/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/190715.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, July 15, 2019, Vol. 23, No. 195 Headlines 160 ROYAL PALM: Approval Hearing on Disclosures Set for July 25 1989 3AVE LLC: Seeks to Hire Maltz Auctions as Auctioneer 1989 3AVE: Non-Tax Claimants, Interest Holders Added in New Plan 3MB LLC: Latest Monthly Operating Report Disclosed in Lender Plan 4811 ASSOCIATES: Voluntary Chapter 11 Case Summary 4L TECHNOLOGIES: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg. 705 INC: Seeks to Hire Richmond Law Firm as Legal Counsel ADVANCE PAIN: Case Summary & Unsecured Creditors ALABAMA PETROLEUM: DOR to Get Priority, Unsecured Treatment AMNEAL PHARMACEUTICALS: Moody's Lowers CFR to B2, Outlook Stable APG SUBS: Seeks to Hire FisherRing LLC as Accountant APPLE STREET: M. Abbaszadeh's Secured Claim Added in Latest Plan AS IS OF AMERICA: Seeks to Hire Gerald B. Stewart as Legal Counsel AUTUMN FROST: Case Summary & 5 Unsecured Creditors BADAX LLC: Case Summary & 11 Unsecured Creditors BAKKEN INCOME: Aug. 21 Liquidation Plan Confirmation Hearing BALLANTYNE BRANDS: Aug. 5 Hearing on Plan Confirmation BC OF QUEENS: Case Summary & 2 Unsecured Creditors BENNU TITAN: New Plan Discloses BSEE Filing of Protective Claim BERRY'S RESTAURANT: Seeks to Hire Diller and Rice as Counsel BLUE EAGLE FARMING: Amended Chapter 11 Competing Plans Filed BLUE WATER POWERBOATS: Full Recovery for Unsecureds Under Plan BOSS OYSTER: Case Summary & 16 Unsecured Creditors BULA WORLD: Unsecured Creditors to Get 75% in Monthly Installments C.A.M.E. LLC: Seeks to Hire Robert M. Stahl as Counsel CADIZ INC: Stockholders Elect 11 Directors CALUMET SPECIALTY: Moody's Raises CFR to B3, Outlook Stable CAMBRIAN HOLDING: Seeks to Hire FTI as Bankruptcy Consultant CARRIERWEB LLC: Files Chapter 11 Plan of Liquidation CENTRAL PROCESSING: Unsecureds to Get 15% of Net Cash Flow COAST TO COAST: Creditors to Get Payment from Property Sale Proceed CONSTANT VELOCITY: Court Approves Disclosures; Confirms Ch. 11 Plan COOL HOLDINGS: GameStop Revokes SPA Termination Notice COSTA CAFE: Voluntary Chapter 11 Case Summary DAVID & SUKI: Unsecureds to Recover 8% Under Proposed Plan DIAGNOSTIC CENTER: Aug. 15 Plan Confirmation Hearing DIVERSE LABEL: Approval Hearing on Disclosures Set for Aug. 6 DIVERSIFIED RESOURCES: Committee Hires Lewis Roca as Counsel DLJ INVESTMENTS: Sale of Real, Personal Property to Fund Plan EL PATIO BBQ: Seeks Court Approval to Hire Accountant EL PATIO BBQ: Seeks to Hire Hatillo Law Office as Counsel EMC BRONXVILLE: Aug. 9 Plan Confirmation Hearing ESPINOSA GROUP: Hires Pierce Caniglia as Special Counsel ESPINOSA GROUP: Hires Richard S. Mazawey as Special Counsel EVOLV SOLUTIONS: Case Summary & 20 Largest Unsecured Creditors EXCO RESOURCES: Plan Declared Effective on June 28 F4 VENTURES: Olymbec USA Objects to Disclosure Statement FIERRO & FIERRO: Case Summary & 20 Largest Unsecured Creditors FIRST NBC: Aug. 7 Plan Confirmation Hearing FIVE DREAMS: U.S. Trustee Unable to Appoint Committee FOREST INSTITUTE: Unsecureds to Get Payment from Asset Liquidation FUELCELL ENERGY: Warns of Possible Bankruptcy in SEC Filing FUELD FILMS: Unsecureds to Get $7,500 Monthly With 6% Interest FUSION CONNECT: Incorporates Restructuring Deal in Chapter 11 Plan GENERAL CAPACITOR: U.S. Trustee Forms 4-Member Committee GLOBAL EAGLE: Nantahala Capital Has 31.2% Stake as of July 9 GLOBAL HEALTHCARE: Completes Refinancing of Senior Mortgage GOLD COAST: Discloses Repayment Agreement With City of Chicago GRCDALLASHOMES LLC: Hires Khavari & Moghadassi as Special Counsel GREENSTONE PARTNERS: Seeks to Hire Nutovic & Associates as Counsel GWA PARTNERS: Seeks to Hire Springer Brown as Counsel HAMLETT ENTERPRISES: Summit National Objects to Plan Disclosures HOSPITALITY INTEGRATED: On Deck to Get $6,155 Monthly Payment HOVNANIAN ENTERPRISES: BlackRock Owns 1.9% of Class A Shares HULTGREN CONSTRUCTION: Aug. 1 Plan Confirmation Hearing Set IACCARINO INC: PA DOR Objects to Disclosure Statement ICONIX BRAND: Fails to Comply with Nasdaq Minimum Bid Price Rule INFOBLOX INC: Fitch Assigns B Rating to $75MM 1st-Lien Term Loan INSIGNIA TECHNOLOGY: Unsecureds to Get Approximately 49.7% Payout INTERIOR COMMERCIAL: Aug 8 Hearing on Disclosure Statement JAGUAR HEALTH: Issues 1.1M Common Shares from May 21 Thru July 12 JM DAIRY: Seeks Court Approval to Employ Accountant JM GRAIN INC: Seeks to Hire Vogel Law Firm as Counsel JM GRAIN: U.S. Trustee Forms 3-Member Committee JPM REALTY: Plan to be Funded from Cash Flow, Future Income KINNEY FARMS: U.S. Trustee Objects to Disclosure Statement KODRENYC LLC: Court Approves Disclosure Statement KOSMOS ENERGY: Moody's Assigns B1 CFR, Outlook Positive LA CREMAILLERE: DOJ Watchdog Seeks Ch. 11 Trustee Appointment LA TRINIDAD ELDERLY: Sept. 17 Hearing on Disclosure Statement LE JARDIN HOUSE: Case Summary & 10 Unsecured Creditors LEXI DEVELOPMENT: 2nd Corrected Order Issued on Disclosures OK LEXI DEVELOPMENT: Plan Confirmation Hearing Set for Aug. 7 MAGNUM CONSTRUCTION: Aug. 1 Plan Outline Hearing Set MAIREC PRECIOUS: Trustee Hires SSG Advisors as Investment Banker MASONITE INT'L: Moody's Rates Proposed $500MM Sr. Unsec. Notes Ba3 MEYZEN FAMILY: DOJ Watchdog Seeks Ch. 11 Trustee Appointment MIDCOAST ENERGY: Moody's Assigns B2 CFR & Rates Secured Loans B2 MIKE & HENRY: New Plan Discloses Resolution of M. Buzzelli Claim MONITRONICS INTERNATIONAL: Aug 7 Hearing on Plan, Disclosures MR. CAMPER: Taps Richmond Law Firm as Co-Counsel NASHVILLE PHARMACY: Aug. 6 Plan Confirmation Hearing NEOVASC INC: Will Explore HDE Approval Pathway for the Reducer NILE DEVELOPERS: Voluntary Chapter 11 Case Summary OLIN CORP: Moody's Rates Proposed Sr. Unsec. Notes Ba1 ON TIME ELECTRIC: Hires Michael Hardwick as Counsel OWEN & FRED: Hires Kirby Aisner as Substitute Counsel PALM HEALTHCARE: Case Summary & 20 Largest Unsecured Creditors PASCO COUNTY: Hires Donnelly & Gross as Special Counsel PEN INC: Tom Berman Owns 135,319 Class A Shares as of June 27 PHILLY DUE: BMT Objects to Disclosure Statement PHOEBEN INC: Sept. 4 Plan Confirmation Hearing PINK OCEAN: Court Dismisses Ch. 11 Trustee Appointment Bid RAJYSAN INC: Trustee and Committee Tap Alpert as Special Counsel RESTLAND MEMORIAL: Files Chapter 11 Liquidating Plan RICHARDSON ACQUISITIONS: Hires Vlahantones as Accountant ROBERT STEWART INC: U.S. Trustee Unable to Appoint Committee ROLL ON TRANSPORTATION: Case Summary & 20 Top Unsecured Creditors RONEXPRESS INC: U.S. Trustee Unable to Appoint Committee RUI HOLDING: Taps Epiq Corporate as Claims Agent RUSSELL INVESTMENTS: Moody's Alters Outlook on Ba2 CFR to Stable RYAN HINTON: Hires Dicks & Workman as Special Counsel SANABI INVESTMENTS: Robert Angueira Named Ch. 11 Trustee SANDRA W. RUTHERFORD: Hires Jay Rutherford Jr.as Estate Manager SANDS RENTAL: Plan and Disclosures Hearing Set for Aug. 14 SAVVY CHIC: Aug. 27 Plan Confirmation Hearing SEAGRAPE ENTERPRISES: Case Summary & 20 Top Unsecured Creditors SECURED CAPITAL: Unsecureds to Get Cash From Sale Proceeds SHALE SUPPORT: Case Summary & 40 Largest Unsecured Creditors SILVER CREEK: Case Summary & 20 Largest Unsecured Creditors SOFTWARE OPS: Unsecureds to Get $10,000 Over 5 Years SPRINGFIELD MEDICAL: Seeks to Hire Bernstein Shur as Counsel STEARNS HOLDINGS: To Market Test Blackstone's $60M Investment SUNTEC ALUMINUM: Unsecureds to Get 10% in 36 Monthly Installments SYMANTEC CORP: Fitch Alters Outlook on BB+ LT IDR to Stable T CAT ENTERPRISE: Unsecureds to Get $579K in 10 Semi-Annual Payment THE ACADEMY: Fitch Cuts Rating on $4.7MM 2010B Revenue Bonds to 'B' TIME DEFINITE: Case Summary & 20 Largest Unsecured Creditors TRESHA-MOB LLC: Unsecureds to Get Paid From Sale Proceeds UNISON ENVIRONMENTAL: July 25 Plan Confirmation Hearing WEATHERFORD INT'L: Sept. 11 Plan Confirmation Hearing WEATHERLY OIL: Discloses Compromise with Secured Lenders, DNR WINDSOR MARKETING: Afga's Secured Claim Reduced to $325K [^] BOND PRICING: For the Week from July 8 to 12, 2019 ********* 160 ROYAL PALM: Approval Hearing on Disclosures Set for July 25 --------------------------------------------------------------- Bankruptcy Judge Erik P. Kimball will convene a hearing on July 25, 2019 at 10:30 a.m. to consider approval 160 Royal Palm, LLC's disclosure statement. Deadline for objections to disclosure statement is July 18, 2019. The Troubled Company Reporter previously reported that all payments as provided for in the Debtor's Plan will be funded by the orderly liquidation of the Debtor's assets, either prior to confirmation of the Plan or after confirmation of the Plan by the Liquidating Trustee. A full-text copy of the Disclosure Statement dated June 27, 2019, is available at https://tinyurl.com/yxvc2cze from PacerMonitor.com at no charge. About 160 Royal Palm 160 Royal Palm, LLC is a Florida limited liability company, which owns prime real property consisting of a partially constructed hotel/condominium located at 160 Royal Palm Way, Palm Beach, Florida. The property is under state court receivership. 160 Royal Palm filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-19441) on Aug. 2, 2018. In the petition signed by Cary Glickstein, sole and exclusive manager, the Debtor disclosed $16,447,759 in total assets and $114,926,976 in total liabilities. The case has been assigned to Judge Erik P. Kimball. The Debtor tapped Philip J. Landau, Esq., at Shraiberg, Landau & Page, P.A., as its counsel, and Greenberg Traurig, P.A. as its special counsel and title agent. No official committee of unsecured creditors has been appointed in the Debtor's case. 1989 3AVE LLC: Seeks to Hire Maltz Auctions as Auctioneer --------------------------------------------------------- 1989 3Ave LLC, seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to employ Maltz Auctions, Inc. d/b/a Maltz Auctions, as auctioneer to the Debtors. 1989 3Ave LLC requires Maltz Auctions to assist the Debtor in the sale of its real property located at 1985 and 1987 3 Avenue, New York, New York (Block 1659, Lots 1&2). Maltz Auctions will be paid a commission of 5% of the sales price. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard B. Maltz, chief executive officer of Maltz Auctions, 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. Maltz Auctions can be reached at: Richard B. Maltz MALTZ AUCTIONS, INC. D/B/A MALTZ AUCTIONS 39 Windsor Place Central Islip, NY 11722 Tel: (516) 349-7022 Fax: (516) 349-0105 About 1989 3Ave Based in Elmhurst, New York, 1989 3Ave, LLC, a privately held company engaged in activities related to real estate, filed a voluntary Chapter 11 Petition (Bankr. E.D.N.Y. Case No. 18-47234) on Dec. 19, 2018. In the petition signed by Bo Jin Zhu, manager, the Debtor disclosed assets totaling $23,000,106 and liabilities totaling $24,761,785. The case is assigned to Hon. Nancy Hershey Lord. William X. Zou, Esq., in Flushing, New York, is the Debtor's counsel. 1989 3AVE: Non-Tax Claimants, Interest Holders Added in New Plan ---------------------------------------------------------------- 1989 3Ave LLC filed an amended disclosure statement in support of its amended plan of liquidation dated June 25, 2019. The latest plan provides for The Plan provides for a sale of the New York Property pursuant to bidding procedures. Currently, the Debtor has entered into a "stalking horse" contract with Sunny Sycamore LLC in the amount of $22,500,000. The Stalking Horse Contract provides for Sunny to act as the Stalking Horse and pay $22,500,000 in cash for the Property. Pursuant to the Bid Procedures, the Property will be marketed by Maltz Auctions, Inc., the Debtor's auctioneer. Maltz will market the Property and solicit "higher or better" offers than the current offer set forth in the Stalking Horse Contract. In the event a higher or better offer is obtained or the Sunny cancels the Stalking Horse Contract, the Property will be auctioned pursuant to the Bid Procedures and sold to the person or entity making the highest or best offer for the Property at the auction and the Sale Proceeds distributed to creditors pursuant to the Plan. In the event that a "higher or better" purchaser cannot be found, then the Property will be sold to Sunny and the $22,500,000 contract price will be used to fund payments under the Plan. The plan also adds priority non-tax claimants in Class 1 and interest holders in Class 5. Each Holder of an Allowed Priority Non-Tax Claim in Class 1 will receive, on the Effective Date, or as soon as practicable after each such Claim becomes an Allowed Claim, payment from the Disbursing Agent, (i) in Cash in the full amount of its Allowed Priority Non-Tax Claim, or (ii) as may be otherwise agreed in writing between the Debtor and the Holder of such Priority Non-Tax Claim. Class 5 holders of interests will receive the remaining Sale Proceeds, if any, remaining after (i) payment in full of the Allowed Claims in Classes 1 through 4 and payment in full of Allowed Administrative Claims, Allowed Professional Fee Claims, and Allowed Priority Tax Claims in full in Cash on the Effective Date, otherwise, any Interests in the Debtor will be extinguished. A copy of the Amended Disclosure Statement dated June 25, 2019 is available at https://tinyurl.com/yxqafz2z from Pacermonitor.com at no charge. About 1989 3Ave Based in Elmhurst, New York, 1989 3Ave LLC, a privately held company engaged in activities related to real estate, filed a voluntary Chapter 11 Petition (Bankr. E.D.N.Y. Case No. 18-47234) on December 19, 2018, and is represented by William X. Zou, Esq., in Flushing, New York. The case is assigned to Hon. Nancy Hershey Lord. At the time of filing, the Debtor had assets totaling $23,000,106 and liabilities totaling $24,761,785. The petition was signed by Bo Jin Zhu, manager. 3MB LLC: Latest Monthly Operating Report Disclosed in Lender Plan ----------------------------------------------------------------- Lender U.S. Bank National Association, as Trustee, as successor-in-interest to Bank of America, N.A., as Trustee, as successor by merger to LaSalle Bank National Association, as Trustee, for the registered holders of Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2007-PWR16 filed a first amended disclosure statement in support of its chapter 11 plan of liquidation for Debtor 3MB, LLC. This latest filing discloses that Debtor's most recent monthly operating report, which was filed on June 18, 2019, reveals that as of May 31, 2019, Debtor had $85,100.97 in its bank accounts. As evidenced by each of the Debtor's monthly operating reports, Debtor has made adequate protection payments of $47,800 to Lender and $8,268 to the Kern County Treasurer-Tax Collector for each month after Debtor filed its chapter 11 case through May 2019. Debtor has agreed to continue making such payments, plus an additional $1,500 to account for late charges owed to the Kern County Treasurer-Tax Collector, through Dec. 31, 2019. A redlined copy of the First Amended Disclosure Statement is available at https://tinyurl.com/y6ekckmr from Pacermonitor.com at no charge. About 3MB LLC 3MB, LLC is a general contractor in Bakersfield, California, specializing in shopping center development. 3MB, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 18-14663) on Nov. 19, 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 has been assigned to Judge Rene Lastreto II. The Law Offices of Leonard K. Welsh is the Debtor's counsel. 4811 ASSOCIATES: Voluntary Chapter 11 Case Summary -------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- 4811 Associates LLC 19-44263 4811 5th Avenue Brooklyn, NY 11220 5505 Associates LLC 19-44264 5507 Associates LLC 19-44265 Business Description: 4811 Associates is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: July 11, 2019 Court: United States Bankruptcy Court Eastern District of New York (Brooklyn) Judge: Hon. Elizabeth S. Stong Debtors' Restructuring Counsel: Charles E. Simpson, Esq. WINDELS MARX LANE & MITTENDORF, LLP 156 West 56th Street New York, NY 10019 Tel: (212) 237-1000 (212) 237-1070 Fax: (212) 262-1215 Email: csimpson@windelsmarx.com 4811 Associates' Estimated Assets: $1 million to $10 million 4811 Associates' Estimated Liabilities: $1 million to $10 million The petition was signed by Chu H. Kwon, managing member. Debtor 4811 Associates did not file a list of its 20 largest unsecured creditors together with the petition. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/nyeb19-44263.pdf 4L TECHNOLOGIES: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg. ------------------------------------------------------------------ Moody's Investors Service downgraded its ratings for 4L Technologies Inc., including the company's Corporate Family Rating to Caa3 from B3 and the Probability of Default Rating to Caa3-PD from B3-PD, and the rating for 4L Tech's senior secured first lien term loan to Caa3 from B3. The outlook has been revised to negative from stable. "The downgrade reflects the likelihood of a default is high given the recent downward revision in earnings guidance following the loss of business and pricing pressure in both the imaging and wireless segments combined with the maturity of the first lien term loan in May 2020 that will put pressure on the business. The company's hiring of restructuring advisors, request to meet with lenders in a few weeks, and challenges refinancing the term loan indicate a restructuring will occur soon ," said Moody's analyst Andrew MacDonald. "We also remain concerned about the longer-term business viability as a result of more limited visibility into forward financial performance and related uncertainties given the unexpected operating developments," added MacDonald. Concurrently, the ratings on the senior secured first lien credit facilities due 2022 will be withdrawn as the proposed transaction was not completed. Downgrades: Issuer: 4L Technologies Inc. Probability of Default Rating, Downgraded to Caa3-PD from B3-PD Corporate Family Rating, Downgraded to Caa3 from B3 Gtd Senior Secured 1st Lien Term Loan due May 2020, Downgraded to Caa3 (LGD4) from B3 (LGD4) Outlook Actions: Issuer: 4L Technologies Inc. Outlook, Changed To Negative From Stable Withdrawals: Issuer: 4L Technologies Inc. Gtd Senior Secured 1st Lien Revolving Credit Facility due 2022, Withdrawn , previously rated B3 (LGD4) Gtd Senior Secured 1st Lien Term Loan due 2022, Withdrawn , previously rated B3 (LGD4) RATINGS RATIONALE 4L Tech's Caa3 CFR largely reflects the high balance sheet restructuring risk because of a levered balance sheet and near term debt maturities, and the ongoing business and execution risk as management evaluates its strategic options following the loss of customers and elevated pricing pressure. High business risk is inherent in the mature printing market and highly competitive nature of the company's wireless segment, both of which experienced revenue declines in recent years. The rating is also constrained by the company's small revenue size, high customer concentration and limited end market diversification. While the company has shown considerable margin improvement after recovering from operational challenges in 2017, the wireless segment remains intensely competitive due to high supplier fragmentation. Also, the company's imaging segment faces a secular decline because of the steady reduction in print volumes that will generally require market share gains to stem revenue erosion. 4L Tech's aggressive financial policies, evidenced by its private equity ownership and history of shareholder distributions and large debt-funded acquisitions, serves to further constrain the rating. The company has made headway in operational improvements within the wireless business and cost reduction initiatives in its imaging business should help partially mitigate margin pressure. Also lending support to the rating is the company's leading market position in print cartridge collection and remanufacturing. However, the operating challenges driving the company's downward earnings guidance for 2019 creates high uncertainty that the company can stem margin erosion. The company's large cash balance of $189 million as of March 31, 2019, which excludes an expected $44.6 million excess cash flow sweep payment, is not sufficient to address the term loan maturity but nonetheless provides some liquidity to support operations until the debt matures next year or a restructuring is executed. Moody's currently expects a family recovery in the 50% range given the cash balance and a modest multiple of the anticipated earnings base. The negative outlook reflects that the expected erosion of the company's earnings and cash flow as its customers move business away could result in a reduction in the recovery rate assumption or further increase in default risk. The ratings could be downgraded if Moody's expects sustained negative free cash flow, the company loses or experiences additional significant volume loss at another major customer, or liquidity deteriorates. Ratings could also be downgraded if the default risk increases further or recovery estimates decline. An upgrade is unlikely but could if the company is able to stabilize and improve its revenue and earnings, address its debt maturity and reduce its debt burden. The principal methodology used in these ratings was Distribution & Supply Chain Services Industry published in June 2018. 4L Technologies Inc. collects, remanufactures and distributes laser and inkjet printer cartridges and wireless devices through manufacturing facilities in the United States, Mexico, Europe, and Asia regions. The company's main customers include leading office product retailers and wireless carriers in the United States. 4L Tech has been majority-owned by Golden Gate Private Equity, Inc. since 2010. For the twelve months ended March 31, 2019, the company's reported revenue was $800 million. 705 INC: Seeks to Hire Richmond Law Firm as Legal Counsel --------------------------------------------------------- 705, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire Richmond Law Firm, LLC, as its legal counsel. The firm will advise the Debtor of its powers and duties under the Bankruptcy Code and will provide other legal services in connection with its Chapter 11 case. Ryan Richmond, Esq., the firm's attorney who will be handling the case, will charge an hourly fee of $325. His firm received an initial retainer of $3,217. Mr. Richmond disclosed in court filings that he and his firm do not represent an interest adverse to the Debtor and its bankruptcy estate. The firm can be reached through: Ryan J. Richmond, Esq. Richmond Law Firm, LLC 17732 Highland Road, Suite G-228 Baton Rouge, LA 70810 Tel: (225) 572-2819 Fax: (225) 286-3046 Email: ryan@rjrichmondlaw.com About 705 Inc. 705, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. La. Case No. 19-10784) on July 7, 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 Douglas D.Dodd. Richmond Law Firm, LLC, is the Debtor's counsel. ADVANCE PAIN: Case Summary & Unsecured Creditors ------------------------------------------------ Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Advance Pain Management and Rehabilitation 19-03941 E22 Calle Santa Cruz Bayamon, PR 00961 JG & RM Realty Inc. 19-03942 E22 Calle Santa Cruz Bayamon, PR 00961 Business Description: Advance Pain Management and Rehabilitation owns and operates ambulatory health care facilities. Ambulatory surgery centers (or outpatient surgery centers) are health care facilities where surgical procedures not requiring an overnight hospital stay are performed. Chapter 11 Petition Date: July 11, 2019 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Enrique S. Lamoutte Inclan Debtors' Counsel: Isabel M. Fullana, Esq. GARCIA-ARREGUI & FULLANA PSC 252 Ponce De Leon Avenue Suite 1101 San Juan, PR 00918 Tel: 787 766-2530 Fax: 787 756-7800 E-mail: isabelfullana@gmail.com Advance Pain's Total Assets: $69,818 Advance Pain's Total Liabilities: $122,108 JG & RM's Total Assets: $1,291,294 JG & RM's Total Liabilities: $1,749,258 The petitions were signed by Dr. Renier Mendez, president. A full-text copy of Advance Pain's petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at: http://bankrupt.com/misc/prb19-03941.pdf A full-text copy of JG & RM's petition containing, among other items, a list of the Debtor's five unsecured creditors is available for free at: http://bankrupt.com/misc/prb19-03942.pdf ALABAMA PETROLEUM: DOR to Get Priority, Unsecured Treatment ----------------------------------------------------------- Alabama Petroleum Carrier, LLC, filed an amended Chapter 11 plan and accompanying Disclosure Statement proposing that Class 1 Administrative Claims composed of the Alabama Department of Revenue's claim [7-1] in the amount of $228.42 will be $101.63 as priority claims with the remainder $126.79 as an unsecured claim. The Debtor will pay $101.63 within 30 days of the effective date of the Plan. The remainder will be treated as unsecured in Class 7. A full-text copy of the Amended Small Business Disclosure Statement dated July 2, 2019, is available at https://tinyurl.com/y48cydd6 from PacerMonitor.com at no charge. About Alabama Petroleum Carrier Montgomery, Alabama-based Alabama Petroleum Carrier, LLC, operates a petroleum distribution company wherein they own trucks and trailers that haul petroleum to retail outlets. The Company is operated by Donnie Ingram and his son Houston Ingram. The Company's average gross revenue currently is about $61,200 per month, and the Company has about 8 employees. Alabama Petroleum Carrier filed for Chapter 11 bankruptcy protection (Bankr. M.D. Ala. Case No. 18-32126) on July 30, 2018. Judge Bess M. Creswell presides over the case. The Debtor tapped Michael A. Fritz, Sr., Esq., as its legal counsel. In the petition signed by Donnie R. Ingram, president, the Debtor estimated assets of less than $500,000 and debt of less than $1 million. No official committee of unsecured creditors has been appointed in the Chapter 11 case. AMNEAL PHARMACEUTICALS: Moody's Lowers CFR to B2, Outlook Stable ---------------------------------------------------------------- Moody's Investors Service downgraded the ratings of Amneal Pharmaceuticals, LLC, including the Corporate Family Rating to B2 from B1, Probability of Default Rating to B2-PD from B1-PD, and senior secured term loan to B2 from B1. Moody's downgraded the Speculative Grade Liquidity Rating to SGL-2 from SGL-1. The outlook is stable. "The downgrade reflects Moody's view that Amneal's earnings will decline over the next twelve months due to increased competition on existing products and weak contribution from new products. As a result, Moody's believes that debt/EBITDA will increase to over 6 times, from around 5 times today. Leverage will remain at this elevated level for the next 12-18 months unless Amneal is successful in reducing its cost base in order to offset declines from its base of existing products," said Moody's Vice President, Morris Borenstein. Rating actions: Amneal Pharmaceuticals, LLC Ratings downgraded: Corporate Family Rating to B2 from B1 Probability of Default Rating to B2-PD from B1-PD $2.7 billion senior secured bank credit facility to B2 (LGD4) from B1 (LGD4) Speculative Grade Liquidity Rating, to SGL-2 from SGL-1 Outlook actions: The outlook is stable. RATINGS RATIONALE Amneal's B2 Corporate Family Rating reflects its moderate size and scale by revenue compared to generic pharmaceutical peers. Amneal has significant concentration in the US where it faces earnings volatility due to pricing pressure on its base of existing products and dependence on its pipeline to grow. There can be significant variance in earnings contribution of pipeline products, based on timing of launch and number of competitors. This uncertainty creates risk given Amneal's high financial leverage. Moody's believes that debt/EBITDA will be high, increasing to above 6 times, and remaining elevated at least through 2020. Benefits from ongoing cost savings activities will improve profitability but will take several years to be fully realized. The B2 rating also reflects Amneal's significant manufacturing capacity in the US and India, its advancing complex drug development and in-house active pharmaceutical ingredient (API) production. Amneal also benefits from segment diversity through its specialty brand business, which accounts for roughly 25% of earnings. The SGL-2 reflects Moody's expectation that Amneal will maintain good liquidity over the next 12 months. This is supported primarily by cash balances, expected to be maintained above $70 million, and access to an undrawn $500 million asset-based revolving credit facility (ABL). Cash flow will continue to be encumbered by restructuring costs, but Moody's expects positive free cash flow over the next 12 months. There are no financial covenants on the term loan. There is a springing minimum fixed charge coverage ratio of 1.0 times that is tested only if more than 90% of the revolver is drawn. Moody's doesn't believe that the covenant will be tested over the next twelve months. The outlook is stable, reflecting Moody's expectations that financial leverage will remain elevated through 2020 as Amneal works to reduce its cost base. The ratings could be downgraded if there are significant declines in the earnings contribution of key products. Significant reduction in the value of the company's pipeline could also lead to a downgrade. Specifically, if debt to EBITDA is expected to be sustained above 6.0x, the ratings could be downgraded. Moody's could upgrade the ratings if Amneal demonstrates its ability to sustainably offset pricing pressures with new launches and sustains debt to EBITDA below 5.0 times. Headquartered in Bridgewater, New Jersey, Amneal Pharmaceuticals, LLC, is a generic pharmaceutical manufacturer with facilities in New York, New Jersey, and India. The company generates most of its revenue in the US, with some presence internationally. Amneal generated $1.9 billion in revenue for the twelve months ended March 31, 2019. APG SUBS: Seeks to Hire FisherRing LLC as Accountant ---------------------------------------------------- APG Subs, Inc., and its debtor-affiliates, seek authority from the U.S. Bankruptcy Court for the District of Maryland to employ FisherRing, LLC, as accountant to the Debtors. APG Subs requires FisherRing LLC to: -- properly set up the Debtors' books and records as required by their respective Chapter 11 cases; and -- file all required tax returns FisherRing LLC 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. FisherRing, LLC, has previously rendered accounting services to the Debtors owed approximately $48,405 for these pre-bankruptcy services. The Firm waives all right to file any proof of claim and waives all right to share in any distribution in each of the debtor corporations' bankruptcy cases on account of these pre-bankruptcy services. FisherRing LLC will also be reimbursed for reasonable out-of-pocket expenses incurred. Sanford R. Fischer, partner of FisherRing, 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. FisherRing LLC can be reached at: Sanford R. Fischer FISHERRING, LLC 10490 Little Patuxent Pkwy, Suite 280 Columbia, MD 21044-3379 Telephone: (410) 995-0700 Facsimile: (410) 995-1522 About APG Subs, Inc. APG Subs, Inc., based in Edgewood, MD, and its debtor-affiliates sought Chapter 11 protection (Bankr. M.D. Lead Case No. 19-18315) on June 19, 2019. In the petition signed by Raymond Burrows, III, president, the Debtor APG Subs. disclosed total assets of $28,177, and estimated total liabilities of $1,268,112 in both assets and liabilities. The Hon. David E. Rice oversees the case. Marc R. Kivitz, Esq., at the Law Office of Marc R. Kivitz, serves as bankruptcy counsel to the Debtor. APPLE STREET: M. Abbaszadeh's Secured Claim Added in Latest Plan ---------------------------------------------------------------- Apple Street One Twenty, LLC, filed a second amended disclosure statement for its second amended plan dated June 25, 2019. The latest plan contemplates the Reorganized Debtor borrowing from CMN Funding (as financing broker) and Parkview Financial (as principal lending institution), or a syndicate organized by CMN Funding, funds sufficient to pay a compromised amount of SABA55, LLC's senior secured claim, Maghsood Abbaszadeh's arguably junior secured claim, and an initial 25% down payment on most other claims, on or shortly after the Effective Date. The Debtor's anticipated loan will fund loan fees, an interest reserve, some payments to creditors, and construction of almost all of the first two of four planned buildings comprising the planned project, with subsequent financing anticipated to complete construction of the remaining buildings after "stabilization" (a term in the multi-family apartment industry indicating occupancy of a certain percentage of new construction) of the first two buildings. The Debtor anticipates either selling a small equity stake to raise the approximately $100,000 additional funds needed to complete the first two buildings, or to obtain a small bridge loan to complete the first two buildings, in order to then obtain market financing to complete the last two buildings. The Debtor has identified investors interested in this opportunity, which will not be ripe for several months. The plan also discloses that the Debtor's principals have expended $50,000 of personal funds in paying a refundable deposit to Parkview Financial, a reputable lending institutions identified by CMN Funding to fund the loan called for in the plan. A copy of the Second Amended Disclosure Statement dated June 25, 2019 is available at https://tinyurl.com/y48szbyj from Pacermonitor.com at no charge. About Apple Street One Twenty Apple Street One Twenty, LLC describes its business as Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Its principal assets are located at 451 West Apple Street Grantsville, UT 84029. Apple Street One Twenty, LLC filed a Chapter 11 petition (Bankr. D. Utah Case No. 18-28618) on November 16, 2018. The petition was signed by Steven Walker, managing member. Judge Joel T. Marker presides over the case. At the time of filing, the Debtor estimates $1 million to $10 million in both assets and liabilities. Adam S. Affleck, Esq. and T. Edward Cundick, Esq. at Prince, Yeates & Geldzahler is the Debtor's counsel. AS IS OF AMERICA: Seeks to Hire Gerald B. Stewart as Legal Counsel ------------------------------------------------------------------ As Is Of America, LLC, seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire The Law Offices of Gerald B. Stewart, LLC as its legal counsel. The firm will provide services in connection with the Debtor's Chapter 11 case, which include legal advice regarding its powers and duties under the Bankruptcy Code and the preparation of a reorganization plan. Stewart has agreed to a minimum fee of $4,000, of which $2,000 has already been paid to the firm. Gerald Stewart, Esq., disclosed in court filings that his firm does not represent any interest adverse to the Debtor and its bankruptcy estate. The firm can be reached through: Gerald B Stewart, Esq. The Law Offices of Gerald B. Stewart, LLC 24 N. Market Street, Suite 402 Jacksonville, FL 32202 Phone: 904-353-8876 Fax: 904-356-2776 Email: stewartlaw7272@gmail.com About As Is Of America As Is Of America, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-01561) on April 26, 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 Jerry A. Funk. The Law Offices of Gerald B. Stewart, LLC, is the Debtor's counsel. AUTUMN FROST: Case Summary & 5 Unsecured Creditors -------------------------------------------------- Debtor: Autumn Frost Realty Associates, LLC 373 S. Willow Street, PMB 217 Manchester, NH 03103 Business Description: Autumn Frost Realty Associates, LLC is a privately held company in Manchester, New Hampshire. Chapter 11 Petition Date: July 12, 2019 Court: United States Bankruptcy Court District of New Hampshire (Concord) Case No.: 19-10962 Judge: Hon. Bruce A. Harwood Debtor's Counsel: William S. Gannon, Esq. WILLIAM S. GANNON PLLC 889 Elm Street, 4th Floor Manchester, NH 03101 Tel: (603) 621-0833 Fax: (603) 621-0830 E-mail: bgannon@gannonlawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Charles R. Sargent, Jr., manager. A full-text copy of the petition containing, among other items, a list of the Debtor's five unsecured creditors is available for free at: http://bankrupt.com/misc/nhb19-10962.pdf BADAX LLC: Case Summary & 11 Unsecured Creditors ------------------------------------------------ Debtor: Badax LLC, a Delaware limited liability company 22437 La Quilla Ave Chatsworth, CA 91311 Business Description: Badax LLC is a privately held company in Chatsworth, California. Chapter 11 Petition Date: July 11, 2019 Court: United States Bankruptcy Court Central District of California (San Fernando Valley) Case No.: 19-11718 Judge: Hon. Martin R. Barash Debtor's Counsel: Matthew Einhorn, Esq. THE LAW OFFICE OF MATTHEW M. EINHORN 15332 Antioch St #442 Pacific Palisades, CA 90272 Tel: 818-919-6225 E-mail: matteinhorn@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Barbara Anne Klein, managing member, Badax LLC. A full-text copy of the petition containing, among other items, a list of the Debtor's 11 unsecured creditors is available for free at: http://bankrupt.com/misc/cacb19-11718.pdf BAKKEN INCOME: Aug. 21 Liquidation Plan Confirmation Hearing ------------------------------------------------------------ The Disclosure Statement explaining the Chapter 11 Plan of Liquidation of Bakken Income Fund, LLC, is approved. A preliminary, non-evidentiary hearing for consideration of confirmation of the Plan and such objections is set for Wednesday, August 21, 2019, at 10:00 a.m., before the undersigned Judge in the United States Bankruptcy Court for the District of Colorado, Courtroom F; United States Custom House, 721 19th St., Denver, Colorado. On or before August 9, 2019, any objection to confirmation of the Plan must be filed and served on the Debtor’s counsel. About Bakken Income Fund Bakken Income Fund LLC is an oil and gas investment fund. It was formed in Colorado in 2011. Its corporate offices are located at 521 DTC Parkway, Suite 200, Greenwood Village, Colorado. Bakken Income Fund sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 16-20212) on Oct. 17, 2016. In the petition signed by Randall Kenworthy, managing member, the Debtor estimated its assets and liabilities at $1 million to $10 million. Judge Elizabeth E. Brown oversees the case. The Debtor tapped Courtney H. Gilmer, Esq., at Baker, Donelson, Bearman, Caldwell & Berkowitz, P.C. as lead bankruptcy counsel, and Brownstein Hyatt Farber Schreck, LLP as co-counsel. The Debtor also hired TenOaks Energy Advisors, LLC, as sales agent. No trustee, examiner or official creditors' committee has been appointed. BALLANTYNE BRANDS: Aug. 5 Hearing on Plan Confirmation ------------------------------------------------------ Bankruptcy Judge J. Craig Whitley approved Ballantyne Brands, LLC's disclosure statement referring to a chapter 11 plan dated May 17, 2019. July 29, 2019 is fixed as the last day for filing written acceptances or rejections of the plan and for filing written objections to confirmation of the plan. August 5, 2019 at 9:30 AM is fixed for the hearing on confirmation of the plan at Charles R. Jonas Federal Building, 401 West Trade Street, Courtroom 1-4, Charlotte, NC 28202. About Ballantyne Brands Ballantyne Brands -- https://www.misticecigs.com/ -- manufactures electronic cigarette under the brand Mistic. Ballantyne Brands LLC, a Delaware limited liability company, and Ballantyne Brands LLC, a North Carolina limited liability company, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case Nos. 19-30083 and 19-30084) on Jan. 18, 2019. At the time of the filing, Ballantyne Brands disclosed $189,222 in assets and $16,613,740 in liabilities. Meanwhile, the company's North Carolina affiliate reported zero assets and liabilities of $1,586,511. The cases are assigned to Judge Craig J. Whitley. Moon Wright & Houston, PLLC is the Debtors' legal counsel. BC OF QUEENS: Case Summary & 2 Unsecured Creditors -------------------------------------------------- Debtor: BC of Queens, Inc. 227-02 Linden Boulevard Cambria Heights, NY 11411 Business Description: BC of Queens, Inc. is engaged in renting and leasing real estate properties. The Company previously sought bankruptcy protection on April 20, 2017 (Bankr. E.D.N.Y. Case No. 17-41880). Chapter 11 Petition Date: July 12, 2019 Court: United States Bankruptcy Court Eastern District of New York (Brooklyn) Case No.: 19-44272 Judge: Hon. Carla E. Craig Debtor's Counsel: Mark E. Cohen, Esq. MARK E. COHEN, ESQ. 108-18 Queens Blvd Fourth Floor, Suite #3 Forest Hills, NY 11375 Tel: (718) 258-1500 Fax: (718) 793-1627 E-mail: MECESQ2@aol.com Total Assets: $1,805,775 Total Liabilities: $1,352,549 The petition was signed by William Vil, 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/nyeb19-44272.pdf BENNU TITAN: New Plan Discloses BSEE Filing of Protective Claim --------------------------------------------------------------- Bennu Titan LLC, formerly known as ATP Titan LLC, filed an amended disclosure statement in support of its chapter 11 plan of liquidation dated June 21, 2019. This latest filing discloses that the United States Bureau of Safety & Environmental Enforcement filed a protective claim in the amount of $3,641,568. The BSEE claim is classified in Class 2 together with the general unsecured claims. Each holder of an allowed in Class 2 will receive no distribution on account of the claim. A copy of the Amended Disclosure Statement is available at https://tinyurl.com/yydpycne from Pacermonitor.com at no charge. A copy of the Amended Plan is available at https://tinyurl.com/y5f9cqnv from Pacermonitor.com at no charge. About Bennu Titan Bennu Titan LLC, formerly known as ATP Titan LLC, is part of a business enterprise engaged in the acquisition, exploration, development, and production of oil and natural gas properties in the Gulf of Mexico. It is a limited liability company formed in May 2010 as a special purpose vehicle with one member, Bennu Titan Holdco LLC. Bennu Holdco has one member, Bennu Oil & Gas, LLC ("Bennu O&G"); and Bennu O&G has one member, Bennu Holdings, LLC ("Bennu Holdings"). Bennu Titan owns a multi-column, deep draft, floating drilling and production platform commonly known as Titan as well as two oil and gas export pipelines and related rights of way. Beal Bank USA and CLMG Corp. filed an involuntary Chapter 11 petition against Texas-based offshore drilling firm Bennu Titan LLC f/k/a ATP Titan LLC (Bankr. D. Del. Case No. 16-11870) on Aug. 11, 2016. The court entered an order for relief on Sept. 9, 2016. The Debtor is represented by William P. Bowden, Esq., at Ashby & Geddes, P.A. The petitioning creditors are represented by Michael J. Farnan, Esq., and Joseph J. Farnan, Esq., at Farnan LLP and Thomas E. Lauria, Esq., at White & Case LLP. On Nov. 21, 2016, the U.S. Trustee nominated Gerald H. Schiff to serve as the Chapter 11 Trustee and moved for an order approving his appointment. On Nov. 23, 2016, the Court entered an order approving Mr. Schiff's appointment. The Chapter 11 Trustee tapped Sullivan Hazeltine Allison LLC and Kelly Hart Pitre as bankruptcy counsel, and Gordon, Arata, McCollam, Duplantis & Eagan, LLC, as special regulatory and oil and gas counsel. No official committee of unsecured creditors has been appointed. Bennu Oil & Gas, LLC and affiliates filed voluntary Chapter 7 petitions (Bankr. S.D. Tex. Case No. 16-35930) on Nov. 30, 2016. The Hon. David R. Jones presides over the case. The Chapter 7 Trustee is Janet S. Casciato-Northrup, Esq., at Hughes Watters and Askanase. BERRY'S RESTAURANT: Seeks to Hire Diller and Rice as Counsel ------------------------------------------------------------ Berry's Restaurant, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Diller and Rice, LLC, as counsel to the Debtor. Berry's Restaurant requires Diller and Rice to: -- consult with and aid the Debtor in the preparation and implementation of a plan of reorganization; and -- represent the Debtor in all matters relating to such proceedings. Diller and Rice will be paid at these hourly rates: Attorneys $275 to $300 Paralegals $185 Prior to the commencement of the bankruptcy case, the Debtor paid Diller and Rice the amount of $5,000. Of this retainer, the amount of $1,717 was applied to the filing fee, $2,200 to fees and expenses. The remaining balance of $1,083 was held in the Firm's trust account. Diller and Rice will also be reimbursed for reasonable out-of-pocket expenses incurred. Raymond L. Beebe, a partner at Diller and Rice, 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. Diller and Rice can be reached at: Raymond L. Beebe, Esq. DILLER AND RICE, LLC 124 E. Main Street Van Wert, OH 43623 Tel: (419) 238-5025 About Berry's Restaurant Berry's Restaurant, Inc., owns and operates a restaurant in Norwalk, Ohio. Berry's Restaurant sought Chapter 11 protection (Bankr. N.D. Ohio, Case No. 19-31885) on June 12, 2019. In the petition signed by Douglas Berry, president, the Debtor estimated $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The Hon. John P. Gustafson oversees the case. The Debtor hired Diller and Rice, LLC as bankruptcy counsel. BLUE EAGLE FARMING: Amended Chapter 11 Competing Plans Filed ------------------------------------------------------------ Blue Eagle Farming, LLC, and its affiliate H J Farming, LLC, and Robert Bradford Johnson, general partner of Blue Eagle Farming, LLC's sole owner, separately filed amended Chapter 11 plans and accompanying disclosure statement. The Debtors' First Amended Plan modified the treatment of Class 1 - Secured Claim of Michael R. Waters to provide that Mr. Waters will receive $25,000 on or before the Effective Date plus six equal monthly installments of $4,166 each month, with the first installment due and payable thirty (30) days after the Effective Date, and shall receive a statutory warranty deed to the approximate 9 acres on the East side of County Road 1046 described in Mr. Waters' proof of claim as follows: All that part of the Northeast Quarter of the Southeast Quarter of Section 29, Township 9, Range 5 West lying East and South of County Road 1046 in Cullman County, Alabama. The treatment of Class 2 - Secured Claim Of Claire Wilcox Johnson is also amended to provide that the Class 2 claimholder will receive an amount equal to the approximate amount of half of the expected net sale proceeds from the sale of such property, which is agreed to be $90,000.00 Claire Wilcox Johnson shall make arrangement to find a new home and to vacate the subject property. Mr. Johnson's First Amended Plan added more information regarding avoidance actions and the claims filed by Claire Wilcox Johnson. A list of the major Avoidance Actions includes the following: Defendant Amount of Transfer --------- ------------------ Stacy Johnson $5,000,000 Dolores Johnson $1,000,000 Bobby Johnson $1,000,000 Holland Trust $3,000,005 5% interest in War-Horse Properties LLLP Reagan Trust $1,000,000 $500,000 $1,000,000 Favorite Uncle Trust $1,000,000 In addition to the child support claim owed to Claire Wilcox Johnson, which was scheduled by the Debtor in the amount of $69,000, Claire Wilcox Johnson filed a proof of claim seeking, among other things: (i) an unsecured priority claim for domestic support obligations in the amount of $27,200, and (ii) a secured claim for alimony in the amount of $182,900 in connection with her pending motion in state court to modify her petition for domestic support obligations. She claims the right to title in fee simple to certain real property described in the proof of claim and pursued by her in the state court proceeding. The Claire Property is not child support, and may therefore be modified and impaired with the consent of Claire Wilcox Johnson, because, among other reasons, the state court has already determined that Claire Wilcox Johnson retains rights in the Clair Property until their daughter turns 21, two years after the age of majority in Alabama. The United States contends that it has a lien on the Claire Property, which lien the Debtor disputes. The settlement of Clair Wilcox Johnson's claim is designed to pay claimant an amount equal approximately to half of the net sales proceeds of the Claire Property, all without interfering with the United States contested contention that it has a lien on the Claire Property A full-text copy of the First Amended Disclosure Statement for the Johnson Plan dated July 2, 2019, is available at https://tinyurl.com/yxa27j5e from PacerMonitor.com at no charge. A blacklined version of the First Amended Disclosure Statement for the Johnson Plan dated July 2, 2019, is available at https://tinyurl.com/yxj66bzt from PacerMonitor.com at no charge. A full-text copy of the First Amended Disclosure Statement for the Debtors' Plan dated July 2, 2019, is available at https://tinyurl.com/yyrw8cre from PacerMonitor.com at no charge. A blacklined version of the First Amended Disclosure Statement for Debtor's Plan the dated July 2, 2019, is available at https://tinyurl.com/yxt9a7gz from PacerMonitor.com at no charge. About Blue Eagle Farming Blue Eagle Farming and H J Farming are engaged in the business of cattle ranching and farming. Blue Smash Investments operates in the financial investment industry; War-Horse Properties manages companies and enterprises; Eagle Ray Investments and Forse Investments are lessors of real estate while Armor Light, LLC, is engaged in the business of residential building construction. Blue Eagle Farming, LLC, and its affiliate H J Farming, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case Nos. 18-02395 and 18-02397) on June 8, 2018. On June 9, 2018, five Blue Eagle affiliates filed Chapter 11 petitions: Blue Smash Investments LLC, Eagle Ray Investments LLC, Forse Investments LLC, Armor Light LLC, and War-Horse Properties, LLLP (Bankr. N.D. Ala. Case Nos. 18-81707 to 18-81711). The cases are jointly administered under Case No. 18-02395. In the petitions signed by Robert Bradford Johnson, general partner of Blue Eagle Farming, LLC's sole owner, Blue Eagle estimated $1 million to $10 million in assets and $100 million to $500 million in liabilities as of the bankruptcy filing. Judge Tamara O. Mitchell presides over the cases. Burr & Forman LLP is the Debtors' legal counsel. BLUE WATER POWERBOATS: Full Recovery for Unsecureds Under Plan -------------------------------------------------------------- Blue Water Powerboats, Inc. filed its first amended disclosure statement for its plan of reorganization dated June 25, 2019. The Debtor is a recreational boating lessor that rents boats on a half-day to daily basis to consumer individuals of its offices, which are leased, in Riviera Beach, Florida. Class 3 under the plan consists of the allowed general unsecured claims. On the Effective Date, holders of a Class 3 claim will be paid 100% of their claim. Class 3 claims total $41,386.61, which will be paid a total $41,386.61 payable $344.89 monthly beginning in month 1 through month 120 of the plan. Funds to be used to make cash payments under the plan will derive from income of the Debtor and the Debtor's president, Mark Pollio. A copy of the First Amended Disclosure Statement dated June 25, 2019 is available at https://tinyurl.com/y4e8v2ux from Pacermonitor.com at no charge. About Blue Water Powerboats Inc. Blue Water Powerboats, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-21113) on September 10, 2018. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of less than $500,000. Judge Mindy A. Mora presides over the case. The Debtor tapped David Lloyd Merrill, Esq., at The Associates, as its legal counsel. BOSS OYSTER: Case Summary & 16 Unsecured Creditors -------------------------------------------------- Debtor: Boss Oyster, Inc. dba Boss Oyster dba Miss Oysters Inn 1406 NW Reaper Church Rd. Greenville, FL 32331 Business Description: Boss Oyster Inc. owns and operates an oyster bar restaurant in Apalachicola, Florida. Chapter 11 Petition Date: July 12, 2019 Court: United States Bankruptcy Court Northern District of Florida (Tallahassee) Case No.: 19-40357 Judge: Hon. Karen K. Specie Debtor's Counsel: Robert C. Bruner, Esq. BRUNER WRIGHT, P.A. 2810 Remington Green Circle Tallahassee, FL 32308 Tel: 850-385-0342 Fax: 850-270-2441 E-mail: rbruner@brunerwright.com - and - Byron Wright, III, Esq. BRUNER WRIGHT, P.A. 2810 Remington Green Circle Tallahassee, FL 32308 Tel: 850-385-0342 E-mail: twright@brunerwright.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lawrence T. Maddren, president. A full-text copy of the petition containing, among other items, a list of the Debtor's 16 unsecured creditors is available for free at: http://bankrupt.com/misc/flnb19-40357.pdf BULA WORLD: Unsecured Creditors to Get 75% in Monthly Installments ------------------------------------------------------------------ Bula World Holdings Limited Liability Company filed a Combined Plan of Reorganization and Disclosure Statement proposing to pay Unsecured Creditors 75% of allowed claims in monthly installments commencing on the Effective Date of November 1, 2019 to October 1, 2024, at $1,787.50 per month. The Debtor is a single asset real estate entity which owns 109 U.S. Highway 206, Stanhope (Byram Township), New Jersey 07874. The Property consists of a 3,000-square foot commercial restaurant building, with parking. Class 1 Secured claim of US Bank Cust for PC7 Firstrust Bank are impaired. Monthly Payment of $1,452.62. Payments Beginning in Nov 1, 2019, Payments Ending on October 1, 2024. Class 2 Secured claim of Comerica Bank are impaired. Monthly Payment of $5,374.56. Payments Beginning in June 1, 2019, Payments Ending on April 1, 2028. The principals of the Debtor, Bradley and Laurie Boyle, will commit to support the Debtor with capital infusions of $42,500 through December 2019, which is the anticipated course of this proceeding. These funds will assist the Debtor to make the payments committed to herein to post-Filing Date real property taxes and other lienable municipal obligations, insurance, as well as new value to, inter alia, pay allowed administration costs inclusive of United States Trustee quarterly fees and professional fees for the Debtor. The Boyles have also committed to continuing capital contributions in the amount of $5,500.00 per month ($66,000 per year) to the Debtor in 2020, 2021 and 2022 of this Plan, and to increase that contribution to $6,000.00 per month ($72,000 per year) in years 2023 and 2024 of this Plan, A full-text copy of the Disclosure Statement dated July 3, 2019, is available at https://tinyurl.com/yxobfg2l from PacerMonitor.com at no charge. Based in Stanhope, New Jersey, Bula World Holdings Limited Liability Company filed a voluntary Chapter 11 petition (Bankr. D.N.J. Case No. 19-19243) on May 6, 2019, and is represented by Stephen B. McNally, Esq., at McNally & Busche, L.L.C. C.A.M.E. LLC: Seeks to Hire Robert M. Stahl as Counsel ------------------------------------------------------ C.A.M.E., LLC, seeks authority from the U.S. Bankruptcy Court for the District of Maryland to employ the Law Offices of Robert M. Stahl, LLC, as counsel to the Debtor. C.A.M.E., LLC requires Robert M. Stahl to: a. investigate and advise the Debtor with regard to its rights in this bankruptcy proceeding; b. prepare the Bankruptcy Schedules and Petition for filing with the Court; c. represent the Debtor's interests in this Bankruptcy proceeding; d. investigate and advise the Debtor as to the potential ways to reorganize the Debtor's affairs and attempt, if appropriate, to discover potential assets in this Bankruptcy proceeding; and e. do all of those duties appropriate to representing the Debtor in this Bankruptcy proceeding. Robert M. Stahl will be paid at the hourly rate of $490. Robert M. Stahl will be paid a retainer in the amount of $8,000, plus $1,717 filing fee. Robert M. Stahl will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert M. Stahl, founding partner, 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. Robert M. Stahl can be reached at: Robert M. Stahl, Esq. LAW OFFICES OF ROBERT M. STAHL, LLC 1142 York Road Lutherville, MD 21093 Tel: (410) 825-4800 Fax: (410) 825-4880 E-mail: stahllaw@comcast.net About C.A.M.E., LLC C.A.M.E., LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 19-18667) on June 26, 2019. The Debtor hired the Law Offices of Robert M. Stahl, LLC, as counsel. CADIZ INC: Stockholders Elect 11 Directors ------------------------------------------ Cadiz Inc. held its 2019 Annual Meeting of Stockholders on July 10, 2019, at which the stockholders elected Keith Brackpool, John A. Bohn, Jeffrey J. Brown, Stephen E. Courter, Maria Echaveste, Geoffrey Grant, Winston Hickox, Murray H. Hutchison, Richard Nevins, Scott S. Slater, and Carolyn Webb de Macias as directors. The Company's stockholders also approved (a) PricewaterhouseCoopers LLP as the Company's independent auditors for the fiscal year 2019; (b) the Cadiz Inc. 2019 Equity Incentive Plan; and (c) on an advisory basis, the compensation of the Company's named executive officers. The stockholders did not approve the stockholder proposal to amend the Bylaws to expand the notice requirements for stockholder business to be timely brought before an annual meeting, if properly presented. About Cadiz Founded in 1983 and headquartered in Los Angeles, California, Cadiz Inc. -- http://www.cadizinc.com/-- is a land and water resource development company with 45,000 acres of land in three areas of eastern San Bernardino County, California. Virtually all of this land is underlain by high-quality, naturally recharging groundwater resources, and is situated in proximity to the Colorado River and the Colorado River Aqueduct, California's primary mode of water transportation for imports from the Colorado River into the State. The Company's properties are suitable for various uses, including large-scale agricultural development, groundwater storage and water supply projects. The Company's main objective is to realize the highest and best use of its land and water resources in an environmentally responsible way. Cadiz Inc. reported a net loss and comprehensive loss of $26.27 million for the year ended Dec. 31, 2018, compared to a net loss and comprehensive loss of $33.86 million for the year ended Dec. 31, 2017. As of March 31, 2019, Cadiz had $73.92 million in total assets, $155.3 million in total liabilities, and a total stockholders' deficit of $81.41 million. CALUMET SPECIALTY: Moody's Raises CFR to B3, Outlook Stable ----------------------------------------------------------- Moody's Investors Service upgraded the ratings of Calumet Specialty Products Partners, L.P., including the Corporate Family Rating to B3 from Caa1, Probability of Default Rating to B3-PD from Caa1-PD and the ratings on the existing senior unsecured notes to Caa1 from Caa2. The Speculative Grade Liquidity Rating was affirmed at SGL-2. The rating outlook is stable. "The upgrade to a B3 CFR reflects Moody's expectation that Calumet will continue to generate positive free cash flow and improve its credit metrics," said James Wilkins, Moody's Vice President. Upgrades: Issuer: Calumet Specialty Products Partners, L.P. Probability of Default Rating, Upgraded to B3-PD from Caa1-PD Corporate Family Rating, Upgraded to B3 from Caa1 Senior Unsecured Notes, Upgraded to Caa1 (LGD4) from Caa2 (LGD4) Outlook Actions: Issuer: Calumet Specialty Products Partners, L.P. Outlook, Remains Stable Affirmations: Issuer: Calumet Specialty Products Partners, L.P. Speculative Grade Liquidity Rating, Affirmed SGL-2 RATINGS RATIONALE The upgrade to a B3 CFR reflects Moody's expectation that Calumet will continue to improve the profitability of its operations, generate positive annual free cash flow and further improve its credit metrics. The company has been restructuring its operations through implementation of self-help projects, divesting non-core assets, and spending on opportunistic growth capital projects. It expects to realize further benefits from its new ERP system and could see a boost in profit margins from higher diesel crack spreads in 2020. It generated positive free cash flow in the fourth quarter 2018 and year-to-date in 2019, partly as a result of changes in its working capital management, which should improve its ability to refinance notes maturing in April 2021 ($850 million balance as of May 10, 2019). The company has reduced its leverage (5.3x as of March 31, 2019, including Moody's analytical adjustments) by retiring debt ($400 million of notes in April 2018) and open market purchases of notes ($23 million of notes due 2021 purchased in 2019Q1) as well as continuing to growing earnings. However, the leverage metrics will likely remain above the 4.0x level targeted by management through 2019 as free cash flow generation may not allow the company to sufficiently reduce debt. Calumet's CFR reflects its modest scale, elevated leverage and improving operating performance, but history of inconsistent free cash flow generation. The company's debt maturity schedule is skewed with $850 million maturing in April 2021 (56% of its $1.525 billion of outstanding notes as of May 10, 2019) and the balance maturing in 2022 ($350 million) and 2023 ($325 million). The company's Specialty Products segment generates the majority of earnings (61% of 2018 segment EBITDA) and Fuel Products accounts for the remaining EBITDA. Calumet is exposed to volatile raw material (crude oil) costs, which it generally can pass on to customers of specialty products (albeit with a lag), but refining profit margins remain volatile, even after the company hedges its commodity price exposures and has access to advantaged feedstocks. The company's seven facilities have a combined throughput capacity of 136,300 barrels per day. The Fuel Products business produces transportation fuels, that can be more seasonal and cyclical than the Specialty Products earnings. The company benefits from geographic diversity of operations, a diverse customer base (no customer represents ten percent or more of revenues) and its numerous specialty products (some of which are recognized brands) offer exposure to diverse end markets. The senior unsecured notes are rated Caa1, one notch below the B3 CFR, reflecting their lower priority claim on assets than borrowings under the secured revolving credit facility. Calumet's balance sheet debt includes the secured ABL revolving credit facility and three unsecured notes issues totaling $1.525 billion as of May 10, 2019. Calumet's SGL-2 Speculative Grade Liquidity rating reflects the good liquidity profile, supported by availability under the undrawn revolving $600 million ABL credit facility, operating cash flow that should cover its capital expenditures and cash on hand ($153 million as of March 31, 2019). The company has inventory financing agreements related to its two largest refineries (Great Falls and Shreveport) that mature in June 2023. The asset based revolver had a borrowing base of $342 million as of March 31, 2019, and availability of $307 million, after accounting for outstanding letters of credit. Moody's expects the company will continue to generate positive free cash flow in 2019, if working capital needs do not materially increase and it does not engage in new growth capital projects. The company does not pay distributions to the MLP unitholders, although distributions are not restricted. The next debt maturity is the unsecured notes due April 2021 ($850 million as of May 10, 2019). An additional $350 million of notes are due in January 2022. The revolver has one springing financial covenant which provides that only if availability under the facility falls below the sum of the FILO loans plus the greater of: (i) 10% of the Borrowing Base; and (ii) $35 million, the company is required to maintain a Fixed Charge Coverage Ratio of at least 1.0 to 1.0 as of the end of each fiscal quarter. The stable rating outlook reflects Moody's expectation the company will continue to improve its earnings and lower its leverage, and will refinance its notes due April 2021 well before the maturity despite potentially challenging capital market conditions for energy companies. The ratings could be upgraded if Calumet consistently generates positive free cash, maintains retained cash flow to debt above 10% and leverage (debt / EBITDA) below 4.0x, and refinances the notes due 2022. The ratings could be downgraded if the company does not refinance its notes due 2021 well before the maturity date, it generates negative free cash flow, leverage is expected to be above 6.0x or liquidity declines. The principal methodology used in these ratings was Refining and Marketing Industry published in November 2016. Calumet Specialty Products Partners, L.P., headquartered in Indianapolis, Indiana, is an independent North America producer of specialty hydrocarbon products, such as lubricants, solvents and waxes, and fuel products. It is structured as a publicly traded Master Limited Partnership. Calumet operates two business segments: Specialty Products and Fuel Products. CAMBRIAN HOLDING: Seeks to Hire FTI as Bankruptcy Consultant ------------------------------------------------------------ Cambrian Holding Company, Inc. seeks authority from the U.S. Bankruptcy Court for the Eastern District of Kentucky to hire FTI Consulting, Inc. as bankruptcy consultant and Bertrand Troiano, the firm's managing director, as chief restructuring adviser. The services FTI and Mr. Troiano will render are: a) develop and maintain a 13-week debtors-in-possession budget and forecast; b) develop, implement and maintain near-term cash management, forecasting and reporting processes; c) assist the company and its affiliates in identifying, assessing and potentially implementing procedures to control and conserve working capital; d) prepare the necessary financial and operating information; e) assist the Debtors in meeting the requirements of operating under bankruptcy court protection: -- develop framework necessary to administer a comprehensive Chapter 11 claims process; -- attend meetings and assist in discussions with potential lenders, investors, creditors, committees and other parties in interest as requested; -- assist the Debtors in negotiations with lenders, creditors, suppliers, lessors and other interested parties; -- assist the Debtors in the preparation of a Chapter 11 plan or a sale of their assets; and -- assist the Debtors in preparing their monthly operating reports in conformance with the provisions of the Office of the United States Trustee. f) assist the Debtors and their restructuring counsel in the preparation of schedules and statements of financial affairs. FTI will be paid at these hourly rates: Senior Managing Directors $895 – 1195 Managing Directors/Directors $670 – 880 Senior Consultants/Consultants $355 – 640 Administrative/Paraprofessionals $145 – 275 The firm received a retainer of $160,000 from the Debtors. FTI and Mr. Troiano are "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. FTI can be reached at: Bertrand Troiano FTI Consulting, Inc Three Times Square, 9th Floor New York, NY 10036 Tel: +1 303 513 2209 Email: bertrand.troiano@fticonsulting.com About Cambrian Holding Belcher, Kentucky-based Cambrian Holding Company, Inc., and its subsidiaries produce and process metallurgical coal and thermal coal for use by utility providers and industrial companies located primarily in the eastern United States and Canada. The company began operations in 1991 and, over time, acquired various mines and mining-related assets from major coal corporations. Cambrian Holding Company and 18 of its affiliates each filed a petition seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Lead Case No. 19-51200) on June 16, 2019. The Debtors tapped Frost Brown Todd LLC as counsel; Whiteford, Taylor & Preston, LLP, as litigation counsel; Jefferies LLC as investment banker' and FTI Consulting, Inc., as financial advisor. Epiq Corporate Restructuring, LLC, is the notice, claims and solicitation agent. CARRIERWEB LLC: Files Chapter 11 Plan of Liquidation ---------------------------------------------------- CWEB Liquidation, LLC, f/k/a CarrierWeb, LLC, and the Official Committee of Unsecured Creditors filed a disclosure statement with regard to a chapter 11 plan of liquidation for the Debtor. Class 1 consists of the Allowed General Unsecured Claims. On the Effective Date, the Holders of Allowed General Unsecured Claims (excluding any Claim of efreightrac) will receive Pro Rata their share of the funds in the Distribution Fund until such Holders receive their Allowed Claims in full. Upon Confirmation, sole and exclusive management and control of the Liquidating Debtor will be vested in the Liquidating Agent pursuant to Section 1123(b)(3)(B) of the Bankruptcy Code, subject to the provisions of the Plan. The Liquidating Agent will be selected by the Committee in its sole and absolute discretion and management of the Liquidating Debtor will be vested with such Liquidating Agent. The Liquidating Debtor will establish a segregated escrow account to be known and designated as the Distribution Fund and will deposit in said account the Net Sale Proceeds, the Restoration Payment, and any funds in DIP bank accounts not expended or reserved for expenditure by the Confirmation Date. The funds in the Distribution Fund will be held in escrow for the sole and exclusive benefit of those parties entitled to Distributions therefrom. The Distribution Fund may from time to time be invested in short term certificates of deposit, short term treasury bills, or money market accounts, provided that such deposits or investments comply with the requirements of section 345 of the Bankruptcy Code. All interest earned will be retained in the Distribution Fund. The Liquidating Debtor will be authorized to open such bank or other depository account or accounts as may be necessary or appropriate to carry out the provisions of the Plan. A copy of the Disclosure Statement is available at https://tinyurl.com/y5nxmrjp from Pacermonitor.com at no charge. About CarrierWeb LLC Headquartered in Smyrna, Georgia, CarrierWeb, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 17-54087) on March 6, 2017. In the petition signed by R. Fenton-May, manager, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Debtor hired G. Frank Nason, IV, Esq., at Lamberth, Cifelli, Ellis & Nason, P.A., as bankruptcy counsel; and G2 Capital Advisors, LLC, as financial advisor and investment banker. On March 27, 2017, Guy Gebhardt, acting U.S. trustee for Region 21, appointed an official committee of unsecured creditors. The committee retained Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel and Henry F. Sewell, Jr., LLC as local counsel. CENTRAL PROCESSING: Unsecureds to Get 15% of Net Cash Flow ---------------------------------------------------------- Central Processing Services, LLC, a Michigan limited liability company, filed a Plan of Reorganization proposing to pay holders of General Unsecured Claims a Pro-Rata share of three annual distributions equal to 15% of the Reorganized Debtor's Net Cash Flow, commencing on the first day of the second month after the end of the Reorganized Debtor's third full fiscal year after the Effective Date. Class I: Secured by an Interest in Collateral are impaired. Holder of Allowed Class I Claims shall receive, in the Reorganized Debtor's sole discretion, either (i) the return of the Collateral securing such Holder's Claim or (ii) the value of such Holder's Allowed Secured Claim as determined under Section 3.1.1.1 and an Unsecured Class II Claim equal to the difference between the Holder's Allowed Class I Secured Claim and the Holder's Allowed Claim. Class Ill Priority Unsecured Claims are impaired. Each Holder of an Allowed 507(a)(4) Claim shall be paid (i) one-half of such Allowed 507(a)(4) Claim on the date that is thirty (30) days after the later of the Effective Date or the date that such 507(a)(4) Claim is Allowed (the "First Payment") and (ii) one-half of such Allowed 507(a)(4) Claim on the date that is six (6) months after the date of the First 507(a)(4) Payment. Class IV Claims of the Landlord are impaired. All rental payments under the Lease shall be paid by AH or wire transfer, in the Debtor's or Reorganized Debtor's discretion, as the case may be. In addition to the forgoing, the Landlord's Claim shall be Allowed in the amount of $89,786.47, which (i) shall be Cured pursuant to 365(a) of the Bankruptcy Code in twelve (12) equal monthly payments of $7,416.67 due contemporaneously with the monthly rent beginning the first month after the Confirmation Date and (ii) and a $786.47 Class II Claim. Class V Interest Holders are impaired. The Interests of the Debtor held by Class Ill Holder shall be cancelled, and New Interests shall be issued and sold at the Equity Auction as set forth in Section 5.1 of this Plan. The successful purchaser at the Equity Auction shall be bound by the terms of this Plan and shall be required to use all of the proceeds of the Equity Auction to the Allowed Claims set forth in this Plan in the order of their priority, and all payments shall be subject to the terms of, and payments shall be made in accordance with, the Plan. The Debtor intends to continue in business by reorganizing its operations and debt structure. In connection with its reorganization, the Debtor anticipates obtaining post-petition date financing, which will be used to satisfy Administrative Claims and provide working capital. A full-text copy of the Disclosure Statement dated July 3, 2019, is available at https://tinyurl.com/y6rxyw5z from PacerMonitor.com at no charge. About Central Processing Services Central Processing Services, LLC, based in Southfield, MI, filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 19-43217) on March 6, 2019. In the petition signed by Richard T. Cole, authorized member, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Hon. Maria L. Oxholm oversees the case. John J. Stockdale, Jr., Esq., at Schaefer and Weiner, PLLC, serves as bankruptcy counsel, and Harmon Partners, LLC, is the financial advisor. COAST TO COAST: Creditors to Get Payment from Property Sale Proceed ------------------------------------------------------------------- Coast to Coast Holdings, LLC, filed a Chapter 11 plan and accompanying disclosure statement. The source of funding for the Plan is the $2,650,000 of anticipated sale proceeds from the sale of the property at 1140 Henry Ridge Motorway, Topanga, California. Class 4 All Allowed General Unsecured Claims are impaired. Each holder of a class 4 allowed claim will receive a cash payment equal to its prorated share of all funds remaining in this estate after all other allowed claims have been paid in full. The Debtor will make all such pro rata payments to holders of class 4 allowed claims within 30 days after all other claims allowed under the Plan have been paid. Class 2 Allowed Secured Claim of Keystone Real Estate Lending Fund are impaired. Keystone shall receive payment in an amount equal to $1,947,037.04, plus an amount for interest, reasonable attorneys’ fees, and costs, in an amount to be agreed upon by the parties on the Effective Date of the Plan, in full and complete satisfaction of the Class 2 claim. The hearing where the Court will determine whether to confirm the Plan will take place on August 22, 2019, at 1:00 p.m., before the Honorable Victoria S. Kaufman, United States Bankruptcy Judge for the Central District of California in Courtroom 301 of the United States Bankruptcy Courthouse located at 21041 Burbank Blvd., Woodland Hills, California, 91367. Objections to the confirmation of the Plan must be filed and served by August 2, 2019. A full-text copy of the First Amended Disclosure Statement dated July 3, 2019, is available at https://tinyurl.com/y3m872ql from PacerMonitor.com at no charge. Attorneys for the Debtor are David B. Golubchik, Esq., and John-Patrick M. Fritz, Esq., at Levene, Neale, Bender, Yoo & Brill L.L.P., in Los Angeles, California. About Coast to Coast Holdings Coast to Coast Holdings, LLC, is a limited liability company formed under the laws of Wyoming. Its primary asset is a real property with a four-bedroom, five-bath house located at 1140 Henry Ridge Motorway, Topanga, California. Coast to Coast Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-10112) on Jan. 16, 2019. 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 Victoria S. Kaufman. The Debtor tapped Levene, Neale, Bender, Yoo & Brill LLP as its legal counsel. CONSTANT VELOCITY: Court Approves Disclosures; Confirms Ch. 11 Plan ------------------------------------------------------------------- Bankruptcy Judge Christopher D. Jaime approved Constant Velocity Transmission Lines, Inc.'s disclosure statement and confirmed its chapter 11 plan dated May 9, 2019. The Troubled Company Reporter previously reported that under the new plan, the Debtor proposes that Class 4 – General unsecured claims (non-insiders), estimated to total $698,008, are impaired and will be paid $6,935 to be distributed on a pro rata basis and will begin after all administrative and priority claims have been paid in full. The Debtor estimates payments will begin in September 2019. Payments will be made in four equal monthly payments by the 15th of each month. A full-text copy of the Disclosure Statement dated May 9, 2019, is available at https://tinyurl.com/y3c9erw8 from PacerMonitor.com at no charge. About Constant Velocity Transmission Lines Constant Velocity Transmission Lines, Inc. -- https://www.mitcables.com/ -- is a privately held company engaged in the manufacturing of audio and video equipment. Its patented Multipole Technology offers better bass, better mid-range, and smoother highs painted on a "blacker background". Its patented Filterpole Technology provides power conditioning solutions to address "powerline noise" improving audio and video experience. Constant Velocity Transmission Lines, Inc., based in Rocklin, CA, filed a Chapter 11 petition (Bankr. E.D. Cal. Case No. 18-25576) on Sept. 1, 2018. The Hon. Christopher D. Jaime presides over the case. In the petition signed by Bruce Brisson, president, the Debtor disclosed $742,564 in assets and $1,578,452 in liabilities. Gabriel Liberman, Esq., at the Law Offices of Gabriel Liberman, APC, serves as bankruptcy counsel; and WSB Accounting, as accountant. COOL HOLDINGS: GameStop Revokes SPA Termination Notice ------------------------------------------------------ Cool Holdings, Inc., Simply Mac, Inc. and GameStop Corp. previously entered into a stock purchase agreement dated May 9, 2019, pursuant to which the Company agreed to purchase from GameStop all of the issued and outstanding shares of capital stock of Simply Mac. Pursuant to the terms of the Stock Purchase Agreement, as amended by the parties, the Seller was entitled to terminate the Stock Purchase Agreement upon written notice to the Company on or before July 2, 2019 if the Company did not deliver to GameStop on or before June 25, 2019 evidence that either (i) the Company had closed on at least $4,000,000 of funding dedicated for the Stock Purchase or (ii) the Company had obtained written, fully executed commitments from third-parties, enforceable against those third-parties, to provide for the Financing. The Company did not meet the Financing Deadline, and on July 1, 2019 GameStop delivered a notice to the Company indicating its intention to terminate the Stock Purchase Agreement. On July 8, 2019, the Company, GameStop and Simply Mac entered into a Letter Agreement to amend the Stock Purchase Agreement, as amended and restated on July 12, 2019. Pursuant to the Amendment, GameStop rescinded and revoked the Termination Notice and confirmed that the Stock Purchase Agreement remains in full force and effect. The Company and GameStop also authorized the release and payment to GameStop of the original $750,000 deposited into escrow as required by the Stock Purchase Agreement, and the parties reduced the total closing consideration for the Stock Purchase from $6.9 million to $3.8 million in cash plus the value of Simply Mac's inventory at closing, subject to certain working capital, inventory indebtedness and other adjustments. The purchase price applicable to the inventory at closing will be funded in full by a secured promissory note in favor of the Seller. The Amendment also provided for the additional deposit with the designated escrow agent of $350,000 on or before July 11, 2019 as a deposit against the purchase price for the Stock Purchase, and it amended the Financing Deadline and Financing amount to provide that the Company must have closed on at least $2,700,000 of funding dedicated for the Stock Purchase or (ii) the Company has obtained written, fully executed commitments from third-parties, enforceable against such third-parties, to provide for the New Financing, in each case on or before July 12, 2019. The Company has made the First Escrow Deposit, and it has obtained the New Financing Commitments. The Amendment also requires two additional escrow deposits of $350,000 each to be deposited with the designated escrow agent as further deposits against the purchase price for the Stock Purchase on or before each of Aug. 12, 2019 and Sept. 12, 2019, in each case only if the Stock Purchase has not closed on or prior to those dates. In the event that the Stock Purchase has not closed on or before Aug. 12, 2019 or Sept. 12, 2019 and the Second Escrow Deposit and Third Escrow Deposit are not made by such dates, respectively, then GameStop will have the right to terminate the Stock Purchase Agreement upon written notice to the Company on or before Aug. 19, 2019 and Sept. 20, 2019, respectively. Finally, the Amendment provides that in any event, if the Stock Purchase has not closed on or before Sept. 20, 2019, then GameStop will have the right to terminate the Stock Purchase Agreement upon written notice to the Company. In the event that the Stock Purchase Agreement is terminated for any of the reasons, the First Escrow Deposit, the Second Escrow Deposit and Third Escrow Deposit, to the extent those amounts have been deposited with the escrow agreement prior to such termination, will be released to the Seller within three days of such termination. About Cool Holdings Cool Holdings, Inc., formerly known as InfoSonics Corporation -- http://www.coolholdings.com/-- is a Miami-based company currently comprised of OneClick, a chain of retail stores and an authorized reseller under the Apple Premier Partner, APR (Apple Premium Reseller) and AAR MB (Apple Authorized Reseller Mono-Brand) programs and Cooltech Distribution, an authorized distributor to the OneClick stores and other resellers of Apple products and other high-profile consumer electronic brands. Cool Holdings reported a net loss of $27.27 million for the year ended Dec. 31, 2018, compared to a net loss of $7.54 million for the year ended Dec. 31, 2017. As of March 31, 2019, Cool Holdings had $13.89 million in total assets, $19.01 million in total liabilities, and a total stockholders' deficit of $5.12 million. Kaufman, Rossin & Co., P.A., in Miami, Florida, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 16, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. COSTA CAFE: Voluntary Chapter 11 Case Summary --------------------------------------------- Four affiliates that concurrently filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Costa Cafe, Inc. 19-41139 1313 Water Street Fitchburg, MA 01420 Maple Avenue Donuts, Inc. 19-41140 22 Maple Avenue Shrewsbury, MA 01545 Boston Donuts, Inc. 19-41141 338 Park Avenue Worcester, MA 01545 W & E Trust, Inc. 19-41142 449 Mechanic Street Fitchburg, MA 01420 Business Description: Each of the Debtors is a subsidiary of EOR Holding Corporation (Bankr. D. Mass. Case No. 19-41094). Chapter 11 Petition Date: July 11, 2019 Court: United States Bankruptcy Court District of Massachusetts (Worcester) Judge: Hon. Elizabeth D. Katz Debtors' Counsel: James P. Ehrhard, Esq. EHRHARD & ASSOCIATES, P.C. 250 Commercial Street, Suite 410 Worcester, MA 01608 Tel: 508-791-8411 E-mail: ehrhard@ehrhardlaw.com Costa Cafe's Estimated Assets: $100,000 to $500,000 Costa Cafe's Estimated Liabilities: $1 million to $10 million Maple Avenue's Estimated Assets: $100,000 to $500,000 Maple Avenue's Estimated Liabilities: $1 million to $10 million Boston Donuts' Estimated Assets: $100,000 to $500,000 Boston Donuts' Estimated Liabilities: $1 million to $10 million W & E Trust's Estimated Assets: $100,000 to $500,000 W & E Trust's Estimated Liabilities: $1 million to $10 million The petitions were signed by Eyad Nashef, president. The Debtors each did not file a list of 20 largest unsecured creditors together with the petitions. Full-text copies of the petitions are available for free at: http://bankrupt.com/misc/mab19-41139.pdf http://bankrupt.com/misc/mab19-41140.pdf http://bankrupt.com/misc/mab19-41141.pdf http://bankrupt.com/misc/mab19-41142.pdf DAVID & SUKI: Unsecureds to Recover 8% Under Proposed Plan ---------------------------------------------------------- David & Suki, Inc. filed a disclosure statement in support of its chapter 11 plan of reorganization. Under the plan, the administrative expenses and priority tax claims would be paid in full, and the prepetition creditors holding nonpriority unsecured claims would share pro rata in periodic distributions totaling $240,000 for a return of approximately 8% on account of the allowed amount of their claims. The source of the funds to be paid to the holders of Administrative Expenses and Allowed Claims provided for under the Plan will be the Debtor's earnings from its business operations. A copy of the Disclosure Statement is available at https://tinyurl.com/y3ttvec3 from Pacermonitor.com at no charge. About David & Suki David & Suki, Inc. is a privately-held company whose principal place of business is located at 5863 N. Washington Blvd. Arlington, Virginia. David & Suki sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 18-11631) on May 4, 2018. In the petition signed by David A. Hicks, president, the Debtor estimated assets of less than $50,000 and liabilities of $1 million to $10 million. Judge Klinette H. Kindred presides over the case. The Debtor hired Tyler, Bartl & Ramsdell, PLC as its legal counsel; and the Law Office of William B. Lawson, P.C., as special counsel. DIAGNOSTIC CENTER: Aug. 15 Plan Confirmation Hearing ---------------------------------------------------- The hearing to consider confirmation of the Amended Chapter 11 Plan of Diagnostic Center of Medicine (Allen) LLP will be held on August 15, 2019, at 1:30 PM. Class 5 General Unsecured Claims are impaired. Allowed General Unsecured Creditors shall receive their pro rata distribution of the Equity Contribution, after payment of all allowed administrative claims and priority claims payments. Class 1 Secured Claim of IRS are impaired. Paid in full over a period of 40 months, starting September 15, 2019. Class 2 Secured Claim of Moonshell are impaired. Paid in full over a period of 60 months, starting September 15, 2019. Class 3 Balboa Settlement are impaired. Paid in full by the Managing Members by May 27, 2019, or such other date as the parties may agree. Class 4 Claim with Allscripts are impaired. Paid in full over a period of 60 months, starting September 15, 2019. As of the date of this Disclosure Statement, the Debtor holds approximately $1,600,000 of uncollected accounts receivable, which the Debtor anticipates collecting 33% of over time. Generally, healthcare companies collect their receivables at rates varying from 30-40%, and the Debtor is no different in its average collection rates. The Debtor continues to operate in the ordinary course, and is routinely generating new healthcare receivables on a day-to-day basis. A full-text copy of the First Amended Disclosure Statement dated July 2, 2019, is available at https://tinyurl.com/y6a3yruc from PacerMonitor.com at no charge. Attorneys for the Debtor are Samuel A. Schwartz, Esq., and Connor H. Shea, Esq., at Brownstein Hyatt Farber Schreck, LLP, in Las Vegas, Nevada. About Diagnostic Center of Medicine Diagnostic Center of Medicine (Allen) LLP, in practice since 1977, is an internal medicine and family medicine group in Southern Nevada with locations in Henderson and Durango. Diagnostic Center of Medicine Allen) LLP filed a Chapter 11 petition (Bankr. D. Nev. Case No. 18-10152) on Jan. 12, 2017. In the petition signed by CEO Lawrence M. Allen, M.D., the Debtor disclosed $1.70 million in total assets and $6.08 million total debt. The case is assigned to Judge Laurel E. Davis. The Debtor tapped Samuel A. Schwartz, Esq., at Schwartz Flansburg PLLC, as counsel; and McNair & Associates, Chtd., as its accountant. DIVERSE LABEL: Approval Hearing on Disclosures Set for Aug. 6 ------------------------------------------------------------- Bankruptcy Judge Catharine R. Aron will convene a hearing on August 6, 2019 at 9:30 a.m. to consider approval of Diverse Label Printing, LLC's amended disclosure statement with respect to an amended chapter 11 plan. July 25, 2019 is fixed as the last day for filing and serving written objections to the amended disclosure statement. The Troubled Company Reporter previously reported that the Debtor does not anticipate that holders of Allowed Claims in Classes 2 (Allowed Subordinated Claims), 3 (Allowed Late Filed Claims), and 4 (Allowed Penalty Claims), or holders of Equity Interests will receive any distribution on their claims or interests. A full-text copy of the First Amended Disclosure Statement dated June 24, 2019, is available at http://tinyurl.com/yyajfjoyfrom PacerMonitor.com at no charge. About Diverse Label Printing Diverse Label Printing, LLC, a company in Burlington, North Carolina, specializes in producing labels for food, food processing, supermarket, consumer goods, and other uses. Diverse Label sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 18-10792) on July 23, 2018. In the petition signed by CEO Ed Bidanset, the Debtor disclosed $15,750,989 in assets and $10,499,186 in liabilities. Judge Catharine R. Aron oversees the case. The Debtor tapped Northen Blue, LLP as its legal counsel, and Nelson & Company, PA as its accountant. DIVERSIFIED RESOURCES: Committee Hires Lewis Roca as Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors of Diversified Resources, Inc., and its debtor-affiliates, seeks authorization from the U.S. Bankruptcy Court for the District of Colorado to retain Lewis Roca Rothgerber Christie LLP, as counsel to the Committee. The Committee requires Lewis Roca to: a. assist, advise and represent the Committee in its consultations with the Debtors regarding the administration of the jointly administered Bankruptcy Cases; b. assist, advise and represent the Committee in analyzing the Debtor assets and liabilities, investigating the extent and validity of liens or other interests in the Debtors' property and participating in and reviewing any proposed asset sales, any asset dispositions, financing arrangements and cash collateral stipulations or proceedings; c. review and analyze all applications, motions, orders, statements of operations and schedules filed with the Court by the Debtors or third parties, advising the Committee as to their propriety, and, after consultation with the Committee, taking appropriate action; d. prepare necessary applications, motions, answers, orders, reports and other legal papers on behalf of the Committee; e. represent the Committee at hearings held before the Court and communicate with the Committee regarding the issues raised, as well as the decisions of the Court; f. perform all other legal services for the Committee which may be necessary and proper in the Bankruptcy Cases and any related proceeding(s); g. represent the Committee in connection with any litigation, disputes or other matters that may arise in connection with the Bankruptcy Cases or any related proceeding(s); h. assist, advise and represent the Committee in any manner relevant to reviewing and determining the Debtors' rights and obligations under oil and gas leases or other leases and other executory contracts; i. assist, advise and represent the Committee in investigating the acts, conduct, assets, liabilities and financial condition of the Debtors, the Debtors' operations and the desirability or the continuance of any portion of those operations, and any other matters relevant to the Bankruptcy cases; j. assist, advise and represent the Committee in its participation in the negotiation, formulation and drafting of a plan of liquidation or reorganization; k. assist, advise and represent the Committee on the issues concerning the appointment of a trustee or examiner under Section 1104 of the Bankruptcy Code; l. assist, advise and represent the Committee in understanding its power and its duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the Committee; m. assist, advise and represent the Committee in the evaluation of claims and on any litigation matters, including avoidance actions; and n. provide such other services to the Committee as may be necessary in the Bankruptcy Cases or any related proceeding(s). Lewis Roca will be paid at the hourly rate of $490. Lewis Roca will also be reimbursed for reasonable out-of-pocket expenses incurred. Chad S. Caby, a partner at Lewis Roca, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and (a) is not creditors, equity security holders or insiders of the Debtors; (b) has not been, within two years before the date of the filing of the Debtors' chapter 11 petition, directors, officers or employees of the Debtors; and (c) does not have an interest materially adverse to the interest of the estate or of any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in, the Debtors, or for any other reason. Lewis Roca can be reached at: Chad S. Caby, Esq. LEWIS ROCA ROTHGERBER CHRISTIE LLP 1200 17th Street, Suite 3000 Denver, CO 80202 Tel: (303) 628-9583 Fax: (303) 623-9222 E-mail: ccaby@lrrc.com About Diversified Resources Diversified Resources Inc. -- http://www.diversifiedresourcesinc.com/-- and its subsidiaries are Colorado-based oil and gas exploration companies, with operations in the San Juan Basin. Diversified Resources, BIYA Operators Inc. and Natural Resource Group, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case Nos. 19-13627 to 19-13629) on April 30, 2019. At the time of the filing, the Debtors disclosed their assets and liabilities as follows: Estimated Assets Estimated Debt ---------------- -------------- Diversified Resources $0 to $50,000 $1-mil. to $10-mil. BIYA Operators $0 to $50,000 $500,000 to $1-mil. Natural Resource $0 to $50,000 $0 to $50,000 The Debtors tapped Buechler Law Office, LLC as their legal counsel. The Office of the U.S. Trustee on June 18, 2019, appointed five creditors to serve on an official committee of unsecured creditors in the Chapter 11 case. The Debtor retained Lewis Roca Rothgerber Christie LLP as counsel. DLJ INVESTMENTS: Sale of Real, Personal Property to Fund Plan ------------------------------------------------------------- DLJ Investments, LTD, filed a disclosure statement in connection with its chapter 11 plan dated June 25, 2019. The Debtor, DLJ Investments, Ltd, is a Nebraska limited partnership formed on June 4, 2014. The general partner of the Debtor is Dean De Smet. In June 2014, the Debtor purchased real property and equipment located in Norfolk, Nebraska, from its previous owner, Tyson Fresh Meats, for a purchase price of approximately $431,070. Class 3 under the plan consists of the unsecured claims. These claims will be paid pro rata from the sale of the Debtor's real and personal property, after payment in full of the administrative and Class 1 claims. No interest will accrue on these claims from and after the Petition Date. Payments will be made from the sale of the Debtor's real and personal property. The property will be marketed and sold with the proceeds used to pay claims under the Plan. Currently, the Debtor is seeking an initial sale price of $6,000,000, for the real property and it is anticipated that the non-refrigeration equipment will reach a total sale price of $450,000. From the gross selling price of the real property, payments will be made to brokers, to pay real estate taxes, other closing costs. The net proceeds will be applied (i) to pay the Class 1 Claims in full as of the closing date of the sale; (ii) to pay the Class 2 Claims in full as of the closing date of the sale; (iii) to pay administrative claims, and; (iv) any remaining proceeds will be paid pro rata to the holders of the Class 3 unsecured claims. To the extent funds remain after the payment of administrative claims and the Class 1 through Class 3 claims in full, funds will be distributed to the Class 4 and Class 5 Interest holders as their interests may appear. A copy of the Disclosure Statement is available at https://tinyurl.com/yyzw4ukg from Pacermonitor.com at no charge. About DLJ Investments Based in Omaha, Nebraska, DLJ Investments, LTD owns in fee simple a real estate located at 1600 S Pine Rd Norfolk, NE 68701, having an appraised value of $2.96 million. The company filed for chapter 11 bankruptcy protection (Bankr. D. Ne. Case No. 19-80494) on March 27, 2019, with total assets of $4,368,171 and total liabilities of $4,593,106. The petition was signed by Dean De Smet, general partner. EL PATIO BBQ: Seeks Court Approval to Hire Accountant ----------------------------------------------------- El Patio BBQ & Grill Inc. seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to hire an accountant. In an application filed in court, the Debtor proposes to employ Ingrid Hassan, an accountant based in Guaynabo, to prepare and review its monthly operating reports and other accounting reports, tax returns, and financial projections required for the proposal and confirmation of a Chapter 11 plan. Hassan will also supervise the Debtor's accounting affairs and operations. The Debtor will pay $75 per hour for the services of the accountant and $25 per hour for the supporting staff. Hassan is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. Hassan maintains an office at: Marginal Buchanan Flamingo Apartments 9404 Bayamon, PR 00959 Tel: 787-398-0166 Email: ingridhassanoffice@gmail.com About El Patio BBQ & Grill Inc Based in Vega Baja, P.R., El Patio BBQ & Grill Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 19-03639) on June 26, 2019, listing under $1 million in both assets and liabilities. Jaime Rodriguez Perez, Esq., at Hatillo Law Office, represents the Debtor as counsel. EL PATIO BBQ: Seeks to Hire Hatillo Law Office as Counsel --------------------------------------------------------- El Patio BBQ & Grill Inc. seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Hatillo Law Office, PSC as its legal counsel. The firm will advise the Debtor of its powers and duties in the continued operation of its business and management of its property; prepare applications, reports and other legal papers; and provide other legal services in connection with the Debtor's Chapter 11 case. Hatillo's standard hourly rates are: Jaime Rodriguez-Perez, Attorney $250 Paralegal $50 Law Clerks $50 Hatillo is disinterested and has no connection with the creditors and other parties in interest or their respective attorneys, according to court filings. The firm can be reached through: Jaime Rodriguez-Perez Hatillo Law Office, PSC URB Rexville BB 21 Calle 38 Bayamon, PR 00957 Phone: 787 797-4174 Fax: 787-730-5454 Email: Email: jrpcourtdocuments@gmail.com About El Patio BBQ & Grill Inc Based in Vega Baja, P.R., El Patio BBQ & Grill Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 19-03639) on June 26, 2019, listing under $1 million in both assets and liabilities. Jaime Rodriguez Perez, Esq., at Hatillo Law Office, represents the Debtor as counsel. EMC BRONXVILLE: Aug. 9 Plan Confirmation Hearing ------------------------------------------------ The Disclosure Statement explaining the Chapter 11 Plan filed by Fred Stevens, solely in his capacity as chapter 11 trustee of EMC Bronxville Metropolitan, LLC, for the Debtor, is approved. The Confirmation Hearing will be held before the Honorable Robert D. Drain, United States Bankruptcy Judge, at the United States Bankruptcy Court for the Southern District of New York, 300 Quarropas Street, White Plains, New York 10601, on August 9, 2019 at 10:00 a.m. (prevailing Eastern time). Objections, if any, to the Plan must be filed and served no later than August 2, 2019 at 4:00 p.m. (prevailing Eastern time). Class 4 General Unsecured Claims are impaired. Each Holder of an Allowed General Unsecured Claim shall receive one or more distributions on a pro rata basis, up to one hundred percent (100%) of such Allowed General Unsecured Claim, in full and final satisfaction of such Allowed General Unsecured Claim from the Unsecured Creditor Fund, if any remains after satisfaction of senior claims in Class 3. Class 1 Prepetition Lender Secured Claim are impaired. Holder of the Allowed Class 1 Claim shall receive one or more distributions on and after the Effective Date after the Plan Administrator establishes reserves for the Estate Carve-Out in accordance with the Prepetition Lender Claim Stipulation and Order and as otherwise modified by the terms of this Plan. Class 2 Other Secured Claims are impaired. Each holder of an Allowed Other Secured Claim shall receive in the order of priority of their security interest or lien (i) the net proceeds, if any, of the sale or other disposition of the Assets on which such Holder has a Lien, after payment, in full, of the Class 1 Claim secured by such Assets; or (ii) such other, less favorable treatment as may be agreed to in writing by the holder of such Allowed Other Secured Claim and the Plan Administrator. Class 3 Priority Non-Tax Claims are impaired. Each holder of an Allowed Priority Non-Tax Claim shall receive (a) an amount in Cash equal to the Allowed amount of such Priority Non-Tax Claim, or (b) such other treatment as to which the Debtor and the holder of such Allowed Priority Non-Tax Claim shall have agreed upon in writing. Class 5 Interests are impaired. Each Holder of an Allowed Interest in the Debtor shall receive one or more distributions of any remaining value from the Unsecured Creditor Fund after satisfaction in full of Class 4 Claims. Any and all Interests in the Debtor shall be deemed cancelled as of the Effective Date of the Plan regardless of whether or not any value is distributed to the Class. The Plan shall be funded by the net proceeds of Sale of the Sale Property. A full-text copy of the Disclosure Statement dated July 2, 2019, is available at https://tinyurl.com/yx9oflkw from PacerMonitor.com at no charge. About EMC Bronxville Metropolitan Creditors Thomas E Haynes Architect, Werner E. Tietjen, PE and Hall Heating & Cooling Service, Inc., filed an involuntary petition against EMC Bronxville Metropolitan LLC under Chapter 7 of the Bankruptcy Code on June 22, 2018. On July 23, 2018, the court entered an order converting the case from Chapter 7 to one under Chapter 11 (Bankr. S.D.N.Y. Case No. 18-22963) following request from the Debtor. On Sept. 24, 2018, the Office of the U.S. Trustee appointed Fred Stevens as the Debtor's Chapter 11 trustee. Mr. Stevens tapped Klestadt Winters Jureller Southard & Stevens, LLP as his legal counsel. ESPINOSA GROUP: Hires Pierce Caniglia as Special Counsel -------------------------------------------------------- The Espinosa Group, Inc., seeks authority from the U.S. Bankruptcy Court for the District of New Jersey to employ the Law Office of Pierce Caniglia & Taylor, as special counsel to the Debtor. Espinosa Group requires Pierce Caniglia to provide legal services in connection with two pending state cases captioned Tutor Perini Corp. v. The Espinosa Group Inc.; and Chesco Coring & Cutting v. The Espinosa Group Inc. et al. Pierce Caniglia will be paid at the hourly rate of $300. Pierce Caniglia will be paid a retainer in the amount of $3,000. Pierce Caniglia will also be reimbursed for reasonable out-of-pocket expenses incurred. James M. Pierce, partner of the Law Office of Pierce Caniglia & Taylor, 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. Pierce Caniglia can be reached at: James M. Pierce, Esq. LAW OFFICE OF PIERCE CANIGLIA & TAYLOR 125 Strafford Ave., Suite 110 Wayne, PA 19087 Tel: (610) 688-2626 Fax: (610) 688-5761 About The Espinosa Group The Espinosa Group Inc., a privately held company in the non-residential building construction industry, filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 19-20649) on May 28, 2019. In the petition signed by Juan Espinosa, executive vice president and general counsel, the Debtor estimated $50,000 in asset and $1 million to $10 million in liabilities. David L. Stevens, Esq., at Scura, Wigfield, Heyer, Stevens & Cammarota, LLP, is the Debtor's counsel. The Law Offices of Richard S. Mazawey, and the Law Office of Pierce Caniglia & Taylor, serve as special counsel. ESPINOSA GROUP: Hires Richard S. Mazawey as Special Counsel ----------------------------------------------------------- The Espinosa Group, Inc., seeks authority from the U.S. Bankruptcy Court for the District of New Jersey to employ the Law Offices of Richard S. Mazawey, as special counsel to the Debtor. Espinosa Group requires Richard S. Mazawey to provide legal services connected with the pending state court action in New Jersey in the discovery matters of Tutor Perini Corp and Chesco Coring & Cutting. Richard S. Mazawey will be paid at these hourly rates: Partners $500 Paralegals $150 Richard S. Mazawey will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard S. Mazawey, a partner at the Law Offices of Richard S. Mazawey, 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. Richard S. Mazawey can be reached at: Richard S. Mazawey, Esq. LAW OFFICES OF RICHARD S. MAZAWEY 1135 Broad St. Suite 211 Clifton, NJ 07013 Tel: (973) 777-6401 About The Espinosa Group The Espinosa Group Inc., a privately held company in the non-residential building construction industry, filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 19-20649) on May 28, 2019. In the petition signed by Juan Espinosa, executive vice president and general counsel, the Debtor estimated up to $50,000 in asset and $1 million to $10 million in liabilities. David L. Stevens, Esq., at Scura, Wigfield, Heyer, Stevens & Cammarota, LLP, is the Debtor's counsel. The Law Offices of Richard S. Mazawey, and the Law Office of Pierce Caniglia & Taylor, serve as special counsel. EVOLV SOLUTIONS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Evolv Solutions, LLC 9401 Indian Creek Parkway Overland Park, KS 66210 Business Description: Established in 2001, Evolv Solutions was founded as a document management and information firm. Today, the Company focuses on providing Managed Print Services (MPS) and outsourced digital print solutions for a variety of commercial, municipal and federal clients. See: http://www.evolvsolutions.com/ Chapter 11 Petition Date: July 12, 2019 Court: United States Bankruptcy Court District of Kansas (Kansas City) Case No.: 19-21440 Judge: Hon. Dale L. Somers Debtor's Counsel: Colin N. Gotham, Esq. EVANS & MULLINIX, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Tel: (913) 962-8700 Fax: (913) 962-8701 E-mail: Cgotham@emlawkc.com Total Assets: $1,190,692 Total Liabilities: $893,268 The petition was signed by Ronald Harland, Sr., 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/ksb19-21440.pdf EXCO RESOURCES: Plan Declared Effective on June 28 -------------------------------------------------- The effective date of the third amended settlement joint Chapter 11 plan of reorganization of EXCO Resources Inc and its debtor-affliates occurred on June 28, 2019. The Hon. Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas confirmed the Debtors' amended Chapter 11 plan on June 18, 2019. About EXCO Resources EXCO Resources, Inc. (otc pink:XCOO) -- http://www.excoresources.com/-- is an oil and natural gas exploration, exploitation, acquisition, development and production company headquartered in Dallas, Texas, with principal operations in Texas, North Louisiana and the Appalachia region. EXCO's headquarters are located at 12377 Merit Drive, Suite 1700, Dallas, Texas. EXCO Resources, Inc., and 14 of its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 18-30155) on Jan. 15, 2018. EXCO disclosed total assets of $829.1 million and total debt of $1.355 billion as of Sept. 30, 2017. The Debtors' cases are assigned to the Honorable Marvin Isgur. The Debtors tapped Gardere Wynee Sewell LLP, and Kirkland & Ellis LLP, as bankruptcy counsel; PJT Partners LP as financial advisor; Alvarez & Marsal North America, LLC, as restructuring advisor; and Epiq Bankruptcy Solutions, LLC, as claims agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee is represented by lawyers at Jackson Walker LLP and Brown Rudnick LLP. Intrepid Partners LLC and Jefferies LLC serve as the committee's investment bankers. F4 VENTURES: Olymbec USA Objects to Disclosure Statement -------------------------------------------------------- OLYMBEC USA LLC filed an Amended Limited Objection to the Disclosure Statement explaining F4 Ventures-Cinnaholic, LLC's Chapter 11 Plan. The Landlord complains that the Debtor did not pay postpetition rent or other charges due to the Landlord for the months of November or December 2018 despite the Debtor's continuing use of the Premises until it surrendered the key on December 14, 2018. The Landlord objects to the Disclosure Statement and to confirmation of the Plan to the extent they omit or fail to provide for the payment of Landlord's administrative expense claim as of the Effective Date of the Plan. Attorneys for the Landlord: Jennifer A. Gehrt, Esq. Robert D. Barbee, Esq. BARBEE & GEHRT, L.L.P. P.O. Box 224409 Dallas, TX 75222-4409 Telephone: 214-749-0324 Facsimile: 214-749-0325 Email: jgehrt@bglaw.net About F4 Ventures-Cinnaholic F4 Ventures-Cinnaholic, LLC, operates three bakeries each of which is a Cinnaholic franchise. The bakeries are located in Richardson, South Lake and Dallas. On Aug. 20, 2018, F4 Ventures-Cinnaholic sought Chapter 11 protection (Bankr. E.D. Tex. Case No. 18-41837). Demarco-Mitchell, PLLC, led by name partner Robert T. DeMarco, serves as counsel to the Debtor. No trustee or examiner has been appointed, and no official committee of creditors has yet been established. FIERRO & FIERRO: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Fierro & Fierro Systems, Inc. 3600 Springmont Drive Midland, TX 79707-4113 Business Description: Fierro & Fierro Systems, Inc. is a privately held company in the specialized freight trucking industry. Chapter 11 Petition Date: July 12, 2019 Court: United States Bankruptcy Court Southern District of Texas (Houston) Case No.: 19-33902 Judge: Hon. David R. Jones Debtor's Counsel: Russell Van Beustring, Esq. RUSSELL VAN BEUSTRING, P.C. 9525 Katy Fwy, Ste 415 Houston, TX 77024 Tel: 713-973-6650 Fax: 713-973-7811 E-mail: russell@beustring.com Total Assets: $3,707,352 Total Liabilities: $4,036,254 The petition was signed by Francisco Fierro, 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/txsb19-33902.pdf FIRST NBC: Aug. 7 Plan Confirmation Hearing ------------------------------------------- The Bankruptcy Court issued an order approving the second amended disclosure statement explaining First NBC Bank Holding Company's Second Amended Chapter 11 Plan and set the hearing to consider confirmation of the Plan for August 7, 2019. The last day to object to confirmation is July 31. Ballots are due by August 2. Class 2 - Allowed General Unsecured Claims are impaired. Each holder of an Allowed Class 2 Claim shall receive or be allocated, as applicable, on the Plan Distribution Date, on account of its Allowed Claim: (i) Cash in an amount equal to the fees and expenses of the Indenture Trustee, which will be paid directly to the Indenture Trustee, on account of any such fees and expenses, from the Debtor's available Cash; (ii) such holder's Pro Rata Share of the Litigation and Distribution Trust Assets. Class 3A - STA Secured Claims are impaired. The holder of an Allowed Class 3A Claim, if any exist, shall receive nothing under the Plan, except the surrender of any collateral subject to a perfected, valid, non-voidable security interest securing such Claim which is proven by order entered and final no later than the Effective Date by such holder to be property of the Debtor's Estate on the Petition Date. Class 3B - RCC Secured Claims are impaired. The holder of an Allowed Class 3B Claim, if any exist, shall receive nothing under the Plan, except the surrender of any collateral subject to a perfected, valid, non-voidable security interest securing such Class 3B Claim which is proven by order entered and final no later than the Effective Date such holder to be property of the Debtor's Estate on the Petition Date. Class 3C - NQDC Secured Claims are impaired. The holder of an Allowed Class 3C Claim, if any exist, shall receive nothing under the Plan except the surrender of any collateral subject to a perfected, valid, non-voidable security interest securing such Class 3C Claim which is proven by order entered and final no later than the Effective Date such holder to be property of the Debtor's Estate on the Petition Date. Class 4 - Indemnity Claims are impaired. Class 4 Claims shall be disallowed or subordinated, as applicable, to the following General Unsecured Claims, as applicable to each Class 4 Claimant. Once the aforesaid General Unsecured Claims have been paid in full, holders of Allowed Class 4 Claims shall be entitled to receive their Pro Rata Share of the Litigation and Distribution Trust Assets. Class 5 - Subordinated 510(b) Claims are impaired. Once all Class 1, 2 and 4 Allowed Claims have been paid in full, holders of Allowed Class 5 Claims shall be entitled to receive their Pro Rata Share of the Litigation and Distribution Trust Assets. All Cash necessary for the Debtor or Reorganized Debtor to make payments and Plan Distributions under the Plan by the Debtor shall be made (or reserved) from its available Cash prior to the transfer of the remaining Estate Cash to the Litigation and Distribution Trust; and, from the First Round Investment. A full-text copy of the Second Amended Disclosure Statement dated July 2, 2019, is available at https://tinyurl.com/y4tchwcf from PacerMonitor.com at no charge. A full-text copy of the Amended Chapter 11 Plan dated June 21, 2019, is available at https://tinyurl.com/yyam46a4 from PacerMonitor.com at no charge. Counsel to the Debtor are William E. Steffes, Esq., and Barbara B. Parsons, Esq., at The Steffes Firm, LLC, in Baton Rouge, Louisiana. About First NBC Bank Holding Company First NBC Bank Holding Company -- http://www.firstnbcbank.com/-- is a bank holding company, headquartered in New Orleans, Louisiana, which offers a broad range of financial services through its wholly-owned banking subsidiary, First NBC Bank, a Louisiana state non-member bank. First NBC Bank's primary market is the New Orleans metropolitan area and the Florida panhandle. It serves its customers from its main office located in the Central Business District of New Orleans, 38 full service branch offices located throughout its market and a loan production office in Gulfport, Mississippi. First NBC Bank sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 17-11213) on May 11, 2017. The petition was signed by Lawrence Blake Jones, chief restructuring officer. The Debtor disclosed $6 million in assets and $65 million in liabilities as of May 10, 2017. The bankruptcy filing follows the appointment of the Federal Deposit Insurance Corporation as receiver of First NBC Bank, the Debtor's wholly owned subsidiary and principal asset, on April 28, 2017, for which the Debtor has previously announced that it does not expect any recovery. The case is assigned to Judge Elizabeth W. Magner. Steffes, Vingiello & McKenzie, LLC, is the Debtor's bankruptcy counsel. Phelps Dunbar, LLP serves as local counsel, and PricewaterhouseCoopers LLP serves as accountant. On May 18, 2017, the U.S. Trustee for Region 5 appointed an official committee of unsecured creditors. Jeffrey D. Sternklar LLC is the committee's legal counsel while Stewart Robbins & Brown, LLC, is its legal counsel. FIVE DREAMS: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Five Dreams Holdings, LLC as of July 11, according to a court docket. About Five Dreams Holdings Five Dreams Holdings, LLC filed as a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)) Five Dreams Holdings filed a petition for relief under Chapter 11 of the Bankruptcy Code (N.D. Ga. Case No. 19-58641) on June 3, 2019. In the petition signed by Brian Stewart, manager, the Debtor estimated $50,000 in assets and $10 million to $50 million in liabilities. Leslie M. Pineyro, Esq., at Jones & Walden, LLC, represents the Debtor as counsel. FOREST INSTITUTE: Unsecureds to Get Payment from Asset Liquidation ------------------------------------------------------------------ Forest Institute of Professional Psychology filed a Plan of Reorganization and accompanying disclosure statement proposing to execute the Plan through the distribution of liquidated assets that have been and/or will be liquidated in the future. The Debtor does not now, nor does it plan, to operate an educational institution as it has previously. Class 2 general unsecured claims are impaired. Only holders of Allowed Claims will receive distributions under the Plan until such time as all Allowed Claims are paid in full. The distributions are in full settlement of all rights of the holders of such Allowed Claims. Class 3 Equity interests are impaired. The holders of equity interests in Debtor shall retain their equity interests in the Reorganized Debtor equal to the member interests they held in Debtor pre-petition. A full-text copy of the Disclosure Statement dated July 3, 2019, is available at https://tinyurl.com/y4dz7vuz from PacerMonitor.com at no charge. Forest Institute of Professional Psychology filed a voluntary Chapter 11 petition (Bankr. W.D. Mo. Case No. 18-61106) on September 28, 2018, and is represented by Ronald S. Weiss, Esq., at Berman Deleve Kuchan & Chapman, in Kansas City, Missouri. FUELCELL ENERGY: Warns of Possible Bankruptcy in SEC Filing ----------------------------------------------------------- Fuelcell Energy, Inc., has warned it may be required to delay, reduce and/or cease its operations and/or seek bankruptcy protection if the Company is unable to obtain external financing, according to the Company's Form 8-K filed with the Securities and Exchange Commission on July 12, 2019. As disclosed in its most recent Form 10-Q for the fiscal quarter ended April 30, 2019, FuelCell has significant short-term debt and other obligations currently due or maturing in less than one year, which are in excess of the Company's cash and current asset balance. Management is working to address the Company's current liquidity position through the exploration of various alternatives, including, but not limited to, refinancing the Company's senior secured credit facility with Hercules Capital, Inc.; potential sales of the Company's assets, its intellectual property, or all or part of its business; potential licensing of certain of the Company's technology and intellectual property; and potential sales of common stock or other equity securities directly to investors or through the Company's at-the-market sales plan. Notwithstanding the Company's efforts, the Company may not be able to refinance the Hercules credit facility on acceptable terms, or at all, and may not be able to consummate any sale of its assets or all or part of its business, sale or license of any of its intellectual property, or sale of equity securities. Although the maturity date of the Hercules credit facility is April 1, 2020, if the Company is not able to refinance the Hercules credit facility by Aug. 9, 2019, and if Hercules is not willing to provide further accommodations, the Company may not meet certain covenant requirements and as a result may default on its obligations under its senior secured credit facility with Hercules. The occurrence of an event of default under the Hercules facility also constitutes or may result in an event of default under, and causes or may cause the acceleration of, a number of material financial obligations of the Company as of July 11, 2019, including the loan from the State of Connecticut of $10.0 million, the loan from the Connecticut Green Bank of $1.8 million and the project facilities with Generate Lending, LLC of $10.0 million, PNC Energy Capital, LLC of $18.6 million and Fifth Third Bank of $11.1 million. The occurrence of an event of default under the Hercules facility also constitutes a triggering event under the Certificate of Designations, Preferences and Rights of the Series D Convertible Preferred Stock of the Company. As of July 11, 2019, there were approximately 25 shares of the Series D Convertible Preferred Stock of the Company issued and outstanding, with a liquidation value of $25,048. As of July 11, 2019, there were 74,386,404 shares of common stock of the Company, par value $0.0001 per share, outstanding. As of July 11, 2019, the Company may sell up to approximately $42 million of common stock under its at-the-market sales plan, subject to contractual requirements, trading windows and market conditions. The Company currently intends to use some or all of the net proceeds from the sale of common stock under its at-the-market sales plan, if any, to pay down debt, including, but not limited to, the Hercules facility (which has an interest rate of 10.90% and a maturity date of April 1, 2020) and the loan from NRG Energy Inc. (which has an interest rate of 8.5% and a maturity date of Aug. 9, 2019). Under the Hercules facility, interest at the default rate of 5% per annum (in addition to the current interest rate) will accrue from June 3, 2019; provided, however, that, in the event that all of the secured obligations are paid in full on or prior to Aug. 9, 2019, Hercules will fully and unconditionally waive its right to payment of accrued and unpaid default interest. To the extent any such proceeds are not used to pay down debt, the Company intends to use such proceeds for project development, project financing, working capital support and general corporate purposes. Management will have broad discretion in the allocation of the net proceeds from sales of common stock under its at-the-market sales plan, if any, for any purpose, and investors will be relying on the judgment of management with regard to the use of any such proceeds. As disclosed in the Form 10-Q, the Company previously entered into an amendment of its loan agreement with NRG to extend the maturity date of the loan to July 12, 2019. On July 11, 2019, the Company and NRG entered into the fifth amendment to the Loan Agreement, which amends the definition of "Maturity Date" under the Loan Agreement. Pursuant to the fifth amendment, the Maturity Date of each note is now the date that is the earlier of (a) Aug. 9, 2019, (b) the commercial operation date or substantial completion date, as applicable, with respect to the fuel cell project owned by the co-borrower under such note, and (c) closing of a refinancing of indebtedness; provided, however, in the event NRG determines, in its sole discretion, that the Company is not making sufficient progress toward the completion of construction of the 2.8 MW Tulare BioMAT project in California, including, but not limited to, delivery of a mutually agreed plan of completion by no later than July 19, 2019, NRG may accelerate the Maturity Date on the date of such determination. If management is unable to make sufficient progress toward the completion of the Project, or to obtain another amendment, extension or refinancing, the Company may default on the NRG loan. The occurrence of an event of default under the Loan Agreement may result in the principal and all accrued interest becoming immediately due and payable by the Company to NRG. The occurrence of an event of default under the Loan Agreement also constitutes or may result in an event of default under, and causes or may cause the acceleration of, a number of material financial obligations of the Company, including the Hercules facility, the loan from the State of Connecticut, the Company's project finance agreements, and the loan from the Connecticut Green Bank. The Company also entered into an amendment with Generate Lending on June 28, 2019 extending the date on which Generate Lending may call the loan to the ten day period beginning Aug. 1, 2019 and ending Aug. 11, 2019. If Generate Lending calls the loan or determines to cease lending under its construction loan facility, the Company will be required to pursue alternative project financing for the Company's generation backlog. If the Company is unable to obtain such project financing, it may result in events of default under its project finance agreements and its power purchase agreements. The occurrence of an event of default under the Company's project finance agreements also constitutes or may result in an event of default under, and causes or may cause the acceleration of, a number of material financial obligations of the Company, including the Hercules facility, the loan from the State of Connecticut, and the loan from the Connecticut Green Bank. Due to the Company's constrained liquidity, the Company has been delaying certain payments to third parties, including trade creditors, to conserve cash. Management has been actively working with trade creditors, and entering into forbearance and payment arrangements. However, the Company may not be able to enter into forbearance agreements or suitable payment arrangements with its trade creditors, or the terms of any forbearance or payment arrangements may not be favorable to the Company. If the Company is unable to negotiate such forbearance or payment arrangements, trade creditors whose payments have been delayed may take action against the Company, including, but not limited to, filing litigation, arbitration or other proceedings against the Company. Management is working to implement cost reduction measures such as the reduction in force carried out in April, increasing sales activity related to the Company's products, and negotiating and entering into advanced technology research and development contracts, including the recently announced License Agreement with ExxonMobil Research and Engineering Company dated June 11, 2019 and the Front End Engineering and Design Study for a carbon capture project at Drax Power Station announced on June 27, 2019. The Company said the terms of any financing and other measures to obtain funds that may be undertaken by it may adversely affect the holdings or the rights of the Company's stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development efforts and commercialization efforts and accelerate its exploration of potential sales of its intellectual property, other assets, and business, any of which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. About FuelCell Energy FuelCell Energy, Inc. -- http://www.fuelcellenergy.com/-- designs, manufactures, undertakes project development of, installs, operates and maintains megawatt-scale fuel cell systems, serving utilities and industrial and large municipal power users with solutions that include both utility-scale and on-site power generation, as well as advancing development of solutions for carbon capture, local hydrogen production for transportation and industrial users, and long duration energy storage. FuelCell reported a net loss to common stockholders of $62.16 million for the year ended Oct. 31, 2018, following a net loss to common stockholders of $57.10 million for the year ended Dec. 31, 2017. As of April 30, 2019, the Company had $341.22 million in total assets, $207.82 million in total liabilities, $59.85 million in redeemable series B preferred stock, $3.16 million in redeemable series C preferred stock, $20.54 million in redeemable series D preferred stock, and $49.83 million in total stockholders' equity. FUELD FILMS: Unsecureds to Get $7,500 Monthly With 6% Interest -------------------------------------------------------------- Fueld Films, Inc., filed an amended Chapter 11 plan and accompanying disclosure statement proposing that holders of General Allowed Unsecured Claims will receive pro rata repayment of $7,500 per month continuing until five years after the Effective Date, with interest at the Plan Interest Rate of 6%. Class S1 Allowed Secured Claim of Regions Bank Term Loan and Line of Credit are impaired. Regions Bank's Allowed Secured Claim will be paid by the Reorganized Debtor commencing on the date that is 30 days after the Effective Date and continuing on the same date of each successive month in the amount of $7,500.00 continuing until all monthly payments have been made. Class S2 Allowed Secured Claim of OnDeck Capital are impaired. This Claim shall be paid after the Class S1 Claim is paid in full, and once the holders of Claims with greater priority in right of payment have been satisfied provided that OnDeck Capital accept s and does not object to the Plan, then Allowed Secured Claim will be paid by the Reorganized Debtor to the holders of Allowed S2 Claims in monthly payments by the Reorganized Debtor commencing on the date that is 30 days. Class T1 Disputed Claims of the IRS are impaired. Currently, the IRS has filed proof of claims in the amount of $8,003.02 [Claim #2] and $5.000 [Claim #27]. Informally, the Debtor understands that the IRS will be amending or withdrawing those claims prior to confirmation. Nevertheless, if either of the claims become an Allowed Secured Claim, it shall be paid in regular quarterly payments with interest at the Plan Interest Rate, in an amount sufficient to fully amortize the claim(s) over the five years following the Effective Date. Class T2 Disputed Claims of the Texas Comptroller of Public Accounts are impaired. Allowed Secured Claim it shall be paid in regular quarterly payments with interest at the Plan Interest Rate of 6% in an amount sufficient to fully amortize the claim(s) over the five years following the Effective Date. Class D1 Disputed Claim of Credibility Capital 1669 LOC are impaired. Creditor Credibility Capital 1669 LOC has not filed any Proof of Claim and to the extent Credibility Capital 1669 LOC asserts it has a claim against Debtor, the Debtor asserts that any claim balance is much less than would likely be claimed. The Debtor shall not be obligated to make periodic payments on any such claim. Class U1 Disputed Unsecured Claims of creditors are impaired. Allowed Class U1 claims by paying equal pro rata payments to holders of Class U1 Allowed Claims the balance of the capped claim amount. Class E1 Interests of Debtor. As a Reorganized Debtor in any property of the estate so long as there is a legal interest in any such property. No distribution shall be made to the Debtor from the Debtor's $7.500.00 monthly Plan distribution. The Reorganized Debtor's funding plan includes a modest line item for overhead and profit. Brady Anderton intends to continue his role as president and CEO of the Reorganized Debtor's film production company, and therefore would be entitled to receive the identified "overhead and profit" to the extent it is not required to cover overhead and related costs. Monthly compensation in the amount of $4,113.37 has historically been paid to Brady Anderton and it is contemplated that he will continue 10 be paid this amount as president and CEO of the Reorganized Debtor. A full-text copy of the Disclosure Statement dated July 2, 2019, is available at https://tinyurl.com/y6oyybyd from PacerMonitor.com at no charge. The Amended Disclosure Statement was filed by Kent L. Christiansen, Esq., at Sage Law Partners, PLLC, in Farmington, Utah, on behalf of the Debtor. About Fueld Films Founded in 2001, Fueld Films Inc. is a film production company that makes everything from films to commercial advertising spots. Its business is managed and operated from Utah, with film production based out of Austin, Texas. Fueld Films Inc. filed a Chapter 11 petition (Bankr. D. Utah Case No. 18-24652) on June 22, 2018, estimating $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Kent L. Christiansen, Esq., at Sage Law Partners, PLLC, is the Debtor's counsel. FUSION CONNECT: Incorporates Restructuring Deal in Chapter 11 Plan ------------------------------------------------------------------ Fusion Connect, Inc., and its subsidiary debtors filed a Chapter 11 plan and accompanying Disclosure Statement that revolves around the prepetition restructuring support agreement with the First Lien Lender Group -- the Company's senior creditors - holding, in the aggregate, over 66-2/3% in aggregate principal amount of the outstanding First Lien Claims. As part of the restructuring contemplated by the Restructuring Support Agreement, the First Lien Lender Group backstopped a debtor-in-possession financing in the aggregate amount of $59.5 million to support the Company's operations during the Chapter 11 Cases. The DIP Facility will be paid in full in cash or refinanced in full in cash in connection with a Reorganization Transaction or a Sale Transaction, as applicable. Class 5 General Unsecured Claims are impaired. Each such holder thereof shall receive: If the Sale Transaction occurs, on the Effective Date, such holder's Pro Rata share of Net Cash Proceeds after the First Lien Claims and Second Lien Claims are satisfied in full in Cash until all Allowed General Unsecured Claims are satisfied in full in Cash. If the Reorganization Transaction occurs, each holder of General Unsecured Claims shall either (x) not receive or retain any property under the Plan on account of such Claim or (y) receive its pro rata share of the percentage of New Equity Interests and/or Special Warrants in accordance with the Equity Allocation Mechanism. Class 3 First Lien 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 First Lien Claims are satisfied in full in Cash. On the Effective Date, the Prepetition First Lien Credit Agreement shall be deemed cancelled. (ii) If the Reorganization Transaction occurs, on the Effective Date, such holder's Pro Rata share of (a) the First Lien Lender Equity Distribution; provided, that notwithstanding anything herein to the contrary, the distribution of the First Lien Lender Equity Distribution shall be made pursuant to, and subject to the terms and conditions of, the Equity Allocation Mechanism. Class 4 Second Lien Claims are impaired. In full and final satisfaction, settlement, release, and discharge of, and in exchange for an Allowed Second Lien Claim, 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 after the First Lien Claims are satisfied in full in Cash, until all Allowed Second Lien Claims are satisfied in full in Cash. (ii) If the Reorganization Transaction occurs, each holder of Second Lien Claims will either (x) not receive or retain any property or interest in property on account of such Claim or (y) receive its pro rata share of the percentage of the New Equity Interests and/or Special Warrants in accordance with the Equity Allocation Mechanism. Class 8 Parent Equity Interests are impaired. Each such holder thereof shall receive: If either the Sale Transaction or 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 9 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. In the event that the Debtors pursue the Sale Transaction, the Debtors shall fund distributions and satisfy applicable Allowed Claims and Allowed Interests under the Plan using Cash on hand and the Sale Transaction Proceeds. A full-text copy of the Disclosure Statement dated July 2, 2019, is available at https://tinyurl.com/y2rqqvgp from PacerMonitor.com at no charge. The Plan was filed by Gary T. Holtzer, Esq., Sunny Singh, Esq., and Gaby Smith, Esq., at Weil, Gotshal & Manges LLP, in New York. About Fusion Fusion Connect -- http://www.fusionconnect.com/-- provides integrated cloud solutions to small, medium and large businesses, is the industry's Single Source for the Cloud. Fusion's advanced, proprietary cloud services platform enables the integration of leading edge solutions in the cloud, including cloud communications, contact center, cloud connectivity, and cloud computing. Fusion's innovative, yet proven cloud solutions lower customers' cost of ownership, and deliver new levels of security, flexibility, scalability, and speed of deployment. On June 3, 2019, Fusion Connect and each of its U.S. subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 19-11811). Fusion's two Canadian subsidiaries are not included in the filing. Fusion disclosed $570,432,338 in assets and $760,720,713 in liabilities as of April 30, 2019. Fusion is advised by FTI Consulting and PJT Partners, Inc., as financial advisors, and Weil, Gotshal & Manges LLP as legal counsel. Prime Clerk LLC is the claims agent. The First Lien Ad Hoc Group is advised by Greenhill & Co, LLC, as financial advisor, and Davis Polk & Wardwell LLP, as legal counsel. GENERAL CAPACITOR: U.S. Trustee Forms 4-Member Committee -------------------------------------------------------- The U.S. Trustee for Region 21 on July 10 appointed four creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of General Capacitor, LLC. The committee members are: (1) John R. Miller 5400 Muirfield Drive Pepper Pike, OH 44124 (2) Gloria Pugh 319 Ross Road Tallahassee, FL 32305 (3) Jeffrey S. Chen 3550 Esplanade Way, Suite 11208 Tallahassee, FL 32311 (4) Raymond Bye, Jr. 1902 Golf Terrace Drive Tallahassee, FL 32301-5608 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About General Capacitor General Capacitor, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 19-40279) on May 16, 2019, disclosing under $1 million in both assets and liabilities. The Debtor tapped Byron Wright, III, Esq., Bruner Wright, P.A., as counsel, and Davis George Moye, Esq., as special counsel. The case is assigned to Judge Karen K. Specie. GLOBAL EAGLE: Nantahala Capital Has 31.2% Stake as of July 9 ------------------------------------------------------------ Nantahala Capital Management, LLC disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of July 9, 2019, it may be deemed to be the beneficial owner of 28,835,876 shares of common stock of Global Eagle Entertainment Inc. held by funds and separately managed accounts under its control, and as the managing members of Nantahala, each of Wilmot B. Harkey, and Dan Mack may be deemed to be a beneficial owner of those Shares. The Shares constitute 31.2 percent of the total number of Shares outstanding based upon 92,367,593 Shares outstanding as of May 9, 2019. A full-text copy of the regulatory filing is available for free at: https://is.gd/IJds52 About Global Eagle Headquartered in Los Angeles, California, Global Eagle -- http://www.GlobalEagle.com-- is a provider of media, content, connectivity and data analytics to markets across air, sea and land. Global Eagle offers a fully integrated suite of rich media content and seamless connectivity solutions to airlines, cruise lines, commercial ships, high-end yachts, ferries and land locations worldwide. The Company has approximately 1,200 employees and 50 offices on six continents. Global Eagle incurred a net loss of $236.6 million for the year ended Dec. 31, 2018, compared to a net loss of $357.1 million for the year ended Dec. 31, 2017. As of March 31, 2019, Global Eagle had $734.9 million in total assets, $998.98 million in total liabilities, and a total stockholders' deficit of $264.1 million. * * * In April 2019, S&P Global Ratings lowered all ratings on Global Eagle, including the ICR to 'CCC' to reflect its view that the company is currently vulnerable to nonpayment over the next 12 months and is dependent on favorable business, financial, and economic conditions to meet its financial commitments. GLOBAL HEALTHCARE: Completes Refinancing of Senior Mortgage ----------------------------------------------------------- Effective June 13, 2019, Global Healthcare REIT, Inc., through its wholly-owned subsidiary ATL/WARR, LLC consummated a HUD refinancing of its senior mortgage on its skilled nursing facility in Warren County, Georgia. Funding was provided by Greystone Funding Corporation pursuant to a HUD guaranteed secured Healthcare Facility Note in the principal amount of $3,768,600. Proceeds from the HUD Note were used to pay off an existing senior mortgage and certain unsecured debt and pay transaction costs. The interest rate on the HUD Note is 3.73%, fixed for the full term of the HUD Note. Payments of principal and interest begin on Aug. 1, 2019 until the Note is paid in full on July 1, 2049. The Note is secured by a Healthcare Deed to Secure Debt, Security Agreement and Assignment of Rents covering the Warrenton facility. About Global Healthcare Greenwood Village, Colorado-based Global Healthcare REIT, Inc., acquires, develops, leases, manages and disposes of healthcare real estate, and provides financing to healthcare providers. The Company's portfolio will be comprised of investments in the following five healthcare segments: (i) senior housing, (ii) life science, (iii) medical office, (iv) post-acute/skilled nursing and (v) hospital. Global Healthcare reported a net loss attributable to common stockholders of $2.02 million for the year ended Dec. 31, 2018, compared to a net loss attributable to common stockholders of $3.02 million for the year ended Dec. 31, 2017. As of March 31, 2019, Global Healthcare had $38.48 million in total assets, $37.30 million in total liabilities, and $1.18 million in total equity. The audit opinion included in the Company's Annual Report for the year ended Dec. 31, 2018, contains an explanatory paragraph expressing substantial doubt regarding the Company's ability to continue as a going concern. MaloneBailey, LLP, in Houston, Texas, the Company's auditor since 2016, stated that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. GOLD COAST: Discloses Repayment Agreement With City of Chicago -------------------------------------------------------------- Gold Coast Partners, LLC, filed a Third Amended Chapter 11 Plan and accompanying Third Amended Disclosure Statement disclosing that on June 11, 2019, an order was entered allowing an administrative expense claim on behalf of the City of Chicago in the amount of $36,007.22 for post-petition water charges incurred at the Properties. Of that amount, $2,443.94, was incurred at the Madison location; $11,346.18, was incurred at the North location; and $22,217.10, was incurred at the Roosevelt location. The Debtor and the City of Chicago have entered into repayment agreement relative to the post-petition water charges incurred at the Roosevelt location whereby the Debtor will pay the outstanding balance in the amount of $22,217.10, by paying to the City of Chicago the sum of $971.12, per month commencing June 10,2019, and continuing each month thereafter until paid in full. The Debtor intends to negotiate repayment agreement with the City of Chicago for the post-petition water charges incurred at the Madison and North locations. If unable to do so, the Debtor will need to pay the administrative expense claim relative to these locations on the Effective Date of the Plan. On June 20, 2019, Constellation NewEnergy-Gas Division, LLC filed an application for allowance of administrative expenses in the amount of $14,374.32, which has yet to be adjudicated by the Court. The Debtor is still investigating this claim. On June 21,2019, CCS Chicago Recreation Inc. filed motion for allowance of administrative expenses in the amount of $36,007.22, which has yet to be adjudicated by the Court. The Debtor believes the motion is without merit and will file its response objecting to the request. Class 5: Claims of general Unsecured Creditors (including the unsecured claims of taxing bodies). The Allowed Amount of the Unsecured Claims of general unsecured creditors (including the unsecured claims of taxing bodies) will be repaid, pro rata, in the amount often (10%) percent of the Allowed Unsecured Claims, without interest, in sixty (60) monthly payments, commencing thirty (30) days after the Effective Date. Class 1: Priority Tax Claims are impaired. The Allowed amount of Priority Claims shall be paid in full in sixty (60) monthly payments from the Petition Date, with interest at the rate of 5.00% per annum, commencing thirty (30) days after the Effective Date. The total amount of Priority Claims is $7,353.63, and the monthly payment is $179.55. Class 2: Secured Claim of Alliance Laundry Systems, LLC are impaired. The Allowed Amount of Alliance's Secured Claim in the amount of $600,240.95, with interest at the rate of 7.24% per annum, will be paid in monthly installments in ninety-six (96) monthly payments from the Effective Date, commencing thirty (30) days after the Effective Date. The monthly payment is $8,255.00. Class 3: Secured Claim of Dexter Financial Services, Inc. are impaired. The Allowed Amount of Dexter s Secured Claim in the amount of $120,055.59, with interest at the rate of 6.49% per annum, will be paid in monthly installments in seventy five (75) monthly payments from the Effective Date, commencing thirty (30) days after the Effective Date. The monthly payment is $1,958.14. Class 4: Secured Claim of City of Chicago, Department of Finance, Bureau of Utility Billing are impaired. The Allowed Amount of Chicago Water's Secured Claim in the amount of $63,261.53, with interest at the rate of 5.00% per annum, will be paid in monthly installments in sixty (60) monthly payments from the Effective Date, commencing thirty (30) days after the Effective Date. The monthly payment is $1,194.00. Class 6: Secured Claim of Strategic Funding Source, Inc. are impaired. The Allowed Amount of Strategic's Secured Claim in the amount of $59,196.82, with interest at the rate of 6.00% per annum, will be paid in monthly installments in sixty (60) monthly payments from the Effective Date, commencing thirty (30) days after the Effective Date. Class 7: Allowed Interests of Members of the Debtor, Tracey Brooks Holloway f/k/a Tracey L. Brooks and Lucher Holloway. The Members shall retain their Interests in the Debtor in exchange for a new value contribution in the amount of $2,500 each, payable in monthly installments over thirty six (36) months, commencing thirty (30) days after the Effective Date. The source of funds for payment of such Administrative Claims will be the cash resources of the Debtor or such other cash as may be generated by the Debtor from the operation of its financial affairs in the ordinary course. A full-text copy of the Third Amended Disclosure Statement dated July 2, 2019, is available at https://tinyurl.com/y2at2s99 from PacerMonitor.com at no charge. Attorney for the Debtor is Joel A. Schechter, Esq., in Chicago, Illinois. About Gold Coast Partners Gold Coast Partners, LLC, is a privately-held company in Chicago, Illinois, that owns coin-operated laundries and cleaning business. Gold Coast Partners sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 18-09765) on April 3, 2018. In the petition signed by Tracey L. Brooks, member, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of $1 million to $10 million. Judge Timothy A. Barnes presides over the case. The Debtor is represented by Joel A. Schechter, Esq., in Chicago, Illinois. GRCDALLASHOMES LLC: Hires Khavari & Moghadassi as Special Counsel ----------------------------------------------------------------- GRCDallasHomes LLC seeks authority from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Khavari & Moghadassi, Attorneys at Law, P.C., as special counsel to the Debtor. GRCDallasHomes LLC requires Khavari & Moghadassi to continue representing the Debtor in the following cases: a. John Caldwell v. GRCDallasHomes LLC and Kazem Daneshmandi, Cause No. 17-10604-442, pending in the 462nd Judicial District Court of Denton County, Texas. b. GRCDallasHomes LLC v. Tsegu Rusomm, Cause No. 17-8003-431, pending in the 431st Judicial District Court of Denton County, Texas. c. Bryan Wing Cheung Poon v. GRCDallasHomes LLC and Kzem Dashmandi, Cause No. 16-06333-431, pending in the 462nd Judicial District Court of Denton County, Texas. d. GRCDallasHomes, LLC v. Pamela Freeman, Cause No. 17-2987- 431, pending in the 431st Judicial District Court of Denton County, Texas. e. Potential causes of action which have not yet been filed. Khavari & Moghadassi will be paid at these hourly rates: Attorneys $225 Paralegals $75 The Debtor owed Khavari & Moghadassi the amount of $15,369.50 for representation in the above-referenced matters. Khavari & Moghadassi will also be reimbursed for reasonable out-of-pocket expenses incurred. Rod B. Khavari, partner of Khavari & Moghadassi, Attorneys at Law, P.C., 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. Khavari & Moghadassi can be reached at: Rod B. Khavari, Esq. KHAVARI & MOGHADASSI, ATTORNEYS AT LAW, P.C. 3000 Keller Springs Road, Suite 200 Carrolton, TX 75006 Tel: (972) 225-4444 About GRCDallasHomes LLC GRCDallasHomes LLC, based in The Colony, TX, filed a Chapter 11 petition (Bankr. E.D. Tex. Case No. 19-41186) on May 3, 2019. In the petition signed by Kazem Daneshmandi, member, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Hon. Brenda T. Rhoades oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, serves as bankruptcy counsel to the Debtor. Khavari & Moghadassi, Attorneys at Law, P.C., serves as special counsel. GREENSTONE PARTNERS: Seeks to Hire Nutovic & Associates as Counsel ------------------------------------------------------------------ Greenstone Partners Holdings, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Nutovic & Associates as its legal counsel. The firm will provide services in connection with the Debtor's Chapter 11 case, which include legal advice regarding its powers and duties under the Bankruptcy Code, negotiation with its creditors, and the preparation of a reorganization plan. The firm's hourly rates are: Isaac Nutovic, Esq. $560 Associates $225 - $350 Paralegals $100 - $175 Nutovic & Associates received the sum of $10,000 as an advance retainer. Isaac Nutovic, Esq., at Nutovic & Associates, disclosed in court filings that his firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Nutovic & Associates can be reached through: Isaac Nutovic, Esq. Nutovic & Associates 261 Madison Avenue, 26th Floor New York, NY 10016 Phone: (212) 421-9100 Email: inutovic@nutovic.com About Greenstone Partners Greenstone Partners Holdings LLC, a privately held company in Brooklyn, N.Y., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-42239) on April 12, 2019. At the time of the filing, the Debtor estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The case is assigned to Judge Nancy Hershey Lord. Nutovic & Associates is the Debtor's counsel. GWA PARTNERS: Seeks to Hire Springer Brown as Counsel ----------------------------------------------------- GWA Partners, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Springer Brown, LLC, as counsel to the Debtor. GWA Partners requires Springer Brown to: (a) consult with the Debtor concerning its powers and duties as debtor in possession, the continued operation of its business and the Debtor's management of the financial and legal affairs of its estate; (b) consult with the Debtor and with other professionals concerning the negotiation, formulation, preparation, and prosecution of a Chapter 11 plan and disclosure statement; (c) confer and negotiate with the Debtor's creditors, other parties in interest, and their respective attorneys and other professionals concerning the Debtor's financial affairs and property, Chapter 11 plans, claims, liens, and other aspects of this case; (d) appear in court on behalf of the Debtor when required, and will prepare, file and serve such applications, motions, complaints, notices, orders, reports, and other documents and pleadings as may be necessary in connection with this case; and (e) provide the Debtor with such other services as the Debtor may request and which may be necessary in the circumstances. Springer Brown will be paid at these hourly rates: Thomas E. Springer $430 David R. Brown $430 Richard G. Larsen $405 Michele M. Springer $380 Joshua D. Greene $400 John H. Squires $505 Springer Brown received prepetition a retainer in the amount of $3,500, plus $1,717 filing fee. Springer Brown will also be reimbursed for reasonable out-of-pocket expenses incurred. David R. Brown, a partner at Springer Brown, 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. Springer Brown can be reached at: David R. Brown, Esq. SPRINGER BROWN, LLC 300 South County Farm Rd. Wheaton, IL 60187 Tel: (630) 510-0000 Fax: (630) 510-0004 E-mail: dbrown@springerbrown.com About GWA Partners, Inc. GWA Partners Inc., operator of a restaurant known as Harold's Shrimp and Chicken, located at 518 West Harrison Street, Chicago, Illinois, sought Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 19-17055) on June 14, 2019, disclosing under $1 million in both assets and liabilities. Springer Brown, LLC, led by partner David R. Brown, serves as counsel to the Debtor. HAMLETT ENTERPRISES: Summit National Objects to Plan Disclosures ---------------------------------------------------------------- Summit National Bank objects to the Disclosure Statement explaining the Chapter 11 Plan filed by Hamlett Enterprises, Inc. SNB points out that the Disclosure Statement does not provide any information that would allow parties to determine whether the budget and projections included in the plan are feasible. According to SNB, the Disclosure Statement does not provide any information regarding the Debtor's supposed issues with online reservation systems, the current lack of ability to utilize such systems, the Debtor's plan for remedying that defect, and what effect the inability to use online reservations will have on the Debtor's operations going forward. SNB asserts that the Disclosure Statement does not identify how Debtor proposes to generate the funds to make balloon payments to creditors at the sixty-first month after the Effective Date, or to make early payments at 24 months. SNB complains that the Debtor has not disclosed the source of payment for the development of the Disclosure Statement and Plan, and has not disclosed or identified the party that prepared those documents. Attorneys for Summit National Bank: Jason R. Naess, Esq. PARSONS, SMITH, STONE, LOVELAND & SHIRLEY, LLP 137 West 13th Street P.O. Box 910 Burley, ID 83318 Telephone: (208) 878-8382 Facsimile: (208) 878-0146 Email: jason@pmt.org About Hamlett Enterprises Based in Salmon, Idaho, Hamlett Enterprises, Inc., filed a petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 18-41169) on Dec. 14, 2018, estimating under $1 million in both assets and liabilities. Maynes Taggart PLLC, led by Robert J. Maynes, is the Debtor's counsel. HOSPITALITY INTEGRATED: On Deck to Get $6,155 Monthly Payment ------------------------------------------------------------- Hospitality Integrated Services, Inc., filed an amended Chapter 11 plan and accompanying disclosure statement. Class 3 General Unsecured Class are impaired. Each holder of a General Unsecured Claim will be paid in full and will be impaired only to the extent that payment may be delayed; thereby altering the rights that may be held by members of this class. Debtors reserve the right to object to unsecured claims until 30 days after the claims deadline set by the court. Class 1 Secured claim of On Deck Capital, Inc., are impaired and will get monthly payment of $6155.33 per month. Payments Beginning Paid outside of Plan by Daniel Taft, Sr., co-debtor. Payments Ending on October 25, 2019 per Christine Levi, paralegal for On Deck. Class 4 Equity interest holders: Daniel Taft, Sr. are impaired. Equity interest holder Daniel Taft, Sr. will be paid in full after all higher priority classes are paid in full. All funding will be provided by the ongoing commercial activity of the Debtor Hospitality Integrated Services, Inc. A full-text copy of the Disclosure Statement dated July 3, 2019, is available at https://tinyurl.com/y6cg8hp5 from PacerMonitor.com at no charge. About Hospitality Integrated Services Hospitality Integrated Services, Inc., filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 18-08776) on July 24, 2018. In the petition signed by Daniel Taft, Sr., president and CEO, the Debtor estimated assets and liabilities of at least $50,000. The Debtor is represented by Douglas B. Price, Esq., of the Law Offices of Douglas B. Price, P.C. HOVNANIAN ENTERPRISES: BlackRock Owns 1.9% of Class A Shares ------------------------------------------------------------ BlackRock, Inc. disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of June 30, 2019, it beneficially owns 100,237 shares of Class A common stock of Hovnanian Enterprises Inc. which represents 1.9 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://is.gd/vma5iI About Hovnanian Enterprises Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian and headquartered in Matawan, New Jersey, designs, constructs, markets, and sells single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes in planned residential developments. The Company is a homebuilder with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian Homes, Brighton Homes. Hovnanian Enterprises reported net income of $4.52 million for the year ended Oct. 31, 2018, compared to a net loss of $332.2 million for the year ended Oct. 31, 2017. As of April 30, 2019, Hovnanian had $1.75 billion in total assets, $2.23 billion in total liabilities, and a total deficit of $484.47 million. * * * In July 2018, S&P Global Ratings raised its corporate credit rating on Red Bank, N.J.-based Hovnanian Enterprises to 'CCC+' from 'CC'. The rating outlook is negative. S&P said "The upgrade of Hovnanian reflects the conclusion of the proposed exchange offering for any and all of its $440 million 10% senior secured notes and $400 million 10.5% senior secured notes." In August 2018, Moody's Investors Service affirmed Hovnanian Enterprises' ratings, including its 'Caa1' Corporate Family Rating. Moody's said the rating action reflects Moody's view that the controversy surrounding the company's financing with interest payment restrictions and related derivatives market considerations appears to have been resolved and risks of potential near-term default events have somewhat subsided. In January 2019, Fitch Ratings affirmed the ratings of Hovnanian Enterprises, including the company's Issuer Default Rating, at 'CCC'. Fitch said HOV's rating is influenced by the company's execution of its business model, land policies, and geographic, price point and product line diversity. HULTGREN CONSTRUCTION: Aug. 1 Plan Confirmation Hearing Set ----------------------------------------------------------- Bankruptcy Judge Charles L. Nail, Jr. issued an order approving Hultgren Construction, LLC's second amended disclosure statement with respect to its third modified plan dated June 3, 2019. Ballots accepting or rejecting the plan and written objections to the plan must be filed on or before July, 29, 2019. A confirmation hearing on Debtor's Third Modified Plan Dated June 3, 2019 will be held August 1, 2019 at 2:00 p.m. (Central). The Troubled Company Reporter previously reported that the Debtor filed a Third Modified Plan incorporating the terms and effect of the Debtor's Motion to Approve Settlement Agreement and Section 363 Sale. A full-text copy of the Second Amended Disclosure Statement dated June 3, 2019, is available at https://tinyurl.com/y597np7t from PacerMonitor.com at no charge. About Hultgren Construction Hultgren Construction LLC is a construction company based in Sioux Falls, South Dakota. Hultgren Construction sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. S.D. Case No. 18-40329) on July 18, 2018. In the petition signed by Melissa Bailey, consultant bookkeeper, the Debtor disclosed $3,699 in assets and $4,919,517 in liabilities. Judge Charles L. Nail, Jr., oversees the case. The Debtor is represented by Stinson Leonard Street LLP. IACCARINO INC: PA DOR Objects to Disclosure Statement ----------------------------------------------------- The Commonwealth of Pennsylvania, Department of Revenue, objects to the approval of the disclosure statement explaining the Chapter 11 Plan of Iaccarino, Inc. The Dept. of Revenue points out that the current Disclosure Statement does not reveal what steps the debtor has taken to renew and transfer the liquor license. The Dept. of Revenue complains that the Disclosure Statement's Table of Contents is incorrect; the table and the pages listed on it do not correspond with the substantive contents of the Disclosure Statement and page three is blank. According to the Dept. of Revenue, the Debtor fails to identify what exactly it hopes to sell, to whom, for how much, when the sale will occur, and a date by which it must occur. The Dept. of Revenue asserts that the debtor provides no tangible, factual information regarding the proposed sale, has taken no known steps to renew and transfer the liquor license, and has taken no steps within this bankruptcy case to achieve the proposed sale. About Iaccarino, Inc. Iaccarino, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Pa. Case No. 18-16655) on Oct. 4, 2018, disclosing under $1 million in assets and liabilities. The Law Firm of Case & DiGiamberardino, P.C., led by name partner John A. DiGiamberardino, serves as counsel to the Debtor. ICONIX BRAND: Fails to Comply with Nasdaq Minimum Bid Price Rule ---------------------------------------------------------------- Iconix Brand Group, Inc. received on July 8, 2019, a letter from the Listing Qualifications Department of The Nasdaq Stock Market notifying the Company that the minimum bid price per share for its common stock fell below $1.00 for a period of 30 consecutive business days (from May 23, 2019 to July 5, 2019) and that therefore the Company did not meet the minimum bid price requirement set forth in the Nasdaq Listing Rules. The letter also states that pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company will be provided 180 calendar days, or until Jan. 6, 2020, to regain compliance with the minimum bid price requirement. In accordance with Rule 5810(c)(3)(A), the Company can regain compliance with the minimum bid price requirement, if, at any time during such 180-day period, the closing bid price of the Company's common stock is at least $1.00 for a minimum period of 10 consecutive business days. If by Jan. 6, 2020, the Company does not regain compliance with the Nasdaq Listing Rules, the Company may be eligible for additional time to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(ii). To qualify, the Company would need to submit a Transfer Application and a $5,000 application fee. In addition, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement. In addition, the Company would need to provide written notice to Nasdaq of its intention to cure the minimum bid price deficiency during the second compliance period by effecting a reverse stock split, if necessary. As part of its review process, the Nasdaq staff will make a determination of whether it believes the Company will be able to cure this deficiency. Should the Nasdaq staff conclude that the Company will not be able to cure the deficiency, or should the Company determine not to submit a Transfer Application or make the required representation, Nasdaq will provide notice that the Company's shares of common stock will be subject to delisting. If the Company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company's shares of common stock will be subject to delisting. At such time, the Company may appeal the delisting determination to a Hearings Panel. The Company intends to monitor its closing bid price for its common stock between now and Jan. 6, 2020, and will consider available options to resolve the Company's noncompliance with the minimum bid price requirement, as may be necessary. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing criteria. About Iconix Brand Broadway, New York-based Iconix Brand Group, Inc. -- http://www.iconixbrand.com/-- is a brand management company and owner of a diversified portfolio of over 30 global consumer brands across the women's, men's, entertainment, home and international segments. The Company's business strategy is to maximize the value of its brands primarily through strategic licenses and joint venture partnerships around the world, as well as to grow the portfolio of brands through strategic acquisitions. As of Dec. 31, 2018, the Company's brand portfolio includes Candie's, Bongo, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific/OP, Danskin/Danskin Now, Rocawear/Roc Nation, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Waverly, Ecko Unltd/Mark Ecko Cut & Sew, Zoo York, Umbro, Lee Cooper, and Artful Dodger; and interests in Material Girl, Ed Hardy, Truth or Dare, Modern Amusement, Buffalo, Hydraulic, and PONY. Iconix Brand incurred a net loss attributable to the Company of $100.5 million for the year ended Dec. 31, 2018, following a net loss attributable to the Company of $489.3 million for the year ended Dec. 31, 2017. As of March 31, 2019, Iconix had $622.98 million in total assets, $715.6 million in total liabilities, $29.84 million in redeemable non-controlling interest, and a total stockholders' deficit of $122.46 million. INFOBLOX INC: Fitch Assigns B Rating to $75MM 1st-Lien Term Loan ---------------------------------------------------------------- Fitch Ratings has assigned a 'B'/'RR3' rating to Infoblox Inc.'s. $75 million incremental 1st-lien term loan. Infoblox plans to use net proceeds to repay borrowings under the 2nd-lien term loan B. Infoblox's debt was $740 million as of April 30, 2019. Infoblox's ratings and Stable Outlook reflect Fitch's expectations for sustained momentum in its subscription and improving profitability and cash flow. Fitch believes subscription sales, the growth of which is accelerating, and rebounding renewals will offset declines in the company's licensing business and longer-term run-off of the associated maintenance and support revenue. Operating EBITDA margins should remain in the high-teens but with growing deferred revenue driving strengthening FCF margins. Nonetheless, leverage metrics, including FFO adjusted leverage incorporating changes in deferred revenue, are expected to remain high for the rating through the forecast period. KEY RATING DRIVERS Market Leadership: Fitch expects Infoblox Inc.'s market leadership in DDI, which includes domain name services, dynamic host configuration protocol and internet protocol address management, to support improving operating performance through the rating horizon. Infoblox's leading and more than 50% share of worldwide DDI software and appliance markets (excluding DNS security) and large installed base should drive mid- to high-single digit revenue growth above that of the low- to mid-single digits of broader market, and meaningful recurring revenue. Limited but Strengthening FCF: Fitch expects FCF will remain limited due to high cash interest expense despite strengthening subscription and support contracts that typically are one to three years in duration and result in meaningful deferred revenue. Maintenance and support revenue continue to rebound from recent new product introduction-related customer deferrals but decline over time as customers shift to the subscription model, which embed maintenance and support. Strong booking performance should still drive improving FCF margins over the intermediate term. High Intermediate-Term Leverage: Fitch expects Infoblox will remain highly levered over the intermediate term, given only modest FCF used for debt reduction. As a result, Fitch expects lease adjusted FFO gross leverage will remain weak for the rating and above the 5x level Fitch believes is appropriate for the rating. Significant Product Cyclicality: Fitch expects three- to five-year product cycles will drive uneven revenue growth for the product segment, representing a lower but still significant portion of the overall sales mix. Product sales should continue to decline given expanding relationships with existing customers, and customers shifting to subscription should augment growth from solid maintenance and support revenue. Threat of Larger Entrants: Fitch believes the potential for larger players to enter the rapidly growing and fragmented DDI market via acquisition is a meaningful risk, given the relatively small size of the market and its attractive demand characteristics, including technology targets with more focused DNS product portfolios, focus on unique standards or industry or customer sets. Fitch believes bundling DNS services with a broad set of service offerings and leveraging a global sales footprint could affect industry pricing and profitability. Term Loan Recovery: Consistent with the vast majority of software providers, Fitch believes Infoblox would be reorganized rather than liquidated were the company to default. To calculate the recovery waterfall, Fitch assumes a going concern EBITDA of $60 million, which is slightly below Fitch's estimated operating EBITDA for the latest 12 months (LTM) ended April 30, 2019 and Fitch's forecast for fiscal 2019. Fitch assumes a reorganization multiple of 6.5x, which is in line with similar leveraged software peers at Fitch. After taking administrative claims into account, Fitch estimates recovery of 57% for the 1st-lien term loan, down from 65% prior to Infoblox's incurrence of the incremental 1st-lien term loan, which map to a 'RR3' Recovery Rating. Fitch continues to estimate 0% recovery for the 2nd-lien term loan, which maps to an 'RR6' Recovery Rating. DERIVATION SUMMARY Fitch believes Infoblox is more weakly positioned than similarly rated Barracuda Networks and Gigamon, due to Infoblox's comparable financial flexibility and mission critical nature. Retention rates are comparable and consistent for as-a-service (aaS) companies, and Infoblox's market share is solid at over 50%, despite the relatively small size of the DDI market. Infoblox generated negative FCF more recently, but Fitch expects breakeven to modestly positive annual FCF through the rating horizon, driven by expanding profitability and profit margins. Leverage metrics, including FFO adjusted leverage, are meaningfully higher than those of Barracuda and Gigamon. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer -- Low- to mid-single digit revenue growth through the rating horizon, driven by strong subscription and maintenance and subscription growth mostly offset by ongoing product declines. -- Adjusted operating EBITDA margin in the low- to mid-20s, due to restructuring, greater GTM efficiency, higher mix of maintenance and support sales and increasing aaS scale. -- Deferred revenue grows in line with recurring revenue. -- $60 million of going concern EBITDA in reorganization with a 6.5x reorganization multiple. INSIGNIA TECHNOLOGY: Unsecureds to Get Approximately 49.7% Payout ----------------------------------------------------------------- Insignia Technology Services, LLC, filed a disclosure statement for its chapter 11 plan of reorganization dated June 25, 2019. The Debtor has commissioned a valuation analysis by Verity LLC to determine the value of the Assets comprising the Debtor's Estate as of the Effective Date13 because any future value of the Debtor is conditioned on Frederick P. O'Brien remaining in control of the Debtor. Verity has estimated the Debtor's Estate Value to be approximately $10.33 million. At the Confirmation Hearing, the Debtor will submit evidence to the Court supporting Verity's estimate of the Debtor's Estate Value and request that the Court determine the Debtor's Estate Value. Under the Plan, the Debtor will contribute up to 105% of the Court-determined Estate Value for the payment of Allowed Claims, i.e., the Debtor’s Contribution Value. Based on the Debtor's estimated Estate Value, the Debtor's Contribution Value will provide approximately $10.85 million (excluding interest, which will be paid out at 6% per annum) for the payment of Allowed Claims (including approximately $1.5 million for Cure Claims and $7.08 million in for Class 3 General Unsecured Claims). General Unsecured Creditors, including Holders of Cure Claims, are projected to receive approximately $9.1 million (including interest) under the Plan--approximately $7.6 million for Class 3 General Unsecured Claims and $1.5 million for Cure Claims. The present value of the $9.1 million in payments to General Unsecured Creditors is approximately $8.6 million, which represents a payout of approximately 49.7% on the estimated $17.3 million in General Unsecured Claims. The $17.3 million estimate of General Unsecured Claims includes an estimated Disputed Claim for David La Clair of $15.3 million, which the Debtor has sought the disallowance, subordination, or recharacterization of in the La Clair Adversary Proceeding. If Mr. La Clair's Claim is Disallowed, subordinated, or recharacterized, Class 3 General Unsecured Claims will receive a 100% payout on their Claims. If, however, Mr. La Clair's Claim is Allowed as a Class 3 Claim, whether by consensual resolution or otherwise, under the Plan, he would receive approximately $6.9 million plus interest at 6%. A copy of the Disclosure Statement is available at https://tinyurl.com/y6e2tcrv from Pacermonitor.com at no charge. About Insignia Technology Services Insignia Technology Services, LLC -- https://insigniatechnology.com/ -- is a provider of information technology, software engineering, and instructional design and collaborative environments for its government and commercial clients. The Company specializes in full Systems Development Life Cycle support of complex, Enterprise-class IT systems running in mission-critical, high-availability environments. The company was founded in 2006 and is based in Newport News, Virginia with locations in Arlington, Virginia; North Charleston, South Carolina; St. Louis, Missouri; New Orleans, Louisiana; Clearwater, Florida; Boston, Massachusetts; and Denver, Colorado. Insignia Technology Services, LLC, based in Newport News, VA, filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 19-50277) on March 2, 2019. In the petition signed by CEO Frederick P. O'Brien, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Hon. Stephen C. St. John oversees the case. The Debtor tapped Pillsbury Winthrop Shaw Pittman LLP, as bankruptcy counsel, and Fox Rothschild LLP, as general legal and government contracting counsel. INTERIOR COMMERCIAL: Aug 8 Hearing on Disclosure Statement ---------------------------------------------------------- A hearing on the Disclosure Statement of Interior Commercial Installation, Inc., will be held in Courtroom 215 on August 8, 2019 at 10:00 AM at the United States Bankruptcy Court located at 1300 Clay St., 2nd Floor Oakland, CA. Any creditors wishing to object to the Proposed Disclosure Statement must file and serve no later than Aug. 1, 2019. Attorneys for the Debtor: Lars T. Fuller, Esq. Sam Taherian, Esq. THE FULLER LAW FIRM, P.C. 60 No. Keeble Ave. San Jose, CA 95126 Tel: (408)295-5595 About Interior Commercial Installation Interior Commercial Installation, Inc., offers commercial clients a wide variety of countertop surfaces, all the latest trends and traditional materials, colors, patterns, and finishes that meet their business needs. Among the materials available are Natural Stone, Caesarstone, Silestone, LG Hi-Macs, Icestone, Vetrazzo, LG Viaterra, Cambria, Dekton, Lapitec, Zodiaq by Dupont, and Corian by Dupont. The Company previously sought bankruptcy protection on Nov. 16, 2018 (Bankr. N.D. Calif. Case No. 18-42689). Interior Commercial Installation filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 18-42874) on Dec. 7, 2018. In the petition signed by Jens C. Jensen, president, the Debtor disclosed $1,944,548 in total assets and $1,408,103 in total debt. The Hon. Charles Novack is the case judge. The Law Offices of David C. Johnston serves as counsel to the Debtor. JAGUAR HEALTH: Issues 1.1M Common Shares from May 21 Thru July 12 ----------------------------------------------------------------- Jaguar Health, Inc. filed an Amendment No. 2 on Form 8-K/A to its Current Report on Form 8-K, as filed with the Securities and Exchange Commission on June 14, 2019 and amended on June 28, 2019, to reflect additional shares issued since the transactions reported under Item 3.02 of the Original Report. On June 10, 2019, Jaguar Health entered into privately negotiated exchange agreements with a holder of one of its outstanding secured promissory notes, which resulted in the aggregate issuance by the Company of more than 5% of the Company's issued and outstanding shares of common stock, as last reported in the Company's Form 10-Q filed May 21, 2019. From May 21, 2019 through July 12, 2019, the Company issued 1,119,440 shares of Common Stock in the following transactions: -- On May 29, 2019, pursuant to an exchange agreement dated May 29, 2019, the Company issued 25,210 shares of Common Stock to a noteholder in exchange for a $300,000 reduction in the outstanding balance of the secured promissory note held by such noteholder. -- On June 3, 2019, pursuant to an exchange agreement dated June 3, 2019, the Company issued 21,632 shares of Common Stock to a noteholder in exchange for a $250,000 reduction in the outstanding balance of the secured promissory note held by such noteholder. -- On June 10, 2019, pursuant to exchange agreements dated June 10, 2019, the Company issued 78,683 shares of Common Stock to a noteholder in exchange for a $550,000 reduction in the outstanding balance of the secured promissory note held by such noteholder. -- On June 11, 2019, pursuant to exchange agreements dated June 11, 2019, the Company issued 223,750 shares of Common Stock to a noteholder in exchange for a $1,669,175 reduction in the outstanding balance of the secured promissory note held by such noteholder. -- On June 17, 2019, pursuant to an exchange agreement dated June 17, 2019, the Company issued 32,258 shares of Common Stock to a noteholder in exchange for a $200,000 reduction in the outstanding balance of the secured promissory note held by such noteholder. -- On June 18, 2019, pursuant to an exchange agreement dated June 18, 2019, the Company issued 88,496 shares of Common Stock to a noteholder in exchange for a $500,000 reduction in the outstanding balance of the secured promissory note held by such noteholder. -- On June 19, 2019, pursuant to an exchange agreement dated June 19, 2019, the Company issued 62,278 shares of Common Stock to a noteholder in exchange for a $350,000 reduction in the outstanding balance of the secured promissory note held by such noteholder. -- On June 21, 2019, pursuant to an exchange agreement dated June 21, 2019, the Company issued 85,470 shares of Common Stock to a noteholder in exchange for a $400,000 reduction in the outstanding balance of the secured promissory note held by such noteholder. -- On June 25, 2019, pursuant to an exchange agreement dated June 25, 2019, the Company issued 65,789 shares of Common Stock to a noteholder in exchange for a $300,000 reduction in the outstanding balance of the secured promissory note held by such noteholder. -- On June 26, 2019, pursuant to an exchange agreement dated June 26, 2019, the Company issued 71,272 shares of Common Stock to a noteholder in exchange for a $325,000 reduction in the outstanding balance of the secured promissory note held by such noteholder. -- On June 28, 2019, pursuant to an exchange agreement dated June 28, 2019, the Company issued 63,025 shares of Common Stock to a noteholder in exchange for a $300,000 reduction in the outstanding balance of the secured promissory note held by such noteholder. -- On July 5, 2019, pursuant to an exchange agreement dated July 5, 2019, the Company issued 67,873 shares of Common Stock to a noteholder in exchange for a $300,000 reduction in the outstanding balance of the secured promissory note held by such noteholder. -- On July 9, 2019, pursuant to an exchange agreement dated July 9, 2019, the Company issued 83,102 shares of Common Stock to a noteholder in exchange for a $300,000 reduction in the outstanding balance of the secured promissory note held by such noteholder. -- On July 11, 2019, pursuant to an exchange agreement dated July 11, 2019, the Company issued 150,602 shares of Common Stock to a noteholder in exchange for a $500,000 reduction in the outstanding balance of the secured promissory note held by such noteholder. The shares of Common Stock that were exchanged for portions of the secured promissory note in the transactions described above were issued in reliance on the exemption from registration provided under Section 3(a)(9) of the Securities Act. The Company expects to file the form of Exchange Agreement as an exhibit to its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2019. About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial stage pharmaceuticals company focused on developing novel, sustainably derived gastrointestinal products on a global basis. Its wholly-owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary human gastrointestinal pharmaceuticals for the global marketplace from plants used traditionally in rainforest areas. Jaguar Health's principal executive offices are located in San Francisco, California. Jaguar Health reported a net loss of $32.14 million for the year ended Dec. 31, 2018, compared to a net loss of $21.96 million for the year ended Dec. 31, 2017. As of March 31, 2019, Jaguar Health had $40.66 million in total assets, $24.86 million in total liabilities, $9 million in series A convertible preferred stock, and $6.79 million in total stockholders' equity. BDO USA, LLP, in San Francisco, California, the Company's auditor since 2013, issued a "going concern" opinion in its report dated April 10, 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 and an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. JM DAIRY: Seeks Court Approval to Employ Accountant --------------------------------------------------- JM Dairy, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire an accountant. In an application filed in court, the Debtor proposes to employ Joshuan Feliciano Cosme to prepare its monthly operating reports, tax returns, and reports and analysis needed to prepare its Chapter 11 plan of reorganization. Mr. Cosme will charge an hourly fee of $60 and will be paid a retainer in the amount of $500. In court filings, Mr. Cosme disclosed that he is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Mr. Cosme maintains an office at: Joshuan R. Feliciano Cosme HC 01 Box 2505 Bajadero, PR 00616 Tel: 787-703-2552 Email: jfeliciano.contador@gmail.com About JM Dairy Inc. JM Dairy Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 19-02168) on April 18, 2019. Judge Enrique S. Lamoutte oversees the case. Lyssette A. Morales Vidal, Esq., at the Law Firm of L.A. Morales & Associates, P.S.C., is the Debtor's counsel. JM GRAIN INC: Seeks to Hire Vogel Law Firm as Counsel ----------------------------------------------------- JM Grain, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Dakota to employ Vogel Law Firm, as counsel to the Debtor. JM Grain, Inc., requires Vogel Law Firm to: a. provide legal advice regarding local rules, practices, precedent and procedures and providing substantive and strategic advice on how to accomplish the Debtor's goals in connection with the prosecution of the bankruptcy case; 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 its counsel; c. attend meetings and negotiating with representative of creditors and other parties in interest; d. negotiate, draft, review, comment and prepare agreements, pleadings, documents and discovery materials to be filed with the Court as counsel to the Debtor and served on parties or third parties in this Chapter 11 case, including, among other things, sale motions and related agreements, chapter 11 plan and disclosure statement and related documents; e. advise and assist the Debtor with respect to the reporting requirements of the United States Trustee; f. take all necessary actions to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and represent the Debtor in negotiations concerning litigation, sale proceedings, in which the Debtor is involved, including objections to claims filed against the Debtor's estate; g. perform various services in connection with the administration of these cases, including, without limitation, (i) notices of fee applications and hearings and agendas, (ii) monitoring the docket for filings and pending matters that need responses, (iii) 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 Debtor all necessary motions, notices, applications, answers, orders, reports and papers in support of positions taken by the Debtor, and (v) handling inquiries and calls from creditors and counsel to interested parties regarding pending matters and the general status of the Chapter 11 case and any necessary responses; and h. perform all other services assigned by the Debtor, as counsel to the Debtor. Vogel Law Firm will be paid at these hourly rates: Attorneys $310 Paralegals $160 to $170 The Debtor paid Vogel Law Firm a retainer in the amount of $42,000. After deducting pre-petition legal fees and expenses, the remaining balance of $22,681 was held in the firm's trust account. Vogel Law Firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Caren Stanley, a partner at Vogel Law Firm, 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. Vogel Law Firm can be reached at: Caren Stanley, Esq. VOGEL LAW FIRM 218 NP Avenue Fargo, ND 58107 Tel: (701) 237-6983 E-mail: cstanley@vogellaw.com About JM Grain JM Grain Inc. buys and sells pulse crops. JM Grain sources its pulses from over 700 independent farmer-producers growing crops in the fertile fields of Montana and North Dakota. On the web: https://www.jmgrain.com/ JM Grain, Inc., based in Garrison, ND, filed a Chapter 11 petition (Bankr. D.N.D. Case No. 19-30359) on June 25, 2019. In the petition signed by Justin E. Flaten, president, the Debtor estimated up to $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The Hon. Shon Hastings oversees the case. Caren Stanley, partner of Vogel Law Firm, serves as bankruptcy counsel to the Debtor. JM GRAIN: U.S. Trustee Forms 3-Member Committee ----------------------------------------------- The U.S. Trustee for Region 12 on July 11 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of JM Grain, Inc. The committee members are: (1) Cummings Ag., Inc. P.O. Box 152 Buxton, ND 58218 Phone #701-847-3125 Fax: 701-847-2157 Email: tbjerke@bjerkebrothersinc.com Contact: Tracy Bjerke, Bjerke Brothers, Inc. Counsel: Conmey Feste, LTD 406 Main Ave., Suite 200 Fargo, ND 58103 Phone: 701-353-0454 Fax: 701-293-3133 (2) Pardue Grain, Inc. P.O. Box 591 Cut Bank, MT 59427 Phone #406-229-0386 Email: rsammons@parduegrain.com Contact: Roger Sammons (3) Safflower Technologies International, Inc. P.O. Box 907 Laurel, MT 59044 Phone: 406-480-4797 Fax: 406-628-2170 Email: mbergman@safflowertechn.com Contact: Michael Bergman Counsel: Crowley & Fleck 490 N. 31st Street, Suite 500 Billings, MT 59101 Phone: 406-252-3441 Cell: 406-437-3032 Email: epatten@crowleyfleck.com Contact: Eli J. Patten Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About JM Grain Inc. JM Grain, Inc. buys and sells pulse crops, which it gets from over 700 independent farmer-producers in Montana and North Dakota. JM Grain sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.D. Case No. 19-30359) on June 25, 2019. At the time of the filing, the Debtor had estimated assets of between $50,000 and $100,000 and liabilities of between $1 million and $10 million. The case is assigned to Judge Shon Hastings. The Debtor is represented by Vogel Law Firm. JPM REALTY: Plan to be Funded from Cash Flow, Future Income ----------------------------------------------------------- JPM Realty, Inc. filed with the U.S. Bankruptcy Court for the Middle District Pennsylvania an amended plan of reorganization, which proposes to pay creditors with cash flow from operations and future income. The Plan provides for one class of secured claims; one class of administrative claims, one class of unsecured priority tax claims, one class of secured claims, one class of unsecured priority non-tax claims; one class of general unsecured non-priority claims and one class of equity security holders. Unsecured creditors holding allowed claims will receive distributions, which the proponent of the Plan has valued at approximately 5 cents on the dollar. This Plan also provides for the payment of administrative and priority tax claims in full on or before 5 years after the Effective Date, together with interest at 6 % per annum with the exception of counsel fees as are approved by the Court on fee application and which will carry no interest. All of the Debtor's remaining assets other than those sold or abandoned prior to the Effective Date will remain with the Debtor. The reorganized Debtor will be managed and operated by John Mosca, who is knowledgeable and experienced in the business of operating a business of rental of commercial property. A copy of the Amended Plan is available at https://tinyurl.com/y3okah3c from Pacermonitor.com at no charge. About JPM Realty Inc. JPM Realty, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 18-04511) on Oct. 24, 2018. At the time of the filing, the Debtor estimated assets of less than $500,000 and liabilities of less than $500,000. Judge Robert N. Opel II presides over the case. The Debtor tapped C. Stephen Gurdin Jr., Esq., as its legal counsel. KINNEY FARMS: U.S. Trustee Objects to Disclosure Statement ---------------------------------------------------------- Nancy J. Gargula, United States Trustee for Region 21, objects to the Disclosure Statement explaining Kinney Farms, Inc.'s Chapter 11 Plan. The United States Trustee objects to the Disclosure Statement because it fails to provide adequate information necessary for parties to make meaningful decisions regarding whether to accept or reject the Plan. According to Trustee, the Debtor's operating reports have not indicated deposits since February 2019 in the amount of $5,503.18 and the Debtor has only $1,002.17 in cash. The Trustee asserts that the Disclosure Statement does not provide adequate information, the United States Trustee also objects to confirmation of the Debtor's Plan. The Trustee points out that the Debtor has not filed a ballot tabulation and does not appear to have the acceptance of any class of creditor. About Kinney Farms Kinney Farms, Inc., is a Bunnell, Florida-based privately held company in the agricultural industry. Kinney Farms sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-04194) on Nov. 30, 2018. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of $1 million to $10 million. The case is assigned to Judge Paul M. Glenn. The Debtor tapped the Law Offices of Scott W. Spradley, P.A. as its legal counsel. KODRENYC LLC: Court Approves Disclosure Statement ------------------------------------------------- The Disclosure Statement explaining the Chapter 11 Plan of Kodrenyc, LLC, is approved. Upon the Effective Date, Michael Moecker is named as Liquidating Trustee. The Liquidating Trustee shall take charge of the Liquidating Trust and will manage and control the Trust Assets on the Effective Date of the Plan. In addition to the powers noted in the Plan, the Liquidating Trustee shall have all the powers and authority of a trustee under applicable Florida law and will be a fiduciary to the Estate and its creditors. Pursuant to the Plan, unless another time is set by order of the Bankruptcy Court, all objections to Claims shall be filed by the Liquidating Trustee with the Bankruptcy Court and served upon the Holders of each of the Claims to which objections are made within 90 days after the Effective Date. The Liquidating Trustee shall file a report within ninety (90) days from the date of this Order of Confirmation if the case remains open. The report shall include: (1) a statement of distribution by class, name of creditor, date of distribution, and amount paid; (2) a statement of transfer of property; and (3) a statement of affirmation that the Liquidating Trustee has substantially complied with the provisions of the confirmed Plan. A status conference in this case is scheduled for Wednesday, August 7, 2019 at 2:00 p.m. before the Honorable Karen S. Jennemann, U.S. Bankruptcy Court, 6th Floor, Courtroom 6A, 400 W. Washington Street, Orlando, FL 32801. About Kodrenyc Kodrenyc, LLC, is a single asset real estate debtor, whose principal assets are located at 17800 State Road 9 Miami, FL 33612. Kodrenyc, LLC sought Chapter 11 protection (Bankr. M.D. Fla. Case No. 19-00996) on Feb. 18, 2019. The petition was signed by Jeffrey Vasilas, manager of 17800 Gardens D, LLC, the manager/member of AQFC LLC, manager/member of Kobrenyc, LLC. The Debtor estimated assets and liabilities in the range of $1 million to $10 million. The Debtor tapped Scott R. Shuker, Esq., at Latham, Shuker, Eden & Beaudine, LLP, as counsel. KOSMOS ENERGY: Moody's Assigns B1 CFR, Outlook Positive ------------------------------------------------------- Moody's Investors Service assigned first time ratings to Kosmos Energy Ltd, including a B1 Corporate Family Rating, a B1-PD Probability of Default Rating and a B2 rating to the company's senior unsecured notes. Moody's also assigned an SGL-2 Speculative Grade Liquidity Rating, indicating good liquidity. The rating outlook is positive. Assignments: Issuer: Kosmos Energy Ltd Corporate Family Rating, Assigned B1 Probability of Default Rating, Assigned B1-PD Senior Unsecured Notes, Assigned B2 (LGD5) Speculative Grade Liquidity, Assigned SGL-2 Outlook, Positive RATINGS RATIONALE Kosmos Energy's B1 CFR is supported by its high-quality and growing offshore assets in West Africa and the US Gulf of Mexico, good geographic diversification, a well-established track record of organic as well as acquisition driven growth and a visible pipeline of low risk growth projects. The company generates strong cash margins and can deliver free cash flow even in a $35/bbl oil price environment because of its low production costs, Brent-linked price realizations and predominantly oil-weighted production (92% in first quarter 2019). Kosmos has a demonstrated track record of successfully partnering with experienced E&P companies in sharing risks and developing large scale projects on time and on budget. Historically known as an exploration-focused E&P, Kosmos Energy has become more development and production focused since 2017, and management plans to dedicate most of its capital towards high probability development drilling and boosting production at an 8%-10% annual rate through 2021. The positive outlook reflects Moody's expectation of free cash flow generation and asset sales leading to significant deleveraging through 2020. If the company manages to sell down an additional 10% interest in its Tortue natural gas and LNG development project in Senegal/Mauritania, a substantial portion of the proceeds will likely be used for debt reduction. Kosmos Energy's ratings are constrained by its smaller production and reserves relative to higher rated E&P companies, deepwater focused operations that tend to present greater technical, geological and logistical challenges compared to onshore operations, high but improving financial leverage, significant capital and execution risks over the next several years around the planned growth, and ongoing exposure to high risk / high reward type exploration activities. The $650 million 2026 notes issued by Kosmos Energy Ltd. in April 2019, are rated B2, one notch below the B1 CFR, given their unsecured claim to the company's assets as well as their subordinated position to the $1.6 billion reserve based lending (RBL) revolving credit facility (RBL) with regards to a substantial portion of the company's producing assets in West Africa. The RBL facility has a secured first-lien claim to Kosmos Energy's Ghana and Equatorial Guinea assets that comprised 69% of the company's production in the first quarter of 2019. Moody's believes a B2 rating is more appropriate than what is suggested by its Loss Given Default Methodology given the existence of significant unencumbered assets In the capital structure that should improve overall recovery for the noteholders. Kosmos Energy's US Gulf of Mexico subsidiaries are guarantor for the notes, but they do not provide guarantee or security to the RBL facility. Kosmos Energy should have good liquidity through 2020, which is captured in the SGL-2 rating. The company had $134 million in unrestricted cash and $375 million of combined availability under its $400 million corporate revolver and $1.6 billion RBL facility as of March 31, 2019. Moody's expects the company to generate free cash flow through 2020 based on annual capex and dividends of $450-$500 million and $75-$82 million, respectively. The company routinely hedges a substantial portion of its forward production and at the end of the first quarter 2019 had price protection for roughly half of its projected production through 2020. The company does not have any material debt maturities until 2022. There is ample headroom under the financial covenants governing the two credit facilities to ensure continued access through 2020. The CFR could be upgraded if the company can reduce leverage and sustain the debt/average daily production below 22,000/boe and debt/PD reserves near $8 per/boe. A downgrade is most likely to occur from a material increase in financial leverage or a sharp decline in production leading to a RCF/debt ratio declining below 15%. Kosmos Energy Ltd is a Dallas, Texas based publicly traded exploration and production company with assets in offshore West Africa and the US Gulf of Mexico. LA CREMAILLERE: DOJ Watchdog Seeks Ch. 11 Trustee Appointment ------------------------------------------------------------- William K. Harrington, the United States Trustee for Region 2, asked the U.S. Bankruptcy Court for the Southern District of New York to appoint a Chapter 11 Trustee for Meyzen Family Realty Assocs. LLC and La Cremaillere Restaurant Corp. Based on the U.S. Trustee's Supplemental Motion, the Debtors' management presented false tax documents to its largest secured creditor in an effort to obtain refinancing its loan. The U.S. Trustee also found that the management filed a false document with the Westchester County Clerk to release L&J’s lien when the loan has not been satisfied and that the management, through counsel, presented documents to the U.S. Trustee purporting to show that the Restaurant was insured knowing that the policies had been cancelled two months earlier. Thus, the U.S. Trustee gave a strong recommendation that the Court replace the management with an independent fiduciary who can, with the confidence of the Court, the U.S. Trustee, and all creditors, determine the best course for these debtors -- whether that be reorganization, a sale or a conversion to a case under Chapter 7. About La Cremaillere La Cremaillere Restaurant Corp. owns and operates a French restaurant in Bedford, New York. The Menu at La Cremaillere emphasizes fresh ingredients and changes on daily, weekly, and seasonal basis. Also available are its most celebrated house ice creams and sorbets. La Cremaillere filed a Chapter 11 petition (Bankr. S.D. Fla. Case No.: 19-22823) on April 17, 2019, and is represented by H. Bruce Bronson, Jr., in Harrison, New York. At the time of the filing, the Debtor has $1,361,695 in total assets and $2,035,865 in total liabilities. The petition was signed by Barbara Meyzen, vice president. A full-text copy of the petition containing, among other items, a list of the Debtor's 10 unsecured creditors is available for free at: http://bankrupt.com/misc/nysb19-22823.pdf LA TRINIDAD ELDERLY: Sept. 17 Hearing on Disclosure Statement ------------------------------------------------------------- A hearing on approval of disclosure statement explaining the Chapter 11 Plan of Reorganization of La Trinidad Elderly LP SE is scheduled for September 17, 2019 at 10:00 AM. Objections to the form and content of the disclosure statement must be filed and served not less than fourteen (14) days prior to the hearing. General unsecured creditors claims are estimated by Debtor in the amount of $1,141,728. This class shall be paid in cash and in full on the later of (a) the Effective Date of the Plan or (b) the Entry of a Court Order authorizing the disbursement of sales proceeds realized upon transfer of the property on the terms detailed in the Plan of Reorganization. The distribution under this class will be fixed in the amount of no more than $1,141,728. The Debtor proposes two scenarios: Scenario 1 - Transfer of Property: Upon sale and transfer of the property and no later than the effective date of the plan, allowed claimants under this class shall receive from the Debtor a lump sum payment in the total amount of their allowed claim from the proceeds of the sale of Debtor’s assets, to be paid pro-rata to all allowed claimants under this class. Scenario 2 - Operation of Property: Alternatively, the Debtor will continue operating the real property on the same guidelines agreed and restrictive covenants imposed by "PRHFA" until expiration of the term of the subaward agreement in 2027. Upon the continued operation of the property, this Class will receive a payment in the total amount of their allowed claim to be distributed pro-rata as follows: (1) Initial Lump Sum Payment of $100,000 to be distributed pro-rata among the allowed claimants under this class on the effective date of the Plan; (2) Yearly Installments of $50,000 to be distributed during a period of seven (7) years to be distributed pro-rata among the allowed claimants under this class; (3) Final Lump Sum Payment of $700,000 to be distributed pro-rata among the allowed claimants under this class no later than 90 days following the release of the liens and restrictive covenants imposed by "PRHFA". A full-text copy of the Disclosure Statement is available for free at https://tinyurl.com/y65cddfp from PacerMonitor.com at no charge. About La Trinidad Elderly LP SE San Juan, Puerto Rico-based La Trinidad Elderly LP SE, which owns an affordable residential unit apartment building located at Castillo Street #11, Ponce, Puerto Rico, filed a voluntary Chapter 11 petition (Bankr. D. P.R., Case No. 19-01830) on April 2, 2019. The Company previously sought bankruptcy protection on Sept. 25, 2018 (Bankr. D. P.R. Case No. 18-05549). The case is assigned to Hon. Enrique S. Lamoutte Inclan. The Debtor's Counsel is Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC, in Guaynabo, Puerto Rico. At the time of filing, the Debtor had estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. LE JARDIN HOUSE: Case Summary & 10 Unsecured Creditors ------------------------------------------------------ Debtor: Le Jardin House, LLC 1150 102nd Street, Office Miami Beach, FL 33154 Business Description: Le Jardin House, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Le Jardin is the fee simple owner of a property located at 1150 102nd Street Bay Harbor Island, FL 33154 valued by the company at $26.21 million. Chapter 11 Petition Date: July 11, 2019 Court: United States Bankruptcy Court Southern District of Florida (Miami) Case No.: 19-19182 Judge: Hon. Robert A. Mark Debtor's Counsel: Brett D. Lieberman, Esq. EDELBOIM LIEBERMAN REVAH OSHINSKY PLLC 20200 W. Dixie Hwy, Suite 905 Miami, FL 33180 Tel: (954) 400-1499 (305) 768-9909 Email: brett@elrolaw.com Total Assets: $27,490,523 Total Liabilities: $7,167,406 The petition was signed by Tim Lobanov, authorized agent. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/flsb19-19182.pdf List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Aanaa Inc. $5,800 5785 NW 72nd Way Pompano Beach, FL 33067 2. Aristone Interiors $22,037 268 N. Federal Highway Hallandale, FL 33009 3. Ashley Pools LLC $4,384 6270 Wiles Rd., Apt. 11-303 Pompano Beach, FL 33067 4. Brightview Landscape Services Inc. $14,287 401 Plymouth Rd., Suite 500 Plymouth Meeting, PA 19462 5. Continental Glass Systems, LLC $174,509 325 W. 74th Place Hialeah, FL 33014 6. Delux Waterproofing and Caulking Inc. $22,500 1131 SW 1st Way Deerfield Beach, FL 33441 7. Le Jardin Residences Lenders LLC $500,000 800 Parkview Dr., #715 Hallandale, FL 33009 8. Le Jardin Residences Manager LLC $500,000 800 Parkview Dr., #715 Hallandale, FL 33009 9. Lenin Construction Inc. $33,000 20996 SW 128th Ct. Miami, FL 33177 10. Skytechs $10,889 4300 SW 73rd Ave, Suite 101 Miami, FL 33155 LEXI DEVELOPMENT: 2nd Corrected Order Issued on Disclosures OK -------------------------------------------------------------- Bankruptcy Judge A. Jay Cristol issued a second corrected order approving Lexi Development Company, Inc.'s disclosure statement. The Order amends and corrects ECF 436 which contained an incorrect court paper reference in Footnote 1 wherein it referred to ECF 432, when in fact the court paper amended by ECF 436 was ECF 434. This Order also corrects all dates and deadlines on page 2 which were miscalculated in ECF 436. Deadline for objections to confirmation and for filing ballots accepting or rejecting the plan is July 24, 2019. The Court has set a hearing on August 7, 2019 at 3:00 p.m. to consider confirmation of the plan. The Troubled Company Reporter previously that latest plan disclosed the Debtor's settlement with Lexi Condominium Association, Inc. A full-text copy of the Fourth Amended Disclosure Statement dated June 20, 2019, is available at https://tinyurl.com/yytwgld9 from PacerMonitor.com at no charge. A redlined version of the Fourth Amended Disclosure Statement dated June 20, 2019, is available at https://tinyurl.com/y52u9faz from PacerMonitor.com at no charge. About Lexi Development South Miami, Florida-based Lexi Development Company, Inc., owns and is developing a 164 Unit, 19-story, mixed-use residential and retail bay view condominium development at 1700 Kennedy Causeway, North Bay Village, Florida, known as "The Lexi." It filed for Chapter 11 bankruptcy protection on June 23, 2010 (Bankr. S.D. Fla. Case No. 10-27573). Joshua W. Dobin, Esq., at Meland Russin & Budwick, P.A., in Miami, Florida, serves as counsel. In its schedules, the Debtor disclosed $22,601,336 in total assets and $21,558,876 in total liabilities as of the Petition Date. LEXI DEVELOPMENT: Plan Confirmation Hearing Set for Aug. 7 ---------------------------------------------------------- Bankruptcy Judge A. Jay Cristol issued a corrected order approving Lexi Development Company, Inc.'s disclosure statement. The order amends and corrects ECF 432 which was prepared on an incorrect local form and improperly set a hearing on the disclosure statement, when the disclosure statement had already been considered at hearing on June 19, 2019 and approved. The Court has set a hearing on August 7, 2019 at 3:00 p.m. to consider confirmation of the plan. The deadline for objections to confirmation and the deadline for filing ballots accepting or rejecting the plan is July 23, 2019. The Troubled Company Reporter previously reported that the latest plan disclosed the Debtor's settlement with Lexi Condominium Association, Inc. A full-text copy of the Fourth Amended Disclosure Statement is available at https://tinyurl.com/yytwgld9 from PacerMonitor.com at no charge. About Lexi Development South Miami, Florida-based Lexi Development Company, Inc., owns and is developing a 164 Unit, 19-story, mixed-use residential and retail bay view condominium development at 1700 Kennedy Causeway, North Bay Village, Florida, known as "The Lexi." It filed for Chapter 11 bankruptcy protection on June 23, 2010 (Bankr. S.D. Fla. Case No. 10-27573). Joshua W. Dobin, Esq., at Meland Russin & Budwick, P.A., in Miami, Florida, serves as counsel. In its schedules, the Debtor disclosed $22,601,336 in total assets and $21,558,876 in total liabilities as of the Petition Date. MAGNUM CONSTRUCTION: Aug. 1 Plan Outline Hearing Set ---------------------------------------------------- Bankruptcy Judge A. Jay Cristol is set to hold a hearing on August 1, 2019 at 2:30 p.m. to consider approval of Magnum Construction Management LLC's first amended disclosure statement in support of its first amended plan dated June 21, 2019. Deadline for objections to the disclosure statement is July 25, 2019. The Troubled Company Reporter previously reported that unsecured creditors are estimated to recoup 0-2% under the plan. A copy of the Disclosure Statement dated June 21, 2019 is available at https://tinyurl.com/y2c54xao from Pacermonitor.com at no charge. About Magnum Construction Management Magnum Construction Management, LLC -- https://www.mcm-us.com/ -- is a construction company specializing in heavy civil construction in the areas of transportation, airport infrastructure, roads, bridges, government buildings and schools. The Debtor is headquartered in South Miami, Florida, but also has offices in (i) Broward County, Florida, and (ii) Irving, Texas. As of the Petition Date, MCM employs a total of 292 people. Magnum Construction Management filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code (Bankr S.D. Fla. Case No. 19-12821) on March 1, 2019. In the petition signed by Gilberto Ruizcalderon, chief financial officer, the Debtor estimated $50 million to $100 million in assets and $10 million to $50 million in liabilities. The Debtor is represented by Paul A. Avron, Esq., at Berger Singerman LLP. MAIREC PRECIOUS: Trustee Hires SSG Advisors as Investment Banker ---------------------------------------------------------------- Janet B. Haigler, the Chapter 11 Trustee of Mairec Precious Metals U.S., Inc., seeks authority from the U.S. Bankruptcy Court for the District of South Carolina to employ SSG Advisors, LLC, as investment banker to the Trustee. The Trustee requires SSG Advisors to: a. prepare an information memorandum describing Debtor and its historical performance and prospects, including existing contracts, marketing and sales, labor force, management and financial projections; b. assist the Trustee in operating a data room of documents related to the sale; c. assist the Trustee in developing a list of suitable potential buyers who will be contacted after its approval, and update and review such list with the Trustee on an ongoing basis; d. coordinate the execution of confidentiality agreements for potential buyers wishing to review the information memorandum; e. assist the Debtor in coordinating site visits for interested buyers and work with the management team to develop appropriate presentations for such visits; f. solicit competitive offers from potential buyers; g. advise and assist the Trustee and its other professionals in structuring the sale and negotiating transaction agreements; and h. assist the Trustee and its other professionals, as necessary, through closing on a best efforts basis. SSG Advisors will be paid as follows: a. Monthly Fees. Continuing monthly fee of $30,000 per month. b. Sale Fees. Upon the consummation of a Sale Transaction to any party, SSG Advisors will be paid $400,000 or 3% of the Total Consideration; c. Expenses. SSG Advisors will be reimbursed for reasonable out-of-pocket expenses incurred. J. Scott Victor, a managing director of SSG Advisors, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. SSG Advisors can be reached at: J. Scott Victor SSG ADVISORS, LLC 300 Barr Harbor Drive West Conshohocken, PA 19428 Tel: (610) 940-1094 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, CRO 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. The Office of the U.S. Trustee appointed a committee of unsecured creditors on March 13, 2019. The committee is represented by Beal, LLC. Janet B. Haigler was appointed Chapter 11 trustee for the Debtor on May 17, 2019. The Trustee tapped Haynsworth Sinkler Boyd as counsel, and SSG Advisors, LLC, as investment banker. MASONITE INT'L: Moody's Rates Proposed $500MM Sr. Unsec. Notes Ba3 ------------------------------------------------------------------ Moody's Investors Service assigned a Ba3 rating to Masonite International Corporation's proposed $500 million senior unsecured notes due 2028. All other ratings for the company remain unchanged. The outlook is stable. The proceeds from the new notes will be used to refinance the company's existing $500 million senior unsecured notes maturing in 2023. The company expects to issue a redemption notice for the 2023 notes. The transaction is debt neutral and the company's debt to EBITDA leverage stands at approximately 3.2x as of March 31, 2019. Assignments: Issuer: Masonite International Corporation Proposed $500 million senior unsecured notes due 2028, Ba3, LGD4 RATINGS RATIONALE Masonite's Ba2 CFR is supported by the company's: 1) strong market position as one of only two vertically integrated interior molded door manufacturers in North America, and its globally diversified sales with 36% generated outside of the United States; 2) strong competitive position that benefits from technology innovation, a customer focused operating model, and trend-setting products; 3) conservative financial policy and a strong balance sheet; 4) ability to achieve significant operating margin improvements, with EBITA margins of about 9.6% and the expectation for improvement as the company utilizes automation and facility redesigns to drive efficiency through reducing labor costs and maximizing economies of scale; and 5) solid free cash flow generation. Further, Moody's has a stable outlook on the US homebuilding industry and expects healthy conditions in repair and remodeling markets in which Masonite participates. On the other hand, the rating is constrained by Masonite's: 1) cyclical end markets, as it derives 36% of its revenues from new residential construction, 50% from repair and remodeling, and 14% from architectural (commercial) construction as of 2018, and risks related to downturns in the construction sector; 2) historically active acquisition strategy, which is expected to largely focus on bolt-on purchases; 3) share repurchase activity, which has been funded through free cash flow and debt; and 4) exposure to volatile raw material input prices with higher commodity inflation trends in steel, wood and chemicals. The stable rating outlook reflects Moody's views that Masonite will continue to benefit from the stable new housing construction and repair & remodeling activity in the US. Moody's also anticipates that the company achieves margin improvement through its restructuring, plant efficiency transformations and price increases. Masonite's Speculative-Grade Liquidity Rating of SGL-1 reflects the company's very good liquidity profile, which is expected to be maintained over the next 12 to 15 months. Liquidity is supported by the company's solid free cash flow generation in excess of $100 million per year, availability under its $250 million asset-based revolver expiring in 2024, and the flexibility under its springing fixed charge coverage covenant. Ratings could be upgraded if the company maintains conservative financial policies, including sustaining debt to EBITDA comfortably below 3.0x and EBITA to interest coverage well above 5.0x, limiting shareholder returns, prioritizing cash flow for debt repayment and reinvestment in the business, and avoiding large debt funded acquisitions, as revenues remain above $2 billion and EBITA margins continue to improve. Ratings could be downgraded if Masonite's debt to EBITDA increases and is sustained above 3.5x and EBITA to interest expense falls below 4.0x, the company engages in substantial debt funded acquisitions and/or shareholder friendly transactions, financial and operating strategies become more aggressive, or profitability and liquidity deteriorates. The principal methodology used in these ratings was Global Manufacturing Companies published in June 2017. Masonite International Corporation is one of the largest vertically-integrated manufacturers of doors in the world. It offers interior and exterior doors for both residential and commercial end uses and serves approximately 9,000 customers in over 64 countries. The company's products include: interior molded, interior stile and rail, exterior fiberglass and exterior steel residential doors, interior architectural wood doors, wood veneers and molded door facings and door core. In the last twelve months ended March 31, 2019, Masonite generated approximately $2.2 billion in revenues. MEYZEN FAMILY: DOJ Watchdog Seeks Ch. 11 Trustee Appointment ------------------------------------------------------------ William K. Harrington, the United States Trustee for Region 2, asked the U.S. Bankruptcy Court for the Southern District of New York to appoint a Chapter 11 Trustee for Meyzen Family Realty Assocs. LLC and La Cremaillere Restaurant Corp. Based on the U.S. Trustee's Supplemental Motion, the Debtors' management presented false tax documents to its largest secured creditor in an effort to obtain refinancing its loan. The U.S. Trustee also found that the management filed a false document with the Westchester County Clerk to release L&J’s lien when the loan has not been satisfied and that the management, through counsel, presented documents to the U.S. Trustee purporting to show that the Restaurant was insured knowing that the policies had been cancelled two months earlier. Thus, the U.S. Trustee gave a strong recommendation that the Court replace the management with an independent fiduciary who can, with the confidence of the Court, the U.S. Trustee, and all creditors, determine the best course for these debtors -- whether that be reorganization, a sale or a conversion to a case under Chapter 7. About Meyzen Family Realty Meyzen Family Realty Associates, LLC owns a property located at 46 BedfordBanksville Road, Bedford, N.Y., from which La Cremaillere Restaurant Corp. as lessee operates its business. The company valued the property at $2.8 million. Meyzen sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 18-23419) on Sept. 13, 2018. La Cremaillere filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 19-22823) on April 17, 2019. At the time of the filing, Meyzen disclosed $2.8 million in assets and $1.45 million in liabilities. La Cremaillere disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Robert D. Drain oversees the cases. The Debtors tapped Bruce H. Bronson Jr., Esq., at Bronson Law Offices, P.C., as their counsel. MIDCOAST ENERGY: Moody's Assigns B2 CFR & Rates Secured Loans B2 ----------------------------------------------------------------- Moody's Investors Service assigned first time ratings to Midcoast Energy, LLC, including a B2 Corporate Family Rating, B2-PD Probability of Default Rating (PDR), and B2 on the senior secured credit facility, comprising its $100 million revolver due August 2023 and $650 million term loan B due August 2025. The outlook is stable. The proceeds from the initial $600 million term loan issuance were used to fund the purchase of Midcoast by ArcLight Capital Partners LLC (ArcLight), an energy-focused private equity firm, in August 2018 from Enbridge Inc. (Baa2 positive). In May 2019, Midcoast upsized the term loan by an incremental $50 million. Midcoast has a marketing and logistics business that is an unrestricted subsidiary and does not form a part of the term loan collateral package. This business is capitalized with an asset backed loan that is non-recourse to the term loan credit group. Assignments: Issuer: Midcoast Energy, LLC Probability of Default Rating, Assigned B2-PD Corporate Family Rating, Assigned B2 Gtd. Senior Secured Term Loan B, Assigned B2 (LGD3) Gtd. Senior Secured Revolving Credit Facility, Assigned B2 (LGD3) Outlook Actions: Issuer: Midcoast Energy, LLC Outlook, Assigned Stable RATINGS RATIONALE Midcoast's B2 CFR reflects the company's moderate scale, limited geographic diversification, volumetric and commodity price risks, and relatively short track record of operations under new ownership. The ratings are supported by long-term, fee-based contracts and acreage dedications that can lead to relatively stable earnings, low capital expenditure needs given already operational assets, and an excess cash flow sweep that will require repayment of debt if net leverage ratio is above 2x. The 2019 EBITDA for the term loan borrower group, comprising Midcoast's three owned subsidiaries and its equity interest in Texas Express NGL pipeline and gathering system, is projected to be under $200 million which is typical of single-B rated midstream entities. Its 2019 consolidated leverage is expected to be approximately 4.0x, and is likely to improve in 2020-21 given the excess cash flow sweep. The company derives its revenues from its three fully owned natural gas and NGL gathering, processing, and transportation systems located in East Texas, North Texas, and Western Oklahoma and Texas Panhandle (the Anadarko Basin). In addition, Midcoast has a 35% non-operated equity stake in the Texas Express NGL pipeline. The Texas Express contracts are generally long-lived (weighted average remaining life of 11 years) and have meaningful minimum volume commitments with strong counterparties. In addition, Midcoast has a logistics and marketing business whose debt is non-recourse to the term loan credit group. The senior secured term loan B and the senior secured revolving credit facility are both rated B2, the same level as the CFR. The lack of notching relative to the CFR reflects the fact that the debt under the senior secured credit facility comprises majority of the company's third-party debt, and that any debt related to Midcoast's logistics and marketing business is non-recourse to the term loan credit group. Midcoast is expected to have good liquidity with modest cash flow and a $100 million revolver. There is an excess cash flow sweep mechanism under the credit facility that requires repayment of debt with 100% of any surplus cash flow, although this percentage is reduced to 75% or 50% of excess cash flow if Midcoast's net leverage ratio decreases below 3x or 2x, respectively. Moody's expects Midcoast to comply with its credit facility financial covenant, a minimum debt service coverage ratio of 1.10x. The company has no near-term debt maturities. The stable outlook reflects Moody's expectations that Midcoast will maintain at least adequate liquidity and leverage below 5x throughout 2019-20. The rating could be upgraded if the term loan borrower group's EBITDA exceeds $200 million while Midcoast maintains maximum leverage of 4x. Building a slightly longer track record under ArcLight's ownership will also be an important consideration for an upgrade. The rating could be downgraded if leverage increases above 6x, if gathering and process volumes decline materially, or if the logistics and marketing business underperforms. An aggressively financed acquisition or a step-out acquisition that increases the business risk profile could also lead to a downgrade. Midcoast Energy, LLC is a midstream company headquartered in Houston, Texas with gathering, processing, and transportation operations. On August 1st, 2018, Midcoast Energy, LLC was acquired by affiliates of ArcLight Capital Partners, LLC. MIKE & HENRY: New Plan Discloses Resolution of M. Buzzelli Claim ---------------------------------------------------------------- Mike & Henry, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Illinois its first amended disclosure statement in conjunction with its first amended plan of liquidation. This latest filing discloses that the Debtor has reached resolution of Michael Buzzelli's secured claim. The resolution of the claim is summarized as follows: -- All monthly adequate protection payments in the amount of $4,506.38 must be paid as current as of the date of confirmation of the plan (this has been done through June 2019, and acknowledged); -- A plan of reorganization must be confirmed on or before July 25, 2019; -- 45 days from confirmation, the Property must be under contract for a price sufficient to pay Buzzelli’s claim in full, as well as any unpaid real estate taxes, for a purchase price in an amount not less than $350,000. -- Within 45 days after a contract is entered into for sale of the Property, closing must take place. -- If the Debtor defaults under the above terms, Inland Real Estate Commercial Brokerage, Inc. must conduct an auction of the property as soon as practicable, but no later than 30 days from the default. At the auction, Buzzelli may credit bid all or part of his secured claim and obtain the property. In the event of a credit bid, no payment is due to the broker or CSCD. Any cash bid for the Property at the auction must be equal to or greater than the amount of $350,000. A copy of the Amended Disclosure Statement is available at https://tinyurl.com/y3w7uvlt from Pacermonitor.com at no charge. About Mike & Henry LLC Mike & Henry, LLC owns a real property where H&H Auto, which provides auto repair service, operates. The property is located at 17 W. Ogden Avenue, Western Springs, Illinois. Mike & Henry sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 18-30035) on October 25, 2018. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $1 million and liabilities of less than $500,000. The case has been assigned to Judge Carol A. Doyle. The Debtor tapped Crane, Simon, Clar & Dan as its legal counsel. MONITRONICS INTERNATIONAL: Aug 7 Hearing on Plan, Disclosures ------------------------------------------------------------- The Combined Hearing for the adequacy of disclosure statement and confirmation of joint partial prepackaged plan of Monitronics International, Inc., and its debtor affiliates will be held before the Honorable David R. Jones, United States Bankruptcy Judge, in Room 400 of the United States Bankruptcy Court for the Southern District of Texas, 515 Rusk Street, Houston, TX 77002, on August 7, 2019 at 3:00 p.m. (Prevailing Central Time). Any responses or objections to the adequacy of the Disclosure Statement and/or confirmation of the Plan must be filed and served no later than 4:00 p.m. (Prevailing Central Time) on August 2, 2019. A full-text copy of the Disclosure Statement is available at https://tinyurl.com/y4pgk28e from PacerMonitor.com at no charge. Farmers Branch, Texas-based Monitronics International, Inc. -- https://brinkshome.com -- which provides residential customers and commercial client accounts with monitored home and business security systems, as well as interactive and home automation services, and nine of its affiliates filed voluntary Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 19-33650) on June 30, 2019. Capital Group, Inc., is a holding company that owns Monitronics International, Inc., doing business as Brinks Home Security. The case is assigned to Hon. David R Jones. The Debtors are represented by Timothy Alvin Davidson, II, Esq., and Ashley L. Harper, Esq., at Hunton Andrews Kurth LLP, in Houston, Texas. Latham & Watkins LLP also serves as the Debtor's counsel. FTI Consulting, Inc., serves as the Debtors' financial advisor. Moelis & Company LLC serves as the Debtors' investment banker. The Debtors had consolidated total assets of $1,330,914,000 and consolidated total debts of $1,954,689,000 as of March 31, 2019. The petitions were signed by Fred Graffam, chief financial officer, executive vice president, and assistant secretary. MR. CAMPER: Taps Richmond Law Firm as Co-Counsel ------------------------------------------------ Mr. Camper, LLC, received interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Richmond Law Firm, LLC. Richmond will serve as co-counsel with Gerdes Law Firm, LLC, the other firm handling the Debtor's Chapter 11 case. Ryan Richmond, Esq., the firm's attorney who will be representing the Debtor, charges an hourly fee of $250 for his services. The firm received a retainer in the amount of $11,000. Mr. Richmond disclosed in court filings that he and his firm neither hold nor represent any interest materially adverse to the Debtor and its bankruptcy estate. The firm can be reached through: Ryan J. Richmond, Esq. Richmond Law Firm, LLC 17732 Highland Road, Suite G-228 Baton Rouge, LA 70810 Tel: (225) 572-2819 Fax: (225) 286-3046 Email: ryan@rjrichmondlaw.com About Mr. Camper LLC Mr. Camper, LLC -- https://www.jellystonela.com/ -- owns and operates the Yogi Bear's Jellystone Camp Resort. The facility features more than 450 wooded campsites, 75 cabins, swimming pools, fishing ponds, game room, mini golf, canoe, kayak and paddle boat rentals, RV storage, playground, wet "spray" ground, basketball court, baseball field, laundry facilities, store, and propane filling station. Mr. Camper sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 19-11775) on July 1, 2019. At the time of the filing, the Debtor estimated assets of between $1 million and $10 million and liabilities of the same range. The case is assigned to Judge Elizabeth W. Magner. Richmond Law Firm, LLC, is the Debtor's counsel. NASHVILLE PHARMACY: Aug. 6 Plan Confirmation Hearing ---------------------------------------------------- The Amended Disclosure Statement explaining the amended Chapter 11 plan of reorganization of Nashville Pharmacy Services, LLC, is approved. A hearing to consider confirmation of the Plan will commence on August 6, 2019, at 9:00 a.m. in Courtroom Three, Customs House, 701 Broadway, Nashville, Tennessee. August 1, 2019 is fixed as the last day for filing with the Court and serving written objections to confirmation of the Plan. Class 5 - Unsecured Claims Not in Class 4 are impaired. Class 5 Claims shall be satisfied by payments to each Class 5 Claimant holding an Allowed Claim totaling forty percent (40%) of its Allowed Claim, payable in two equal installments. The first payment shall be made on the Effective Date, and the second payment shall be made four (4) months after the Effective Date. Class 1 - Priority Claims Other Than Priority Tax Claims are impaired. Each person or Entity holding a Class 1 Claim shall be paid the Allowed Amount of such Claim in cash, in full, on the latest of: (i) the Effective Date; (ii) the date such Claim is allowed by Final Order; or (iii) the date such payment is due under applicable law. Class 2 - Secured Claim of Pinnacle Bank are impaired. This Class consists of the Secured Claim of Pinnacle Bank in the amount agreed to by Debtor and the Class 2 Claimant, or if the Debtor and Pinnacle Bank cannot agree, as determined by a Final Order of the Court. Debtor shall make a payment of $500,000.00 on the Effective Date for application to the Class 2 Allowed Secured Claim. Class 3 - Other Secured Claims are impaired. Each holder of an Allowed Other Secured Claim shall, in full and complete settlement and satisfaction of such Claim, at the sole option of the Debtor, (i) have such Claim be reinstated and rendered unimpaired (ii) receive Cash in an amount equal to such Allowed Other Secured Claim, including such interest as is required to be paid (iii) receive the Collateral securing such Allowed Other Secured Claim and such Cash interest as is required to be paid or (iv) have such Allowed Claim paid by monthly payments commencing on the Effective Date. Class 4 - Claims of McKesson are impaired. This Class consists of the Claims asserted by McKesson. Class 4 Claims shall be satisfied as follows: (i) Debtor shall make a payment of Three Hundred Thousand Dollars on the Effective Date; (ii) the Reorganized Debtor shall pay an additional minimum principal amount of Three Million Two Hundred Thousand Dollars, together with interest on that amount at the rate of 5% per annum; and (iii) Debtor shall pay up to an additional Ten Million Dollars from the net proceeds of any sale of all or substantially all of the Reorganized Debtor’s assets or equity interests occurring prior to the seventh anniversary of the Effective Date. Class 6 - Ownership Interests in NPS are impaired. This Class consists of the Ownership Interests in NPS. In order to retain his Ownership Interests, Kevin Hartman, or other persons approved by him, shall contribute to Debtor on or before the Effective Date at least $250,000.00. Post-confirmation draws to Kevin Hartman shall be limited to $360,000 per year plus benefits. The Debtor has made changes to its business since the Petition Date that are expected to generate cash needed on the Effective Date of the Plan and to generate cash flow sufficient to make the payments due under the Plan on an on-going basis. A full-text copy of the Disclosure Statement dated July 2, 2019, is available at https://tinyurl.com/yyjtsvdx from PacerMonitor.com at no charge. Attorneys for the Debtor are Glenn B. Rose, Esq., and Paul G. Jennings, Jr., Esq., at Bass, Berry & Sims, PLC, in Nashville, Tennessee. About Nashville Pharmacy Services Nashville Pharmacy Services, LLC, operates NPS Pharmacy, a pharmacy specializing in HIV and AIDS-related medicine. Nashville Pharmacy Services sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 18-08144) on Dec. 8, 2018. At the time of the filing, the Debtor estimated assets of $10 million to $50 million and liabilities of the same range. The case is assigned to Judge Marian F. Harrison. The Debtor tapped Bass, Berry & Sims PLC as its bankruptcy counsel, and Waller Lansden Dortch & Davis, LLP as its special counsel. No official committee of unsecured creditors has been appointed. NEOVASC INC: Will Explore HDE Approval Pathway for the Reducer -------------------------------------------------------------- The Food and Drug Administration has provided guidance to Neovasc Inc. following its Sprint Discussion on June 26, 2019, together with the Company's consultants and supporting U.S. cardiologists to review the clinical evidence collected to date for the Neovasc Reducer, to determine the most expedient pathway to potentially gaining regulatory approval in the United States and the quickest path to the U.S. market for these patients with an unmet need. In its guidance, the FDA has recommended that the Company consider potential alternate approaches such as: the Humanitarian Device Exemption pathway for class IV refractory angina patients and/or alternate clinical trial designs for a broader refractory angina patient population. Based on the FDA's feedback, the Company has decided to explore a two-pronged approach. First, the Company will work with the FDA to pursue the option for the Reducer to be classified as a Humanitarian Use Device ("HUD") seeking an HDE approval pathway in order to bring this treatment option to those patients in the U.S. with the worst (class IV) angina symptoms as soon as possible. Second, the Company, in close consultation with the FDA and key opinion leaders, will evaluate an alternate investigational device exemption ("IDE") clinical trial design for class III and IV patients. "We are encouraged by the outcome of our discussions with the FDA on the clinical evidence and the potential pathway to the U.S. market for the Reducer," said Fred Colen, president and chief executive officer of Neovasc. "The FDA's proposed alternative approaches, including a potential HDE pathway, would provide a meaningful treatment option for those patients suffering from the worst angina symptoms and who are desperate for a novel treatment in the fastest possible manner. This guidance from the FDA represents a potential substantial improvement over the original timeline we expected to bring this novel breakthrough medical device therapy for the treatment of refractory angina to the U.S. market." A HUD designation and approval of a HDE for class IV refractory angina patients would allow the Reducer device to be sold in the U.S. for profit as a medical device intended to benefit such patients in the treatment or diagnosis of a disease or condition that affects or is manifested in not more than 8,000 individuals in the U.S. per year. There can be no assurance that the Company will be successful in attaining such an HUD designation or approval of such an HDE for the Reducer. In addition, the Company will explore an alternate IDE study design, in conjunction with its supportive U.S. cardiologists, with the intent to further expand the patient population and to eliminate the above-mentioned market restrictions over time. There can be no assurance that such an IDE study can be financed, will be approved by the FDA, will be completed, or if such a study is completed, that U.S approval will follow based on the results of that study. While the guidance provided by the FDA is not intended to change, there can be no guarantee that a submission by the Company on the basis of such guidance will be accepted by the FDA. About Neovasc Inc. Based in Richmond, British Columbia, Neovasc Inc. -- http://www.neovasc.com/-- is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Neovasc Reducer, for the treatment of refractory angina, which is not currently available in the United States and has been available in Europe since 2015, and the Tiara, for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada and Europe. Neovasc reported a net loss of US$108.04 for the year ended Dec. 31, 2018, compared to a net loss of US$22.90 million for the year ended Dec. 31, 2017. As of March 31, 2019, Neovasc had US$16.09 million in total assets, US$18.89 million in total liabilities, and a total deficit of US$2.80 million. Grant Thornton LLP, in Vancouver, BC, the Company's auditor since 2002, issued a "going concern" opinion in its report on the Company's consolidated financial statements for the year ended Dec. 31, 2018, stating that the Company incurred a net loss of US$108.04 million during the year ended Dec. 31, 2018, and as of that date, the Company's liabilities exceeded its assets by US$9.67 million. These conditions, along other matters, raise substantial doubt about the Company's ability to continue as a going concern. NILE DEVELOPERS: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Nile Developers, LLC 13303 Tamarack Road Silver Spring, MD 20904 Business Description: Nile Developers, LLC is a privately held building construction consultant in Silver Spring, Maryland. The Debtor previously sought bankruptcy protection on May 23, 2019 (Bankr. D. Md. Case No. 19-17000). Chapter 11 Petition Date: July 11, 2019 Court: United States Bankruptcy Court District of Maryland (Greenbelt) Case No.: 19-19384 Debtor's Counsel: Alisha Elaine Gordon, Esq. LAW OFFICES OF ALISHA GORDON 1101 Connecticut Ave NW Ste 450 Washington, DC 20036 Tel: 305-834-0396 Fax: 305-834-0396 Email: agordon188@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Addisu Mengesha, 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/mdb19-19384.pdf OLIN CORP: Moody's Rates Proposed Sr. Unsec. Notes Ba1 ------------------------------------------------------ Moody's Investors Service assigned Ba1 ratings to Olin Corporation's proposed senior unsecured notes and delayed draw term loan. The outlook is unchanged at stable. Olin plans to: (i) issue $750 million of senior unsecured notes; (ii) establish a $1.2 billion delayed draw term loan; and (iii) expand the size of the company's revolving credit facility to $800 million from $600 million. Proceeds from the proposed $750 million senior unsecured notes will be used to take out term debt and borrowings under an accounts receivables securitization, as well as pay fees and expenses and fund general corporate purposes. Proceeds from the proposed $1.2 billion delayed draw term loan would be used to call approximately $1.2 billion of senior unsecured notes callable in October 2020 and fund a $450-$500 million payment to Dow Chemical Company (The) in 2020. The expanded revolving credit facility will provide additional liquidity cushion. Taken together, the proposed transaction eliminates capital markets risk related to the upcoming calls, extends debt maturities, and improves liquidity. But it will push out the timeline for debt reduction into early 2021. "Olin is taking advantage of favorable market conditions to pre-fund the call of expensive debt in late 2020," said Ben Nelson, Moody's Vice President -- Senior Credit Officer and lead analyst for Olin Corporation. Assignments: Issuer: Olin Corporation Senior Unsecured Delayed Draw Term Loan, Assigned Ba1 (LGD4) Senior Unsecured Revolving Credit Facility, Assigned Ba1 (LGD4) Senior Unsecured Regular Bond/Debenture, Assigned Ba1 (LGD4) RATINGS RATIONALE The Ba1 Corporate Family Rating balances a business profile that could support investment-grade ratings in the medium term with a leveraged balance sheet that in its view would not support investment-grade credit metrics on a through-the-cycle basis, including adjusted financial leverage below 4 times (Debt/EBITDA) in a cyclical trough. Moody's estimates adjusted financial leverage near 3 times and retained cash flow-to-debt near 24% (RCF/Debt) for the twelve months ended 31 March 2019. The proposed financing will increase debt by about $100 million, compared to balance sheet debt of $3.25 billion at 31 March 2019, and very modestly erodes gross debt metrics on a pro forma basis, but a positive medium-term thesis for the chlor-alkali industry, combined with some growth in the company's chlorine-based derivatives business and anticipated reduction in debt service costs starting in 2021, should support continued improvement in credit metrics over the next 18-24 months. However, Moody's believes that the chlor-alkali industry is cyclical and any potential upside to the rating will be dictated by management's stated financial policies with regard to target leverage over the cycle and observed actions with regard to free cash flow generation and debt reduction. The rating is constrained by exposure to cyclical industries, expectation for substantive weakening in credit metrics during cyclical downturns, and longer-term risks associated with ESG-related factors. Moody's continues to expect that Olin will generate at least $1 billion of EBITDA in 2019. Caustic soda prices declined over the past few quarters, which contributed to a weak first half for Olin, until multiple operational events in Brazil created better export opportunities for producers on the U.S. Gulf Coast, helped stabilize pricing, and set the stage for price increases in the summer. Moody's expects that Olin will start to benefit from these favorable developments in the second half of 2019 and the longer-term favorable commodity thesis for the chlor-alkali chain remains intact with no meaningful new capacity on the horizon and continued economic growth. Olin updated guidance on 10 July 2019 to reflect expectations management-adjusted EBITDA of $200-210 in the second quarter of 2019 and with the benefit of improved market conditions in the second half of 2019, full year 2019 EBITDA of $1,075-1,175 billion. However, Moody's no longer expects that the company will reduce debt meaningfully in the near term despite some free cash flow generation in 2019. The proposed financing will lock in the ability to take out expensive debt with much lower cost alternatives, but will also term out borrowings under a securitization program and eliminate the remaining pre-payable debt in the capital structure ahead of the October 2020 call date on $1.2 billion of debt put in place to fund the Dow acquisition in 2015. Olin also has an upcoming $450-$500 million acquisition-related payment to Dow in 2020. Therefore, Moody's does not expect that the company will have sufficient free cash flow left over to reduce debt meaningfully until 2021. The stable outlook assumes that Olin will maintain good liquidity to support operations, including a good projected cushion of compliance under financial maintenance covenants, and ability to remain in compliance in a cyclical downturn. Moody's could upgrade the rating with adjusted financial leverage sustained below 3 times, retained cash flow-to-debt sustained above 20% (RCF/Debt), and clear articulation of the importance of achieving and sustaining investment-grade ratings. Moody's could downgrade the rating with adjusted financial leverage above 4 times (Debt/EBITDA), retained cash flow-to-debt below 12% (RCF/Debt), failure to generate positive free cash flow in the current cyclical stage for the chlor-alkali industry (excluding large one-time payments), or a substantive deterioration in liquidity, including a narrowing cushion of compliance under financial maintenance covenants. Olin Corporation is a Clayton, Missouri-based manufacturer and distributor of commodity chemicals, and a manufacturer of small caliber, firearm ammunition. The company operates through three main segments, (1) Chlor Alkali Products and Vinyls whose primary products include chlorine and caustic soda, hydrochloric acid, vinyl chloride, sodium hypochlorite (bleach), and potassium hydroxide; (2) Epoxy, which produces and sells a full range of epoxy materials, including allyl chloride, epichlorohydrin, liquid epoxy resins and downstream products such as converted epoxy resins and additives; and (3) and Winchester, whose primary focus is the manufacture and sale of small caliber, firearm sporting and military ammunition. In 2015, Olin acquired Dow's U.S. chlor-alkali, global epoxy and global chlorinated organics businesses (Dow's chlor-alkali business), significantly expanding the company's size and diversity. ON TIME ELECTRIC: Hires Michael Hardwick as Counsel --------------------------------------------------- On Time Electric, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas to employ Michael Hardwick Law, PLLC, as counsel to the Debtor. On Time Electric requires Michael Hardwick to: a. advise the Debtor regarding its rights, duties and powers as a debtor-in-possession in this proceeding; b. appear before the Bankruptcy Court or any other court to represent the interests of the Debtor as is required; c. attend the Initial Debtor Interview, if required, with the Debtor; d. attend the meeting of creditors with the Debtor; e. assist the Debtor with proposing, prosecuting, and consummating a chapter 11 disclosure statement and plan of reorganization; f. prepare any and all pleadings, as deemed appropriate, to be filed in this case; g. assist the Debtor with the resolution of claims filed against the estate, preservation and disposition of assets of the estate, the prosecution of actions taken on behalf of the estate, and resolution of other disputes that may arise during the bankruptcy case; h. advise the Debtor regarding business finances, transactions, and the daily operations of the businesses as a debtor-in-possession; i. perform any other legal services that may be deemed appropriate in connection with the bankruptcy case. Michael Hardwick will be paid at these hourly rates: Attorneys $350 Paralegals $150 Prior to the filing of this case Michael Hardwick received payment from the Debtor in the amount of $10,000. Legal services rendered prior to the filing of the petition for relief totaled $2,340, and costs incurred in connection with the filing of the petition for relief totaled $1,767. On the petition date Michael Hardwick held unapplied funds attributable to pre-petition payments made by the Debtor in the amount of $5,893. Michael Hardwick will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael L. Hardwick, partner of Michael Hardwick Law, PLLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Michael Hardwick can be reached at: Michael L. Hardwick, Esq. MICHAEL HARDWICK LAW, PLLC 2200 North Loop West, Suite 116 Houston, TX 77018 Tel: (713) 832-930-9090 Fax: (713) 832-930-9091 E-mail: michael@michaelhardwicklaw.com About On Time Electric On Time Electric Inc., a full-service electrical contractor in Houston, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 19-33152) on June 3, 2019. At the time of the filing, the Debtor had estimated assets of less than $500,000 and liabilities of between $1 million and $10 million. The case has been assigned to Judge Jeffrey P. Norman. Michael Hardwick Law, PLLC is the Debtor's bankruptcy counsel. OWEN & FRED: Hires Kirby Aisner as Substitute Counsel ----------------------------------------------------- Owen & Fred Corp. d/b/a Boarding Pass NYC, seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to employ Kirby Aisner & Curley LLP, as its attorneys, in substitution of DelBello Donnellan Weingarten Wise & Wiederkehr, LLP. Owen & Fred requires Kirby Aisner to: a. advise Debtor of its powers and duties in the continued management of its property and affairs; b. negotiate with creditors in the preparation of a plan of reorganization and take the necessary legal steps in order to effectuate the plan; c. prepare the necessary answers, orders, reports and other legal papers required for the Debtor's protection from their creditors under Chapter 11 of the Bankruptcy Code; d. appear before the Bankruptcy Court to protect the interest of the Debtor and to represent the Debtor in all matters pending before the Court; e. attend meetings and negotiate with representatives of creditors; f. advise the Debtor in connection with any potential sale of its business; g. represent the Debtor in connection with obtaining post- petition financing, if necessary; h. take any necessary action to obtain approval of a disclosure statement(s) and confirmation of a plan(s) of reorganization; and i. perform all other legal services for the Debtor which may be necessary for the preservation of the Debtor's estate and to promote the best interests of the Debtor, its creditors and its estate. Kirby Aisner will be paid at these hourly rates: Attorneys $425 to $525 Paraprofessionals $150 Kirby Aisner will also be reimbursed for reasonable out-of-pocket expenses incurred. Dawn Kirby, a partner at Kirby Aisner, 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. Kirby Aisner can be reached at: Dawn Kirby, Esq. KIRBY AISNER & CURLEY LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Tel: (914) 401-9500 E-mail: dkirby@kacllp.com About Owen & Fred Corp. Owen & Fred Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 18-43534) on June 19, 2018. In the petition signed by Michael Arnot, president, the Debtor estimated assets of less than $50,000 and liabilities of less than $1 million. Judge Carla E. Craig presides over the case. The Debtor originally tapped DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, as legal counsel, which was later replaced by Kirby Aisner & Curley LLP. PALM HEALTHCARE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Palm Healthcare Company, Inc. 19-19156 1177 George Bush Blvd., Ste 400 Delray Beach, FL 33483 Palm Partners, LLC 19-19161 dba Palm Partners Academy dba Palm Partners Wellness Center and Spa dba Platinum Partners dba Palm Partners Wellness Center dba Sundance Detox dba Palm Partners Recovery Center dba Boca Raton Detox Center dba Sober EDU dba Sundance Treatment Center dba Namaste Treatment Centers 1177 George Bush Blvd, Suite 400 Delray Beach, FL 33483 Interloc Properties LLC 19-19163 Miami Real Estate Trust, LLC 19-19164 Business Description: Palm Healthcare Company -- http://palmhealthcare.com-- owns and operates an addiction treatment center in Delray Beach, Florida. The Company's treatment programs are structured as a combination of 12-Step model, cognitive therapy, behavioral therapy, holistic modalities and aftercare services. Chapter 11 Petition Date: July 11, 2019 Court: United States Bankruptcy Court Southern District of Florida (West Palm Beach) Judge: Hon. Erik P. Kimball Debtors' Counsel: Robert C. Furr, Esq. FURRCOHEN P.A. 2255 Glades Rd #301E Boca Raton, FL 33431 Tel: (561) 395-0500 Fax: (561) 338-7532 Email: ltitus@furrcohen.com Palm Healthcare's Estimated Assets: $0 to $50,000 Palm Healthcare's Estimated Liabilities: $0 to $50,000 Palm Partners' Estimated Assets: $0 to $50,000 Palm Partners' Estimated Liabilities: $1 million to $10 million The petitions were signed by Peter Harrigan, president. A full-text copy of Palm Healthcare's petition containing, among other items, a list of the Debtor's six unsecured creditors is available for free at: http://bankrupt.com/misc/flsb19-19156.pdf A full-text copy of Palm Partners' petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/flsb19-19161.pdf PASCO COUNTY: Hires Donnelly & Gross as Special Counsel ------------------------------------------------------- Pasco County Professional Firefighters Local 4420, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ Donnelly & Gross, PLLC, as special counsel to the Debtor. Pasco County requires Donnelly & Gross to: a. provide specialized legal services; and b. advise and counsel the Debtor with respect to its responsibilities in complying with Employment and Labor Laws for the trade union. Donnelly & Gross will be paid a flat monthly rate of $1,000 for (1) advice and guidance on the union's handling of its grievances, impact bargaining, investigations, and employee discipline which can be discussed and handled by conferring by phone and email and reviewing documents within reason; and (2) up to forty attorney hours total annually towards representation in arbitration and PERC cases (up to two matters) and support of the union in its presentation and handling of arbitration and PERC matters. All other services not covered by the flat fee, will be paid at these hourly rates: Principals $225 to $265 Associates $195 Paralegals $45 to $75 Donnelly & Gross received prepetition from the Debtor the amount of $99,177.49 as retainer. Donnelly & Gross will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul Donnelly, a partner at Donnelly & Gross, 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. Donnelly & Gross can be reached at: Paul Donnelly, Esq. DONNELLY & GROSS, PLLC. 2421 NW 41 st Street, Suite A-1 Gainesville, FL 32606 Telephone (352) 374-4001 Facsimile (352) 374-4056 E-mail: paul@donnellygross.com About Pasco County Professional Firefighters Local 4420 Pasco County Professional Firefighters Local 4420 sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-02963) on April 1, 2019. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $500,000. The case is assigned to Judge Catherine Peek Mcewen. ChildersLaw LLC is the Debtor's legal counsel. Donnelly & Gross, PLLC, is special counsel. PEN INC: Tom Berman Owns 135,319 Class A Shares as of June 27 ------------------------------------------------------------- Tom J. Berman, president of PEN Inc., disclosed in a Schedule 13D/A filed with the Securities and Exchange Commission that as of June 27, 2019, he beneficially owns 135,319 shares of Class A common stock (of which 63,493 are purchasable under warrants) of PEN Inc., representing 0 percent of the Class A Shares outstanding. A full-text copy of the regulatory filing is available for free at: https://is.gd/gS4J3v About PEN Inc. Headquartered in Miami, Florida, PEN develops, commercializes and markets consumer and industrial products enabled by nanotechnology that solve everyday problems for customers in the optical, transportation, military, sports and safety industries. The Company's primary business is the formulation, marketing and sale of products enabled by nanotechnology including the ULTRA CLARITY brand eyeglass cleaner, CLARITY DEFOGIT brand defogging products and CLARITY ULTRASEAL nanocoating products for glass and ceramics. The Company also sells an environmentally friendly surface protector, fortifier, and cleaner. The Company's design center conducts product development services for government and private customers and develops and sells printable inks and pastes, thermal management materials, and graphene foils and windows. PEN was formed in 2014, and is the successor to Applied Nanotech Holdings Inc. that had been formed in 1989. In the combination that created PEN, Nanofilm, Ltd. acquired Applied Nanotech Holdings, Inc. As of Sept. 30, 2018, PEN Inc. had $1.83 million in total assets, $3.20 million in total liabilities, and a total stockholders' deficit of $1.36 million. PEN Inc. incurred a net loss of $687,068 in 2017, compared to a net loss of $556,001 in 2016. The report from the Company's independent accounting firm Salberg & Company, P.A., the Company's auditor since 2013, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company has a net loss and cash provided by operating activities of $687,068 and $438,558, respectively, in 2017 and has a working capital deficit, stockholders' deficit and accumulated deficit of $1,345,095, $1,096,005 and $6,587,235, respectively, at Dec. 31, 2017. These matters raise substantial doubt about the Company's ability to continue as a going concern. PHILLY DUE: BMT Objects to Disclosure Statement ----------------------------------------------- The Bryn Mawr Trust Company objects to the Motion of Philly Due, Inc., d/b/a The Melting Pot Maple Shade, for approval of the Disclosure Statement explaining the Debtor's Plan. BMT complains that the Disclosure Statement should not be approved because the Plan, as drafted, cannot be confirmed over the rejection of the Plan by BMT and also because the Plan, as drafted, is not feasible. BMT points out that the Plan also fails to meet the elements required for "cram-down" as to Class 3, containing BMT's secured claim. According to BMT, the Plan fails to satisfy the requirements of Section 1129(b) because the Plan does not (i) permit BMT to retain all of its liens securing its claims and does not provide BMT with deferred cash payments totaling at least the allowed amount of its claim; (ii) provide for the sale off any property securing BMT's claim; or (iii) provide BMT with the indubitable equivalent of its secured claim. BMT asserts that the Disclosure Statement fails to include disclosures that would allow an investor to make an informed decision on whether to accept or to reject the Plan. Counsel for The Bryn Mawr Trust Company: Julie M. Murphy, Esquire Hyland Levin Shapiro LLP 6000 Sagemore Drive, Suite 6301 Marlton, NJ 08035 Tel: (856) 355-2992 Fax: (856) 355-29001 Email: murphy@hylandlevin.com About Bux Due and affiliates Bux Due, Philly Due and Mountain Due are three separate melting pot restaurants where guests can enjoy several fondue cooking styles and a variety of unique entrees, salads, and desserts. LV Gaucho is a steakhouse restaurant located in Allentown, Pennsylvania. Mountain Due, Inc., d/b/a The Melting Pot Warrington and its affiliates, Bux Due, Inc., LV Gaucho, Inc., and Philly Due, Inc., sought Chapter 11 protection (Bankr. E.D. Pa. Lead Case No. 18-14420) on July 2, 2018. The cases are jointly administered. In the petitions signed by Charles LaRosa, their president, each Debtor estimated assets of less than $500,000 and liabilities of $1 million to $5 million. Judge Richard E. Fehling presides over the case. The Debtors tapped Ciardi Ciardi & Astin as their legal counsel. PHOEBEN INC: Sept. 4 Plan Confirmation Hearing ---------------------------------------------- The disclosure statement explaining the Combined Joint Disclosure Statement and Plan of Reorganization filed by Phoeben, Inc., dba Armenta, is conditionally approved. September 4, 2019, at 11:00 a.m. in Courtroom 403, 515 Rusk St., Houston, Texas, is fixed for the hearing on final approval of the disclosure statement and for the hearing on confirmation of the plan. August 21, 2019, is fixed as the last day for filing and serving written objections to the disclosure statement and confirmation of the plan. About Phoeben, Inc. Based in Houston, Texas, Phoeben, Inc. -- https://www.armentacollection.com/ -- is manufacturer of bracelets, rings, necklaces, enhancers, earrings, and handbags. Phoeben, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 19-31000) on Feb. 26, 2019. The case is assigned to Jeffrey P. Norman. In the petition signed by CEO Emily Armenta, the Debtor estimated assets and liabilities in the range of $1 million to $10 million. The Debtor tapped Erin E. Jones, Esq., and Christopher R. Murray, Esq., at Jones Murphy & Beatty LLP, as counsel. PINK OCEAN: Court Dismisses Ch. 11 Trustee Appointment Bid ---------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of California entered an Order dismissing the motion for appointment of a Chapter 11 trustee for Pink Ocean Hospitality, LLC. The Order, dated July 1, 2019, dismissed the motion as moot. About Pink Ocean Pink Ocean Hospitality, LLC, filed a Chapter 11 petition (Bankr. E.D. Cal. Case No. 19-21395) on March 7, 2019, and are represented by Charles L. Hastings, Esq., and Natali A. Ronca, Esq., at Law Offices of Charles L. Hastings, in Stockton, California. RAJYSAN INC: Trustee and Committee Tap Alpert as Special Counsel ---------------------------------------------------------------- Sandra K. McBeth, the Chapter 11 Trustee, and the Official Committee of Unsecured Creditors of Rajysan, Inc., seek authorization from the U.S. Bankruptcy Court for the Central District of California to employ Alpert Barr & Grant, as special counsel to the Trustee and Committee. Alpert will represent the estate in an action pending in the Superior Court of the State of California, County of Los Angeles, Central District, titled Rajysan Incorporated v. Gurmeet Sahani, Jasmine Sahani, Halcyon Valencia Partners, L.P., Invincia, LLC, and Does 1 through 20, inclusive. Alpert will be paid at the hourly rate of $425. Alpert received from the Debtor a retainer in the amount of $100,000. Alpert have an unpaid fees and costs of $148,065.66 for work performed for the Debtor. Alpert will also be reimbursed for reasonable out-of-pocket expenses incurred. Adam D.H. Grant, partner of Alpert Barr & Grant, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and (a) is not creditors, equity security holders or insiders of the Debtor; (b) has not been, within two years before the date of the filing of the Debtor's chapter 11 petition, directors, officers or employees of the Debtor; and (c) does not have an interest materially adverse to the interest of the estate or of any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in, the Debtor, or for any other reason. Alpert can be reached at: Adam D.H. Grant, Esq. ALPERT BARR & GRANT 6345 Balboa Blvd., Suite I-300 Encino, CA 91316-1523 Tel: (818) 881-5000 Fax: (818) 881-1150 E-mail: agrant@alpertbarr.com About Rajysan, Inc. Founded in 1984, Rajysan, Incorporated, is a wholesale distributor of industrial machinery and equipment. The Simi Valley, California-based company filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 17-11363) on July 29, 2017. In the petition signed by Gurpreet Sahani, its president, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The Debtor tapped Andrew Goodman, Esq., at Goodman Law Offices, APC, as counsel. Judge Peter Carroll oversees the case. On Aug. 31, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors in the Debtor's case. The committee retained Marshack Hays LLP as its bankruptcy counsel, and Force Ten Partners LLC as its financial advisor. On May 6, 2019, Sandra K. McBeth was appointed as Chapter 11 trustee of the Debtor's bankruptcy estate. The Trustee's bankruptcy counsel: Timothy J. Yoo Carmela T. Pagay LEVENE, NEALE, BENDER, YOO & BRILL L.L.P. Los Angeles, CA 90067 Tel: (310) 229-1234 Fax: (310) 220-1244 RESTLAND MEMORIAL: Files Chapter 11 Liquidating Plan ---------------------------------------------------- Restland Memorial Parks, Inc., filed a small business disclosure statement in support of its liquidating plan dated June 28, 2019. Class 6 under the plan consists of general unsecured creditors. The allowed unsecured claims in this class will be paid once all other obligations are paid. The Debtor is liquidating their two cemeteries in order to fund their liquidating plan. The Debtor plans on engaging a Broker to help sell the cemeteries. The allowed claims will be paid at the closing of the Sale. All funds used for payments will come from the proceeds of this liquidating sale. A copy of the Disclosure Statement dated June 28, 2019 is available at https://tinyurl.com/y4ekcrko from Pacermonitor.com at no charge. About Restland Memorial Parks Inc. Restland Memorial Parks, Inc. offers cemetery pre-need programs. Restland Memorial Parks sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 18-24151) on October 24, 2018. At the time of the filing, the Debtor had estimated assets of $1 million to $10 million and liabilities of less than $1 million. The Debtor tapped Donald R. Calaiaro, Esq., at Calaiaro Valencik as its legal counsel. RICHARDSON ACQUISITIONS: Hires Vlahantones as Accountant -------------------------------------------------------- Richardson Acquisitions Group, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Vlahantones & Tangalos, P.C., as accountant to the Debtor. Richardson Acquisitions requires Vlahantones to provide accounting review, preparation of financial statements and tax returns as may be required by the Debtor in the ordinary course. Vlahantones will be paid at the hourly rates of $185 to $225. Vlahantones will also be reimbursed for reasonable out-of-pocket expenses incurred. John P. Tangalos, partner of Vlahantones & Tangalos, P.C., 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. Vlahantones can be reached at: John P. Tangalos VLAHANTONES & TANGALOS, P.C. 43455 Schoenherr, Suite 10 Sterling Heights, MI 48313 Tel: (586) 323-1800 About Richardson Acquisitions Group Richardson Acquisitions Group, Inc., owns and operates a machine shop in Walled Lake, Michigan. Richardson Acquisitions Group filed its voluntary petition for relief under chapter 11 of the Bankruptcy Code on June 4, 2019. In the petition signed by Mason Richardson, president, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Judge Maria L. Oxholm oversees the case. Mark H. Shapiro, Esq., at STEINBERG SHAPIRO & CLARK, is the Debtor's counsel. ROBERT STEWART INC: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ No official committee of unsecured creditors has been appointed in the Chapter 11 case of Robert Stewart, Inc. as of July 11, according to a court docket. About Robert Stewart Inc. Robert Stewart, Inc. is a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). Based in Canton, Ga., Robert Stewart filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 19-58645) on June 3, 2019. In the petition signed by Brian Stewart, chief financial officer, the Debtor estimated $50,000 in assets and $1 million to $10 million in liabilities. Leslie M. Pineyro, Esq., at Jones and Walden, LLC, is the Debtor's legal counsel. ROLL ON TRANSPORTATION: Case Summary & 20 Top Unsecured Creditors ----------------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Roll on Transportation, Inc. 19-41777 1327 Burlington Street, Suite M North Kansas City, MO 64116 Roll On Logistics, LLC 19-41778 1327 Burlington Street, Ste M North Kansas City, MO 64116 Invesco, Inc. 19-41779 dba Roll On Transportation Co 1327 Burlington Street, Suite M Kansas City, MO 64116 Business Description: The Debtors provide transportation, brokerage, third party logistics, and warehouse services. Chapter 11 Petition Date: July 12, 2019 Court: United States Bankruptcy Court Western District of Missouri (Kansas City) Judges: Hon. Dennis R. Dow (19-41777 and 19-41778) Hon. Brian T. Fenimore (19-41779) Debtors' Counsel: Bradley D. McCormack, Esq. THE SADER LAW FIRM, LLC 2345 Grand Boulevard, Suite 2150 Kansas City, MO 64108-2663 Tel: 816-561-1818 Fax: 816-561-0818 Email: bmccormack@saderlawfirm.com - and - Neil S. Sader, Esq. THE SADER LAW FIRM, LLC 2345 Grand Boulevard, Suite 2150 Kansas City, MO 64108-2663 Tel: 816-561-1818 Fax: 816-561-0818 Email: nsader@saderlawfirm.com Roll on Transportation's Estimated Assets: $100,000 to $500,000 Roll on Transportation's Estimated Liabilities: $1 million to $10 million Roll On Logistics' Estimated Assets: $0 to $50,000 Roll On Logistics' Estimated Liabilities: $1 million to $10 million Invesco, Inc.'s Estimated Assets: $0 to $50,000 Invesco, Inc.'s Estimated Liabilities: $1 million to $10 million The petitions were signed by Christopher T. Troutner, president. Full-text copies of the petitions containing, among other items, lists of the Debtors' 20 largest unsecured creditors are available for free at: http://bankrupt.com/misc/mowb19-41777.pdf http://bankrupt.com/misc/mowb19-41778.pdf http://bankrupt.com/misc/mowb19-41779.pdf RONEXPRESS INC: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of RonExpress Inc., according to court dockets. About Ronexpress RonExpress, Inc., filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 19-04815) on May 22, 2019, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Buddy D. Ford, Esq., at Buddy D. Ford, P.A. The case is assigned to Judge Catherine Peek Mcewen. RUI HOLDING: Taps Epiq Corporate as Claims Agent ------------------------------------------------ RUI Holding Corp. received approval from the U.S. Bankruptcy Court for the District of Delaware to hire Epiq Corporate Restructuring, LLC as its claims and noticing agent. The firm will oversee the distribution of notices and the maintenance, processing and docketing of proofs of claim filed in the Chapter 11 cases of the company and its affiliates. The Debtors provided Epiq a retainer in the amount of $25,000 prior to their bankruptcy filing. Kathryn Tran, director of Epiq, disclosed in court filings that the firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Epiq can be reached through: Kathryn Tran Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Phone: (646) 282-2523 About RUI Holding Corp. RUI Holding Corp. and its subsidiaries -- https://www.r-u-i.com/ -- operate 18 different restaurant brands in 35 locations throughout six states. Unique restaurant concepts run by the companies include Portland City Grill, Palisade, Cutters Crabhouse, and Skates on the Bay. The companies' multi-unit brands include Kincaid's, Palomino, Henry's Tavern, Portland Seafood Company and Stanford's. The companies have 1,885 part-time hourly employees, 168 full-time restaurant salaried employees, and 50 salaried employees at their corporate headquarters in Seattle. RUI Holding and its subsidiaries sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11509) on July 7, 2019. At the time of the filing, the Debtors disclosed assets of between $50 million and $100 million and liabilities of the same range. The Debtors tapped Klehr Harrison Harvey Branzburg LLP as bankruptcy counsel; Configure Partners LLC as investment banker; Carl Marks Advisory Group LLC as restructuring advisor; and Epiq Corporate Restructuring, LLC as claims and noticing agent. RUSSELL INVESTMENTS: Moody's Alters Outlook on Ba2 CFR to Stable ---------------------------------------------------------------- Moody's Investors Service changed the outlook on Russell Investments Cayman Midco, Ltd.'s ratings to stable from negative. Concurrently, Moody's has affirmed Russell Investments' Ba2 Corporate Family Rating and the Ba2 senior secured term loan and revolving credit facility ratings. RATINGS RATIONALE "The change in outlook to stable reflects Russell Investments' success in reducing leverage, solid EBITDA growth along with improved asset flows and profitability", says Dean Ungar, Vice President -- Senior Analyst. In May 2018, Russell Investments announced a $300 million upsizing to its existing $838 million senior term loan to pay a special dividend to its owners. The add-on increased the company's leverage to 5.2x from 4.0x. Since then Russell has been successful in deleveraging through organic EBITDA growth with debt-to-EBITDA improving to 4.1x, as of 31 March 2019. The EBITDA growth has resulted mainly from management's successful and ongoing cost reduction program. The change in outlook to stable also reflects Russell Investments' improved asset flows, which were positive over the 12-month period as of 31 March 2019, as well as significantly improved profitability. The company's pre-tax income margin was 14.1% in 2018 and the last 12 months as of 31 March 2019. Prior to 2018, the PTI margin had been consistently below 10%. The Ba2 corporate family rating continues to be supported by the company's solid business profile, underpinned by its (1) large recurring revenue base; (2) strong AUM retention rates; and (3) high geographic diversification. Although there has been improvement in the following areas, the company's rating continues to reflect high leverage, low profitability and aggressive financial policies. Organic growth, which had been weak in recent years, benefited from significant new mandates in Q1 2019 in the outsourced chief investment officer (OCIO) market. Russell Investments is a leader OCIO market, which has been experiencing solid growth in recent years as institutions seek more resources and fiduciary oversight. However, the company's asset growth has not kept pace with overall OCIO growth in recent years (until Q1 2019) because its focus has been in the lower growth defined benefit plan segment of the OCIO market. The following factors would put upward pressure on the Russell Investments' ratings: leverage sustained below 3.5x; the PTI margin sustained above 15%; sustained organic growth. Conversely, the following factors would put downward pressure on Russell Investments' ratings: leverage above 4.5x; AUM declines 10% or more in a one-year period; another dividend recapitalization loan. LIST OF AFFECTED RATINGS Issuer: Russell Investments Cayman Midco, Ltd. Affirmations: Corporate Family Rating, Affirmed Ba2 Probability of Default Rating, Affirmed Ba2-PD Outlook Actions: Outlook, Changed to Stable from Negative Issuer: Russell Investments US Institutional Holdco, Inc./Russell Investments US Retail Holdco, Inc., as co-borrowers: $1,138 million senior secured term loan, Affirmed Ba2 $50 million senior secured revolving credit facility, Affirmed Ba2 Outlook Actions: Outlook, Changed to Stable from Negative RYAN HINTON: Hires Dicks & Workman as Special Counsel ----------------------------------------------------- Ryan Hinton, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Idaho to employ Dicks & Workman Attorneys at Law, APC, as special counsel to the Debtor. Ryan Hinton requires Dicks & Workman to represent the Debtor in the action titled National Funding, Inc. v. Ryan Hinton, Inc., et al., Case No. 30-2018-01026023-CU-BC-CJC, Superior Court of the State of California, Orange County, relating to claims for damages resulting from an alleged breach of contract. The said action was removed to the U.S. District Court for the Southern District of California with Case No. 3:18-cv-02818-AJB. Dicks & Workman will be paid at these hourly rates: Attorneys $400 Paralegals $150 Dicks & Workman will be paid a retainer in the amount of $7,500. Dicks & Workman will also be reimbursed for reasonable out-of-pocket expenses incurred. Linda G. Workman, partner of Dicks & Workman Attorneys at Law, APC, 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. Dicks & Workman can be reached at: Linda G. Workman, Esq. DICKS & WORKMAN ATTORNEYS AT LAW, APC 2720 Symphony Towers 750 B St. San Diego, CA 92101 Tel: (619) 685-6800 About Ryan Hinton, Inc. Ryan Hinton Inc. -- https://ryanhintoninc.com/ -- is a family-owned company that offers over-the-road (OTR) trucking services. Ryan Hinton sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 19-40481) on May 20, 2019. At the time of the filing, the Debtor disclosed $4,417,715 in assets and $5,821,757 in liabilities. The case is assigned to Judge Jim D. Pappas. Angstman Johnson is the Debtor's legal counsel. SANABI INVESTMENTS: Robert Angueira Named Ch. 11 Trustee -------------------------------------------------------- Judgeg Laurel M. Isicoff of the U.S. Bankruptcy Court for the Southern District of Florida approved the appointment of Robert A. Angueira as Chapter 11 Trustee for Sanabi Investments, L.L.C. About Sanabi Investments Sanabi Investments, L.L.C. filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 18-16699) on June 1, 2018. In the petition signed by Saady Bijani, managing member, the Debtor estimated $50,000 to $100,000 in assets and $500,000 to $1 million in liabilities. Chad T. Van Horn, Esq., at the Law Offices of Alla Kachan, P.C., is the Debtor's counsel. SANDRA W. RUTHERFORD: Hires Jay Rutherford Jr.as Estate Manager --------------------------------------------------------------- The Sandra W. Rutherford Revocable Trust Agreement, seeks authority from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Jay Rutherford Jr., as manager to the estate. Sandra W. Rutherford requires Jay Rutherford Jr. to market and sell the real property of the Debtor consisting of five separate Bojangles restaurants. Jay Rutherford Jr. will be paid $4,000 per month. Jay Rutherford Jr. will also be reimbursed for reasonable out-of-pocket expenses incurred. To the best of the Debtor's knowledge, Jay Rutherford Jr. is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. About The Sandra W. Rutherford Revocable Trust Agreement Sandra W. Rutherford Revocable Trust Agreement Dated May 2, 2005, As A Business Trust is a business trust in Lexington, Kentucky. Sandra W. Rutherford sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 18-30475) on Nov. 14, 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. Judge Frank W. Volk oversees the case. The Debtor tapped Caldwell & Riffee as its legal counsel. SANDS RENTAL: Plan and Disclosures Hearing Set for Aug. 14 ---------------------------------------------------------- Bankruptcy Judge John T. Laney conditionally approved The Sands Rental Properties, LLC's small business disclosure statement referring to its chapter 11 plan. August 7, 2019 is fixed as the last day for filing written acceptances or rejections of the plan and the last day for filing and serving written objections to the disclosure statement and confirmation of the plan. August 14, 2019 at 2:00 PM at U.S. Bankruptcy Court, One Arsenal Place, Suite 309, 901 Front Avenue, Columbus, Georgia 31901 is fixed for the hearing on final approval of the disclosure statement and for the hearing on confirmation of the plan. The Troubled Company Reporter previously reported that unsecured creditors will get 100% in 60 monthly payments under the plan. A full-text copy of the Disclosure Statement dated June 26, 2019, is available at http://tinyurl.com/y3527wjlfrom PacerMonitor.com at no charge. About The Sands Rental Properties The Sands Rental Properties LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 18-71039) on Aug. 31, 2018. At the time of the filing, the Debtor estimated assets of less than $500,000 and liabilities of less than $500,000. Judge John T. Laney III presides over the case. SAVVY CHIC: Aug. 27 Plan Confirmation Hearing --------------------------------------------- The Disclosure Statement explaining the Chapter 11 Plan filed by Savvy Chic Management, Inc., is approved. August 27, 2019 at 9:30 a.m. is fixed for the hearing on Confirmation of the Plan. August 22, 2019 is fixed as the last day for filing and serving written objections to confirmation of the Plan. A full-text copy of the Disclosure Statement dated May 30, 2019, is available at https://tinyurl.com/y4m28rdt from PacerMonitor.com at no charge. Based in Frisco, Texas, Savvy Chic Management, Inc., filed a Chapter 11 petition (Bankr. E.D. Tex. Case No. 19-40196) on January 25, 2019, and is represented by Eric A. Liepins, Esq. SEAGRAPE ENTERPRISES: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Seagrape Enterprises Apalachicola, Inc. dba Apalachicola River Inn dba Caroline's River Dining dba Roseate Spoonbill Lounge 1406 NW Reaper Church Rd. Greenville, FL 32331 Business Description: Seagrape Enterprises Apalachicola, Inc. operates short-term lodging facilities, including hotels and motels. Chapter 11 Petition Date: July 12, 2019 Court: United States Bankruptcy Court Northern District of Florida (Tallahassee) Case No.: 19-40358 Judge: Hon. Karen K. Specie Debtor's Counsel: Robert C. Bruner, Esq. BRUNER WRIGHT, P.A. 2810 Remington Green Circle Tallahassee, FL 32308 Tel: 850-385-0342 Fax: 850-270-2441 E-mail: rbruner@brunerwright.com - and - Byron Wright, III, Esq. BRUNER WRIGHT, P.A. 2810 Remington Green Circle Tallahassee, FL 32308 Tel: 850-385-0342 E-mail: twright@brunerwright.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Caroline C.T. Maddren, 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/flnb19-40358.pdf SECURED CAPITAL: Unsecureds to Get Cash From Sale Proceeds ---------------------------------------------------------- Secured Capital Partners, LLC, proposes a Chapter 11 Plan and accompanying disclosure statement. Class 7 General Unsecured Claims are impaired. Each holder of an Allowed General Unsecured Claim, in full satisfaction, settlement, release, and discharge of and in exchange for such Allowed General Unsecured Claim, shall receive Cash from the Sale Proceeds in an amount equal to its Pro Rata share of Unsecured Distributable Sale Proceeds on the later of (y) the Effective Date, or (z) when such General Unsecured Claim becomes Allowed. Class 8 Interests in Debtor are impaired. The holder of Allowed Interests in the Debtor, in full satisfaction, settlement, release, and discharge of and in exchange for such Allowed Interests in the Debtor, shall receive (i) any Final Distributable Sale Proceeds, and (ii) 100% of the shares of New Membership Interests. All Cash necessary for the Reorganized Debtor to (a) make payments, through the Disbursing Agent, required by this Plan, and (b) for post-Confirmation operations shall be obtained from (x) existing Cash held by the Reorganized Debtor on the Effective Date, (y) proceeds from any Retained Actions, and (z) Sale Proceeds generated by the Sale Process. A full-text copy of the Disclosure Statement dated July 2, 2019, is available at https://tinyurl.com/y625vq6d from PacerMonitor.com at no charge. The Plan was filed by Robbin Itkin, Esq., David M. Riley, Esq., at DLA Piper LLP (US), in Los Angeles, California; and Joshua D. Morse, Esq., at DLA Piper LLP (US), in San Francisco, California. About Secured Capital Partners, LLC Secured Capital Partners, LLC, a privately held company in Beverly Hills, Calif., filed a voluntary Chapter 11 petition (Bankr. C.D. Cal. Case No. 19-16243) on May 29, 2019. In the petition signed by Franco Noval, managing member, the Debtor estimated $100,000 to $500,000 in assets and $50 million to $100 million in liabilities. The case has been assigned to Judge Barry Russell. Daniel A. Lev, Esq., at SulmeyerKupetz, A Professional Corporation, represents the Debtor as counsel. SHALE SUPPORT: Case Summary & 40 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: Shale Support Global Holdings, LLC 600 Jefferson Street, Suite 602 Lafayette, LA 70501 Business Description: Shale Support -- https://shalesupport.com -- is a privately owned, vertically integrated proppant supplier to the exploration and production sector of the oil and gas industry. The Debtors' proppants are comprised of monocrystalline sand (i.e., "frac sand") designed to keep an induced hydraulic fracture open to enhance oil and gas product recovery in unconventional shale deposits. Chapter 11 Petition Date: July 11, 2019 Eight affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Shale Support Global Holdings, LLC (Lead Case) 19-33884 Stanton Rail Yard, LLC 19-33879 Southton Rail Yard, LLC 19-33882 Shale Support Holdings, LLC 19-33886 Drying Facility Assets Holding, LLC 19-33888 Shale Energy Support, LLC 19-33889 Mine Assets Holding, LLC 19-33890 Wet Mine Assets Holding, LLC 19-33891 Court: United States Bankruptcy Court Southern District of Texas (Houston) Judge: Hon. David R. Jones Debtors' Counsel: Shari L. Heyen, Esq. Karl D. Burrer, Esq. David R. Eastlake, Esq. GREENBERG TRAURIG, LLP 1000 Louisiana St., Suite 1700 Houston, Texas 77002 Tel: (713) 374-3500 Fax: (713) 374-3505 Email: HeyenS@gtlaw.com Burrerk@gtlaw.com EastlakeD@gtlaw.com Debtors' Financial Advisor: ALVAREZ & MARSAL Debtors' Investment Banker: PIPER JAFFRAY & CO. Debtors' Notice, Claims, & Balloting Agent and Administrative Advisor: DONLIN, RECANO & COMPANY, INC. Re: Shale Support Global Holdings, LLC, et al. P.O. Box 199043 Blythebourne Station Brooklyn, NY 11219 Toll Free Tel: 1 (866) 521-4424 Fax: 1 (212) 481-1416 Email: ssghinfo@donlinrecano.com https://www.donlinrecano.com/Clients/ssgh/Index Shale Support Global's Total Assets as of May 31, 2019: $3,150,225 Shale Support Global's Total Debts as of May 31, 2019: $127,899,025 The petitions were signed by Gary Barton, chief restructuring officer. A full-text copy of Shale Support Global's petition is available for free at: http://bankrupt.com/misc/txsb19-33884.pdf Consolidated List of Debtors' 40 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Coyote Logistics, LLC Settlement $3,600,000 2545 W Diversey Ave, 3rd Floor Agreement Chicago, IL 60647 Jason Rice Vice President and General Counsel Tel: 877-626-9683 Email: jason.rice@coyote.com 2. J. Patrick Lee Construction, LLC Trade Payable $1,396,260 1561 West Union Road Picayune, MS 39466 J. Patrick Lee, Owner Tel: 601-916-2319 3. Trinity Industries Leasing Co. Trade Payable $1,371,304 2525 N. Stemmons Freeway Dallas, TX 75207 Timothy R. Wallace Chief Executive Officer Tel: 800-631-4420 Email: tim.wallace@trin.net 4. VTG Rail, Inc. Trade Payable $958,000 103 West Vandalia EDW Ardsville, IL 62025 Dr. Heiko Fischer Chairman of the Executive Board Tel: 618-343-0600 Email: heiko.fischer@vtg.com 5. CIT Railcars Funding Trade Payable $653,509 Company, LLC c/o The CIT Group/Equip Fnan, Inc. 30 S. Wacker Drive Suite 2900 Chicago, IL 60606 Jeff Lytle, President Tel: 312-906-5701 Email: jeffrey.lytle@cit.com 6. Carbo Ceramics Trade Payable/ $650,000 575 N. Dairy Ashford R. Settlement Suite 300 Agreement Houston, TX 77079 Gary A. Kolstad President and Chief Executive Officer Tel: 281-921-6400 Email: gary.kolstad@carboceramics.com 7. Wells Fargo Rail Corporation Trade Payable $642,900 9377 W. Higgins Road, Suite 600 Rosemont, IL 60018 Lori Heissler Chief Operating Officer Tel: 847-318-7575 Fax: 847-318-7588 Email: loriheissler@wellsfargo.com 8. Norfolk Southern Trade Payable $617,441 Railway Company Three Commercial Place Norfolk, VA 23510 James A. Squires Chairman, President, and Chief Executive Officer Tel: (757) 629-2845 Email: james.squires@nscorp.com 9. Retif Oil & Fuel Trade Payable $596,876 1840 Jutland Drive Harvey, LA 70058 Kenneth J. Retif Chief Executive Officer Tel: 504-349-9000 Email: kretif@retif.com 10. CIG Logistics Services, LLC Trade Payable $420,365 420 Throckmorton, Suite 550 Forth Worth, TX 76102 Jonathan Green Chief Executive Officer Tel: 817-768-6391 Fax: (817) 768-6394 Email: jonathan@ciglogistics.com 11. Pan American Railway Company Trade Payable $386,532 5718 Westheimer Suite 800 Houston, TX 77057 Gerardo Saavedra, Vice President Tel: 281-292-0054 Email: gsaavedra@ancaf.com 12. Tidewater Logistics Trade Payable $370,633 Operating LLC 706 Aviator Drive Fort Worth, TX 76179 Scott Spence, President Tel: 855-718-9564 Email: scott@twlog.com 13. Badger Mining Corporation Trade Payable $329,278 409 S. Church St. Berline, WI 54923 Shelly Bernhagen Logistics Director Tel: 800-932-7263 Email: sbernhagen@badgerminingcorp.com 14. Chicago Freight Car Leasing Co. Trade Payable $327,691 425 N. Martingale Rd, 6th Floor Schaumberg, IL 60173 Paul Deasy, President Tel: 847-318-8000 Email: paul.deasy@crdx.com 15. Shale Rail, LLC Trade Payable $306,345 201 Lackawanna Ave, Suite 301 Scranton, PA 18503 Thomas Coleman Vice President - Business Development Tel: 570-963-0717 Fax: 570-963-5755 Email: t_coleman@shalerail.com 16. Puckett Machinery Company Trade Payable $260,029 100 Caterpillar Drive Flowood, MS 39232 Hastings Puckett, President Tel: 601-969-6000 Email: hastings.puckett@puckettmachinery.com 17. Union Pacific Railroad Company Trade Payable $160,260 1400 Douglas Street Omaha, NE 68179 Lance M. Fritz Chairman, President and Chief Executive Officer Tel: 402-544-5000 Email: lfritz@up.com 18. Storage & Transfer Trade Payable $141,910 Technologies, Inc. 8485 Parkhill Drive Milton, ON L9T 5E9 Canada John Wilby Chief Financial Officer Tel: 905-693-9301 Email: jwilby@sttenvirocorp.com 19. Rail Logix Lacassine, LLC Trade Payable $139,485 3330 S. Sam Houston Parkway E. Houston, TX 77047 Michael J. Plank Chairman and Chief Executive Officer Tel: 713-962-3200 Email: mplank@rail-logix.com 20. Industrial Accessories Company Trade Payable $132,804 4800 Lamar Ave Mission, KS 66202 Glenn A. Smith, Jr. Tel: 913-384-5511 Fax: 913-384-6577 Email: gsmith@iac-intl.com 21. Lyle Machinery Trade Payable $121,554 650 Highway 49 South Richland, MS 39218 Daniel Lyle, President Tel: 601-939-4000 Fax: 601-939-8440 Email: dlyle@lylemachinery.com 22. Coast Electric Trade Payable $112,486 Power Association Robert J. Occhi Headquarters Building 18020 Hwy. 603 Kiln, MS 39556 Ron Barnes President and Chief Executive Officer Tel: 228-363-7000 Email: ronbarnes@coastepa.com 23. Conveying & Screening Trade Payable $99,937 Machinery, LLC 46391 Hwy 16 Pine Grove, LA 70453 Duke Minton, President Tel: 225-777-3490 Email: duke@conveyingandscreening.com 24. Blue Cross Blue Shield Trade Payable $85,731 225 North Michigan Ave. Chicago, IL 60601 Scott Serota President and Chief Executive Officer Tel: 202-942-1082 Email: press@bcsba.com 25. Lumpkin Repair Service Trade Payable $83,694 16 R Lumpkin Ln Carriere, MS 39426 Chris Lumpkin Managing Member Tel: 601-798-2027 Fax: 601-798-2737 26. Opportune, LLP Trade Payable $73,197 711 Louisiana St., Ste 3100 Houston, TX 77002 Josh Sherman, Partner Tel: 713-490-5050 Email: jsherman@opportune.com 27. New Orleans Republic Railroad Trade Payable $72,724 Corporation 4822 Tchoupitoulas St. New Orleans, LA 70115 Brandy Christian Chief Executive Officer Tel: 504-896-7409 Email: brandy.christian@portnola.com 28. Pearce Pump Supply, Inc. Trade Payable $63,083 16161 Airline Highway Prairieville, LA 70769 Charles Walker, Owner Tel: 225-673-6188 Fax: 225-673-8106 Email: cwalker@pearceusa.com 29. Patriot Construction & Trade Payable $60,000 Industrial, LLC 1026 Toby Mouton Rd Duson, LA 70529 Ben Leblanc Chief Executive Officer Tel: 337-935-6314 Fax: 886-796-4178 Email: hr@patriot-construction.com 30. Gadsden Industrial Park, LLC Trade Payable $57,072 174 South 26th Street Gadsden, AL 35904 Wanda Gipson Tel: 256-543-1960 Email: wgipson@gadsdenindustrialpark.com 31. Action Testing Labs Trade Payable $48,387 161 Kenmore Avenue Biloxi, MS 39561 Leland Creel, Principal Tel: 228-229-2946 32. HRL Contracting Trade Payable $46,625 311 Acorn Lane Picayune, MS 39466 Hensley R. Lee, President Tel: (601) 799-1335 Fax: (601) 799-1336 Email: hensley@hrlcontracting.com 33. Hydro Tube On, LLC Trade Payable $45,524 15227 Big John Road Biloxi, MS 39532 Murray Moran, Principal Tel: 228-348-1264 34. Racca Solutions Group Trade Payable $44,093 6700 Woodlands Pkwy, Ste 230-254 The Woodlands, TX 77382 Stacy Racca, President Tel: 832-509-5744 Fax: 832-509-3224 Email: stacy.racca@raccasolutions.com 35. United Rentals Trade Payable $41,026 100 First Stamford Place, Suite 700 Stamford, CT 06902 Ted Grace Vice President, Investor Relations Tel: 203-618-7122 Email: tgrace@ur.com 36. Caterpillar Financial Trade Payable $40,554 Services Corp 2120 West End Avenue Nashville, TN 37203 Ramsey James Customer Solutions Manager Tel: 800-651-0567 Email: ramsey.james@cat.com 37. Hydra Works, LLC Trade Payable $38,133 60185 Camp Villere Rd Slidell, LA 70460 Gene Bourgeois, Owner Tel: 985-645-8726 Fax: 985-645-8678 38. Raven Creative, LLC Trade Payable $37,375 EEPB, PC Attn: Ryan Kelting 2950 North Loop West Suite 1200 Houston, TX 77092 c/o Ryan Kelting Tel: 832-913-5771 Email: ryan.kelting@eepb.com 39. Prairie Transportation Trade Payable $37,137 110 E. Main Street, #320 Ottawa, IL 61350 Robert Smith, President Tel: 800-929-8003 Fax: 815-433-0531 Email: bob.smith@prairietrans.com 40. Plant Materials, LLC Arbitration Undetermined c/o Gunn, Lee & Cave, P.C. 8023 Vantage Drive, Suite 1500 San Antonio, TX 78230 Ted D. Lee & Nick Guin, Counsel Tel: 210-866-9500 Fax: 210-886-9883 Email: tedlee@gunn-lee.com nickguinn@gunn-lee.com SILVER CREEK: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Silver Creek Services, Inc. 601 Technology Drive, Suite 310 Canonsburg, PA 15317 Business Description: Silver Creek Services Inc. is an oil & gas field services provider, including fracturing, flowback, and production testing. Chapter 11 Petition Date: July 11, 2019 Court: United States Bankruptcy Court Western District of Pennsylvania (Pittsburgh) Case No.: 19-22775 Judge: Hon. Thomas P. Agresti Debtor's Counsel: Robert O. Lampl, Esq. ROBERT O LAMPL LAW OFFICE Benedum Trees Building 223 Fourth Avenue, 4th Floor Pittsburgh, PA 15222 Tel: 412-392-0330 Fax: 412-392-0335 E-mail: rol@lampllaw.com rlampl@lampllaw.com Total Assets: $6,385,000 Total Liabilities: $11,922,381 The petition was signed by Michael Didier, chief executive officer. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/pawb19-22775.pdf SOFTWARE OPS: Unsecureds to Get $10,000 Over 5 Years ---------------------------------------------------- Joseph Michels, Lynn Michels and Software Ops, LLC, filed a Chapter 11 plan and accompanying disclosure statement. Class II(a) - General Unsecured Creditors (Software Ops) are impaired. Class II(a) consists of all Allowed Unsecured Claims against Software Ops that are not entitled to classification in any other Class. Software Ops shall pay holders of Class II(a)Claims their Pro Rata share of $10,000 over five years. The Class II(a) Claims shall not accrue interest. Class I(a) - Secured Claim of Western Alliance (Software Ops) are impaired. The Class I(a) Claim shall accrue interest from the Confirmation Date at a rate of 5% per annum. Software Ops shall pay the Class I(a) in full through thirty-six (36) equal monthly payments of $1,198.84 beginning ten (10) days after the Confirmation Date. Class I(b) - Secured Claim of TIAA (Michels). Class I(b) shall hold a total Allowed Claim in the amount set forth in the applicable pre-petition mortgage documents, including interest, approximately $801,656.35, including a pre-petition arrearage of $421.32. The Michels shall cure any pre-petition arrearage on the Effective Date and continue payment to Class I(b) pursuant to the terms contained in applicable pre-petition mortgage documents. Class I(c) - Secured Claim of the Bradleys (Michels) are impaired. The Class I(c) Claim shall accrue interest from the Effective Date at a rate of 5% per annum. The Michels shall pay Class I(c) in full through sixty (60) equal monthly payments of $188.71 beginning on the Effective Date. Class II(b) - General Unsecured Creditors (Michels) are impaired. Class II(b) consists of all Allowed Unsecured Claims against the Michels that are not entitled to classification in any other Class. The Michels shall pay holders of Class II(b) Claims their Pro Rata share of $22,500 over five years. The Class II(b) Claims shall not accrue interest. The Michels shall make an initial payment of $2,500 to Class II(b) on the Effective Date from the New Value infusion. The Debtors will fund Plan payments going forward primarily through the royalties received from MEO. The Debtors will fund continued payments under the Plan through post-petition revenue and income. A full-text copy of the Disclosure Statement dated July 2, 2019, is available at https://tinyurl.com/y6s9npty from PacerMonitor.com at no charge. The Plan was filed by Michael A. Jones, Esq., and David B. Nelson, Esq., at Allen Barnes & Jones, PLC, in Phoenix, Arizona, on behalf of the Debtors. About Software Ops Based in Scottsdale, Arizona, Software Ops LLC -- http://www.softwareops.com/-- a full service company that builds mobile app systems for both startups and enterprise businesses, filed a voluntary Chapter 11 Petition (Bankr. D. Ariz. Case No. 19-06831) on June 3, 2019. The case is assigned to Hon. Scott H. Gan. The Debtor's counsel is Thomas H. Allen, Esq., at Allen Barnes & Jones, PLC, in Phoenix, Arizona. At the time of filing, the Debtor had estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. The petition was signed by Joseph Michels, manager. The Chapter 11 cases of Software Ops, LLC, and Joseph L. Michels and Lynn M. Michels are jointly administered under Case No. 19-06831. SPRINGFIELD MEDICAL: Seeks to Hire Bernstein Shur as Counsel ------------------------------------------------------------ Springfield Medical Care Systems, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Vermont to employ Bernstein Shur Sawyer & Nelson, P.A., as counsel to the Debtor. Springfield Medical requires Bernstein Shur to: (a) advise the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, Local Rules, and the Office of the United States Trustee, as they pertain to the Debtor; (b) advise the Debtor with regard to certain rights and remedies of the bankruptcy estate and rights, claims, and interests of creditors and bringing such claims as the Debtor, in its business judgment, pursues; (c) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving the estate, unless the Debtor is represented in such proceeding or hearing by other special counsel; (d) conduct examinations of witnesses, claimants, or adverse parties, and represent the Debtor in any adversary proceeding; (e) review and analyze various claims of the Debtor's creditors and treatment of such claims and prepare, file, or prosecute any objections thereto or initiate appropriate proceedings regarding leases or contracts to be rejected or assumed; (f) prepare and assist the Debtor with the preparation of reports, applications, pleadings, motions, and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statements of financial affairs, cash collateral motion papers, and motions with respect to the Debtor's use of estate property; (g) assist the Debtor in the negotiation, formulation, preparation, and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in connection with the plan of reorganization or a sale of the Debtor's assets, should that be appropriate; and (h) perform any other services that may be appropriate in the Firm's representation of the Debtor in the Bankruptcy Case. Bernstein Shur will be paid at these hourly rates: Attorneys $210 to $380 Paraprofessionals $190 to $225 The Debtor paid Bernstein Shur a retainer in the amount of $17,486.75. Bernstein Shur will also be reimbursed for reasonable out-of-pocket expenses incurred. D. Sam Anderson, partner of Bernstein Shur Sawyer & Nelson, P.A., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Bernstein Shur can be reached at: D. Sam Anderson, Esq. BERNSTEIN SHUR SAWYER & NELSON, P.A. 100 Middle Street West Tower Portland, ME 04101 Tel: (207) 774-1200 About Springfield Medical Care Systems Springfield Medical Care Systems -- https://springfieldmed.org/ -- is a 501(c) non-profit corporation, founded in 2009, as the parent corporation to its nine-site federally-qualified community health center network and Springfield Hospital. The Company's healthcare system integrates primary care, behavioral health, dental, vision, and hospital care with a broad network of community-based services. Springfield Medical Care Systems filed a Chapter 11 bankruptcy petition (Bankr. D. Vt. Case No. 19-10285) on June 26, 2019. Springfield Medical estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Debtor hired Bernstein Shur Sawyer & Nelson, P.A., as counsel. STEARNS HOLDINGS: To Market Test Blackstone's $60M Investment ------------------------------------------------------------- Stearns Lending, LLC, the 20th largest mortgage lender in the U.S., has sought Chapter 11 protection with a restructuring plan that will let majority equity holder Blackstone retain control of the company. "[T]he Debtors have a value-maximizing plan with Blackstone that will allow the Debtors to continue operating as a going concern while preserving approximately 2,700 jobs. That plan will be subjected to a thorough market test, thereby affording the noteholders the highest cash recovery possible. And the Debtors will have ample funding for the process by virtue of the significant support of Blackstone and the Debtors' warehouse lenders that will allow the Debtors, their joint ventures and preferred partners to continue operating in the ordinary course without interruption," Stephen Smith, explained in court filings. Under the proposed bankruptcy-exit plan filed by the Debtors, Blackstone will contribute $60 million of new money in exchange for 100% of the equity in reorganized Stearns Holdings LLC upon the effective date of the Plan. Blackstone, as plan sponsor, has agreed to inject $60 million in cash into the Debtors, all of which is earmarked to cash out the notes. Under the plan, the reorganized enterprise will assume all obligations to the agencies, including Fannie Mae, Freddie Mac and Ginnie Mae, and to the Debtors' other investors. A hearing to consider approval of the disclosure statement explaining the terms of the Plan is set for Aug. 22, 2019 at 10:00 a.m. (Eastern Time). No Credit Bidding The Debtors and Blackstone are prepared to subject Blackstone's proposal to a market test. To that end, the Debtors have filed a motion to establish procedures by which other interested parties can bid on the opportunity to serve as plan sponsor in place of Blackstone. Via this process, the market will establish the "indubitable equivalence" of the secured component of the noteholders' claims. Under the procedures, all bids must be in cash -- including any bid from the noteholders -- and all bidders must assume all obligations to the agencies and investors. No one, including the noteholders, will be allowed to credit bid. Proposals are due Aug. 22, 2019, at 4:00 p.m. (Eastern Time). Blackstone will receive no break-up fee for serving as stalking horse plan sponsor. PIMCO's Rival Proposal The noteholders advised the Debtors they do not want to own the enterprise. This market-tested, cash-out approach therefore will afford them what they have asked for. Days before the commencement of the Chapter 11 cases, Pacific Investment Management Company LLC ("PIMCO") forwarded to the Debtors a restructuring proposal virtually identical to the Debtors' approach, i.e., PIMCO proposed a sale of the Debtors' business as a going concern under chapter 11 of the Bankruptcy Code. PIMCO's proposed timeline was very similar to the Debtors' proposed timeline as well. The market process will run for the next 30 days, a period more than sufficient in light of the Debtors' pre-petition marketing efforts. This period will run concurrently with the period required in connection with the hearing on the disclosure statement. Once the successful plan sponsor and bid are identified at the conclusion of the market process, the disclosure statement will be amended accordingly and, assuming the Court approves it, the plan will be sent out for a vote by impaired creditors. There is one structural difference between the Debtors' plan and PIMCO's proposal. Whereas PIMCO suggested an asset sale under Section 363 of the Bankruptcy Code, the Debtors propose to leave their assets in their existing entity structure while auctioning the right to serve as plan sponsor, which will entail a new money investment in the "top" entity in exchange for all the equity in that reorganized entity. Proceeds from that investment will be used to cash out the notes. The Debtors prefer this approach because the very large number of federal and state licenses necessary to operate the Debtors' business cannot be transferred in an asset sale. The licenses remain with the entities. The licensing process is very involved and protracted and can take up to nine months in some jurisdictions. Such a process therefore can chill potential bidding from unlicensed bidders. The Debtors' proposed structure avoids these difficulties and delays altogether, thereby allowing a more expedited process. Prepetition Capital Structure The Debtors' prepetition debt obligations are comprised of secured notes and warehouse facilities. On August 8, 2013, prior to Blackstone's acquisition of the business, Stearns Holdings sold senior secured notes in the amount of $250 million. Those notes mature on Aug. 15, 2020 and have a fixed annual interest rate of 9.375%. Wilmington Trust, National Association, is the indenture trustee and collateral agent of the notes. The current outstanding balance of the senior secured notes is approximately $183 million. Various funds affiliated with Pacific Investment Management Company LLC ("PIMCO") collectively own 67% of the outstanding principal balance of the notes. The Debtors finance their mortgage origination business through warehouse lending facilities. The Debtors' warehouse facilities are structured as repurchase agreements. The Debtors, through Debtor Stearns Lending, collectively have four repurchase agreements with four lending institutions: (i) Bank of America, N.A., (ii) Texas Capital Bank, National Association, (iii) Wells Fargo Bank, N.A., and (iv) Barclays Bank PLC (each a "Prepetition Repo Facility" and, collectively, the "Prepetition Repo Facilities"). Prior to the Petition Date, there was $1.1 billion of collective availability under the Prepetition Repo Facilities. DIP Financing Prior to the filing of these cases, the Debtors solicited proposals from several lending sources to serve as warehouse lenders on a postpetition basis. The Debtors received significant interest and proposals from numerous lenders. As a result of this competitive process, the Debtors have obtained highly beneficial commitments in the amount of $1.5 billion from Barclays Bank PLC and Nomura Corporate Funding Americas, LLC (the "DIP Repo Lenders") to provide warehouse financing postpetition so the Debtors can continue originating mortgage loans consistent with past practice without interruption (the "DIP Repo Facility"). To afford the DIP Repo Lenders comfort in the viability of the Debtors' restructuring, and to induce them to provide warehouse financing at favorable rates, Blackstone has agreed to provide a limited guarantee of the DIP Repo Lenders' exposure by providing first-loss coverage to them under the DIP Repo Facility. Blackstone is doing the same with respect to the separate warehouse facilities maintained by the joint ventures and preferred partners. Additionally, Blackstone has agreed to provide to the Debtors in possession financing in the total amount of $35 million, secured by liens on substantially all the Debtors' assets other than mortgages and related assets that the warehouse lenders are financing. This financing (the "Cash Flow DIP Facility") will be utilized for the payment of general operating expenses such as payroll, vendors, and related matters. The Debtors have determined to enter into the Cash Flow DIP Facility after having conducted a separate process for such funding. Anticipated borrowings under the Cash Flow DIP Facility are projected to be very limited because the Debtors project significant cash flow from operations that will cover substantially all their operating expenses, including professional fees and related costs necessary to the process. The Cash Flow DIP Facility will be secured by a lien that primes the prepetition lien of the noteholders. However, the Debtors believe that the noteholders will be protected and their collateral value enhanced by the Cash Flow DIP Facility. Moreover, the Debtors will consider any financing proposal the Noteholders may choose to make. They, in fact, submitted a proposal very shortly before the Petition Date, but it contained a number of open items and was subject to diligence. The Debtors nonetheless will work with the noteholders, to the extent they are amenable, for them to take over the Cash Flow DIP Facility in connection with any final hearing if the terms are otherwise acceptable to the Debtors. About Stearns Holdings Stearns Lending, LLC is a provider of mortgage lending services in Wholesale, Retail, Strategic Alliances, Non-Delegated Correspondent and Financial Institutions sectors throughout the United States. Stearns Lending is an equal housing lender and is licensed to conduct business in 49 states and the District of Columbia. Additionally, Stearns Lending is an approved HUD (United States Department of Housing and Urban Development) lender; a Single Family Issuer for Ginnie Mae (Government National Mortgage Association); an approved Seller/Servicer for Fannie Mae (Federal National Mortgage Association); and an approved Seller/Servicer for Freddie Mac (Federal Home Loan Mortgage Corporation). Stearns Lending is also approved as a VA (United States Department of Veterans Affairs) lender, a USDA (United States Department of Agriculture) lender, and is an approved lending institution with FHA (Federal Housing Administration). Stearns Lending is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707. Stearns Holdings, LLC and six subsidiaries, including Stearns Lending, LLC, each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-12226) on July 9, 2019. Stearns estimated assets of $1 billion to $10 billion and liabilities of the same range as of the bankruptcy filing. Stearns' cases have been assigned to the Honorable Shelley C. Chapman. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Stearns, PJT Partners is serving as its financial advisor and Alvarez & Marsalis serving as its restructuring advisor. Prime Clerk LLC is the claims and noticing agent, maintaining the sites https://cases.primeclerk.com/stearns and http://www.stearnsrestructuring.com/ SUNTEC ALUMINUM: Unsecureds to Get 10% in 36 Monthly Installments ----------------------------------------------------------------- Suntec Aluminum, LLC, filed a Chapter 11 plan and accompanying disclosure statement proposing that holders of General Unsecured Claims will receive a distribution equal to 10% of such holders allowed unsecured claim, which will be paid without interest in 36 equal monthly installments beginning on the first day of the month immediately after the Effective Date of the Plan, plus a pro-rata amount of the Litigation Recoveries, up to 100% of the allowed amount of each allowed claim. Class number 3 - Unsecured Convenience Class are impaired. Holders of Claims in this Class will receive a one-time payment, within 10 days after the Effective Date, in the amount equal to 75% of the allowed amount of the claim. Class Number 4 - Equity Interest of Trevor Reiland. The equity interest of Trevor Reiland, equal to a 100% interest in the Debtor, shall be re-vested in full upon confirmation, in return for Reiland's anticipated agreement to make equity contributions to fund day to day normal overhead operational shortfalls experienced by the Debtor during the period after confirmation of the Debtor's plan and through the completion of all plan payments. The contributions shall constitute new equity and new value for purpose of the absolute priority rule. The cash payments under this Plan have been and/or will be generated from cash on hand on the Effective Date, revenue earned from the Debtor's construction business, the Litigation Recoveries and new equity contributions from Trevor Reiland. A full-text copy of the Disclosure Statement dated July 3, 2019, is available at https://tinyurl.com/y555849l from PacerMonitor.com at no charge. The Plan was filed by Leon A. Williamson, Jr., Esq., at Law Office of Leon A. Williamson, Jr., P.A., in Tampa, Florida. About Suntec Aluminum LLC Suntec Aluminum LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-01888) on March 6, 2019. At the time of the filing, the Debtor had estimated assets of less than $500,000 and liabilities of less than $1 million. The case has been assigned to Judge Caryl E. Delano. The Debtor is represented by the Law Office of Leon A. Williamson, Jr. P.A. SYMANTEC CORP: Fitch Alters Outlook on BB+ LT IDR to Stable ----------------------------------------------------------- Fitch Ratings has affirmed the ratings for Symantec Corporation at 'BB+'. The Rating Outlook has been revised to Stable from Positive. Fitch's affirmation affects $5.5 billion of debt, including the $1.0 billion undrawn revolving credit facility (RCF) expiring 2021. Symantec Corporation -- LT IDR Affirmed at BB+; -- Senior Unsecured Affirmed at BB+ Symantec Holdings Limited -- LT IDR Affirmed at BB+; -- Senior Unsecured Affirmed at BB+ Fitch's ratings reflect Symantec's focus and solid platforms around the consumer and enterprise segments for IT security with a series of acquisitions and divestitures in recent years. The company remains a leader in both market segments through acquisitions that were intended to enhance competitiveness. Symantec's operating performance has been weighed down by the inability to maintain consistent growth in its enterprise segment. Fitch believes the sluggish operating performance in conjunction with the company's moderate financial leverage profile and solid cash flow generating capabilities is consistent with the 'BB+' rating category. The Stable Rating Outlook reflects the timing and uncertainties around the potential improvement in operating performance. The ratings also reflect the risks around the upcoming debt maturities as the company faces $1.25 billion of debt maturities in fiscal 2021 and an additional $1.75 billion in fiscal 2022. While the company's current balance sheet and operating profile provide sufficient capacity to meet the obligations, any deterioration in operating performance or the capital market conditions could heighten the risks for the company. KEY RATING DRIVERS Focus on Core Segments: Since the acquisitions of Blue Coat and LifeLock in 2016, Symantec has refocused around enterprise and consumer cybersecurity segments. It has solidified its leadership position within the consumer cybersecurity segment, while its market position within enterprise security faces intense market competition. To further sharpen its focus and capabilities, Symantec made a number of tuck-in acquisitions since 2017, and divested its non-core Website Security Service (WSS). Operating Performance Weaker Than Previous Expectations: Despite a stronger product platform, Symantec's operating performance in recent quarters has been below previous expectations primarily due to weakness in its enterprise segment. This has contributed to slower than anticipated deleveraging. The company is executing on a number of initiatives to improve its operating performance, including changes in leadership. Symantec's ability to successfully execute on its improvement plans is a key factor in the credit profile of the company. Secular Industry Growth: With the continuing expansion of IT applications, the protection of data and IT networks against threats has been the tailwind supporting secular industry growth for cybersecurity. Fitch anticipates that the global cyber security market will grow at a CAGR of approximately 10% over the next five years. Fitch believes the industry trend will benefit industry leaders including Symantec. IT Security Threats Increasingly Complex: IT security threats have evolved from PC-centric to mobile devices, the internet of things (IoT), networks and user identities, as shown by a number of large-scale attacks. The evolving threats enable a continuous stream of niche solutions to develop, addressing threats beyond the traditional PC-centric security to protect users, data and networks at various levels of the internet. While some of these solutions were developed by legacy cybersecurity providers, many were created by suppliers with narrow expertise. Symantec has realigned its products to better address market needs, including more user-centric security solutions and comprehensive enterprise security solutions. Industry Fragmentation Remains: While the overall IT security market is growing, niche solutions providers continue to be relevant in development of innovative technologies. The combined market share of the top-five IT security providers, including Symantec, represents approximately 35% of global IT security market. Given the cost of addressing market needs, Fitch believes the incumbent platform providers could continue to target niche solutions for acquisitions as they seek to expand their product offerings and maintain competitiveness. Since the acquisition of LifeLock in 2016, Symantec has acquired a number of niche solutions including Fireglass, Skycure, SurfEasy, and Luminate. Fitch believes targeted acquisitions remain an effective approach for incumbents to maintain their leadership. Stable FCF and Leverage Profiles: Symantec's gross leverage declined from over 5.0x immediately after the acquisition of LifeLock in 2016 to 2.8x as of March 2019 primarily driven by lower debt. While the company has the flexibility to further delever with repayment of its remaining $500 million term loan, Fitch expects a pause in further debt repayment while the company focuses on improving its operating performance under its new leadership team. Fitch expects EBITDA and FCF margins to remain relatively stable through the forecast period. Acquisition Risk: While Fitch expects Symantec to remain an industry leader in IT security, it believes the fragmented industry could consolidate in the near to medium term with Symantec likely to participate as an acquirer of security technologies. Fitch believes the company would maintain its focus around enhancements of capabilities around its solid positions in consumer and enterprise segments. Therefore, incremental acquisitions could be small in scale for the purpose of enhancing of Symantec's technologies, consistent with the recent acquisitions. DERIVATION SUMMARY Fitch's ratings are supported by Symantec's focus around the enterprise and consumer segments for IT security with a series of acquisitions and divestitures including acquisitions of Blue Coat, LifeLock, Fireglass, Skycure, and Luminate. The company also divested Veritas Technologies and its WSS business. Symantec remains a leader in both market segments through acquisitions that were intended to enhance its competitiveness. The strong focus of the company has been weighed down by its inability to maintain consistent growth in its enterprise segment. Fitch believes the plan to improve its operating performance would require 12-24 months to execute before the company can regain growth momentum. Fitch view s Citrix Systems (BBB/Stable) as a close comparison to Symantec as they both operate within the IT security industry; however, Citrix Systems is primarily in the enterprise segment where demand and profitability could be more resilient through the cycle. The two companies have comparable margin profiles; Symantec's LTM gross leverage of 2.8x is higher than that of Citrix Systems at 1.9x. Fitch also compared the company against Constellation Software, Inc. (BBB/Stable), which has gross leverage below 1x. KEY ASSUMPTIONS -- Revenue growth in low-single-digits through the forecast period; -- EBITDA margins remaining stable at 34%; -- Tuck-in acquisitions averaging $200 million annually financed with internally generated cash; -- Share buyback of $500 million annually starting from fiscal 2021 through the forecast period; -- Debt maturities are refinanced through the forecast period resulting in total outstanding debt unchanged. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Fitch's expectation of gross leverage sustaining below 2.5x and FFO adjusted leverage sustaining below 3.0x; -- Revenue growth above high single-digits implying stable market position; -- EBITDA margin sustaining above 35%; -- Public capital allocation policy that prioritizes debt reduction to below 2.5x. Developments That May, Individually or Collectively, Lead to Negative Rating Action -- Fitch's expectation of gross leverage sustaining above 3.5x and FFO adjusted leverage sustaining above 4.0x; -- Negative organic revenue growth implying weakening market position; -- EBITDA margins sustaining below 30%; -- Significant debt-financed acquisitions that significantly alter the company's credit profile. T CAT ENTERPRISE: Unsecureds to Get $579K in 10 Semi-Annual Payment ------------------------------------------------------------------- T Cat Enterprise, Inc., filed a second amended Chapter 11 and accompanying disclosure statement to further modify the treatment of general non-insider unsecured claims and MJ & J Investors, Inc. claims. Class IV General Unsecured Claims are impaired. The holders of Class IV Claims will be paid 25% of their claim over the course of the Plan. Payments are to be made semi-annually over 5 years commencing thirty days after the appeal period has expired on the Order Confirming Plan. Class IV is impaired and a creditor with a Class IV claim is entitled to vote on the Debtor's Plan. Holders of Class IV claims will get $579,685 in 10 semi-annual payments of $57,968, with the first payment due approximately September 30, 2019. Class VI Secured Claim of MJ & J Investors, Inc. are impaired. Will be paid over 72 months at an interest rate of 5% unless the parties agree to a different amount. The secured claim is estimated at $125,000.00. The balance of any debt owed to this claimant will be paid as a Class IV creditor. Holders of Class VI claims will get $125,000 with 72 monthly payments of $2,013, commencing 30 days after termination of the appeal period of an order of confirmation. The Debtor will continue its business operations to fund the payments under the Plan of Reorganization. The Debtor expects income to grow from year 2019 through 2024. A full-text copy of the Second Amended Proposed Disclosure Statement dated July 2, 2019, is available at https://tinyurl.com/y5s4ntfh from PacerMonitor.com at no charge. About T CAT Enterprise T Cat Enterprise, Inc. -- http://www.tcatinc.com/-- is a family-owned and operated construction company specializing in excavation, railroad clean up, and snow plowing services in the tri-state area. In addition, the Company also offers hauling services, demolition services, and pavers and asphalt repairs. T Cat Enterprise, Inc., based in Franklin Park, IL, filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 18-22736) on Aug. 13, 2018. In the petition signed by James R. Trumbull, president, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The Hon. Jack B. Schmetterer oversees the case. Joseph E. Cohen, Esq., and Gina B. Krol, Esq., at Cohen & Krol, serve as bankruptcy counsel to the Debtor. THE ACADEMY: Fitch Cuts Rating on $4.7MM 2010B Revenue Bonds to 'B' ------------------------------------------------------------------- Fitch Ratings has downgraded the rating on approximately $4.7 million of series 2010B bonds of outstanding Colorado Educational and Cultural Facilities Authority revenue bonds issued on behalf of The Academy charter school to 'B' from 'B+'. In addition, Fitch has assigned an Issuer Default Rating (IDR) of 'B' to the school. This rating action does not affect the 'AA-' rating on The Academy's series 2004, 2008, and 2010A bonds, which are included in the state's moral obligation program. The Rating Watch Negative has been removed and the Rating Outlook is Stable. SECURITY The bonds are payable from lease payments made by The Academy to the Academy Building Corporation, subject to annual appropriation. The Corporation has a mortgage interest in the school financed by the 2010B bonds. A cash-funded debt service reserve of $503,662.50 provides additional bondholder protection. ANALYTICAL CONCLUSION The downgrade to 'B' results from the application of Fitch's revised "U.S. Public Finance Charter School Rating Criteria." The revised criteria place increased focus on leverage relative to revenue defensibility and operating risk. The school has midrange revenue defensibility characteristics and weaker ability to control expenditures, while elevated leverage metrics weigh on the rating. KEY RATING DRIVERS Revenue Defensibility -- Midrange: The school's midrange revenue defensibility is supported by its strong academic performance, history of stable enrollment, and satisfactory demand bolstered by a solid waitlist. Operating Risk -- Weaker: The school has weaker flexibility to vary cost with enrollment shifts. Fitch considers the school's carrying costs for debt service and pension contributions to be on the elevated. Financial Profile -- 'b': The Academy's leverage metrics, including both debt and the school's share of the net pension liability have been elevated historically and remain so in the base and rating case. Asymmetric Additional Risk Considerations: The school's liquidity cushion is slim at approximately 15% of annual operating expenditures in fiscal 2018. RATING SENSITIVITIES DIRECTION OF FINANCIAL PROFILE: The Stable Outlook reflects Fitch's expectations that the school will continue to improve its liquidity position by generating positive net cash flows through the economic cycle. Failure to improve liquidity and at least modestly reduce net debt including post-reform pension liabilities could lead to a rating downgrade. Sustained improvement in cash balances leading to a meaningful decrease in net debt could lead to an upgrade. CREDIT PROFILE Located in the city of Westminster, Colorado, The Academy has been in operation since 1994. The school operates under a single charter for all grade levels through high school. Population growth in the Denver area, particularly Adams and Jefferson counties (Westminster is domiciled in both counties) is outpacing the national average, which supports demand fundamentals for The Academy in the coming years. The Colorado Charter School Institute has renewed the charter for another five-year term, beginning July 1, 2019. Revenue Defensibility The school's midrange revenue defensibility is supported by healthy demand flexibility evidenced by its stronger historical academic performance compared to other area schools, stable enrollment trends, and a satisfactory and regularly updated wait list. Typical of the charter school sector, revenue defensibility is limited by the inability to raise revenue as the school's main revenue source is derived from per pupil revenue from the state. The Academy has had solid academic results that drive the midrange demand and enrollment. Results on assessment tests in English Language Arts and Math have exceeded results statewide and the averages at Adams County School District Number 12. The school is close to fully enrolled with 1,848 students projected for the next school year. The charter allows the school to expand or contract enrollment. The school maintains an up-to-date waitlist of 686 students for the next school year, around 37% of enrollment, although this is higher than historical levels, which have averaged 24% over the past five years. Per-pupil revenue to the school has grown by a compound annual growth rate of 1.6% over the last ten years. Operating Risk Fitch considers the school's operating risk to be weaker. This considers the school's moderately high carrying costs for debt and pensions, well identified cost drivers with moderate potential volatility and the ability to control teacher salary increases. Adequate expenditure flexibility is enhanced by management's strong degree of control in managing its workforce costs, which are not governed by collective bargaining agreements. Management does, however, face some practical limitations on its ability to control expenditures. Most importantly, the school is limited in its ability to reduce teacher headcount, since doing so would impair the school's academic performance, potentially reducing student demand. Fitch recognizes that management can freeze salaries and reduce some other costs in a recessionary period, supporting the weaker operating risk assessment. Limiting the operating risk assessment, however, are the high fixed costs for debt service and pensions at approximately 28% of expenditures in each of the past three years. Influencing Fitch's perspective on the school's operating risk is the requirement that the school pay a statutory pension contribution that falls short of the actuarially-determined level. Increased statutory contributions have been implemented to address the low ratio of fiduciary net assets to pension liabilities of the state-sponsored plan. Recent statewide pension reforms are expected to slow annual growth in the school's actuarially determined contribution, but Fitch believes they will continue to pressure carrying costs in the future. Management reports that it does not have any significant projected capital requirements. Financial Profile The Academy's leverage is consistent with a 'b' assessment, incorporating Fitch's forward-looking rating case. The school's 'b' financial profile assessment is limited by slim cash reserves and elevated leverage (debt and net pension liability). Net liabilities to cash flow available for debt service (CFADS) has been elevated, between 14x and 22x over at least the past four years. The school participates in the School Division Trust Fund (SCHDTF), a cost-sharing multiple employer pension plan administered by Colorado's Public Employees Retirement Association (PERA). Pension reforms passed in 2018 (Senate Bill 18-200 or SB200) are estimated to substantially reduce the district's reported NPL and improve the likelihood of funding progress if other plan assumptions are met. SB 200 was designed to restore PERA to full funding within 30 years. The reforms require a phased-in 2% of salary increase in employee contributions up to 10% for more retirees by July 1, 2021 and a 0.25% of payroll increase in employer contributions, increasing the retirement age, suspending retiree annual COLA increases for two years and reducing future annual COLA increases to 1.5% from 2.0%. The reforms also require an annual $225 million state lump sum deposit to PERA, and establish stricter eligibility requirements for new employees. The Fitch-estimated portion of the projected NPL post pension reform after adjusting to a 6% discount rate is approximately $39 million, down from roughly $53 million as of the Dec. 31 2017 measurement date, which was a sizable 63% of its total long-term liability burden. The plan had a low assets-to-liabilities ratio of 44% when using the plan's blended 4.78% investment return assumption. The low return rate incorporates the insufficiency of the plan's assets and calculated depletion date of 2041. Contributions are determined by state statute rather than actuarially, and fall well short of the actuarially determined level. The base case assumes growth in both revenues and expenditures at a rate around inflation and a decline in the school's proportionate share of the NPL due to the pension reform provisions in SB200. In this scenario, the school's net liability to CFADS declines to approximately 16x over the next three years. Fitch's rating case incorporates a revenue stress utilizing FAST for States & Locals. Fitch's scenario shows a 1% GDP decline resulting in a 3.7% revenue decline in year one, followed by another decline of 0.7% in year two and a revenue recovery of 2.3% in the third year. Fitch assumes that expenditures would increase by 1.5% in the first year of the rating case, but that the school would be able to halt expenditure growth in the second and third years of the rating case due to the nature of the one-year contracts with teachers. In this scenario, the school's model-generated net liability to CFADS metric increases to around 22x in the first and second years of the scenario analysis, but improves to approximately 19x by the third year - a level of financial flexibility in the 'b' range. The rating also considers the school's weak liquidity. TIME DEFINITE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Time Definite Services, Inc. (Lead Case) 19-06564 794 Lake Brim Dr. Winter Garden, FL 34787 Time Definite Leasing, LLC 19-06565 Business Description: Time Definite Services, Inc. is a provider of refrigerated trucking and individualized logistics. Time Definite Leasing provides truck renting and leasing services. Chapter 11 Petition Date: July 12, 2019 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Debtors' Counsel: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: 813-877-4669 Fax: 813-877-5543 Email: Buddy@TampaEsq.com All@tampaesq.com Time Definite Services' Total Assets: $21,898,781 Time Definite Services' Total Liabilities: $22,555,177 The petition was signed by Michael Suarez, president. A full-text copy of Time Definite Services' petition is available for free at: http://bankrupt.com/misc/flmb19-06564.pdf List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Webster Capital Finance $964,072 3 Farm Glen Blvd. Farmington, CT 06032 2. Sumitomo Mitsui Finance $915,515 and Leasing Co., Ltd 277 Park Ave., 15th Floor New York, NY 10172 3. JPMorgan Chase Bank, NA $809,175 55 S. Main Street Naperville, IL 60540-5314 4. JPMorgan Chase Bank, NA Accounts $807,069 55 S. Main Street Receivables Naperville, IL 60540-5314 5. Volvo Financial $655,955 Services US LLC PO Box 26131 Greensboro, NC 27402-6131 6. Volvo Financial $655,205 Services US LLC PO Box 26131 Greensboro, NC 27402-6131 7. BMO Harris Bank, NA $591,653 300 E John Carpenter Freeway Irving, TX 75062-2712 8. BMO Harris Bank, NA $587,580 300 E John Carpenter Freeway Irving, TX 75062-2712 9. Navistar, Inc, fka Internt'l $580,000 Truck & Engine Corporation c/o Sanchez Daniels, Et.Al. 333 W Wacker Dr., Ste.500 Chicago, IL 60606 10. BMO Harris Bank, NA $578,979 300 E John Carpenter Freeway Irving, TX 75062-2712 11. BMO Harris Bank, NA $578,776 300 E John Carpenter Freeway Irving, TX 75062-2712 12. Signature Financial, LLC $538,052 225 Broadhollow Rd, Ste.132W Melville, NY 11747 13. Volvo Financial $494,694 Services US LLC PO Box 26131 Greensboro, NC 27402-6131 14. BMO Harris Bank, NA $477,342 300 E John Carpenter Freeway Irving, TX 75062-2712 15. BMO Harris Bank, NA $477,156 300 E John Carpenter Freeway Irving, TX 75062-2712 16. Signature Financial, LLC $439,199 225 Broadhollow Rd, Ste.132W Melville, NY 11747 17. Signature Financial, LLC $428,035 225 Broadhollow Rd, Ste.132W Melville, NY 11747 18. Signature Financial, LLC $365,280 225 Broadhollow Rd, Ste.132W Melville, NY 11747 19. American Express Credit Card $300,000 c/o Becket and Lee LLP PO Box 3001 Malvern, PA 19355 20. BMO Harris Bank, NA $237,153 300 E John Carpenter Freeway Irving, TX 75062-2712 TRESHA-MOB LLC: Unsecureds to Get Paid From Sale Proceeds --------------------------------------------------------- Tresha-MOB, LLC, filed a first amended Chapter 11 plan of reorganization and accompanying disclosure statement. Class 4: Non-Insider Creditors Holding Allowed Unsecured Claims, estimating to total $65,000, are unimpaired. Each Class 4 Claim, pay the Class 4 Creditors their pro-rata share of the remaining sale proceeds in order to partially or fully satisfy the Class 4 Creditor's Allowed Claims. For clarity, each Class 4 Creditor shall be paid pursuant to this Section as its Claim is Allowed. Such Creditor shall not be required to wait for payment until all Class 6 Claims are Allowed. The distributions and payments provided for in the Plan shall be funded by the Debtor's cash on hand at Confirmation, the Debtor's collection of receivables and claims and Causes of Action against third parties and the proceeds from the sale of the Debtor's remaining assets. A full-text copy of the Disclosure Statement dated July 3, 2019, is available at https://tinyurl.com/y5n2jd7k from PacerMonitor.com at no charge. About Tresha-Mob Tresha-MOB, LLC, is a lessor of real estate based in Chicago, Illinois, whose principal assets are located at 9618 Huebner Road San Antonio, TX 78240. Tresha-MOB filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 18-52420) on Oct. 10, 2018. In the petition signed by Michael Horrell, Voltaire Asset Managers II, LLC, manager of Tresha-MOB LLC, the Debtor estimated assets and liabilities of $10 million to $50 million. Eric Terry Law, PLLC, is the Debtor's counsel. UNISON ENVIRONMENTAL: July 25 Plan Confirmation Hearing ------------------------------------------------------- The amended disclosure statement explaining the amended Chapter 11 Plan filed by Unison Environmental Services, LLC, is conditionally approved. The hearing to consider final approval of the amended disclosure statement and for hearing on confirmation of the amended plan will be held at Bankruptcy Courtroom 3-B, Historic U. S. Courthouse 31 East 11th Street Chattanooga, TN 37402, on July 25, 2019 @ 11:00 A.M. The last day for filing written acceptances or rejections of the plan referred to above is fixed as on July 22, 2019. The last date to file and serve written objections to the disclosure statement and confirmation of the plan is fixed as on July 22, 2019. About Unison Environmental Services Unison Environmental Services, LLC, provides waste treatment and disposal services. The company's principal assets are located at 6315 12th Ave East Tuscaloosa, AL 35405. Unison Environmental Services filed a Chapter 11 (Bankr. E.D. Tenn. Case No. 18-10113) on Jan. 11, 2018. In the petition signed by Jefferson Knox Horner, chief manager, the Debtor estimated $1 million to $10 million in total assets and liabilities. Judge Shelley D. Rucker presides over the case. David J. Fulton, Esq., at Scarborough & Fulton, is the Debtor's counsel. The Richardson Law Firm, is the special counsel. WEATHERFORD INT'L: Sept. 11 Plan Confirmation Hearing ------------------------------------------------------ The Disclosure Statement explaining the Joint Prepackaged Plan of Reorganization for Weatherford International plc and its affiliate debtors is conditionally approved. A Combined Hearing to consider compliance with disclosure and solicitation requirements and confirmation of the Plan is hereby scheduled to be held before this Court on September 11, 2019 at 2:30 p.m. (Prevailing Central Time). Any objections to the Disclosure Statement and/or the Plan will be filed and served no later than 5:00 p.m. (Prevailing Central Time) on August 20, 2019. A full-text copy of the Prepackaged Chapter 11 Plan is available at https://tinyurl.com/y2k44cpm from Prime Clerk at no charge. About Weatherford Weatherford (NYSE: WFT), an Irish public limited company and Swiss tax resident -- http://www.weatherford.com/-- is a multinational oilfield service company providing innovative solutions, technology and services to the oil and gas industry. The Company operates in over 80 countries and has a network of approximately 650 locations, including manufacturing, service, research and development and training facilities and employs approximately 26,000 people. Weatherford reported a net loss attributable to the company of $2.81 billion for the year ended Dec. 31, 2018, compared to a net loss attributable to the company of $2.81 billion for the year ended Dec. 31, 2017. As of March 31, 2019, Weatherford had $6.51 billion in total assets, $10.62 billion in total liabilities, and a total shareholders' deficiency of $4.10 billion. On July 1, 2019, Weatherford International plc, Weatherford International, LLC, and Weatherford International Ltd. sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 19-33694). Thbe Hon. David R. Jones is the case judge. The Debtor tapped Hunton Andrews Kurth LLP and Latham & Watkins LLP as counsel; ALVAREZ & MARSAL NORTH AMERICA LLC as financial advisor; and LAZARD FRERES & CO. LLC as investment banker. PRIME CLERK LLC is the claims agent. WEATHERLY OIL: Discloses Compromise with Secured Lenders, DNR ------------------------------------------------------------- Weatherly Oil & Gas, LLC, filed an amended Chapter 11 plan of liquidation and accompanying disclosure Statement to, among other things, disclose the 9019 Global Compromise with the Prepetition Agent and Secured Lenders. Under the 9019 Global Compromise, the Prepetition Agent and Secured Lenders have agreed (i) to fund the Liquidation Trust from the Group 1 Sale Proceeds, and to the extent not funded from the Group 1 Sale Proceeds from the Group 2 Sale Proceeds, in the aggregate amounts of no more than $100,000 to be used for prosecution of Company Claims, (ii) to fund up to $1,400,000.00 (plus any additional amount that the Secured Lenders, in their sole discretion, deem necessary or appropriate, but without obligation to do so) from the Group 1 Sale Proceeds, and to the extent not funded from the Group 1 Sale Proceeds from the Group 2 Sale Proceeds, to be used for the Wind Down and limiting of P&A Liabilities, and (iii) that no plan distributions will be made to the Prepetition Agent or the Secured Lenders until such funding has occurred, in exchange for a percentage of recovery from the Liquidation Trust as well as the Releases and Exculpations included in Section VII.F. The Department of Natural Resources (the "DNR") has agreed to accept a percentage of recovery from the Liquidation Trust as provided in the Liquidation Trust Agreement as compensation from any outstanding P&A Liability that it may incur for any assets the Liquidation Trustee may abandon at the exhaustion of the Wind Down Account. In exchange, DNR agrees to release the Debtor, the Liquidation Trustee, and any contract or other operator hired by the Liquidation Trustee from the P&A Liability and waive any entitlement to assert an Administrative Expense Claim. The Creditors' Committee has proposed a similar resolution to the Texas Railroad Commission and is optimistic that a compromise can be reached. Class 4 General Unsecured Claims are impaired. Each Holder of an Allowed General Unsecured Claim will receive, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, such General Unsecured Claim, its Pro Rata share of 40% of the proceeds of the Company Claims Account pursuant to the terms of the Liquidation Trust Agreement. Class 3 Secured Parties Claims are impaired. Each Holder of an Allowed Secured Parties Claim will receive, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, such Secured Parties Claim, on the Effective Date, the Holder's Pro Rata share of the Secured Parties Pool. Class 5 States' Claims are impaired. Each Holder of an Allowed States' Claim will receive, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, such States' Claim, its share of 40% of the proceeds of the Company Claims Account pursuant to the terms of the Liquidation Trust Agreement. Class 6 Intercompany Claims are impaired. On the Effective Date, all Intercompany Claims shall be released, canceled or waived. No Distribution shall be made on account of the Intercompany Claims. Class 7 Equity Interests in the Debtor are impaired. On the Effective Date, all Equity Interests in the Debtor shall be canceled. No Distribution shall be made on account of the Equity Interests in the Debtor. The Debtor shall transfer the Liquidation Trust Assets to the Liquidation Trust, and all such assets shall vest in the Liquidation Trust on such date, to be administered by the Liquidation Trustee in accordance with the Plan and the Liquidation Trust Agreement. A full-text copy of the Amended Disclosure Statement dated July 2, 2019, is available at https://tinyurl.com/y267rzef from PacerMonitor.com at no charge. A redlined version of the Amended Disclosure Statement dated July 2, 2019, is available at https://tinyurl.com/yxkepctl from Epiq11.com at no charge. Counsel for the Debtor are Matthew D. Cavenaugh, Esq., Elizabeth C. Freeman, Esq., Kristhy M. Peguero, Esq., and Vienna F. Anaya, Esq., at Jackson Walker L.L.P., in Houston, Texas. About Weatherly Oil Weatherly Oil & Gas, LLC -- https://www.weatherlyop.com/ -- is a Fort Worth-based oil and natural gas company primarily focused on exploiting natural resources in the Ark-La-Tex region. Weatherly is operated by an affiliate Weatherly Operating, LLC. Weatherly Oil & Gas filed a voluntary petition under Chapter 11 of the US Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-31087) on Feb. 28, 2019. In the petition signed by CRO Scott Pinsonnault, the Debtor estimated $50 million to $100 million in assets and $100 million to $500 million in liabilities. The Debtor tapped Jackson Walker LLP as its legal counsel; Tenoaks Energy Partners, LLC as sales agent; Ankura Consulting Group, LLC as restructuring advisor; and Epiq Corporate Restructuring LLC as notice and claims agent. The Office of the U.S. Trustee on March 15 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Weatherly Oil & Gas, LLC. The Committee retained Jones Walker LLP as counsel and Conway MacKenzie, Inc., as financial advisor. WINDSOR MARKETING: Afga's Secured Claim Reduced to $325K -------------------------------------------------------- Windsor Marketing Group, Inc., filed a third amended disclosure statement relating to its proposed third amended chapter 11 plan dated June 25, 2019. In this latest filing, the Allowed Secured Claim of Agfa will be reduced from $491,795.05 and fixed and allowed in the amount of $325,000, which amount will be paid by the Debtor or Reorganized Debtor, as the case may be, by and through Agfa setting off against the outstanding balance of Agfa's Allowed Claim any rebates earned by the Debtor/Reorganized Debtor under that certain Agfa Long Term Equipment Rebate Agreement, effective as of August 1, 2015 ("Rebate Agreement") and that certain Purchase and Supply Agreement, effective August 1, 2015 ("Purchase and Supply Agreement"), each as amended pursuant to "Amendment to Purchase and Supply Agreement and Long-Term Equipment Rebate Agreement." The Agfa Agreements will be assumed by the Debtor and vested in the Reorganized Debtor, pursuant to Section 365 of the Bankruptcy Code; provided, however, that except as otherwise set forth in the Plan or the Plan Confirmation Order, the Reorganized Debtor's obligations to Agfa under the Agfa Agreements will be non-recourse. A redlined copy of the Third Amended Disclosure Statement dated June 25, 2019 is available at https://tinyurl.com/y3lf3lj7 from Pacermonitor.com at no charge. About Windsor Marketing Group Headquartered in Suffield, Connecticut, Windsor Marketing Group, Inc. -- https://windsormarketing.com/ -- is a privately held company that develops and implements innovative in-store marketing programs for more than 3,000 clients, including some of the nation's top retailers. Founded in 1976, Windsor Marketing helps retailers make their stores easier to shop, reduce turnaround times and lower production and fulfillment costs. Windsor Marketing Group filed a Chapter 11 petition (Bankr. D. Conn. Case No. 18-20022) on Jan. 8, 2018. In the petition signed by Kevin F. Armata, president, the Debtor estimated assets and liabilities at $10 million to $50 million. The Debtor's counsel is James Berman, Esq., at Zeisler & Zeisler, P.C. The U.S. Trustee for Region 2 on Jan. 22, 2018, appointed three creditors to serve on an official committee of unsecured creditors. Lowenstein Sandler LLP, serves as counsel to the Committee; and Neubert, Pepe & Monteith, P.C., as its Connecticut counsel. [^] BOND PRICING: For the Week from July 8 to 12, 2019 ------------------------------------------------------ Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- Acosta Inc ACOSTA 7.750 16.003 10/1/2022 Acosta Inc ACOSTA 7.750 15.881 10/1/2022 Aegerion Pharmaceuticals Inc AEGR 2.000 70.000 8/15/2019 Approach Resources Inc AREX 7.000 25.414 6/15/2021 BNC Bancorp BNCN 5.500 92.560 10/1/2024 BPZ Resources Inc BPZR 6.500 3.017 3/1/2015 BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 Bon-Ton Department Stores Inc/The BONT 8.000 10.500 6/15/2021 Bristow Group Inc BRS 6.250 20.875 10/15/2022 Bristow Group Inc BRS 4.500 23.000 6/1/2023 Cenveo Corp CVO 8.500 1.346 9/15/2022 Cenveo Corp CVO 8.500 1.346 9/15/2022 Cenveo Corp CVO 6.000 0.894 5/15/2024 Chukchansi Economic Development Authority CHUKCH 9.750 59.503 5/30/2020 Chukchansi Economic Development Authority CHUKCH 10.250 59.500 5/30/2020 Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp CLD 12.000 15.750 11/1/2021 Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp CLD 6.375 1.485 3/15/2024 DBP Holding Corp DBPHLD 7.750 1.650 10/15/2020 DBP Holding Corp DBPHLD 7.750 1.650 10/15/2020 DFC Finance Corp DLLR 10.500 67.125 6/15/2020 DFC Finance Corp DLLR 10.500 67.125 6/15/2020 Ditech Holding Corp DHCP 9.000 0.010 12/31/2024 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 6.375 3.218 6/15/2023 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 9.375 19.955 5/1/2024 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 9.375 7.552 5/1/2020 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 8.000 20.156 2/15/2025 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 7.750 3.570 9/1/2022 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 9.375 21.277 5/1/2024 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 8.000 20.156 2/15/2025 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 7.750 1.367 9/1/2022 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 7.750 1.367 9/1/2022 EXCO Resources Inc XCOO 7.500 13.625 9/15/2018 EXCO Resources Inc XCOO 8.500 13.784 4/15/2022 Energy Conversion Devices Inc ENER 3.000 7.875 6/15/2013 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 9.750 38.125 10/15/2019 Federal Farm Credit Banks FFCB 3.370 99.707 11/13/2030 Ferrellgas Partners LP / Ferrellgas Partners Finance Corp FGP 8.625 74.006 6/15/2020 Ferrellgas Partners LP / Ferrellgas Partners Finance Corp FGP 8.625 73.818 6/15/2020 Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011 Foresight Energy LLC / Foresight Energy Finance Corp FELP 11.500 45.063 4/1/2023 Foresight Energy LLC / Foresight Energy Finance Corp FELP 11.500 45.063 4/1/2023 Frontier Communications Corp FTR 8.875 70.821 9/15/2020 Frontier Communications Corp FTR 8.500 78.972 4/15/2020 High Ridge Brands Co HIRIDG 8.875 9.593 3/15/2025 High Ridge Brands Co HIRIDG 8.875 9.640 3/15/2025 Homer City Generation LP HOMCTY 8.137 38.750 10/1/2019 Hornbeck Offshore Services Inc HOS 5.875 63.560 4/1/2020 Hornbeck Offshore Services Inc HOS 5.000 53.091 3/1/2021 Hornbeck Offshore Services Inc HOS 1.500 95.500 9/1/2019 Iconix Brand Group Inc ICON 5.750 33.000 8/15/2023 KeyW Holding Corp/The KEYW 2.500 99.500 7/15/2019 Legacy Reserves LP / Legacy Reserves Finance Corp LGCY 8.000 3.690 12/1/2020 Legacy Reserves LP / Legacy Reserves Finance Corp LGCY 6.625 6.000 12/1/2021 Legacy Reserves LP / Legacy Reserves Finance Corp LGCY 8.000 3.500 9/20/2023 Lehman Brothers Inc LEH 7.500 1.847 8/1/2026 MF Global Holdings Ltd MF 9.000 14.750 6/20/2038 MF Global Holdings Ltd MF 6.750 14.750 8/8/2016 MModal Inc MODL 10.750 6.125 8/15/2020 Mashantucket Western Pequot Tribe MASHTU 7.350 16.250 7/1/2026 Murray Energy Corp MURREN 11.250 32.323 4/15/2021 Murray Energy Corp MURREN 9.500 31.875 12/5/2020 Murray Energy Corp MURREN 11.250 32.816 4/15/2021 Murray Energy Corp MURREN 9.500 31.875 12/5/2020 NWH Escrow Corp HARDWD 7.500 60.250 8/1/2021 NWH Escrow Corp HARDWD 7.500 58.190 8/1/2021 New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 3.884 5/15/2019 Pernix Therapeutics Holdings Inc PTX 4.250 2.250 4/1/2021 Pernix Therapeutics Holdings Inc PTX 4.250 2.250 4/1/2021 Pioneer Energy Services Corp PES 6.125 44.397 3/15/2022 Powerwave Technologies Inc PWAV 3.875 0.155 10/1/2027 Powerwave Technologies Inc PWAV 1.875 0.155 11/15/2024 Powerwave Technologies Inc PWAV 3.875 0.155 10/1/2027 Powerwave Technologies Inc PWAV 1.875 0.155 11/15/2024 Prospect Capital Corp PSEC 5.500 99.551 7/15/2021 Renco Metals Inc RENCO 11.500 24.875 7/1/2003 Rolta LLC RLTAIN 10.750 8.657 5/16/2018 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.125 17.250 11/1/2020 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 8.000 66.000 6/15/2020 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.375 24.000 11/1/2021 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 8.000 65.875 6/15/2020 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.125 10.259 11/1/2020 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.375 9.766 11/1/2021 Sanchez Energy Corp SNEC 6.125 4.608 1/15/2023 Sanchez Energy Corp SNEC 7.750 5.465 6/15/2021 Sears Holdings Corp SHLD 6.625 19.400 10/15/2018 Sears Holdings Corp SHLD 6.625 17.354 10/15/2018 Sears Roebuck Acceptance Corp SHLD 6.750 3.026 1/15/2028 Sears Roebuck Acceptance Corp SHLD 7.500 2.762 10/15/2027 Sears Roebuck Acceptance Corp SHLD 6.500 3.006 12/1/2028 Sears Roebuck Acceptance Corp SHLD 7.000 2.853 6/1/2032 Sempra Texas Holdings Corp TXU 5.550 13.500 11/15/2014 TerraVia Holdings Inc TVIA 6.000 4.644 2/1/2018 Toys R Us Inc TOY 7.375 3.000 10/15/2018 Transworld Systems Inc TSIACQ 9.500 25.885 8/15/2021 Transworld Systems Inc TSIACQ 9.500 25.885 8/15/2021 UCI International LLC UCII 8.625 4.780 2/15/2019 Ultra Resources Inc UPL 11.000 32.893 7/12/2024 Ultra Resources Inc UPL 7.125 10.000 4/15/2025 Ultra Resources Inc UPL 6.875 11.000 4/15/2022 Ultra Resources Inc UPL 6.875 8.521 4/15/2022 Ultra Resources Inc UPL 7.125 8.535 4/15/2025 Vanguard Natural Resources Inc VNR 9.000 6.000 2/15/2024 Vanguard Natural Resources Inc VNR 9.000 6.000 2/15/2024 Walter Energy Inc WLTG 8.500 0.834 4/15/2021 Windstream Services LLC / Windstream Finance Corp WIN 6.375 28.563 8/1/2023 Windstream Services LLC / Windstream Finance Corp WIN 7.500 29.500 6/1/2022 Windstream Services LLC / Windstream Finance Corp WIN 8.750 31.250 12/15/2024 Windstream Services LLC / Windstream Finance Corp WIN 6.375 31.500 8/1/2023 Windstream Services LLC / Windstream Finance Corp WIN 8.750 29.500 12/15/2024 Windstream Services LLC / Windstream Finance Corp WIN 7.750 29.274 10/1/2021 Windstream Services LLC / Windstream Finance Corp WIN 7.750 27.825 10/15/2020 rue21 inc RUE 9.000 1.394 10/15/2021 ********* 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***