurtzman as Administrative Advisor
US 1 ASSOCIATES: Unsecured Creditors to Get 18.5% Under Plan
US FINANCIAL: DOJ Watchdog Seeks Ch. 11 Trustee or Examiner
VANGUARD NATURAL: Delays 2018 Annual Report Amid Bankruptcy Filing
WELLNESS ANALYSIS: Court Denied Confirmation, Disclosures Approval
WHITTY IT SOLUTIONS: Seeks Authority to Use Cash Collateral
XENETIC BIOSCIENCES: Incurs $7.30 Million Net Loss in 2018
XENETIC BIOSCIENCES: Registers 4.87-Mil. Common Shares with the SEC
Z GALLERIE: Seeks to Hire Kirkland & Ellis as Attorney
Z GALLERIE: Seeks to Hire Klehr Harrison as Co-Counsel
Z GALLERIE: Seeks to Hire Lazard as Investment Banker
[^] Recent Small-Dollar & Individual Chapter 11 Filings
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4J CUSTOM DESIGN: May 8 Plan and Disclosure Statement Hearing Set
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Bankruptcy Judge Mildred Caban Flores conditionally approved 4J
Custom Design, Inc.'s amended disclosure statement in support of
its amended plan dated March 24, 2019.
Acceptances or rejections of the Amended Plan, and any objection to
the final approval of the Amended Disclosure Statement and/or the
confirmation of the Amended Plan must be filed 14 days before the
confirmation hearing.
A hearing for the consideration of the final approval of the
Amended Disclosure Statement and the confirmation of the Amended
Plan will be held on May 8, 2019, at 9:00 AM, at the U.S.
Bankruptcy Court, José V. Toledo U.S. Post Office and Courthouse
Building, 300 Recinto Sur Street, Courtroom 3, Third Floor, San
Juan, Puerto Rico.
The Troubled Company Reporter previously reported that the purpose
of the amended plan was: (a) to make only one impaired class that
contains all general unsecured creditors; (b) to add a clause that
debtor will pay within one year counting from the effective date,
the general unsecured creditors that would receive $200 or less in
the plan and (c) to increase general unsecured creditors class
distribution to $16,000 plus 4% interest within 60 months counting
from the effective date.
A copy of the Amended Disclosure Statement dated March 24, 2019 is
available at http://tinyurl.com/y4rk7q4pfrom Pacermonitor.com at
no charge.
About 4J Custom Design Inc.
4J Custom Design Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 18-05704) on Sept. 28, 2018, estimating
under $1 million in assets and liabilities. Jaime Rodriguez Perez,
Esq., at Hatillo Law Office, PSC, is the Debtor's counsel.
ALPHATEC HOLDINGS: Incurs $42.5 Million Net Loss in 2018
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Alphatec Holdings, Inc., has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss
attributable to common shareholders of $42.46 million on $91.69
million of total revenues for the year ended Dec. 31, 2018,
compared to a net loss attributable to common shareholders of $2.29
million on $101.73 million of total revenues for the year ended
Dec. 31, 2017.
As of Dec. 31, 2018, the Company had $129.47 million in total
assets, $30.61 million in total current liabilities, $42.29 million
in long-term debt, $15.38 million in other long-term liabilities,
$23.60 million in redeemable preferred stock, and a total
stockholders' equity of $17.57 million.
At Dec. 31, 2018, the Company's principal sources of liquidity
consisted of cash of $29.1 million, accounts receivable, net of
$15.1 million and available borrowings under our revolving credit
facility. The Company believes that its current sources of
liquidity will be sufficient to fund its planned expenditures and
meet its obligations for at least 12 months.
The Company's existing working capital at Dec. 31, 2018 is $44.9
million (including cash of $29.1 million) which includes the net
proceeds of $51.9 million received as of Dec. 31, 2018 from the
equity offering that closed on March 8, 2018, warrant, employee
stock purchase plan and stock option exercises, as well as the
amendments to its debt facilities.
The Company has incurred significant net losses since inception and
has relied on its ability to fund its operations through revenues
from the sale of its products, equity financings and debt
financings.
"As the Company has historically incurred losses, successful
transition to profitability is dependent upon achieving a level of
revenues adequate to support the Company's cost structure. This
may not occur and, unless and until it does, the Company will
continue to need to raise additional capital. Operating losses and
negative cash flows may continue for at least the next year as the
Company continues to incur costs related to the execution of its
operating plan and introduction of new products. Should the
Company be unable to raise additional capital from outside sources,
this will have a material adverse impact on its operations," the
Company said in the SEC filing.
The Company's Board approved annual operating plan projects that
its existing working capital at Dec. 31, 2018 along with the use of
the Expanded Credit Facility with Squadron of $30.0 million that
closed on March 27, 2019, allows the Company to fund its operations
through at least one year subsequent to the date the financial
statements are issued.
The Company's debt agreements include traditional lending and
reporting covenants, including a financial covenant that requires
the Company to maintain a minimum fixed charge coverage ratio
beginning in April 2020 and a minimum liquidity covenant of $5.0
million effective through March 2020. Should at any time the
Company fail to maintain compliance with these covenants, the
Company will need to seek waivers or amendments to the debt
agreements. If the Company is unable to secure such waivers or
amendments, it may be required to classify its obligations under
the debt agreements in current liabilities on its consolidated
balance sheet. The Company may also be required to repay all or a
portion of outstanding indebtedness under the debt agreements,
which would require the Company to obtain further financing. There
is no assurance that the Company will be able to obtain further
financing, or do so on reasonable terms.
The Company's report on Form 10-K is available from the SEC's
website at https://is.gd/6Tb78n
About Alphatec Holdings
Carlsbad, California-based Alphatec Holdings, Inc., through its
wholly owned subsidiaries, Alphatec Spine, Inc. and SafeOp
Surgical, Inc., is a medical device company that designs, develops,
and markets technology for the treatment of spinal disorders
associated with disease and degeneration, congenital deformities,
and trauma. The Company's mission is to improve lives by providing
innovative spine surgery solutions through the relentless pursuit
of superior outcomes. The Company markets its products in the U.S.
via independent sales agents and a direct sales force.
ARCIMOTO INC: Incurs $11.05 Million Net Loss in 2018
----------------------------------------------------
Arcimoto, Inc. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$11.05 million on $94,996 of total revenues for the year ended Dec.
31, 2018, compared to a net loss of $3.31 million on $127,016 of
total revenues for the year ended Dec. 31, 2017.
As of Dec. 31, 2018, the Company had $14.08 million in total
assets, $6.01 million in total liabilities, and $8.06 million in
total stockholders' equity.
In its report dated March 29, 2019, on the Company's consolidated
financial statements for the year ended Dec. 31, 2018, dbbmckennon,
in Newport Beach, California, the Company's auditor since 2016,
expressed substantial doubt about the Company's ability to continue
as a going concern. The auditor noted that the Company has not
achieved positive earnings and operating cash flows from its
intended operations.
As of Dec. 31, 2018, the Company had approximately $4,903,000 in
cash and cash equivalents representing a decrease in cash and cash
equivalents of approximately $2,921,000 from Dec. 31, 2017.
Sources of cash were predominantly from the sale of equity and
debt. The Company anticipates that its current sources of
liquidity, including cash and cash equivalents, together with its
current projections of cash flow from operating activities, will
provide it with liquidity into the fourth quarter of 2019.
Arcimoto said "We need to successfully raise funds in the short
term, however, this is subject to market conditions and recognizing
that we cannot be certain that additional funds would be available
to us on favorable terms or at all. The amount and timing of funds
that we may raise is undetermined and could vary based on a number
of factors, including our ongoing liquidity needs, our current
capitalization, as well as access to current and future sources of
liquidity."
"We have invested approximately $6,115,000 into tooling and
manufacturing capital expenditures for our current FUV production
facility. At this time, we believe minimal further investment into
tooling and manufacturing is required until we need to expand
production capacity beyond a rate of 10,000 vehicles per year. As
we ramp up production, we may identify opportunities for reducing
cost of goods sold that may require additional capital
expenditures."
The Company's report on Form 10-K is available from the SEC's
website at https://is.gd/F22Qp3.
Arcimoto, Inc.
Headquartered in Eugene, Oregon, Arcimoto, Inc. (NASDAQ: FUV) --
http://www.arcimoto.com/-- is devising new technologies and
patterns of mobility that together raise the bar for environmental
efficiency, footprint and affordability. Available for pre-order
today, Arcimoto's Fun Utility Vehicle, Rapid Responder, and
Deliverator are some of the lightest, most affordable, and most
appropriate electric vehicles suitable for everyday transport.
ARMAOS PROPERTY: Access Point Seeks Ch. 11 Trustee Appointment
--------------------------------------------------------------
Access Point Financial, LLC, f/k/a Access Point Financial, Inc.,
asked the U.S. Bankruptcy Court for the District of Connecticut to
appoint a Chapter 11 trustee for Armaos Property Holdings, LLC and
Olympic Hotel Corporation.
Access Point cited the factors relevant to the appointment of a
trustee under Sec. 1104(a)(1) of the Bankruptcy Code and that
include: conflicts of interest, including inappropriate relations
between corporate parents and the subsidiaries; misuse of assets
and funds; inadequate record keeping and reporting; various
instances of conduct found to establish fraud or dishonesty; and
lack of credibility and creditor confidence.”
According to Access Point, the Debtor committed dishonesty. The
Debtors' dishonesty was compounded when, just three months after
entering into the Equipment Loan and Security Agreement with Access
Financial, they obtained a $400,000 secured loan from Rapid Advance
on account of which payments of over $300,000 were made by the time
of the petition date, in direct violation of the Equipment Loan and
Security Agreement and the Real Estate Mortgage.
Further, Access Point pointed out that the Debtors also violated
the Subordination Agreement, and thereby engaged in further
dishonesty and misuse of funds, by paying nearly $400,000 of credit
card bills of the Insiders in the year 2018 when even if such bills
were incurred for the benefit of the Debtors, such payments were
unmistakably prohibited by the Subordination Agreement.
Moreover, Access Point believed that the actions of the Debtor's
management prior to the Petition Date demonstrate that they cannot
be trusted by virtue of their indiscriminate violations of
important provisions of the Debtors’ loan documents with Access
Financial, their misrepresentations as to the use of the Equipment
Loan advances, their mortgaging of the Hotel Property to insiders
on the eve of the bankruptcy filings, and their inability to
document highly unusual cash withdrawals as well as significant
transactions with the Insiders.
Hence, the appointment of a Chapter 11 trustee is deemed just,
equitable, and proper.
Access Point is represented by:
Irve J. Goldman, Esq.
PULLMAN & COMLEY, LLC
850 Main Street, 8th Floor
Bridgeport, CT 06601-7006
Tel: (203) 330-2213
Fax: (203) 576-8888
Email: igoldman@pullcom.com
-- and --
John F. Isbell, Esq.
Garrett A. Nail, Esq.
THOMPSON HINE LLP
Two Alliance Center
3560 Lenox Road NE, Suite 1600
Atlanta, GA 30326-4266
Tel: (404) 541-2913
Fax: (404) 541-2905
Emails: John.Isbell@ThompsonHine.com
Garrett.Nail@ThompsonHine.com
About Armaos Property and Olympic Hotel
Armaos Property Holdings, LLC, owns a 140-room hotel located in
Groton, Connecticut. Sister company Olympic Hotel Corporation
operates the hotel. Armaos and Olympic have been a family owned
business since the hotel opened in 1985.
Armaos Property and Olympic Hotel filed voluntary petitions for the
relief afforded under Chapter 11 of the Bankruptcy Code (Bankr. D.
Conn. Case Nos. 19-20134 and 19-20135) on Jan. 30, 2019. The
petitions were signed by Michael C. Armaos, manager. Joint
administration of the cases has been requested.
At the time of filing, Armaos Property estimated both assets and
liabilities at $1 million to $10 million; and Olympic Hotel
estimated $50,000 to $100,000 in assets and $1 million to $10
million in liabilities.
The Debtors are represented by James Berman, Esq. at Zeisler &
Zeisler, P.C.
B SQUARE BURGER: Robert Fur Named Ch. 11 Trustee
------------------------------------------------
Judge John K. Olson of the U.S. Bankruptcy Court for the Southern
District of Florida entered an Order approving the appointment of
Robert C. Fur as the Chapter 11 Trustee for B Square Burger Co.
LLC.
About B Square Burger Co. LLC
B Square Burger Co. LLC operates a retail restaurant at 1021 E. Las
Olas Blvd, Ft. Lauderdale, FLordia.
B Square Burger Co. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-10527) on Jan. 15,
2019. At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of less than $100,000. The case
is assigned to Judge John K. Olson. Behar, Gutt & Glazer, P.A. is
the Debtor's legal counsel.
BAVARIA YACHTS: Court Conditionally Approves Disclosure Statement
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The Amended Disclosure Statement explaining the Chapter 11 Plan
filed by Bavaria Yachts USA, LLLP, is conditionally approved.
A hearing to consider the Amended Disclosure Statement, and
confirmation of the Amended Plan, and any other matters that may
properly come before the Court, will be held on May 21, 2019,
beginning at 2:00 p.m. in the United States Bankruptcy Court,
Courtroom 1404, Richard B. Russell Federal Building and United
States Courthouse, 75 Ted Turner Drive, SW, Atlanta, Georgia 30303.
All ballots accepting or rejecting the Amended Plan must be filed
on May 14, 2019.
All responses and objections, if any, be filed with the Court and
served no later than 4:00 pm (Easter Time) on May 14, 2019.
About Bavaria Yachts
Bavaria Yachts USA, LLLP, is a Georgia limited liability limited
partnership which is in the business of buying and selling new and
used Bavaria boats.
Bavaria Yachts USA, LLLP sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 16-68583) on Oct. 18,
2016. The petition was signed by Kenneth Feld, manager of Oddbody
LLC, the Debtor's general partner. At the time of the filing, the
Debtor estimated its assets and liabilities at $1 million to $10
million.
The Debtor tapped Louis G. McBryan, Esq., of McBryan LLC, to serve
as legal counsel in connection with its Chapter 11 case. The
Debtor hired Alexander Dombrowsky, Esq., at Robert Allen Law, as
its special counsel; and Mark M. Chase and Chase CPA, LLC, as its
accountant.
No official committee of unsecured creditors has been appointed in
the case.
BG BIG BOAT: Court Grants U.S. Trustee's Bid to Dismiss Ch. 11 Case
-------------------------------------------------------------------
Judge Raymond B. Ray of the U.S. Bankruptcy Court for the Southern
District of Florida dismissed the Chapter 11 case of BG Big Boat
Ltd., with prejudice for 180 days.
The Order was made pursuant to the United States Trustee's Motion
to Convert or Dismiss the Case.
Moreover, Judge Ray denied the U.S. Trustee's Motion to Compromise
Controversy with Confidential Stipulation as moot. Likewise, all
pending motions regarding the case are denied as moot.
About BG Big Boat Ltd.
BG Big Boat Ltd. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-16690) on June 1,
2018. In the petition signed by Robert Genovese, managing member
of BG Big Yacht LLC, the Debtor disclosed $9 million in assets and
$649,008 in liabilities. Judge Raymond B. Ray presides over the
case. No official committee of unsecured creditors has been
appointed in the Chapter 11 case.
BIOSTAGE INC: Reports $7.5 Million Net Loss for 2018
----------------------------------------------------
Biostage, Inc., has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$7.52 million on $0 of revenues for the year ended Dec. 31, 2018,
compared to a net loss of $11.91 million on $0 of revenues for the
year ended Dec. 31, 2017.
As of Dec. 31, 2018, the Company had $2.63 million in total assets,
$662,000 in total liabilities, and $1.97 million in total
stockholders' equity.
In its report dated March 29, 2019, RSM US LLP, in Boston,
Massachusetts, the Company's auditor since 2018, issued an opinion
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, expressing substantial doubt about the
Company's ability to continue as a going concern. The auditor
stated that the Company has suffered recurring losses from
operations, has an accumulated deficit, uses cash flows in
operations, and will require additional financing to continue to
fund operations.
Liquidity and Capital Resources
The Company has incurred operating losses since inception, and as
of Dec. 31, 2018 the Company had an accumulated deficit of
approximately $55.8 million. The Company is currently investing
significant resources in the development and commercialization of
its products for use by clinicians and researchers in the field of
regenerative medicine. As a result, the Company expects to incur
operating losses and negative operating cash flow for the
foreseeable future.
Net cash used in operating activities of $7.6 million for the year
ended Dec. 31, 2018 was primarily a result of the Company's $7.5
million net loss and $1.2 million of cash used for working capital
representing the payment of accounts payable and the timing of
prepaid expenses, offset in part by $1.1 million add-back of
non-cash expenses related to the change in the fair value of its
warrant liability, share-based compensation and depreciation.
Net cash used in investing activities for the years ended Dec. 31,
2018 and 2017 totaled $67,000 and $136,000, respectively, and
represented additions to property, plant and equipment, which in
the case for 2018 were partially offset by proceeds from the sale
of certain property, plant and equipment assets.
Net cash generated from financing activities decreased to $5.0
million during the year ended Dec. 31, 2018 from $12.2 million
during the year ended Dec. 31, 2017. The $5.0 million of cash
generated from financing activities during the year ended Dec. 31,
2018 consisted primarily of the net proceeds in the amount of $5.3
million received from private placement transactions that resulted
in the issuance of 1.6 million shares of its common stock at an
average purchase gross price of $3.495 per share, partially offset
by the repayment of a $0.3 million deposit to an investor related
to the private placement transaction from December 2017.
The Company said it continues to pursue both of its esophageal
programs, which it anticipates will contribute to a 10-20% increase
in its 2019 cash burn compared to its 2018 cash burn.
The Company's report on Form 10-K is available from the SEC's
website at https://is.gd/OYLjXq
About Biostage
Headquartered in Holliston, Massachusetts, Biostage, Inc., formerly
Harvard Apparatus Regenerative Technology, Inc. --
http://www.biostage.com/-- is a biotechnology company developing
bio-engineered organ implants based on the Company's new Cellframe
technology which combines a proprietary biocompatible scaffold with
a patient's own stem cells to create Cellspan organ implants.
Cellspan implants are being developed to treat life-threatening
conditions of the esophagus, bronchus or trachea with the hope of
dramatically improving the treatment paradigm for patients. Based
on its pre-clinical data, Biostage has selected life-threatening
conditions of the esophagus as the initial clinical application of
its technology.
BRINGING GOD'S WORD: To Pay Unsecureds in Full Under Latest Plan
----------------------------------------------------------------
Bringing God's Word to Life Ministries filed an amended disclosure
statement with regard to its plan of reorganization dated March 25,
2019.
In this latest filing, the Debtor discloses that it has two
unsecured creditors: Dominion Power and the City of Richmond,
Utilities. Dominion Power has filed no proof of claim, however, the
Debtor scheduled this claim at $3,000, and such claim was not
disputed. The City of Richmond, Department of Utilities holds a
claim that is partly secured (resulting from its memorandum of
lien), and partly unsecured. The unsecured amount is $2,149.23.
Accordingly, inclusive of undersecured claims, unsecured claims are
approximately: $5,149.23. This class will be paid in full following
sale and/or refinance of the Church Building.
The previous version of the plan stated that the debtor proposes to
pay $100 per month for 12 months towards any Allowed claim in this
class following the sale of the Church building.
A copy of the Amended Disclosure Statement is available at
http://tinyurl.com/y6ljryy6from Pacermonitor.com at no charge.
About Bringing God's Word to Life Ministries
Bringing God's Word to Life Ministries sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No.
18-30708) on Feb. 14, 2018, listing under $1 million in both assets
and liabilities. Judge Kevin R. Huennekens presides over the case.
Todd Madison Ritter, Esq. at Daniels Williams Tuck & Ritter
represents the Debtor as counsel.
CCS ONCOLOGY: May Continue Interim Cash Collateral Use
------------------------------------------------------
The Hon. Michael J. Kaplan the U.S. Bankruptcy Court of the Western
District of New York has entered his 34rd Emergency Order
authorizing Comprehensive Cancer Services Oncology, P.C., and CCS
Medical, PLLC, to use cash collateral.
The Debtors are allowed to use cash collateral to pay the following
expenses in respective amounts:
* To The Reds Group for preparation of 1099 Forms, $5,000;
* To National Grid, for utility service to 626 and 630
Frankhauser Road, Amherst, New York, $2,101.61; and
* Payroll for employees of the Debtors Comprehensive Cancer
Services Oncology, P.C. and CCS Medical, PLLC for the weeks
beginning March 11, March 18, and March 25, 2019, with total
payments for those employees not to exceed $7,600 per week.
Sufficient funds to cover all employment taxes will be reserved and
adequate deposits to cover the taxes will be made within two
business days of the issuance of wages.
Bank of America, N.A., the United States and all creditors holding
liens on or claims against cash collateral, are granted roll-over
or replacement liens or rights of setoffs as security to the same
extent, in the same priority, and with respect to the same assets,
as served as collateral for said creditors' prepetition
indebtedness, to the extent of cash collateral actually used during
the pending of the Chapter 11 case. To the extent that the
replacement liens fail to compensate the secured creditors for the
use of cash collateral, they will have, respectively, an
administrative claim under 11 U.S.C. Sec. 507(b).
About CCS
Comprehensive Cancer Services Oncology, P.C., and CCS Medical,
PLLC, sought Chapter 11 protection (Bankr. W.D.N.Y. Lead Case No.
18-10598 and 18-10599) on April 2, 2018. In the petitions signed
by Won Sam Yi, president/CEO, CCS estimated at least $50,000 in
assets and $10 million to $50 million in liabilities.
CCS Oncology is a professional corporation operating a practice of
medical and radiological oncology treatment, with offices in
Orchard Park, Frankhauser, Niagra Falls, Kenmore, and Lockport. CSS
Medical is a provider of primary care and specialty medicine
services currently operating at Orchard Park, Delaware Avenue, and
Youngs. CCS Oncology is the sole member of CCS Medical.
Judge Michael J. Kaplan is the case judge.
Arthur G. Baumeister, Jr., Esq., of Baumeister Denz LLP, served as
the Debtors' counsel.
Joseph J. Tomaino of Grassi Healthcare Advisors LLC was appointed
patient care ombudsman.
Mark Schlant was named Chapter 11 trustee. The Trustee hired
Zdarsky Sawicki & Agostinelli LLP, as counsel.
COCRYSTAL PHARMA: Widens Net Loss to $49 Million in 2018
--------------------------------------------------------
Cocrystal Pharma, Inc., has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$49.04 million for the year ended Dec. 31, 2018, compared to a net
loss of $613,000 for the year ended Dec. 31, 2017.
This net loss for the year was due to losses from ongoing
operations, offset by income tax benefits. The 2018 loss was
significantly higher due to an impairment charge of $53,905,000 on
the Company's in-process research and development (IPR&D) asset
offset by a $13,582,000 deferred tax benefit associated with the
impairment charge incurred.
As of Dec. 31, 2018, the Company had $68.56 million in total
assets, $1.67 million in total liabilities, and $66.88 million in
total stockholders' equity.
BDO USA, LLP, in Miami, Florida, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April 1,
2019, on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, citing that the Company has suffered
recurring losses from operations, negative cash flows from
operations and has an accumulated deficit that raise substantial
doubt about its ability to continue as a going concern.
Cocrystal Pharma said "We anticipate that we will continue to lose
money for the foreseeable future. Based on cash on hand as of
March 29, 2019 of approximately $8,700,000, the Company may not
have the capital to finance its operations, including any
unforeseen expenses such as higher than anticipated legal costs and
uninsured catastrophe, for the next 12 months. The Company has not
yet established an ongoing source of revenue sufficient to cover
its operating costs and allow it to continue as a going concern.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern. If we are unable to
continue as a going concern, our stockholders will likely lose all
of their investment in the Company.
"Because we have yet to generate any revenue from product sales on
which to evaluate our potential for future success and to determine
if we will be able to execute our business plan, it is difficult to
evaluate our future prospects and the risk of success or failure of
our business."
The Company's report on Form 10-K is available from the SEC's
website at https://is.gd/BBoP3b.
About Cocrystal Pharma
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.
COOPER-STANDARD AUTOMOTIVE: Moody's Alters Outlook to Negative
--------------------------------------------------------------
Moody's Investors Service revised the rating outlook of
Cooper-Standard Automotive Inc. to negative from stable. In a
related action Moody's affirmed Cooper-Standard's Corporate Family
Rating (CFR) and Probability of Default Rating at Ba3 and Ba3-PD,
respectively; affirmed the rating on the senior unsecured notes at
B1; and affirmed the rating on the senior secured term loan at Ba1.
The Speculative Grade Liquidity Rating was affirmed at SGL-1.
The following action was taken:
Cooper-Standard Automotive Inc.
Rating Outlook: to Negative from Stable
The following ratings were affirmed:
Corporate Family Rating, at Ba3;
Probability of Default, at Ba3-PD;
$328.5 million (remaining amount) senior secured term loan due
2023, at Ba1 (LGD2);
$400 million of senior unsecured notes, at B1 (LGD4);
Speculative Grade Liquidity Rating, at SGL-1;
The $210 million asset based revolving credit facility is not rated
by Moody's.
RATINGS RATIONALE
The revision of Cooper-Standard's rating outlook to negative from
stable reflects the expectation that the company's credit metrics
will remain outside of previously established downward rating
triggers through 2019. Cooper-Standard's Debt/EBITDA was 3.2x at
December 31, 2018 (inclusive of Moody's standard adjustments) and
EBITA/interest was 3.3x, as EBITA margin deteriorated to 6% in 2018
from 8.2% in 2017. As revenues in the company's European and Asian
markets (28% and 16% of 2018, respectively) declined, segment
profitability in these regions declined significantly in excess of
the revenue decline due to unfavorable volume and mix. This
pressure, along with rising commodity costs, are anticipated to
continue through the first half 2019 results with commensurate
further deterioration in the company credit metrics. Partially
mitigating this deterioration is proceeds of $220 - $225 million in
cash from the just completed sale of the anti-vibration systems
(AVS) business (approximately $300 million in revenues). This
incremental cash should further support Cooper-Standard's operating
flexibility over the near-term.
The affirmation of Cooper-Standard's Ba3 CFR reflects the
expectation that the company's leading position as a supplier of
vehicle sealing, fuel and brake delivery, and fluid transfer
systems to automotive original equipment manufacturers will be
sustained over the intermediate-term. Favorably, net new business
awards booked in 2018 were over $440 million compared to $108
million in 2017. The company's geographic foot print is weighed to
toward North America (53% of 2018 revenues), the company's only
profitable region in 2018. Cooper-Standard's customer concentration
remains high with the top 3 customers representing 57% of revenues
in 2018.
The negative rating outlook reflects the expectation that
Cooper-Standard's credit metrics will remain weak over the
near-term even as global automotive industry conditions are
expected to recover toward the back half of 2019. Yet, the
company's very good liquidity profile is expected support the
company's operating flexibility.
Cooper-Standard's SGL-1 speculative grade liquidity rating reflects
Moody's expectation for a very good liquidity profile over the next
12-15 months supported by sizeable cash balances, good availability
under its $210 million asset based revolving credit facility, and
expectation that free cash flow will turn positive in 2019. At
December 31, 2018, the company had approximately $265 million of
cash on hand. This cash level is bolstered by the $220 - $225
million in proceed form the AVS divesture. Moody's expects
Cooper-Standard to return to positive free cash flow generation in
the mid-single digits as a percentage of debt over the next 12-15
months as global automotive market conditions stabilize toward the
backend of 2019. Availability under the asset based revolving
credit facility was $144.4 million after $50 million of borrowings
and $10.8 million of outstanding letters of credit. The asset based
revolving credit facility matures in 2021. The primary financial
covenant under the asset based revolver is a springing fixed charge
covenant of 1.0 to 1 when availability falls below the greater of
$21 million or 10% of the facility commitment. Moody's does not
expect borrowings on the revolver to trigger the covenant over the
next 12-15 months. The senior secured term loan does not have
financial maintenance covenants.
The company had about $100 million of account receivables
outstanding under its receivable transfer agreement. The risk of
this outlet being unavailable over the long-term weighs on the
company's liquidity profile.
Future events that have the potential to drive a higher rating
include ongoing stability in global automotive demand and balanced
shareholder return policies. Consideration for a higher rating
could result from Debt/EBITDA approaching 2x, and EBITA/Interest
coverage, inclusive of restructuring, sustained above 5x, while
maintaining a strong liquidity profile.
Future events that have the potential to drive a lower rating
include Moody's expectation that improvement in EBITA margin will
be delayed beyond 2019 resulting in EBITA/Interest coverage
sustained below 4x, or Debt/EBITDA leverage sustained above 3x for
an extended period. Debt funded acquisitions or shareholder
distributions or a weakening liquidity position would also drive a
lower rating.
The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.
Cooper-Standard, headquartered in Novi, Michigan, is a leading
global supplier of systems and components for the automotive
industry. Products include sealing and trim, fuel and brake
delivery, and fluid transfer systems. The Company operates in 89
manufacturing locations and 32 design, engineering, administrative
and logistics locations in 20 countries around the world. Net sales
for 2018 were $3.6 billion.
COVERT CANYON: Case Summary & 2 Unsecured Creditors
---------------------------------------------------
Debtor: Covert Canyon, LLC
1464 Graves Avenue, Ste 104
El Cajon, CA 92021
Business Description: Covert Canyon is a privately held lessor of
real estate in El Cajon, California. The
Company is the fee simple owner of a real
property commonly described as 19150 High
Glen Road, Alpine, CA 91901 consisting for
four parcels valued by the Debtor at $2
million.
Chapter 11 Petition Date: April 2, 2019
Court: United States Bankruptcy Court
Southern District of California (San Diego)
Case No.: 19-01934
Judge: Hon. Christopher B. Latham
Debtor's Counsel: Thomas B. Gorrill, Esq.
LAW OFFICE OF THOMAS B. GORRILL
401 West A Street Suite 1770
San Diego, CA 92101
Tel: (619) 237-8889
E-mail: tgorrill@gorillalaw.com
tom@gorillalaw.com
Total Assets: $2,001,875
Total Liabilities: $1,966,666
The petition was signed by Marc Halcon, managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at:
http://bankrupt.com/misc/casb19-01934.pdf
CYTORI THERAPEUTICS: Incurs $12.6 Million Net Loss in 2018
----------------------------------------------------------
Cytori Therapeutics, Inc., has filed with the Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss of $12.63 million on $3.67 million of revenues for the year
ended Dec. 31, 2018 compared to a net loss of $22.68 million on
$2.68 million of revenues for the year ended Dec. 31, 2018.
The Company has an accumulated deficit of $414.4 million as of Dec.
31, 2018. Additionally, the Company used net cash of $12.0 million
to fund its operating activities for the twelve months ended Dec.
31, 2018.
As of Dec. 31, 2018, the Company had $23.99 million in total
assets, $18.76 million in total liabilities, and $5.22 million in
total stockholders' equity.
Net cash used in operating activities for the year ended Dec. 31,
2018 was $12.0 million. Overall, the Company's operational cash
use decreased during the year ended Dec. 31, 2018 as compared to
2017 due primarily to a decrease in losses from operations (when
adjusted for non-cash items) of $6.1 million.
The decrease in net cash used in investing activities for the year
ended Dec. 31, 2018, as compared to 2017, resulted primarily from
cash outflows for payment for long-lived assets purchased as part
of Azaya's acquisition of $1.2 million and purchase of fixed assets
of $0.2 million.
The net cash provided by financing activities for the year ended
Dec. 31, 2018 is primarily related to sales of common and preferred
stocks of $7.2 million, net of costs from sale, through the
Company's Rights Offering, a confidentially marketed public
offering, Lincoln Park Agreement and ATM program, which decreased
compared to the sales of common and preferred stocks of $21.5
million, net of costs from sale, for the year ended Dec. 31, 2017,
offset by the cash used in principal payments on its debt of $4.7
million.
BDO USA, LLP, in San Diego, California, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
March 29, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.
The Company's report on Form 10-K is available from the SEC's
website at https://is.gd/4IPg7H.
About Cytori
Based in San Diego, California, Cytori -- http://www.cytori.com/--
is developing, manufacturing, and commercializing
nanoparticle-delivered oncology drugs and autologous
adipose-derived regenerative cell (ADRC) therapies within its
Nanomedicine and Cell Therapy franchises, respectively. Cytori
Nanomedicine is focused on the liposomal encapsulation of
anti-neoplastic chemotherapy agents, which may enable the effective
delivery of the agents to target sites while reducing systemic
toxicity. The Cytori Nanomedicine product pipeline consists of
ATI-0918 pegylated liposomal doxorubicin hydrochloride for breast
cancer, ovarian cancer, multiple myeloma, and Kaposi's sarcoma, a
complex/hybrid generic drug, and ATI-1123 patented
albumin-stabilized pegylated liposomal docetaxel for multiple solid
tumors. Cytori Cell Therapy, prepared within several hours with
the proprietary Celution System and administered to the patient the
same day, has been shown in preclinical and clinical studies to act
principally by improving blood flow, modulating the immune system,
and facilitating wound repair. As a result, Cytori Cell Therapy
may provide benefits across multiple disease states and can be made
available to the physician and patient at the point-of-care.
DESERT LAND: DOJ Watchdog Appoints Brian Shapiro as Ch. 11 Trustee
------------------------------------------------------------------
Timothy S. Laffredi, the Assistant United States Trustee for Region
17, appointed Brian Shapiro as the Chapter 11 Trustee for Desert
Land, LLC, Desert Oasis Apartments, LLC, Desert Oasis Investments,
LLC, and SkyVue Las Vegas, LLC.
The appointment was made pursuant to an Order dated March 21, 2019,
directing the U.S. Trustee to appoint a Chapter 11 trustee for the
Debtors.
Trustee Shapiro is covered by the blanket bond. Further, the U.S.
Trustee noted that a separate bond is not required at the moment.
He added that the case may require adjustment as the Trustee
collects and liquidates assets of the estate.
Mr. Shapiro can be reached at:
Brian Shapiro
510 S. 8th Street
Las Vegas, NV 89101
Tel: (702) 386-8600
Email: brian@brianshapirolaw.com
About Desert Land
On April 30, 2018, Tom Gonzales commenced an involuntary petition
for relief under Chapter 7 of the Bankruptcy Code against Desert
Land, LLC. The petitioning creditor was Bradley J. Busbin, as
trustee of the Gonzales Charitable Remainder Unitrust One. Jamie P.
Dreher -- jdreher@downeybrand.com -- of Downey Brand LLP represents
the Trustee.
The court ordered the conversion of the Chapter 7 case to a case
under Chapter 11 on June 28, 2018 (Bankr. D. Nevada, Lead Case No.
18-12454). The Debtor's affiliates are Desert Oasis Apartments
LLC, Desert Oasis Investments, LLC, and Skyvue Las Vegas LLC.
Schwartzer & McPherson Law Firm serves as the Debtors' counsel.
Curtis Ensign, PLLC, is the special litigation counsel.
DITECH HOLDING: April 11 Hearing on Disclosure Statement
--------------------------------------------------------
A hearing will be held before the Honorable James L. Garrity, Jr.,
United States Bankruptcy Judge, in Room 601 of the United States
Bankruptcy Court for the Southern District of New York , One
Bowling Green, New York, New York 10004, on April 11, 2019 at 11:00
a.m. (prevailing Eastern Time), to consider entry of an order
determining, among other things, that the Disclosure Statement
contains “adequate information”.
The Voting Record Date shall be April 9, 2019. Only holders of
Claims as of the Voting Record Date shall be entitled to vote to
accept or reject the Plan.
The Voting Deadline shall be May 24, 2019 at 4:00 p.m. (prevailing
Eastern Time).
May 24, 2019 at 4:00 p.m. (prevailing Eastern Time) will be the
deadline for the filing and serving of any motion requesting
temporary allowance of a Claim for purposes of voting pursuant to
Bankruptcy Rule 3018(a).
The Sale and Confirmation Hearing shall be held on June 5, 2019 at
11:00 a.m. (prevailing Eastern Time).
The Debtors are authorized to file and serve a supplement to the
Plan on or before May 17, 2019, and to further supplement such plan
supplement as necessary thereafter.
The deadline to object or respond to confirmation of the Plan shall
be May 24, 2019 at 4:00 p.m. (prevailing Eastern Time) (the “Plan
Objection Deadline”).
The Debtors are authorized to file and serve replies or an omnibus
reply to any such objections on or before May 31, 2019 at 4:00 p.m.
(prevailing Eastern Time).
The Debtors may seek approval of a Sale Transaction or an Asset
Sale Transaction, as applicable, at the Sale and Confirmation
Hearing to be held on June 5, 2019 at 11:00 a.m. (prevailing
Eastern Time).
Any Cure Objection or Adequate Assurance Objection in respect of an
Assigned Contract must be filed and served by May 24, 2019 at 4:00
p.m. (prevailing Eastern Time).
Ditech Holding Corporation and its affiliated debtors submit this
amended disclosure statement.
Class 5 - General Unsecured Claims are impaired. Each such holder
thereof shall receive
(i) If the Sale Transaction occurs, on the Effective Date, such
holder's Pro Rata share of Net Cash Proceeds (until all Allowed
General Unsecured Claims are satisfied in full) after the Term Loan
Claims and Second Lien Notes Claims are satisfied in full in Cash;
and
(ii) If the Reorganization Transaction occurs, holders of General
Unsecured Claims shall not receive or retain any property under the
Plan on account of such Claims.
Class 3 - Term Loan Claims are impaired with approx. recovery in
reorganization: 100%. Each such holder thereof shall receive:
(i) If the Sale Transaction occurs, on the Effective Date, such
holder's Pro Rata share of Net Cash Proceeds until all Allowed Term
Loan Claims are satisfied in full in cash. On the Effective Date,
the Prepetition Credit Agreement shall be deemed cancelled (except
as set forth in Section 5.12 of the Plan).
(ii) If the Reorganization Transaction occurs, on the Effective
Date, such holder's Pro Rata share of (a) term loans under the
Amended and Restated Credit Facility Agreement; (b) 100% of the New
Common Stock; provided, that the New Common Stock shall be subject
to dilution by the Management Incentive Plan; and (c) if
applicable, the Asset Sale Proceeds.
Class 4 - Second Lien Notes Claims are impaired. Each such holder
thereof shall receive:
(i) If the Sale Transaction occurs, on the Effective Date, such
holder's Pro Rata share of Net Cash Proceeds as such holders are
entitled to under applicable non bankruptcy law (subject to the
Credit Agreement) after the Term Loan Claims are satisfied in full
in Cash, until all Allowed Second Lien Notes Claims are satisfied
in full.
(ii) If the Reorganization Transaction occurs, holders of Second
Lien Notes Claims shall not receive or retain any property under
the Plan on account of such Claims.
(iii) If either the Sale Transaction or the Reorganization
Transaction occurs, on the Effective Date, the Second Lien Notes
shall be deemed cancelled (except as set forth in Section 5.12 of
the Plan) without further action by or order of the Bankruptcy
Court.
Class 6 - Go-Forward Trade Claims are impaired. Each such holder
thereof shall receive, on the Effective Date or as soon as
practicable thereafter, with a carve out from the collateral (or
value of such collateral) securing the Term Loan Claims,
distribution in Cash in an amount equaling not less than a
percentage of such holder's Claim to be identified in the
solicitation documents, subject to an aggregate cap to be agreed to
by the Debtors and the Requisite Term Lenders, which shall be
identified in the solicitation documents; provided, that any
further payments in excess of such cap on account of an Allowed
Go-Forward Trade Claim shall be subject to the consent of the
Requisite Term Lenders.
Class 9 - Parent Equity Interests are impaired. Each such holder
thereof shall receive:
(i) If the Sale Transaction occurs, (A) on the Effective Date,
all Parent Equity Interests shall be cancelled and one share of
Ditech common stock shall be issued to the Plan Administrator to
hold in trust as custodian for the benefit of the former holders of
Ditech common stock and preferred stock consistent with their
former relative priority and economic entitlements. (B) each
former holder of a Parent Equity Interest (through their interest
in the Single Share, as applicable) shall neither receive nor
retain any property of the Estate or direct interest in property of
the Estate on account of such Parent Equity Interests; provided,
that in the event that all Allowed Claims have been satisfied in
full in accordance with the Bankruptcy Code and the Plan, each
former holder of a Parent Equity Interest may receive its share of
any remaining assets of Ditech consistent with such holder's rights
of payment existing immediately prior to the Commencement Date. (C)
the continuing rights of former holders of Parent Equity Interests
(including through their interest in Single Share or otherwise)
shall be nontransferable except (i) by operation of law or (ii) for
administrative transfers where the ultimate beneficiary has not
changed, subject to the Plan Administrator's consent.
(ii) If the Reorganization Transaction occurs, on the Effective
Date, all Parent Equity Interests shall be deemed cancelled without
further action by or order of the Bankruptcy Court, and shall be of
no further force and effect, whether surrendered for cancellation
or otherwise.
Class 10 - Subordinated Securities Claims are impaired. Holders of
Subordinated Securities Claims shall not receive or retain any
property under the Plan on account of such Subordinated Securities
Claims. On the Effective Date, all Subordinated Securities Claims
shall be deemed cancelled without further action by or order of the
Bankruptcy Court, and shall be of no further force and effect,
whether surrendered for cancellation or otherwise.
The Debtors shall fund distributions and satisfy applicable Allowed
Claims and Allowed Interests under the Plan with respect to the
Sale Transaction using Cash on hand, the Sale Transaction Proceeds,
and, if applicable, the Asset Sale Proceeds.
File the Plan, Disclosure Statement, and Bidding Procedures Motion
- Within 22 Days of the Commencement Date (March 5, 2019).
Entry of Final DIP Order, OCB Orders, and Cash Management Order -
Within 59 Days of the Commencement Date (April 11, 2019).
Entry of order(s) approving Disclosure Statement and Bid Procedures
- Within 65 Days of the Commencement Date (April 17, 2019).
Commence Auction (if necessary) - Within 95 Days of the
Commencement Date (May 17, 2019).
Commence Sale and Confirmation Hearing - Within 115 Days of the
Commencement Date (June 6, 2019).
Occurrence of Effective Date - Within 125 Days of the Commencement
Date (June 16, 2019).
A full-text copy of the Amended Disclosure Statement dated March
28, 2019, is available at http://tinyurl.com/y3vae4lufrom
PacerMonitor.com at no charge.
About Ditech Holding Corporation
Ditech Holding Corporation and its subsidiaries --
http://www.ditechholding.com/-- are independent servicer and
originator of mortgage loans. Based in Fort Washington,
Pennsylvania, the Debtors have approximately 3,300 employees and
service a diverse loan portfolio.
Ditech Holding and certain of its subsidiaries, including Ditech
Financial LLC and Reverse Mortgage Solutions, Inc., filed voluntary
Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19-10412) on
Feb. 11, 2019, after reaching terms with lenders of a Chapter 11
plan that will reduce debt by $800 million.
The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel,
Houlihan Lokey as investment banker and AlixPartners LLP as
financial advisor. Epiq Bankruptcy Solutions LLC is the claims and
noticing agent.
Kirkland & Ellis LLP and FTI Consulting Inc. serve as the
consenting term lenders; legal counsel and financial advisor,
respectively.
On Feb. 27, 2019, a seven-member panel has been named the official
committee of creditors committee in the Debtors' cases.
DPW HOLDINGS: Signs Underwriting Agreement with A.G.P./Alliance
---------------------------------------------------------------
DPW Holdings, Inc. entered into an underwriting agreement with
A.G.P./Alliance Global Partners on March 29, 2019, pursuant to
which the Company agreed to issue and sell an aggregate of (a)
2,855,500 shares of its common stock together with warrants to
purchase 2,855,500 shares of common stock and and (b) pre-funded
warrants to purchase up to an aggregate of 12,700,000 shares of its
common stock together with a number of Common Warrants to purchase
12,700,000 shares of common stock. The Shares will be sold to the
purchasers at the public offering price of $0.44 per share. The
Common Warrants will be sold at a public offering price of $0.01
per Common Warrant. The Pre-Funded Warrants will be offered to
each purchaser whose purchase of the Shares and the Common Warrant
in the Offering would otherwise result in the purchaser, together
with its affiliates and certain related parties, beneficially
owning more than 4.99% (or, at the election of the purchaser,
9.99%) of the Company's outstanding common stock immediately
following the consummation of Offering, in lieu of the Shares if
the purchaser so chooses. The purchase price of each Pre-Funded
Warrant will equal the Offering Price at which the Shares are being
sold to the public in the Offering, minus $0.01, and the exercise
price of each Pre-Funded Warrant will equal $0.01 per share.
Pursuant to the Underwriting Agreement, the Company has also
granted the Underwriter the option to purchase up to 428,325
additional shares of common stock, and/or Pre-funded Warrants to
purchase up to 1,905,000 additional shares of common stock and/or
Common Warrants to purchase up to 2,333,325 additional shares of
common stock to cover over-allotments, if any. The option is
exercisable within the earlier of 45 days after entry into the
Underwriting Agreement and the day the Company files its annual
report on Form 10-K for the fiscal year ended Dec. 31, 2018. The
Underwriting Agreement contains customary representations and
warranties, conditions to closing, market standoff provisions,
termination provisions and indemnification obligations, including
for liabilities under the Securities Act of 1933, as amended. The
Offering is being made pursuant to the shelf registration statement
on Form S-3 (File No. 333-222132), as amended, that was filed by
the Company with the Securities and Exchange Commission on Jan. 8,
2019 and declared effective by the SEC on Jan. 11, 2018, and a
related prospectus supplement.
The Common Warrants are exercisable at any time after the date of
issuance at an exercise price of $0.45 per share and will expire on
the fifth anniversary of the original issuance date. If at the
time of exercise, there is no effective registration statement
registering, or no current prospectus available for, the issuance
of the shares of common stock underlying the Common Warrants, then
the Common Warrant may be exercised through a cashless exercise, in
which case the holder would receive upon such exercise the net
number of shares of common stock determined according to the
formula set forth in the Common Warrant. If on any date on or
after May 2, 2019, the volume weighted average price of the
Company's common stock fails to exceed the exercise price of the
Common Warrant in effect on such date, the Common Warrant may be
exercised such that the holder will receive one common share for
each warrant held.
The Pre-Funded Warrants are exercisable at any time after the date
of issuance and may be exercised at any time until all of the
Pre-Funded Warrants are exercised in full. As an alternative to
payment in immediately available funds, the holder may elect to
exercise the Pre-Funded Warrant through a cashless exercise, in
which the holder would receive upon such exercise the net number of
shares of common stock determined according to the formula set
forth in the Pre-Funded Warrant.
In addition, the Company has also issued the Underwriter a warrant
to purchase a maximum of 622,220 additional shares of common stock
(equal to 4% of the Shares sold in the Offering plus the number of
shares of common stock underlying the Pre-Funded Warrants) at an
initial exercise price of $0.50 per share, with a term of five
years. The Underwriter's Warrant contains demand and piggy-back
registration rights. If at the time of exercise, there is no
effective registration statement registering, or no current
prospectus available for, the issuance of the shares of common
stock underlying the Underwriter's Warrant, then the Underwriter's
Warrant may be exercised through a cashless exercise, in which case
the holder would receive upon such exercise the net number of
shares of common stock determined according to the formula set
forth in the Underwriter's Warrant.
The Company estimates that net proceeds from the Offering will be
approximately $6 million, after deducting underwriting discounts
and commissions and estimated Offering expenses, and assuming no
exercise of the Underwriter's option to purchase additional shares.
The Company intends to use the net proceeds from the Offering for
the repayment of debt, working capital and other general corporate
purposes. The Company expects the Offering to close on April 2,
2019, subject to customary closing conditions.
About DPW Holdings
DPW Holdings, Inc., formerly known as Digital Power Corp. --
http://www.DPWHoldings.com/-- is a diversified holding company
pursuing growth by acquiring undervalued businesses and disruptive
technologies that hold global potential. Through its wholly owned
subsidiaries and strategic investments, the company provides
mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial,
telecommunications, medical, crypto-mining, and textiles. In
addition, the company owns a select portfolio of commercial
hospitality properties and extends credit to select
entrepreneurial
businesses through a licensed lending subsidiary. DPW Holdings'
headquarters is located at 201 Shipyard Way, Suite E, Newport
Beach, CA 92663.
DPW Holdings incurred a net loss of $10.89 million in 2017,
following a net loss of $1.12 million in 2016. As of Sept. 30,
2018, the Company had $53.10 million in total assets, $25 million
in total liabilities, and $28.09 million in total stockholders'
equity.
The report from the Company's independent accounting firm Marcum
LLP, in New York, on the consolidated financial statements for the
year ended Dec. 31, 2017, includes an explanatory paragraph
stating
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.
DREW MARINE: Moody's Affirms B2 Corp. Family Rating, Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service has affirmed Drew Marine Group, Inc.'s B2
Corporate Family Rating (CFR), B2-PD probability of default rating,
and other ratings on its credit facilities. The rating outlook is
stable.
"The rating affirmation reflects Drew Marine's stable business
profile, its debt leverage in line with the B2 rating, positive
free cash flows and good liquidity profile, which helps buffer a
slowing economy and support business growth," says Jiming Zou, a
Moody's Vice President and Lead Analyst for Drew Marine.
Affirmations:
Issuer: Drew Marine Group, Inc.
Probability of Default Rating, Affirmed B2-PD
Corporate Family Rating, Affirmed B2
Senior Secured 1st Lien Lien Term Loan, Affirmed B1 (LGD3)
Senior Secured 1st Lien Revolving Credit Facility, Affirmed B1
(LGD3)
Senior Secured 2nd Lien Term Loan, Affirmed Caa1 (LGD5)
Outlook Actions:
Issuer: Drew Marine Group, Inc.
Outlook, Remains Stable
RATINGS RATIONALE
Drew Marine's B2 CFR reflects its leading market positions in
maritime chemical and equipment products, considerable geographic
and customer diversity, long-term customer relationships and an
asset light model that support margins. Drew Marine improved its
sales and earnings in the first three quarters of 2018, thanks to
the contribution from several newly acquired businesses and higher
sales volume.
Debt leverage is at the lower end of the range for a B2 CFR. Drew
Marine's improved its adjusted debt/EBITDA ratio to 4.8x for the
last twelve months ending September 2018, from 7.2x at the end of
2017, thanks to its improved earnings and free cash flow. Moody's
expects the company will continue to generate free cash flow and
make bolt-on acquisitions to expand its offerings of maritime
vessel performance products and fire, safety, and rescue products.
The B2 CFR is, however, constrained by Drew Marine's small business
scale, its exposure to the cyclical maritime shipping industry, as
well as private equity ownership. Although replacement needs by
vessel operators and regulatory requirements have supported sales
visibility, shipping industry fundamentals continue to affect the
sales of marine consumables and non-essential vessel maintenance
products. The company's organic earnings growth is likely to slow
in 2019 after a strong improvement in 2018, against the backdrop of
a slowing global economy. Drew Marine also has significant foreign
operations, therefore some foreign currency risk. In addition,
recapitalization or shareholder distributions are likely to keep
its leverage elevated over time given its private equity
ownership.
The stable outlook reflects Moody's expectation that the company
will maintain strong credits metrics until the company seeks to
refinance its existing first lien term loan due in 2020. It also
assumes that it will timely refinance its revolving credit facility
due in November 2019.
Moody's could upgrade the rating with expectations for leverage
below 4 times, free cash flow above 10% of debt, and financial
policies by its private equity sponsor that would support
sustaining credit metrics at these levels. Moody's could downgrade
the rating with expectations for financial leverage sustained above
6.5 times, retained cash flow sustained below 5% of debt, sustained
negative free cash flow, or substantive deterioration in
liquidity.
Drew Marine has adequate liquidity to support operations for the
next four quarters. It reported $25.6 million of balance sheet cash
at September 30, 2018. Moody's expects annual EBITDA will be more
than sufficient to modest capital spending, cash interest and tax
payments. Its free cash flow generation and low debt leverage
should help facilitate a timely refinancing of its $50 million
revolving credit facility which will become due in November 2019.
The revolver had an outstanding balance of $15 million as of
September 30, 2018. Moody's expects the company to remain in
compliance with the net leverage maintenance covenant pursuant to
its revolving credit facility agreement.
The principal methodology used in these ratings was Chemical
Industry published in March 2019.
Drew Marine Group, Inc. provides advanced vessel performance
products and fire, safety, and rescue products to the international
maritime and offshore exploration and production end markets.
Investment funds managed by private equity firm The Jordan Company
II, L.P. ("TJC") acquired the company in a secondary leveraged
buyout transaction that closed in the fourth quarter of 2013.
Headquartered in Whippany, NJ, the company generated sales of $316
million for the twelve months ended September 30, 2018.
EKKA INTERNATIONAL: Case Summary & 2 Unsecured Creditors
--------------------------------------------------------
Debtor: Ekka International Co. Ltd.
dba R & N US, Inc.
dba Joyware, Inc.
c/o Xiying Yin
3811 S. Maplewood Avenue, Unit A5
Chicago, IL 60632
Business Description: Ekka International Co. Ltd. operates under
the names R & N US, Inc. and Joyware, Inc.
The Company manufactures rugs and
kitchenwares.
Chapter 11 Petition Date: April 2, 2019
Court: United States Bankruptcy Court
Northern District of Illinois (Eastern Division)
Case No.: 19-09553
Judge: Hon. LaShonda A. Hunt
Debtor's Counsel: Xiaoming Wu, Esq.
BORGES AND WU, LLC
105 W. Madison
23rd Floor
Chicago, IL 60602
Tel: 312-853-0200
E-mail: notice@billbusters.com
Total Assets: $71,219
Total Liabilities: $1,642,288
The petition was signed by Qianmin Liu, vice-president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at:
http://bankrupt.com/misc/ilnb19-09553.pdf
EMI GROUP: Moody's Withdraws 'B3' on $350MM Senior Global Notes
---------------------------------------------------------------
Moody's Investors Service has withdrawn the rating and LGD
assessment on the $350 million 7.625% senior global notes issued by
EMI Group North America Holdings Inc. due to business reasons.
Following is a summary of the rating withdrawals:
Withdrawals:
Issuer: EMI Group North America Holdings Inc.
$350 Million 7.625% Senior Global Notes due June 2024, Withdrawn,
previously rated B3 (LGD5)
Outlook Actions:
Issuer: EMI Group North America Holdings Inc.
Outlook, Changed To Rating Withdrawn From Stable
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
Headquartered in New York, NY, EMI Group North America Holdings,
Inc. is a subsidiary of EMI Music Publishing, the trade name for
MTL Publishing LLC and world's second largest music publisher on a
standalone basis with a diverse catalog of approximately 2.3
million music copyrights. On 14 November 2018, Sony Corporation
completed the buyout of EMI Music Publishing by purchasing a 60%
equity stake from a consortium led by Mubadala Development Company
PJSC for $2.3 billion to become the company's sole shareholder. In
July 2018, Sony acquired the Michael Jackson Estate's 10% interest
in EMI Music Publishing for $287.5 million. Prior to the two equity
purchases, Sony controlled 30% of EMI Music Publishing.
EXTREME REACH: Moody's Withdraws B2 CFR Following Recapitalization
------------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings and LGD
assessments of Extreme Reach, Inc. following the company's recent
refinancing of its debt capital structure with privately placed
debt instruments that were structured differently from what the
company initially proposed to Moody's when the transaction was
rated on October 30, 2018.
RATINGS RATIONALE
Extreme Reach's debt ratings were withdrawn because the: (i) $238
million outstanding first-lien term loan B due 2020 and $165
million outstanding second-lien term loan due 2021 were fully
repaid; and (ii) proposed $30 million senior secured first-out
revolver due 2023 and $410 million first-lien term loan B due 2024
were not issued in accordance with the initial amounts, maturities,
terms and/or conditions of the transaction as previously structured
and advised to Moody's.
Following is a summary of the rating withdrawals:
Issuer: Extreme Reach, Inc.
Corporate Family Rating, Withdrawn, previously rated B2
Probability of Default Rating, Withdrawn, previously rated B2-PD
$238 Million (originally $385 Million) Senior Secured First-Lien
Term Loan B due 2020, Withdrawn, previously rated B1 (LGD3)
$30 Million Senior Secured First-Out Revolver due 2023, Withdrawn,
previously rated Ba2 (LGD1)
$410 Million Senior Secured First-Lien Term Loan B due 2024,
Withdrawn, previously rated B2 (LGD4)
$165 Million Senior Secured Second Lien Term Loan due 2021,
Withdrawn, previously rated Caa1 (LGD5)
Outlook Actions:
Issuer: Extreme Reach, Inc.
Outlook, Changed To Rating Withdrawn From Stable
Headquartered in Needham, MA, Extreme Reach, Inc. provides
Software-as-a-Service (SaaS) cloud-based video advertising platform
solutions across television, online and mobile channels that
facilitate the management and delivery of multi-screen ad
campaigns, talent rights management and billing services for over
10,000 global advertising agencies and advertisers.
FIRSTENERGY SOLUTIONS: Rexel Wants Plan, Disclosures Rejected
-------------------------------------------------------------
Rexel USA, Inc., filed an objection to Debtor FirstEnergy Solutions
Corp.'s disclosure statement for its joint plan of reorganization
dated Feb. 11, 2019.
The Debtor assumed two prepetition contracts with Rexel USA, Inc.
for the sale of materials for use in debtor's plants for which
Rexel has recorded materialman's liens. The Debtor has paid Rexel
some of the prepetition debt but has failed to cure the default in
the amount of $133,440.88.
Rexel objects to the Debtor's Plan and Disclosure Statement for the
reason that the prepetition debt has not been fully paid which is
required to be cured as the Debtor has assumed its two contracts
with Rexel.
Thus, Rexel asks the Court to deny Debtor's proposed Plan and
Disclosure Statement until Debtor either promptly cures the default
or provides adequate assurance of timely payment thereof under the
Plan.
A copy of Rexel's Objection is available at
http://tinyurl.com/y6h9pju7from Primeclerk.com.
The Troubled Company Reporter previously reported that the Plan
incorporates a global, integrated settlement of numerous disputes
between and among the Debtors, the FE Non-Debtor Parties, and the
Debtors' creditors. Based on the Plan Settlement, the Plan resolves
a variety of highly complex issues that would have been a source of
contention and which, if left unresolved, would have potentially
led to significant costly litigation and resulted in uncertainty
and delays in distributions to creditors and the Debtors' ability
to timely exit bankruptcy protection. The largest parties in
interest in these cases, including the Debtors, the Independent
Directors and Managers, the Committee, the Ad Hoc Noteholder Group,
the Mansfield Certificateholders Group and the FES Creditor Group
independently analyzed these potential disputes, with the
assistance of their respective advisors. The terms of the Plan
Settlement are integrated and not severable, and are the result of
hard-fought, arm's-length negotiations between the parties.
Attorneys for Rexel USA, Inc.:
Ben L. Aderholt, Esq.
9 Greenway Plaza, Suite 1000
Houston, Texas 77046
Tel: (713) 651-0111
Fax: (713) 651-0220
Email: baderholt@coatsrose.com
-- and --
Michael A. Galasso, Esq.
Robbins Kelly Patterson & Tucker, LPA
7 West Seventh Street, Suite 1400
Cincinnati, OH 45202-2417
Tel: (513) 721-3330
Fax: (513) 721-5001 (fax)
Email: mgalasso@rkpt.com
About FirstEnergy Solutions Corp
Akron, Ohio-based FirstEnergy Solutions, Corp. (FES) is a
subsidiary of FirstEnergy Corp (NYSE:FE). FES --
http://www.firstenergycorp.com/-- provides energy-related products
and services to retail and wholesale customers; and owns and
operates 5,381 MWs of fossil generating capacity through its
FirstEnergy Generation subsidiaries. FES also owns 4,048 MWs of
nuclear generating capacity through its FirstEnergy Nuclear
Generation subsidiary. Nuclear generating plants are operated by
FirstEnergy Nuclear Operating Company (FENOC), which is a separate
subsidiary of FirstEnergy Corp.
On March 31, 2018, FirstEnergy Solutions and 6 affiliates,
including FENOC, each filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Ohio
Lead Case No. 18-50757). The cases are pending before the Honorable
Judge Alan M. Koschik and the Debtors have requested that their
cases be jointly administered under Case No. 18-50757.
Parent company, First Energy Corp. and its other subsidiaries,
including its regulated subsidiaries, are not part of the filing
and will not be subject to the Chapter 11 process. First Energy
Corp. listed $42.2 billion in total assets against $4.07 billion in
total current liabilities, $21.1 billion in long-term debt and
other long-term obligations and $13.1 billion in non-current
liabilities as of Dec. 31, 2017.
The Debtors tapped Akin Gump Strauss Hauer & Feld LLP as bankruptcy
counsel; Brouse McDowell LPA as co-counsel; Lazard Freres & Co. as
investment banker; Alvarez & Marsal North America, LLC, as
restructuring advisor and Charles Moore as chief restructuring
officer; and Prime Clerk as claims and noticing agent. The Debtors
also tapped Willkie Farr & Gallagher LLP, Hogan Lovells US LLP and
Quinn Emanuel Urquhart & Sullivan, LLP as special counsel.
The U.S. Trustee for Region 9 appointed an official committee of
unsecured creditors on April 12, 2018. Milbank, Tweed, Hadley &
McCloy LLP and Hahn Loeser & Parks LLP serve as counsel to the
committee.
FLEETSTAR LLC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Fleetstar LLC
101 Brookhollow Esplanade
Elmwood, LA 70123
Business Description: Fleetstar LLC is a trucking company in
Elmwood, Louisiana.
Chapter 11 Petition Date: April 2, 2019
Court: United States Bankruptcy Court
Eastern District of Louisiana (New Orleans)
Case No.: 19-10873
Debtor's Counsel: Leo D. Congeni, Esq.
CONGENI LAW FIRM, LLC
424 Gravier Street
New Orleans, LA 70130
Tel: (504) 522-4848
Fax: (504) 581-4962
E-mail: leo@congenilawfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by George J. Ackel 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/laeb19-10873.pdf
FNJCC CORPORATION: U.S. Trustee Objects to Confirmation of Plan
---------------------------------------------------------------
Daniel M. McDermott, the United States Trustee for Region 21,
objects to the final approval of the disclosure statement and
confirmation of the Chapter 11 plan filed by FNJCC Corporation.
The U.S. Trustee complains that at page 9 of the disclosure
statement, the Debtor failed to provide treatment for the equity
interest of the Debtor's stockholders. The U.S. Trustee further
points out that the plan failed to classify and treat the equity
interest. Because no alternate treatment of the equity interest is
disclosed, it may reasonably be presumed that the Debtor intends
for its existing stockholders to retain their ownership interest in
the company, the U.S. Trustee further complains.
According to the U.S. Trustee, at page 11 of the disclosure
statement, the Debtor states that the effective day of the plan
would be "the eleventh business following the date of the entry of
the order of confirmation." The U.S. Trustee asserts that at page
2 of the plan, the debtor states that payments to priority tax
claims would commence "on the effective date which is estimated to
be January 25th, 2018."
The U.S. Trustee complains that at pages 8 and 9 of the disclosure
statement, the debtor states that classes of secured claims ("Class
2A") and general unsecured claims ("Class 3") are impaired.
However, according to U.S. Trustee, the plan does not indicate if
the classes are impaired or unimpaired.
About FNJCC Corp.
FNJCC Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-05552) on Sept. 26,
2018. At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of less than $500,000. The
Debtor tapped Modesto Bigas Law Office as its legal counsel.
GALAFORO CONSTRUCTION: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: Galaforo Construction and Companies, LLC
1770 Stumpf Blvd
Terrytown, LA 70056
Business Description: Galaforo Construction and Companies offers
building construction, real estate
consulting, and commercial general
contractor services.
Chapter 11 Petition Date: April 2, 2019
Court: United States Bankruptcy Court
Eastern District of Louisiana (New Orleans)
Case No.: 19-10863
Debtor's Counsel: Ryan T. Vidal, Esq.
VIDAL LAW & CPA FIRM, LLC
135 Woodlake Blvd.
Kenner, LA 70065
Tel: 504-882-15560
E-mail: rvidal@vidallawcpa.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Paul M. Galaforo, Jr., president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/laeb19-10863.pdf
GALINDO CUSTOM: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Galindo Custom House Brokers, Inc.
P.O. Box 420789
Del Rio, TX 78842
Business Description: Galindo Custom House Brokers is a privately
held company in Del Rio, Texas that is
engaged in the business of freight
transportation arrangement.
Chapter 11 Petition Date: April 1, 2019
Court: United States Bankruptcy Court
Western District of Texas (San Antonio)
Case No.: 19-50776
Judge: Hon. Ronald B. King
Debtor's Counsel: Ronald J. Smeberg, Esq.
THE SMEBERG LAW FIRM, PLLC
2010 W Kings Hwy
San Antonio, TX 78201-4926
Tel: (210) 695-6684
Fax: (210) 598-7357
E-mail: ron@smeberg.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Sergio Galindo, president.
The Debtor filed an empty list of its 20 largest unsecured
creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txwb19-50776.pdf
GATEWAY TO LANCASTER: Case Summary & 3 Unsecured Creditors
----------------------------------------------------------
Debtor: Gateway to Lancaster, LLC
2625 N. Dallas Parkway
Lancaster, TX 75134
Business Description: Gateway to Lancaster, LLC owns a property
located at 2625 No. Dallas Parkway
Lancaster, Texas 75134. Gateway to
Lancaster LLC filed as a Domestic Limited
Liability Company (LLC) in the State of
Texas on May 20, 2015, according to public
records filed with Texas Secretary of State.
Chapter 11 Petition Date: April 1, 2019
Court: United States Bankruptcy Court
Northern District of Texas (Dallas)
Case No.: 19-31215
Judge: Hon. Harlin DeWayne Hale
Debtor's Counsel: Kenneth S. Harter, Esq.
LAW OFFICES OF KENNETH S. HARTER
5080 Spectrum Drive, Suite 1000-E
Addison, TX 75001
Tel: (972) 383-1503
(972) 752-1928
Fax: (214) 206-1491
E-mail: kenharterlawyer@gmail.com
Total Assets: $0
Total Liabilities: $1,902,600
The petition was signed by Abbas Fawaz, member.
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/txnb19-31215.pdf
GMI GROUP: Files Amendment to Postpetition Financing Proposal
-------------------------------------------------------------
GMI Group, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of Georgia an amendment to its Motion for Order
Approving Financing.
Pursuant to the Amendment, the description of collateral on page 3
of the Motion will read as follows: "The DIP Financing will be
secured by a first priority senior security interest in and lien on
all personal property and fixtures of the Debtor, whether now owned
or hereafter acquired, created, or arising. . . The foregoing liens
and security interests in favor of the Factor will be duly
perfected, first priority liens and security interests and will be
subject to no other liens, security interests, or claims, except
(i) the fees of the Office of the United States Trustee. . . and
(ii) liens and security interests in specified Accounts as may be
provided to the Prepetition Lenders. . . Additionally, the liens
and security interests in favor of the Factor will be subject to a
carve-out for fees and expenses incurred prior to the Maturity Date
by professional persons retained by the Debtor and approved by the
Bankruptcy Court in the maximum aggregate amount of $75,000."
The Amendment also provides that Page 3 of the Motion, the
description of Adequate Protection to the prepetition lenders and
existing lien holders, will now provide as follows: "Reliable Fast
Cash, LLC, Unique Funding Solutions, LLC, and Expansion Capital
Group, or one or more of the foregoing entities. . . may claim a
lien on the Receivables or the Collateral, or a part thereof.
Pursuant to Section 364(d)(1), the Debtor seeks authority to grant
to the Factor a security interest (as defined in the UCC) in the
Receivables and the other Collateral that is senior to the lien on
such property claimed by the Prepetition Lenders except as subject
to liens and security interests in specified Accounts as may be
provided to the Prepetition Lenders, pursuant to an order from the
Court, in an amount and under terms acceptable to Factor in its
sole discretion. . ."
The Amendment indicates that the Factor requires the following
provisions be included in the Financing Orders and DIP Factoring
Agreement:
(1) The Debtor and its estate will be deemed to waive any
claim to surcharge the collateral under Section 506(c);
(2) The automatic stay is modified to allow the Debtor to
grant the DIP Liens and DIP Super priority Claim and to perform
such acts as the Factor may request to assure the perfection and
priority of the DIP Liens to otherwise implement the Interim Order;
and
(3) The Debtor is required to indemnify Factor if an account
debtor files a bankruptcy case and any payments are recovered by
the account Debtor's bankruptcy estate from Factor as a preference
or if an account debtor recovers a payment from Factor for any
reason involving the Debtor. . . necessary for various professional
accounting services to be rendered for which it is necessary to
retain Accountants. These services include, but are not limited to,
the following: (a) preparing on-going tax returns and financial
reports; (b) complying with and remaining in compliance with the
on-going budget with the postpetition lender; (c) addressing
Debtor's financial relationship and analysis of claims of creditors
in the case; and (d) assisting with any and all other necessary
action incident to the proper administration of the case as to
financial matters; and (e) advising and assisting the Debtor in the
formation and preservation of a plan pursuant to chapter 11 of the
Bankruptcy Code, the disclosure statement, and any and all matters
related thereto.
Paragraph 12 on Page 7 is also modified to read as follows: "The
DIP Financing will be secured by security interests and liens in
favor of the Factor upon all personal property and fixtures of the
Debtor, whether now existing or hereafter acquired, created, or
arising. . . The foregoing liens and security interests in favor of
the Factor will be duly perfected, first priority liens and
security interests and will be subject to no other liens, security
interests or claims, except (i) liens and security interests in
specified Accounts as may be provided to the Prepetition Lenders,
pursuant to an order from the Court, in an amount and under terms
acceptable to Factor in its sole discretion, and (ii) the fees of
the Office of the United States Trustee pursuant to 28 U.S.C.
Section 1930, referred to above as the US Trustee Fees.
A new paragraph 25 on Page 13 is to be added as follows:
"25. Furthermore, Debtor shows that the Pre-petition liens are in
the process of being challenged as criminally usurious transactions
by virtue of filed Adversary Proceedings. (a) The Debtor shows that
the Reliable Fast Cash, LLC transaction involved a cash
disbursement by the lender in the amount of $150,000 and that
Debtor has paid the lender $123,860.96 leaving $26,139.04 of unpaid
principal. Debtor further shows that the lender confessed a
judgment against Debtor in the amount of $177,514 seeking to
collect a debt in the amount of $210,000. . . and including
attorney's fees in the amount of $44,289. . . (b) Debtor shows that
the Unique Funding Solutions transaction involved a cash
disbursement by lender in the amount of $75,000 and that Debtor has
paid the lender $16,755, leaving $58,245 of unpaid principal.
Debtor further shows that the lender confessed a judgment against
Debtor in the amount of $136,967.62 seeking to collect a debt in
the amount of $111,750 after 44 days. . . and including attorney's
fees in the amount of $33,928.62.
Paragraph 7 of the Motion is amended to read: "In order to operate
as debtor in possession, the Debtor must have operating funds in
the maximum amount of $420,000 (i.e., 85% of the maximum
outstanding of Receivables to be purchased under the DIP Facility)
outstanding at any one time to meet its ongoing payroll, rental,
utility, and other expenses as set forth in the Budget.
The Amendment is available at
http://bankrupt.com/misc/ganb19-52577-34.pdf
About GMI Group
GMI Group, Inc. -- http://thegmigroup.com/-- is a janitorial
service company serving the Southeastern United States. Established
in 2005, the Company specializes in corporate sites, multitenant,
medical offices, universities, schools, manufacturing plants,
federal, state and local agency facilities.
GMI Group filed a Chapter 11 petition (Bankr. N.D. Ga. Case No.
19-52577) on Feb. 14, 2019. In the petition signed by CEO Kayla
Dang, the Debtor disclosed $791,787 in assets and $1,621,246 in
liabilities. The Debtor is represented by Shayna M. Steinfeld,
Esq., at Steinfeld & Steinfeld PC.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
GOLDEN ENTERTAINMENT: Moody's Rates $375MM Sr. Unsec. Notes 'Caa1'
------------------------------------------------------------------
Moody's Investors Service has assigned a Caa1 rating to Golden
Entertainment, Inc.'s ("GDEN") proposed senior unsecured notes due
2026. The company's B2 Corporate Family and B2-PD Probability of
Default ratings were affirmed along with the company's first lien
bank credit facility ratings. The outlook remains stable. GDEN's
Speculative Grade Liquidity rating was raised to SGL-1 from SGL-2.
Proceeds from the proposed notes are intended to be used to repay
all of GDEN's second lien loan outstanding, all outstanding
borrowings under the company's $200 million revolver, and repay a
portion of its outstanding term loan. The notes will be fully and
unconditionally guaranteed, jointly and severally, by GDEN's
wholly-owned domestic restricted subsidiaries that guarantee the
existing credit facilities.
"Moody's considers the proposed offering as a favorable credit
event in that it will reduce the amount of secured debt in GDEN's
capital structure and extend the company's overall debt maturity
profile," stated Keith Foley, a Senior Vice President at Moody's.
"These benefits, along with the full repayment of outstanding
revolver amounts also support the revision of GDEN's Speculative
Grade Liquidity rating to SGL-1 from SGL-2," added Foley.
The transaction is leverage neutral, and as a result, GDEN's
debt/EBITDA remains high. Pro forma debt/EBITDA on a Moody's
adjusted basis is 5.9 times and remains close to the company's
downgrade trigger of 6.0 times. However, Moody's expects GDEN will
gradually reduce its leverage as the company will generate positive
free cash flow that can be used to reduce the pre-payable debt in
its pro forma debt structure and more strongly position the company
within its current rating category.
The Caa1 rating on GDEN's proposed notes, two notches lower than
the company's B2 Corporate Family Rating, reflects the significant
amount of senior secured first lien debt that will rank ahead of it
in the pro forma capital structure.
Assignments:
Issuer: Golden Entertainment, Inc.
Senior Unsecured Regular Bond/Debenture, Assigned Caa1 (LGD5)
Outlook Actions:
Issuer: Golden Entertainment, Inc.
Outlook, Remains Stable
Affirmations:
Issuer: Golden Entertainment, Inc.
Probability of Default Rating, Affirmed B2-PD
Corporate Family Rating, Affirmed B2
Senior Secured Bank Credit Facility, Affirmed B1 (LGD3)
Upgrades:
Issuer: Golden Entertainment, Inc.
Speculative Grade Liquidity Rating to SGL-1 from SGL-2
RATINGS RATIONALE
GDEN's B2 Corporate Family Rating considers the company's
geographically diverse assets, Moody's stable view of the operating
environment across the company's various markets, and GDEN's
ability to generate a substantial amount of free cash flow. Key
concerns include GDEN's high leverage. Also considered are the
longer-term challenges, facing regional gaming companies in general
related to consumer entertainment preferences that do not
necessarily favor traditional casino-style gaming.
The stable outlook reflects Moody's view that GDEN will likely
continue to seek additional acquisition opportunities that may be
financed, at least in part, with additional debt. As a result,
debt/EBITDA on a Moody's adjusted basis is not expected to improve
meaningfully below five times in the foreseeable future. A higher
rating requires that GDEN achieve and maintain debt/EBITDA of 4.5
times or lower, and that the regional gaming environment remains
stable. Ratings could be downgraded if debt/EBITDA rises above 6
times for an extended period of time and for any reason and/or the
regional gaming market deteriorates materially.
GDEN owns and operate a portfolio of casino gaming assets and
distributed gaming, including gaming in the company's branded
taverns). GDEN conducts its business through two reportable
operating segments: Casinos and Distributed Gaming. For the year
ended December 31, 2018, after giving pro forma effect to the
Laughlin Acquisition, GDEN's revenue was $964 million.
GULF COAST: Court Conditionally Approves Disclosure Statement
-------------------------------------------------------------
The Disclosure Statement explaining the Chapter 11 Plan filed by
Gulf Coast Medical Park LLC is conditionally approved.
The Court will conduct a hearing on confirmation of the Plan on May
15, 2019 at 10:30 a.m.
Any written objections to the Disclosure Statement will be filed
and served no later than seven (7) days prior to the date of the
hearing on confirmation.
Parties in interest will submit written ballot accepting or
rejecting the Plan no later than eight (8) days before the date of
the Confirmation Hearing.
Objections to confirmation shall be filed and served no later than
seven (7) days before the date of the Confirmation Hearing.
The Plan Proponent shall file a ballot tabulation no later than 96
hours prior to the time set for the Confirmation Hearing.
About Gulf Coast Medical Park
Gulf Coast Medical Park LLC, based in Punta Gorda, FL, filed a
Chapter 11 petition (Bankr. M.D. Fla. Case No. 18-02446) on March
28, 2018. In the petition signed by Magnus Karlstedt, managing
member, the Debtor estimated $1 million to $10 million in assets
and $10 million to $50 million in liabilities. The Hon. Caryl E.
Delano is the case judge. Michael R. Dal Lago, Esq., at Dal Lago
Law, serves as bankruptcy counsel to the Debtor. Holmes Fraser,
P.A., is the special litigation counsel; and Webb, Lorah &
McMillan, PLLC, CPAs, is the accountant. No official committee of
unsecured creditors has been appointed in the Chapter 11 case.
H K FINE: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: H K Fine Properties, LLC
4102 Ivymist Court
Houston, TX 77479
Business Description: H K Fine Properties' principal assets are
located at 1210 Shotwell/1231 Hahlo,
Houston, Texas, and 705 Ward Rd., Baytown,
Texas. The Company is an affiliate of
Supply Pro Sorbents, LLC and Supply Pro,
Inc., both of which sought bankruptcy
protection on Dec. 19, 2018 (Bankr. S.D.
Tex. Case Nos. 18-20580 and 18-20581,
respectively). Supply Pro offers safety and
cleaning supplies utilized in the cleanup of
hazardous oil and chemical spills.
Chapter 11 Petition Date: April 1, 2019
Court: United States Bankruptcy Court
Southern District of Texas (Houston)
Case No.: 19-31828
Judge: Hon. Eduardo V. Rodriguez
Debtor's Counsel: Alan Sanford Gerger, Esq.
THE GERGER LAW FIRM PLLC
2211 Norfolk
Houston, TX 77098
Tel: 713-300-1430
Fax: 888-317-0281
E-mail: asgerger@gerglaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Harmon K. Fine, president/manager.
he Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txsb19-31828.pdf
IDEANOMICS INC: Widens Net Loss to $28.4 Million in 2018
--------------------------------------------------------
Ideanomics, Inc. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$28.42 million on $377.7 million of total revenue for the year
ended Dec. 31, 2018, compared to a net loss of $10.86 million on
$144.4 million of total revenue for the year ended Dec. 31, 2017.
As of Dec. 31, 2018, the Company had $94.23 million in total
assets, $49.76 million in total liabilities, $1.26 million in
convertible preferred stock, and $43.21 million in total equity.
B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" opinion in its report dated
April 1, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company incurred
recurring losses from operations, has net current liabilities and
an accumulated deficit that raise substantial doubt about its
ability to continue as a going concern.
As of Dec. 31, 2018, the Company had cash of approximately $3.1
million. Approximately $1.5 million was held in the Company's Hong
Kong, US and Singapore entities and $1.6 million was held in its
PRC entities.
The Company has incurred significant continuing losses in 2018 and
2017, and total accumulated deficits were $150.0 million and $126.7
million as of Dec. 31, 2018 and 2017, respectively. The Company
also used cash for operations of approximately $20.2 million and
$10.3 million for the year ended Dec. 31, 2018 and 2017,
respectively.
Ideanomics said "We believe our existing cash resources will be
sufficient to fund our planned operations into April 2020.
However, we cannot provide assurances that our plans will not
change or that changed circumstances will not result in the
depletion of our capital resources more rapidly than we currently
anticipate. We must continue to rely on proceeds from debt and
equity issuances to fund ongoing operating expenses to date, which
could raise substantial doubt about the Company's ability to
continue as a going concern. The consolidated financial statements
included in this report have been prepared assuming that the
Company will continue as a going concern and, accordingly, do not
include any adjustments that may result from the outcome of this
uncertainty."
The Company's report on Form 10-K is available from the SEC's
website at https://is.gd/2ttjYH.
About Ideanomics
Ideanomics, formerly known as Seven Stars Cloud Group, Inc., is a
global fintech advisory and Platform-as-a-Service company.
Ideanomics combines deal origination and enablement with the
application of blockchain and artificial intelligence technologies
as part of the next-generation of financial services. The company
is headquartered in New York, NY, and has offices in Beijing,
China. It also has a planned global center for Technology and
Innovation in West Hartford, CT, named Fintech Village.
IMMUNE PHARMACEUTICALS: Seeks to Hire Mr. Rabin as CRO
------------------------------------------------------
Immune Pharmaceuticals, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of New
Jersey to employ Gary H. Rabin, as chief restructuring officer to
the Debtor.
Immune Pharmaceuticals requires Mr. Rabin to:
-- provide general financial advisory services;
-- assist the Debtors in negotiating and obtaining debtor-in-
possession financing;
-- assist the Debtors in divesting the Ceplene and anti-
eotaxin antibody assets; and
-- assist the Debtors with general advisory services
throughout the pendency of the Chapter 11 case.
Mr. Rabin will be paid at as follows:
a. initial retainer of $11,000;
b. fee of $16,000 upon approval of the Firm's retention
application;
c. work fee of $15,000 per month on each of March 15, April
15, May 15 and June 15;
d. upon a court-approved sale of the Ceplene assets for not
less than $500,000, a success fee of $12,500; and
e. a one-time fee of $75,00 upon the winding up of the
bankruptcy proceeding.
Gary H. Rabin, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.
About Immune Pharmaceuticals
Immune Pharmaceuticals Inc., together with its subsidiaries, is a
clinical stage biopharmaceutical company specializing in the
development of novel targeted therapeutic agents in the fields of
inflammation, dermatology, and oncology. The company is
headquartered in Englewood Cliffs, New Jersey.
Immune Pharmaceuticals, et al., filed for bankruptcy protection
(Bankr. D.N.J. Case No. 19-13273) on Feb. 17, 2019.
The Hon. Vincent F. Papalia oversees the cases.
The Debtors tapped Norris McLaughlin & Marcus, PA as bankruptcy
counsel; Lowenstein Sandler LLP as special corporate counsel;
Armory Group LLC and Vine Holding Group as investment bankers.
Gary H. Rabin is the chief restructuring officer.
The Debtors disclosed total assets of $20.72 million and total debt
of $19.87 million as of Sept. 30, 2018.
The Official Committee of Unsecured Creditors formed in the case
retained Porzio Bromberg & Newman, P.C., as counsel.
INTEGRATED STRUCTURES: Settles Iron Workers, Pavers Claims
----------------------------------------------------------
Integrated Structures Corp. filed a Fourth Amended Chapter 11 Plan
of Reorganization and accompanying Disclosure Statement to, among
other things, amend treatment of certain claims.
Claim No. 26 filed by the Iron Workers Security Funds and Claim No.
16 filed by Pavers and Road Builders District Council Benefit Funds
were resolved by negotiation and the Debtor and Claimants entered
into settlement agreements. Both agreements were approved by
Orders of the Bankruptcy Court dated May 23,2018. Claim # 26 of
the Iron Workers in the amount of $125,648 was reduced and
bifurcated, $2,991.00 was allowed as a priority non tax claim
and $33,040 was allowed as a general unsecured claim. Claim # 14 of
the Pavers was
reduced from $241,619 to $110,000 and allowed as a general
unsecured claim.
The IRS at the commencement of this Chapter 11 proceeding filed
Claim # 1 claiming a
Priority Tax debt of over one million dollars. This was an error.
The debt was settled prepetition and the settlement was paid in
full. The IRS has filed an amended claim showing a ZERO balance
for prepetition Tax. Pursuant to the Plan, the Reorganized Debtor
will assume the executory conditions of the Offer in Compromise
pursuant to Section 1123 (b) & (c) of the Bankruptcy Code. In the
event the Reorganized Debtor after the Confirmation Date, and prior
to May 16, 2020, defaults in the payment of any post- petition
taxes or fails to timely file required returns with the IRS, the
IRS may call a default under the Offer and unless promptly cured
post-petition, after 120 days prior written notice, the IRS
liability will spring back to the forgiven portion of such
prepetition liability in the amount of $630,526.86.
Class 3 - Allowed General Unsecured Claims. Class 3 in Impaired and
entitled to vote on the Plan. Class 3 consists of Holders of
Allowed General Unsecured Claims that are not Subordinated or
Insider Claims. Except to the extent that a Holder of an Allowed
Claim in Class 3 agrees to a less favorable treatment, each Holder
of an Allowed Claim in Class 3 shall receive an amount equal to
forty (40%) percent of the Allowed amount of its Claim, without
interest, payable in sixty (60) equal monthly payments. The
payments will be represented by a Promissory Note issued one (1) to
each Creditor in the amount as specified by the plan showing the
installment payments. The first of such payments shall be due and
payable on the 15th business day of the second calendar month
subsequent to the Effective Date and monthly thereafter. The Debtor
estimates the amount of Allowed Class 3 General Unsecured Claims
entitled to receive disbursement under the Plan to not exceed
$1,277,334,42.
Class 4 - Subordinated Insider Claims & Claims of Entities Owned or
Controlled by Francis Lee or a Member of His Immediate Family.
Class 4 consists of all the prepetition the Claims of Francis A.
Lee, Company, a corporation and Matt-Con Services Corp. Pursuant to
the applicable provisions of the Internal Revenue Code the release
of these Claims will not cause adverse tax consequences to the
Debtor. The Holders of the Allowed Class 4 Claims shall receive no
property under this Plan, all obligations of the Debtor to the
holders of Class 4 Claims will be discharged on the Effective Date
and any proofs of claims filed by such holders will be expunged
with prejudice on the Effective Date. The Class 4 Claims are
impaired and deemed to have rejected the Plan. The amount of
Insider Claims is in excess of 1.8 Million dollars.
Distributions under the Plan on account of Allowed Administrative
Expense Claims, Allowed Professional Fee Claims, U.S. Trustee Fees,
Allowed Priority Tax Claims, Allowed Other Priority Claims, the
Allowed General Unsecured Claims, and the payment of Post-Effective
Date Costs, shall be made through (i) cash on hand on the Effective
Date; (ii)payment of Retention Amounts and collection of Accounts
Receivable;;(iii) proceeds generated by the Reorganized Debtor from
the continued operation of the business.
A full-text copy of the Disclosure Statement dated March 28, 2019,
is available at http://tinyurl.com/y239386zfrom PacerMonitor.com
at no charge.
About Integrated Structures Corp.
Integrated Structures Corp. is a heavy construction contractor. It
provides services as a general contractor in the structural steel
and masonry and stone areas, and as a subcontractor on major
construction projects in the Metropolitan New York City area.
Integrated Structures Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 15-75420) on December
16, 2015. The petition was signed by Francis Lee, president.
At the time of the filing, the Debtor estimated its assets and
debts at $1 million to $10 million.
On July 31, 2016, the Debtor filed a disclosure statement, which
explains its proposed Chapter 11 plan of reorganization. The plan
proposes to pay unsecured creditors 40% of their claims in 60
months.
J.T. SHANNON: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: J.T. Shannon Lumber Company, Inc.
P.O. Box 16929
Memphis, TN 38186
Business Description: Memphis, Tennessee-headquartered J.T.
Shannon Lumber --
http://www.jtshannon.com/shannonlumber--
is a family owned company in the hardwood
lumber business. The Company specializes in
rough and surfaced lumber, straight-line
ripping, double-end trimming, width sorts,
and special length pulls.
Chapter 11 Petition Date: April 1, 2019
Court: United States Bankruptcy Court
Northern District of Mississippi (Aberdeen)
Case No.: 19-11428
Judge: Hon. Jason D. Woodard
Debtor's Counsel: Michael P. Coury, Esq.
GLANKLER BROWN PLLC
6000 Poplar Avenue
Suite 400
Memphis, TN 38119
Tel: 901-525-1322
Fax: 901-525-2389
E-mail: mcoury@glankler.com
Total Assets: $11,026,770
Total Liabilities: $14,721,825
The petition was signed by Jack T. Shannon, Jr., president.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/msnb19-11428.pdf
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Altenburg Hardwood Lumber Co. Trade Debt $64,614
10220 Main St.
Altenburg, MO 63732
2. Batte & Hollingsworth Trade Debt $74,964
19064 Highway 80 East
Forest, MS 39074
3. C&S Timber Products Trade Debt $144,686
194 Gilmer Road
Pontotoc, MS 38863
4. D&D Hardwood, LLC Trade Debt $196,182
P.O. Box 864
Racine, MO 64858
5. D&T Sawmill Trade Debt $154,954
P.O. Box 777
Grand Junction, TN 38039
6. Elof Hansson Trade Debt $53,433
P.O. Box 347229
500 Ross St.
Pittsburgh, PA
15251-4229
7. Entergy Utilities $42,195
P.O. Box 8105
Baton Rouge, LA
70891-8105
8. Frank Miller Lumber Trade Debt $40,733
Co., Inc.
P.O. Box 1627
Indianapolis, IN
46206-1627
9. Garnica Plywood Trade Debt $73,704
26007 Loqrono Spain
10. Hardwoods Trade Debt $57,915
Specialty Products U.S., L.P.
2700 Lind Ave., S.W.
Renton, WA 98057
11. Hogan Motor Trade Debt $102,001
Leasing, Inc. Leasing
2150 Schuetz Road,
Suite 210
Saint Louis, MO 63146
12. Hudson Insurance Company Breach of Contract $100,000
Attn. Chirs Morkan, Claim
Claim Director
100 William St. , Ste. 5
New York, NY 10038
13. Milton Lumber Co. Trade Debt $130,622
443 Leatherwood Road
Dover, TN 37058
14. Moore Advanced Trade Debt $95,308
Staffing, LLC
c/o Carter Funding
P.O. Box 770416
Memphis, TN 38177
15. NCM Millworks Trade Debt $161,728
8674 Leapwood Enville
Adamsville, TN 38310
16. Origin Floors, LLC Trade Debt $348,705
2200 Cole Road
Horn Lake, MS 38637
17. Resource Employment Trade Debt $176,335
Solutions
5900 Lake Elleanor
Dr., Suite 100
Orlando, FL 32809
18. Taylor Lumber Trade Debt $132,775
Company, Inc.
P.O. Box 641047
Dallas, TX
75264-1047
19. U.S. Customs and Trade Debt $207,387
Border Protection
6650 Telecom Drive,
Suite 100
Indianapolis, IN 46278
20. Whitehead Oil Co., Inc. Trade Debt $109,385
P.O. Box 13343
Memphis, TN 38113
JLT HOLDINGS: First Agreed Interim Cash Collateral Order Entered
----------------------------------------------------------------
The Hon. A. Benjamin Goldgar of the U.S. Bankruptcy Court for the
Northern District of Illinois has entered a first agreed interim
order authorizing JLT Holdings, LLC's use of cash collateral until
the earliest to occur of: April 8, 2019 or the date upon which an
event of default occurs.
JLT is authorized to use cash collateral for the purpose of
operating and maintaining the Properties, subject to the terms and
conditions of the First Agreed Interim Order and in accordance with
and subject to the uses and expenses set forth in the Budget with a
permitted 10% increase for expenditures set forth therein other
than the A&G Carve Out.
JLT's use of cash collateral is subject to the following conditions
that JLT and McCormick have agreed:
(a) JLT will pay McCormick the amount of $15,000 and pay
or caused to be paid from tenants of the Properties or third
parties;
(b) JLT must cause its tenants of the Properties to: (i)
escrow funds with McCormick for all real estate taxes for the
Properties accruing from and after January 2019; (ii) pay the 2018
real estate taxes for the Florida Condo, in the amount of
$13,464.24 or such other amount as may be due and owing at the time
of payment, and (iii) pay 2017 (payable in 2018) real estate taxes
for 200 Garden, 220 Garden and Deames, in the amount of $29,889.79
or such other amount as may be due and owing at the time of
payment, which is ten business days prior to: any conveyance of 220
Garden, dismissal of JLT's chapter 11 case or conversion to a case
under chapter 7, or May 31, 2019.
(c) JLT must cause its tenants to escrow funds with
McCormick for, or timely pay premiums for, insurance to cover the
Properties;
(d) JLT must timely pay or cause its tenants to timely
pay all homeowner's association fees, condominium fees, and similar
fees and dues related to the Properties;
(e) JLT is authorized to remit the A&G Carve Out to
Adelman & Gettleman, Ltd. Contemporaneously with making the $45,000
payment to McCormick. However, the fees represented by the A&G
Carve-Out will be subject to allowance by the Court;
(f) All rents previously paid by the tenants of the
Properties and any miscellaneous receipts previously received and
are currently in the possession of JLT, must immediately be
deposited directly into JLT's debtor-in-possession account
maintained at Fifth Third Bank. Likewise, all rents paid
post-petition and/or hereafter paid by the tenants of the
Properties to JLT or any of its members and any miscellaneous
receipts received by JLT or any of its members must be deposited
directly into the JLT's Account.
In addition, McCormick is granted additional and replacement
security interests, liens and mortgages in the Prepetition
Collateral, and all property of the estate acquired on or after the
Petition Date to secure any diminution in value of its respective
interest in the Prepetition Collateral. Any and all claims for loss
or diminution in value in McCormick's Post-petition collateral,
including claims arising from the JLT's failure to provide adequate
protection, will have priority in payment over any other
obligations now in existence or incurred hereafter by JLT, to the
extent and in the manner provided pursuant to section 507(b) of the
Bankruptcy Code. However, such administrative claim will not have
priority over the A&G Carve-Out.
About JLT Holdings
JLT Holdings, LLC, owns properties located at 220 Garden Street,
Yorkville, Illinois; 4512 Deames Street, Plano, Illinois; and 1800
South Ocean Drive, Unit 3205, Hallandale, Florida.
JLT Holdings sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ill. Case No. 18-33604) on Dec. 3, 2018. At the
time of the filing, the Debtor estimated assets of $1 million to
$10 million and liabilities of $1 million to $10 million. The case
is assigned to Judge Benjamin A. Goldgar. Adelman & Gettleman,
Ltd., is the Debtor's counsel.
JORGE A ALVAREZ: May 9 Plan Confirmation Hearing
------------------------------------------------
The Disclosure Statement explaining the Chapter 11 Plan filed by
Jorge A. Alvarez DDS, P.A., is conditionally approved.
The consolidated hearing on final approval of disclosure statement,
confirmation of chapter 11 plan and consideration of fee
applications is May 9, 2019 at 10:30 a.m. in United States
Bankruptcy Court, Courtroom B, 8th Floor, 1515 North Flagler Drive,
West Palm Beach, Florida 33401.
Deadline for debtor to serve this order, disclosure statement, plan
and ballot(s) on April 4, 2019.
Deadline for filing objections to claims on April 25, 2019.
Deadline for filing ballots accepting or rejecting plan on May 2,
2019.
Deadline for filing objections to confirmation on May 6, 2019.
Deadline for filing objections to final approval of the disclosure
statement on May 6, 2019.
A full-text copy of the Disclosure Statement is available at
http://tinyurl.com/y3j3vpwxfrom PacerMonitor.com at no charge.
About Jorge A. Alvarez DDS
Jorge A. Alvarez DDS, P.A., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-23777) on Nov. 5,
2018. In the petition signed by its president/owner, Dr. Jorge A.
Alvarez, AD D.S., the Debtor estimated assets of less than $100,000
and liabilities of less than $1 million. Judge Erik P. Kimball
oversees the case. The Debtor tapped Van Horn Law Group, Inc., as
its legal counsel. No official committee of unsecured creditors
has been appointed in the Chapter 11 case.
KW1 LLC: Union Bank Files Chapter 11 Plan of Liquidation
--------------------------------------------------------
Secured Creditor Union Bank & Trust filed a disclosure statement in
connection with its proposed plan of liquidation, dated March 26,
2019, for Debtor KW1, LLC.
The Plan provides that upon confirmation, Neil L. Rose will serve
as plan administrator. The Plan Administrator will be substituted
as a party to a contract for the services of Tranzon Fox as
auctioneer upon the Effective Date. The Auctioneer will promptly
commence the process to have the Virginia Beach Property advertised
and sold in a commercially reasonable manner, to include at an
Auction Sale or Sales to occur not later than five months from the
Effective Date.
Bidding will be managed by the Auctioneer and the highest and best
bid will be determined at the Auctioneer's discretion. The highest
and best bidder (other than Union Bank) will be required to tender
a down payment of not less than 10% of the purchase price. At the
Auction Sale, Union Bank will be entitled to credit bid up to the
value of its Secured Claims. Following the conclusion of the
Auction Sale, the Plan Administrator will file with the Bankruptcy
Court and serve upon KW1 and all other interested parties (i) a
notice describing the results of the Auction Sale and stating that
the results of the Auction Sale will be deemed approved unless a
written objection and notice of hearing are filed with the Court
within 14 days after the notice has been served; and (ii) a
proposed Order approving the results of the Auction Sale. In the
absence of any timely objection, the Plan Administrator will submit
the proposed Approval Order to the Bankruptcy Court for review and
consideration. Closing will occur within twenty- 21 days after the
entry of the Approval Order. Any sale of the Property pursuant to
the terms of the Plan shall be free from imposition of any tax by
any state and/or local authority.
At the closing of any commercially reasonable sale of part or all
of the Personal and Real Property, including an Auction Sale, the
closing agent will be authorized to distribute the proceeds of sale
to pay all costs of sale, including the compensation of the
Auctioneer, and pay Secured Claims to the extent of liens
encumbering the Property sold in order of their priority. The
remaining funds on hand shall be distributed by the closing agent
to the Plan Administrator, which funds shall be held in escrow and
distributed (i) first to pay any and all post-confirmation
expenses, including compensation allowed to the Plan Administrator
and his approved post-confirmation counsel, if any, (ii) next to
pay any and all unpaid Allowed Administrative Expense Claims, (iii)
next to pay the Allowed Claims of the Internal Revenue Service;
(iv) then to Unsecured Claims, pro rata of their interests; (v) the
subordinated Claim of Union Bank for default interest; and then to
the Interests of Kevin and Wendy Sims.
A copy of the Disclosure Statement dated March 26, 2019 is
available at http://tinyurl.com/y3jvjh4kfrom Pacermonitor.com at
no charge.
About KW1 LLC
KW1, LLC, is privately held company in Virginia Beach, Virginia,
that primarily operates in the land clearing contractor business.
KW1 filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 18-73923)
on Nov. 6, 2018. In the petition was signed by Kevin Sims,
managing member, the Debtor disclosed total assets of $9,182,001
and liabilities of $3,227,453. The case is assigned to Judge Frank
J. Santoro. The Debtor is represented by Greer W. McCreedy, II,
Esq. at the McCreedy Law Group, PLLC.
LA TRINIDAD ELDERLY: Case Summary & 8 Unsecured Creditors
---------------------------------------------------------
Debtor: La Trinidad Elderly LP SE
PO Box 12032
San Juan, PR 00914
Business Description: Founded in 2010, La Trinidad Elderly LP
is a New York Limited Liability Partnership
that owns a residential unit apartment
building located at Castillo Street #11,
Ponce, Puerto Rico which provides affordable
housing to eligible low-income elderly
tenants. The building is composed of 15
stories with 130 apartments and two
elevators to access the apartments. The
Company previously sought bankruptcy
protection on Sept. 25, 2018 (Bankr. D. P.R.
Case No. 18-05549).
Chapter 11 Petition Date: April 2, 2019
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Case No.: 19-01830
Judge: Hon. Enrique S. Lamoutte Inclan
Debtor's Counsel: Wigberto Lugo Mender, Esq.
LUGO MENDER GROUP, LLC
Centro International De Mercadeo
100 Carr 165 Suite 501
Guaynabo, PR 00968
Tel: 787 707-0404
E-mail: wlugo@lugomender.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Jorge A. Rios Pulperio,
president-managing partner.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight unsecured creditors is available for
free at:
http://bankrupt.com/misc/prb19-01830.pdf
LACONIA LLC: Case Summary & 8 Unsecured Creditors
-------------------------------------------------
Debtor: Laconia L.L.C.
1141 Elden Street, Suite 224
Herndon, VA 20170
Business Description: Laconia L.L.C. is a privately held company
that is engaged in the business of renting
and leasing real estate properties.
Chapter 11 Petition Date: April 2, 2019
Court: United States Bankruptcy Court
Eastern District of Virginia (Alexandria)
Case No.: 19-11049
Judge: Hon. Brian F. Kenney
Debtor's Counsel: Dylan G. Trache, Esq.
NELSON MULLINS RILEY & SCARBOROUGH LLP
101 Constitution Avenue, N.W., Suite 900
Washington, DC 20001
Tel: 202-712-2800
Fax: 202-712-2860
Email: dylan.trache@nelsonmullins.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by George Cholakis, manager/member.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/vaeb19-11049.pdf
List of Debtor's Eight Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Amphora Bakery $50,000
296 Sunset Park Drive
Herndon, VA 20170
2. Columbia Gas $9,738
P.O. Box 742529
Cincinnati, OH
45274-2529
3. Dominion Power $8,910
P.O. Box 26666
Richmond, VA
23261-6666
4. Fairfax County - $296,215
Dept. of Tax
12000 Government
Center Pkwy.
Suite 223
Fairfax, VA
22035-0076
5. Internal Revenue Service $7,000
P.O. Box 7346
Philadelphia, PA
19101-7346
6. Nixon Peabody $4,327
799 9th Street NW, Suite 500
Washington, DC 20001
7. Town of Herndon $67,092
777 Lynn Street
Herndon, VA 20170
8. Virginia Dept. of Taxation $1,800
P.O. Box 1115
Richmond, VA
23218-1115
LEMKCO FLORIDA: Seeks to Hire DHW LAW as Special Counsel
--------------------------------------------------------
Lemkco Florida, Inc., seeks authority from the U.S. Bankruptcy
Court for the Middle District of Florida to employ DHW LAW, P.A.,
as special counsel to the Debtor.
Lemkco Florida requires DHW LAW to represent the interests of the
Debtor in the state court actions styled, Golf Properties of
Florida, LLC vs. Lemkco Florida, Inc., Et.Al., Case No.:
2018-CA-688, and Golf Properties of Florida, LLC vs. Lemkco
Florida, Inc., et al, Case No.: 2017-CA-00140. Both cases are
presently pending in the Circuit Court of the Fifth Judicial
Circuit in and for Hernando County, Florida.
DHW LAW will be paid at these hourly rates:
Partners/Senior Associates $350
Associates $300
Paralegals $135
DHW LAW received from the Debtor a post-petition payment of $2,500
on March 13, 2019, made by the Debtor's principal for the benefit
of the Debtor.
DHW LAW will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David H. Walkowiak, partner of DHW LAW, P.A., assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
DHW LAW can be reached at:
David H. Walkowiak, Esq.
DHW LAW, P.A.
24714 FL-54
Lutz, FL 33559
Tel: (813) 962-3176
About Lemkco Florida
Lemkco Florida, a single asset real estate as defined in 11 U.S.C.
Section 101(51B), is the fee simple owner of Spring Hill Golf &
Country Club located at 12079 Coronado Drive Spring Hill, FL
34609.
Lemkco Florida filed its voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-10971) on Dec. 21,
2018. In the petition signed by Darren Kahanyshyn, chief
restructuring officer, the Debtor disclosed $591,080 in total
assets and $5,456,546 in liabilities. Buddy D. Ford, P.A., is the
Debtor's counsel, and DHW LAW, P.A., is special counsel.
LONGJAGO LLC: Seeks to Hire Century 21 as Real Estate Broker
------------------------------------------------------------
Longjago, LLC, filed an amended application with the U.S.
Bankruptcy Court for the Eastern District of Virginia seeking
approval to hire Century 21 New Millennium, as real estate broker
to the Debtor.
Longjago, LLC requires Century 21 to market, lease and sell the
Debtor's real property located at 24805 Pinebrook Rd, Chantilly,
Virginia.
Century 21 will be paid a commission of 5% of the gross purchase
price in case of sale; and 6% of the gross lease price in case of
lease.
Kyle Crawford, broker of Century 21 New Millennium, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Century 21 can be reached at:
Kyle Crawford
CENTURY 21 NEW MILLENNIUM
20405 Exchange Street, Suite 221
Ashburn, VA 20147
Tel: (703) 858-2770
About Longjago, LLC
Longjago, LLC, based in Chantilly, VA, filed a Chapter 11 petition
(Bankr. E.D. Va. Case No. 18-13476) on Oct. 17, 2018. In the
petition signed by Edward A Longwe, authorized representative, the
Debtor estimated $1 million to $10 million in assets and $500,000
to $1 million in liabilities. Christopher S. Moffitt, Esq., at the
Law Offices of Christopher S. Moffitt, serves as bankruptcy counsel
to the Debtor.
LORRAINE HOTEL: Seeks Authorization to Use Cash Collateral
----------------------------------------------------------
Lorraine Hotel 2017, LLC, seeks authority from the U.S. Bankruptcy
Court for the Northern District of Ohio for the immediate use of
cash collateral in an amount sufficient to avoid immediate and
irreparable harm.
The Debtor requires the use of cash collateral to continue its
business operations and to pay its regular daily expenses including
employees' wages, utilities, and their other costs of doing
business. The use of cash collateral as set forth in the proposed
Interim Order will provide the Debtor with funds sufficient to
operate its business on an interim basis through June 30, 2019.
In addition, the proposed Interim Order grants to the Prepetition
Lender additional protections as adequate protection of any
security interests. Such adequate protection will be provided to
the Lender through the preservation of the Debtor's value as going
concern and the insurance policies in force.
A copy of the Debtor's Motion is available at
http://bankrupt.com/misc/ohnb19-30498-10.pdf
About Lorraine Hotel 2017
Lorraine Hotel 2017 LLC owns and operates the Lorraine Motor Hotel.
The company was founded in 1925 and is based in Toledo, Ohio.
Lorraine Hotel 2017 LLC, based in Toledo, OH, filed a Chapter 11
petition (Bankr. N.D. Ohio Case No. 19-30498) on Feb. 28, 2019. In
the petition signed by Ronald Wilson, managing general partner, the
Debtor disclosed $1 million to $10 million in assets and $500,000
to $1 million in liabilities. The Hon. Mary Ann Whipple oversees
the case. Donald R. Harris, Esq., at Donald Harris Law Firm LLC,
serves as bankruptcy counsel to the Debtor.
MAIREC PRECIOUS: Seeks to Hire Potter & Company as Accountant
-------------------------------------------------------------
Mairec Precious Metals U.S., Inc., seeks authority from the U.S.
Bankruptcy Court for the District of South Carolina to employ
Potter & Company, P.A., as accountant to the Debtor.
Mairec Precious requires Potter & Company to:
a. prepare the Federal and state income tax returns; and
b. prepare any bookkeeping or adjusting entries we find
necessary in connection with the preparation of the income
tax returns.
Potter & Company will be paid at these hourly rates:
Partners $475
Managers $325
Seniors $250
Administratives $125
Potter & Company will be paid a retainer in the amount of $15,000.
Potter & Company will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Robert W. Taylor, partner of Potter & Company, P.A., assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Potter & Company can be reached at:
Robert W. Taylor
POTTER & COMPANY, P.A.
106 Welton Way
Mooresville, NC 28117
Tel: (704) 662-3164
Fax: (704) 662-8435
About Mairec Precious Metals U.S.
Mairec Precious Metals U.S., Inc., specializes in the recovery of
precious metals including gold, silver, platinum, palladium or
rhodium from various materials containing them. The Company
collects and recycles car catalysts, industrial catalysts,
electronic scrap, various sweeps and concentrates and other
industrial waste.
Mairec Precious Metals U.S. filed for Chapter 11 bankruptcy
protection (Bankr. D.S.C. Case No. 19-01198) on March 1, 2019. In
the petition signed by David M. Baker, chief restructuring officer,
the Debtor estimated $50 million to $100 million in assets and $10
million to $50 million in liabilities.
The case is assigned to Judge Helen E. Burris.
The Debtor tapped McCarthy, Reynolds, & Penn, LLC as its counsel,
and SSG Advisors, LLC as its investment banker.
MANSFIELD BOAT: DOJ Watchdog Seeks Ch. 11 Trustee Appointment
-------------------------------------------------------------
The United States Trustee for Region 6, William T. Neary, asked the
U.S. Bankruptcy Court for the Northern District of Texas to issue
an order directing the appointment of a Chapter 11 trustee for
Mansfield Boat and RV Storage, LLC.
According to the U.S. Trustee, a Chapter 11 trustee should be
appointed because the Debtor's estate money disappeared. Based on
the Debtor's own accounting, the Debtor's representative withdrew
funds without the approval of the Debtor's secured lender. Further,
the U.S. Trustee noted that at best, the Debtor's principals'
failure to request permission of their secured lender to withdraw
the funds constitutes gross mismanagement. At worst, the Debtor's
principals may have participated in actual fraud and dishonesty.
Hence, the U.S. Trustee asked the Court to directly appoint a
Chapter 11 trustee because a cause exists in the best interests of
the creditors of the estate.
In the alternative, the U.S. Trustee also believed that cause
exists to convert the Chapter 11 case to Chapter 7 under 11 U.S.C.
Sec. 1112(b) of the Bankruptcy Code.
About Mansfield Boat and RV Storage
Mansfield Boat and RV Storage, LLC, operates a self-storage
facility in Mansfield, Texas.
Mansfield Boat and RV Storage sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Texas Case No. 18-33926) on Dec.
3, 2018. At the time of the filing, the Debtor estimated assets of
$10 million to $50 million and liabilities of $1 million to $10
million. The case is assigned to Judge Harlin DeWayne Hale. The
Debtor tapped Lusky & Associates, P.C., as its legal counsel.
MISSION COAL: Murray Energy Named Successful Bidder to Buy Assets
-----------------------------------------------------------------
Murray Energy Corporation ("Murray Energy") has been informed that
it has been selected as the Successful Bidder to acquire the Oak
Grove, Seminole Alabama, and Maple Eagle Mining Complexes (the
"Mission Assets"), located in Alabama and West Virginia, from
Mission Coal Company, LLC ("Mission"), through the Mission
bankruptcy proceedings. Mission has accepted Murray Energy's bid
and has filed notice with the bankruptcy court Wednesday, March 27,
2019.
Murray Energy has formed a new, majority owned unrestricted
subsidiary company, Murray Metallurgical Holdings, LLC, to acquire
and operate the Mission Assets, with its existing JV partner,
Javelin Global Commodities (UK) LTD. ("Javelin"), as the minority
owner of the newly formed unrestricted subsidiary. The bankruptcy
court has scheduled a hearing on April 3, 2019, to approve the sale
of the Mission Assets to Murray Metallurgical Holdings, LLC.
Murray Energy's acquisition of the Mission Assets provides a
significant entrance into the metallurgical coal market, allowing
for diversification of its portfolio of quality mining assets. The
Mission Assets will benefit from Murray Energy's best-in-class
longwall mining and operational expertise, that will further
enhance the value of these high quality metallurgical coal
properties. Additionally, this acquisition leverages Javelin's
existing global marketing platform, bringing further value to these
newly acquired assets. Murray Energy looks forward to utilizing
our management and marketing expertise in order to ensure the
maximum success of these operations.
About Mission Coal Company
Mission Coal Company LLC and its subsidiaries are engaged in the
mining and production of metallurgical coal, also known as "met"
coal, which is a critical component of the steelmaking process.
The Company is headquartered in Kingsport, Tennessee and operate
subterranean, surface, and longwall mining complexes in West
Virginia and Alabama. The Company employs 1,075 individuals on a
full-time or part-time basis.
Mission Coal and 10 of its subsidiaries filed for bankruptcy
protection in the U.S. Bankruptcy Court for the Northern District
of Alabama (Birmingham) on Oct. 14, 2018, with Lead Case No.
18-04177. In the petition signed by CRO Kevin Nystrom, Mission
Coal estimated assets and liabilities of $100 million to $500
million.
Daniel D. Sparks, Esq. and Bill D. Bensinger, Esq., of Christian &
Small LLP, as well as James H.M. Sprayregen, P.C., Brad Weiland,
Esq., and Melissa N. Koss, Esq., of Kirkland & Ellis LLP and
Kirkland & Ellis International LLP, serve as counsel to the
Debtors. The Debtors also tapped Jefferies LLC as investment
banker, Zolfo Cooper LLC as financial advisor, and Omni Management
Group as notice and claims agent.
On Oct. 25, 2018, the Bankruptcy Administrator for the Northern
District of Alabama appointed the Official Committee of Unsecured
Creditors. The Committee retained Lowenstein Sandler LLP, as
counsel; Baker Donelson Bearman Caldwell & Berkowitz, PC, as local
counsel; and Berkeley Research Group, LLC, as financial advisor.
MOMENTIVE PERFORMANCE: Moody's Affirms B2 CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed Momentive Performance
Materials Inc.'s B2 Corporate Family Rating (CFR), B2-PD
probability of default rating, and the ratings on the existing
notes. At the same time, Moody's has assigned a B1 rating to
Momentive's proposed $839 million first lien senior secured term
loan. The rating outlook is stable.
The proceeds of the proposed term loan, along with other debt and
equity capital, will be used to finance Momentive's acquisition by
KCC Corporation (Baa2 under review for downgrade), SJL Partners LLC
and Wonik QnC Corporation, and to repay the existing notes. Moody's
will withdraw the ratings on the existing notes once they are
repaid.
Rating assignment:
Issuer: Momentive Performance Materials Inc.
Senior Secured First Lien Term Loan due 2024, assigned B1 (LGD3)
Rating affirmation:
Issuer: Momentive Performance Materials Inc.
Corporate Family Rating, affirmed B2
Probability of Default Rating, affirmed B2-PD
Senior Secured First Lien Notes due 2021, affirmed B2 (LGD3)
Senior Secured Second Lien Notes due 2022, affirmed Caa1 (LGD5)
Outlook Actions:
Issuer: Momentive Performance Materials Inc.
Outlook, Remains Stable
Rating withdrawal:
Issuer: Momentive Performance Materials Inc.
Speculative Grade Liquidity Rating, withdrew SGL-2
RATINGS RATIONALE
"The affirmation of Momentive's B2 CFR takes into account the
company's improved earnings amid tight silicone supply, its
initially high debt leverage following the acquisition and the
potential of business synergies and cash generation under the new
ownership," says Jiming Zou, Moody's Vice President and Lead
Analyst for Momentive.
Moody's expects the tight global silicone supply will likely keep
Momentive's earnings elevated the next one or two years, despite a
slowing economy, and capacity additions announced by Dow, Shin-Etsu
and Wacker Chemie that will potentially rebalance the market and
pressure Momentive's profits beginning in 2020 and thereafter.
Increasing global demand, capacity closures and production outages
caused silicone prices to surge and greatly improved margins in the
last four years. Momentive has also benefited from its growing
portfolio of high-margin specialty silicones and silanes products.
In 2018, the company's reported segment EBITDA rose to about $400
million, up from $293 million a year ago.
However, Momentive's CFR is constrained by its initially high debt
leverage after the acquisition. Gross debt will increase by about
$340 million, resulting in a 5.7x adjusted pro forma Debt/EBITDA
(including pension and lease adjustments and excluding quartz
business which will be separated under the new ownership), versus
4.2x at the end of 2018. Momentive is likely to improve its
leverage to low 5x in the next two years, based on its current
earnings and cash generation. While Moody's believes the silicone
industry has seen its cyclical peak and new capacities are being
built, contributions from specialty silicone products, potential
sales synergies with KCC and its new silicone capacities should
facilitate cash flow generation and deleveraging at Momentive.
Fundamentally, Momentive has been a major global producer of
silicone products, with a track record of maintaining market share
positions across a diverse product portfolio. However, the company
remains exposed to the highly competitive silicone market and
competes against other larger revenue base companies with partial
backward integration. Its adjusted EBITDA margin improved to about
15.5% in 2018, from 13.3% in 2017, but remains low compared to its
larger competitors -- Dow and Wacker. Momentive has recently
rationalized its siloxane production in Germany and transformed its
business towards specialty silanes, automotive clear coats, optical
displays and LSR that will strengthen its earnings.
KCC's investment in Momentive will offer certain operational
benefits to Momentive, such as cross-sales opportunities in Korea
and potential procurement savings. KCC's stronger credit profile
and guarantee to Momentive's $839 million term loan A (subscribed
by Korean investors, not rated by Moody's) also indicate KCC's
ability and willingness to provide support to Momentive in the
event it is required. However, Momentive's B2 CFR has not factored
in any explicit support uplift, given the presence of a private
equity investor—SJL, which will ultimately hold 50% less one
share in Momentive, has a strong influence on financing decisions
and may exit at the same time of the term loan maturity.
Liquidity is good with $260 million cash on hand and $300 million
undrawn ABL facility as of December 31, 2018. Moody's expects the
company to reduce its capital expenditure and generate positive
free cash flow in 2019. The new $300 million ABL facility, similar
to the existing one, will be governed by a maintenance covenant
test; minimum fixed charge coverage ratio of 1.0x that applies only
if availability is less than the greater of: 10% of the lesser of
the borrowing base and $25 million. KCC's guaranteed term loan A
has also a net leverage maintenance covenant with sufficient
headroom. Moody's expects Momentive to remain in compliance with
its covenants.
Momentive's proposed first-lien senior secured term loan is rated
B1, one notch above its B2 CFR, given its seniority against KCC's
guaranteed term loan A and its first-lien on substantially non-ABL
assets and second-lien on all ABL assets. The new ABL facility,
which has a first-lien on all current assets, is not rated.
The stable outlook reflects the expectation of a favorable
operating environment in the next one to two years and the
company's continuous effort to improve is earnings and launch more
value-added silicone products to fend off competition.
Moody's would consider upgrading Momentive's ratings if the company
is able to improve its profitability with an EBITDA margin above
15%, generate consistently positive free cash flow of over $50
million per annum applied to debt reduction, and improve its
debt/EBITDA ratio sustainably below 5.0x. Moody's would also
consider a rating upgrade, if KCC were to raise its stake in
Momentive or fully integrate its existing silicone operations into
Momentive.
Conversely, Moody's would consider downgrading Momentive's ratings
if the company's credit metrics deteriorate as a result of
weakening operational performance or a change in its financial
policy. Should its debt/EBITDA ratio rise above 6.0x, its EBITDA
margins fall below 10%, or it fails to generate positive free cash
flow, a rating downgrade could be considered.
The principal methodology used in these ratings was Chemical
Industry published in March 2019.
Momentive Performance Materials Inc., based in New York, US, is one
of the largest global producer of silicones and silicone
derivatives. The company operates two primary businesses,
silicones, which account for approximately 92% of revenues; and
quartz. Silicones, or more accurately, polymerized siloxanes or
polysiloxanes, are mixed inorganic-organic polymers that are used
in a wide variety of industrial and consumer applications including
agriculture, automotive, electronics, healthcare, personal care,
textiles, and sealants. KCC Corporation (Baa2 under review for
downgrade), SJL Partners LLC, and Wonik QnC Corporation announced
in September 2018 that they have agreed to acquire MPM Holdings
Inc., the holding company of Momentive, for approximately $3.1
billion. In 2018, Momentive generated $2.7 billion in revenues.
MONTESQUIEU INC: Hires Stretto as Claims and Noticing Agent
-----------------------------------------------------------
Montesquieu, Inc., and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ
Stretto, as claims and noticing agent to the Debtors.
Montesquieu, Inc., requires Stretto to:
a. prepare and serve required notices and documents in the
cases in accordance with the Bankruptcy Code and the
Bankruptcy Rules in the form and manner directed by the
Debtors or the Court, including (i) notice of the
commencement of the cases and the initial meeting of
creditors under Bankruptcy Code Sec. 341(a), (ii) notice of
any claims bar date, (iii) notices of transfers of claims
and objections to claims, (iv) notices of objections to
claims and objections to transfers of claims, (v) notices
of any hearings on a disclosure statement and confirmation
of the Debtors' plan or plans of reorganization, including
under Bankruptcy Rule 3017(d), (vi) notice of the effective
date of any plan, (vii) any motion to convert, dismiss,
appoint a trustee, or appoint and examiner filed by the
U.S. Trustee's Office, and (viii) all other notices,
orders, pleadings, publications and other documents as the
Debtors or Court may deem necessary or appropriate for an
orderly administration of the cases;
b. maintain an official copy of the Debtors' schedules of
assets and liabilities and statements of financial affairs
(collectively, "Schedules"), listing the Debtors' known
creditors and the amounts owed thereto;
c. maintain (i) a list of all potential creditors, equity
holders and other parties-in-interest; and (ii) a "Master
Service List" in accordance with Local Rule 2002-1(H);
update said lists and make said lists available upon
request by a party-in-interest or the Clerk;
d. furnish a notice to all potential creditors of the last
date for the filing of proofs of claim and a form for the
filing of a proof of claim, after such notice and form are
approved by this Court, and notify said potential creditors
of the existence, amount and classification of their
respective claims as set forth in the Schedules, which may
be effected by inclusion of such information (or the lack
thereof, in cases where the Schedules indicate no debt due
to the subject party) on a customized proof of claim form
provided to potential creditors;
e. maintain a post office box or address for the purpose of
receiving claims and returned mail, and process all mail
received;
f. for all notices, motions, orders or other pleadings or
documents served, prepare and file or caused to be filed
with the Clerk an affidavit or certificate of service
within seven (7) business days of service which includes
(i) either a copy of the notice served or the docket
numbers and titles of the pleadings served, (ii) a list of
persons to whom it was mailed (in alphabetical order) with
their addresses, (iii) the manner of service, and (iv) the
date served;
g. process all proofs of claim or proofs of interest received,
including those received by the Clerk's Office, and check
said processing for accuracy, and maintain the original
proofs of claim or proofs of interest in a secure area;
h. provide an electronic interface for filing proofs of claim;
i. maintain the official claims register for each Debtor (the
"Claims Registers") on behalf of the Clerk; upon the
Clerk's request, provide the Clerk with certified,
duplicate unofficial Claims Registers; and specify in
the Claims Registers the following information for each
claim docketed: (i) the claim number assigned, (ii) the
date received, (iii) the name and address of the claimant
and agent, if applicable, who filed the claim, (iv) the
amount asserted, (v) the asserted classification(s) of the
claim (e.g., secured, unsecured, priority, etc.), (vi) the
applicable Debtor, and (vii) any disposition of the claim;
j. implement necessary security measures to ensure the
completeness and integrity of the Claims Registers and the
safekeeping of the original claims;
k. record all transfers of claims and provide any notices of
such transfers as required by Bankruptcy Rule 3001(e);
l. relocate, by messenger or overnight delivery, all of the
court-filed proofs of claim to the offices of the Claims
and Noticing Agent, not less than weekly;
m. upon completion of the docketing process for all claims
received to date for each case, turn over to the Clerk
copies of the claims register for the Clerk's review, upon
the Clerk's request;
n. monitor the Court's docket for all notices of appearance,
address changes, and claims-related pleadings and orders
filed and make necessary notations on or changes to the
claims register;
o. identify and correct any incomplete or incorrect addresses
in any mail or service lists;
p. assist in the dissemination of information to the public
and respond to requests for administrative information
regarding the case as directed by the Debtors or the Court,
including through the use of a case website or call center;
q. assist the Debtors with administrative tasks in the
preparation of their bankruptcy Schedules of Assets and
Liabilities and Statement of Financial Affairs
(collectively, the "Schedules");
r. oversee the distribution of the applicable solicitation
materials to each holder of a claim against or interest in
the Debtors;
s. respond to mechanical and technical distribution and
solicitation inquiries;
t. receive, review, and tabulate the ballots cast, and make
determinations with respect to each ballot as to its
timeliness, compliance with the Bankruptcy Code, Bankruptcy
Rules, and procedures ordered by the Court subject, if
necessary, to review and ultimate determination by the
Court;
u. certify the results of the balloting to the Court;
v. perform such other related plan-solicitation services as
may be requested by the Debtors;
w. thirty (30) days prior to the close of these Cases or in
connection with a final decree, to the extent practicable,
requesting that the Debtors submit to the Court a proposed
order dismissing Stretto and terminating Stretto's services
upon completion of its duties and responsibilities and upon
the closing of these Cases;
x. within seven (7) days' notice to Stretto of entry of an
order closing the chapter 11 case, providing to the Court
the final version of the Claims Register as of the date
immediately before the close of these Cases; and
y. at the close of these chapter 11 cases, (i) box and
transport all original documents, in proper format, as
provided by the Clerk's office, to (A) the Philadelphia
Federal Records Center, 14700 Townsend Road, Philadelphia,
PA 19154-1096 or (B) any other location requested by the
Clerk's office; and (ii) docket a completed SF-135 Form
indicating the accession and location numbers of the
archived claims.
Stretto will be paid based upon its normal and usual hourly billing
rates.
Stretto will be paid a retainer in the amount of $5,000.
Stretto will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Travis Vandell, partner of Stretto, assured the Court that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.
Stretto can be reached at:
Travis Vandell
STRETTO
410 Exchange, Suite 100
Irvine, CA 92606
Tel: (800) 634-7734
About Montesquieu, Inc.
Montesquieu, Inc., is a wine maker headquartered in San Diego,
California that focuses on producing "first-rate boutique" wines
from family-owned and operated vineyards. The Company is committed
to producing hand-crafted, limited-production, and exquisite
wines.
Montesquieu, Inc., based in San Diego, CA, and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
19-10599) on March 20, 2019. The Hon. Brendan Linehan Shannon
oversees the case.
In their petitions, Montesquieu, Inc., estimated assets and
liabilities of $100,000 to $500,000; Montesquieu Corporation's
estimated assets of $1 million to $10 million, and estimated
liabilities of $50,000 to $100,000; and WG Best Weinkellerie
estimated assets of $100,000 to $500,000, and estimated liabilities
of $1 million to $10 million.
Mette H. Kurth, Esq., at Fox Rothschild LLP, serves as bankruptcy
counsel.
N&A PRODUCE: Seeks Authorization to Use Cash Collateral
-------------------------------------------------------
N&A Produce & Grocery, Corp., seeks authorization from the U.S.
Bankruptcy Court for the Southern District of New York to use cash
collateral in the ordinary course of its business.
The Debtor requires immediate use of cash collateral in order to
ensure that the it has sufficient working capital and liquidity to
preserve and maintain the value of its assets and to conduct the
orderly administration of the case for the benefit of its estate,
its creditors and all parties in interest.
As of the Petition Date, the Debtor was indebted to NewBank in the
aggregate principal amount of $1,462,394 for the loans, advances
and other financial accommodations made by NewBank pursuant to and
in accordance with, the Prepetition Loan Documents.
The Debtor proposes to grant NewBank with following forms of
adequate protection:
(a) valid and perfected additional and replacement security
interests in and liens on all of the collateral, up to the value of
the Prepetition Collateral, which will be subject and subordinate
only to the Carve-Out;
(b) The Adequate Protection Obligations will constitute
allowed claims against the Debtor with priority over any and all
administrative expenses and all other claims against the Debtor,
now existing or hereafter arising, including without limitation,
all administrative expenses of kind specified in Sections 503(b)
and 507(b) of the Bankruptcy Code.
(c) The Debtor will pay to NewBank, upon entry of the Order,
the sum of $5,000, and on the fifth day of each month thereafter,
beginning April 5, 2019, the sum of $5,000.
(d) The Debtor will be authorized to use cash collateral
solely in accordance with the Approved Budget, provided that its
actual cash disbursements will not exceed the Approved Budget on a
line item basis by more than 10% and on an aggregate cumulative
basis by more than 10%.
(e) The Debtor and its counsel will electronically deliver to
NewBank a copy of each of its monthly operating reports
simultaneously upon filing the same with the Bankruptcy Court.
(f) The Debtor will provide NewBank with full and timely
access to the Collateral, its management and personnel, and books
and records, as well as any and all financial reports prepared by
the Debtor in the ordinary course of its business and/or as
reasonably requested by NewBank.
(g) The Debtor will continue to maintain the collateral in
accordance with the Prepetition Loan Documents.
A copy of the Debtor's Motion is available at
http://bankrupt.com/misc/nysb18-13336-45.pdf
About N&A Produce & Grocery Corp.
N&A Produce & Grocery, Corp., operates a grocery store in Bronx,
New York.
N&A Produce & Grocery sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 18-13336) on Nov. 1,
2018. At the time of the filing, the Debtor disclosed $555,300 in
assets and $2,346,000 in liabilities. The case has been assigned
to Judge James L. Garrity Jr. The Debtor tapped the Law Offices of
Alla Kachan, P.C., as its legal counsel.
NEW LOOK SECURED: Chapter 15 Case Summary
-----------------------------------------
Chapter 15 Debtor: New Look Secured Issuer plc
New Look House, Mercery Road
Weymouth
Dorset, DT3 5HJ
United Kingdom
Business Description: Based in Weymouth, United Kingdom, New
Look Secured Issuer plc --
https://www.newlook.com -- operates as a
subsidiary of New Look Retail Group
Limited. New Look is an international
multichannel retail brand, offering
fashion for women, men and teenage
girls. New Look operates hundreds of
stores in its main market, the UK, and
also operates stores internationally in
Continental Europe, the Middle East and
Asia. It also has a fast-growing e-
commerce offering, serving over 120
countries worldwide, supported by
convenient delivery options.
Chapter 15 Petition Date: April 2, 2019
Court: United States Bankruptcy Court
Southern District of New York
(Manhattan)
Chapter 15 Case No.: 19-11005
Judge: Hon. Stuart M. Bernstein
Foreign Representative: Richard John Collyer
New Look House, Mercery Road
Weymouth
Dorset DT3 5HJ
United Kingdom
Foreign Proceeding
in Which Appointment
of the Foreign
Representative
Occurred: High Court of Justice of
England and Wales (Part 26 of
Companies Act 2006)
Foreign Representative's
Counsel: Robert H. Trust, Esq.
Christopher J. Hunker, Esq.
Joanna C. McDonald, Esq.
LINKLATERS LLP
1345 Avenue of the Americas
New York, NY 10105
Tel: 212-903-9000
Fax: 212-903-9100
E-mail: robert.trust@linklaters.com
christopher.hunker@linklaters.com
joanna.mcdonald@linklaters.com
Estimated Assets: Unknown
Estimated Debts: Unknown
A full-text copy of the Chapter 15 petition is available for free
at:
http://bankrupt.com/misc/nysb19-11005.pdf
NIAGARA FRONTIER: April 17 Continued Cash Collateral Hearing
------------------------------------------------------------
The Hon. Michael J. Kaplan the U.S. Bankruptcy Court for the
Western District of New York to has entered an eighth interim order
authorizing Niagara Frontier Country Club, Inc., to use cash
collateral as set forth in the interim budget pending final hearing
on the Motion.
The final hearing on the Debtor's Cash Collateral Motion is
continued to April 17, 2019 at 10:00 a.m.
M&T Bank is granted roll-over or replacement liens granting
security to the same extent, in the same priority, and with respect
to the same assets which served as collateral for its Prepetition
M&T Indebtedness, to the extent of cash collateral actually used
during the pendency of Debtor's Chapter 11 case.
Richard Elia is granted roll-over or replacement liens granting
security to the same extent, in the same priority, and with respect
to the same assets which served as collateral for Debtor's
indebtedness to him, to the extent of cash collateral actually used
during the pendency of Debtor's Chapter 11 case.
The Debtor is directed to provide to M&T Bank and Richard Elia an
accounting as to all cash collateral expended by the Debtor as of
March 10, March 17, March 24, March 31, April 7 and April 14, 2019,
respectively.
A full-text copy of the Eighth Interim Order is available at
http://bankrupt.com/misc/nywb18-11695-119.pdf
About Niagara Frontier Country Club
Niagara Frontier Country Club, Inc. --
http://niagarafrontiergolfclub.com/-- is a private,
membership-based golf club located in Youngstown, New York. The
18-hole Niagara Frontier course at the Niagara Frontier Country
Club facility features 6,236 yards of golf from the longest tees
for a par of 70.
Niagara Frontier Country Club sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 18-11695) on Aug. 30,
2018. In the petition signed by Henry Sandonato, president, the
Debtor estimated assets of $1 million to $10 million and
liabilities of $1 million to $10 million. Judge Michael J. Kaplan
oversees the case.
NORTHEAST BROOKLYN: Hires Archer & Greiner as Counsel
-----------------------------------------------------
Northeast Brooklyn Partnership seeks authority from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
Archer & Greiner, P.C., as counsel to the Debtor.
Northeast Brooklyn requires Archer & Greiner to:
(a) represent the Debtor in its Chapter 11 case and any
matter, proceeding or hearing in the Bankruptcy Court, and
in any action in other courts where the rights of the
Debtor may be litigated or affected as a result of this
case;
(b) advise the Debtor concerning the requirements of the
Bankruptcy Code and Bankruptcy Rules and the requirements
of the Office of the U.S. Trustee relating to the
discharge of its duties under the Bankruptcy Code;
(c) represent the Debtor regarding real estate issues,
transactions and litigation as they may appear this
Chapter 11 case;
(d) represent the Debtor in any litigation matter as it may
appear this Chapter case;
(e) assist the Debtor with reports to the Court, monthly
operating statements, fee applications or other matters
required by the Court or the U.S. Trustee; and
(f) perform such other legal services as may be required under
the circumstances of this Chapter 11 case.
Archer & Greiner will be paid based upon its normal and usual
hourly billing rates. The firm will also be reimbursed for
reasonable out-of-pocket expenses incurred.
Allen G. Kadish, a partner at Archer & Greiner, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Archer & Greiner can be reached at:
Allen G. Kadish, Esq.
Harrison H.D. Breakstone, Esq.
ARCHER & GREINER, P.C.
630 Third Avenue
New York, NY 10017
Tel: (212) 682-4940
E-mail: akadish@archerlaw.com
hbreakstone@archerlaw.com
About Northeast Brooklyn Partnership
Northeast Brooklyn Partnership, based in Brooklyn, NY, filed a
Chapter 11 petition (Bankr. E.D.N.Y. Case No. 19-40822) on Feb. 11,
2019. In the petition signed by Jeffrey E. Dunston, president and
CEO, the Debtor estimated $1 million to $10 million in both assets
and liabilities. The Hon. Nancy Hershey Lord oversees the case.
Allen G. Kadish, Esq., at Archer & Greiner, P.C., serves as
bankruptcy counsel.
OXFORD ASSOCIATES: Plan Discloses Settlement Stipulation with HVOC
------------------------------------------------------------------
Oxford Associates Group, Inc., filed with the U.S. Bankruptcy Court
for the Southern District of New York its second amended disclosure
statement in connection with its second amended chapter 11 plan.
The second amended plan discloses that the Debtor and Hudson View
Owners Corporation have entered into a Settlement Stipulation under
which, if approved by the Bankruptcy Court, Hudson View will have
an Allowed Claim in the amount of $255,332 which will be paid to
Hudson View at the closings on the sales of Unit 650-5H and the
Block Sale Apartments in full satisfaction of any and all Claims
against the Debtor through February 28, 2019. In the unlikely event
that the Settlement Stipulation is not approved by the Bankruptcy
Court, the Debtor and Hudson View will continue to litigate the
Debtor's objection to the Class 2 Hudson View Secured Claim and the
Allowed Amount thereof, if any, will be fully paid, with interest
at the applicable rate, if any, subject to the provisions of the
Plan with respect to Disputed Claims.
A copy of the Second Amended Disclosure Statement is available at
http://tinyurl.com/y5mcb9tpfrom Leagle.com.
About Oxford Associates Group
Oxford Associates Group Inc., a New York corporation, owns 39
residential cooperative units located along Warburton Avenue,
Yonkers.
Oxford Associates Group sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-12487) on Sept. 5,
2017. In the petition signed by George Kyriakoudes, president, the
Debtor estimated assets and liabilities of $1 million to $10
million. Judge Mary Kay Vyskocil oversees the case. The Debtor
hired Pick & Zabicki LLP as its legal counsel.
PARADIGM GATEWAY: Hires Rappaport Osborne as Attorney
-----------------------------------------------------
Paradigm Gateway International, Inc., seeks authority from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Rappaport Osborne & Rappaport, PLLC, as attorney to the Debtor.
Paradigm Gateway requires Rappaport Osborne to:
(a) give advice to the Debtor with respect to its powers and
duties as a debtor-in-possession;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare motions, pleadings, orders, applications,
adversary proceedings, and other legal documents necessary
in the administration of the case;
(d) protect the interest of the Debtor in all matters pending
before the court; and
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan.
Rappaport Osborne will be paid at these hourly rates:
Attorneys $350 to $595
Paralegals $100 to $350
Rappaport Osborne will be paid a retainer in the amount of $8,000.
Rappaport Osborne will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Jordan L. Rappaport, a partner of Rappaport Osborne, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Rappaport Osborne can be reached at:
Jordan L. Rappaport, Esq.
RAPPAPORT OSBORNE & RAPPAPORT, PLLC
1300 North Federal Highway, Suite 203
Boca Raton, FL 33432
Tel: (561) 368-2200
About Paradigm Gateway International
Paradigm Gateway International, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Fla. Case No. 19-13520) on March 19, 2019.
The Debtor hired Rappaport Osborne & Rappaport, PLLC, as attorney.
PARTES MUNDO: Seeks to Hire Rappaport Osborne as Attorney
---------------------------------------------------------
Partes Mundo, SA, Inc., seeks authority from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Rappaport
Osborne & Rappaport, PLLC, as attorney to the Debtor.
Paradigm Gateway requires Rappaport Osborne to:
(a) give advice to the Debtor with respect to its powers and
duties as a debtor-in-possession;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare motions, pleadings, orders, applications,
adversary proceedings, and other legal documents necessary
in the administration of the case;
(d) protect the interest of the Debtor in all matters pending
before the court; and
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan.
Rappaport Osborne will be paid at these hourly rates:
Attorneys $350 to $595
Paralegals $100 to $350
Rappaport Osborne will be paid a retainer in the amount of $6,849.
Rappaport Osborne will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Jordan L. Rappaport, a partner at Rappaport Osborne, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Rappaport Osborne can be reached at:
Jordan L. Rappaport, Esq.
RAPPAPORT OSBORNE & RAPPAPORT, PLLC
1300 North Federal Highway, Suite 203
Boca Raton, FL 33432
Tel: (561) 368-2200
About Partes Mundo, SA
Partes Mundo, SA, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Fla. Case No. 19-13521) on March 19, 2019. The Debtor
hired Rappaport Osborne & Rappaport, PLLC, as attorney.
PERNIX SLEEP: Hires Ernst & Young as Tax Service Provider
---------------------------------------------------------
Pernix Sleep, Inc., and its debtor-affiliates, seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ
Ernst & Young LLP, as restructuring advisor and tax service
provider, to the Debtors.
Pernix Sleep requires Ernst & Young to:
Restructuring Advisory Services
-- develop a short term cash flow forecasting tool using
management's assumptions that incorporates detailed sources
and uses of cash (13-week cash flows) and related budget to
actual variance analysis;
-- illustrate effect of sensitivities, as confirmed by
management, on the cash flow forecast;
-- advise management regarding the Debtors' business plan and
Financial forecast, as needed;
-- advise management and facilitate the preparation of the
statement and schedules required for a Chapter 11 filing;
-- advise management with respect to the form and content of
the reports developed by management for submission to the
courts on a monthly basis;
-- advise management on risks associated with
option/strategies developed by management to deal with
critical vendors;
-- prepare hypothetical liquidation scenarios to assess
recovery outcomes;
-- advise management with respect to the form and content of
reports required by the Committee, lenders and other
stakeholders;
-- advise on the structure, organization and strategy of the
Debtors' electronic dataroom contents and advise on the
posting of information at management's direction;
-- advise the Debtors in facilitating document production for
Diligence requests, as appropriate;
Bankruptcy Tax Advisory Services
-- assist in the preparation of restructuring models related
to potential refinancing alternatives, including potential
impact to existing tax attributes to offset future
liabilities and analysis related to NUBIL, NUBIG, RBIL, and
RBIG under Section 382;
-- assist Debtors with determining whether Debtors experienced
an "ownership change" as defined under Section 382 through
December 31,2018 (and if requested through a later date as
determined by the Debtors);
-- advise on legal entity rationalization and other tax
effective legal entity organizational structure
alternatives regarding Debtors' cash flows, operational
costs and/or better manage risk; where appropriate, this
might include issuance of written tax opinions or
assistance in obtaining tax authority rulings with respect
to the desired tax consequences ofa proposed structure;
-- assist with structuring alternatives and other advice
regarding unwanted assets for disposition or to exit (in
whole or in part) from one or more lines of business;
-- advise on tax-relevant matters for the proposed
restructuring documentation, including debt and other
financing arrangements;
-- participate with the Debtors in meetings and discussions
regarding structuring and bankruptcy alternatives to advise
the Debtors regarding tax considerations that may impact
the Debtors decision making or negotiation process;
-- prepare or review tax-effected cash flow models for the
purpose of illustrating the potential tax impact of
proposed structures available to the Debtors provided that
the financial aspects of such models are based on financial
projections and assumption provided by the Debtors;
-- prepare tax basis balance sheets;
-- prepare stock basis calculations;
-- provide advice with respect to the potential state tax
consequences of the potential restructuring;
-- provide advice with respect to potential Irish income and
non-income tax consequences and related Irish tax filing
requirements that might result from the contemplated
restructuring transactions;
-- provide tax consultations related to other restructuring
questions as raised by the Debtors;
-- participate in calls and meetings with the Debtors and the
Debtors' advisors as requested by the Debtors; and
-- perform tax research and provide related written
documentation of the results of such research, each as
requested by the Debtors.
Ernst & Young will be paid as follows:
Restructuring Advisory Services
Title Hourly Rate
----- -----------
Partner/Principal $760 to $975
Executive Director $725 to $825
Senior Manager $625 to $800
Manager $525 to $650
Senior $395 to $550
Staff $225 to $350
Bankruptcy Tax Advisory Services
Title Hourly Rate
----- -----------
Partner/Principal $925
Executive Director $825
Senior Manager $750
Manager $650
Senior $525
Staff $350
During the ninety days before the Petition Date, the Debtors paid
52,019,387.81 to Ernst & Young, of which $1,768,115 constituted
retainer payments. Ernst & Young is currently holding a credit
balance for the Debtors' account totaling $20,375, which Ernst &
Young will apply in payment of court-approved compensation and
reimbursement of expenses incurred during these cases.
Ernst & Young will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ben Pickering, a partner at Ernst & Young, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Ernst & Young can be reached at:
Ben Pickering
ERNST & YOUNG LLP
5 Times Square
New York, NY 10036-6530
Tel: (212) 773-3000
Fax: (212) 773-6350
About Pernix Sleep
Pernix Sleep, Inc. -- http://www.pernixtx.com/-- is a specialty
pharmaceutical company focused on identifying, developing and
commercializing prescription drugs, primarily for the United States
market, currently focused on the therapeutic areas of pain and
neurology. Primarily, Pernix Sleep sells three core branded
products: Zohydro ER with BeadTek, Silenor, and Treximet. Pernix is
headquartered in Morristown, New Jersey.
Pernix Sleep, Inc. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Lead Case No.
19-10323) on Feb. 18, 2019. As of Sept. 30, 2018, Pernix disclosed
assets of $274,770,000 and liabilities of $447,052,000.
The cases are assigned to Judge Christopher S. Sontch.
The Debtors tapped Davis Polk & Wardell LLP as their bankruptcy
counsel; Landis Rath & Cobb LLP as Delaware bankruptcy counsel;
Guggenheim Securities, LLC as investment banker; Ernst & Young LLP
as financial advisor; and Prime Clerk LLC as claims and noticing
agent.
PINNACLE GROUP: Seeks to Hire Rappaport Osborne as Attorney
-----------------------------------------------------------
Pinnacle Group, LLC, seeks authority from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Rappaport Osborne &
Rappaport, PLLC, as attorney to the Debtor.
Pinnacle Group requires Rappaport Osborne to:
(a) give advice to the Debtor with respect to its powers and
duties as a debtor-in-possession;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare motions, pleadings, orders, applications,
adversary proceedings, and other legal documents necessary
in the administration of the case;
(d) protect the interest of the Debtor in all matters pending
before the court; and
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan.
Rappaport Osborne will be paid at these hourly rates:
Attorneys $350 to $595
Paralegals $100 to $350
Rappaport Osborne will be paid a retainer in the amount of $25,000,
plus filing fees.
Rappaport Osborne will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Jordan L. Rappaport, a partner of Rappaport Osborne, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Rappaport Osborne can be reached at:
Jordan L. Rappaport, Esq.
RAPPAPORT OSBORNE & RAPPAPORT, PLLC
1300 North Federal Highway, Suite 203
Boca Raton, FL 33432
Tel: (561) 368-2200
About Pinnacle Group
Pinnacle Group, LLC, and its subsidiaries are wholesalers of motor
vehicle parts and accessories Pinnacle Group, based in Sunrise,
Florida, sought Chapter 11 protection (Bankr. S.D. Fla. Lead Case
No. 19-13519) on March 19, 2019. The petition was signed by Dennis
Wilburn, president, Paradigm Gateway International, Inc., sole
member. In its petition, debtor Pinnacle Group estimated assets of
$500,000 to $1 million and $1 million to $10 million in
liabilities. The Hon. John K Olson oversees the case. Jordan L.
Rappaport, Esq., at Rappaport Osborne & Rappaport, PLLC, serves as
bankruptcy counsel to the Debtor.
R & R TRUCKING: Seeks to Hire Hames Anderson as Attorney
--------------------------------------------------------
R & R Trucking, Inc., seeks authority from the U.S. Bankruptcy
Court for the Eastern District of Washington to employ Hames
Anderson Whitlow & O'Leary, as attorney to the Debtor.
R & R Trucking requires Hames Anderson to represent the Debtor in
all aspects of the Chapter 11 bankruptcy proceedings.
Hames Anderson will be paid at these hourly rates:
Partners $300
Junior Partners $285
Legal Assistants $110
Hames Anderson will be paid a retainer in the amount of $25,000.
Hames Anderson will also be reimbursed for reasonable out-of-pocket
expenses incurred.
William L. Hames, a partner at Hames Anderson Whitlow & O'Leary,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their/its
estates.
Hames Anderson can be reached at:
William L. Hames, Esq.
HAMES ANDERSON WHITLOW & O'LEARY
601 W. Kennewick Avenue
Kennewick, WA 99336
Tel: (509) 586-7797
E-mail: billh@hawlaw.com
About R & R Trucking
R & R Trucking, Inc., based in Pasco, WA, filed a Chapter 11
petition (Bankr. E.D. Wa. Case No. 19-00473) on March 1, 2019. In
the petition signed by Ricardo Cantu, president, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
The Hon. Frederick P. Corbit oversees the case. William L. Hames,
Esq., at Hames Anderson Whitlow & O'Leary, serves as bankruptcy
counsel to the Debtor.
RED FORK (USA): Court OK's Plan Outline; May 13 Plan Hearing Set
----------------------------------------------------------------
Bankruptcy Judge Ronald B. King approved Red Fork (USA)
Investments, Inc., and Eastok Pipeline, LLC's disclosure statement
in support of their joint plan of liquidation.
Ballots for accepting or rejecting the Plan, written objections to
confirmation of the Plan must be filed and served on or before May
6, 2019, at 5:00 pm prevailing Central time.
The confirmation hearing will be held on May 13, 2019, at 1:30 pm.
The Troubled Company Reporter previously reported that the Plan is
a plan of liquidation. Among other things, the plan provides for
(a) funding by the DIP Lenders under the DIP Facility of the Plan
Administration Funding in an amount sufficient to pay allowed
administrative expense claims and allowed priority claims against
the Debtors, Plan Expenses, and distributions to the Holders of
allowed general unsecured claims (other than Deficiency Claims) in
an amount equal to approximately 5% of the allowed amount of such
claims, and (b) the appointment of a Plan Administrator to
liquidate the Estates' remaining Assets, if and to the extent such
Assets were not previously monetized to cash or otherwise
transferred by the Debtors prior to the Effective Date, and to
distribute all net proceeds of the Estates' remaining Assets to
Holders of Allowed Claims. The Debtors believe that the Plan
accomplishes this objective and is in the best interests of the
Estates.
A copy of the Disclosure Statement is available at
https://tinyurl.com/yxneba3k from Pacermonitor.com at no charge.
About Red Fork (USA) Investments and EastOK Pipeline
Red Fork (USA) Investments, Inc., and EastOK Pipeline, LLC, are in
the business of oil and gas drilling and exploration with various
assets located in Oklahoma.
Red Fork and EastOK sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Tex. Case Nos. 18-70116 and 18-70117)
on Aug. 7, 2018. In the petitions signed by Eugene I. Davis,
president and sole Board member, each debtor estimated assets of
$10 million to $50 million and liabilities of $100 million to $500
million. Judge Tony M. Davis presides over the cases. The Debtors
tapped Dykema Cox Smith as their legal counsel.
ROCKIN ARTWORK: Seeks to Hire Hahn Fife as Accountant
-----------------------------------------------------
Heide Kurtz, the Chapter 11 Trustee of Rockin Artwork, LLC, and its
debtor-affiliates, seeks authority from the U.S. Bankruptcy Court
for the Central District of California to employ Hahn Fife & Co.,
LLP, as accountant to the Trustee.
The Trustee requires Hahn Fife to provide accounting services to
the bankruptcy estate that include preparing and filing the
necessary state and federal tax returns, review of financial
documents and any other reasonable duties assigned by the Trustee.
Hahn Fife will be paid at these hourly rates:
Partners $420
Staffs $80
Hahn Fife will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Donald T. Fife, a partner at Hahn Fife & Co., LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their/its
estates.
Hahn Fife can be reached at:
Donald T. Fife
HAHN FIFE & COMPANY, LLP
790 E. Colorado Blvd., 9th Floor
Pasadena, CA 91101
Tel: (626) 792-0855
About Rockin Artwork
Rockin Artwork and Purple Haze were formed by Andrew Pitsicalis,
and they collectively hold exclusive licensing, ownership and/or
other rights to certain intellectual property rights related to the
deceased rock legend Jimi Hendrix and his brother, Leon Hendrix.
The owners of the two entities are Pitsicalis and Leon, who own 90%
and 10%, respectively. Pitsicalis is the managing member of both
entities, and Leon is a board member of both entities.
Based in Woodland Hills, California, Rockin Artwork, LLC and Purple
Haze sought Chapter 11 protection (Bankr. C.D. Cal. Lead Case No.
19-10051) on Jan. 9, 2018. The Debtor hired Levene Neale Bender
Yoo & Brill L.L.P., as counsel, and Force 10 Partners as investment
banker.
SHARING ECONOMY: Delays Filing of 2018 Annual Report
----------------------------------------------------
Sharing Economy International Inc. has filed a Notification of Late
Filing on Form 12b-25 with respect to its Annual Report on Form
10-K for its fiscal year ended Dec. 31, 2018. The Company said its
Annual Report could not be filed within the prescribed time period
due to the fact that the Company was unable to finalize its
financial results as well as the disclosure requirements of Form
10-K without unreasonable expense or effort. As a result, the
Company could not solicit and obtain the necessary review of the
Form 10-K in a timely fashion prior to the due date of the report.
About Sharing Economy
Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. -- http://www.seii.com/-- through its
affiliated companies, designs, manufactures and distributes a line
of proprietary high and low temperature dyeing and finishing
machinery to the textile industry. The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and rental
business partnerships that will drive the global development of
sharing through economical rental business models. Throughout
2017, the Company made significant changes in the overall direction
of the Company. Given the headwinds affecting its manufacturing
business, the Company is targeting high growth opportunities and
has established new business divisions to focus on the development
of sharing economy platforms and related rental businesses within
the company. These initiatives are still in an early stage. The
Company did not generate significant revenues from its sharing
economy business initiatives in 2017.
RBSM LLP's audit opinion included in the company's Annual Report on
Form 10-K for the year ended Dec. 31, 2017 contains a going concern
explanatory paragraph stating that the Company had a loss from
continuing operations for the year ended Dec. 31, 2017 and expects
continuing future losses, and has stated that substantial doubt
exists about the Company's ability to continue as a going concern.
RBSM has served as the Company's auditor since 2012.
Sharing Economy incurred a net loss of $12.92 million in 2017 and a
net loss of $11.67 million in 2016. As of Sept. 30, 2018, the
Company had $59.80 million in total assets, $9.46 million in total
liabilities and $50.33 million in total equity.
The Nasdaq Stock Market LLC filed with the Securities and Exchange
Commission on Feb. 1, 2019 a Form 25 notifying the removal from
listing or registration of Sharing Economy International Inc.'s
common stock from the Exchange.
SILVERLAKE INC: Trustee Hires EA Realty as Real Estate Broker
-------------------------------------------------------------
Charles R. Goldstein, the Chapter 11 Trustee of Patapsco
Excavating/Silverlake, Inc., and its debtor-affiliates, seeks
authority from the U.S. Bankruptcy Court for the District of
Maryland to employ EA Realty Companies, as real estate broker to
the Trustee.
The Trustee requires EA Realty to market and sell the Debtors' real
property located in Baltimore City totaling approximately 4.3
acres, and known as 2500 Lakeland Avenue, ES Huron Street, 226-8,
WS Huron Street 215-6S Brohawn Avenue, SS Lakeland Avenue Sec Huron
Street, and SS Lakeland Avenue 30 FT E. of Huron Street.
EA Realty will be paid a commission of 10% of the gross sales
price.
To the best of the Debtor's knowledge the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.
About Patapsco Excavating/Silverlake, Inc.
On Feb. 13, 2013, Manus Edward Suddreth filed a voluntary petition
for relief under Chapter 11 of the Bankruptcy Code with this Court.
Suddreth's case is currently being administered as Case No.
13-12978-DER.
On Dec. 15, 2016, the Court in the Suddreth Case entered an Order
Directing Appointment of a Chapter 11 Trustee. On Dec. 28, 2016,
the Court entered an Order Approving the Appointment of Joseph J.
Bellinger as Chapter 11 Trustee. On July 21, 2017, the Court
entered an Order Approving the Appointment of Charles R. Goldstein
as Chapter 11 Trustee.
Suddreth is the sole shareholder of Silverlake. As a result of the
Suddreth Case, all rights and powers of Suddreth with respect to
Silverlake flow to Charles R. Goldstein, as Chapter 11 Trustee.
On May 17, 2018, the Trustee caused Silverlake, along with other
related entities, to file voluntary petitions for relief under
chapter 11 of the Bankruptcy Code. Silverlake, through the Trustee,
continues in possession of its property and manages its financial
affairs as a debtor-in-possession pursuant to Sections 1107 and
1108 of the Bankruptcy Code. Silverlake's case is being jointly
administered with the Suddreth Case and the other above-captioned
debtors' cases.
The Trustee and the Debtors hires Saul Ewing Arnstein & Lehr LLP as
counsel.
No official committee of unsecured creditors has been appointed in
the cases.
SKIN PC: Hires Mueller-Pye & Associates as Accountant
-----------------------------------------------------
Skin PC, and its debtor-affiliates seek authority from the U.S.
Bankruptcy Court for the District of Colorado to employ Mueller-Pye
& Associates, CPA, LLC, as accountant to the Debtor.
Skin PC requires Mueller-Pye & Associates to provide general
accounting services on an ongoing basis including, but not limited
to, assistance in the preparation of the Debtor's monthly financial
statements, ongoing accounting support and income tax services.
Mueller-Pye & Associates will be paid at the hourly rate of
$125-$350.
Mueller-Pye & Associates will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Paul F. Mueller, a partner at Mueller-Pye, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Mueller-Pye & Associates can be reached at:
Paul F. Mueller
MUELLER-PYE & ASSOCIATES, CPA, LLC
762 W. Eisenhower Blvd.
Loveland, CO 80537
Tel: (970) 667-1070
About Skin PC
Skin PC and its affiliate Lake Loveland Dermatology, P.C., offer a
comprehensive approach to skin care, performing medical, surgical
and cosmetic procedures.
Skin PC and Lake Loveland Dermatology filed voluntary Chapter 11
petitions (Bankr. D. Colo. Case Nos. 19-11650 and 19-11659,
respectively) on March 8, 2019. In the petitions signed by Dr.
Kevin Mott, president, Skin PC disclosed $9.424 million in assets
and $10.68 million in liabilities; and Lake Loveland disclosed
$1.672 million in assets and $124,779 in liabilities. The cases
are assigned to Judge Michael E. Romero. Lee M. Kutner, Esq. at
Kutner Brinen, P.C., is the Debtor's counsel.
SORENSON MEDIA: Hires Wallace Tax as Tax Accountant
---------------------------------------------------
Sorenson Media, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Utah to employ Wallace Tax Services, LLC,
as tax accountants to the Debtor.
Sorenson Media requires Wallace Tax to assist with filing federal
and state tax returns, and provide the Debtor with tax advice as
needed.
Wallace Tax will be paid as follows:
Federal Form 1120 $5,500
Federal Forms 8858 $1,250 each
Federal Forms 5471 $1,450 each
State returns $625 each
Wallace Tax charges $260 per hour for any out-of-scope work.
Wallace Tax will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Von Wallace, a partner at Wallace Tax Services, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Wallace Tax can be reached at:
Von Wallace
WALLACE TAX SERVICES, LLC
653 Harpersville Road
Newport News, VA 23601
Tel: (757) 868-1412
Fax: (757) 806-6556
About Sorenson Media
Founded in 1995, Sorenson Media, Inc. --
http://www.sorensonmedia.com/-- provides trusted solutions to the
television industry and is an innovator in driving the future of
television advertising, fusing the power and scale of linear TV
with the data and addressability of digital.
Sorenson Media, Inc., filed a voluntary petition for relief under
chapter 11 of the Bankruptcy Code (Bankr D. Utah Case No. 18-27740)
on Oct. 16, 2018. In the petition signed by CEO Pat Nola, the
Debtor estimated $10 million to $50 million in assets and $100
million to $500 million in liabilities.
Cohne Kinghorn, P.C., led by George B. Hofmann, is the Debtor's
counsel. The law firm Honigman Miller Schwartz and Cohn LLP is
serving as special corporate, intellectual property, litigation,
and commercial law counsel.
SUNGARD AVAILABILITY: Moody's Cuts CFR to 'C', Outlook Negative
---------------------------------------------------------------
Moody's Investors Service downgraded Sungard Availability Services
Capital Inc.'s corporate family and probability of default ratings
("CFR" and "PDR", respectively) to Ca and Ca-PD from Caa1 and
Caa1-PD, respectively. In addition, Moody's downgraded the senior
secured debt ratings to Caa3 from B3 and the unsecured bond rating
to C from Caa3. The rating outlook remains negative.
RATINGS RATIONALE
The downgrade follows the announcement that Sungard AS plans to
file for voluntary Chapter 11 bankruptcy in the U.S. no later than
May 1, 2019 and will not pay the interest due on April 1 for either
the secured term loans or the $425 million senior unsecured notes
due April 2022 ("unsecured bond").
The non-payment of interest on the term loans within five business
days after the interest is due (the grace period under the senior
secured credit agreement) would constitute a limited default under
Moody's definition. There is a 30 day grace period for the interest
payment on the unsecured bond in accordance with the indenture.
The Ca CFR reflects Moody's expectation that negative bookings
trends will lead to a significant decline in revenue and
profitability in 2019. The erosion of Sungard AS' core recovery
business has driven total company revenue and profit declines over
the past decade. While Sungard AS has reduced the capital intensity
of the business and engaged in various restructuring initiatives to
lower costs, the company has yet to show the ability to generate
meaningful FCF (e.g., negative annual free cash flow of more than
$25 million in both 2018 and 2017, respectively).
The transformation of Sungard AS' business model will continue to
be challenged by the run off of the traditional data recovery
business and pressures on co-location pricing. While managed
services and cloud hosting offer solid long-term growth prospects,
Sungard AS faces substantial competition and ongoing technological
shifts to leaner information technology (IT) models.
Although Sungard AS has demonstrated the ability to sell assets to
raise funds, the timing and proceeds of further asset sales is
uncertain. In 2018 and 2019, Sungard AS divested 3 facilities (San
Ramon, Sweden, and Wood Dale, Illinois) and the Assurance software
business for gross proceeds of about $140 million (net cash
proceeds over $125 million). In addition, the company sold 8 data
centers in May 2015 for gross proceeds of $140 million.
The negative outlook reflects a high probability of default in the
near term. It also incorporates the risk that Sungard AS may not be
able to slow or stabilize unfavorable operating trends, including
declining revenue and profitability and sustained negative free
cash flow.
Sungard AS' probability of default rating will be revised to a D if
the company files for bankruptcy proceedings. The ratings are
unlikely to be upgraded in the near term given the company's
announced plan to file for voluntary Chapter 11 bankruptcy.
Downgrades:
Issuer: Sungard Availability Services Capital Inc.
Probability of Default Rating, Downgraded to Ca-PD from Caa1-PD
Corporate Family Rating, Downgraded to Ca from Caa1
Senior Secured Bank Credit Facility, Downgraded to Caa3 (LGD3) from
B3 (LGD3)
Senior Unsecured Regular Bond/Debenture, Downgraded to C (LGD5)
from Caa3 (LGD5)
Outlook Actions:
Issuer: Sungard Availability Services Capital Inc.
Outlook, Remains Negative
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
Sungard Availability Services Capital Inc. is a provider of
disaster recovery services and managed IT services and is owned by
a consortium of private equity investors (including Bain Capital
Partners, The Blackstone Group, Kohlberg Kravis Roberts & Co.,
Silver Lake, TPG, and Providence Equity Partners).
TADA VENTURES: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: TADA Ventures, LLC
dba Katy Commerce Center
1773 Westborough Dr
Katy, TX 77449
Business Description: TADA Ventures, LLC owns in fee simple the
Katy Commerce Center in Katy, Texas,
an executive suite & business office. The
Property has an appraised value of $3.50
million.
Chapter 11 Petition Date: April 1, 2019
Court: United States Bankruptcy Court
Southern District of Texas (Houston)
Case No.: 19-31845
Judge: Hon. David R. Jones
Debtor's Counsel: Susan Tran, Esq.
CORRAL TRAN SINGH LLP
1010 Lamar, Suite 1160
Houston, TX 77002
Tel: 832-975-7300
Fax: 832-975-7301
E-mail: susan.tran@ctsattorneys.com
Total Assets: $3,523,706
Total Liabilities: $2,337,345
The petition was signed by Jean Stout, president.
The Debtor lists Jean & Earl Stout as its sole unsecured creditor
holding a claim of $277,845.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txsb19-31845.pdf
TEBERIO PROPERTIES: May 14 Hearing on Confirmation of Plan
----------------------------------------------------------
The amended disclosure statement explaining the Chapter 11 Plan
filed by Teberio Properties, LLC, dated March 27, 2019, is
approved.
May 14, 2019, at 9:30 a.m. in the United States Bankruptcy Court,
Courtroom No. 2, Max Rosenn U.S. Courthouse, 197 South Main Street,
Wilkes-Barre, PA 18701, is fixed for the hearing on confirmation of
the amended plan.
May 1, 2019, is fixed as the last day for submitting written
acceptances or rejections of the amended plan to Teberio
Properties, LLC.
May 1, 2019, is fixed as the last day for filing and serving
written objections to confirmation of the amended plan.
May 7, 2019, is fixed as the last day for filing with the Court a
tabulation of ballots accepting or rejecting the amended plan.
The First Amended Disclosure Statement proposes the following
treatment of claims:
Class 4 - NBT BANK, N.A. are impaired with estimated secured claim
$31,164.14. The Debtor will pay the secured claim in full over 60
months at 6% interest for a total monthly payment of $603.00.
Payments will begin the month after full payment of administrative
and priority claims, approximately month #4 of the plan. NBT will
retain its judicial lien per the contract until the obligation is
paid. In the event that the Debtor fails to make any of the
payments described in this Plan, NBT may serve upon the Debtor and
the Debtor's counsel a Notice of Default which provides that the
Debtor shall have fourteen (14) days to cure any delinquency.
However, if the Debtor does not cure the delinquency or provide
proof of payment in the 14 day period, the Bank may file a
Certificate of Default along with a Final Order, and the Bank shall
be entitled to the entry of said Final Order, which unconditionally
grants relief from the automatic stay.
Class 5 - NBT BANK, N.A. are impaired with estimated secured claim
$17,334.94. The Debtor will continue to pay regular monthly
payments obligation according to the contract terms. The Debtor is
currently finishing renovations on this property and will list the
property for sale no later than May 1, 2019. The property will be
sold within 12 months of the listing by free and clear sale if
necessary. The balance owed to NBT will be paid at closing;
provided, however, if the net proceeds will not bring sufficient
funds to pay NBT in full, NBT shall have the option of accepting
the short sale (and having the deficiency paid with Class 18
creditors) or rejecting the short sale and being allowed to
foreclose on the property. If the property does not sell by April
30, 2020 NBT may foreclose on the property, or, at its option,
renegotiate with the Debtor for continued listing for sale or
payment terms. In the event that the Debtor fails to make any of
the payments described in this Plan, NBT may serve upon the Debtor
and Debtor's counsel a Notice of Default which provides that the
Debtor shall have fourteen (14) days to cure any delinquency.
However, if the Debtor does not cure the delinquency or provide
proof of payment in the 14 day period, the Bank may file a
Certificate of Default along with a Final Order, and the Bank shall
be entitled to the entry of said Final Order, which unconditionally
grants relief from the automatic.
A full-text copy of the First Amended Disclosure Statement dated
March 27, 2019, is available at http://tinyurl.com/y5b9hvzmfrom
PacerMonitor.com at no charge.
About Teberio Properties
Teberio Properties, LLC, is a privately-held operator of
nonresidential buildings in Mountain Top, Pennsylvania.
Teberio Properties sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Pa. Case No. 18-04214) on Oct. 4,
2018. In the petition signed by Linda Teberio, managing member,
the Debtor estimated assets of $1 million to $10 million and
liabilities of less than $1 million. Judge John J. Thomas presides
over the case.
TELATNYK RE: Hires Keller Williams as Real Estate Broker
--------------------------------------------------------
Telatnyk Re Investments, Inc., seeks authority from the U.S.
Bankruptcy Court for the Northern District of Texas to employ
Keller Williams North Country, as real estate broker to the
Debtor.
Telatnyk Re requires Keller Williams to market and sell the
Debtor's real property located at 900 Water Street, Milford, Texas
76670.
Keller Williams will be paid a commission of 6% of the sales
price.
Bobby Apple, partner of Keller Williams North Country, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Keller Williams can be reached at:
Bobby Apple
Keller Williams North Country
1212 S. Preston Rd.
Celina, TX 75009
Tel: (972) 989-2468
About Telatnyk Re Investments
Telatnyk RE Investments, Inc., sought protection under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-30471) on Feb.
4, 2019. At the time of the filing, the Debtor estimated assets of
less than $1 million and liabilities of less than $500,000. The
case is assigned to Judge Harlin Dewayne Hale.
TONY3CARS LLC: CRF Objects to Adequacy of Proposed Disclosures
--------------------------------------------------------------
CRF Small Business Loan Company, LLC filed an objection to the
adequacy of the Tony3cars, LLC's disclosure statement dated Feb.
27, 2019.
CRF complains that Debtor's Disclosure Statement wholly fails to
provide the full background or adequate disclosure of the complete
circumstances associated with the Debtor's slide into bankruptcy.
In essence, the Debtor attempts to blame CRF, the Debtor’s
primary secured lender, for Debtor's own mismanagement of its
assets, affiliated entities, and hardships.
Debtor also omits any reference that it had fallen behind on the
payment of its ad valorem property taxes to the County of Dallas
resulting in the Debtor obtaining a property tax repayment loan
from The Sombrero Fund/GS Tax Loan Fund II, LLC to pay the past due
taxes.
The Debtor fails to provide any information regarding a $500,000
loan procured from John Houston for remediation costs for the
broken water main at the Fabiant, LLC nightclub bar and restaurant
(another Celia Lopez related entity) and how that loan has impacted
the Debtor’s business in the past and the present.
The Disclosure Statement also does not contain a liquidation
analysis. Instead, it inaccurately estimates the value of allowed,
secured claims at $3,500,000.
In addition, the treatment of the CRF claim as set forth in the
Disclosure Statement is simply incorrect. Even if CRF is to have an
allowed secured claim in the amount of $3,459,983.03, based on the
proof of claim filed on behalf of CRF, there would remain an
unsecured claim of $310,297. The Disclosure Statement would have
creditors and the court believe that the remaining unsecured
portion of the CRF claim would be paid in full over a 60-month
period of time following the Effective Date of the plan. However,
the projections attached to the plan simply do not support
Debtor’s representation that the CRF unsecured claim would be
paid in full over a 60-month period of time. In short, the contents
of the plan referenced in the Disclosure Statement are simply wrong
and must be amended accordingly.
A copy of CRF's objection is available at
http://tinyurl.com/y5ge7tnjfrom Pacermonitor.com at no charge.
The Troubled Company Reporter previously reported that CFR will
have an Allowed Secured Claim in the amount of $3,459,383.04
payable as follows: The Debtor will amortize the CFR debt over 300
months with interest at the Wall Street Prime Rate but shall pay
the CRF claim in 119 equal monthly payments commencing on the
Effective Date, and one payment of all outstanding principle and
accrued interest on the 120th month from the Effective Date. The
monthly payment will be $20,370.
A full-text copy of the Disclosure Statement dated February 27,
2019, is available at https://tinyurl.com/y4navbw2 from
PacerMonitor.com at no charge.
Attorneys for CFR Small Business Loan Company:
Anastasi Jellum, P.A.
14985 60th Street North
Stillwater, MN 55082
Admitted Pro Hac Vice
-and-
Allison L. Grossman, Esq.
Anderson Grossman, PLLC
One Galleria Tower
13355 Noel Road, Suite 1900
Dallas, Texas 75240
About Tony3cars LLC
Tony3cars, LLC is a privately-held company in Dallas, Texas in the
real estate agents and managers business.
Tony3cars sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Texas Case No. 18-33663) on Nov. 5, 2018. In the
petition signed by Celia Lopez, sole member, the Debtor estimated
assets of less than $50,000 and liabilities of $1 million to $10
million.
The Debtor tapped Eric A. Liepins, P.C., as its legal counsel.
TOTAL FINANCE: Hires Kurtzman as Administrative Advisor
-------------------------------------------------------
Total Finance Investment Inc., and its debtor-affiliates, seek
authority from the U.S. Bankruptcy Court for the Northern District
of Illinois to employ Kurtzman Carson Consultants LLC, as
administrative advisor to the Debtors.
Total Finance requires Kurtzman to:
(a) assist with the preparation of the Debtors' schedules of
assets and liabilities, schedules of executory contracts
and unexpired leases and statements of financial affairs;
(b) assist with the solicitation, balloting, tabulation and
calculation of votes, as well as preparing any appropriate
reports required in furtherance of confirmation of any
chapter 11 plan;
(c) generate an official ballot certification and testifying,
if necessary, in support of the ballot tabulation results
for any chapter 11 plan(s) in these cases;
(d) manage any distributions pursuant to a confirmed chapter
11 plan;
(e) generate, provide and assist with claims objections,
exhibits, claims reconciliation and related matters;
(f) provide such other administrative services described in
the Services Agreement, but not included in the Section
156(c) Application, as may be requested by the Debtors
from time to time; and
(g) undertake such other administrative duties as may be
requested by the Debtors.
Kurtzman will be paid based upon its normal and usual hourly
billing rates. Kurtzman will be paid a retainer in the amount of
$30,000.
Kurtzman will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Robert Jordan, a managing director at KCC, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Kurtzman can be reached at:
Robert Jordan
KURTZMAN CARSON CONSULTANTS, LLC
2335 Alaska Ave.
El Segundo, CA 90245
Tel: (310) 823-9000
Fax: (310) 823-9133
About Total Finance Investment
Founded in 2000, Total Finance Investment and its subsidiaries --
http://www.totalfinance.net/-- are operators of buy-here, pay-here
(BHPH) used automobile dealership in Illinois and in the greater
Chicagoland area. The Company sold used vehicles at their
dealership locations, provided financing to customers to facilitate
their purchase of the Company's vehicles and certain add-on
products, and operated an independent insurance broker through
which the Company helped their customers secure automobile
insurance coverage from third-party insurance providers.
Total Finance Investment Inc. and 6 affiliates sought Chapter 11
protection (Bankr. N.D. Ill. Lead Case No. 19-03734) on Feb. 13,
2019.
The Debtors estimated $100 million to $500 million in assets $50
million to $100 million in liabilities as of the bankruptcy
filing.
The Hon. Carol A. Doyle oversees the case.
The Debtors tapped SIDLEY AUSTIN LLP as bankruptcy counsel; TOGUT,
SEGAL & SEGAL LLP as special counsel; DEVELOPMENT SPECIALISTS,
INC., as interim management services provider; PORTAGE POINT
PARTNERS, LLC, as financial advisor; KEEFE, BRUYETTE & WOODS and
MILLER BUCKFIRE & CO., LLC as investment banker; and KURTZMAN
CARSON CONSULTANTS LLC as claims and noticing agent.
US 1 ASSOCIATES: Unsecured Creditors to Get 18.5% Under Plan
------------------------------------------------------------
US 1 Associates, Inc., filed a Chapter 11 plan of reorganization
and accompanying disclosure statement.
Class 3 - General Unsecured Claims of Joseph I. Windman, Esq.
(Claim #3-1) - $10,676.65; Internal Revenue Service (Claim #1-5) -
$5,504.22; Quality Packing Supply - $0.00; and Resnick Distributors
- $0.00. Total amount of claims is $16,180.87 and payment interval
is annual. Payment amt/interval is $500.00 Payment begins on May 1,
2020 and ends on May 1, 2024. Total payout = 18.5% ($3,000.00
total) paid pro rata.
Class 2 - Class of Secured Claim of Fairfield Maintenance, Inc.,
(Claim #2-1) ($61,855), is impaired. The Debtor will object to the
amount claimed by the secured creditor. The allowed amount of
claim to be paid in full in annual installments over the life of
the sixty (60) month Plan commencing May 1, 2020.
The Plan will be funded by monthly income from the Debtor's
operation of the gas station and convenience store, as well as
through contributions from the Debtor's principal Mr. Ayesh.
A full-text copy of the Disclosure Statement dated March 27, 2019,
is available at http://tinyurl.com/y6n7xnrrfrom PacerMonitor.com
at no charge.
About US 1 Associates Inc.
US 1 Associates, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 18-12231) on Feb. 2, 2018.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $100,000. Middlebrooks
Shapiro, P.C., is the Debtor's bankruptcy counsel.
US FINANCIAL: DOJ Watchdog Seeks Ch. 11 Trustee or Examiner
-----------------------------------------------------------
John P. Fitzgerald, III, the Acting United States Trustee for
Region 4, asked the U.S. Bankruptcy Court for the District of
Maryland to appoint a Chapter 11 trustee or, alternatively, an
examiner for U.S. Financial Capital, Inc., TSC Snowden River,
North, LLC., and TSC/Dorsey Road-Jessup, LLC.
According to the U.S. Trustee, the Debtors have not provided
accurate information as to their assets and their liabilities and
they brazenly continue to change their financial management
structure -- even post petition.
The U.S. Trustee added that, because there were numerous
intercompany transactions exist, neither ownership nor Debtors’
counsel can honor
their fiduciary obligations to each estate.
Further, the U.S. Trustee believed that although the Court already
granted relief in the form of Order approving Motion for Rule 2004
Examinations regarding the production of documents and information
regarding the Debtors and all of its affiliates, more relief is
still needed. Hence, a disinterested third-party should be
appointed to untangle the myriad, complicated financial
transactions at the heart of the bankruptcy cases.
Therefore, the U.S. Trustee asked the Court to direct the
appointment of a Chapter 11 trustee for the Debtors.
About US Financial Capital
US Financial Capital, Inc., is a privately-held company in
Columbia, Maryland, engaged in activities related to real estate.
It is the fee simple owner of 14 real estate properties having an
aggregate value of $1.38 million.
US Financial Capital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 18-14018) on March 27,
2018. In the petition signed by Ronald Talbert, chief operating
officer, the Debtor disclosed $1.38 million in assets and $13.92
million in liabilities. The Debtor hired the Law Office of David W.
Cohen as its legal counsel.
VANGUARD NATURAL: Delays 2018 Annual Report Amid Bankruptcy Filing
------------------------------------------------------------------
Vanguard Natural Resources, Inc., has filed a Notification of Late
Filing on Form 12b-25 with respect to its Annual Report on Form
10-K for its fiscal year ended Dec. 31, 2018.
Vanguard Natural said its Annual Report could not be filed with the
SEC within the prescribed time period without unreasonable effort
or expense, because the Company needs additional time to complete
its financial statements and related disclosures.
On March 31, 2019 the Company voluntarily filed petitions for
relief under Chapter 11 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of Texas, Houston
Division. The Company has filed a series of motions with the Court
that, when granted, are expected to generally enable the Company to
maintain its operations as usual throughout the restructuring
process.
In consideration of the additional time required by management to
make appropriate revisions to the financial statements and
disclosures included in the Company's Annual Report on Form 10-K
for the fiscal year ended Dec. 31, 2018 to reflect the commencement
of voluntary cases under Chapter 11 of the Bankruptcy Code that
occurred on March 31, 2019, such Form 10-K cannot be filed within
the prescribed time period without unreasonable effort and
expense.
The Company is not in a position at this point to provide any
specific estimate of anticipated significant changes in results of
operations from the fiscal year ended Dec. 31, 2017 to the fiscal
year ended Dec. 31, 2018 that may be reflected in the financial
statements to be included in the Company's Annual Report on Form
10-K for the fiscal year ended Dec. 31, 2018. The Company,
however, anticipates that total revenues and income from operations
for the year ended Dec. 31, 2018 will be higher than the year ended
Dec. 31, 2017, as a result of higher realized commodity prices,
excluding the impact of hedging.
About Vanguard Natural
Vanguard Natural Resources, Inc. -- http://www.vnrenergy.com-- is
an independent exploration and production company focused on the
production and development of oil and natural gas properties in the
United States. Vanguard's assets consist primarily of producing
and non-producing oil and natural gas reserves located in the Green
River Basin in Wyoming, the Piceance Basin in Colorado, the Permian
Basin in West Texas and New Mexico, the Arkoma Basin in Oklahoma,
the Gulf Coast Basin in Texas, Louisiana and Alabama, the Big Horn
Basin in Wyoming and Montana, the Anadarko Basin in Oklahoma and
North Texas, the Wind River Basin in Wyoming and the Powder River
Basin in Wyoming.
"At September 30, 2018, we were in compliance with all of our debt
covenants. Given, in part, the current environment for commodity
prices and basis differentials, we updated our internal projections
to take such updates into account, and, as a result of these
updated projections, we now expect that we may not be in compliance
with our ratio of consolidated first lien debt to EBITDA covenant
as defined within the Second Amendment to the Successor Credit
Facility in certain future periods, beginning with the December
2018 reporting period. In light of these updates, we have taken a
number of steps to mitigate a potential default, including (i)
discussions with certain banks in our Successor Credit Facility to
amend our ratio of consolidated first lien debt to EBITDA covenant,
(ii) continue to pursue efforts to divest certain oil and natural
gas properties to use proceeds to reduce first lien leverage and
(iii) investigating refinancing alternatives. To the extent we
breach the consolidated first lien debt to EBITDA covenant as
defined within the Second Amendment to the Successor Credit
Facility, we would be in default and the lenders would be able to
accelerate the maturity of that indebtedness (which could result in
an acceleration of our Senior Notes due 2024) and exercise other
rights and remedies, all of which could adversely affect our
operations and our ability to satisfy our obligations as they come
due. These conditions raise substantial doubt about our ability to
continue as a going concern within one year after the date that
these financial statements are issued. While no assurances can be
made that we will be able to consummate such mitigation plans, we
believe the combination of the long-term global outlook for
commodity prices and our mitigation efforts will be viewed
positively by our lenders," the Company stated in its Quarterly
Report for the period ended Sept. 30, 2018.
On Dec. 6, 2018, Vanguard Natural entered into the Third Amendment
to the Fourth Amended and Restated Credit Agreement, dated as of
Aug. 1, 2017, among the Company, Vanguard Natural Gas, LLC,
Citibank N.A., as Administrative Agent and the lenders. The Third
Amendment makes certain modifications to the Credit Agreement to
allow the Company additional flexibility to pursue and consummate
sales of certain of its oil and natural gas properties.
As of Sept. 30, 2018, Vanguard Natural had $1.50 billion in total
assets, $1.23 billion in total liabilities, and $274.3 million in
total stockholders' equity attributable to common stockholders.
WELLNESS ANALYSIS: Court Denied Confirmation, Disclosures Approval
------------------------------------------------------------------
For reasons stated on the record, the Bankruptcy Court denied final
approval of the Disclosure Statement and confirmation of the
Amended Plan of Reorganization filed by Wellness Analysis, LLC.
Class 6 Claimants (Allowed Unsecured Creditors) are impaired and
will be satisfied as follows: the Class 6 creditors will share pro
rata in the unsecured creditors pool. The Debtor will make 60
monthly payments commencing on the Effective Date in an amount
necessary to pay all allowed unsecured creditors in full. The
insider claims of Chikh will not participate in the Class 6
creditor pool. Based upon the Proof of claim on file and the
Debtor
schedules, the total Class 6 claims should not exceed $100,000.
Under this Plan the Debtor will use the funds from the lease to
repay the creditors.
A full-text copy of the Disclosure Statement dated December 4,
2018, is available at:
http://bankrupt.com/misc/txeb18-1841066-77.pdf
About Wellness Analysis
Wellness Analysis LLC operates a clinical medical laboratory in
Farmer Branch, Texas. The laboratory conducts tests on clinical
specimens to get specific information about the health of a patient
to help in diagnosing, treating and preventing diseases.
Wellness Analysis filed its voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No.
18-41066) on May 24, 2018. In the petition signed by Mustopha
Oulad Chikh, sole member, the Debtor estimated $1 million to $10
million in assets and liabilities. Eric A. Liepins and the law
firm of Eric A. Liepins, P.C., serve as the Debtor's counsel.
WHITTY IT SOLUTIONS: Seeks Authority to Use Cash Collateral
-----------------------------------------------------------
Whitty IT Solutions LLC seeks authority from the U.S. Bankruptcy
Court for the Eastern District of Virginia to use cash collateral.
The Debtor intends to use cash collateral for general corporate
purposes, such as operations, payroll, operating costs, as well as
costs and expenses related to its chapter 11 case, including
payment of professional fees approved by the Court. The Debtor
proposes to make cash disbursements consistent with and pursuant to
the line items set forth in the Budget, subject to a Permitted
Expenditures for each line item by up to 10%.
SouthStar Capital, LLC; SouthStar Financial, LLC, and SouthStar
Financial SPV, LLC filed Financing Statement covering Debtor's
assets. However, the Debtor believes all of the debt was paid
prepetition and the outstanding debt owed to SouthStar is $0.00.
To the extent of any diminution in the value of the Cash Collateral
results from the use, sale or lease or other disposition of such
cash collateral, the Debtor proposes to grant to each of the
Pre-Petition Lenders, a replacement lien in Debtor's assets to the
same extent, validity and priority as the lien each such
Pre-Petition lender held on the Petition Date, including assets
acquired by the estate post-petition. In addition, the Debtor
believes that the continued operation of the its business will
preserve the value of the Cash Collateral.
A copy of the Debtor's Motion is available at
http://bankrupt.com/misc/vaeb19-10673-8.pdf
About Whitty IT Solutions
Whitty IT Solutions LLC is a Georgia Limited Liability Company
engaged in the business of serving contracts in the Technology,
Cyber Security, Risk Management, and Data Hosting Fields. Whitty
IT Solutions LLC’s primarily works as a subcontractor on various
government contracting projects but also provides technological
solutions, subject matter expertise, and customized trainings,
products and engineering solutions to Federal, State and Commercial
markets. All of their contracts are currently in Northern
Virginia.
Whitty IT Solutions LLC filed a Chapter 11 petition (Bankr. Case
No. 19-10673) on March 4, 2019. In the petition signed by its
founder/CEO, Charlie Whitfield, the Debtor estimated under $500,000
in assets and under $1 million in debt. The Debtor is represented
by Odin Feldman & Pittleman PC.
XENETIC BIOSCIENCES: Incurs $7.30 Million Net Loss in 2018
----------------------------------------------------------
Xenetic Biosciences, Inc., has filed with the Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss of $7.30 million on $0 of revenue for the year ended Dec. 31,
2018, compared to a net loss of $3.59 million on $7.58 million of
total revenue for the year ended Dec. 31, 2017.
As of Dec. 31, 2018, the Company had $14.43 million in total
assets, $4.51 million in total liabilities, and a total
stockholders' equity of $9.91 million.
Marcum LLP, in Boston, Massachusetts, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
March 29, 2019 on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company has had
recurring net losses and continues to experience negative cash
flows from operations. These conditions raise substantial doubt
about its ability to continue as a going concern.
The Company had an accumulated deficit of $153.2 million at Dec.
31, 2018 as compared to an accumulated deficit of approximately
$145.9 million at Dec. 31, 2017. Working capital (deficit) was
approximately $(0.4) million and $3.9 million at Dec. 31, 2018 and
Dec. 31, 2017, respectively. During the year ended Dec. 31, 2018,
its working capital decreased by $4.3 million due primarily to
outflows for general operating costs and costs related to its
XBIO-101 Phase II clinical trial. These cash outflows were
partially offset by approximately $1.5 million of proceeds received
from the exercise of warrants during the year ended Dec. 31, 2018.
The Company expects to continue incurring losses for the
foreseeable future and will need to raise additional capital or
pursue other strategic alternatives in the very near term in order
to continue the pursuit of its business plan and continue as a
going concern.
The Company's principal source of liquidity consists of cash. At
Dec. 31, 2018, the Company had approximately $0.6 million in cash
and $1.6 million in accounts payable and accrued expenses. At
Dec. 31, 2017, the Company had approximately $5.5 million in cash
and $1.9 million in accounts payable and accrued expenses.
"We have historically relied upon sales of our equity securities to
fund our operations. Since 2005, we have raised approximately
$60.0 million in proceeds from offerings of our common and
preferred stock. We have also received approximately $20.0 million
from revenue producing activities from 2005 through December 31,
2018, including two cash payments from Takeda in 2017: a $3.0
million clinical milestone payment in January 2017; and a $7.5
million sublicense payment in November 2017. More than 90% of the
milestone and sublicense revenue received to date has been from a
single collaborator, Takeda. We expect the majority of our funding
through equity or equity-linked instruments, debt financings,
corporate collaborations, related party funding and/or licensing
agreements to continue as a trend for the foreseeable future.
"We estimate that our existing resources will only be able to fund
our planned operations, existing obligations and contractual
commitments through the first half of 2019. This estimate is based
on our current expectations regarding projected staffing expenses,
working capital requirements, costs to close the XCART transaction,
capital expenditure plans and anticipated revenues. Given our
current working capital constraints, we have attempted to minimize
cash commitments and expenditures for external research and
development and general and administrative services to the greatest
extent practicable. We will need to raise additional working
capital in the very near term in order to fund our future
operations, including our development efforts associated with the
XCART platform technology.
"We have no committed sources of additional capital. Our
management believes that we have access to capital resources
through possible public or private equity offerings, debt
financings, corporate collaborations, related party funding or
other means. On March 5, 2019, we raised $3.1 million in a
registered direct common stock offering resulting in $2.7 million
of net proceeds to the Company. However, we have not secured any
commitment for additional financing at this time. The terms,
timing and extent of any future financing will depend upon several
factors including the achievement of progress in our clinical
development programs, our ability to identify and enter into
licensing or other strategic arrangements and factors related to
financial, economic and market conditions, many of which are beyond
our control.
"Management evaluates whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about our
ability to continue as a going concern within one year after the
date that the financial statements are issued. We have incurred
substantial losses since our inception, and we expect to continue
to incur operating losses in the near-term. These factors raise
substantial doubt about our ability to continue as a going concern.
As a result, our independent registered public accounting firm
included an explanatory paragraph in its report on our audited
financial statements for the year ended December 31, 2018
expressing doubt as to our ability to continue as a going concern.
We will need to raise additional capital in order to sustain our
operations. If we are unable to secure additional funds on a timely
basis or on acceptable terms, we may be required to defer, reduce
or eliminate significant planned expenditures, restructure, curtail
or eliminate some or all of our development programs or other
operations, reduce general and administrative expenses, and delay
or cease the purchase of clinical research services, dispose of
technology or assets, pursue an acquisition of our company by
another party at a price that may result in a loss on investment
for our stockholders, enter into arrangements that may require us
to relinquish rights to certain of our drug candidates,
technologies or potential markets, file for bankruptcy or cease
operations altogether.
"We continue to seek appropriate out-license arrangements for all
of our technologies but are currently unable to reliably predict
whether or when we may enter into an agreement. Due to the
uncertainties inherent in the clinical research process and unknown
future market conditions, there can be no assurance any of our
technologies will lead to any future income," the Company stated in
the SEC filing.
The Company's report on Form 10-K is available from the SEC's
website at https://is.gd/ySdy8U
About Xenetic Biosciences
Lexington, Massachusetts-based Xenetic Biosciences, Inc., is a
clinical-stage biopharmaceutical company focused on the discovery,
research and development of next-generation biologic drugs and
novel orphan oncology therapeutics. Xenetic's lead investigational
product candidate is oncology therapeutic XBIO-101 (sodium
cridanimod) for the treatment of progesterone resistant endometrial
cancer.
XENETIC BIOSCIENCES: Registers 4.87-Mil. Common Shares with the SEC
-------------------------------------------------------------------
Xenetic Biosciences, Inc., has filed a Form S-4 registration
statement with the Securities and Exchange Commission to register
4,875,000 shares of its common stock.
On March 4, 2019, Xenetic announced its agreement to acquire the
novel Chimeric Antigen Receptor T Cell platform technology,
referred to as "XCART," a proximity-based screening platform
capable of identifying CAR constructs that can target
patient-specific tumor neoantigens, with a demonstrated proof of
mechanism in B-cell non-Hodgkin lymphomas. The XCART technology,
developed by The Scripps Research Institute in collaboration with
IBCH, is believed to have the potential to significantly enhance
the safety and efficacy of cell therapy for B-cell lymphomas by
generating patient-and tumor-specific CAR T cells.
Under the terms of the Share Purchase Agreement with Hesperix SA, a
Swiss corporation and the stockholders of Hesperix, the Company
will issue to the Sellers an aggregate of 4,875,000 shares of
Common Stock, regardless of the trading price per share of the
Common Stock at the time of the closing.
The closing of the Hesperix Acquisition is subject to customary
closing conditions as well as conditions regarding (i) the Company
having adequate financing to fund future working capital
obligations of the Company following the closing and, (ii) the
Company obtaining necessary and appropriate stockholder approvals,
evidencing among other matters, approval of the Transaction and the
issuance of the Transaction Shares. Subject to the satisfaction of
the closing conditions, the Transaction is expected to close in the
first half of 2019.
Meeting of Stockholders
The Company is inviting stockholders to attend a special meeting to
be held on a yet to be determined date at 4400 Biscayne Blvd,
Miami, Florida 33137 for the following purposes:
1. To approve the transaction pursuant to which the Company
will
acquire the XCART platform technology. In connection with
the Transaction, the Company entered into a Share Purchase
Agreement, dated as of March 1, 2019, with Hesperix SA, a
Swiss corporation, the stockholders of Hesperix, and Alexey
Andreevich Vinogradov, as the representative of each
Seller,
providing for the acquisition by the Company of all the
outstanding shares of capital stock of Hesperix. Upon
completion of the Hesperix Acquisition, the Company will
assume the rights and obligations under the Assignment
Agreement by and among Hesperix, Shemyakin-Ovchinnikov
Institute of Bioorganic Chemistry, PJSC Pharmsynthez, and
other parties thereto, dated March 1, 2019. Completion of
the Transaction is conditioned upon the consummation of the
Assignment Agreement, dated March 1, 2019, by and between
the
Company and OPKO Pharmaceuticals, LLC.
2. To approve the issuance of shares of the Company's common
stock, par value $0.001, to be issued in connection with
the
Hesperix Acquisition and in accordance with the OPKO
Assignment Agreement as required by and in accordance with
the applicable rules of The NASDAQ Stock Market LLC.
3. To elect Dr. Alexey Vinogradov to the Company's board of
directors.
4. To approve a proposal to adjourn the Special Meeting to a
later date or dates, if necessary, to permit further
solicitation and vote of proxies if, based upon the
tabulated
vote at the time of the Special Meeting, the Company is not
authorized to consummate the transactions contemplated by
the
aforementioned proposals.
A full-text copy of the Form S-4 prospectus is available for free
at: https://is.gd/9cGuhP
About Xenetic Biosciences
Lexington, Massachusetts-based Xenetic Biosciences, Inc., is a
clinical-stage biopharmaceutical company focused on the discovery,
research and development of next-generation biologic drugs and
novel orphan oncology therapeutics. Xenetic's lead investigational
product candidate is oncology therapeutic XBIO-101 (sodium
cridanimod) for the treatment of progesterone resistant endometrial
cancer.
Xenetic Biosciences reported a net loss of $7.30 million for the
year ended Dec. 31, 2018, compared to a net loss of $3.59 million
for the year ended Dec. 31, 2017. As of Dec. 31, 2018, the Company
had $14.43 million in total assets, $4.51 million in total
liabilities, and a total stockholders' equity of $9.91 million.
Marcum LLP, in Boston, Massachusetts, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
March 29, 2019 on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company has had
recurring net losses and continues to experience negative cash
flows from operations. These conditions raise substantial doubt
about its ability to continue as a going concern.
Z GALLERIE: Seeks to Hire Kirkland & Ellis as Attorney
------------------------------------------------------
Z Gallerie, LLC, and its debtor-affiliates, seek authority from the
U.S. Bankruptcy Court for the District of Delaware to employ
Kirkland & Ellis LLP and Kirkland & Ellis International LLP, as
attorneys to the Debtors.
Z Gallerie requires Kirkland & Ellis to:
a. advise the Debtors with respect to their powers and duties
as debtors in possession in the continued management and
operation of their businesses and properties;
b. advise and consult on the conduct of these chapter 11
cases, including all of the legal and administrative
requirements of operating in chapter 11;
c. attend meetings and negotiating with representatives of
creditors and other parties in interest;
d. take all necessary actions to protect and preserve the
Debtors' estates, including prosecuting actions on the
Debtors' behalf, defending any action commenced against the
Debtors, and representing the Debtors in negotiations
concerning litigation in which the Debtors are involved,
including objections to claims filed against the Debtors'
estates;
e. prepare pleadings in connection with these chapter 11
cases, including motions, applications, answers, orders,
reports, and papers necessary or otherwise beneficial to
the administration of the Debtors' estates;
f. represent the Debtors in connection with obtaining
authority to continue using cash collateral and
postpetition financing;
g. advise the Debtors in connection with any potential sale of
assets;
h. appear before the Court and any appellate courts to
represent the interests of the Debtors' estates;
i. advise the Debtors regarding tax matters;
j. take any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure
statement and confirmation of a chapter 11 plan and all
documents related thereto; and
k. perform all other necessary legal services for the Debtors
in connection with the prosecution of these chapter 11
cases, including: (i) analyzing the Debtors' leases and
contracts and the assumption and assignment or rejection
thereof; (ii) analyzing the validity of liens against the
Debtors; and (iii) advising the Debtors on corporate and
litigation matters.
Kirkland & Ellis will be paid at these hourly rates:
Partners $1,025-$1,795
Of Counsel $595-$1,705
Associates $595-$1,125
Paraprofessionals $235-$460
The Debtors paid Kirkland & Ellis $150,000 on January 23, 2019.
Subsequently, the Debtors paid Kirkland & Ellis additional advance
payment retainers totaling $1,700,000 in the aggregate.
Kirkland & Ellis will also be reimbursed for reasonable
out-of-pocket expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Kirkland & Ellis represented the Debtors during the
two-month period before the Petition Date, using
the hourly rates listed above.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Yes, for the period from March, 11, 2019 through
June 17, 2019.
Joshua A. Sussberg, partner of Kirkland & Ellis LLP and Kirkland &
Ellis International LLP, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.
Kirkland & Ellis can be reached at:
Joshua A. Sussberg, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
About Z Gallerie
Z Gallerie, LLC -- https://www.zgallerie.com/ -- is a retailer of
home decor products. It operates 76 retail stores in 28 states as
of the petition date.
Z Gallerie and its affiliate Z Gallerie Holding Company, LLC,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 19-10488) on March 11, 2019. At the time of
the filing, the Debtors estimated assets of $100 million to $500
million and liabilities of $100 million to $500 million.
The Debtors tapped Klehr Harrison Harvey Branzburg LLP and Kirkland
& Ellis as legal counsel; Lazard Middle Market LLC as investment
banker; Berkeley Research Group, LLC as restructuring advisor; and
Stretto as claims and noticing agent.
Z GALLERIE: Seeks to Hire Klehr Harrison as Co-Counsel
------------------------------------------------------
Z Gallerie, LLC, and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the District of Delaware to employ Klehr
Harrison Harvey Branzburg LLP, as co-counsel to the Debtors.
Z Gallerie requires Klehr Harrison to:
(a) provide legal advice regarding the Local Rules, practices,
precedent, regulations, and procedures and providing
substantive and strategic advice on how to accomplish the
Debtor's goals in connection with the prosecution of these
cases, bearing in mind that the Court relies on co-
counsel such as Klehr Harrison to be involved in all
aspects of each bankruptcy proceeding;
(b) appear in Court, depositions, and at any meeting with the
U.S. Trustee and any meeting of creditors at any given
time on behalf of the Debtors as their co-counsel;
(c) attend meetings and negotiating with representatives of
creditors and other parties in interest, in its capacity
as co-counsel with Kirkland & Ellis;
(d) review, comment and preparing drafts of documents and
discovery materials, and ensuring compliance with the
Local Rules, to be filed with the Court as co-counsel to
the Debtors and served on parties or third parties in
these chapter 11 cases;
(e) advise and assist the Debtors with respect to the
Reporting requirements of the United States Trustee;
(f) take all necessary actions to protect and preserve the
Debtors' estates, including prosecuting actions on the
Debtors' behalf, defending any action commenced against
the Debtors, and representing the Debtors in negotiations
concerning litigation in which the Debtors are involved,
including objections to claims filed against the Debtors'
estates;
(g) perform various services in connection with the
administration of these cases, including, without
limitation, (i) preparing certificates of no objection,
certifications of counsel, notices of fee applications and
hearings, agendas, and hearing binders of documents and
pleadings, (ii) monitoring the docket for filings and
coordinating with Kirkland & Ellis on pending matters that
need responses, (iii) preparing and maintaining critical
dates memoranda to monitor pending applications, motions,
hearing dates and other matters and the deadlines
associated with the same, (iv) generally prepare and
assist in preparation, and file on behalf of the Debtors
all necessary motions, notices, applications, answers,
orders, reports and papers in support of positions taken
by the Debtors, and (v) handling inquiries and calls from
creditors and counsel to interested parties regarding
pending matters and the general status of these cases and
coordinating with Kirkland & Ellis on any necessary
responses; and
(h) perform all other services assigned by the Debtors, in
consultation with Kirkland & Ellis, to Klehr Harrison as
co-counsel to the Debtors, and to the extent that Klehr
Harrison determines that such services fall outside of the
scope of services historically or generally performed by
Klehr Harrison as co-counsel in a bankruptcy proceeding,
Klehr Harrison will file a supplemental declaration.
Klehr Harrison will be paid at these hourly rates:
Partners $350 to $825
Counsel $300 to $525
Associates $230 to $475
Paralegals $150 to $255
The Debtors paid classic retainer to Klehr Harrison of $100,000 on
March 8, 2019.
Klehr Harrison will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Domenic E. Pacitti, a partner at Klehr Harrison, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Klehr Harrison can be reached at:
Domenic E. Pacitti, Esq.
Michael W. Yurkewicz, Esq.
KLEHR HARRISON HARVEY BRANZBURG LLP
919 N. Market Street, Suite 1000
Wilmington, DE 19801
Tel: (302) 426-1189
Fax: (302) 426-9193
About Z Gallerie
Z Gallerie, LLC -- https://www.zgallerie.com/ -- is a retailer of
home decor products. It operates 76 retail stores in 28 states as
of the petition date.
Z Gallerie and its affiliate Z Gallerie Holding Company, LLC,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 19-10488) on March 11, 2019. At the time of
the filing, the Debtors estimated assets of $100 million to $500
million and liabilities of $100 million to $500 million.
The Debtors tapped Klehr Harrison Harvey Branzburg LLP and Kirkland
& Ellis as legal counsel; Lazard Middle Market LLC as investment
banker; Berkeley Research Group, LLC as restructuring advisor; and
Stretto as claims and noticing agent.
Z GALLERIE: Seeks to Hire Lazard as Investment Banker
-----------------------------------------------------
Z Gallerie, LLC, and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the District of Delaware to employ Lazard
Freres & Co. LLC, and Lazard Middle Market LLC, as investment
banker to the Debtors.
Z Gallerie requires Lazard to:
a. review and analyze the Debtors' business, operations, and
financial projections;
b. assist the Debtors in identifying and evaluating candidates
for any potential Sale Transaction, advising the Debtors in
connection with the negotiations, and aiding in the
consummation of any Sale Transaction;
c. assist in the determination of a range of values for the
Debtors on a going concern basis;
d. evaluate the Debtors' potential debt capacity in light of
their projected cash flows;
e. assist in the determination of a capital structure for the
Debtors;
f. advise the Debtors on tactics and strategies for
negotiating with their Stakeholders and other contract and
lease counterparties;
g. render financial advice to the Debtors and participating in
meetings or negotiations with the Debtors' Stakeholders
and rating agencies or other appropriate parties in
connection with any Restructuring;
h. advise the Debtors on the timing, nature, and terms of new
securities, other consideration, or other inducements to be
offered pursuant to any Sale Transaction or Restructuring;
i. advise and assist the Debtors in evaluating any potential
Financing transaction by the Debtors, and, subject to
Lazard's agreement so to act and, if requested by Lazard,
to execution of appropriate agreements, on behalf of the
Debtors, contacting potential sources of capital as the
Debtors may designate and assisting the Debtors in
implementing such Financing;
j. assist the Debtors in preparing documentation within
Lazard's area of expertise that is required in connection
with any Financing, Sale Transaction, or Restructuring;
k. attend meetings of the Debtors' Board of Directors with
respect to matters on which Lazard has been engaged to
advise under the Engagement Letter;
l. provide testimony, as necessary, with respect to matters on
which Lazard has been engaged to advise under the
Engagement Letter in any proceeding before the Court; and
m. provide the Debtors with other financial restructuring
advice.
Lazard will be paid as follows:
-- Monthly Fee. A monthly fee of $75,000 (the "Monthly Fee"),
payable on execution of the Engagement Letter and on the
1st day of each month thereafter until the earlier of the
completion of the Restructuring, Sale Transaction or the
termination of Lazard's engagement pursuant to Section 10
of the Engagement Letter. 50% of Monthly Fees paid in
respect of any months following the third month of Lazard's
engagement shall be credited (without duplication) against
any Restructuring Fee, Sale Transaction Fee, or Financing
Fee payable; provided, that, in the event of a Chapter 11
filing, such credit shall only apply to the extent that
such fees are approved in entirety by the Court, if
applicable.
-- Financing Fee. A fee, payable upon consummation of a
Financing (the "Financing Fee") calculated by multiplying
the applicable fee percentage below by the total gross
proceeds raised or committed (including, for the avoidance
of doubt, amounts committed but undrawn) in each Financing:
Funds Raised Fee %
First Lien Debt 1.5%
Second Lien Debt 2.5%
Unsecured Debt 3.5%
Equity 5%
-- Restructuring Fee A fee equal to $1,250,000 (the
"Restructuring Fee") upon the consummation of a
Restructuring.
-- Sale Transaction Fee. If, whether in connection with the
consummation of a Restructuring or otherwise, the Debtors
consummate a Sale Transaction incorporating all or a
majority of the assets or all or a majority or controlling
interest in the equity securities of the Debtors, Lazard
shall be paid a fee (the "Sale Transaction Fee") equal to
$1,250,000. For the avoidance of any doubt, more than one
fee may be payable to Lazard; provided, however, in no
event will Lazard be entitled to both the Restructuring Fee
and the Sale Transaction Fee.
Jason A. Cohen, managing director in the Restructuring Group of
Lazard Freres & Co. LLC, and Lazard Middle Market LLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Lazard can be reached at:
Jason A. Cohen
LAZARD FRERES & CO. LLC
30 Rockefeller Plaza
New York, NY 10020
Tel: (212) 632-6000
About Z Gallerie
Z Gallerie, LLC -- https://www.zgallerie.com/ -- is a retailer of
home decor products. It operates 76 retail stores in 28 states as
of the petition date.
Z Gallerie and its affiliate Z Gallerie Holding Company, LLC,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 19-10488) on March 11, 2019. At the time of
the filing, the Debtors estimated assets of $100 million to $500
million and liabilities of $100 million to $500 million.
The Debtors tapped Klehr Harrison Harvey Branzburg LLP and Kirkland
& Ellis as legal counsel; Lazard Middle Market LLC as investment
banker; Berkeley Research Group, LLC as restructuring advisor; and
Stretto as claims and noticing agent.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Miguel Angel Gomez
Bankr. S.D. Cal. Case No. 19-01232
Chapter 11 Petition filed March 4, 2019
represented by: Andrew Moher, Esq.
MOHER LAW GROUP
E-mail: amoher@moherlaw.com
In re Roger J. Smith
Bankr. N.D. Ga. Case No. 19-53473
Chapter 11 Petition filed March 4, 2019
represented by: George M. Geeslin , Esq.
E-mail: George@GMGeeslinLaw.com
In re Northwoods.Construction,LLC
Bankr. N.D. Ind. Case No. 19-30261
Chapter 11 Petition filed March 4, 2019
See http://bankrupt.com/misc/innb19-30261.pdf
represented by: Jay Lauer , Esq.
E-mail: jay@jaylauerlaw.com
In re Roc-It Drywall, Inc
Bankr. E.D. Mich. Case No. 19-43051
Chapter 11 Petition filed March 4, 2019
See http://bankrupt.com/misc/mieb19-43051.pdf
represented by: David R. Shook , Esq.
DAVID R. SHOOK, ATTORNEY AT LAW, PLLC
E-mail: ecf@davidshooklaw.com
In re The Worship Center
Bankr. E.D. Mo. Case No. 19-41233
Chapter 11 Petition filed March 4, 2019
See http://bankrupt.com/misc/moeb19-41233.pdf
represented by: Brian James LaFlamme, Esq.
SUMMERS COMPTON WELLS LLC
E-mail: blaflamme@summerscomptonwells.com
In re Hussain Corporation
Bankr. E.D.N.C. Case No. 19-00957
Chapter 11 Petition filed March 4, 2019
See http://bankrupt.com/misc/nceb19-00957.pdf
represented by: Samantha Y. Moore, Esq.
JANVIER LAW FIRM, PLLC
E-mail: samantha@janvierlaw.com
In re Burkhart WRB, Inc.
Bankr. E.D. Tex. Case No. 19-40607
Chapter 11 Petition filed March 4, 2019
See http://bankrupt.com/misc/txeb19-40607.pdf
represented by: Michael D. Mosher, Esq.
LAW OFFICE OF MICHAEL D. MOSHER
E-mail: mdm@mosherjusticectr.com
In re Pradhan and Company, Inc.
Bankr. N.D. Tex. Case No. 19-40923
Chapter 11 Petition filed March 4, 2019
See http://bankrupt.com/misc/txnb19-40923.pdf
represented by: Areya Holder , Esq.
HOLDER LAW
E-mail: areya@holderlawpc.com
In re Judy Jan Davis Simmons Revocable Trust
Bankr. N.D. Tex. Case No. 19-40951
Chapter 11 Petition filed March 4, 2019
See http://bankrupt.com/misc/txnb19-40951.pdf
represented by: Eric A. Liepins , Esq.
ERIC A. LIEPINS, P.C.
E-mail: eric@ealpc.com
In re The Ford Children Heritage Trust
Bankr. N.D. Tex. Case No. 19-40952
Chapter 11 Petition filed March 4, 2019
See http://bankrupt.com/misc/txnb19-40952.pdf
represented by: Eric A. Liepins , Esq.
ERIC A. LIEPINS, P.C.
E-mail: eric@ealpc.com
In re Michael Joe Wood
Bankr. N.D. Tex. Case No. 19-40961
Chapter 11 Petition filed March 4, 2019
represented by: Kevin S. Wiley, Jr., Esq.
THE WILEY LAW GROUP, PLLC
E-mail: kevinwiley@lkswjr.com
In re Esmond Elcock
Bankr. S.D. Tex. Case No. 19-31182
Chapter 11 Petition filed March 4, 2019
Filed Pro Se
In re 540P Properties LLC
Bankr. S.D. Tex. Case No. 19-31233
Chapter 11 Petition filed March 4, 2019
See http://bankrupt.com/misc/txsb19-31233.pdf
represented by: Perry N. Bass , Esq.
E-mail: pnbatty@earthlink.net
In re John Michael Conley and Kelly M. Conley
Bankr. S.D. Tex. Case No. 19-31261
Chapter 11 Petition filed March 4, 2019
represented by: Deirdre Carey Brown , Esq.
HOOVER SLOVACEK LLP
E-mail: brown@hooverslovacek.com
In re Robert Marcus Michelena
Bankr. S.D. Tex. Case No. 19-70068
Chapter 11 Petition filed March 4, 2019
represented by: Richard O. Habermann, Esq.
E-mail: rhabermann@hotmail.com
In re Whitty IT Solutions LLC
Bankr. E.D. Va. Case No. 19-10673
Chapter 11 Petition filed March 4, 2019
See http://bankrupt.com/misc/vaeb19-10673.pdf
represented by: Lauren Friend McKelvey , Esq.
ODIN, FELDMAN & PITTLEMAN, PC
E-mail: lauren.mckelvey@ofplaw.com
In re Ryder Contracting, Inc.
Bankr. S.D.W. Va. Case No. 19-20087
Chapter 11 Petition filed March 4, 2019
See http://bankrupt.com/misc/wvsb19-20087.pdf
represented by: John F. Leaberry, Esq.
LAW OFFICE OF JOHN LEABERRY
E-mail: leaberry01@yahoo.com
In re Richard Kehoe Wayman
Bankr. D. Wyo. Case No. 19-20090
Chapter 11 Petition filed March 4, 2019
Filed Pro Se
In re Edward Michael Brownn and Heidi Maria Brown
Bankr. D. Ala. Case No. 19-00067
Chapter 11 Petition filed March 5, 2019
Filed Pro Se
In re New London Phoenix
Bankr. D. Conn. Case No. 19-20352
Chapter 11 Petition filed March 5, 2019
Filed Pro Se
In re Everald F Thompson
Bankr. D.D.C. Case No. 19-00132
Chapter 11 Petition filed March 5, 2019
represented by: Richard B. Rosenblatt, Esq.
LAW OFFICES OF RICHARD B. ROSENBLATT, PC
E-mail: rrosenblatt@rosenblattlaw.com
In re Dillingham Restaurant Corporation
Bankr. D. Haw. Case No. 19-00272
Chapter 11 Petition filed March 5, 2019
See http://bankrupt.com/misc/hib19-00272.pdf
represented by: Joseph S.Y. Hu, Esq.
HLAW LLLC
E-mail: jhadvisor@gmail.com
In re Vedette Bell
Bankr. D. Mass. Case No. 19-10704
Chapter 11 Petition filed March 5, 2019
represented by: John F. Sommerstein, Esq.
LAW OFFICES OF JOHN F. SOMMERSTEIN
E-mail: jfsommer@aol.com
In re Rosemarie Antoinette Frazier
Bankr. D. Md. Case No. 19-12835
Chapter 11 Petition filed March 5, 2019
represented by: Richard L. Gilman, Esq.
GILMAN & EDWARDS, LLC
E-mail: rgilman@gilmanedwards.com
In re Tres Amigos Corp. d/b/a La Pulperia 84 NYC
Bankr. S.D.N.Y. Case No. 19-10696
Chapter 11 Petition filed March 5, 2019
See http://bankrupt.com/misc/nysb19-10696.pdf
represented by: Raymond J. Aab, Esq.
E-mail: rja120@msn.com
In re Tres Mosqueteros Corp. d/b/a La Pulperia de Tito
Bankr. S.D.N.Y. Case No. 19-10698
Chapter 11 Petition filed March 5, 2019
See http://bankrupt.com/misc/nysb19-10698.pdf
represented by: Raymond J. Aab, Esq.
E-mail: rja120@msn.com
In re Wynnefield Muilti Media LLC
Bankr. D. Pa. Case No. 19-11363
Chapter 11 Petition filed March 5, 2019
See http://bankrupt.com/misc/paeb19-11363.pdf
represented by: Michael P. Kutzer, Esq.
E-mail: mpkutzer1@gmail.com
In re Eirini Investments, LLC
Bankr. N.D. Tex. Case No. 19-40974
Chapter 11 Petition filed March 5, 2019
See http://bankrupt.com/misc/txnb19-40974.pdf
represented by: Joseph F. Postnikoff, Esq.
GOODRICH POSTNIKOFF & ASSOCIATES, LLP
E-mail: jpostnikoff@gpalaw.com
In re David Edward Layson and Victoria Ann Layson
Bankr. W.D. Wash. Case No. 19-10728
Chapter 11 Petition filed March 5, 2019
represented by: Brett H. Ramsaur, Esq.
RAMSAUR LAW OFFICE
E-mail: brett@ramsaurlaw.com
In re Suntec Aluminum LLC
Bankr. M.D. Fla. Case No. 19-01888
Chapter 11 Petition filed March 6, 2019
See http://bankrupt.com/misc/flmb19-01888.pdf
represented by: Leon A. Williamson, Jr., Esq.
LEON A. WILLIAMSON, JR., P.A.
E-mail: leon@lwilliamsonlaw.com
In re The Turin Aviation Group, LLC
Bankr. M.D. Fla. Case No. 19-01890
Chapter 11 Petition filed March 6, 2019
See http://bankrupt.com/misc/flmb19-01890.pdf
represented by: Alberto F Gomez, Jr., Esq.
JOHNSON POPE BOKOR RUPPEL & BURNS, LLP
E-mail: al@jpfirm.com
In re Donnell C. Williams
Bankr. S.D. Fla. Case No. 19-12984
Chapter 11 Petition filed March 6, 2019
represented by: Nadine V. White-Boyd, Esq.
E-mail: nvwboyd@aol.com
In re Byrd Restaurants-Royal Palm, Inc.
Bankr. S.D. Fla. Case No. 19-12991
Chapter 11 Petition filed March 6, 2019
See http://bankrupt.com/misc/flsb19-12991.pdf
represented by: Brian K. McMahon, Esq.
E-mail: briankmcmahon@gmail.com
In re Yeaman Machine Technologies, Inc.
Bankr. N.D. Ill. Case No. 19-05932
Chapter 11 Petition filed March 6, 2019
See http://bankrupt.com/misc/ilnb19-05932.pdf
represented by: John H. Redfield, Esq.
CRANE, SIMON, CLAR & DAN
E-mail: jredfield@craneheyman.com
In re Max Enterprises LLC
Bankr. D. Md. Case No. 19-12901
Chapter 11 Petition filed March 6, 2019
See http://bankrupt.com/misc/mdb19-12901.pdf
represented by: William A. Grafton, Esq.
GRAFTON FIRM, LLC
E-mail: wgrafton@graftonfirm.com
In re Quitman County Development Organization, Inc.
Bankr. N.D. Miss. Case No. 19-10967
Chapter 11 Petition filed March 6, 2019
See http://bankrupt.com/misc/msnb19-10967.pdf
represented by: Craig M. Geno, Esq.
LAW OFFICES OF CRAIG M. GENO, PLLC
E-mail: cmgeno@cmgenolaw.com
In re Mitchell Lane NY LLC
Bankr. E.D.N.Y. Case No. 19-41320
Chapter 11 Petition filed March 6, 2019
See http://bankrupt.com/misc/nyeb19-41320.pdf
represented by: Seth D. Weinberg, Esq.
HASBANI & LIGHT, P.C.
E-mail: sweinberg@hasbanilight.com
In re The Meatpackers, Inc.
Bankr. S.D.N.Y. Case No. 19-10702
Chapter 11 Petition filed March 6, 2019
Filed Pro Se
In re Greg Mitchell Layman and Donna Kay Layman
Bankr. E.D. Tenn. Case No. 19-50405
Chapter 11 Petition filed March 6, 2019
represented by: Mark S. Dessauer, Esq.
Hunter, Smith & Davis
E-mail: dessauer@hsdlaw.com
In re Michael Dennis Shanta
Bankr. E.D. Va. Case No. 19-10704
Chapter 11 Petition filed March 6, 2019
Filed Pro Se
In re Pink Ocean Hospitality, LLC
Bankr. E.D. Cal. Case No. 19-21395
Chapter 11 Petition filed March 7, 2019
Filed Pro Se
In re Alliance Counseling Associates, LLC
Bankr. W.D. Ky. Case No. 19-10207
Chapter 11 Petition filed March 7, 2019
See http://bankrupt.com/misc/kywb19-10207.pdf
represented by: Mark H. Flener, Esq.
E-mail: mark@flenerlaw.com
In re East Bushwick Buyers LLC
Bankr. E.D.N.Y. Case No. 19-41355
Chapter 11 Petition filed March 7, 2019
Filed Pro
In re Carol Marie Pettrone-Welch
Bankr. D. Ariz. Case No. 19-02513
Chapter 11 Petition filed March 8, 2019
represented by: Patrick F. Keery, Esq.
KEERY MCCUE, PLLC
E-mail: pfk@keerymccue.com
In re Key Golf Construction, Inc.
Bankr. S.D. Cal. Case No. 19-01285
Chapter 11 Petition filed March 8, 2019
See http://bankrupt.com/misc/casb19-01285.pdf
represented by: Craig E. Dwyer, Esq.
E-mail: craigedwyer@aol.com
In re Bertram Andrews-Powley, III
Bankr. M.D. Fla. Case No. 19-01965
Chapter 11 Petition filed March 8, 2019
See http://bankrupt.com/misc/flmb19-01965.pdf
Filed Pro Se
In re Little Spoon Enterprises LLC
Bankr. D. Md. Case No. 19-13014
Chapter 11 Petition filed March 8, 2019
See http://bankrupt.com/misc/mdb19-13014.pdf
represented by: Augustus T Curtis, Esq.
COHEN, BALDINGER & GREENFELD, LLC
E-mail: augie.curtis@cohenbaldinger.com
In re BV Restaurant, Inc.
Bankr. D. Minn. Case No. 19-30675
Chapter 11 Petition filed March 8, 2019
See http://bankrupt.com/misc/mnb19-30675.pdf
represented by: Steven B Nosek, Esq.
STEVEN B. NOSEK, P.A.
E-mail: snosek@noseklawfirm.com
In re Top Rehab, Inc.
Bankr. E.D.N.Y. Case No. 19-41392
Chapter 11 Petition filed March 8, 2019
See http://bankrupt.com/misc/nyeb19-41392.pdf
represented by: Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
E-mail: alla@kachanlaw.com
In re David DePietto
Bankr. S.D.N.Y. Case No. 19-22590
Chapter 11 Petition filed March 8, 2019
represented by: H. Bruce Bronson, Jr., Esq.
BRONSON LAW OFFICES, P.C.
E-mail: ecf@bronsonlaw.net
In re Paul F. Smith, Jr. D.D.S., Inc.
Bankr. N.D. Ohio Case No. 19-11251
Chapter 11 Petition filed March 8, 2019
See http://bankrupt.com/misc/ohnb19-11251.pdf
represented by: Gary Cook, Esq.
E-mail: asjones_1@yahoo.com
In re Royalty Real Estate Holdings, LLC
Bankr. W.D. Tenn. Case No. 19-21984
Chapter 11 Petition filed March 8, 2019
See http://bankrupt.com/misc/tnwb19-21984.pdf
represented by: Ted I. Jones, Esq.
JONES & GARRETT LAW FIRM
E-mail: dtedijones@aol.com
In re Kevin John Mott
Bankr. D. Colo. Case No. 19-11647
Chapter 11 Petition filed March 8, 2019
represented by: Lance J. Goff, Esq.
E-mail: lance@goff-law.com
In re Tuhap Holdings, LLC
Bankr. D.N.J. Case No. 19-14765
Chapter 11 Petition filed March 8, 2019
See http://bankrupt.com/misc/njb19-14765.pdf
Filed Pro Se
In re MATTDOG, Inc.
Bankr. D.N.J. Case No. 19-14805
Chapter 11 Petition filed March 8, 2019
See http://bankrupt.com/misc/njb19-14805.pdf
represented by: Eugene D. Roth, Esq.
LAW OFFICE OF EUGENE D. ROTH
E-mail: erothesq@gmail.com
In re Atlantico Bakery Corp. D/B/A Koyzina Kafe
Bankr. S.D.N.Y. Case No. 19-10742
Chapter 11 Petition filed March 10, 2019
See http://bankrupt.com/misc/nysb19-10742.pdf
represented by: Daniel R. Wotman, Esq.
WOTMAN LAW PLLC
E-mail: dwotman@wotmanlaw.com
In re Adelaide Mary Arthur
Bankr. S.D. Tex. Case No. 19-31369
Chapter 11 Petition filed March 10, 2019
represented by: James Q. Pope , Esq.
THE POPE LAW FIRM
E-mail: ecf@thepopelawfirm.com
In re Hot Springs Taxi, Inc.
Bankr. W.D. Ark. Case No. 19-70648
Chapter 11 Petition filed March 11, 2019
See http://bankrupt.com/misc/arwb19-70648.pdf
represented by: Branch T. Fields, Esq.
LAX, VAUGHAN, FORTSON, ROWE & THREET, PA
E-mail: bfields@laxvaughan.com
In re Crestview 3 Holdings LLC
Bankr. S.D. Fla. Case No. 19-13115
Chapter 11 Petition filed March 11, 2019
See http://bankrupt.com/misc/flsb19-13115.pdf
represented by: Richard Siegmeister, Esq.
RICHARD SIEGMEISTER P.A.
E-mail: rspa111@att.net
In re Gethsemane Business Development LLC
Bankr. N.D. Ga. Case No. 19-53913
Chapter 11 Petition filed March 11, 2019
Filed Pro Se
In re Triple J Towing & Tractor Repair, LLC
Bankr. N.D. Ga. Case No. 19-53972
Chapter 11 Petition filed March 11, 2019
See http://bankrupt.com/misc/ganb19-53972.pdf
represented by: Sims W. Gordon, Jr., Esq.
THE GORDON LAW FIRM PC
E-mail: law@gordonlawpc.com
In re Samuel Romero
Bankr. W.D. La. Case No. 19-50284
Chapter 11 Petition filed March 11, 2019
represented by: William C. Vidrine, Esq.
VIDRINE & VIDRINE
E-mail: williamv@vidrinelaw.com
In re Meredith Clark Shachoy
Bankr. D. Mass. Case No. 19-10756
Chapter 11 Petition filed March 11, 2019
represented by: Alan L. Braunstein, Esq.
RIEMER & BRAUNSTEIN, LLP
E-mail: abraunstein@riemerlaw.com
In re Edward Kenneth Atzert
Bankr. E.D. Mo. Case No. 19-41373
Chapter 11 Petition filed March 11, 2019
represented by: Nancy Stokley Martin, Esq.
JENKINS & KLING, P.C.
E-mail: nmartin@jenkinskling.com
In re George Leo Liakos and Anne Corinne Liakos
Bankr. D. Neb. Case No. 19-40383
Chapter 11 Petition filed March 11, 2019
Filed Pro Se
In re Elmira Pinkhasova
Bankr. E.D.N.Y. Case No. 19-41425
Chapter 11 Petition filed March 11, 2019
represented by: Alla Kachan, Esq.
E-mail: alla@kachanlaw.com
In re Jeffrey Lew Liddle
Bankr. S.D.N.Y. Case No. 19-10747
Chapter 11 Petition filed March 11, 2019
Filed Pro Sec
In re The Legacy Group, Inc. Trustee of the 140905 Fish Funding
Trust
Bankr. N.D. Cal. Case No. 19-40575
Chapter 11 Petition filed March 12, 2019
See http://bankrupt.com/misc/canb19-40575.pdf
represented by: William F. McLaughlin, Esq.
LAW OFFICES OF WILLIAM F. MCLAUGHLIN
E-mail: mcl551@aol.com
In re Thomas K. Stephenson
Bankr. D.D.C. Case No. 19-00149
Chapter 11 Petition filed March 12, 2019
represented by: Charles M. Maynard, Esq.
E-mail: CMaynard@MaynardLawGroup.com
In re Iris Ramos
Bankr. D. Mass. Case No. 19-10789
Chapter 11 Petition filed March 12, 2019
represented by: David G. Baker, Esq.
E-mail: david@bostonbankruptcy.org
In re J.D.B.O. Ventures, Inc.
Bankr. E.D.N.C. Case No. 19-01117
Chapter 11 Petition filed March 12, 2019
See http://bankrupt.com/misc/nceb19-01117.pdf
represented by: John G. Rhyne, Esq.
E-mail: johnrhyne@johnrhynelaw.com
In re Peter Draksin
Bankr. D.N.J. Case No. 19-14998
Chapter 11 Petition filed March 12, 2019
represented by: Dean G. Sutton, Esq.
E-mail: dgs123@ptd.net
In re Pedro Barona
Bankr. D.N.J. Case No. 19-15018
Chapter 11 Petition filed March 12, 2019
Filed Pro Se
In re Nicholas Sampogna
Bankr. E.D.N.Y. Case No. 19-71810
Chapter 11 Petition filed March 12, 2019
represented by: Marc Scolnick, Esq.
LAW OFFICE OF MARC SCOLNICK
E-mail: marc@scolnicklaw.com
In re Practical Approach Pediatrics, LLC
Bankr. W.D. Tex. Case No. 19-50566
Chapter 11 Petition filed March 12, 2019
See http://bankrupt.com/misc/txwb19-50566.pdf
represented by: Martin Warren Seidler, Esq.
LAW OFFICES OF MARTIN SEIDLER
E-mail: marty@seidlerlaw.com
In re Nick Armik Nazarian
Bankr. C.D. Cal. Case No. 19-10582
Chapter 11 Petition filed March 13, 2019
represented by: Vahe Khojayan, Esq.
E-mail: vahe@kglawapc.com
In re Andrea Pompelli Steyn
Bankr. C.D. Cal. Case No. 19-12720
Chapter 11 Petition filed March 13, 2019
represented by: Benjamin Nachimson, Esq.
WOOLF & NACHIMSON, LLP
E-mail: ben.nachimson@wnlawyers.com
In re Peter Jost
Bankr. M.D. Fla. Case No. 19-02092
Chapter 11 Petition filed March 13, 2019
See http://bankrupt.com/misc/flmb19-02092.pdf
represented by: Amanda E. Finley, Esq.
SEQUOR LAW, PA
E-mail: afinley@sequorlaw.com
In re Clavis Investments, Inc.
Bankr. S.D. Fla. Case No. 19-13221
Chapter 11 Petition filed March 13, 2019
See http://bankrupt.com/misc/flsb19-13221.pdf
represented by: Adelaida A. Albareda, Esq.
ALBAREDA & ASSOCIATES, P.A.
E-mail: aalbareda@albaredalaw.com
In re George Munoz
Bankr. S.D. Fla. Case No. 19-13251
Chapter 11 Petition filed March 13, 2019
represented by: Susan D. Lasky, Esq.
E-mail: ECF@suelasky.com
In re John Balram
Bankr. E.D.N.Y. Case No. 19-41475
Chapter 11 Petition filed March 13, 2019
represented by: Dominic S. Rizzo, Esq.
E-mail: dom@dsrizzo.com
In re Fuel College, LLC
Bankr. E.D.N.Y. Case No. 19-41479
Chapter 11 Petition filed March 13, 2019
See http://bankrupt.com/misc/nyeb19-41479.pdf
represented by: Lawrence Morrison, Esq.
MORRISON TENENBAUM, PLLC
E-mail: lmorrison@m-t-law.com
In re Farshad Fasihi Harandi
Bankr. C.D. Cal. Case No. 19-10449
Chapter 11 Petition filed March 14, 2019
represented by: Amid Bahadori, Esq.
BAHADORI LAW GROUP, PC
E-mail: atb@bahadorilaw.com
In re Donna J. Barnes
Bankr. D. Conn. Case No. 19-20400
Chapter 11 Petition filed March 14, 2019
represented by: Jon P. Newton, Esq.
REID AND RIEGE PC
E-mail: jnewton@reidandriege.com
In re Infinity Fitness and Beyond LLC
Bankr. M.D. Fla. Case No. 19-02172
Chapter 11 Petition filed March 14, 2019
See http://bankrupt.com/misc/flmb19-02172.pdf
represented by: Daniel E. Etlinger, Esq.
JENNIS LAW FIRM
E-mail: detlinger@jennislaw.com
In re NULEAN, INC.
Bankr. M.D. Fla. Case No. 19-02176
Chapter 11 Petition filed March 14, 2019
See http://bankrupt.com/misc/flmb19-02176.pdf
represented by: Richard John Cole, III, Esq.
COLE & COLE LAW, P.A.
E-mail: rcole3@gmail.com
In re SC Entertainment, LLC
Bankr. S.D. Ind. Case No. 19-01540
Chapter 11 Petition filed March 14, 2019
See http://bankrupt.com/misc/insb19-01540.pdf
represented by: Eric C. Redman, Esq.
REDMAN LUDWIG PC
E-mail: eredman@redmanludwig.com
In re S.T.A.P. Industries, Inc.
Bankr. W.D. Ky. Case No. 19-30762
Chapter 11 Petition filed March 14, 2019
See http://bankrupt.com/misc/kywb19-30762.pdf
represented by: David M. Cantor, Esq.
SEILLER WATERMAN LLC
E-mail: cantor@derbycitylaw.com
In re Debbie Thompson Investments, LLC
Bankr. D.N.M. Case No. 19-10555
Chapter 11 Petition filed March 14, 2019
See http://bankrupt.com/misc/nmb19-10555.pdf
represented by: James Clay Hume, Esq.
HUME LAW FIRM
E-mail: James@hume-law-firm.com
In re SATICOY BAY LLC SERIES 7728 VILLA DE LA PAZ
Bankr. D. Nev. Case No. 19-11473
Chapter 11 Petition filed March 14, 2019
See http://bankrupt.com/misc/nvb19-11473.pdf
represented by: Roger P. Croteau, Esq.
ROGER P. CROTEAU & ASSOCIATES LTD
E-mail: croteaulaw@croteaulaw.com
In re Veterans Housing Fund Series 2 LLC
Bankr. D. Nev. Case No. 19-11474
Chapter 11 Petition filed March 14, 2019
See http://bankrupt.com/misc/nvb19-11474.pdf
represented by: Andrew J. Van Ness, Esq.
HUNTER PARKER LLC
E-mail: hunterparkerllc@gmail.com
In re Armstead Risk Management Inc.
Bankr. E.D.N.Y. Case No. 19-41489
Chapter 11 Petition filed March 14, 2019
Filed Pro Se
In re Gary Brenckle
Bankr. W.D. Pa. Case No. 19-21014
Chapter 11 Petition filed March 14, 2019
represented by: Robert O. Lampl, Esq.
ROBERT O LAMPL LAW OFFICE
E-mail: rol@lampllaw.com
In re Carlos Horacio Ortiz Colon and Maribel Rodriguez Rios
Bankr. D.P.R. Case No. 19-01384
Chapter 11 Petition filed March 14, 2019
represented by: Homel Mercado Justiniano, Esq.
E-mail: hmjlaw2@gmail.com
In re Andrews Logging, LLC.
Bankr. S.D. Ala. Case No. 19-10868
Chapter 11 Petition filed March 15, 2019
See http://bankrupt.com/misc/alsb19-10868.pdf
represented by: J. Willis Garrett, Esq.
GALLOWAY, WETTERMARK & RUTENS, LLP
E-mail: wgarrett@gallowayllp.com
In re Cottone Marketing Services, Inc.
Bankr. C.D. Cal. Case No. 19-10922
Chapter 11 Petition filed March 15, 2019
See http://bankrupt.com/misc/cacb19-10922.pdf
represented by: Andy C. Warshaw, Esq.
FINANCIAL RELIEF LAW CTR
E-mail: awarshaw@bwlawcenter.com
In re Vijey R. Seri and Srilaxmi Seri
Bankr. E.D. Mich. Case No. 19-43760
Chapter 11 Petition filed March 15, 2019
represented by: Michelle H. Bass, Esq.
WOLFSON BOLTON PLLC
E-mail: mbass@wolfsonbolton.com
In re F M Butt Hotels Corp
Bankr. W.D.N.Y. Case No. 19-20222
Chapter 11 Petition filed March 15, 2019
Filed Pro Se
In re Cannon & Cannon Law, PC
Bankr. D. Utah Case No. 19-21589
Chapter 11 Petition filed March 15, 2019
See http://bankrupt.com/misc/utb19-21589.pdf
represented by: Andres Diaz, Esq.
DIAZ & LARSEN
E-mail: courtmail@adexpresslaw.com
In re James A. Borde
Bankr. W.D. Wis. Case No. 19-10709
Chapter 11 Petition filed March 15, 2019
represented by: Paul G. Swanson, Esq.
E-mail: pswanson@steinhilberswanson.com
In re Joyce Barlow
Bankr. C.D. Calif. Case No. 19-13367
Chapter 11 Petition filed March 27, 2019
represented by: Giovanni Orantes, Esq.
ORANTES LAW FIRM PC
E-mail: go@gobklaw.com
In re Merreyl K. Whitney
Bankr. N.D. Calif. Case No. 19-50604
Chapter 11 Petition filed March 27, 2019
represented by: Jonathan Matthews, Esq.
LAW OFFICES OF JONATHAN MATTHEWS
E-mail: arbitrator@yahoo.com
In re Andrew Nelson Kornstein
Bankr. D. Conn. Case No. 19-50396
Chapter 11 Petition filed March 27, 2019
represented by: Douglas S. Skalka, Esq.
NEUBERT, PEPE, AND MONTEITH
E-mail: dskalka@npmlaw.com
In re 5085 Monterey LLC
Bankr. S.D. Fla. Case No. 19-13902
Chapter 11 Petition filed March 27, 2019
Filed Pro Se
In re Mega 4, LLC
Bankr. E.D. La. Case No. 19-10776
Chapter 11 Petition filed March 27, 2019
See http://bankrupt.com/misc/laeb19-10776.pdf
represented by: Leo D. Congeni, Esq.
CONGENI LAW FIRM, LLC
E-mail: leo@congenilawfirm.com
In re Laura Lynn Sebree
Bankr. D. Md. Case No. 19-14086
Chapter 11 Petition filed March 27, 2019
represented by: Justin Philip Fasano, Esq.
Janet M. Nesse, Esq.
MCNAMEE, HOSEA ET AL.
E-mail: jfasano@mhlawyers.com
jnesse@mhlawyers.com
In re Barn Cats, LLC
Bankr. W.D. Mich. Case No. 19-01269
Chapter 11 Petition filed March 27, 2019
See http://bankrupt.com/misc/miwb19-01269.pdf
represented by: Perry G. Pastula, Esq.
DUNN, SCHOUTEN & SNOAP, P.C.
E-mail: bankruptcy@dunnsslaw.com
ppastula@dunnsslaw.com
In re Premchand Parag
Bankr. E.D.N.Y. Case No. 19-41752
Chapter 11 Petition filed March 27, 2019
represented by: Vivian M. Williams, Esq.
E-mail: vwilliams@vmwassociates.com
In re Donna Marie Jackson
Bankr. E.D.N.Y. Case No. 19-72224
Chapter 11 Petition filed March 27, 2019
represented by: Erica T. Yitzhak, Esq.
E-mail: erica@etylaw.com
In re Leigh A. Morse
Bankr. S.D.N.Y. Case No. 19-10897
Chapter 11 Petition filed March 27, 2019
represented by: Wayne M. Greenwald, Esq.
WAYNE M. GREENWALD, P.C.
E-mail: grimlawyers@aol.com
In re Cochran & Pease, LLC
Bankr. S.D.N.Y. Case No. 19-10903
Chapter 11 Petition filed March 27, 2019
See http://bankrupt.com/misc/nysb19-10903.pdf
represented by: Bryan Pease, Esq.
LAW OFFICES OF BRYAN W. PEASE
E-mail: bryanpease@gmail.com
In re Teodosio & Sons Construction Company, LLC
Bankr. D. Conn. Case No. 19-30473
Chapter 11 Petition filed March 28, 2019
See http://bankrupt.com/misc/ctb19-30473.pdf
represented by: James M. Nugent, Esq.
HARLOW, ADAMS, & FRIEDMAN, P.C.
E-mail: jmn@quidproquo.com
In re Swell Chicago, LLC
Bankr. N.D. Ill. Case No. 19-08856
Chapter 11 Petition filed March 28, 2019
See http://bankrupt.com/misc/ilnb19-08856.pdf
represented by: Joseph E. Cohen, Esq.
COHEN & KROL
E-mail: jcohen@cohenandkrol.com
In re Sally F. Smith
Bankr. N.D. Ill. Case No. 19-08937
Chapter 11 Petition filed March 28, 2019
Filed Pro Se
In re John Steven Ludwig
Bankr. S.D. Ill. Case No. 19-30377
Chapter 11 Petition filed March 28, 2019
represented by: Steven M. Wallace, Esq.
HEPLERBROOM LLC
E-mail: steven.wallace@heplerbroom.com
In re Flatbush 1689 Corp
Bankr. E.D.N.Y. Case No. 19-41829
Chapter 11 Petition filed March 28, 2019
See http://bankrupt.com/misc/nyeb19-41829.pdf
represented by: Narissa A. Joseph, Esq.
LAW OFFICE OF NARISSA A. JOSEPH
E-mail: njosephlaw@aol.com
In re El San Juan City Island on 5th Ave LLC
Bankr. S.D.N.Y. Case No. 19-10904
Chapter 11 Petition filed March 27, 2019
Filed Pro Se
In re H.T.O. Architect, PLLC
Bankr. S.D.N.Y. Case No. 19-10915
Chapter 11 Petition filed March 28, 2019
Filed Pro Se
In re ZSA Petroleum, Inc.
Bankr. S.D.N.Y. Case No. 19-22692
Chapter 11 Petition filed March 28, 2019
See http://bankrupt.com/misc/nysb19-22692.pdf
represented by: Jeffery Barclay Potts, Esq.
JEFF POTTS LAW OFFICE
E-mail: jeffpottslawoffice@att.net
In re James V. Manos, Jr. and Ashley B. Manos
Bankr. M.D. Tenn. Case No. 19-01962
Chapter 11 Petition filed March 28, 2019
represented by: Denis Graham (Gray) Waldron, Esq.
NIARHOS & WALDRON, PLC
E-mail: gray@niarhos.com
In re C3 Ventures, LLC
Bankr. S.D. Fla. Case No. 19-14200
Chapter 11 Petition filed March 29, 2019
See http://bankrupt.com/misc/flsb19-14200.pdf
represented by: Michael S. Hoffman, Esq.
HOFFMAN, LARIN & AGNETTI, P.A.
E-mail: Mshoffman@hlalaw.com
In re AyMa, Inc.
Bankr. E.D.N.Y. Case No. 19-72318
Chapter 11 Petition filed March 29, 2019
Filed Pro Se
In re Elmhurst Transmissions Inc
Bankr. E.D.N.Y. Case No. 19-72331
Chapter 11 Petition filed March 29, 2019
Filed Pro Se
In re PGH Grocers, LLC
Bankr. N.D.N.Y. Case No. 19-60425
Chapter 11 Petition filed March 29, 2019
See http://bankrupt.com/misc/nynb19-60425.pdf
represented by: Mark Charles Gugino, Esq.
THE GUGINO LAW OFFICE
E-mail: mgugino@twcny.rr.com
In re The Presidents Pub & Grille, LLC
Bankr. W.D. Pa. Case No. 19-21297
Chapter 11 Petition filed March 29, 2019
See http://bankrupt.com/misc/pawb19-21297.pdf
represented by: Donald R. Calaiaro, Esq.
CALAIARO VALENCIK
E-mail: dcalaiaro@c-vlaw.com
In re Jose Luis Villarreal and Edula R. Villarreal
Bankr. S.D. Tex. Case No. 19-50042
Chapter 11 Petition filed March 29, 2019
represented by: Carl Michael Barto, Esq.
LAW OFFICE OF CARL M. BARTO
E-mail: cmblaw@netscorp.net
In re Aaron Ramirez Sanchez
Bankr. W.D. Tex. Case No. 19-50689
Chapter 11 Petition filed March 29, 2019
represented by: Albert William Van Cleave, III, Esq.
LAW OFFICES OF ALBERT W. VAN CLEAVE III
E-mail: vancleave-legal@sbcglobal.net
In re Corotoman Inc.
Bankr. S.D. W.Va. Case No. 19-20134
Chapter 11 Petition filed March 29, 2019
See http://bankrupt.com/misc/wvsb19-20134.pdf
represented by: John F. Leaberry, Esq.
LAW OFFICE OF JOHN LEABERRY
E-mail: leaberry01@yahoo.com
In re S & G Machine, L.L.C.
Bankr. N.D. Ala. Case No. 19-40526
Chapter 11 Petition filed March 29, 2019
See http://bankrupt.com/misc/alnb19-40526.pdf
represented by: Robert D. McWhorter, Jr., Esq.
INZER, HANEY, MCWHORTER & HANEY, LLC
E-mail: rdmcwhorter@bellsouth.net
In re Michael D. Rose and Kathryn A. Rose
Bankr. W.D. Ark. Case No. 19-70883
Chapter 11 Petition filed March 29, 2019
represented by: Marc Honey, Esq.
HONEY LAW FIRM, P.A.
E-mail: mhoney@honeylawfirm.com
In re Ashok Reddy Sreepathi
Bankr. C.D. Calif. Case No. 19-10734
Chapter 11 Petition filed March 29, 2019
Filed Pro Se
In re Charles Scott
Bankr. N.D. Calif. Case No. 19-40732
Chapter 11 Petition filed March 29, 2019
represented by: Claude Dawson Ames, Esq.
LAW OFFICES OF CLAUDE D. AMES
E-mail: claudeames@aol.com
In re Pasco County Professional Firefighters Local 4420
Bankr. M.D. Fla. Case No. 19-02963
Chapter 11 Petition filed April 1, 2019
See http://bankrupt.com/misc/flmb19-02963.pdf
represented by: Seldon J. Childers, Esq.
CHILDERSLAW LLC
E-mail: jchilders@smartbizlaw.com
In re Heather L. Hill and Richard T. Hill
Bankr. N.D. Ga. Case No. 19-10622
Chapter 11 Petition filed March 29, 2019
represented by: Kenneth Mitchell, Esq.
GIDDENS, MITCHELL & ASSOCIATES, P.C.
E-mail: gmapclaw1@gmail.com
In re Loren Roy Williams and Katherine Ann Williams
Bankr. D. N.J. Case No. 19-16479
Chapter 11 Petition filed March 29, 2019
represented by: Andy Winchell, Esq.
LAW OFFICES OF ANDY WINCHELL PC
E-mail: andy@winchlaw.com
In re Durham Contruction Trade Institute
Bankr. N.D. Ohio Case No. 19-11815
Chapter 11 Petition filed March 29, 2019
See http://bankrupt.com/misc/ohnb19-11815.pdf
represented by: Donald Butler, Esq.
DONALD BUTLER & ASSOCIATES
E-mail: butdon@aol.com
In re Marie Hada
Bankr. S.D. Tex. Case No. 19-31747
Chapter 11 Petition filed March 29, 2019
represented by: Sonya Lynn Kapp, Esq.
BAKER & ASSOCIATES, LLP
E-mail: sonya.kapp@bakerassociates.net
In re George Elijio Ruiz
Bankr. C.D. Calif. Case No. 19-13691
Chapter 11 Petition filed April 1, 2019
represented by: Onyinye N. Anyama, Esq.
ANYAMA LAW FIRM, A PROFESSIONAL CORP
E-mail: onyi@anyamalaw.com
In re Kai-Zen Holdings, LLC
Bankr. N.D. Ga. Case No. 19-55125
Chapter 11 Petition filed April 1, 2019
Filed Pro Se
In re D&L Property Group Corp.
Bankr. N.D. Ga. Case No. 19-55235
Chapter 11 Petition filed April 1, 2019
See http://bankrupt.com/misc/ganb19-55235.pdf
represented by: Paul Reece Marr, Esq.
PAUL REECE MARR, P.C.
E-mail: paul.marr@marrlegal.com
In re South Moon BBQ Incorporated
Bankr. N.D. Ill. Case No. 19-80759
Chapter 11 Petition filed April 1, 2019
See http://bankrupt.com/misc/ilnb19-80759.pdf
represented by: James E. Stevens
BARRICK, SWITZER, LONG, BALSLEY & VAN EVERA
E-mail: jimstevens@bslbv.com
In re Laroche Carrier LLC
Bankr. N.D. Ind. Case No. 19-10532
Chapter 11 Petition filed April 1, 2019
See http://bankrupt.com/misc/innb19-10532.pdf
represented by: Frederick W. Wehrwein, Esq.
FRED WEHRWEIN, P.C.
E-mail: wehrweinPC@aol.com
In re Circle NYC Inc.
Bankr. E.D.N.Y. Case No. 19-41958
Chapter 11 Petition filed April 1, 2019
See http://bankrupt.com/misc/nyeb19-41958.pdf
represented by: Lawrence Morrison, Esq.
MORRISON TENENBAUM, PLLC
E-mail: lmorrison@m-t-law.com
In re 411 Rogers Ave LLC
Bankr. E.D.N.Y. Case No. 19-41959
Chapter 11 Petition filed April 1, 2019
See http://bankrupt.com/misc/nyeb19-41959.pdf
represented by: Solomon Rosengarten, Esq.
SOLOMON ROSENGARTEN
E-mail: VOKMA@aol.com
In re Wilsher Home LLC
Bankr. S.D.N.Y. Case No. 19-22731
Chapter 11 Petition filed April 1, 2019
Filed Pro Se
In re MPO, Inc.
Bankr. E.D. Tex. Case No. 19-40887
Chapter 11 Petition filed April 1, 2019
See http://bankrupt.com/misc/txeb19-40887.pdf
represented by: Daniel C. Durand, III, Esq.
DURAND & ASSOCIATES, P.C.
E-mail: bankruptcy@durandlaw.com
In re Stan Chimezie Onyedebelu
Bankr. E.D. Tex. Case No. 19-40891
Chapter 11 Petition filed April 1, 2019
Filed Pro Se
In re Nancy Gabriela Botello
Bankr. S.D. Tex. Case No. 19-10119
Chapter 11 Petition filed April 1, 2019
represented by: Christopher Lee Phillippe, Esq.
LAW OFFICES OF PHILLIPPE & ASSOCIATES
E-mail: clphillippe@cameroncountylawyer.com
In re Glenn E. Lockwood and Saray C. Lockwood
Bankr. D. Alaska Case No. 19-00102
Chapter 11 Petition filed April 2, 2019
represented by: Terry P. Draeger, Esq.
BEATY & DRAEGER, LTD.
E-mail: draeger@ak.net
In re Attilio E. Armeni
Bankr. C.D. Calif. Case No. 19-10785
Chapter 11 Petition filed April 2, 2019
represented by: Anthony Obehi Egbase, Esq.
A.O.E LAW & ASSOCIATES, APC
E-mail: info@aoelaw.com
In re Juan Castellanos
Bankr. E.D. Calif. Case No. 19-11344
Chapter 11 Petition filed April 2, 2019
Filed Pro Se
In re Holdings of South Florida, Inc.
Bankr. M.D. Fla. Case No. 19-01219
Chapter 11 Petition filed April 2, 2019
See http://bankrupt.com/misc/flmb19-01219.pdf
represented by: Taylor J. King, Esq.
LAW OFFICES OF MICKLER & MICKLER
E-mail: tjking@planlaw.com
In re Javier Peregrina
Bankr. E.D.N.Y. Case No. 19-41975
Chapter 11 Petition filed April 2, 2019
represented by: Jeremy S. Sussman, Esq.
THE LAW OFFICES OF JEREMY S. SUSSMAN
E-mail: sussman@sussman-legal.com
In re Eliahu Hershko
Bankr. E.D.N.Y. Case No. 19-72409
Chapter 11 Petition filed April 2, 2019
Filed Pro Se
In re Amy Cappello-Stellwagen
Bankr. S.D.N.Y. Case No. 19-22734
Chapter 11 Petition filed April 2, 2019
represented by: H. Bruce Bronson, Jr., Esq.
BRONSON LAW OFFICES, P.C.
E-mail: ecf@bronsonlaw.net
In re Nancy Baker Schott
Bankr. M.D. Tenn. Case No. 19-02121
Chapter 11 Petition filed April 2, 2019
represented by: Timothy G. Niarhos, Esq.
NIARHOS & WALDRON, PLC
E-mail: tim@niarhos.com
In re Rosa Maria Ybarra
Bankr. S.D. Tex. Case No. 19-70122
Chapter 11 Petition filed April 2, 2019
represented by: Kelly K. McKinnis, Esq.
ATTORNEY AT LAW
E-mail: mckinnis22@yahoo.com
In re DeLorean Service Northwest, LLC
Bankr. W.D. Wash. Case No. 19-11211
Chapter 11 Petition filed April 2, 2019
See http://bankrupt.com/misc/wawb19-11211.pdf
represented by: Larry B. Feinstein, Esq.
LARRY B. FEINSTEIN
E-mail: feinstein1947@gmail.com
In re ES Expediting, LLC
Bankr. E.D. Wisc. Case No. 19-22818
Chapter 11 Petition filed April 2, 2019
See http://bankrupt.com/misc/wieb19-22818.pdf
represented by: John W. Menn, Esq.
STEINHILBER SWANSON LLP
E-mail: jmenn@steinhilberswanson.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 2019. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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The TCR subscription rate is $975 for 6 months delivered via
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*** End of Transmission ***